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IN TOMORROW’S 

Weekend FT 
What Germany 
thinks of D-Day 


FINANCIAL TIMES 


Europe s Business H^vvspeoer 


FRIDAY JUNE 3 1994 


-' : D3523A> 


mmT itfTum 1 ™T Candidates court French support for top EU job 

Asian production 



Japanese companies plan to boost Low-cost Aslan 
production next year, when their overall capital 
spending is expected to rise for the first time 
in^ three-years, a government survey shows. Corpo- 
rate Japan plans to increase total investment 
in plant und equipment by 1.1 per cent in the 
yew to >for^ acoordhig to a study of 1^15 compa- 
nies. • 

Direct investment in other Asian countries " 
in the coming year will leap to 37^ per cent of 
total foreign investment, up from 16.4 per cent 
in the previous year, emphasising the Japanese 
focus on expansion in ^ China and south-east Asia. 
Page 16.- 

KLMtka^c in tbe bbK^Q A sharp rise in - 
passenger traffic and coutinnedco^utting 
enabled KLM Royal Dutch Airfines to report annual 
net profits of FI i03m ($55. 7m). reversing the previ- 
ous year’s losses of FI 562m. Page 17 

Chad pains force Arafat to root 

Palestine Liberation 
Organisation leader 
Yassir Arafat was 
ordered to rest in Tunis 
after complaining of 
chest pains. An able 
dismissed reports that 
Arafat was planning 
to gO to Amman for 
treatment Last week, 
he had a three-hour 
check-up at a Turds 
hospital after suffering 
from exhaustion. Israeli air raid kills up to 45, 

Page 4 . 

Tenneco cuts Chase offe rin gs Tenneco, 
the US energy and industrial group, has scaled 
back plans for an initial public offering of its 
Case fenn machinery subsidiary, cutting the. 
size to 2&percei£ of Case common stock. 

PageI7V; 

Bosnia folks cuffed off: The United Nations 
called *^muaaltato in Geneva between the 
warring Bosnian factions after the Bosnian Serbs 
foiled to withdraw forces from the safe haven 
around the eastern town of Gorazde. 

Pages . 

Hong Kong company seoks Oslo R a ti ng ; 

Hong Konjfbased shipping company Jiahui Ship- 
ping & t&usiKafetim pteris an OsIojStock 
Rrvhang ff t fed nt g It wilHw fte first Asian company 
to be quoted m the Norwegian market, .. ' 

Page 20 

North Yemen Ignores ceasefire cafi: North 
Yemen launched missfle attacks mi Aden in defi- 
ance of an overnight United Nations resolution 
calling for a ceasefire in the month-old civil war. 
Paged 

Solid adwancc att Can ad i an bartta The Royal 
Bank of Canada^rc^orted a 12 per bent gain in 
second^uarter pnrfitsfo CJ273m (US$lfl6.9mX 
because of strengths inretall and Investment 
hanldx^antf the contribution from Royal Trust, 
acqiriredlast September.Pageia 


UK Treaanry pfans company debt 

Hie UK Treasury plans to raise betwemi £lbn 
and £ L5h g(& a a - $2.25 h n) through the s^e of 
bonds Issuad by privatised companies, including 
British Tfelaco^misxicatkms, the power generators 
and legfonrietectricity distributors. Page 17*, 
LeXfF^iB 

Piam fer tofoa ttad plant In doubt: Plans 
to build {tRsWbn (|LS5bn) integrated steel plant 
near Calcutta have been thrown into doubt follow- 
ing the withdra wal of Caparo, the UK engmeering 
group, as prindlpal promoter. Page 4 

Boot* ahead of forecasts; UK retailer Boots 
6hrugged;pS problems at its pbannaceuficals 
and DlY bwtoesses to beat the best forecasts 
with aT9 per emit tacrease in underlying profits. 
Pre-tax profits increased 2£ per emit to £4i&9m 
after exceptional charges. Page 18; Lex, Page 16 

Cosmo OH to oxplore Abo DhaM Add: 

Cosmo GiL a Japeness oil wbdesalo' and distribu- 
tor, ison fee verEe of receiving exploration and 
devetoptoesit rights to a oibftekL in Alra. Dhabu 
Pages rf 

Humga r rt otsts to be privatZsedr Hungary's 
privatisation aufhoritiea are seeking a buyer 
for 51 per cent of HungarHotete, the country’s 
largest hotel chain. The sale is expected to raise 
about $60tiL Page IS . 

161 dfoin Indian heatswe: The deaihtoll 
from a heatwave sweeping northern India climbed 
to 161, wife temperatures reaching 49 deg C. 


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By Dorid Buchan in Parts and Lionel 
Barber in Brussels 

The competition to succeed Mr Jacques 
Delors as president of the European 
Commission took an unexpected direc- 
tion yesterday, with two leading candi- 
dates courting France in an effort to halt 
a Paris-Bonn bandwagon in favour of Mr 
Jean Luc-Dehaene, the Belgian premier. 

Mr Ruud Lubbers. Dutch prime minis- 
ter, and Sir r-Ann Brittan, rfiirf EU trade 
negotiator, paid separate visits to Mr 
Edouard BaUadur, the French prime 
minister, in a rare tom of public lob- 
bying for a job which, in the past, has 
been settled through discreet diplomacy. 

After the meetings, a spokesman for 


Mr BaUadur said that “France was open 
to examining the merits of all candi- 
dates” for the Brussels job. “The fact 
that both Mr Lubbers and Sir Leon are 
of high quality is flattering for the Com- 
mission." 

France and Germany have made little 
effort to hide their preference for Mr 
Dehaene as a successor to Mr Delors, 
hut Fr pnrh officials insis ted that the two 
allies cannot pre-empt a decision that is 
ftc hprintod to be made unanimously at 
the EU summit in Corfu on June 24-25. 

Mr Lubbers, the longest serving Dutch 
prime minister, stressed in a Financial 
Times interview this week that the 
choice of a successor to Mr Delors lay 
“not only with Bonn and Paris”. He 


appealed to other countries to make up 
their own minds. 

Sir Leon's camp reacted with enthusi- 
asm to Mr Lubbers' determination to 
ignore the apparent Franco-German 
snub and stay in the race. Supporters 
calcu late that this increases the chanre 
of a deadlock at Corfu, opening the way 
for Sir Leon or the other long-shot candi- 
date, Mr Peter Sutherland, the outgoing 
head of the General Agreement on Tar- 
iffs and Trade. 

Next week campaigning is expected to 
intensify, with Sir Leon planning to visit 
Mr Silvio Berlusconi, the new Italian 
prime minister. Another crucial meeting 
takes place on Monday between Chan- 
cellor Helmut Kohl of Germany and 


President Felipe Gonzalez of Spain. 

Although Mr Gonzalez has pledged to 
support Mr Lubbers, a senior Spanish 
official said yesterday that the promise 
was made several months ago. when Sir 
Leon was the only declared candidate. 
He also said Mr Gonzdlez went public to 
head off pressure from Mr Kohl and oth- 
ers to take the Brussels job. 

It seems unlikely that France's dis- 
pleasure at the continued imprisonment 
In Brussels of Mr Didier Pineau-Valen- 
denne, head Of the French arm of the 
Schneider industrial group, will affect 
the outcome. France does not hold Mr 
Dehaene responsible for the actions of 
his judiciary which Paris accepts is inde- 
pendent, an official said. 


Mr Lubbers has now belatedly joined 
Sir Leon, who has just published a new 
book on his vision of Europe, in going 
public on their candidacies for Mr 
Delors’ job. By contrast, Mr Dehaene has 
declined to confirm he is a candidate, 
knowing that he can already count 
France and Germany in his camp. 

European disarray has spread to the 
Organisation for Economic Cooperation 
and Development (OECD), which now 
looks unlikely to reach agreement on a 
new secretary general at its annual min- 
isterial meeting in Paris next week. 
With the UK. France and Germany all 
Qelding rival candidates, European 
members of the OECD want more time 
to select a single European candidate. 


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Leading 
nations to 
meet on 
OECD 
jobs plan 

By Peter Nocman, 

Economics EcStor 

Finance and labour ministers 
from the world's leading industri- 
alised nations will be asked next 
week to endorse 57 detailed pro- 
posals to cut the 35m army of 
unemployed in their countries. 

The Organisation for Economic 
Co-operation and Development 
will seek the backing of its 25 
member governments for the pol- 
icy recommendations as a first 
step towards drawing up tai- 
lor-made unemployment reduc- 
tion programmes for mem- 
ber state. 

The plan is that the pro- 
grammes should be ready in 
autumn to catch a hoped-for 
quickening of growth in the 
industrialised world that would 
lessen the pain of some of the 
planned measures. Against a 
background of strong US growth 
and rising hopes of recovery in 
Japan and continental Europe, 
tiie OECD secretariat is expected 
to tell ministers next week that 
growth in the OECD area will be 
foster than last December’s fore- 
casts of 11 per cent for this year 
and 17 per cent for 1991 

The jobs paper, which will be 
put forward by Mr Jean-Claude 
Paye, the secretary general, is 
likely to be an uncomfortable 
read for many governments in 
Europe, where the organisation 
envisages an increase in unem- 
ployment to 22m next year. 

The document will tell govern- 
ments to ask whether existing 
policies promote or hinder the 
capacity of their economies to 
innovate and compete in an 
increasingly globalised economy. 

It is expected to urge govern- 
ments to took at such institutions 
as minimum wages, arguing that 
these increase youth unemploy- 
ment It will advocate changes to 
tax and benefit systems in many 
countries, so that the benefit 
safety net targets people in real 
need. It will propose cats in 
Europe’s high non-wage labour 
costs such as payroll taxes, sug- 
gesting that governments levy 
taxes on consumption if they 
need to make up revenue short- 
falls. It is also expected to advo- 
cate lower direct taxes where this 
would make it more attractive for 
employers to hire people with 
low skills for low wage jobs. 

However, the OECD will under- 
line the importance of social poli- 
cies to ensure that people on low 
wages have acceptable incomes. 

The study strongly supports 


jars to make Britain’s labour 
arket more flexible. 

The OECD’s aim is not to put 
forward a magic solution for cut- 
ting unemployment, recognising 
its recommendations will 


mg on local comfitions. 

For example, its recommenda- 
cnxs for greater wage flexibility 
ould be expected to carry 


rigid, than in the US. 


Continued on Page 16 
Jobs priority. Page 4 


French and Belgian authorities in search 


Police seize papers 
from Schneider’s 
Paris headquarters 


By John Ridtfing In Paris 
and Emma Tucker in Brussels 

French and Belgian police 
searched the Paris headquarters 
of Groupe Schneider as part of a 
fraud investigation into Mr Did- 
ier Pineau-Valenclenne, the 
chairman of the French electrical 
Bn gfrn spring group who has been 
held in a Brussels prison since 
last week, the company said yes- 
terday. 

Schneider said that it had co- 
operated with the search, which 
took place on Wednesday and 
yesterday morning. The police, 
accompanied by two French judi- 
cial officials, took accounting 
documents and correspondence 
from the offices to assist in their 
investigation into Schneider's 
management of Cofibel and 
Cofimines, two Belgian subsid- 
iaries at the centre of the investi- 
gation. 

The search and the seizure of 
documents follows Wednesday’s 
ruling by a Brussels court to 
extend the detention of Mr 
Pineau-ValCTicjenne and Mr Val- 
entino Foti, am Italian business- 
men arrested as part of the same 
investigation. 

Lawyers for both men said they 
would appeal against their con- 


tinued imprisonment, which 
could see them de tain ed in Brus- 
sels’ Forest prison for up to a 
month. The appeal will be heard 
within 15 days. 

The continued detention of Mr 
Pineau-Valencienne prompted a 
shar p foil in the shares in the 
company, one of Europe’s largest 
electrical engineering groups 
with annual sales of about 
FFT56bn ($9.8bn). The shares, 
which were suspended on 
Wednesday pending the 
announcement of the court rul- 
ing. yesterday lost 5.5 pur cent of 
their value, falling from FFr390.5 
to FEY36SL9. 

Industry observers in Paris 
said the prolonged detention of 
the Schneider chairman was 
unsettling for investors. “The 
subsidiaries involved are rela- 
tively small, less than five per 
cent of the group's total assets,** 
said one electronics analyst in 
Paris. “But the damage to the 
image of the company is much 
greater." 

Another analyst said that the 
concerns of investors were ampli- 
fied by the central role that Mr 
Pineau-Valencienne has taken in 
the management of the group. 
“He has drawn up and imple- 
mented the company's pro- 


gramme of restructuring and 
afl qnigjHffnq. it is very much his 
own plan,** the analyst said. 

The accusations faHng Schnei- 
der centre on its treatment of 
Cofibel and Cofimines and a bid 
to buy out minority shareholders 
in the two subsidiaries which 
was launched in 1992. Belgian 
prosecutors claim there were 
irregularities in the offer. 

They claim that offshore com- 
panies and assets were concealed 
from regulators and investors in 
the subsidiaries and believe that 
Schneider received more than 
BFr3bn ($87m) at the expense of 
its Belgian subsidiaries between 
1988 an 1992. 

Belgian prosecutors are also 
examining the alleged non-pay- 
ment of dividends to all the sub- 
sidiaries’ shareholders by the off- 
shore companies. 

Schneider denies the accusa- 
tions and says it has not acted 
against the interests of minority 
shareholders. It says that Mr 
Pineau-Valencienne. although 
nominally chairman of the two 
subsidiaries, was not actively 
involved in their management. 

This task fell to Mr Jean Ver- 
doot, the managing director of 
the companies, who died last 
year. 



- • *• . • 

•wjpST * — 

When in Rome: US president Bin Clinton, on a visit to Italy, takes a 
break from his early morning jog yesterday to have the sights 
pointed out to him by the US ambassador, Reginald Bartholomew. In 
the background is St Peter’s Basilica nour* a ■» 



US insurer sets up 
fund for investment 
in Asian countries 


By Richard Waters in New York 

American International Group, 
the US insurer, will today 
announce a $l.lbn fund for 
investment in infrastructure in 
developing Asian countries. 

Around half of the fund is des- 
tined for power, telecommunica- 
tions and transport projects in 
China. 

The government of Singapore, 
through two of Its investment 
funds, has provided $250m of the 
money, signalling a policy to 
switch more of its international 
investment to supporting Asian 
development 

The completion of the AIG 
fund comes just ten days after 
Tiger Management, one of the 
biggest hedge fund groups in the 
US. was forced to withdraw its 
own planned SI bn infrastructure 
fund. 

hi an attempt to kick-start that 
fund. Tiger and GE Investments, 
which manages pension fund 
money for G<meral Electric, ear- 
lier this year agreed to contribute 
$225ra between them. 

However, the proposed fund is 
believed to have suffered from 
the adverse publicity hedge funds 
attracted after some made big 
losses in the upheaval in finan- 
cial markets earlier this year. 

The AIG fond is being formed 


CONTENTS 


at a time when the fete of the 
most ambitious infrastructure 
fund announced to date, between 
hedge fund manager George 
Soros and GE Capital, General 
Electric's financial services arm, 
remains unclear. 

In January, each side agreed to 
contribute $200m to a fund which 
was intended to attract as much 
as £L5hn to invest in power pro- 
jects in developing countries. 

The AIG fund win be managed 
by Emerging Markets Corpora- 
tion, a Washington-based com- 
pany set up two years ago by two 
World Bank veterans, Moeen 
Qureshi and Don Roth. 

AIG has itself put SlOOm into 
the fund. GE, which has backed 
infrastructure funds to support 
the sale of its own power genera- 
tion equipment in developing 
countries, is also believed to be 
an investor. 

Around half of the Bermuda- 
registered fund is expected to be 
invested in projects in China, 
with the rest in Indonesia. Malay- 
sia, the Philippines, Taiwan and 
Thailand. 

Speaking in Beijing earlier this 
year, Qureshi, a forme- caretaker 
prime minister of Pakistan, said 
that the fund represented “a sea 
change in the willingness of 
long-term investors to venture 
out into developing countries". 


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€ TgE FINANCIAL TIMES LIMITED 1994 No 32.383 Week No 22 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 


WHAT DO 
THE CRITICS SAY? 


This week should see the first reviews of the 
opening production at the new Giyndebourne 
Festival Opera. 

We are confident the critics will have liked the 
performance. But what of the opera house itself? 

Will its mixture of traditional materials and high 
technology get a favourable mention? 

Have its perfect acoustics been appreciated? 

And will reviewers have noticed that as con- 
struction managers, Boris orchestrated a team of 
50trade-contractors harmoniously and smoothly, 
completing on time and within budget - without 
even disturbing the kingfishers on the lake? 

Maybe not, but at Bovis Construction, we prefer 
performance to plaudits. 




Bovis 

Construction Consultancy 
Contact John Anderson 
Tel: 081 422 3488 


Management 





I* 









NEWS: EUROPE 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


Outsiders hit by a strain of Euro-fever 

Hugh Carnegy and Ian Rodger find referendums in the air in applicant states 


Euro-election 
fever is defi- 
nitely in the 
air in Austria, 
Finland, Nor- 
way and Swe- 
den, the four 
European Free 
Trade Associa- 
tion fEfta) 
countries 
whose govern- 
ments hope to 
join the Euro- 
pean Union at 
the beginning 
of nest year. But these outsid- 
ers looking in at the elections 
to the European parliament are 
only bit players. Tor the 
moment, in the story. Their 
attention, instead, is firmly 
focused on the campaigns for 
the referendum votes to be 
held in each of the four on 
whether to join the EU. 

This is particularly so in 
Austria, where the referendum 
will be on June 12. the same 
day as the EU parliamentary 
vote. The streets of Vienna, are 
decked out with posters 
hoisted by the two sides in the 
fervent referendum contest 
The debate turns on issues 
vital to Austrians, such as the 
country's neutrality, its envi- 
ronment and the survival of its 
mountain fanners. The gap 
between the Yes and No camps 
has narrowed, with a poll ear- 
lier this week showing Yes on 
48 per cent, its lead cut to just 
two percentage points. 

In the three Nordic coun- 
tries, the referendums are not 
due until autumn. Finland will 
vote on October 16, Sweden on 
November 13 and Norway on 
November 28. In Sweden, the 


vote will be preceded by a gen- 
eral election on September 13. 

But in all three nations, the 
EU debate Is already well 
under way. Television and 
radio debates on the issue are 
frequent, newspapers are full 
of the story and it is a subject 
of lively private discussion. 

While the Efta countries are 
preoccupied with their own ref- 
erendum campaigns, the out- 
come of the European parlia- 
mentary elections could have 
an influence on how those 
r-am pai g ns: develop. 

This has already happened 
in Austria, where the referen- 
dum date was deliberately set 
to coincide with the parliamen- 
tary vote among gristing mem- 
bers. The country's main- 
stream political leaders, united 
in their desire for a Yes vote, 
were concerned to make the 
conditions surrounding the ref- 
erendum as favourable as pos- 
sible for a positive result. 

That led them initially to 
choose to hold the referendum 
in June, so that the issues 
involved would not become 
confused with those in a 
national election that must be 
held later in the year. 

They initially Savoured June 
19 or June 26, giving them as 
much time as possible for pass- 
ing the enabling legislation 
and rallying support to the pro- 
Europe cause. 

But it was felt that an unsa- 
voury outcome to the Euro- 
pean parliamentary elections 
on June 12, such as the elec- 
tion of fascists to the Stras- 
bourg assembly, could put 
many Austrians off Europe 
entirely. So the referendum 
was brought forward. 



EUROPEAN 

ELECTIONS 


June 9 and 12 


Next steps towards a wider Europe 



A similar fear among EU 
supporters of a boost to the No 
camp from the European elec- 
tions erists in the three north- 
ern countries, where most gov- 
ernment and opposition party 
leaderships are, as in Austria, 
in favour of membership. 

In Finland, the Yes cam- 


paign remains firmly In the 
lead - with latest polls show- 
ing a margin of 46 per cent in 
favour to 2S per cent against 
with the balance undecided 
But in Sweden and in Nor- 
way, the No vote has sustained 
a significant lead despite slip- 
ping somewhat after file appli- 


cant countries completed t he i r 
accession agreements with 
Brussels in March. 

Latest polls in Sweden put 
the No camp ahead at 42 per 
cent with the Yes vote slip- 
ping since April to 31 per emit 
in Norway, excluding unde- 
cided voters, the No side is 
holding steady, with about 57 
per cent support against, 43 per 
cent for the Yes camp. 

The worry for the social 
democratic and conservative 
leaderships in Stockholm. and 
Oslo is that the long-standing 
No ascendancy could be fur- 
ther cemented if the European 
elections show extremists gain- 
ing strength - and a blaze of 
publicity - in Strasbourg. 

Equally, a low turnout would 
deepen the impression in the 
Nordic countries that the exist- 
ing citizens of the EU are less 
than enthusiastic about the 
union - notwithstanding the 
FT opinion poll this week 
which showed a large majority 
of EU voters in fevour of entry 
by the Efta four. 

These are unlikely to be deci- 
sive factors in themselves. In 
Finland, Norway and Sweden, 
the debate about EU member- 
ship turns on more fundamen- 
tal questions about political 
and pcnnnmfr sovereignty. 

But the problem, for the Yes 
oampaigna in all three coun- 
tries is the lack of momentum 
they have so far been able to 
generate. Having already got 
most of the trade benefits of 
Union membership through 
the completion last year of the 
European Economic Area 
agreement between Efta and 
the EU. the argument for the 
long-term need to participate 


in the EU*s political structures 
has been undermined by the 
seemingly endless internal 
problems besetting fife Union. 

No sooner had the Nordic 
and Austrian governments pro- 
claimed the success of their 
accession negotiations in 
fMar r-h t fraw thrfr enthusiasm 
was punctured by the row that 
followed in the EU over the 
distribution of voting rights in 
Union decision-making after 
enlargement 

This was particularly painful 
for the right-centre Swedish 
government of Mr Carl Bilri t. 
which was pot in the miserable 
position of having to explain 
the stubborn resistance to 
chang e by its supposed dose 
ally, the British conservative 
government 

Mr PiM t and his Finnish and 
Norwegian counterparts, Mr 
Rsko Aho and Mrs Gro Harlem 
Brundtland, will be hoping the 
European elections will not 
throw up any further hurdles 
in their already obstacle- 
strewn paths. 

They will also be praying 
that on the same day tire Aus- 
trians wifi vote Yes to set the 
ball rolling in their direction. 

So far, the No campaigns in 
the north have matte little ref- 
erence to Austria. But if Aus- 
tria rejects mamharaiii[i t paral- 
lels wQl undoubtedly quickly 
be drawn between the four 
narinn.^ with their small popu- 
lations, their traditions of inde- 
pendence and their tough 
farming conditions. “Oh yes," 
exclaimed Ms Eva-Brttt Svens- 
son, leader of the Swedish “No 
to the EU” or ganisation this 
week. “An Austrian No would 
be a big boost fur us.” 


Call for EU to 
guard against 
over-regulation 


Mr Percy 
Bameoik, 53, 
has been chief 
executive of the 
Suredish-Stoiss 
QUESTIONS international 
ON EUROPE engineering 
group ABB Asea Brown Boveri 
since 1988. He was previously 
chief executive of Sweden’s 
Asea. 

Q: Where should the European 
Union place its top priorities 
in economic and social policy? 
A: Priority No 1 is to resist the 
temptation to over-regulate. 
Instead, the EU should con- 
tinue creating conditions for 
the free play of market forces. 
This includes the fight against 
protectionism - particularly 
involving central and eastern 
Europe, which badly needs to 
increase trade. It also includes 
the completion of the single 
market and initiatives for joint 
public and private transeuro- 
pean networks in the trans- 
port, energy and telecommuni- 
cations sectors to lead 
European economies out of the 
present recession. 

Q: Do yon believe the Euro- 
pean parliament should be 
given greater powers? 

A: I am a great believer in par- 
liamentary control of govern- 
ments and therefore favour 
giving the European parlia- 
ment the means to exercise 
this control. However, I realise 
the parliament’s power has 
been increased through the 
Maastricht treaty, so we must 
now guard against too much 
bureaucracy which could para- 
lyse the European legislation 
process. 

Q: What is the earliest date at 
which EU membership by for- 
mer communist countries 
might be practicable? 

A: We must allow no delays for 
the target year of 2000 for the 
EU membership of the Czech 
Republic, Hungary and Poland. 



Mr Percy Barnevlk 


Q: Has the single market 
expanded your business oppor- 
tunities throughout Europe? 

A: The single market has 
clearly started to expand busi- 
ness opportunities through the 
liberalisation of public procure- 
ment and facilitation of cross- 
border traffic. There is, of 
course, no guarantee for entre- 
preneurial success - all these 
measures have increased com- 
petition and thereby tend to 
decrease margins. ... to be a 
winner you have to be even 
leaner, more efficient and 
attractive to the customers. 
The losers will be the ones who 
cling to remaining protection 
and who ask for government 
support 

Q; Does tbe choice of the next 
president to the European 
Commission matter to yon? 
Whom would you prefer to see 
in the job? 

A: I would wish that the most 
capable candidate gets the job 
and not just the politically 
most opportune one; for exam- 
ple, a “lowest common denomi- 
nator” which sometimes hap- 
pens when people cannot 
agree. Europe needs a strong 
leader. 



Coming up on MTV, a hot new quartet of European politicians 

MEPs look for younger voters 


By Ronald van de Krol 
in Amsterdam 

The contest for younger Dutch 
voters in the European elec- 
tions will take a new twist this 
weekend. 

On Sunday, Mr Gijs de Vries, 
one of the country's most 
prominent members of the 
European parliament, is sched- 
uled to take part in a pro- 
gramme broadcast by MTV, 
the US-based pop music and 
video-clip channel, to a poten- 
tial audience of some 25m 
European households. 

His appearance, along with 
that of three other aspiring 
MEPs from other states of the 
European Union, is calculated 
to put Mr de Vries in touch 
with the Netherlands’, and 
Europe's, youth. 

“Young people have a real 
hunger for information about 
Europe,” he says. “One of the 


most frequent questions I get 
is how can I get a job in 
Europe, or how can I do a stu- 
dent internship with a foreign 
company elsewhere in 
Europe." 

Though he is only 38, Mr de 
Vries is a veteran Dutch MEP, 
having served the right-wing 
Liberals in Europe since the 
age of 28. when he was barely 
older than most members of 
today's “MTV generation”. 

Dutch young people may be 
Interested in pursuing pan- 
European careers, but most 
voters in the Netherlands, tra- 
ditionally a stronghold of pro- 
European feeling, are display- 
ing a distinct lack of interest in 
fhp European Parliament cam- 
paign. 

Mr Jan Marinus Wiersma, an 
MEP candidate for the Labour 
party, says. “There is some 
voter fatigue out there because 
this Is the third election 


they've had since March.” 
B esides the municipal polls in 
March, the Dutch also held a 
general electi on in early May. 

Mr Wiersma disagrees with 
the view that there are no fun- 
damental differences between 
the parties. “There is a fight 
going on about the future of 
the 'Rhineland' model of com- 
bining an active government 
stance with freedom for mar- 
ket forces." The left wants to 
create jobs while the right 
wants to lower wages, he says. 

Mr de Vries of the Liberals 
also hi g hli g hts differences. “In 
social policy, the question is 
whether we want a 35-hour 
week, which the Socialists 
favour, or rather greater flexi- 
bility in labour laws, as we 
want" 

All parties are broadly in 
favour of the European Union, 
and there is no hint of anti- 
Maastricht fervour. 


Mr Sam Rozemund, an ana- 
lyst at the Clingendael insti- 
tute for international relations 
in Tbe Hague, says that domes- 
- tic rather European politics are 
dominating the latest cam- 
paign. “But that's little differ- 
ent from European elections in 
other years,” he notes. 

What is different, however, is 
that Dutch politicians are stOl 
trying to put together a gov- 
ernment coalition, moaning the 
June 9 poll is being seen as a 
r afare n dmn on the result of the 
May 3 general election. 

The ruling Christian Demo- 
crats and labour both fared 
badly in t he national elections, 
losing support to the liberals 
and D66, a left-of-centre party. 

Much will depend on the 
level of voter turnout “Chris- 
tian Democratic voters tend to 
turn out for the European elec- 
tion, so that could favour 
them,” Mr Rozemund argues. 


Fighting spirit roused in Denmark 


By Mlary Barnes in Copenhagen 

Hie campaign in Denmark for the election 
to the European Parliament has turned 
into a verbal punch-op between the prime 
minister, Mr Pool Nyrup Rasmussen, 
leader of tbe Social Democratic party, and 
the pugnacious Mr Uffe EUemann-Jensen, 
leader of the Liberal party and the coun- 
try’s foreign minister from 1982 to 1993. 

The current slanging match is just a 
rehearsal for a more important confronta- 
tion in the autumn, when a general elec- 
tion to tbe Fo Ike ting will be held, and 
Uffe, as he is widely known, will be trying 
to unseat his Social Democratic rival. 

Mr EUemann-Jensen has gone out on a 
limb by proposing that the country should 
drop the "opt-outs” from tbe Maastricht 
treaty, which Denmark obtained by tbe 
Edinburgh agreement In December 1992 
(they covered participation in the final 
phase of Emu. the common defence pro- 
gramme, common legal policies, and 
European citizenship). 

The opt-outs were the essential element 
in a compromise which followed the refer- 
endum defeat of tbe Maastricht treaty in 


tiie first Danish referendum on June 2, 
1992, and they enabled the government to 
put the treaty to a second referendum on 
May 18 last year, when the voters finally 
endorsed the treaty. 

The opt-out from the common defence 
programme, which means that Denmark 
refuses to become a member of Western 
European Union, places Denmark in an 
“absurd situation", argues Mr EUemann- 
Jensen. 

He urges a referendum now to enable 
Den mark, which is a member of Nato, to 
join WEU, and accuses the government of 
a head-io-tb e-sand policy on European 
security, reminiscent, he tells his audi- 
ences, of the 1930s, when Denmark met 
the rise of Hitler by pursuing a policy of 
unarmed neutrality. 

Mr EUenuum-Jensen's straight talking 
appears to be paying off. If the opinion 
pons are any guide, the Liberal party may 
win 30 per cent or more of the votes cast 
and four or five of Denmark’s 16 seats in 
the Strasbourg assembly, compared with 
the three seats they have in tbe present 
parliament. 

A tough fight for second place Is taking 


place between the Social Democrats, who 
should retain the four seats they have 
now by winning about a quarter of the 
votes cast (much less than the 37 per cent 
they won in the last general election), and 
the Anti-European Alliance. 

This consists of two non-party anti- 
European organisations, the People's 
Movement Against the EU, re p r es ented 
with four MEPs in the present parliame nt, 
which was founded in tbe aftermath of 
tbe 1972 referendum that took Denmark 
into the EU, and tbe June Movement, 
named in memory of the June 2 defeat of 
the Maastricht treaty in 1992. 

The anti-Europeans include members 
and supporters from all parts of tbe politi- 
cal spectrum, but their leading candi- 
dates, law professor Ole Krarup for the 
People’s Movement and Mr Jens Peter 
Bonde, a current HEP, for the June Move- 
ment, are well known left-wingers. 

The most colourful candidate is, per- 
haps, Ms Lone Dybkjaer, fighting on 
behalf of the coalition government's Radi- 
cal Liberal party. She is a former mintefan- 
of the environment and present live-in 
companion of the prime minister. 


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Germany’s FDP struggles to stay afloat 

Former kingmakers acknowledge their fate is tied to Kohl’s, writes Judy Dempsey 


The leadership of Germany’s 
Free Democratic party, the 
junior partner in the governing 
coalition, will today in Rostock 
begin its struggle to convince 
disillusioned supporters the 
party is still worthy of being 
called the “kingmakers" of tbe 
German political system. 

The party, which made and 
broke ruling coalitions of the 
1960s. 1970s and 1980s. is strug- 
gling to beep its bead above 
the German electoral water. A 
spate of recent opinion polls 
gives tbe FDP just about 5 per 
cent, the minimum to secure 
representation in tbe Bundes- 
tag. or lower house. 

Any successful outcome of 
this three-day congress 
depends on Mr Klaus Kinkel, 
the foreign minister, who less 
than a year ago was elected 
chairman. His task is to 
impose discipline on an unruly 


party which increasingly real- 
ises, and fears, that its fate is 
tied to Chancellor Helmut 
Kohl's Christian Democratic 
Union. 

Mr Kinkel. a former civil ser- 
vant and head of Germany’s 
secret service who joined the 
party only three years ago. has 
found it difficult to stamp his 
authority on the party - unlike 
his predecessor, Mr Hans-Dlet- 
rich Genscher, who still hovers 
in the background. 

Earlier this year, Mr JUrgen 
MOUemann, the party leader in 
North Rhine- Westphalia and 
former economics minister 
who had to resign over a scan- 
dal. suggested that the FDP 
ditch Mr Kinkel and name its 
own candidate for chancellor. 

The party rallied around Mr 
Kinkel. But tbe internal dis- 
sent has continued largely 
because the FDP is losing a 


sense of what role “liberalism” 
plays in a party which has 
shared power for nearly 25 
years. “We see ourselves as 
upholders of free-market val- 
ues in the coalition, and of 
civil liberties,” said one senior 
party official. Yet its ability to 
practise what it purports to 
stand for has been increasingly 
undermined, particularly over 
the past four years In power 
with the CDU. 

Mr G On ter Resrodt, the FDP 
economics minister, has been 
unable to gain enough support 
for a plan to introduce deregu- 
lation, particularly in the 
energy sector. His colleague Mr 
Otto LambsdorfT. the party's 
economic spokesman, was this 
year forced to shelve his own 
plans for a revived 1994 federal 
budget in order to cut tbe defi- 
cit to DMTObn i£28bnj. 

The liberals have also disap- 


pointed the left wing of the 
party by having to support the 
CDU’s law and order campaign 
and possible powers for the 
police to bug private homes. As 
a further affront Mr Kinkel 
despite much dissent secured 
enough hacking - in tbe third 
and final ballot - for Mr 
Roman Herzog, Mr Kohl’s can- 
didate as federal president In 
doing so. the FDP signed up to 
support the CDU and ruled out 
any possible future coalition 
with the Social Democrats. 

Last month's presidential 
election showed that, despite 
ideological differences with the 
CDU. one principle binds the 
FDP together: the wish to 
remain in power. 

“IT the truth be known, we 
are no longer tbe great king 
makers any more.” a deputy 
said. “We know our fate is now 
tied to KohL We are seen by 


the electorate as part of the 
government IF the CDU goes 
up in the polls, it can only do 
us good. We cannot jump ship 
now and move over to the SPD. 
By backing Herzog, we backed 
the CDU in their bid for 
extending power after next 
October.” 

Yet the traditional liberals 
would probably argue that it is 
time the FDP had a stint out of 
power in order to re-group and 
redefine their role in a knifed 
Germany. “We might he out 
for ever then,” one official 
quipped, adding that this pros- 
pect alone might give the 
chance for Mr Kinkel to unite 
the party and march behind 
the chancellor. But its disillu- 
sioned supporters will need 
much persuading between now 
and October that the party 
deserves to be returned to the 
Bundestag. 


EUROPEAN NEWS DIGEST 


Greek interest 
rates fall as 
pressures ease 

Greek interbank Interest rates fen sharply yesterday as 
financial markets stabilised after almost three weeks of 
turbulence. The overnight borrowing rate dropped to 35 per 
cent, while the three-month interbank rate came down to 40 
per cent. Dealers said a squeeze on liquidity in the haniting 
system, which kept short-term interest rates at over 100 per 
cent last week, had eased. Hie g o ve rnm ent succeeded In 
raising Dr450hn (£L2bn) needed this month to finance the 
public debt through sales of treasury bills at interest of up to 
27 per cent and Ecu- and US ddBarJinked hands. But interest 
rates on government bomb are expected to remain at record 
levels as next month’s harrowing requirement will also be 

Mghw than nsnal. 

The drachma declined yesterday against the D-Mark, dosing 
at Drl49.46, down from Drl49J5 on Wednesday. Mr Yannos 
Papantoniou, economy minister, said the currency was no 
longer threatened with devaluation. E c cnondtf s said it would 
depreciate at a foster rate against other EU currencies over 
the next few weeks. Serin Hope, Athens 

Brussels to study mine sale 

The European Commission announced yesterday that it is -to 
examine the privatisation of east Germany's Mibrag brown 
coal mines and the takeover bid by the French state-controlled 
insurance company Assurances Generates de France (AGF) 
International for the Belgian life insurer Assubel Vie. Brussels 
will look at plans to a c q ui re Mibrag through a share purchase 
by PowerGen. the UK energy utility, and energy concerns 
NRG Energy and Morrison Knudsen of file US. ft will also 
investigate AGE'S plan to create a company, Delta Capital, 
under which it will merge its Belgian assets AGF Belgium and 
L'Escant with those of AssnbeL Associated Press, Brussels 

E Europe environment plea 

Environment ministers from east European countries meeting 
in Copenhagen yesterday called on the international develop- 
ment hflnk» to provide ft™ with wft lmmit for environmental 
Investments. The ennfarnneo., c a lled by the Danish minister, 
Mr Svend Auken, to give the east Europeans a chance to put 
their views to the banks, was attended by ministers from 16 
east European countries and by representatives from the 
World Bank, the European Bank for Reconstruction and 
Development, the Nordic Investment Bank and thd European 
Commission. 

The east European governments made it dear at a confer- 
ence last year on tbe <*mrf wTnww»ntfli mndawn of tbe Baltic 
Sea that they would not be able to make e n vir onment al 
investments unless loans were granted on especially favoura- 
ble terms. Clearing np toe most serious sources of polluticm. in 
the Baltic would require at least $L5bn (ElObn), according to 

Mr Anhm- “It Is itnpnaidhbi to find financing of ftk - order 
without changes in the rules of the game.” The development 
hanks have insisted so for, that all loans to east Europe must 
he based on “sound banking principles” . Tbe conference was 
expected to conclude last night with a declaration calling an 
the development hanks to change their policies and proce- 
dures. EzZ07p Hornes. Copenhagen 

Oslo approves wider oil search 

Norway cleared the way for future ofi prospecting off fts 
southern coast yesterday despite strong op pusitk m fram neigh- 
touring Sweden. The Labour government won a deal with the 
opposition to allow exploration in the Skagerrak strait, but 
agreed to make farther p w rf w H i m gntaT afauftw before starting 
drilling. The opposition Conservative party backed the plan in 
return for a government promise to review controversial rules 
allowing the state to raise its state in profitable oil and gas 
fields. ■’ 

The new exploration areas will open up 16 per. cent more of 
Norway's continental shelf for prospecting, making it possible 
to drill under 56 percent of the waterseff the coast Norway, 
western Europe’s biggest oil producer, currently pumps so me 
2£m barrels a day, mostly from the North Sea. Output, how- 
ever, is expected to fall in few years unless new discoveries are 
made. Sweden, fearin g poDutiou from ail prospecting in the 
w aters between itself Norway and Denmark, has requested 
inter-government talks before a decision is made. Nbrway's 
state poUntion board baa sharply criticised previous studies of 
the consequences of opening Skagerrak and areas off mtt-Nto- 
way for exploration, calling them inadequate. 
Reuter, Oslo 

Russian privatisation protest 

Moscow’s mayor, Mr Yuri Luzhkov, yesterday stepped up bis 
campaign against Russia’s privatisation, drive, accusing Mr 


Anatoly Chubais, deputy prime minister in charge of privatisa- 
tion, of leading the economy into a deadend. He : said Mr 
Chubais should take responsibnay for tire fact that Russians 
had lost c on fidence In privatisation: vouchers, distributed in 
1992. Long an opponent of laiguscale privatisation, tbe mayor 
restricted land and pro p erty sales in the capital earlier this 
year and banned the registration: of joint stock companies if 
they were tanned from state-owned enterprises. 

Mr Luzhkov said, the state privatisation committee, was 
simply creating conditions for speculators to buy up state 
property cheaply mid sell it Iaiw for higher prices. “We sup- 
port the market ecquamy.and privatisation. But we do not 
want state property to be soUd off for almost nothing. .We 
wanted to create a class of ovmer^rodiicexs in Russia. But 
everything has been bought up by speculators,” he raid. Mr 
Chubais responded by vowing to take legal ration against Mr 
Luzhkov, a cc u si n g him of prompting a social explosion by 
violating existing laws. Reuter, Moscow 

ECONOMIC WATCH 


Record number jobless in EU 




..... Unemployment in the 
European Union vote to. a 
.--v, . record U per cent in April 

with some JlSm pe ople 'out of 
work; foe European Commis- 
i, sfon’s statistics office, Euro- 
stat, said, yesterday, ft was 
the first rise since December 
i whan the' seasonally-adjusted 
■; jobless rate roseate I&9 per 
cent from 108 per cent The 
^ figure stood at.lOA pea- cent in 
April test year. The largest 
_* increases over the year were 
in Spain, where the jobless 
U rate climbed from 213 per 
' cent to 23JL per cent The only 
two countries to register a 
drop were Sritate, where the 
rate dipped from 10.3 per cent to 93 per cent, and Ireland, 
where it slipped from 18.4 per cent to 17.9 per cent. Reuter, 
Luxem b o u rg. 

The Bank of France said it cot its intervention rate "to 5.3 
per cent from 5.4 per cent at a securities re p ur chas e tender 
held yesterday to allocate foods for injection the money 
market today. 

■ Italian money supply as measured by M2 grew an average 
8J per cent year-un-year in the three months to end-April 
compared with the revised average growth figure of 7 j 6 per 
cent in the three months to the. end of March: the Tbnt of 
Italy seld. ' 

Italian total bank lending in lire fell by 4 per cent year-on- 
year in April compared with ^revised foil of 2.7-per cent in 
March, according to the central lumfc 






-FINANCIAL TIMES FRIDAY JUNE 3 1994 


3 


NEWS: EUROPE 


UN postpones peace talks on Bosnia 


Bjp Francos WHHams bi Geneva 

Ite Doited Nations yesterday called 
off talks in ' Geneva between 

the warring Bosnian factions after 
the Bosnian Serbs failed to withdraw 
forces from the safe haven around 
the eastern town of Gomzde. 

Bosnia's Moslem leaders have 
refused to attend the folks until this 
condition is met, and the UN accepted 
their contention that the Serbs had 
reneged on promises to comply. 
Despite the setback, the powers 
involved in talks on Bosnia si gnalled 


their continued determination to 
bring the parties to the table. 

The French government announced 
that repre sen tatives of the “contact 
group” on Bosnia, which includes the 
US, Russia, Britain, France and Ger- 
many, hoped to convene tomorrow, 
two days earlier than planned. 

UN officials said there was a sifai 
chance that talks between the war- 
ring parties could begin today, but 
only if the Bosnian Serbs fulfilled a 
pledge to remove all armed person- 
nel, military and civilian, from the 
3km exclusion zone around Gorazde. 


Some 150*200 Serb mflhfa and para- 
military police, as well as some 
armed civilians, remain in the zone 
to “protect” Serb civilians, in contra- 
vention of a UN agreement 
The Bosnian Moslems accuse the 
Serbs of binning the distinction 
between soldiers and civilians, with 
some fighters donning civilian 
clothes and posing as “refugees*’ 
resettling the area. 

Dr Radovan Karadzic, Bosnian Serb 
leader, said on Wednesday that aD 
armed personnel would leave Gor- 
azde immediately. But yesterday 


afternoon the ON reported there had 
been “no movement” and senior Bos- 
nian government representatives 
remained in Sarajevo. 

Mr Yasushi Akashi, head of UN 
operations in former Yugoslavia, who 
had hoped to negotiate a four-month 
cessation of hostilities across Bosnia, 
had no choice but to abandon yester- 
day's talks. 

The deadlock between the Bosnian 
parties cast a shadow over the inter- 
national negotiations planned for 
tomorrow in Geneva. 

These talks, under the auspices of 


the five-nation contact group, are 
aimed at securing a two-way split of 
Bosnia between the Bosnian Serbs 
and the newly-formed Croat-Moslem 
federation. 

Dr Karadzic and other members of 
the Bosnian Serb delegation arrived 
in Geneva yesterday, as did Mr Krest- 
mir Zubak. the Bosnian Croat leader 
who was this week elected interim 
president of the new federation. 

There has been some confusion 
over the relative seniority of Mr 
Zubak and the Bosnian government 
headed by Mr Alija Izetbegovic. 


Serbs learn to come to terms with sanctions 


The United Nations trade ban has hurt but not changed many minds, writes Laura Silber in Belgrade 


S erbia’s leaders are in 
buoyant mood; the gover- 
nor of the rump Yugo- 
slavia’s central bank says oil 
coming Into the republic is 
being held up more by its own 
customs officia ls seeking tar- 
iffs. ou petrol imports than by 
any international officials polt 
dug sanctions; and President 
Slobodan Milosevic brags that 
Serbia , could survive sanctions 
for a millennium 

. It is not all nationalistic 
blather. There are- some statis- 
tics around that give it sub- 
stance. Hyperinflation appears 
to have been defeated, indus- 
trial production . is bottoming 
out and, on the ground, busi- 
nessmen and entrepreneurs 
are tolling stories about how 
theyhave little trouble, though 
some additional expense, 
exporting their wares. 

“1 have to pay DM3,000 
[1*200] to the Bulgarian police 
and DM6,000 to international 
inspectors from the CSCE 
[Conference an Security and 
Cooperation in Europe] or the 
UN on the border” says Mr 
Miodrag Nikolic, owner of 
Fenian, an electrical and 
machine, tools company in 
Jhgodina, central Serbia. “But 
one lorry-load is worth half a 
miltirm so.it does not add too 
much to the price.” 

Mr . Nikolic says his email 
business has actuidly benefited 
from, sanctions, gaining access 
to markets usually reserved for 
Serbia’s -huge state companies. 

“ft strands fanny, but sanc- 
tions gave ns a chance to . 
export,” he says of his com- 
pany which in April had a 
turnover of DMK50,QOQ. 

■ Sanctions /have even .helped . 


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Fenian seize control of the 
. market in Macedonia, Serbia's 
small southern neighbour, 
which finds tools frora western 
European, or even Slovenia, 
expensive, says Mr Nikolic. 
“Our prices are 45 per cent 
below even after sanctions.” 

’ Sanctions were imposed on 
the r u mp Yugoslavia (Serbia 
and Montenegro) two years ago 
because erf the Serbs' role in 
the bloody partition of Bosnia. 

“Trade ' takes place but 
exports are 20 per cent cheaper 
and imports 20 per emit more 
expensive,” says Mr Ljnbomir 
Madzar, professor of economics 
at Belgrade. University. 

For some companies, how- 
ever, the sanctions have not 
been so benign. “We cannot 
smuggle but living room sets,” 
says Mr Slobodan Stojanovic, 
director of foreign trade for 


Simpo, once a Balkan gout in 
the furniture industry. 

“The only way we have man- 
aged to keep our old partners”, 
says Mr Vlas Hnrir Rustic, rep- 
resentative of Metalprogres, a 
small socially-owned company 
which maing tools, “is by sell- 
ing to them at the lowest price. 

“Our customers who risked 
trading with us during sanc- 
tions will be rewarded when 
they are lifted. We have made 
sacrifices in order to keep our 
customers,” who he says are 
from Italy and Egypt 

Mr Kostic says production 
costs are up 30 per cent as a 
result of sanctions. “In ~the 
long term sanctions have hurt 
us. making our goods non-com- 
petitive." 

It is difficult to gauge the 
broader economic effects of the 
sanctions. The official figure is 


Industrial 
production 
remains far 
below the 
pre-sanctions 
level, but has 
grown over the 
past four 
months. It rose 
by 3 per cent in 
April alone 


that they have cost the two 
rump Yugoslav states $45bn 
(£30bn). 

Industrial production has 
fallen to a third of its level in 
1990. Factories are operating at 
below half capacity. Per capita 
gross national product has 
fallen to less than $1,000 from 
$2,148. Unemployment is run- 
ning as high as 50 per cent if 
you include the hundreds of 
thousands of workers sent on 
“forced holidays” over the past 
two years. 

; However, Mr Marfan r points 
out that sanctions alone can- 
not account for this. 

He cites the break-up of 
Yugoslavia, the interruption of 
trade and transport links 
among the country's former 
republics, the collapse of the 
socialist system, the cost of 
war, hyperinflation and “horri- 


ble" mistakes in economic poli- 
cies. 

There are, however, some 
signs of tentative improve- 
ment While industrial produc- 
tion remains far below the pre- 
sanctions level, it has grown 
over the past four months. It 
rose by 3 per cent in April com- 
pared with March, though, this 
followed a 24 per cent rise over 
the previous month, according 
to official statistics. 

Mr Ivan Vujadc, a Belgrade 
economist, says industrial 
growth can be expected in the 
aftermath of hyperinflation, 
but says it would be impossible 
to sustain an increase in pro- 
duction while sanctions are 
still in force. 

Meanwhile, Serbian nfffofais 
say this year's harvest win be 
good. The republic has tradi- 
tionally been self-sufficient in 
food, exporting wheat, meat, 
fruits and vegetables. 

The central hank governor, 
Mr Dragoslav Avramovic, 
architect of the economic (mo- 
gramme that overnight in Jan- 
uary brought inflation from 
300m per cent to zero, says 
sanctions are no longer erf cru- 
cial importance for Yugoslavia. 

President Milosevic thinks 
the economic situation has 
improved so much that he is 
no longer In a hurry to reach 
an agreement on Bosnia. Previ- 
ously, he has appeared anxious 
to get an agreement in order to 
secure the lifting of sanctions. 

Indeed, western diplomats 
based in Belgrade say that 
they have never seen the Ser- 
bian leadership so self-confi- 
dent since sanctions were 
imposed. 

“If the goal was to punish 


Serbia, the target was hit," 
says Mr Predrag Simic, direc- 
tor of the Belgrade Institute of 
International Politics and Eco- 
nomics. “But it was missed if 
the aim was to push the voters 
in Serbia towards a change." 

In the distorted political cli- 
mate of Serbia, the reason for 
sanctions is unclear to most 
people. According to a recent 
poll in Nin, a Belgrade new- 
sweekly, 425 per cent of the 
Serbian population does not 
know why sanctions were 
imposed or how they can be 
lifted. The next largest group, 
195 pip cent. Is convinced that 
“nothing can be done because 
the world hates us". 

Mr Simic says people have 
adjusted to a drop in their liv- 
ing standards, blaming the 
west instead of the Belgrade 
leadership. In fact, nine out of 
10 people, according to the sur- 
vey in Nin, feel hardest hit by 
the ban on international sports 
competition rather than the 
economic situation- The sever- 
ing of cultural, sports, and edu- 
cational links have devastated 
Serbian society. Tens of thou- 
sands of educated people have 
emigrated in search of future 
prospects. 

Meanwhile, Serbia's geo- 
graphical position undermines 
the sanctions. Despite its sta- 
tus as an international pariah, 
last month, Mr Milosevic was 
received in Romania with aH 
the honours traditionally 
reserved for a head of state. 

“Sanctions cost our neigh- 
bours. Even the rich countries 
do not have money to compen- 
sate these states. So the cheap- 
est thing to do is lift sanc- 
tions,” says Mr Avramovic. 



Crimea's parliament yesterday rejected an appeal from President 
Yuri Meshkov (above right) for the power to rule by decree, AP 
reports from Simferopol Mr Meshkov, who became president of 
the rebel Black Sea peninsula in January, told MPs he needed 
emergency powers to push through economic reforms. He 
stormed out of parliament after bis plea was rejected. pkokkap 


Kravchuk defied 
over election 


By JiH Barshay in Kiev 
and Agencies 

The Ukrainian parliament 
yesterday voted to proceed 
with presidential elections, 
over-riding proposals for a 
postponement from the incum- 
bent, Mr Leonid Kravchuk. 

Mr Kravchuk, one of seven 
candidates registered for the 
June 26 poll had asked parlia- 
ment to delay elections pend- 
ing a clear definition of the 
consitutional powers of the 
president, prime minister and 
government But in the past 
few days he seems to have 
resigned himself to his fete. 

He virtually abandoned his 
attempt to cancel the election 
less than a month away and 
has reluctantly relaunched his 
campaign. Before the vote, he 
softened his plea to deputies, 
saying: “I believe the election 
must take place. But it must 
take place only when sup- 
ported by a legal basis. If par- 
liament wants Ukraine to 
remain independent and demo- 
cratic, it must take reponsibfl- 
ity to prepare these documents 
by June 26.” 

Deputies voted 201-69 in 
favour of a resolution which 
said postponing the election 
was impractical as the cam- 
paign was already well under 
way. The resolution called for 
parliamentary committees to 
set down the powers of state 
institutions wi thin io days. 


The vote against Mr Krav- 
chuk's proposal represents a 
rare consensus in the Kiev 
assembly. The recently elected 
parliament, deeply divided 
between Russia-oriented lef- 
tists and Europe-leaning 
nationalists, is barely able to 
sit in the same room together 
while It waits for a third of its 
ranks to be elected. Kiev is 
threatened by separatism in its 
Russian-dominated Crimea 
region and an unresolved dis- 
pute with Russia on dividing 
the Black Sea fleet 

Mr Kravchuk’s antics over 
the presidential election have 
added to the confusion. First 
he made “a final decision not 
to run” and floated a plan to 
cancel the election and rule by 
decree. Badly received, the 
plan was ditched for an alter- 
native strategy, registering as 
a candidate, but launching a 
campaign of persuasion to 
postpone the elections. 

Mr Kravchuk's repeated 
appeals arguing further elec- 
tions would bring about a “vac- 
uum of power” fell on deaf 
ears. While his control over the 
nation's media faile d to earn 
him support, he took his post- 
ponement message to 
Ukraine’s regions, cutting 
deals with local bosses. But his 
competitors, seeing Mr Krav- 
chuk trails in polls in most of 
Ukraine, set up a momentum 
toward proceeding with the 
presidential elections. 


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NEWS: INTERNATIONAL 


North Yemen missile wounds 20 in Aden 


E-nvi * N.T'IA F. TIMES FRIDAY JUNI- 3 1994 


Israel air raid 


By Erie Watkins in Aden 

North Yemen’s military forces, 
continuing to seek a military victory 
over their southern opponents, yester- 
day launched missile attacks on Aden 
in defiance of an overnight United 
Nations resolution calling for a cease- 
fire in the month-old civil war. 

Southern leaders, acknowledging 
tile seriousness of the situation, 
repeated their appeals for interna- 
tional help to end the fighting. 

At dawn yesterday, hours after the 
UN issued its call for a ceasefire. 


northern forces fired two missiles at 
the city. 

One exploded over the Sheikh Oth- 

man district, wounding 20 worship- 
pers at a mosque, while the other was 
brought down by southern anti-mis- 
sile barrages, causing no injuries. 

Mr Abdul Rahman All Al-Jifri, 
vice-president of the breakaway 
south, condemned the attacks and 
appealed to the international commu- 
nity to bring more pressure on the 
north Yemeni leadership to stop the 
war. 

He acknowledged the south's posi- 


tion was serious and that the next 
24-38 hours would be crucial in its 
fight against the north. 

Northern military unite continued 
their ground advance on Aden, cap- 
turing the village of Sabir, about 8 
miles from the outskirts of Aden. 
Other northern unite, advancing east- 
ward from Tut Al-Baha, were also 
reported to havo arrived at Sabir and 
were poised for a final joint south- 
ward thrust to Aden. 

The sound of heavy explosions 
resounded through Aden as southern 
jets resumed bombing runs from the 


airport, attacking northern troops 
based at Ziqjibar, about 45 miles east 
of Aden. 

Though bombed by northern jets 
nearly a month ago, Aden airport 
remains operational for military air- 
craft and has provided the haelthnne 
of the south’s defence si nee hostilities 
began on April 27. Southern military 
officials said they still had air superi- 
ority over the north. 

The northern leadership has 
stepped up its drive against the south 
during the past week, aiming to 
achieve a military victory before 


international pressure i^n be brought 
to end the war. 

Apart Grom increased attacks on the 
military front, northern forces have 
also struck at civilian targets. Eight 
children were reported injured on 
Wednesday after a bombing raid on 
Aden by two northern jets aiming at 
an ofl. pipeline. 

The jets dropped Soviet-made 
bombs containing 30-40 smaller explo- 
sive canisters. Similar bombs loaded 
with nuts and bolts bit Aden a week 
ago, causing extensive civilian inju- 
ries, western observers said. 


Jobs priority 


Y eltsin seeks nuclear-free Korea 


at OECD and 
G7 meetings 



South Korean President Kim Young-sam follows goosestepping Russian soldiers in wreath-laying 
ceremonies at the Tomb of the Unknown Soldier in Moscow yesterday. South Korea has won 
Russian harking for possible UN sanctions on North Korea on the unclear inspection issue aw 


kills up to 
45 Hizbollah 


By Peter Norman, 

Economics Editor 

With 35m unemployed in the 
industrial world, it is no sur- 
prise that jobs will be topping 
the agenda of next week’s 
annual ministerial meeting in 
Paris of the Organisation for 
Economic Co-operation and 
Development nnd the economic 
summit of the Group of Seven 
nations in Naples in July. 

Underpinning the discus- 
sions of ministers of finance, 
labour, trade and foreign 
affairs from the 25 OECD mem- 
ber states next Tuesday and 
Wednesday will be an in-depth 
study by the OECD secretariat, 
continuing 57 dote Lied recom- 
mendations. intended to form 
the basis or tailor-made policy 
programmes for individual 
member states. 

Virtually all OECD member 
states face unemployment 
problems of some sort, which 
the OECD believes rest in an 
insufficient ability to adapt to 
a fast-changing world econ- 
omy. 

The OECD study, two years 
in the making and to be pub- 
lished late next Tuesday, puts 
the jobless problem in the con- 
text of globalisation and tech- 
nological change, forces which 
have undermined many tradi- 
tional patterns of work and 
overwhelmed many long-estab- 
lished responses to unemploy- 
ment. 

The paper’s main recommen- 
dations are expected to detail 
how to: 

• Enhance creativity and dif- 
fuse technical know-how. The 
OECD believes its members 
need to encourage high-wage 
jobs with high productivity, 
,md that it is more important 
for countries to diffuse new 
technologies than create them. 

• lncrc;ise flexibility of work- 
ing hours. The paper will 
stress many workers no longer 
need to bo pinned down to tra- 
ditional working hours in 
office or factory because new 
technology allows them 
to work from home. Many 
households have two earners 
and not all workers want to 
work bill time. Rut the study 
■will warn against governments 
imposing work sharing. 


• Encourage a more entrepre- 
neurial climate in many mem- 
ber states. OECD economists 
have been struck by the ease 
with which companies can be 
set up in the US compared 
with parts of Europe. 

• Increase flexibility of wages 
and labour costs. Potentially, 
this is one of the most conten- 
tious areas of the report. The 
US has created far more jobs 
than Europe, but at the cost, 
critics say, of creating poverty 
in work for the unskilled. 

The OECD will focus on non- 
wage labour costs, such as 
employers’ social security pay- 
ments, which are very high in 
many European countries 
which also have inflexible 
wages. 

It believes employment can 
be created in such countries if 
non-wage costs are cut and the 
resulting gap in government 
finances plugged through other 
taxes. But in the US. where 
wages are flexible and non- 
wage costs are low, increased 
levies, to cover health-care for 
example, should not hit 
employment 

• Weaken employment pro- 
tection legislation, which has 
the perverse effect of discour- 
aging job creation. This is a 
particular problem in some 
European countries such as 
Spain, Ireland. France and 
Italy. 

• Encourage active labour 
market policies that link 
unemployment benefit with 
seeking a job or training. The 
OECD is convinced paying peo- 
ple for doing nothing is damag- 
ing. 

• Improve the overall compe- 
tence of labour. This goes 
beyond vocational training to 
ensuring member states have 
suitable school curricula. 

• Overhaul, where necessary, 
the interaction of the labour 
market and social benefit 
systems to ensure help is tar- 
geted where it is needed and 
benefits do not act as a disin- 
centive to job seeking and job 
creation. 

The OECD paper will teli 
governments to maintain solid 
macroecouomic policies based 
on low inflation, sound public 
finances and sufficient savings 
to sustain investment. 


By Layla Boulton in Moscow 
and Reuter 

President Boris Yeltsin, in 
another display of Russia's 
newly assertive foreign policy, 
yesterday called for an interna- 
tional conference to make the 
Korean peninsula nuclear-free 
before attempts to impose 
sanctions on North Korea. 

The Russian leader said that 
if such a conference failed to 
make North Korea, a former 
ally of the old Soviet Union, 
comply with the nuclear non- 
proliferation treaty it had 
signed, Russia and the world 
would have no choice but to 
turn to sanctions. 

“Today, when no decision 
has been taken to convene an 
international conference, it is 
too early to talk about sanc- 
tions." he told a joint news 
conference with South Korea’s 
visiting President Kim Young- 
sam. “If it got to the point 
where North Korea sought to 
undo the non-proliferation 
treaty. Russia will be forced to 
gradually begin to solve the 
problem: first to issue warn- 
ings [to North Korea] and then 
the world community must 
decide whether to impose sanc- 
tions on North Korea." 

The crisis over North 
Korea's refusal to permit 
inspection of nuclear facilities 
deepened yesterday as Pyong- 
yang threatened to scrap previ- 
ous pledges and warned that 
sanctions against it could have 
devastating results. 

But Mr Yeltsin said it was 
too early to talk of sanctions as 
long as a conference gathering 
North and South Korea, Rus- 
sia, the US. Japan and China 
had not been convened. He 
said he would fry to talk to 
President Bill Clinton, now on 
a tour of Europe. 


By Kunal Bose in Calcutta 

Long-standing plans to build a 
Rs64bn (£1.3bn) integrated 
steel plant near Calcutta, one 
of the country's largest invest- 
ment projects, have been 
thrown into doubt following 
the withdrawal of Caparo, the 
UK engineering group, as prin- 
cipal promoter. 

Mr Swraj Paul, Caparo chair- 
man. said Indian economic 
reforms, though on the right 
track, had not progressed far 


In Rome Mr Clinton said he 
would press for international 
economic sanctions against 
North Korea if the Intema- 


enough to “attract industrial 
investment" and regretted 
steel was not given the "kind 
or priority it deserves". He 
blamed Indian state financial 
institutions for not committing 
sufficient funds. 

Caparo had been ready to 
invest $90m (£60m) In the 
equity of Kalinga Steel, a com- 
pany formed to implement the 
l.5m-tonnes-a-year project at 
Daitarl in Orissa state, 
south-west of Calcutta. The 
Orissa government, the joint 


tlonal Atomic Energy Agency 
found Pyongyang violated 
nuclear safeguards accords. 
The IAEA wants to inspect 


promoter, was ready to contrib- 
ute nearly $30m. Davy Interna- 
tional of the US , according to 
Mr Paul, had been prepared to 
put $70m into Kalinga Steel 
but pulled out after failing to 
agree terms with the Indian 
financial institutions. 

According to Mr Paul, “there 
is no way we can build a 
Rs64bn steel plant without a 
debtequity ratio of 3:1. But the 
Indian financial institutions 
are insisting on a debtequity 
ratio of 2:1" - although, he 


spent fuel rods being removed 
from a reactor to ensure the 
North has not diverted nuclear 
material for weapons purposes. 


grow 

said, the higher gearing had 
been approved by the Indian 
Foreign Investment Promotion 
Board. 

Mr Biju Patnaik, chief minis- 
ter of Orissa, said the land ear- 
lier allotted to Kalinga Steel 
had now gone to Mesco, a 
diversified Indian business 
house, to put up an export-ori- 
ented steel planL Mr Paul 
rejected an Orissa government 
proposal to import a second- 
hand steel plant which would 
have cut costs substantially. 


By Mark Nicholson 
bi Cairo and David Horovitz 
in Jerusalem 

Israel yesterday launched its 
bloodiest air raid in seven 
years on guerrilla targets in 
(j»h3nnn, killing up to 45 mem- 
bers of the pro-Iranian Hizbol- 
lah group in a dawn attack 
which provoked retaliatory 
rocket strikes from Hizbollah 
fighters into northern IsraeL 

Lebanese officials said four 
Israeli jets and two helicopters 
launched the raid on a moun- 
tainside Hizbollah training 
camp at Ain Kaoukaba in the 
eastern Kpkan Valley. Leban- 
ese troops had fought off “an 
Tsrapii landing attempt” near 
Baalbek, close by. 

Hours later, Hizbollah fight- 
ers in south Lebanon fired at 
least 25 Katyusha rockets into 
northern Israel and a further 
nina into Israel’s self-declared 
“security zone” in south Leba- 
non. hitting buildings in the 
Israeli coastal town of Naha- 
riyya. 

The Lebanese government 
condemned the raid as a “bar- 
barian aggression.” A state- 
ment called for a meeting of 
the United Nations Security 
Council to discuss the attack. 
President Elias Hrawi called it 
a disaster for Middle East 
peace hopes. 

The raid came two weeks 
after Israel provoked anger in 
Beirut and Damascus with a 
dawn raid deep into the Bekaa 
to abduct Mr Mustapha al-Dir- 
ani, an Islamic militan t sus- 
pected of having kidnapped Mr 
Ron Arad, an Israeli airman 
iniaring in Lebanon since 1986. 

Mr Fans Boueiz, Lebanon's 
foreign minister, said 45 Hiz- 
bollah “martyrs’* had died in 
yesterday’s raid. Hizbollah 
sources put the death toll at 
nearer 30, but said the figure 


Taiwan’s top government 
watchdog impeached eight 
generals yesterday for alleg- 
edly wasting taxpayers' money 
hi an arms scandal involving 
upgrading of 32 anti-subma- 
rine aircraft, Reuter reports 
from Taipei 

One four-star general, two 
three-star generals, two major- 
generals and three lieutenant- 
generals formed the largest 
group of military officials ever 
impeached by the watchdog, 
the Control Yuan. Hie right, 
who included Gen Kuo Jn-lin 
and Gen Chen Hsing-ling, for- 
mer air force commanders-in- 
chief, were impeached beranse 
“the upgrading of S2T propel- 
ler planes lacked thorough 
planning and the negotiated 
price did not meet regula- 


The International Finance 
Corporation yesterday said 
it would subscribe to up to 
25 per cent of the share capital 
of a new Arab Palestine 
Investment Bank and provide 
$15m for lending to 3,700 
small and medium businesses 
in the occupied territories, 
writes Nancy Dunne in 
Washington. The Arab Bank 
Group, a commercial and 
investment group based in 
Amman, will hold 51 per cent, 
with the remainder held by 
European institutions and 
Palestinian investors. 


was likely to rise. 

The exchanges were the 
most serious since Israel 
launched a week-long artillery 
and air bombardment of towns 
in south Lebanon last July, 
after a spate of Hizbollah 
rocket attacks. More than 120 
people died in those raids, 
eight of them Hizbollah mili- 
tants. 

Hizbollah said yesterday it 
would make a “comprehensive 
response on all levels" against 
Israel, threatening to increase 
fighting in south Lebanon from 
the skirmishes which have 
continued between Israel its 
proxy forces and Hizbollah 
since last July. 

Mr Mordechai Gur. Israel's 
deputy defence minister, 
asserted the raid was a “pure 
and successful military strike." 
He said the Hizbollah militants 
killed had taken part in 
attacks on Israel or were train- 
ing for future strikes. 

Raised tensions in south Leb- 
anon will further strain peace 
talks between Israel and Syria, 
whose leader. President Hafez 
al-Assad, has long used Syrian 
Influence on Hizbollah as an 
important card in his talks 
with the Israelis. 


tions n , an official said. 

“Delivery was delayed but 
there was no stipulation in the 
agreement for any penalty. 
Payment was made even 
before the upgrading was com- 
pleted, wasting taxpayers’ 
money and delaying upgrading 
of combat capability." 

The Committee on the Disci- 
pline of Public Functionaries 
will decide what action to take 
against the generals. They 
could be dismissed If still in 
office but will not face crimi- 
nal proceedings unless prose- 
cutors decide on an inquiry. 
The impeachment could stop 
Gen Kuo, 73, a national policy 
adviser to President Lee Teng- 
hui, and Gen Chen. 69, a stra- 
tegic adviser to the president, 
returning to office. 


India steel plant doubts 


Taiwan generals 
are impeached 


Drugs revelations win Chuan a breather 

Victor Mallet on opposition disarray that plays into hands of Thai PM’s coalition 



A pro-democracy activist beside a panel depicting Hitler and Thai prime minister Chuan Leekpai sharing the same body. The large 
painting is positioned near hunger striker Chalard Vorachat outside the parliament building in Bangkok 


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F ew Thais were aston- 
ished when the govern- 
ment let it be known 
two weeks ago that 17 opposi- 
tion politicians were suspected 
by the US of drug trafficking. 

Thai politics is not for the 
squeamish, and the corruption 
and unscrupulousness of many 
politicians lias never been in 
doubt. 

But the latest round of drug 
revelations - which obliged the 
US to confirm that it bad 
indeed blacklisted at least two 
opposition MPs already named 
in public - was adroitly timed 
to give the fragile coalition 
government a much-needed 
breathing space. 

In March, the opposition had 
joined forces with the military- 
dominated Senate and thrown 
out plans to make the constitu- 
tion more democratic. Since 
these reforms were among the 
main aims of the 20-month-old 
administration, some govern- 
ment supporters believed Mr 
Chuan Leekpai. the prime min- 
ister. would be forced to dis- 
solve parliament and call an 
election. 

So far he has avoided a disso- 
lution. Government MPs have 
put a brave face on the defeat, 
saying that they can amend 
the opposition’s own draft con- 
stitution enough to reach a sat- 
isfactory compromise, and they 
have simultaneously put the 
opposition on the defensive 
with a flurry of leaks about 
drug trafficking and other mis- 
demeanours. 

Mr Tbanong Siripreecha- 
pong, an MP for Chart Thai 
(Thai Nation), the largest oppo- 
sition party, was forced to 
resign after being accused of 
earning more than SlOm 


•£6.6m) by smuggling mari- 
juana to the US. Another Chart 
Thai MP was found by police 
at an illegal gambling den, and 
the usual cover-up to protect 
his reputation failed to take 
place. Yet another opposition 
MP who was refused entry to 
the US on suspicion of drug 
smuggling tearfully declared 
his innocence in parliament 
and accused the government of 
“a devilish and dirty tactic". 

Government MPs have 
denied any campaign to dis- 
credit the opposition by leak- 
ing Information on drug cases. 
“I must deny it,” said Mr Aka- 
pol Sorasuchart. a government 
MP in Bangkok from Mr 
Chuan’ s Democrat party. But 


he added: "The timing is on 
the government's side, we 
must admit." 

The publicity surrounding 
the scandals has infuriated Mr 
Banharn Silapa-archa, who 
recently took over the leader- 
ship of the Chart Thai party 
and Is regarded as a possible 
future prime minister. 

Mr Banharn is known as 
“the mobile ATM" (automatic 
teller machine) because of his 
generosity and his expertise in 
the traditional patronage-poli- 
tics of Thailand. He has good 
contacts in the armed forces 
and the bureaucracy. Suphan- 
buri, his constituency, boasts 
plenty of new roads and new 
schools and is jokingly called 


Banham-buri by Thais. 

But the scandals have been a 
setback for Mr Banham’s 
efforts to promote the opposi- 
tion as a serious national alter- 
native to the Chuan govern- 
ment, and he has vowed to 
avenge the Chart Thai party 
with “eye-for-eye. tooth-for- 
tooth policies in dealing with 
the government". 

Mr Chuan, seen as the inher- 
itor of the “angel” mantle of 
those who fought against the 
armed forces on the streets of 
Bangkok to restore democracy 
in 1992, is meanwhile under 
attack from the left as much as 
from the right 

By Thai standards the upper 
levels of this government are 


M» 

remarkably free of corruption, 
but liberals are incensed that 
Mr Chuan has backed down on 
the constitution - he at first 
wanted, among other aims, to 
reduce the size and power of 
the appointed Senate - and has 
failed to spread democracy to 
local government 
Mr Chalard Vorachat, a for- 
mer Democrat MP, is staging a 
hunger strike outside parlia- 
ment in Bangkok and says he 
will fast to death unless the 
constitution is thoroughly 
reformed. Mr Chuan can take 
little comfort from the foe t that 
right-wingers have set up food- 
laden tables near Mr Chalard’s 
tent and are mocking him by 
threatening to gorge them- 


selves to death. 

At least Mr Chuan does not 
fear an imminent coup d'etat 
in a country once famous for 
them; the army's influence is 
declining. The prime minister 
and his supporters say the 
civilian government has maria 
a start in promoting economic 
development in rural areas ami 
is presiding over an economy 
growing at a healthy 8 par cent 
annually 

But Mr Chuan's critics -in- 
cluding members of the Palang 
Dharma (Moral Force) party 
that is one of the five parties in 
the coalition - are uneasy 
about his willingness to com- 
promise on the constitution 
and annoyed that he has yet to 
make a decision on how to 
solve Bangkok’s notorious 
transport problems. 

Negotiations on the constitu- 
tion, conducted in a parliamen- 
tary committee dominated by 
the opposition, are likely to 
drag on for two or more 
months. There is also bound to 
be plenty of information about 
the dubious activities of oppo- 
sition MPs that has yet to be 
revealed. 

Neither the government nor 
the opposition parties seem 
confident at present about win- 
nlng an election, although 
same political analysts believe 
MPs from both sides are man , 
oeuvrlng for an election in Sep- 
tember or October -a scant 
two years after the last one. 

No elected government in 
Thailand has survived its frill 
four-year term. Mr Chuan 
would like his administration 
to be the first to do 6o. but it 
would be hard to find a Thai 
politician prepared to bet any 
money on the idea. 


Kenyan 
charged 
in central 
bank fraud 

Kenyan police charged a local 
businessman yesterday with 
cheating the central bank of 
some 13bn shillings (£! 58m K 
the biggest fraud in Kenya’s 
history, Reuter reports from 
Nairobi 

Prosecutors told Nairobi 
magistrate’s court that Mr 
Kamlesh Pattni stole from or 
defrauded the central hank on 
36 occasions between April 
and December 1993. Mr Pattni, 
33, pleaded not guilty. 

Mr Eliphas Riungu and Mr 
Lazarus Wairagu, who were 
sacked by the central bank 
last December, were charged 
as accomplices. They also 
pleaded not guilty. 

Police said they would 
detain Mr Pattni until Monday 
when his plea for hai? would 
be heard, ihe case Is unlikely 
to be heard for severed 

months. 

Economists said the figure 
was roughly equal to a sixth of 
Kenya’s annual gross domestic 
product and was the largest 
fraud charge since indepen- 
dence from Britain in 1963. 

It was not immediately 
known whether the charges 
were linked to $2L0m (£L40m) 
which Mr Micah Cheserem, 
central bank governor, has 
said was lost in a forward 
foreign exchange contract 
with Mr Pattnl’s Exchange 
Bank. 

Bankers says the alleged 
fraud was discovered last year 
when the International Mone- 
tary Fund questioned why the 
centra] bank had two accounts 
abroad. 












FINANCIAL TIMES FRIDAY JUNE .3 1994 


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NEWS: THE AMERICAS 


US workers 
‘must share 
in decisions’ 


By Jammy Kahn 
In Washington 

Sustained employee 
participation in decision- 
making is a critical factor in 
increasing US economic perfor- 
mance, a panel appointed by 
the Clinton administration 
reported yesterday. 

The Commission on the 
Future of Worker-Management 
Relations, known as the pun* 
lop Commission after its chair* 
man, former labour secretary 
Mr John Dunlop, has under- 
taken over the past year one of 
the most comprehensive exam- 
inations of US labour-manage- 
ment relations In 60 years. 

The Commission found that 
viable* high quality employee 
participation arrangements are 
rare because the structure of. 
US labour law, which has not 
changed dramatically since, the 
1330s, makes managers waxy of 
changing traditional dedsion- 
waTring hier ar chies 

A survey fay the ccmmasskax 
shows that 40m . to 60m US 
workers would like to partici- 
pate in critical decisions on 
their fobs but have no opportu- 
nity to.do so. . ... 

“Employee participation has 
grown and . is designed to 
increase efficiency* perfor- 
mance and quality,” Mr Dun- 
lop said. “[Bret] the high perfor- 
mance workplace may well be 
limited in the eyes of employ- 
ers by . our existing statutory 
anangerments:” 

The Commission has not yet 
released . its recommendations, 
which could change such fun- 
damental aspects of US labour 
law as the National. Labour 
Relations Act passed under the 
New Deal. The recommenda- 
tions are due out this autumn. 
No area of current labour prac- 
tices was sacred, Mr Dunlop 
said. 

the Commission also found 
that mo^ sectors of American 
society supported workers’ 
rights to unionise and partici- 
pate in collective bar gaining 

In practice* it discovered 
employees could not always 
organise and elect representa- 



Rerch: illegal practices rising’ 


tives free from coercion and 
interference, by either manage- 
ment or union officials. 

Mr Robert Reich, labour sec- 
retary, add yesterday the num- 
ber of cases of illegal employ- 
ment practices had increased 
recently among a small seg- 
ment of US employers. 

Mr Dunlop also «»M that m« 
panel found the tremendous 
rue in rights and protections 
granted to individual workers 
over the last 50 years' by both 
state mid federal legislatures 
has Zed to a Good of litigation 
that can often interfere with 
workplace productivity. 

Last year 46,000 complaints 
erf alleged labour law violations 
were brought to the Depart- 
ment of Labour alone, Mr 
Reich said. 

Business and government 
should also be alarmed by the 
commission's findings an the 
growing income gap, the larg- 
est of any industrialised 
nation, he added. Over time 
this rising gap between rich 
and poor, and educated and 
uneducated would, lead to a 
dramatic erosion in both pro- 
ductivity and competitiveness, 
Mr Reich said. 


Cuban economy ‘set to recover next year’ 

A senior economic policymaker tells Stephen Fidler of plans to tackle island’s money glut 


C uba's economy win not 
return to growth until 
at least next year, and 
any recovery will be molest a 
leading Cuban economic 
policymaker says. 

“It seems to me that this 
year the economy is still facing 
a very, very difficult situa- 
tion," . says Mr Osvaldo 
Martinez, president of the Eco- 
nomic Commission of Cuba's 
National Assembly, “but 1 
expect that next year it will be 
in a position to resume growth, 
though not in a spectacular 
manner." 

Mr Martinez, to T.rtnrfon last 
week with a delegation from 
Cuba's National Assembly, 
estimates that since the col- 
lapse of the Soviet Union, the 
Cuban economy has shrunk by 
30-35 per cent - lower than 
many exter n a l estimates. The 
collapse - Cuba conducted 85 
per cent of its commerce with 
the USSR and its former east 
European satellites - was fol- 
lowed by a big drop in Cuban 
trade. Exports from Cuba 
dropped from $ 8 . 1 tm in 1989 to 
$L7bn in 1993, he says. 

Mr Martinez says the twain 
problem facing the government 
is the big overhang of curre ncy 
in the Cuban economy. A. meet- 
ing of the National Assembly 
at the start of this month, fol- 
lowing consultations with 3JSm 
workers, has provided the out 


line for tackling this issue, he 
says. 

The government does not 
intend to apply shock therapy 
- "the type of neo-liberal poli- 
cies as you see in Latin Amer- 
ica. The task is to correct the 
internal financial imbalance 
and not to kill the social cohe- 
sion’*. 

However, the government 
recognises that excess liquidity 
has had negative effects on the 
economy. “It hurts the disci- 
pline of work and the interest 
in work. It hurts productivity 
and efficiency and contributes 
to the development of the 
black market,* says Mr 
Martinez. 

Excess liquidity was esti- 
mated at the start of last 
month at about Ubn pesos - 
representing about 15 months 
of the population’s earnings. 
(The peso is not convertible, 
but it is officially set at about 
parity to the dollar. The black 
market rate is around 100 to 
the dollar.) Some 60 per cent erf 
this monetary overhang was in 
the form of deposits in savings 
banks, a nd +h p rest in 

This is being made worse by 
a ro p tinTThtp budget deficit. It 
was 5^bn pesos last year, and 
this year the government; is 
aiming to reduce it by 24 per 
cent, mainly by reducing ineffi- 
ciency In and , cutting subsidies 
to state enterprises, he says. 


The monetary overhang will 
be addressed in three ways. 
Policies would, be aimed at 
encouraging savings; raising 
prices and eliminating subsi- 
dies and certain government 
gratuities, such as free water; 
and through the introduction 
of wider taxation. At the 
moment, only a few thousand 
Cubans pay income tax. 

Price rises were announced 
last week, si gnifican t ones on 
products Mr Martinez 
describes as non-essential 
goods, such as cigarettes, 
tobacco, alcoholic beverages, 
and on petroL Electricity 
prices will also go up, but by 
how much will depend on what 
is consumed. 

“We think that we need not 
less than IB months to see the 
problem under control,” 
though the first effects of the 
policy will be seen before that 
The aim, he says, Is to ‘'restore 
the purchasing power of our 
national currency”. After the 
problem of excess liquidity is 
resolved, the possibility of 
making the peso convertible 
will be considered. 

Asked about the crackdown 
on the rampant black market 
that also emerged from the 
National Assembly meeting, 
Mr Martinez says: “We are not 
thinking in terms of an eco- 
nomic solution. The repression 
of the blade market is not a 



Martinez: expect no neo-liberal shock therapy 


Tony; 


matter of an economic solu- 
tion, it's a matter of elemen- 
tary social justice. 

“If we are asking Cuban 
workers to accept scone sacri- 
fices in order to balance the 
excess of liquidity ... it is nec- 
essary to act against the black 
marketeers who make profits 


from the exploitation of the 
people.” 

The economic solution to the 
black market “is to Increase 
the production and efficiency 
of the economy,” he says. 

Asked whether a further 
freeing of the agricultural sec- 
tor - producers must by law 


sell their produce to the gov- 
ernment - is in prospect to 
increase farm production, he 
says: “We are not in a dog- 
matic position in this field or 
any other field.” However, the 
1950s experiment of peasant 
markets is “not a real solu- 
tion" but a source of “specula- 
tion, high prices and interme- 
diaries". 

His prediction that the econ- 
omy will improve is based on 
some improving indicators. 
“Foreign investment is going 
well in the conditions of the US 
blockade” - a reference to the 
US embargo, which he esti- 
mates has cost the Cuban econ- 
omy S40bn since it was intro- 
duced in I960. He says there 
are no official figures for the 
size of foreign investment but 
cites “academic estimates'’ of 
$50<hn. “It's not a big figure but 
in the conditions of the Cuban 
economy an important one." 

He says tourism is going 
well. Last year gross revenues 
were about $700m - with visi- 
tor numbers of around 700,000 
- providing a net contribution 
of $220m to the economy. 

Oil exploration is on a rising 
trend, and national oQ output 
rose last year to 1 . 1 m tonnes, 
from about 800,000 in 1992. 

He does not expect electric- 
ity shortages, already leading 
to significant power cuts, to 
get worse. 


Leading indicators index 
stalls after rise in March 


By Michael Prows® 
in Washington 

The US official index of 
leading indicators was fiat in 
April, after a strong 9.7 per 
cent gain in March, the Com- 
merce Department reported 
yesterday. 

Separate figures showed new 
orders for manufactured goods 
fell 0.1 per cent between 
March and April. On an 
animal comparison, however, 
orders were np a robust 9.1 
per cast 

The figures followed reports 
earlier this week of a modest 
decline in consumer spending 


and home sales between March 
and April and a drop in the 
Conference Board's measure 
of consumer confidence 
last month. 

The Purchasing Managers* 
Index -a guide to conditions 
in manufacturing indus- 
try -was flat in May. 

Some analysts see the 
weaker tone of recent data as 
evidence that higher short- 
and long-term interest rales 
are beginning to exert a down- 
ward poll on growth. 

The majority view, however, 
is that recent data reflect the 
natural volatility of economic 
statistics rather than a weak- 


ening of economic fundamen- 
tals. Economic series do not 
rise continuously even in 
strong expansions. 

Most forecasters believe the 
economy is still growing faster 
than the 2.5-3 per cent animal 
rate regarded as sustainable in 
the long term. Gross domestic 
product is expected to grow 
faster thfa quarter than the 3 
per cent annual rate registered 
in the first three months. 

Falling share prices and an 
increase in weekly claims for 
unemployment insurance 
made the largest negative con- 
tributions to the leading index 
in Aprfl. 


Venezuela restores right 
of economic freedom 


The Venezuelan government 
has restored a constitutional 
provision granting the private 
sector freedom of economic 
activity, writes Joseph Mann 
in Caracas. 

Wednesday’s action, praised 
by businessmen, lifted the Feb- 
ruary 26 suspension of 
so-called “economic guaran- 
tees", which gnahrinn the indi- 
vidual's right “to freely engage 
in the economic activity of his 
choice" without undue govern- 
ment interference. 

At the time of the suspen- 
sion, the government of Presi- 
dent Rafael Caldera said the 
measure would be temporary. 


Businessmen were worried, 
however, that the government 
would use the suspension to 
wield special economic powers, 
such as extensive price con- 
trols. The previous suspension 
of economic guarantees lasted 
30 years. 

Ironically, on the same day 
as this move toward economic 
liberalisation, the cabinet 
approved a three-month exten- 
sion of price controls on a wide 
range erf pharmaceutical prod- 
ucts. 

Mr Alberto Poletto, industry 
minister, said however, that 
some “moderate” price 
increases would be permitted 


for medicines, and that it was 
not the government's “style" to 
decree price controls on a gen- 
eral basis. 

Venezuela's central bank 
revealed on Wednesday that 
the consumer price index rose 
5J2 per cent in May, the highest 
monthly increase in recent 
years. Most of the May rise was 
due to higher import costs 
related to a rapid devaluation 
of the Venezuelan bolivar dur- 
ing April and most of May. 

Mr Julio Sosa, finance minis- 
ter, said infla tion this year was 
now expected to reach 50-60 per 
cent, compared with 46 per 
cent in 1993. 


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- « S 1. _ 






FINANCIAL TIMES FRIDAY JUNE 3 1994 


6 


Brussels calls for 
new GSP trade plan 


By Lionel Barber in Brussels 

The European Commission 
yesterday recommended an 
overhaul of trade benefits for 
around (50 developing coun- 
tries. with new incentives for 
improving environmental and 
labour standards. 

The guidelines are part of a 
review of the generalised sys- 
tem of preferences which 
grants tariff advantages to 
developing countries to help 
them export to the Elf market. 

The GSP review, which takes 
place every 10 years, is part of 
a wide-ranging Brussels effort 
to update trade policy toward 
the developing world. 

The Commission is waiting 
to hear news from EU minis- 
ters and the European Parlia- 
ment before it decides on how 
to apply the new GSP scheme 
to specific countries and sec- 
tors. But the broad outlines of 
reform are already clear ahead 
of the Commission's ambitious 
deadline of January l 1995 for 
starting the new scheme. 

First, the Commission wonts 
to offer extra trade benefits to 
encourage countries to pursue 


sound environmental policies 
and follow international labour 

agreements on the lines of the 
ILO convention. Brussels offi- 
cials argue that this amounts 
to “positive" discrimination 
which should not therefore 
arouse opposition from Gatt. 

Mr Pierre Defraigne. senior 
Commission official in charge 
of North-South relations, added 
that Brussels had deliberately 
underlined the link between 
social and environmental poli- 
cies and trade. 

Second, the new guidelines 
are supposed to be simpler to 
manage. Starting with Gatt's 
Most Favoured Nation status 
as a baseline, Brussels wants 
to offer new flexible rates 
which will decline progres- 
sively from 50 per cent. 75 per 
cent and 100 per cent of MFN. 

Third, the goal is to reduce 
the number of countries eligi- 
ble for GSP, with ''super-com- 
petitors" such as fast-growing 
east Asian economies dropping 
out of the running. The criteria 
for GSP eligibility will be per 
capital GDP and the proportion 
of manufacturing for exports 
which directly competes with 


European products in the EU 
mar ket. 

Fourth, the Commission 
wants to introduce a safeguard 
clause "very close to the Gatt 
safety clause”, said Mr 
Defralgne. This would operate 
against as yet unidentified 
“sensitive" products. 

China can expect to benefit 
from GSP. though Brussels will 
put a ceiling on benefits 
because of the size of the Chi- 
nese economy. Similarly, Mr 
Manuel Marin, the EU Com- 
missioner in charge of the 
exercise, is expected to press 
ministers to continue extra 
trade benefits for the Andean 
countries fighting drug traf- 
ficking. Venezuela and, possi- 
bly. Panama may also benefit 

GSP was long the favoured 
alternative for developing 
countries not advanced enough 
to take advantage of the Gatt 
multilateral trading system, 
which relies on members offer- 
ing reciprocal concessions. In 
the wake of the progressive 
dismantling of tariffs under the 
Uruguay Round agreement, 
GSP is viewed as a comple- 
ment to Gatt 


European production of 
spun yarn set to decline 


By Jenny Lues by 

The west European spinning 
industry’ is likely to suffer fur- 
ther sharp declines in output 
as production shifts to the Far 
East, according to a report* 1 by 
Textiles Intelligence and the 
F.conomist Intelligence Unit. 

The report predicts that spun 
yarn production in western 
Europe will fall to 2.3-2.tim 
tonnes by 2000. from a peak of 
3.3m in 1987. in spite of techno- 
logical advances and unproved 
yam duality’. 

The industry's fastest growth 
will be in China. India and 
Pakistan, where labour costs 
are low and raw cotton is 
locally available. 

Asian producers of yam will 
also benefit from the rapid 
growth in textile and clothing 


manufacturing in the Far East. 

Conversely, as west Euro- 
pean fabric and garment mak- 
ers reduce the scale of their 
operations. European spinners 
will face an ever-declining mar- 
ket for their products, the 
report predicts, in a trend that 
will get worse as quotas are 
liberalised under the new Gatt 
agreement. 

In the five years from 1987, 
only Italy, which accounts for 
30 per cent or European spun 
yam production, and the Bene- 
lux countries maintained pro- 
duction levels. 

Other leading producers 
experienced sharp falls in out- 
put. with UK production off by 
30 per cent and French produc- 
tion down by 27 per cent 

Cotton yams are expected to 
be the hardest hit in Europe. 


with output set to fall by a 
quarter between 1991 and 2000- 
Synthetic fibre yams also face 
sharp declines in output, of up 
to 18 per cent. 

However, the wool spinning 
sector will be more resilient, 
the report predicts, declining 
by about 11 per cent. 

The outlook is brighter in 
the US, where spun yam pro- 
duction grew by 24 per cent in 
the 1980s. to reach 2.0m tonnes 
in 1991. 

It is expected to stabilise at 
this level for the rest of the 
decade. 

* World Markets for Spun 
Yams: Forecasts to 2000. 
Textiles Intelligence and the 
Economist Intelligence Unit, 
Unit 151, Dartford Trade Park. 
Hawley Road. Dartford. Kent 
DAI IQB. £295 or $525. 


NEWS: WORLD TRADE 


Waging a war for US business 

Guy de Jonquieres interviews Clinton’s export policy general 



Garten: ‘We would prefer not to play this game at all’ 


Cosmo to 
receive 
rights to 
Abu Dhabi 
oil field 

By MieNyo Nakamoto in Tokyo 

Cosmo Oil, a Japanese oil 
wholesaler and distributor, Is 
on the verge of receiving 
exploration and development 
rights to a new oil field in Aba 
Dhabi. 

Hie Aba Dhabi authorities 
made the offer to Mr Toshiro 
Nakayama, honorary chair- 
man of Cosmo Oil, when he 
visited the United Arab Emir- 
ates In April, Cosmo said. 

Japan accounts for about 
half of Abu Dhabi's total crude 
oil exports. 

Negotiations are still 
underway, but if a deal 
is finalised it would 
belp Cosmo to take its 
long-term goal of expanding 
its Middle Eastern production 
a step further. 

It has been producing oil 
at the Mubarraz concession 
In Abu Dhabi since 1973 
throagh a joint venture com- 
pany with Japan Energy. How- 
ever, output at Mubarraz has 
been on the decline 
from a peak of 30,000 barrels 
per day in 1979 to about 15400 
b/d. 

An award of new explora- 
tion and development rights in 
Abu Dhabi could bolster Cos- 
mo’s financial performance. 
Exploration and production is 
where profits are to be made, 
although Japanese oil compa- 
nies have concentrated on 
downstream operations, said 
Mr Nicholas Smith at Jardine 
Fleming. 

Oil companies and the Japa- 
nese government have been 
keen to win development 
rights in the Gulf to ensure a 
steady source of oil for the 
country, which has few energy 
resources of its own. 

Japan depends on the Middle 
East for 70 per cent of its oil 
imports. 

But Japanese equity in inter- 
national oil reserves accounts 
for only only 13 per cent of the 
country’s total imports. 

The Japanese government 
wants to raise this to about 
30 per cent in the medium 
term. 


A s befits the sou of a 
career soldier who 
grew up with General 
Douglas MacArthur's farewell 
address on the wall of his fam- 
ily home. Mr Jeffrey Garten 
has a penchant for military 
metaphors. When he talks 
about his jab. his conversation 
is dotted with phrases like "no 
first-strike policy”, “strategy” 
and “war room". 

Mr Garten is not a Pentagon 
brass-hat, but the Clinton 
administration’s under secre- 
tary of commerce for interna- 
tional trade. However, the mar- 
tial imagery clearly fits with 
his convictions about the need 
for radical change in US 
national priorities since the 
cold wax ended. 

In his writings and speeches 
-which he turns out prolifi- 
cally and at great length - he 
has pounded away at the 
theme that the overriding con- 
cern of policy today is no lon- 
ger defending national security 
but a remorseless global battle 
for economic advantage. 

As commander of the federal 
government's newly-refur- 
bished export promotion drive, 
he Is in the frontline of that 
offensive. And he has powerful 
backing from. President Bill 
Clinton. Not only has Mr Clin- 
ton thrown much bigger 
resources at export promotion, 
but he has proudly claimed 
credit for pitching in to win a 
$6bn civil aircraft order from 
Saudi Arabia in February. 

“I would be very surprised If 
we did not have many more 
successes," says Mr Garten, a 
47-year-old former investment 
banker who is widely acknowl- 
edged to be one of the intellec- 
tual leading lights of the Clin- 
ton administration. 

“In the past, export policy 
has been seen as a stepchild of 
the commerce department. 
Nobody's thinking that any 
more. It’s now embedded In 
our perception that exports are 
what is going to make the US 
economy spin." 

But while the administration 
basks in the early results of Its 
foreign sales drive, they are 
provoking outrage abroad. The 
French government - itself no 
mean export promoter - is still 
f inning at the Saudi Anal- Dis- 
appointed foreign bidders for a 
$4bn Saudi telecommunica- 
tions contract, won by Ameri- 
can Telephone and Telegraph 


last month, allege it was rigged 
politically in favour of the US 
company. 

Mr Garten is unrepentant 
He insists Washington is sim- 
ply a late entrant In a game 
long played by other govern- 
ments, notably in Europe and 
Japan. If they resent Urn US 

miwllng in, they ahr pilri not 

have started the ball rolling. 
What is more, he says, the US 
aims to play very hard indeed. 

With the blessing of the 
White House, export promotion 
has blossomed into an adminis- 
tration-wide effort, co-ordi- 
nated at regular cabinet-level 
meetings involving officials 
from the state department and 
other federal agencies. 

It aff comes down to growth 
and jobs. Pulling out a set of 
flip charts. Mr Garten reels off 
figures showing how much 
exports have contributed to 
recent increases in US gross 
national product and well-paid 
employment "We do not have 
the great luxury of saying this 
job is good and that job is bad. 
The first thing we want is high 
levels of employment" 

But how does the policy fit 
with the globalisation of busi- 
ness, as companies increas- 


ingly source components and 
manufac ture products world- 
wide? How can Washington be 
sure that support for American 
companies will end up benefit- 
ing workers in the US rather, 
than say, in Singapore? 

Mr Garten insists his depart- 
ment vets every application for 
export assistance to determine 
its contribution to the domes- 
tic economy. But he admits 
that choosing between the rela- 
tive merits of US-owned com- 
panies and local subsidiaries of 
foreign groups can be tricky. 

So far, he says, the problem 
has arisen less in export pro- 
motion than in deciding 
whether fb reign-owned subsid- 
iaries should be eligible to par- 
ticipate in the administration's 
sharply increased funding for 
research and development in 
high-technology industries. 

“This thing comes up all the 
time We don't have the most 
consistent policy right now. 
They're very difficult 
issues ... and we know they’re 
important," he says. Finding a 
solution is a high priority, he 
says, likely to require interna- 
tional negotiations. 

Washington's assertive 
championing of national busi- 


ness interests also sits rather 
oddly with other aspects of its 
trade policy. Does it not, for 
instance, risk devaluing indig- 
nant US assertions that 
Japan's domestic market is 
rigged by politicians and 
bureaucrats in favour of 
national producers? 

“We certainly can’t mortgage 
our entire internati onal eco- 
nomic strategy to perceptions 
of what we would like the Jap- 
anese to do." be says. 

And asked how he would 
field objections from, say, Swe- 
den, that the US may distort 
competition and discriminate 
against companies from 
smaller countries whose gov- 
ernments pack less interna- 
tional punch, he replies: “I 
would say that you engage in 
subsidised financing ... the 
Swedes are doing it. I haven’t 
measured it, but if any govern- 
ment came in and said it was 
totally pure - first of all, if it's 
from Europe or Canada - 1 
would be sceptical. You cer- 
tainly couldn't expect US pol- 
icy to be geared to the one or 
two countries that possibly 
could be pure." 

If other governments really 
feel strongly about US tactics, 
he says, they should agree to 
sit down and negotiate more 
effective ways of eliminating 
export subsidies. Until that 
happens, the administration 
remains determined to lobby 
hard for US companies and 
match the competition, subsidy 
for subsidy, in bidding for con- 
tracts it really wants. 

Mr Garten concedes that, in 
practice, budgetary constraints 
will compel the administration 
to be selective about the pro- 
jects it backs. Already, he says, 
it is under pressure to improve 
the efficiency of its export pro- 
motion effort before requesting 
more Binds from Congress. 

Furthermore, for all his 
enthusiasm about the mechan- 
ics of the effort and the new 
resources at his disposal, he 
admits to more than a shade of 
doubt about the value of the 
purpose they serve. 

“Without question, no good 
is going to come out of this. It 
would be vastly preferable to 
have a system where compa- 
nies are competing on their 
quality and reputation, not an 
the subsidised financing they 
get. We would prefer not to 
play this game at alL" 


EL 

FINANCIAL TIMES CONFERENCES 


am*, 

Ik.- V'.j -f >■ 


European Telecommunications 

Responding to Change 

London 20 & 21 June 1994 

This conference will examine the challenges and 
opportunities facing the telecommunications industry 
in Europe at a time of rapid technological change. For 
example: 

• Competition & privatisation 

• The future shape of regulation 

• Multimedia & telecommunications culture 

• Network investment - how much and when? 

Speakers include: 

Mr Per Westerberg 

Ministry of Industry & Commerce 
Sweden 

Mr Wim Dik 

Royal PTT Nederland NV 

Mr Eugene P Connell 

Nynex CableComms Limited 

Arranged in association with the 
FT Newsletter 'Telecoms Markets" 



Multimedia 

Vision and Reality 

London 12 & 13 July 1994 


This conference, by casting a sceptical eye on the 
multimedia phenomenon, will assist businesses to 
make strategic decisions and take full advantage of 
new developments. Issues include: 

• The regulatory and technological framework 

• The demand for multimedia services 

• Strategic alliance - a critical assessment 

Speakers include: 

Mr Alfred C Sikes 

Hearst New Media & Technology 

Mr Scott C Marden 

Philips Media 

Prof. Nicholas Negroponte 

Massachusetts institute of Technology 

Arranged in association with the 
FT Newsletter "New Media Markets" 


This is an ideal opportunity to attend two conferences of critical importance 
in. assessing the future development of the entire communications industry. 
A discount of 10% is available for those attending both events. 


EUROPEAN TELECOMMUNICATIONS 
MULTIMEDIA - VISION & REALITY 

4CALSTT GIFT AVAILABLE FOB PAID BOOKINGS RECEIVED BY JUNE 7, 1994 
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^ rti'iiM* tick if you would like details on Business development 
uppon unities avmkibl* at these eonfi-rcnecs. 


Financial Times Conference Organisation 
PO Box 3651, London SW12 8PH, 

Tel: 081-673 9000 Fax:081-673 1335 

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ONFERENCES 


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Type of Business 


BA 


Toyota to export UK 
engines to Turkey 


By Kevin Done, 

Motor Industry Correspondent 

Toyota, the Japanese car 
maker. Is to export engines 
from Its UK plant at Deeside, 
Clwyd. to a new car assembly 
plant in Turkey, which will 
begin production In the 
autumn. 

The supply of engines to the 
car plant at Adapazari, 100 
miles east of Istanbul, will 
mark the first time Toyota has 
exported engines from the 
E140m UK plant. The Deeside 
engine facility began produc- 
tion in late 1992 and chiefly 
supplies engines to Toyota's 
£700m UK car assembly plant 
at Bonus ton, near Derby. 

Production of the Corolla 
small family car at Toyotasa, 
Toyota's joint venture plant in 
Turkey, Ls due to start in Sep- 
tember. The Turkish company 
is owned 40 per cent by Toyota, 
10 per cent by Mitsui, the Japa- 
nese trading house, and 50 per 
cent by Sabanci, Turkey’s sec- 
ond largest Industrial group. 

Production is expected to 
total 2JKX) in the final months 


this year rising to around 
20.000 next year. Toyota said 
the plant’s short-term pros- 
pects were uncertain, however, 
given the present sharp down- 
turn in the Turkish new car 
market 

Toyota's Turkish plant will 
have an eventual capacity to 
produce 100,000 cars a year 
with a significant share of the 
engines to be supplied from the 
Toyota plant in north Wales. 

The Deeside facility cur- 
rently builds 1.6 litre petrol 
engines for Toyota's Burnaston 
car plant, and supplies compo- 
nents - blocks and crankshafts 
- to Toyota in Japan for L8 
litre engines. The Deeside 
plant produced 29,000 engines 
in 1993, but this is expected to 
rise to around 70,000 this year. 

In the six months to end- 
March ft exported 45,000 cylin- 
der blocks and crankshafts to 
Japan worth £2. 6m. Toyota 
said the Burnaston car plant 
had reached an output level of 
400 cars a day or 100,000 cars a 
year, the planned fail capacity 
In the first stage of the project 

Output of the Carina large 


family car in the whole of 1994 
would total around 90,000 com- 
pared with production last 
year of 37,314. Around 75 per 
cent of production would be 
exported to other markets in 
Europe. 

• CitroSn, the French car 
maker, ls investigating partici- 
pating in a joint venture in 
Malaysia. One report quoted a 
company official as saying 
Citroen had put forward pro- 
posals to build diesel engines 
for Malaysian-made Proton 
cars, Kieran Cooke adds from 
Kuala Lumpur. 

Last month Dr Mahathir 
Mohamad, Malaysian prime 
minister, visited Cttrofin's fac- 
tories in France. Malaysia 
makes the Proton in coopera- 
tion with Mitsubishi of Japan. 
Later this year Malaysia Is due 
to start producing another car 
in co-operation with Daihatsu 
of Japan. 

Dr Mahathir has said the 
transfer of technology by the 
Japanese has not been fast 
enough and has suggested 
sourcing car components from 
other countries. 


C& W may revise Irish offer 


By Tim Coone In Dublin 

Cable and Wireless(C&W), the 
British telecoms company, 
says it will probably have to 
revise its offer for a minority 
stake in Ireland’s state Tele- 
com Eireann. following the 
government's decision earlier 
this year to invite other bids 


for a joint venture with Tele- 
com, 

Mr Janies Ross, C&Ws chief 
executive, in Duhlin to talk to 
institutional fund managers, 
said C&W was keen to estab- 
lish a tie-up with TE. 

But its proposal* made throe 
mouths ago to the Irish govern- 
ment to take a minority stake 


in Telecom Eireann through a 
new joint venture, “should 
probably be put aside" in 
favour of a revised offer, since 
the decision to invite other 
bids. 

The offer Is thought to be 
worth up to l£500m ($742^m). 
C&Ws interest would be to 
develop TE's customer service. 


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$100m joint 
venture to 
extend UK 
network 

By Andrew Adords 

Nortel Matra Cellular, the 
mobile communications equip- 
ment joint venture between 
Northern Telecom of Canada 
and Matra of France, has won 
a 3100m contract to extend 
One-2-One, the UK di gital cel- 
lular network launched last 
September. 

The contract marks a signifi- 
cant advance for Nortel Matra, 
which makes its cellular infra- 
structure in Paignton, 
E ng l and, and in France, as it 
seeks to establish itself as a 
supplier to Europe’s new digi- 
tal cellular network operators. 
Ericsson, the Swedish supplier, 
installed the first section of 
One-2-One’s network. 

Nortel Matra said it won the 
contract because of its 
advanced "smart antenna" 
technology, giving its ceBi dar 
base stations for One-2-One’s 
digital Personal Communica- 
tions Network (PCN) system 
greater range than those of 
other suppliers. 

In 1996 Northern Telecom 
bought STC, one of the UK’s 
largest telecoms suppliers, and 
has used the UK as a base to 
expand into mainland Europe. 

One-2-One, which now covers 
only the London region, alms 
to extend to the UK’s top 30 
conurbations by 1998. With the 
launch in April of Hu tchis on 
Mcrotel’s Orange network, the 
UK has four cellular mobile 
operators. Cellular operators in 
France and Germany will start 
buil d i n g PCN networks this 
year. 




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FINANCIAL TIMES FRIDAY JUNE 3 1994 


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NEWS: UK 


<3t x>wing number of people earning less than half average national wage, study shows 

UK sees widening of income gap 


9f Joint WBlman, 

PubBc Poflcy Ecfltor 

The proportion of the UK 
population with income below 
half the national average has 
more than doubled In the last 
30 years, according toe report 
published by the Institute for 





In 1961, about 10 per cent of 
the population - sm people - 
had incomes below half the 
national average. This fell to 
just over 3m in 1977, but by 
1981 it had risen to to lim, 20 
per cent of the population. 

The report says that the 
share of income going to the 
poorest tenth in society fell 
from 42 per cent to 3 per cent 
in 1991, with, most of the fan 
occurring in the 1980s. The 
share of the richest tenth rose 
from 22 per cent to 25 per cent 
over the. three decades. .' 
.The report is based on a 
study of living standards in the 
UK over the past three decades 
fixnded by the Joseph Rown- 
tree Foundation, the social 
research organisation. 

. It shows that the income of 
the poorest tenth increased 57 
per cent between 1961 and I99L 
The income ofthe richest tenth 
rose by 113 per cent, while 
average incomes grew by 
around 84 per cent 
However, rising . hnmring 


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costs mp-an that the nirfimp of 
the bottom tenth net of hous- 
ing costs barely rose over the 
three decades. For tids group, 
income after housing costs was 
no higher in real terms in 1991 
than in 1967. The income of the 
richest tenth after housing 
costs almost doubled in this 
period. The report also shows 
that the long-term rise in 
unemployment has become a 
significant factor in the chang- 
ing pattern oflow incomes dur- 
ing the period. 


British Chambers of Commerce meeting 

Business leaders 
‘must recognise 

” ' 9 



By Paul Cheasoright, 

Midlands Correspondent 

Boards of UK companies will 
have, to give greater recognt 
tion-to their responsibilities 
towards employees and society, 
Six Adrian Cadbury, chairman 
of the committee on corporate 
governance, warned yesterday. 

Speaking in Birmingham to 
500 exec utive s at the annual 
conference of the -British 
Chambers _of . Commerce, he. 
said this could form pact of a 
process which would bring 
about some convergence, 
between^ British and continenr 
tal European practice. - 
Underlying his remarks was 
the thought that the form of 
company boards will change, 
given UK membership of tile 
European Union. Sir Adrian 
said the UK viewed a company 
as a capitalist enterprise, while 
those in continental Europe 
saw it as a coalition' of inter- 
ests and partnership between 
capital and labour. 

Sir Adrian said that if there 
was to be a convergence 
between these two' notions 
British boards would have to . 
recognise a wider responsibil- 
ity while continental compa- 
nies would have to pay “more 
regard to shareboldere , rights 
and Anglo-American standards 
of disclosure, especially tf they 
want to tap international 
sources of equity finance". 

Another speaker, Mr Baddy 
Ashdown, Liberal Democrat 
leader, told the conference that 
chambers of commerce should 
be given a statutory role, as 
they have in Germany. Compa- 
nies would have to belong to 
the local chamber and In 
return they would have the 
benefit of a stogie voice when 
speaking to gowmment and a 
single framework for training. 
But he made his st ro ngest 


Some of the money raised by 
Britain’s new national lottery 
could be used to clothe British 
politicians in the best British 
tailoring, Ms Jean Muir, the 
veteran fashion designer, and 
a former designer for Jaeger, 
suggested . to conference 
delegates. 

She said Savile Row 
tailoring had influenced the 
world: “The Italians built an 
industry on it, Americans 
aspire to it The Japanese flock 
to buy . the very wonderful 
best-quality men’s doth we 
really still do make in this 
country. 

“But wouldn’t we all really 
fed better if all the bodies of 
out politicians of whatever 
shape, size and denomination 
were dad everyday in the 
gnat tailoring of this country. 
We may even approve a bit 
from tin ubiquitous lottery to 
pay for it” 

, Mr Paddy Ashdown, the 
Liberal Democrat leader, told 
delegates be dressed “courtesy 
of Marks & Spencer.” 


comments to advocate a stron- 
ger voice for the UK in the EU, 
a subject about which smaller 
companies have a distinctly 
cool view, a survey by the Brit- 
ish Chambers of Commerce 
found. 

The survey of 364 small 
companies found 72 per cent 
opposed to the EU becoming 
responsible for wider areas of 
policy. 

But 60 per cent of the compa- 
nies said they had not been 
affected by the stogie Euro- 
pean market and slightly more 
did not know the name of their 
member of the European 
parliament 

More than half claimed to 
have had no benefits from the 
single market 


BMW chief sets 
cost-cut target 


ByPauiCheeseright 

Further attacks on costs at the 
combined BMW-Rover motor 
group &ave been foreshadowed 
by Mr Bernd Pischetsrieder, 
tht> BMW rirnhy i yi 

Speaking at the British 
Chambers of Commerce confer- 
ence, he said that to the Euro- 
pean- motor Industry, “the 
-objective is to reduce the gen- 
eral level of costs by between 
2D per cent and 30 pm' . cent 
within two years.” 

Both BMWand Rovar had 
been "farsighted enough to 
start thisprocea of restructur- 
ing in good time, to this way 
coming out .of the recession 
without any major problems,” 


He did not specify how much 
farther .the restructuring in 
both companies had to go. “We 
have to increase productivity 
by four to five per cent a year 


Bift hie Indicated that Rover 
-wonid .be allowed to continue 
its- restructuring indepen- 
dently. 

*It is not our objective to 
integrate and .bring together as 
many corporate functions as 


possible, in this way superfi- 
cial iy reducing our costs. 
Instead, we wish to pool the 
specific skills and abilities of 
the two companies, working 
together to capitalise on our 
larger market," be said. 

Mr Pischetsrieder sought to 
allay continuing fears that 
Rover's interests will be pro- 
gressively subordinated to 
those of. BMW. . 

“There win be no overriding 
holding company, the two com- 
panies being guided instead by 
joint committees,” he said. 

He said Rover would main- 
tain its research and develop- 
ment capacity. “To have an 
individual car company as a 
partner in the UK, we have to 
maintain the capacity for BAH 
to the UK and even to increase 
it" 

The Rover 800 model will be 
replaced, even though in some 
respects it competes with BMW 
models. 

Mr Pischetsrieder said that 
Rover sales in Germany bed 
increased by 100 per cent to 
the last two months arm pro- 
duction volumes were 25 per 
cent higher than a year 
ago, 


Families with children dow 
account for almost 50 per cent 
of those on less than half aver- 
age income, compared with 
just over a third in 1961. 

There has also been an 
increase to the number of 
self-employed at the bottom of 
the income scale, reporting 
very low or zero profits.' The 
report says their growth to the 
1980s suggests that some are 
forced into Insecure and low- 
income forms of self-employ- 
ment. 


The number of pensioners 
below half average income, 
which Cell from 29zu to just 
under lm between 1961 and the 
early 1980s, has risen sharply 
to 3.4m in 199L The ending of 
the link between the state pen- 
sion and average earning s is 
largely responsible for the 
surge, the study says. 

Part of the growth in 
inequality is caused by grow- 
ing Inequalities to earnings, 
the report says. 

But inequality of income 


from self-employment and 
investm ents is growing faster 
and becoming increasingly 
important 

Tim rise in inequality during 
the 1980s dwarfs the fluctua- 
tions in inequality in the 1960s 
and 1970s, the report says. 

It also finds that average 
Incomes have grown steadily 
more quickly since i960 to the 
south of England than to the 
rest of the UK 

Editorial Comment, Page 15 


Legal 
climbdown 
on student 
selection 

More than 250 students who 
bad been denied places at bar- 
risters' training school by a 
controversial new selection 
procedure which ignored 
degree results have now been 
accepted, following a climb- 
down by the administrators of 
the legal profession, Robert 
Rice writes. 

The new system was based 
on a mixture of academic qual- 
ifications and psychometric 
tests, it was designed to pick 
the best 800 from a record 
2,400 applicants for the 
one-year vocational course 
- the only route to becoming a 
barrister. 

But the procedure provoked 
outrage among students and 
university law teachers after 
hundreds of students with first 
class and 21 degrees, including 
more than 60 who had been 
awarded scholarships by the 
four Inns of Court, were 
rejected. 

The selection system had 
also been criticised for discrim- 
inating against ethnic minori- 
ties and women. Of the addi- 
tional afters, 42 per cent were 
made to women and 19 per 
cent to ethnic minority stu- 
dents. 


Britain will seek 
exemption from 
Euro-plug rules 


By PHOp Stephens 

Mr Michael HeseltLne 
yesterday committed the gov- 
ernment to seeking an exemp- 
tion from any attempt by the 
European Union to standardise 
electric plugs and sockets. 

But as the trade and indus- 
try secretary played down any 
suggestion that such a move 
was imminent, he appeared to 
acknowledge that it would be 
impossible to block through 
use of the national veto. 

Pressed on whether standar- 
disation could be pushed 
through under the majority 
voting system applicable to the 
stogie European market, Mr 
Heseltine insisted that present 
discussions within Cenelec, 
the European standards body, 
did not amount to firm propos- 
als. 

Speaking during the Euro- 
pean elections campaign, Mr 
Heseltine said that the govern- 
ment had commissioned a 
study of the costs of such a 
switch to “arm itself against 
the possibility of a proposal 
from Brussels. 

The DTI study says UK con- 
sumers would face a bill of 
£78m a year for 40 years if the 


country moved to European 
standards. For the moment It 
was a “non-issue", said Mr 
Heseltine: “We now have the 
facts. If proposals do emerge, 
we want very much to be in 
the position where we can 
secure a derogation for 
Britain." 

Cenelec is working on the 
final draft of a common stan- 
dard for plugs and sockets 

across Europe. The draft will 
then go to national standards 
councils for approval. 

Mr Heseltine also yesterday 
flatly rejected any easing of 
restrictions which prevent 
British Telecommunications 
from using its network to pro- 
vide entertainment services. 

As the Labour party used the 
launch of an industrial compet- 
itiveness document to pledge it 
would scrap the ban, Mr 
Heseltine insisted that any 
such move would represent a 
“grave breach of trust” by the 
government 

Accusing Labour of irrespon- 
sible opposition politics, Mr 
Heseltine said the restrictions 
bad been introduced to allow 
other companies to catch up 
with BTs monopoly when it 
was privatised. 



Internationale 

Nederlanden 

Bank 


ING Bank is pleased to announce that its Moscow 
office is fully operational. 

This is part of the strategic development of our 
network in Central and Eastern Europe, which now 
includes offices in eight countries - and demonstrates 
our leading position in Emerging Markets Banking. 

For information on the services our Moscow 
office can provide, please contact Maarten Pronk on 
tel.: 7.502.2245035; fax: 7.502.2245037. 


ING Jm) BANK 


t 



pTiwAiMflAL TIMES FRIDAY JUNE 3 .994 


NEWS: UK 


Tories ‘face disaster’ 


in European election 


By Kevin Brown, 
Political Correspondent 


Mr John Major last night 
hardened the tone of his 
attacks on European integra- 
tion as an opinion poll 
suggested that the Conserva- 
tives face disaster in the elec- 
tions on Thursday. 

A Gallup poll in today's 
Daily Telegraph newspaper 
puts the Conservatives in third 
place behind the Liberal 
Democrats and more than 
30 percentage points behind 
Labour. 

It estimates support for the 
Conservatives at just 21 per 
cent, compared with 21.5 per 
cent for the Liberal Democrats, 
and 54 per cent for Labour. 

The gap between the Conser- 
vatives and Labour is the big- 
gest since the debacle over 
the poll tax in 1989, when 
it stood at around 30 percent- 
age points. 

The poll suggests that 
Labour that is on course 
for a landslide victory in 
the European elections, 
while the Conservatives 


could be reduced to a 
handM of seats. 

The only consolation for the 
Conservatives is that the poll 
was carried out between May 
25 and May 30 - before the 
prime minister launched an 
attack on EU integration at a 
rally on Tuesday. 

Conservative strategists 
believe that his concept of a 
multi-speed Europe, in which 
member states progress at dif- 
ferent speeds, offers the best 
hope of persuading Tory sup- 
porters to vote. 

Senior officials said last 
night's speech was intended to 
shore up the Conservatives' ' 
image as the strongest 
defender of British rights in 
the EU. 

In his most forthright com- 
ments of the campaign, Mr 
Major said he was unrepentant 
about his criticisms of the EU, 
and insisted that “Europe has 
gone wrong in recent years". 

He pledged to campaign for 
an open Europe in which the 
weight of bureaucracy and reg- 
ulation was dramatically 
reduced, and which was not 


“the remote preserve of an 
elite circle of politicians and 
bureaucrats". 

Mr Major said he would not 
moderate his approach to 
Europe, which has been critic- 
ised by European political lead- 
ers. including Mr Leo Unde- 
mans, head of the European 
Peoples' Party grouping, to 
which Conservative MEPs are 

“1 will be critical where I 
must D iffic ult if I have to be. I 
would rather speak up and put 
the case for what I know to be 
right for Britain, than clink 
glasses in agreement with 
something that is wrong," he 
said. 

The Gallup poll is likely to 
trigger renewed speculation 
about Mr Major’s vulnerability 
to a leadershi p challenge in the 
autumn 

However, Mr Major dis- 
missed suggestions that he 
might be forced from office by 
a poor election result “My sit- 
uation would be exactly as it is 
now. 1 will continue to carry 
on the work 1 am doing," he 
said on BBC local radio. 



VAT-man 


calls time 
on drinks 
Tor work 5 


By Andrew Jack 






Admir al william J Crowe, the new US amha««idnT to the Court of St James, leaves Us embassy yesterday for Buckingham Palace to 
present his credentials to the Queen. Ambassador Crowe, 69. is a former conmsaiider^n-chief, Allied Vorces In southern Europe, and 
for four years served as chairman of the joint chiefs of staff under President Ronald Reagan nmoorapkMMarMwood 


Britain in brief 


v *§ 






Rate warning 
as house 


prices fall 


Halifax Building Society, 
Britain's biggest mortgage 
lender, has reported the 
biggest monthly fall in house 
prices for 12 months and 
warned the chancellor not to 
damage the fragile housing 
market by raising interest 
rates. 

Halifax said UK house prices 
fell on average by 1.6 per cent 
during May compared with 
the previous month. It is the 
second month in succession 
that the society has reported 
a price fall. In April 


prices fell 0.3 per cent 

Mr John Wrfglesworth, 
housing analyst with 
stockbroker UBS, said be was 
halving his forecast for house 
price increases in 1994 year 
from 7 per cent to 3JS per cent 
after the Halifax survey. "This 
is a serious wobble on the road 
to recovery," he said. 

Tax increases in April and 
a rush to complete purchases 
ahead of the ending of fixed 
price mortgages, which caused - 
a bundling of sales earlier 
this year, were the most likely 
causes for the decline, it said. 


Average property rents, which 
bottomed out at the start of 
the year, have risen by OB per 
cent over the past three 
months. 


Scott declines 


to alter inquiry 


Commercial 
rents rise 


Commercial property rents 
have risen for the first time 
since 1990, according to figures 
from Hillier Parker, chartered 
surveyors. This is further 
evidence of a turnaround in 
the rental market, which has 
fallen steeply in recent years 
as a result of the recession and 
an oversupply of property. 


Lord Justice Scott has rejected 
a call from the Labour 
opposition party to extend the 
terms of reference of his 
arms-for-Iraq inquiry. 

A letter signed by the 
inquiry’s secretary, Mr 
Christopher M n t t n ku maru 
states: “He [the judge] believes 
that to seek to extend the 
terms of reference as yon 
suggest will cause 
unacceptable delay.” Lord 
Justice Scott has said he 
believes it is in the public 
interest for his final report 
to be published as soon as 
possible. 

Earlier this week Labour 
urged the judge to extend his 
inquiry to bankers and 
businessmen who have been 


involved in Britain's arms 
trade with the Middle East 
The Judge was also pressed 
to extend the time period 
covered by his inquiry. Mr 
Muttuknmarn says “relevant 
evidence" from some 
businessmen “is being, and 
will be obtained". & makes 
clear rtw judge is poised 
to start writing his report fin- 
publication before Christmas 
after gathering evidence, 
mainly from civil savants 
and ministers. 


Walker ‘driving 
force’ in fraud 


Mr George Walker, former 
chairman and chief executive 
of Brent Walker, the property 
and leisure group, fraudulently 
inflated the company’s profits 
in the mid 1980s to mislead 
investors and creditors about 
the financial health of his 
business empire, it was alleged 
at the Old Bailey yesterday. 

Mr Walker was the “driving 
force" behind a fraud which 


also involved the theft of £L7m 
from the company and 
complex misrepresentations 
of the company’s accounts to 
conceal the dishonesty from 
the outside world, the 
prosecution told the jury on. 
the first day of the trial of Mr 
Walker and Mr Wilfred 
Aq uiHna, former Brent Walker 
group finance director. 

Mr Walker faces four charges 
of theft involving a total of 
£17m, two charges of false 
accounting and one of 
conspiring to falsify the Brent 
Walker accounts to overstate 
the company's profits and 
assets. Mr Aquihna faces one 
charge of the theft of SAJSm, 
three charges of false 
accounting and one of 
conspiring to falsify the 
company's accounts. Both men 
deny all the charges. 


investors - or business 
“angels" - and nnii«fa»il 
companies requiring risk 
capital has been launched in 
London. 

Tintoy rka Ai lm n tai r B, the 

private company which is 
launching Venturellst, will 
join other UK Introduction 
services trying to many 
investors and companies. 
ffimtiar agencies have 

attwiip hri in lannrii national 

databases before, but 
Venturellst is the first attempt 
to provide the service 
electronically, allowing angels 
to access the system through 
a personal computer. 


new methodology would lead 
to a price reduction of 2.7 per 
cent in October. 

The system will for the first 
time apportion the costs of 
sending gas through the 
rtr ffa nCTit tiers of the national 
gas grid. The decision clears 
the way for the separation of 
British Gas’ two trading arms 
- Contract Trading and Public 
Gas Supply - from TransCo, 
the new name for the 
company’s pipeline and storage 
division. The introduction of 
competition and the need to 
separate trading and 
transportation functions has 
required the former monopoly 
to devise pricing guidelines. 


Gas pricing 
system agreed 


Introductions 
to angels 


A national database designed 
to bring together private 


Ofgas. the gas industry 
regulator, has broadly accepted 
a proposed pricing system put 
forward by British Gas for the 
use of its transportation and 
storage system by its own 
trading arms and commercial 
rivals. The regulator said the 


Robert 

Mauthner 


A service of thanksgiving for 
the life of Robert Mantimer, 
Diplomatic Editor of the 
Financial Times, who died on 
May 18, will take place at St 
Bride’s Church, Fleet Street, 
London, on Jime 28 at 12 noon 


Strawberries at Wimbledon 
have long been ineligible, but 
businesses may soon be u n a b l e 
to claim back-tax on their costs 
at trade fairs if they offer their 
clients a beer. 

HM Customs & Excise yes- 
terday threatened a clamp- 
down on corporate hospitality 
In response to over-enthusias- 
tic claims by companies for 
rebates of value added tar an 
business entertainment 

The agency believes goods or 
services bought for bu siness 
enter tainme nt should not be 
I eligible for VAT refunds, even 
if they are partly used for 
other more serious and sober 
business activities. 

European and English law 
has long prevented VAT relief 
on pure business hospitality, 
but it has left a grey area when 
it comes to other business 
activities which Include an ele- 
ment of entertainment, for 
example, trade fairs. In the 
light of a series of contradic- 
toiy VAT tribunal and coart 
judgments. Customs said it 
would seek guidance from the 
courts. 

The problem started with a 
small company based in Car- 
diff, which tried to claim back 
as office QTpgngAg some of the 
VAT on its costs fra- maintain- 
ing a box at Cardiff Anns Park, 
tlm Welsh national rugby sta- 
dium. The company insisted it 
used the box primarily as an 
nfHwi arvi mly incidentally for 
entertaining clients at the 
weekend. The VAT tribunal 
was unconvinced and forbade 
any rebate. 

It took the mwib sceptical 
view of a rebate claim from 
Thom-EMI, which asked for 
VAT back on some of the costs 
of running its hospitably cha- 
let at the Famborough Air- 
show. 

But the High Court upheld 
the company's riafan in Mant-h, 
arguing that its chalets were 
temporary offices and that ft 
was possible to apportion 
expenses between business and 
entertainment costs. Customs 
said it would talm the case to 
the court of appeaL 


ADVERTISEMENT 


ERICSSON 


ADVERTISEMENT 


New ATM broadband system presented in USA 


ERICSSON $ 


Ericsson chose Ihe Supercomm '94 
exhibition for the US introduction of Its 
new switching system to support 
broadband and multimedia telecom- 
munications services. 

The new system is based on asynch- 
ronous transfer mode (ATM) technology, 
and can be used tar transport, switching 
and management applications in multi- 
sennce networks. 


Cutting service time-to-market' 
Rather than adapt an existing system, 
Ericsson chose to develop a completely 
new switching platform to meet long-term 
broadband service needs. 

A patented ATM Pipe Switch 
architecture allows the system to be 
configured for a variety of different 
applications. 

The emphasis is on rapid deployment 


and customisation of services throughout 
the network, so new and enhanced 
services can be brought to market quickly, 
and easily customised in line with 
changing market needs. 

in Europe, Ericsson has announced 
that the new system is being used in 
ATM field trials with Deutsche Bundespost 
in Germany, SIP in Italy, Telia in Sweden 
and Telefonica in Spain. 


Layer upon layer of radio cells 
for total service flexibility 

Technology briefing: Personal communications services 


Now that the concept of mobile telephony 
is well established, the next big challenge 
is how to support subscriber mobility on 
a much wider scale. 

Industry experts talk about 'personal 
telephony', or 'personal com mu mca lions 
services'. What this 

means is a truly mass — 

market service in 
which everyone can 
atlord a pocket 
phone, to make and 
receive calls at 
home, work, or 
anywhere else - 
indoors or outdoors. 

Such services 
will call lor new 
developments in 
technologies, 
including switching 
intelligence, net- 
work and service 
management, and 
microelectronics. 

However, the 
crucial factor is a f 
radio network infra- 
structure able to 
handle extremely 
large numbers ol 

subscribers, and 

allowing capacity and 
coverage to be tailored flexibly. 

Ericsson believes that the solution tor 
the next generation of services (up to 
about Ihe year 3000) lies in a hierarchical 
cell structure. It is a development of the 
radio structures used in today's GSM and 
other digital mobile telephone networks. 

The company foresees a network 
ratio infrastructure of layers of radio cefls. 
There would be 'pico ceils - Of 10-30 
metres, ‘micro cells' of a couple of 
hundred metres, and 'macro cells' of a 
lew kilometres. In addition, there could be 
giant ceUs provided by satellite services. 


A pico ceH could serve an individual 
corridor in an office building; a micro cel) 
a shopping centre. These are essentially 
for users moving slowly. A macro cell 
would serve a rural area, or be used as 
an umbrella cell for an urban area with 



Shrinking the radio base station 

One step towards the new personal 
communication services is the launch of 
new-generatfon compact radio base 
stations from Ericsson. 

The new RBS 2000 concept is 
Ericsson's second generation of radio 
base stations tor GSM 900, DCS 1600 
and DCS 1900 solutions. It is designed 
lor indoor or outdoor use, and will be ideal 
tar the pico cell sizes to be used in 
personal communication services. The 
new unit is easy to install, and can be- 
operational within one hour of delivery. 


MINHJWfAcmwsve Radios offer fast and 
flexible transmission solutions for cellular 
and other important networks. The latest 
version of the radio, nowin operation hr 74 
countries woddwkte, is MINI-LINK 15C. 
Small and lightweight. It fadGtates site- 
selection, installation and comm&soning. 


Collaboration 
for multimedia 
business 


Radio access 
speeds network 
growth in Hungary 

Ericsson has been awarded a contract to 
supply specialised radio equipment to 
connect subscribers in Budapest to the 
public telephone network. 

Instead of being finked to the AXE 
exchanges in the city's network by 
conventional copper wires, new 
subscribers will be connected via a radio 
access network. In this 'radio in the local 
loop' approach, each subscriber will 
receive a small radio terminal into which 
a standard telephone is plugged. The 
radio access can be used for voice, fax 
and data communications. 

Ericsson is to supply equipment for 
8,500 radio -connected subscribers. 
Hungarian Telecom Company (HTC) 
expects the move wifl speed up the pace 
of network and traffic growth, and cut 
waiting lists far telephones. 

The equipment to be supplied is 
Ericsson's RAS 1000 system, the latest 
version of the RLL system which has 
been woridng tar two years. 


World, round-up 


Netherlands: AXE switching equipment 
and se rvices worth SEK 800 miBon are to 
be supplied to PTT Telecom Netherlands, 
:for usem the pubic tefecomnuncattans 
network. 


Lebanon- Ericsson ls to hefo rebuild and 
expand telecom services in Lebanon, 
irxikKShg part of the capital Beirut A turn- 
key contract worth USD 150 mdtion from 
the Lebanese Ministry of Post and 
Teiecomnxmicalionsinciudes an. access 
and transport network, buildings, support 
and training. 


China: Ericsson has won the largest ever 
mobBe telephony contract ita China. Worth 
USD 200 million, it involves a major 
expansion of the mobile network in 
Guangdong province. It takes Ericsson’s 
total sales of ceDuiar systems fn China to 
more than 1 ,300,000 subscribers. 


Ecuador: With 25,000 lines, the new 
Ericsson AXE transit exchange in Quito Is 
Ecuador's largest Installation was 
completed by Ericsson to just 12 weeks 
from recefot erf the fetter of crecfiL 


connectivity 


Rise in order 
bookings for ten 
consecutive 
quarters 


high population density. 

With a combination of the various ceil 
types, the network can be tailored 
according to demographic (actors and 
traffic needs. 

With new digital radio transmission 
technologies afiowlng techniques such as 
frequency hopping and adaptive channel 
allocation, this layered ceil structure will 
provide the required capacity and 
flexibility for personal telephony. 

The first systems using this cell 
structure are expected to come on stream 
in 1995 in Europe and the USA 


Ericsson's net sales rose by 24 
percent to SEK 15.983 miflion in the 
first quarter of 1 994, compared to the 
corresponefing period of last year. 
Pre-tax income nearly doubled to 
SEK 813m, and order bookings were 
up by 23 percent to SEK 21 ,499m. 
This is mainly attributable to very 
strong expansion in the Radio 
Communications business area. 

Commenting on the tret quarter 
results, Ericsson CEO Lars Ramqvist 
said, 'This is the tenth consecutive 
quarter in which order bookings have 
risen. The year has begun wefl, and I 
foresee a continued favourable 
development of operations for the 
remainder of 1994/ 

Europe accounts for half of 
Ericsson's sales. The largest single 
marketisthe US (12 percent), followed 
by Sweden and Italy. China now ranks 
fourth, accounting for eight percent of 

sales. 


In a move to extend the scope of multi- 
media computing In corporate organis- 
ations, Ericsson has formed a strategic 
affiance with National Semiconductor. 

The companies wffl work on business 
comm unic ations solutions based on 
isoENET 1 ^, an emerging networking 
standard for multimeda appfications such 
as PC videoconferencing. 

isoENET"* is an extension of 
Ethernet and uses existing Ethernet 
wiring. Where Ethernet supports data 
communications, tsoENET™ additionally 
supports real-time communications, such 
as interactive voice and video over both 
local and wide area networks. 


Large network 
management order 
in Australia 


Telecom Australia is to base its future net- 
work management on TMOS operation 
support technology and Ericsson Hewlett- 
Packard Telecommunications products. 

TMOS management systems will 
operate from later this year, to eventually 
handte some 8 miflton digital lines. 

TMOS builds on estabHshed open 
computing standards such as UNIX and 
Open View, and is being widely adopted 
by telecom network operators. Nearly 1 00 
TMOS-based management systems are 
in operation to 27 countries. 


Moscow: The Ericsson ED ACS flunked 
cSgital ratfio system has been selected for 
security communications in the Moscow 
area by the Chief Directorate of the Security 
Guards of the Russian Federation 
(KREMLIN). There are over 200 EDACS 
systems in service with pofce faeces, pubfic 
utiBties and government d ep ar tments to 
North America, Europe and Asia. 


Malaysia: Ericsson transport network 
equipment worth up to SEK 400 miion is 
to be deployed In the Malaysian pubfic 
telephone network. The order fromTttekom 
Malaysia covers transmission equipment 
and the new generation of Synchronous 
Oigftal Hierarchy (SDH) transport network 

products. 


Ericsson wins 

top BT award 


Small phones: big news, big award 


The Ericsson AXE switching system has 
been chosen by BT as the overall winner 
in its 1993 Network Product Quality 
Awards. 

The judges were Impressed by the 
general product quality, by Ericsson's 
manufacturing quality control, and by the 
customer response and delivery record. 
Scores were especially high in field 
©valuation. 

Atthe end of 1993 there were over 
1300 AXE exchanges in operation to BTs 
UK network, serving some 4.3 million 
customer liras. 


GH 337, Ericsson’s new digital 
phone, was unveiled at this year’s 
CeBIT fair in Hannover. It is the 
smallest on the market and 
contains a new interface that 
makes it easier to use. 

Designed for use on the GSM 
digital network, it weighs a mere 
193 gm, including a fight standard 
battery, yet gives 18 hours stand- 
by time and 1 00 minutes talk time. 

A raw key sat makes extensive use 
of arrow keys to guide the user to the 
required function on the display. 

This phone has been fully type 
approved according to the European 
Union Mobile Telephony directive, 
mandatory from January 1995. 


The Ericsson GH 197 
mobile phone has been 
awarded the 1994 CAESAR 
award mthe GSM category 
against ail other mobile 
phones on the UK market 
The awards are given by 


telephone 

Operator. 


network 


TelofonaktJaboiaget LM Ericsson, 
$-126 25, Stockholm. Sweden. 


fi * a «** 70M0 emptoyeaswe actinia 
more dim t OO countries- Thor combined 

saasssB"* 

fehcommunications. 


talks 



FINANCIAL TIMES FRIDAY JUNE 3 1994 




FINANCIAL IZVESTIA 

TALKS BUSINESS TO 300,000 INFLUENTIAL 

RUSSIANS EVERY THURSDAY. 

Financial Izvestia is an 8-page weekly business newspaper 
produced by the Financial Times in partnership with Izvestia, Russia’s 
leading independent daily. 

Printed on the FT’s distinctive pink paper, it accompanies 
Izvestia every Thursday. 

Drawing on the huge editorial network of both newspapers, 
it brings up to the minute, accurate, national and international news to 
300,000 decision makers in Russia. News from around the world that 
impacts upon the Russian market, making Financial Izvestia an 
essential and unique business tool for those shaping the new Russia. 

To find out more about advertising to these influential people 
call Ruth Swanston at the Financial Times in London on 44 71 873 4263 
(fax 44 71 873 3428), Stephen Dunbar- Johnson in New York 
on 1 212 752 4500, Dominic Good in Paris on 33 1 42 97 06 21, 

Sarah Pakenham- Walsh in Hong Kong on 852 868 2863. 


FINANCIAL TIMES 


LOUDON ■ PnJUS ■ MAffKHMT ■ NfW TOM ■ TOKYO 





10 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


MANAGEMENT 


George Orwell’s 1994 


Simon Gibson explains why the language that a company uses 
can have a direct effect on its financial performance 


A company's fortunes are 
expressed by its figures, 
but its future is caught in 
its language. While num- 
bers are merely red or black, the 
words that a company uses in its 
corporate speeches, articles and 
annual reports open up a window 
on the way that management is 
thinking. Indeed, they show 
whether it is thinking at all. 

Companies today are required to 
communicate more regularly than 
ever before, both to internal and 
external audiences. Many cope 
admirably, many others Cail. All too 
often executives resort to manage- 
ment-speak rather than using clear 
and original expression. 

The struggle against the corrup- 
tion of the language goes beyond 
the concern of the corporate com- 
munications director - it is a busi- 
ness issue. Indeed, one can argue 
that the language that a company 
uses can have a direct effect on its 
financial performance. 

The enemies of clear expression 
are not unique to the world of busi- 
ness. They Lire language's common 
foe. given new clothing. In one of 
the great essays on this subject, Pol- 
itics and the English Language. 
George Orwell listed a number of 
“bad habits which spread by imita- 
tion". which he believed were signs 
of the corruption of political 
thought at that time. 

These bad habits included: pre- 
tentious diction, meaningless 
words, dead metaphors, hackneyed 
phrases, cliche and jargon. It is a 
list that one could level at today's 
business communications with 
equal legitimacy. 

Perhaps the most obvious villain 
is jargon. The language of business 
is full of it: empowerment, down- 
sizing. proactive, business re-engi- 
neering. networking. These are just 
a few of the jargon words that are 
trotted out at innumerable business 
meetings. 

The argument is not specifically 
against Industry coining technical 
words to describe its processes, but 
rather against the misuse of such 
technical terms. Indeed, certain 
Industries have built up their own 
vocabulary of technical words that 
when used are quite precise. 

Frequently, the problem occurs 
when words are borrowed from 
other activities in an effort to mys- 
tify- die business of business. For 
example, "downsizing the head- 
count" sounds more cerebral, wor- 
thy and expensive than “giving peo- 



WortJs to remember George Orwefl’s gudeSnes for dear expression are st9 sound 


pie the sack”. Equally, it seems that 
everyone who has been given the 
sack recently has not been made 
redundant, but has become a con- 
sultant. 

Consultants are often the worst 
offenders when it comes to the use 
of jargon, presumably in the vain 
attempt to remain part of the corpo- 
rate club. 

Some will see these accusations of 
the corruption of language as a cru- 
sade against Americanisation. It is 
not Silicon Valley may be responsi- 
ble for some of the worst excesses of 
techno-babble, but these are only 
injurious when misused. Again 
"downsizing" is a good example. 
When applied to computers it is a 
forgiveably neat way to describe the 
migration from mainframe to client- 
server technology: applied to people 
it is simply dehumanising. 

Nor is the argument an elitist 


one, part of an effort to protect the 
purity of our culture in the way 
that the French establishment is 
currently attempting. 

The argument is simply a gains t 
the use of language without mean- 
ing or with false meaning. Too often 
meaningless wards or phrases are 
used simply to indicate that the 
speaker belongs to the middle man- 
agement club. “Vision”, “chal- 
lenge”, “short-termism”, “whither”, 
"I hear where you're coming from”, 
“we need to manage change”, 
“think global, act local” are all typi- 
cal examples. Describing business 
partnerships as “getting into bed 
with” someone was another com- 
mon example of this trait; often 
heard in the 1980s it has fortunately 
gone out of fashion. 

Another feature of this language 
of acceptance is what one might 
term the proposition of the indisput- 


able. For instance, phrases such as 
“people are our most important 
asset”, Tm with Cadbury on that 
one” or “we are committed to giv- 
ing our shareholders a sound return 
on their investment", are all so pal- 
pably blessed with holy oil that no 
one would dare argue against them. 
Anyone caught using them is proba- 
bly begging as many questions as 
they are attempting to answer. 

When was the last time yon can 
remember someone daring to ques- 
tion a speaker who extolled the val- 
ues of “total quality management” 
or of being “market-driven”? Yet 
phrases such as these are fre- 
quently misused and most often 
employed by people who have not 
thought sufficiently about quality 
or the marketplace. They are 
merely camouflage. 

Without them, without cliche, jar- 
gon and other dead language, most 
businesses would work better. So 
what should govern the way that 
companies and those in business 
express themselves? 

Prescriptive lists are always dan- 
gerous. Language is far too individ- 
ual to be shackled by too many 
rules. However, there are good 
guidelines. Orwell suggested the fol- 
lowing: 

• Never use a metaphor, simil e or 
other figure of speech which you 
are used to seeing in print 

• Never use a long word when a 
short one will do. 

• If it is passible to cut a word out, 
always cut it out 

• Never use the passive where you 
can use the active. 

• Never use a foreign phrase, a 
scientific word or a jargon word if 
you can think of an everyday 
English equivalent 

• Break any of these rules rather 
than say anything that is outright 
barbarous. 

These guidelines are still sound. 
If a company were to banish the bad 
habits and take up OrweD’s princi- 
ples, managers would have less 
camouflage to hirip behind. Employ- 
ees would be more likely to think 
for themselves. 

In the process some startling 
things might be discovered: for 
example, that people may not be the 
most important asset of the com- 
pany or that shareholder value may 
not be the only golden rule for 
senior management. Above all, 
clear language both encourages and 
reflects clarity of thought and, in 
business, isn't that the only real 
asset a company can depend upon? 


CHRISTOPHER LORENZ 

Top dogs bark up 
the wrong tree 


r*M 


It is time top 
managers admitted 
the truth. Most of 
them are indulging 
in a convenient 
bnt simplistic fic- 
tion when they 
repeat the stan- 
dard mantra that 
the biggest barrier to radical 
change in .their organisations is 
front-line employees or, more 
often, middle management. The 
reality is frequently much more 
p ainf ul: that the most intransigent 
group is top management itself. 

In a few high-profile cases over 
the past couple of years, this has 
become so obvious that outside 
directors or institutional share- 
holders have been forced to have 
the top man removed. Notable 
examples include Digital, General 
Motors, IBM and Kodak to the US. 
g od Midland Rank in the UK. 

But to almost all these instances 
action was taken long after the 
top man had caused serious dam- 
age in one of several ways: by 
allowing toe first sparks of the 
company's strategic crisis to 
develop into what experts In 
change call a fully-fledged “burn- 
ing platform”; by failing to douse 
flames which were already burn- 
ing when he took over, or by fall- 
ing to change the team - whether 
literally or figuratively. 

It is far from unknown for recal- 
citrant members of a top team to 
be elbowed or frozen oat by its 
leader, or by their peers. Bat, all 
too often, top-level resistance to 
radical change in strategy, organi- 
sation or culture is tolerated by 
executive colleagues reluctant to 
invite criticism of themselves, or 
by outside directors loath to rock 
the boat. Sometimes, as the top 
team directs all its attention to 
the minions below, it does not 
even recognise that It has a prob- 
lem itself. 

In the past three weeks I have 
attended two discussion dinners of 
top managers trying to grapple 
with change. The first was billed 
by the organisers as focusing 
purely on the top team. The sec- 
ond was more wide-ranging, bat 
promised to include some debate 
about tiw top. 

On each occasion, discussion 
slipped quickly away from “us” on 
to much more comfortable ground: 


what “we” can do to get "them” to 
become more flexible, customer- 
responsive, open-minded, speedy, 
and so on. 

The same phenomenon was to 
evidence last week at a conference 
on radical change, when a string 
of top managers blamed their 
organisations’ inflexibility and 
other inadequacies on what sev- 
eral called the “mushy middle". 

All of which makes very timely 
a research project which Don Lau- 
rie, a consultant, has undertaken 
Into what he calls the changing 
“ work, of a leader” in improving 
the customer-responsiveness of 
organisations. 

Unlike the usual sort of 
wide-eyed study of leaders’ charac- 
teristics, Laurie concentrates on 
the actions they actually take. He 
focuses mainly on the top, 
although he also deals with the 

As the top team 
directs all its 
attention to the 
mini ons below, it 
does not even 
recognise that it has 
a problem itself 

need for “distributed leadership" 
at all levels of an organisation. 

Efis research, which he is turn- 
ing Into a book, has one obvious 
limitation. It relies heavily on 
one-to-one interviews with a 
bine-chip (all-male) list of two 
dozen high-profile US and Euro- 
pean chairmen, chief executives, 
presidents and managing direc- 
tors. They include Sir Colin Mar- 
shall of British Airways, Jan Thn- 
mer of Philips, the electronics 
group, Elserino Piol of Olivetti, 
John Duerden of Reebok Interna- 
tional, and tire heads of Goldman 
Sachs and Chemical Bank in 
Europe. 

So the study’s findings are col- 
oured heavily by the leaders' self- 
perception, although this is tem- 
pered by Laurie's own experienced 
judgment But his focus on the top 
man and his team provides 
insights aplenty, especially into 
the prevalence at that level of 
deep-seated resistance to change. 

Effective modern leadership Is 


very different from toe traditional 
exercise of authority and power, 
and the handing-down of detailed, 
“technical" solutions, Laurie con- 
cludes. “An awful lot of leaders 
are authority figures, they’re not 
performing the act of leadership, 
he complains. . 

That consists of mobilising the 
people in an organisation to con- 
front difficult problems them- 
selves, and helping them adapt to 
the challenges and uncertainty 
which arise as a result 

Paradoxically, in addition to lis- 
tening, “coaching" and other sup- 
portive behaviour, this often 
involves maintaining a fair degree 
of instability in the organisation. 

One obvious source of resistance 
to change which Laurie identifies 
is the preponderance of control- 
types on most top teams, and the 
lack of creative minds. Another is 
toe tendency of many top manag- 
ers to behave, not as a cohesive 
team, bnt as warring barons, each 
defending their own departmental, 
divisional or personal constitu- 
ency; Laurie quotes a colleague’s 
view that “a top team working 
together is an oxymoron”. 

A more surprising cause of 
resistance is the failure of many l 
chairmen and chief executives to i 
listen to their top colleagues, to j 
understand them as individuals, 
to perceive clearly their strengths 
and weaknesses. Bernard Four- 
nier, head of Rank Xerox, places 
particular emphasis cm overcom- 
ing what he calls people's “uncon- 
scious incompetence”. This can 
only be done by communal learn- 
ing from mistakes, be says. 

That, in turn, requires real 
openness and considerable argu- 
ment - the lack of which, says 
Laurie, is a further cause of resis- 
tance at the top. Without open- 
ness, recalcitrant *«nn members 
will avoid commitment at meet- 
ings, and then reinterpret sup- 
posed agreements. Or they will 
sabotage a decision - usually by 
blackening a colleague’s reputa- 
tion. 

As tenne argues, the instinct of 
many top managers is to continue 
furthering their own interests. 
They are loath to become team 
players - and then to challenge 
much of what they have stood for. 
But unless they do, neither will 
toe people beneath them. 


NESS 


iJUlk/ji 


CONTRACTS & TENDERS 


Unilith Limited 

(In Receivership) 

Dalkeith, Near Edinburgh. 

The busawss and assets of Uus long estabfcshed printworks are 
la ulobv it loml recovers. 

• Design, nuflufjeture and dsWjutwn of computer statonoy 

• Privjucfc ndude standard listing papa and bespoke pmted 
toms 

• High quakiy actomer base turnover £7.5m pa 

• OwjIo Uom 50,000 sq It freehold ladory urtt 

• 10000 sq n lej'-ehow cksJnbutwn depot n Northampton 

• Ht/My yutled. wperimcwi world orce of 1 08 employees 
Cvnt.vt DiYuU Bruce jt- 

Phce Waterhouse. Albany House, 58 Albany Street, Edinburgh. 
EH1 3QR. Tel: [031) 557 9900 Fax: (031) 225 5352. 

w 

Umfitfi United. 28 Mayfield Industrial Estate, DaUeith. 
tMMhan. Id: (031) 663 6691 Fax: (031) 663 4708. 

Price Waterhouse # 

f w <i.iw 4' r. r»v tn<! kuxiH<.- ai Ciurtered 

4t.oitnI.wi!-. ri EiY.lonl jnd Wjk»j to c.vry « nvesSrrcnl business 


SUPERFRESH (1989) LIMITED 

(In Administrative Receivership) 

The Administrative Receiver has for sale the business 
and assets of toe above company retailing fresh fruit and 
vegetables. 

Main assets are: 

* Leasehold properties at Ealing Road, Wembley and 
Carlton Terrace, Green Street, London E7 

* Goodwill 

* Fixtures and fittings 

* Turnover over £3 million per annum 

Further information can be obtained from the 
Administrative Receiver, Mr S K Sing la 

Singla & Co. 

6 & 7 QUEEN STREET, LONDON EC4N ISP 
Telephone 071 236 2184 Fax 071 236 4944 


Major Business Opportunity 

Leading Swiss Telephone Chal-Line company for sale for personal 
reasons. Good potential for expansion. Short pay-back on investment 
should be possible. Offers required of SFr 1 million. Serious parties should 
write to: chiffit: 253-90165-52 

ofa Orell Fnssli Wcrtoe AG, Box 4638. CH-8Q22 Zurich 


Golf Hotel ★★★★ in Portugal 

New - Beady to be open. 

Surrounded by the most beautiful Golf courses of toe Algarve. 

60 Apartments and Suites, fuDy Air CondHaoned, Restaurant, Bar, 
Roof-Bar, Shop. Meeting Room, Health-dab, PboL 
Price 6J> mio US Dollar 

Offers to: HMT - ImmnhiHen, P.O. Box 100, FL 9491 Umayn - 
Li e c hten stein Fax: +41-76-3735644 

LEGAL NOTICES ~~ 


PETROBRAS 


PHYSICAL SECURITY 
COMPANY 

blue chip UK clients 
l/o ± £lm growing 
PBT I5Cr growing 

Wnte to Bui B2SW. Fnunriil Times. 
One SJMUfcfl.uk Bridge. 

London SB I 9HL. 



The Development Fund of the Republic of Slovenjja 

announces 

Pre-qualification of investors for the purchase and recapitalisation of the 
company 


MESNA INDUSTRIJA POMURKA 


Murska Sobota Ltd. 


* The company is registered to slaughter cattle and to process, sell and distribute 

meat and meat products 

* Its annual sales are DEM 75 million 

* it has 840 employees - experienced and skilled workforce 

♦The company owns export licences For toe EU and toe USA, holder of product 
brand names and has significant development opportunities. 

Potential investors are requested to indicate in writing their interest in 
purchasing shares and recapitalising the company. 

Written introduction of potential bidders must include: 

* Description of business activities to date. 

* Final accounts for 1992 and 1993. 

* Letters of reference from at least one commercial bank. 

* Proof that the investor has probable access to financial sources of at least DEM 
20 million. 

Introductions should be sent by registered mail in a sealed envelope marked 
"POMURKA". They should arrive at the following address within 30 days of this 
announcement 

SKLAD REPUBLIKE SLOVENIJE ZA RAZVOJ, d.d. 
Kotnikova 28, 61000 Ljubljana, Slovenija 

Introductions will be evaluated. Qualified investors will receive the tender 
document and will be invited to submit offers. 

This announcement does not purport to be a call for offers. Nor does it oblige toe 
announcer to issue an invitation for offers. 

For further information, please contact Mr Valter Nemec 
Tel: (386) (61) 131 9076, Fax: (386) (61) 131 3307. 




SUPERBLY FITTED 
TOWN CENTRE 
LEISURE PREMISES 


IDEAL HEALTH CLUB or 
NIGHTCLUB. 

Pristine condition, ready 
for opening. Current Rre 
Certificate. 9,500 sq ft. 
Freehold offers in 
excess of £1 mtfllon 
Boston Properties Ltd. 
Phone 0850 342845 


FOR SALE 

2 fresh food stores to 
West Yorkshire approx 60% 
fruit & vegetables. Turnover 
year ending 31/SttM. 
Over £1,250,000 
Write to Bax B2879. Financial 
Times. One Southwark Bridge, 
London SE1 9HL 


KE ofpayacat out of opal prana to 
Seaton 175(1) of the Caaputoi Ad l*WS 
Cottqmy Mil: 399940 
Rcgnmai a England md Wales 

imUCORTL'JC LIMITED 
NOTICE IS HEREBY GIVEN punauui to 
Seaton 173(1) of tbe Compotes Ad 1983 dM 
>i an Bitreoidlfliry Geocral Mccliig of 
UtSGxp U.K. United held on 37H May 1994 
a p uyrnen out of capital by Ok Company hm 
■ be purpose of the Company'! acquiring 
I J 15 . 88 ? of ita own Ordinary Shm of £1 
act by p ui td ua t from the Rt gteff i Holdei 
ibcieor ai pai was approved by Special 
Reantudoo. Tbe total ma un ei toe pi i mtltoli l u 
capital pa yam for (he aham u question fa 
UJlS^aS. Tbe Stafoxy DecUreifan of the 
Director) sad the Amfiu'i Bepon itqsfced by 
Section 173 of das Co m pa al g a Act 1983 are 
available for ioapeeiatw al tbe Company 1 * 
Rrgbtcteil Office. Any creditor of Ihe 
Company nay ai any line within the five 
rati inaarifl al d y toOowiag Ihe date of the 
RonhaJen hr payment am of opal apply to 
Ihe Conn under Section 176 od the Oxapasiea 
Act 1985 far at Order prihfairiag the psywcai. 
By Mer of Ac Board 

WJXMomaoa 

mOCtarp UJC. Limited 
Registered Office: 

29 Qaoea Asach Gac 
UtoioaswiRnu 
Dated: M Jane 1994 


IN THE MATTER OT 
BUSBY BOUHNCS LIMITED 

■d 

IN THE MATTER OF 
THE CYTHUS COMPANIES LAW CAT IU 
Notice o hereby given that the oedao ci of the 
alwic-t H u e 'll i n aaaay which a bdry 
ammdupare required oa or before the 2nd day of 
Inly 1994^0 jeDdJnjhiiir^fridl jjura^thelr 

their aolldtoa (if any) to the andcrelgncd Mi 
Aniaay Hafi Roussos FCCA of Juba Hoax, 3 
Thomnuclca Derail Street. PO Boi 1612, 
Nicosia, Cyprus. tbe UqnMaior of Ihe uid 
com p ony, told if » reqahed by notice is writing 
bum the said In ja ii i aioT. to coa o c la and pnvve 
tfrrir arid detvs or H ai m to aocfc time and place as 
lhafl be specified hi each notice, at bt default 
thereof Act wffl be exrdoded tan the benefit of 
■tty dlslrftHUkxi made before rack debta are 
proved. 

Dared das 3rd day of lone 1994 
AH^Rnna 


TO ADVERTISE YOUR 

.Legal atotices 

Please contact 

Tina McGorman 
on 071 873 4842 
Fax: 071873 3064 



INTERNATIONAL CALL FOR BIDS - REVAP - 41/93 


PETROlEO BRASILEIRO SA - PETROBRAS, through Its Industrial 
Department - DEPIN, makes public Ita Intention to carry out an 
INTERNATIONAL CALL FOR BIDS In order to contract for the 
development, supply and Installation ol Industrial automation systems 
In Tank Farms of the Henrique Lage Refinery - REVAP in S&o Josd 
dos Campos, SP, Brazil, and the Paulfnta Refinery - REPLAN In Paullnta, 
SP, Brazil, Including blending optimization, automated procedures, 
movements management In line-ups and tanks. The time period tor 
completion at the contract Is 30 months, been 22 months tor execution 
of the services. The Bidding Package is In accordance with Brazilian 
Law 8,660 ot June 21, 1993 and Decree N* 1,070 ol March 2, 1994. 

2. The public notice In Its entirely may be consulted and/or obtained 
beginning on June 6. 1994 at one ot ihe following locations: 

a) al Ihe company's New York office (ESNOR), Avenue ot the 
Americas 1330. 16th Hoar (NY 10019), USA. 
b} el the London office (ESLON). 197, Knlghlsbrldge. 1st floor: 
LONDON SW7 1RB, England. 

c) at PETROBRAS headquarters (EDISE), Avert Ida Chile. 65 - 21 si 
floor, room 2158 DEPIN/DITEP/SEOPRO - Rio ds Janeiro, RJ, Brazil. 

d) at the Henrique Lage Refinery - REVAP, Rodovia Pres. Dutra, Km 
147 - S4o Josfi dos Campos, SP. Brazil. 

2.1 - The document wM only be distributed to those who present the 
following Kflms: 

a) Proof ol deposit ot the US$500.00 tee. 

b) Letter containing the complete name ot the company, CGC 
(corporate taxpayer registration} number, address, telephone number, 
tax number and contact parson. Indicating in addition ‘Ha I In aria 
Henrique Lage REVAP - EcHtal de CONCORRENC1A INTERNACIONAL 
REVAP - 41/83.” 

2.2. - The torm tor the bank deposit mentioned above may be obtained 
at Ihe same addresses listed In Hem 2.1. 

2.3 - Deposits made In Brazil In local currency will have as a basis for 
calculating equivalency the exchange rate lor selling U.S dollars set 
by the Banco Central do Brasil on the day before the deposit date. 

3. The Qualification documentation shall be handed over al the Head 
Office building ol the Henrique Lage Refinery - REVAP. located at 
Rodovia Presidente Dutra. Km 147. CEP 12220-640 In the dty of S8o 
Joed dos Campos. Stale of Sfto Paulo, Brazil, al 9:30 a.m. on August 
4, 1994, at which Hme the E legibility envelope will be opened and the 
documents H contains will begin to be analyzed. 

BIDDING COMMISSION 


O PETROBRAS 

wmtoaMaittu. 

INTERNATIONAL COMPETITIVE BIDDING NOTICE 
BIDDING NOTICE N* 874-81-0002/93 

Paii ^Bfognetm SA-PEIhObnAslnftiowsthffigwde«danelofbhlBiili >wi»w . 
BIDDING COMMITTEE 


ATTENTION: £10.000 FOR unique 

pioneer m company mAh utSbnasd marM 

potential, bv9«VM« opportunity: 

0631 156107 


General Motors 
Corporation 

NOTICE IS HEREBY GIVEN Util radiing 
from ihe corporailoa's declaration of a 
dividend of S0.3I (pan) pet shore of the 
emm «todt of tfas cvponitoa ftoysfafa w 
the Khh Jane 199* then; ~iB betdOtt doe m 

respect of tor bearer tlcposkafy receipts a gross 
distntaiiofl of 1.00 cent per unit. The 
depository »UI give farther notice of the 
Merlins of *e art dfatribntioa pm 

□tor iqd lt oa and alter ihe ISlh lose 1994. 
All claims mnsi be accanpaoled by a 
eotaptaol tfarito turn sad USA ttx de cla ratio n 
obtainable from the depository. Cls hunts 
odtoi tioa UK htoks and aembere of the Stock 

re ceipt! far stifchtf. Pottal data* CMW bo 
Ktepnl The eDparadaa*] La qiuner 1994 

icpmt w3 be sibIiUc apoa sndiaaiBa to Ihe 
dcpoaiUry nanci! 

aedsysBuLFU: 

BGSS LONDON COUNTER SERVICES 
Itt to i wt ai wl i Swwt I Mtol PflSOff 


INVESTMENT BANKING 


Aa Basil] eon Strategist within the Investment Banking Division of this stgor 
investment company, the iwuiutwnt will be responsible for tbe pi muring, analysis 
and msnagHMnL of the business strategy for the firm's Investment hanking 
division in Europe end the Middle Boat. Responsibilities wfll range from defining 
and implementing the Divisional strategy and lending specific planing p irswsw 
for important clients, to bench marking and analysing competitor dev’rioprnenln. 
kUmUfring and raising key market opportunities and performing strategic ad-hoc 
analyses addrassmg cl**"* and n**rfa*t issues- The ■—* <1 rwroHdnt^ aged 25- 
30 nn«l Quant in at least 2 European languages In a ddition to English, wifi have 
tbe highest calibre analytical skills, education to degree level, and minlmom A 
years prior experience, gained within Europe and tbe U.SJL, in investment 
banking ond/or strategic oMumlting to financial inatit nlinna . Salary area £8L0OO. 
Please write in strictest confidence, endoaiDg Foil CV, to Bax A2063, Financial 
Times, One Southwark Bridge, London SE1 9HL. 


• •BUSINESSES- 


SALE • 


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

For further inform anon or to advertise 
in this section please contact 

Karl Loyniou oa 071 873 4780 or 
Melanie Miles on 071 873 3308 


WANTED: P.L.C. OR SIMILAR COVENANT 
SEEKING TO RELOCATE BUSINESS TO 
ATTRACTIVE AREA WITH LOW OVERHEADS 

1 HOUR LONDON - I HOUR BIRMINGHAM 
CLOSE TO Ml MOTORWAY 

Former headquarters of Cola Sports Goods 

ACCOMMODATION INCLUDES: 

Factory warehouse 12,000 sq.ft, or 24,000 Sq. ft. 

OFFICE BLOCK INCLUDES: 

Board Room with KhetMil jmacbed 
Showroom area 
All Headquarters amenities 
Long Term Lease for. 

'* £48,000 p.8. 

or 24,000 aq Jl Negotiable 

Ea» land if required Negotiable 

For farther details talk directly to owners on 10933 ) 665454 








11 





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FINANCIAL TIMES FRIDAY JUNE 3 1994 

PROPERTY 


G Jhaacellor Helmut 
Kohl's dithering over 
Setting * date for the 
final transfer of the 
government from Bonn to Ber- 
lin Is dismaying property 
developers. The industry 
believes the move could usher 
in a period of ramrod property 
activity, boosting prices and 
demand. ■ - 

Initially, Mr Kohl said the 
transfer - decided by a narrow 
vote In the Bundestag, the 
lower house of parliament, in 
June 1991 following unification 
- would take place by 1996, but 
the move has how been post- 
poned to the end of the decade. 

On Wednesday, the cabinet 
agreed cm where ministries 
would be located in Berlin. 
However, because of soaring 
costs, not all ministries win be 
housed in new buildings, as 
originally envisaged. "Many 
ministries wiQ.be put into old 
buildings which housed the 
fanner imperial, Nazi and com- 
munist a djninte tyflflQnfl. 

The finance and economics 
ministers will move . to the 
building which now houses the 
Tredhand privatisation agency 
(originally the headquarters of 
the Luftwaffe). The chance&ery 
will be one of the few institu- 
tions to be gives a new site, 
close to the former Reichstag 
parliament buBdlug. 

The sharply scaled-back plan 
will save about DMlbn 
(£400m), reducing the overall 
cost to DMffitaL 
This week’s decision ' comes 
as an anttchmax for Berlin’s 
pr o perty developers, which had 
been expecting , a bonanza in 
either renovation weak or new 
constructions, but at a much 
earlier stage. 

"We cannot wait around for 
Bonn to make up its mind We 
just have to got on with it,” 
said Mr Michael Spies, man- 
ager of Tlshman Speyer, a tJS 
company which is budding an 
office and retailing complex - 
along Friedrichstrasse, in the 
Mltte, the old heart of Berlin. 

The government’s decision to 
make Berlin the hew capital of 
united Germany has had a Mg 
impact on property prices in. 
the city. When the Berlin Wall 
was broached in November 
1999, developers rushed to the 
eastern part of the city. Over 
the not two years, prices 
soared: However, the govern- 
ment’s delay- in moving to Ber- 
lin has frustrated the market, 
leading to a price correction: 
office rente in prime locations, 
which reached a. peak in 1991 
of about DM220 a square 
metre; have fallen to between 
DMGOusq m and DM70 sq m, 
and in some areas such as 


Tenant in the 
driver’s seat 

Developers are losing out in 
Berlin, says Judy Dempsey 


wmm 


an** 


■frs^K- 







$ * 

I ■ \ i. 


. / 

; 

-■ • 4 - • I 

8 i 

j” ! 

c7 ! 

Ifi-j ? 

jt 

j .r ; • 1 

;| £ : ; 

i f 1 ' i 1 

l&i'i ■ 5*2 


Berlin's Re i chstag building, new parliament for united Germany 


Lripziger Strasse, to as low as 
DM45 sq m. The question today 
is what impact th** 1 ** shifts in 
prices win have mi investors. 

'Ihere are two broad methods 
of pro p e rly financing in Ger- 
many. in the west,, many prop- 
erties are financed by 
open-ended funds - dedicated 
investment vehicles artmiar to 
unit trusts. The properties 
these folds purchase usually 
have a relatively secure rental 
flow; however, the funds have 
few tax advantages.. Gloeed-md 
foods in the east were set up 
by the federal government in 
1991 in a tad to attract invest- 
ment in property in the region. 
In contrast to open-ended 
frmds, investors in closed-end 
funds can set off 50 per cent of 
their investment against tax. 

Th e doaeft enfl ftmds were 
■attractive to people who 
Wanted to benefit from the tax- 
breaks. But investing in prop- 
erty in order to save tax is 
-often a bad move; particularly 
if the investor does not know 
how the property market 
works [such, as in the east],” 
said Mr Guy Baiter from prop- 
erty agents Knight Frank and 
Rntfey ImmnhiKm Consulting. 

Than are about 200 campa- 
nies operating dosetiend fonds 
In the east Of these, 30 or so 


are big players commanding 
total foods exceeding DM20bn. 

Property analysts argue that 
the real weakness of do6ed-end 
foods is fond managers 
cannot always promise a guar- 
anteed return on the invest- 
ment “Sometimes three funds 
are set up without any guaran- 
tee of tenants. There are not 
many investors who are ready 
to buy buildings which are not 
pre-leased,” said Mr Barker. 

Y et with the fall of prop- 
erty prices by at least 
25 per cent over the 
past two years in Ber- 
lin, property analysts believe 
closed-end funds’ investors - 
including many g*nai) inves- 
tors with average hnidmg s of 
DM50,000 - could lose money. 

“The problem for these 
i nv es tors will emerge over the 
next two years,” said Mr Frank 
Schaick from friminhilipn Con- 
sulting in DOsseldorl “Many 
projects are still being con- 
structed and not yet let The 
key for any mwH investor is to 
opt for a fund which offers a 
long-term lease." 

Two other factors are 
increasing the pressure on the 
closed-end funds: first, strict 
planning controls in east Ger- 
many; second, a surplus of 


land available for development 
in the west, which could force 
prices down and prompt west- 
ern-based business to reasses 
the need to shift east 

Over the past year, cities in 
the east have started to set up 
Mining districts — demarcated 
areas for development - and 
have introduced planning con- 
trols. Berlin, for Instance, is 
limiting the issue of permits 
for developments on the out- 
skirts of the city. 

“The introduction of zoning 
means that the investor will 
get an idea of where to plan, 
and will eventually be able to 
get an idea of where the key 
catchment areas are," said Mr 
Guy Duckworth, from Healey 
and Baker, property consul- 
tants. Those who moved in 
early to some parts of east Ger- 
many might now be saddled 
with properties which offer lit- 
tle return on investment 
beca use of toning restrictions. 

For example, the Fnndis 
fund, one of the biggest, closed- 
end funds in Berlin, acquired a 
building without tenants or 
rental guarantees, along the 
river Spreebogen which loops 
around the Reichstag. Today 
the building is still unlet, 
partly because rental expecta- 
tions were set too high. But an 
additional factor deterring pro- 
spective tenants was the tough 
requirements of the zoning pol- 
icy. Under thi« policy, tenants 
are required to undertake 
activities designed to build up 
thft zone's infrastructure: ten- 
ants at the Fundis-backed 
building, for instance, are 
obliged to complement the 
Fraunhofer, the state-backed 
research development cen- 
tre which is located nearby. 

The second factor putting 
closed-end funds under greater 
pre ssure is that far the first 
time since the second world 
war, there is generally a 
greater availability of develop- 
able land throughout the coun- 
try, especially In the west 

“With the effects of land rec- 
lamation, ming closures and 
privatisation the market is 
shifting,” said Mr Berthold 
Wetteskind. chief executive 
officer of Deutsche Immobilien, 
a subsidiary of Deutsche Bank, 
The privatised railways, for 
example, now have large plots 
of land a vailab le for develop- 
ment The scarcity of land has 
disappeared," he added. 

Analysts believe that the 
cost of land could still fall, per- 
haps by as much as 20 per 
cent With more land available 
in the west and with the open- 
ing up of the ea st “the tenant 
is now in the driver's seat”, 
said Mr Wetteskind. 


PEOPLE 


Abbey National promotes Pople 
to run its Scottish life subsidiary 


Andrew Pople, 36. an ex-Bank 
of England man who joined 
Abbey National five years ago, 
has taken over as chief execu- 
tive of Scottish Mutual Assur- 
ance, its recently-acquired life 
insurance business. 

Abbey National bought Scot- 
tish Mutual in January 1992 for 
£287m with the objective of 
using its skills to launch 
Abbey National Life in Febru- 
ary 1993. Scottish Mutual chief 
executive Douglas Patrick, 51, 
was put on the Abbey National 
board and given the task of 
heading the group's life assur- 
ance division which contrib- 
uted £61m of Abbey National's 
£704m pre-tax profits last year. 

However, Abbey’s rapid 
expansion into the life assur- 
ance industry has been threat- 



ened by the sudden resignation 
of Patrick, for family reasons. 
Pople’s knowledge of the life 
assurance industry is limited 
to what he picked up when he 
was helping plan the establish- 
ment of Abbey National’s life 
assurance startegy, but his 


appointment marks him out as 
mie of Abbey National's young 
high-fliers. 

He worked in the Bank of 
England's h anking supervision 
section for three years before 
getting his MBA from the City 
University Business School. In 
1988 he joined Abbey as strate- 
gic planning manager. Life 
Assurance and in 1992 
switched into a line position 
managing 800 staff and 62 
branches in Abbey’s central 
division. 

Meanwhile, Abbey has 
sought to plug the rest of the 
gap left by Patrick’s resigna- 
tion by giving John Fry. 58, 
Abbey's group services direc- 
tor, main board responsibility 
for the group’s life and general 
insurance business. 


■ Peter Ellwood, chief 
executive ofTSB Group and 

TSB Rank «mrt nhatr-man of 

Visa’s Europe, Middle East, 
Africa board, has been named 
as chairman of VISA 
INTERNATIONAL on the 
retirement of Henry 
Banacerraf. 

■ George Fairweather, group 
finanriai controller of Dixons 
Group, has been appointed 
finance director of DAWSON 
INTERNATIONAL an the 
retirement of John Embrey . 

■ Nick Castro, formerly a 
partner in KPMG’s London 
office, has been appointed 
group financial director of 
YORKSHIRE-TYNE TEES 
TELEVISION HOLDINGS. 


Maurice Paterson leaves ScotAm 


The departure of Maurice 
Paterson from Scottish Amica- 
ble a week today, after 35 years 
with the life insurer, will leave 
the post of deputy managing 
director vacant for a while. 

Responsibility for sales, 
which had been Paterson’s 
remit, has been given to a 
team headed by Jim Cowan. 

Roy Nicolson, managing 
director, said yesterday that 
while there was a need for a 
deputy managing director at 
some stage, that was not his 
priority at present “Titles are 
not that important " he 

The rationale for the change, 
he said, was the need for a 


fresh approach, which had 
struck him as he looked at the 
organisation in the light of 
changes happening to the life 
industry, such as commission 
disclosure, and the launch of 
ScotAm's own European ven- 
ture in Dublin. 

He had discussed the ques- 
tion with Paterson who had 
concluded that there was not 
another job at his level within 
ScotAm that he would be inter- 
ested in doing. The decision 
was taken an a friendly basis 
between the two, who had 
worked together for more than 
30 years: “We're still talking," 
Nicolson said. 


Engineering a career at W.S. Atkins 


The engineering design and 
consultancy firm of W.S. 
Atkins has appointed Helen 
Stone, who first joined the 
company in 1972 as a graduate 
engineer, a8 manag in g director 
of W3. Atkins Structural Engi- 
neering (one of some 25 divi- 
sions within the company). She 
will be responsible for its engi- 
neers in the UK and overseas. 

W.S. Atkins has a history 
stretching back to 1938, when 
William Atkins - who died in 
1989 - first registered the firm 
as W.S. Atkins Partners. 
Mostly engaged in defence con- 
tracts during file war years, 
the firm's first real coup was to 
be awarded the contract to 
design and supervise the build- 
ing of Britain’s first large post- 


war steelworks at Fort Talbot 

Today, the company is one of 
Europe’s largest design consul- 
tancies, with some 4,000 staff 
employed on contracts in more 
than 40 countries. It has takpn 
a si gnificant part in the con- 
struction of the Channel Tun- 
nel, advising the hawkg on 
progress of the project and also 
conducting safety audits. 

Stone was elected a fellow of 
the institution of Civil Engi- 
neers in 1991, the thir d woman 
to receive that recognition. 

She says she is “not in 
favour of po sitive discrimina- 
tion but I am conscious that 1 
have a responsibility to break 
down inappropriate barriers 
which prevent women engi- 
neers from making progress. 


The difference between men 
and women does not extend to 
their ability to make engineer- 
ing calculations, or take engi- 
neering decisions." 

Stone's dislike of positive 
diacriminaHnm in engineering 
circles stems from a rational 
basis: “It’s still a profession 
where man predominate, and if 
you come across a female engi- 
neer the general assumption is 
‘she must be pretty good to 
have got so far*. I'm worried 
that if we start introducing 
positive discrimination that 
those very high standards will 
start to get lower.” 

She replaces Chris Symonds, 
who moves to be managing 
director of WS. Atkins Build- 
ing Managpmpnt Northwest. 


Bodies politic 



■ Robin Geldard (above) has 
been elected president of the 
BRITISH CHAMBERS OF 
COMMERCE at its agm in 
Birmingham. A former Royal 
Marine, he q ualifi ed as a 
solicitor in 1958 and became 
senior partner of Edwards 
Geldard in Cardiff in 1991. He 
has acted as deputy registrar 
of the County and High Court 
of England a nd Wales, and last 
year was appointed honorary 
consul by the Japanese 
embassy for the principality 
of Wales. He first became a 
member of the Cardiff 
Chamber of Commerce in 1970 
and served as its president in 
1987 and 1988. His tenure as 
president of the British 
chambers lasts for two years. 

■ John Sims has been 
appoi nted chair man of the 
CHARTERED INSTITUTE OF 
ARBITRATORS. 

■ Stephen O’Brien, former 
rhigf executive of Business 
in the Community, has been 
appointed vice-chairman of 
the CHURCH URBAN FUND. 

■ Lennart Aberg, md of Bayer 
UK; Brian Baldock, deputy 
i»ha<rman of Guinness; John 
Banfield, chairman of Mobil 
Oil; Jean-Claude Banon, group 
md of General Utilities; 

Michael Brtnton, chairman 

of Brintons; Sir trevor Chinn, 

rfrairTpan and red nf lw 

Service; Geoffrey Higham, 
chairman of ’Hie Rugby Group; 
Terry Holmes, director of 
corporate affairs at Nestte UK; 
David Jefferies, chairman of 
The National Grid; Aodh 
ODochartaigh. director of 
communication at Bass; Ian 
Ramsay, md of CPC (UK); 
Howard Robinson, chief 
executive of Calor Group; Peter 
Sanguinetti, director of 
corporate affairs at British 
Gas; Colin Sharman, senior 
partner at KPMG Peat 
Marwick; David Teague, md 
of ICL (UK); and ffigel 
Thompson, director of Ove 
Amp Partnership, have joined 
the national council of the 
CONFEDERATION OF 
BRITISH INDUSTRY. 


COMMERCIAL PROPERTY 


First Sealed Bid 



Hotels and Casino - 

to be sold individually 



Hamburg > Germany 

Plumed project with H Temce-boroa 
comfomMy etjuipped kb Hmnboi^ 

A ical srfetv mvestmcnJ m one of the 
o gnH i rapf ptecs of Gemuny. 
Tbtal-Projea-Price $2^80,000 
If joo ww (be otfct please all 
Tet Gemma? 40-53881X6 
P»c German? 40-5388180 
Feddeaen GamaKnu GmbH 
2Z339 Hafcag Am Hehsci 38 Gcumny 


RESERVE PRICES FROM 

c.£l s 500,000 TO £19,200,000 

■ INTERNATIONALLY RENOWNED HOTELS & RESORTS 

■ HOTELS WITH OR WITHOUT MANAGEMENT CONTRACTS 

A sample qf properties inducted, in the sale are: 

★ TORREQUEBRADA HOTEL *THE MARINE HOTEL 
: AND CASINO 

Costa-del Sol, Spain - 350 rooms, casino 
with licence and convention centre. 

★ GARDEN BEACH HOTEL 


Sakombe. United Kingdom - 
51 rooms. On the estuary. 

★ HOTEL MAYFAIR 

Brussels, Belgium - 99 rooms. 
Central Brussels. 

★ HOTEL HOPFGARTEN 

KitzbQhel Alps, Austria - 33 rooms. 
Ski and summer resort 


Juan les Pins, C6te d’Azur. Frame - 
174 rooms. On the beach. 

★ HOLIDAY INN 

Cambridge. United Kingdom - 
199 rooms. In the heart of Cambridge. 

1.5% COOPERATING AGENCY COMMISSION 
DETAHJED INFORMATION PACKAGES AVAILABLE 
Sealed bids due July 28th 1994 

For further information and a free property catalogue No: 6019 


FAX: 44 (0)81 665 5641 

Vmiiii'' \'hh n.riH. «. nini'.’.m. .uicii v's .Mu) !clcpl'<»nc number 


KENNEDY-WI LSON 


NTERNATIONAL 
REAl E&Tnra MARKETING AND 
INVESTMENT DANCING SERVICES 

S Princes Gate. Knlghtsbrldge, London SW7 IQJ Tel: 44 (0)81 665 5885 
UNITED STATES ■ UNITED KINGDOM « AUSTRALIA ■ HONG KONG ■ EUROPE 


:?<T U.S. PROGRAMMES - FAX -H iO) 81 665 5641 - QUOTING U.S. 


BELGRAVIA 

Freehold Office Investment 
Let to triple A Covenant 
Income £200,000 pjL Exclusive 

Rr tafcar dttrifa contact 
PD. BasiSa B2405, FtaEisxd Timeo. 
OaeSoBthrak Bridge. LundonSEl 3SL 



FOR SALE 

COTE D’AZUR, SOUTH OF 
FRANCE ONE OF THE TOP 
LUXURY HOTELS 
PRIVATE BEACH 

FEKaPALSOSLY 
BOX 85*07. FINANCIAL TIMES, 
CM SOUTHWARK BRIDGE. 
LONDON SEJ “ML 


FROM £35PVV!! 

i .u\ur\ MWiu-iw »•; 

,u;6:. V4.vrtl.in.il, t.n 
v.'p.or, jv.rkui.!:. vtv;r t- 
4c 0»:iv«-r:ii‘nt kv.it.o-i 
f.» iu.ci ui.*, Cont.u ■ 
!\.;Juo ii672; 742^S> 


WE WISH TO ACQUIRE 
PRIVATE PROPERTY COMPANIES 
FOR SHARES 

WE ARE AN INSTITUTIONALLY 
BACKED PUBLICLY QUOTED 
PROPERTY COMPANY SEEKING TO 
EXPAND AND WITH TAX LOSSES 

GOOD QUALITY COMMERCIAL 
PROPERTY PORTFOLIOS OF 
£5 MILLION TO £30 MILLION GROSS 
VALUE PREFERRED 

AGENTS WILL BE RETAINED 
ALL ENQUIRIES IN CONFIDENCE 

Apply to: 

Box 2404, Financial Times, 

One Southwark Bridge, London SEl 9HL 


FRANKFURTER.... BOURSE.... 
FINANZPLATZ .... EMI I ECB MA 
CUPOLA*.... a six-nan?/ naWW. a 10 
minute wtik nay, wta PcnOiottw. city 
apartments... Pa iuxa ’pied a tana*, 
urtstpiuid Baraga. Idea) boatona Lor Cfcy 
professionals, axacuttvaa etc. PRIME 
INVESTMENT lor tea i 


APPOINTMENTS 



■available). Deafen 
1 enviro nm en t al accedence In 
i (energy, water] - 



modes, ak. tafl. road (metro, bus) Now 
under consa u Btan. FAX lor deufa droct 
LW.BAUGottK-49-69 


FOR SALE BY PRIVATE TREATY 
The MHI Hotel, AJveley, Nr Bridgnorth, 
Shropshire 

• Excattant 21 bedroom hotel and conference centre. 

• Close to West Midlands conurbation, but tn ktyUic rural 
location. 

• 3.5 acre attractive grounds with water fedUttes. 

• Impressive turnover figures. 

• Freehold offers invited based on £2,000,000. 

Chesterton 

Contact MetflasvfPhflBp* 




021 200 3111 



MOSCOW EXECUTIVE OFFICE SUITES 

Tira WH fiaLf <V< ,,t r* ftg y ^ of Moscow. FtiHv fBnJsbgd & equiinied- 

Sife, secure mtingwithia tbr four*«ar RadrssaQ ho«L 
CaU today. Amerkrotn Business Center: • 

Tet (7095) Wl-8915 or Fu (75ttt) 224*1197. 

Info Ul US: Td (714^70-6577 Fax (7W7S-S564. 


FOR SALE FROM SWISS OWNERSHIP 
180 Hectare Apple and Pear Orchard 

la tbe Soolfa of Fra nce (Provence^ Yearly protfac r c. 8000 ran. Wkh in own cold 
utofnt , packaging bouse, warehouses, "diwt, laboratories mif hrdgingi On 
reqtaaL. nimagriwrnt fcaan wiH stay on. PotcagaBy fcrgfa tacS. adwaggaafi price 
(bdowsFr. 10 mil-1 Garanffiag ttaiThoklrrrhip possible. 

For farther information, contact W. Sommer, management consultant, 
18 Vogdangstrawe. CH-S61S OmwII a. S. Tefcfas W041 K9 1S2 


SOUTH KEN. QuM mow. anil coraafced 
office suite so Iol 1650 sq ft suit rods 
mated Co. HBdbto lease m El 4201 paq ft 
Apply MtefiM Barg DaB & Pftm 071 723 
919BRafcJWDL 


INVESTMENT VINEYARD Si fee* ChabEs 
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FINANCIAL TIMES 

EUROPE'* RUMNEtS NEWSPAPER 


3 


FIELD SALES 
REPRESENTATIVE 

W e are currently seeking a highly 
motivated tenacious individual 
to join our classified Commercial 
Property Team as a Field Sales 
Executive. 

The successful candidate must have at 
least 9 months field sales experience 
gained within a publishing 
environment 

If you would like the opportunity to 
demonstrate how you can successfully 
fulfil this role, please send your CV 
and covering letter to: 

Carol Honey 

Commercial Property Advertisement Manager 
Financial Times 
One Southwark Bridge 
London SEl 9HL 



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\2 


TECHNOLOGY 


FINANCIAL TIMES FRIDAY JUNE 3 l» 


Robot 
lifts the 
load 


A robot fork lift truck that 
carries loads between 
lorry trailer and factory 
floor could extend automation 
to the loading bay. A prototype 
now being tested maps its 
surroundings continuously and 
plots its routes. 

There is no system in the 
world that loads and unloads 
conventional trailers folly 
autonomously." says Malcolm 
Roberts, director of Guidance 
Control Systems of the UK. “We 
built a system four years ago 
that relied on mirrors in the 
trailers to reflect positioning 
lasers but now wc don't need 
them." 

Drivers of trailers up to 16m 
long cannot park them 
accurately enough for a fixed 
robot loader to work. The GC-S 
robot copes with such variables 
and also detects changes In its 
surroundings - for instance, 
when a pallet is in its path. A 
central computer communicates 
the tasks by radio to the robot, 
which is otherwise autonomous. 

The robot uses a variety of 
sensors to detect its own 
location and the trailer. A laser 
system scans ahead up to 25m: 
for local positioning, ultrasound 
is accurate for between 20cm 
and 2m. The ultrasound data 
is interpreted quickly by an 
off-the-shcir transputer but an 
infra-red sensor cuts in when 
data of a higher resolution Is 
needed - to cope with an 
odd-shaped load, for example. 

The robot analyses when it 
has nudged up close to a load 
using a force sensor and torque 
measurement on each wheel. 
More sensors control the 
sideways movement of the forks 
so that loads are deposited bard 
up against the trailer wall. 

"A fork-lift truck driver can 
unload a trailer in half an hour 
with relative ease and our 
prototype hasn't yet shown It 
can work so quickly. We expect 
to be there later this year." says 
Roberts. 

However, time is not the only 
cost factor as robots are not so 
prone to accidental damage to 
loads. 

Max Glaskin 


F or most companies, improv- 
ing business performance 
means reorganising to cut 
costs and jobs, followed by 
further investment in computers 
and communications technology. 
Few have considered the impact of 
intangibles such as knowledge on 
performance. 

Knowledge is a resource that is 
difficult to assess and manage. But 
now researchers at Cambridge Uni- 
versity, working with British Petro- 
leum. have developed a method for 
analysing the factors influencing 
knowledge. It allows an appropriate 
investment plan to be developed 
and, ultimately, the investment to 
be related to performance. 

BP initiated the work after mak- 
ing substantial organisational 
changes In the late 1980s. It wanted 
to improve the way people worked 
in a flatter, more team-oriented 
structure: but it also recognised 
that the usual information-based 
approach was too narrow and that 
"soft" factors - such as knowledge 
- must be taken into account. 

"Common sense tells you that 
knowledge will influence the way 
people work, but we wanted to 
know how it affected them," 
explains Paul Wilhelmij, BP Inter- 
national's team leader in decision 
support, who with his colleague. 
Jack Betteridge. provided a busi- 
ness focus for the work with Cam- 
bridge University. 

The partnership produced an 
analysis technique called Knova 
(Knowledge value-added). This pro- 
vides “a holistic business view to 
identify the less obvious cost driv- 
ers.” says Tony Holden, bead of the 
university's decision support group, 
which collaborated In developing 
the the method. 

Knova resulted in a computer 
model that takes into account the 
relationships - in a team or organi- 
sation - between knowledge, peo- 
ple. performance, investment, cul- 
ture and benefits. 

People factors include staff turn- 
over and motivation, while culture 
factors include leadership, open- 
ness. informal and formal communi- 
cations. the working environment, 
geographic distribution and per- 
sonal reward. 

According to Holden, traditional 
management models have difficulty 
linking these “soft” issues with 
"hard” quantitative factors, such as 
costs and investment. Nor can they 
easily analyse the benefits of invest- 
ing in the knowledge resource. 

In addition. Knova can provide 
both a static and a dynamic view of 
the factors that influence know- 
ledge. By assigning order-of-magni- 
tude values to the influencing fac- 
tors and using system dynamic 
modelling software, a computer 
model can be produced. This model 
can then be used to track the fac- 
tors over a period of time and per- 


Knova is an analytical tool that 
aspires to making the intangibles 
tangible, writes Diane Palframan 

Knowledge 

is power 



Knova helped cut BP Exploration drflftng coots by tacfcfing the stuck pipes problem 


form “what-iT analyses to compare 
different investment options. Know- 
ledge investments cover, for exam- 
ple. new procedures, computer 
systems, communications, external 
consultancy and training. 

Holden points out that the com- 
puter model is only quasi-quantita- 
tive because of the subjective 
nature of such factors as culture, 
but insists: “Knova facilitates a 
much richer representation, that 
can be linked to pictures, text and 
numbers, than the traditional 
paper-based representation of 
influencing factors." 


Companies do realise that know- 
ledge is important, says Holden. It 
is expertise, know-how, information 
and data that employees use to 
make decisions. 

In the recent restructuring, some 
companies have tried to use know- 
ledge more effectively by introduc- 
ing team-working and giving people 
more responsibility. But freedom to 
apply and share knowledge will not 
necessarily Improve performance. 
Nor will an increase in the training 
budget. Knowledge must be devel- 
oped and managed to produce bene- 
ficial results, argues Holden. 


The development of Knova began 
at the end of the 1980s and its prac- 
tical relevance was tested in the 
early 1990s on projects within the 
exploration arm of BP. 

One application, that looked at 
human factors in team-working, 
involved an awareness campaign to 
overcome a common problem in oil 
exploration - when a drilling pipe 
gets stuck. At BP Exploration, the 
cost of this problem had risen 
sharply in the late 1980s. from 
around $3 2m (£21.5m) a year to 
nearly $40m in 1988. 

BP Exploration knew that pom 1 
communications was a leading fac- 
tor in the problem. It developed a 
training programme to encourage 
open communication, knowledge- 
sharing and problem-solving among 
its drilling teams. It trained 800 peo- 
ple, 70 per cent of whom were from 
outside contractors. 

In two years, BP Exploration cut 
its drilling costs to $l3m, but in 1991 
costs began to rise again at two 
sites. This was put down to changes 
in personnel and a push for highpr 
performance. Applying Knova to 
the problem (albeit after the fact) 
showed that Knova would have pre- 
dicted the cost treads and would 
have highlighted staff turnover as a 
potential factor. 

Having validated the technique, 
both BP and the Cambridge group 
are applying It to other problems. 
BP is using it to look at operational 
decision-making on its process 
plants. “We are hying to create the 
right kind of environment for peo- 
ple who are working together in 
teams on our plants," says Wilhel- 
mij. This would improve decision- 
making and could affect plant 
safety. 

At Cambridge University, the 
decision support group is currently 
using Knova to identify the influ- 
ences on performance in service 
departments of large organisations, 
such as the UK's National Health 
Service hospitals. But the group's 
main target industries are manufac- 
turing. in particular oil and petro- 
chemicals, and financial services. 

These sectors have gone through 
big c hang es, and want to mayimiap 
performance and minimise risks. 
One way to do this, argues Holden, 
is by ensuring that people make 
quality decisions - decision-making 
being a knowledge-based activity. 

‘‘To get quality decisions, you 
may not need more sophisticated 
computer systems but a better 
organisational environment In 
which managers can make them,” 
says Holden. 

“Investing in computer technol- 
ogy has become a knee-jerk reaction 
and although computers have a 
place companies must broaden theft- 
perspective. Companies must also 
consider the intangibles and our 
work is to make the intangibles tan- 
gible." 


Worth Watching Andrew Fisher 



Non-stick finish 
for textiles 

Textile chemists have searched 
hard for a treatment that 
prolongs the life of clothing and 
borne furnishings, writes Neil 
Shuttle worth. 

Ciba of Switzerland and Du 
Pont of the US (owner of the 
Teflon trademark) have come 
op with the Teflon fabric 
protector, which provides lasting 
stain protection for rain and 
leisure wear. It also keeps water 
and stains off awnings and 
garden upholstery. 

The finish is derived from the 
chemical material used on 
non-stick pans. The fluorocarbons 
are linked to the textile fibre to 
form an invisible, odourless, 
colourless, durable film. 

“We see the products as being 
alternatives to silicon- and 
paraffin-based products because 
of their superior oil and water 
repellent effects." says Alan 
McDonald, head of marketing 
for textile finishing agents. 
Unusual applications include hot 
air balloons and parachutes. 

Ciba : UK 0625 618585. 


Stroke sufferers 
learn to talk again 

Computers are teaching people 
to talk again after suffering 
strokes. A team at Bristol's 
Frenchay Hospital in the UK uses 
personal computers to help 
patients supplement therapy. 

They allow patients to practise 
repeatedly routines that will help 
them find words they have in 
their heads but cannot express 
or write. The Frenchay’s aphasia 
(stroke-induced speech and 
language difficulty) computer 
team has worked in this area for 
seven years. The patients it deals 
with range from 33 to 82 years 
old and have suffered strokes 
of varying severity. 

The stroke patients call np 
words on screen which they have 


difficulty locating menially. 

explains Jane Mortley, of the 
aphasia team. “Where the word 
is stored in the brain, that's 
where the damage is as a result 
of the stroke." Courses are held 
at the hospital to train speech 
and language therapists in the 

method. 

Frenchay Hospitttk UK 0271 
701212. 


Non-pollutant 
leak detector 

A new method of detecting leaks 
in gas-assisted (to keep oat 
moisture) electric power and 
telecommunications cables 
without using pollutants has been 
developed by Varian of Italy. 

The system, marketed by Ai 
Cambridge, uses helium; an 
instrument sensitive to the gas 
provides highly accurate 
readings, eliminating errors from 
other soil-borne gases. Previously, 
some 80 per cent of tests were 
abandoned because of false 
readings. 

The system dispenses with 
arc ton. a CFC compound gas 
known to cause damage to the 
ozone layer. Norweb. a UK 
electricity company using the 
helium-sensing technique, has 
withdrawn approval for the 
arcton method- “We are now 
obtaining 100 per cent success 
In locating leaks in our gas-filled 
cables," says Alan Jones, 

Norweb’s Manchester area 
maintenance manager. 

Ai Cambridge: UK. 0223 834420. 


Colourful check on 
sensitive products 

To monitor products sensitive 
to time and temperature, Bowater 
of the UK has developed labels, 
called Reactt, which change 
colour according to varying 

conditions. 

They can be used on foods that 
must be kept chilled and eaten 
within a certain number of days 
or to label pharmaceuticals, 
especially vaccines. Reactt labels, 
containing dye and binder 
chemicals, are in two parts: the 
first, the indicator, contains a 
blue dye which indicates 
temperature change by turning 
red; the second, the activator, 
is a catalyst. Both are inert until 
they are joined when the 
chemicals merge into each other, 
the speed determined by 
temperature and time. 

Bowater UK 061 9412113. 


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ARTS 


Glyndeboume/Davld Murray 



marriage of aesthetics 


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T here was never much 
doubt about it. but 
now we know: Gtynde- 
bourne’s new, round 
opera bouse is a magnificent 
success. From the start Mich- 
ael and Patty Hopkins ifasigre; 
looked full of promise, and 
t bey have been beautifully 


Externally, the building fits 
into its context without a cross 
glance or ajar - within a few 
years many visitors will be sur- 
prised to hear that things used 
to be different. 

Cunningly. It has been built 
down into the MU, so as sot to 
protrude too modi above the 
old surroundings, there is stOl 
height enough to accommodate 
external balconies, from which 
to a&nire fite Sussex view. 

1 had wondered whether the 
increased numbers might 
malm the statutory picnicking 
a bit of a scrum, but no: new 
garden-room.' has been pro- 
vided, and the grounds felt no 
more crowded than before. 

And the interior, a dream of 
blond wood, exceeds all expec- 
tations. Not only is it comfort- 
able (that, at least; we were 
counting on), but with its ris- 
ing concentric tiers it lochs 
intimately crowded, just as a 
proper theatre should. 

Nobody seems distanced 
from the stage, even on the 
uppermost tier. Excellently 
chosen lighting achieves a jew- 
el-box effect - dimming, not 
twee, since there is ho decora- 
tor's folderol in the house. 
Friendly simplicity' is the key- 
note; even the "boxes’* on 
either aide of each- tier are 
Open and in fo rmal 

Beat of all, the acoustic 
offers everything one had 
hoped for. Gone is the dry, - 
boxy sound.of the old audito- 
rium; now the orchestra rings 
clear and uncramped, in. far 
better balanced perspective, 
and singers' voices bloom in 
the new space. 

Almost inevitably, Glynde- 
houme chose £e maze cti Fig- 
aro to inaugurate the bouse. 

The old Peter Hall produc- 
tion. was to have bean revived, 
but the sets were lost in a fire 
two years ago. John Gunter 
has redone them, thriftily: the 
gardes act Is planted now with 



Distinctive styles: Alison Hagiey and Gerald Finley at Giyndebourne in *Le none di Figaro* 


nrtthtng >mt giant g faflttt rrf t4ro- 

barb, among which the clan- 
destine comings and goings 
become a public charade. 
Hall’s original staging was 
unique. in making the dodgy 
action both clear and (more or 
less) believable. 

Clarity, at least, remains a 
great virtue of the “newly 
mounted production" by Step- 
hen Medcalf. 

Everything that matters is 
there, and it doesn’t subject its 
cast to any awkward tricks or 
gimmMre- Since Bernard Halt 
ink is the conductor, with the 
1 ,/mrifm philharmonic. Moz- 
art's score is rendered with 
lively faithfulness. 

1 thought Haitink hart taken 


particular care to brighten the 
uranmparrimumfa for the extra- 
neous arias - MarceDina's and 
Don BadKo's — in the prfw* 
act, though they will never 
really justify themselves- (Nice 
for tfiA MamjlliM unit thp 
ilio. who otherwise get no 
solos; but they do nothing to 
advance the action in the 
nm-up to the fimfe of a long- 
ish opera.) 

It is Figaro his Susanna 
who dominate the proceedings 
here: personable Gerald Finley 
and Alison Hagiey, who have 
the further advantage of dis- 
tinct individual timbres and 
styles. The naughty Count is 
Andreas Schmidt, elegant but 
sli ghtly dry-voiced; his Count- 


ess, Rente Fleming, wielded 
her big soprano with increas- 
ing grace as the opera devel- 
oped. 

Old Bartolo Is M anfr ed 
ROhrl, who gives him an 
old-fashioned gentility and 
reserve: a collector of first edi- 
tions, probably. 

Wendy HiHho use cuts a 
nicely ample figure as Marcell- 
ina. Robert Tear’s Basilic - a 
piece of power-casting, that! - 
brims with character, though 
in ensembles his penchant for 
reaching up slowly to high 
notes sometimes takes the 
<»d ge off the rhy thm As Cheru- 
bino, Marie- Ange Todorovitch 
is deliciously ranrfid and plau- 
sible. 


Alastair Motr 

There is a sexy young Barba- 
rina from Susan Grittan, e"d 
Donald Adams makes her 
uncle Antonio definitively 
crumbly and grumbly. For the 
lawyer Don Currio, John Gra- 
ham-Hall imitates the ori ginal 
Michael Storace stuttering- 
trick (Mozart was initially 
doubtful about it, but Storace 
persuaded him). 

All in all, it is an unspecta- 
cuiarly happy, rewarding even- 
ing: just what we love Glynde- 
boume for, and even more now 
in its splendid new house. 


Sponsored by NM Rothschild 
& Sons Ltd, Rothschild & Cie 
Basque. In repertory until 
July 15. 


R elations In the past between 
the Aits Council, the bastion 
.of the subsidised arts, and the 
Association for Business Spon- 
sorship of the Arts, created to encode 
age corporate investment, have not 
always been easy. 

They became particularly cool when 
the council set up axi external relations 
department to offer its clients advice on 
sponsorship, and also to seek,, with, 
patchy ^success, business funding for its 
own conferences ami publications. * 

This mutual suspicion should charge 
now that the new secretary-general of 
the council, Miftry Allen, is an ABSA old 
girl, and. the chairman. Lord Gowrie, 
was a committed believer in sponsor- 
ship when arts minister, and boasts the 
Business Sponsorship Incentive Scheme 
as one of his greatest achievements. 

ABSA will undertake a ss ig nments for 
the council, especially in advising arts 
companies how they can attract more 
sporsorship. This is already happening 
in a piecemeal way. ABSA works for 
the Scottish Arts Coumdl cm raising 
corporate funding and In April Eliza- 
beth Ganney was drafted from ABSA to 
bolster South East Arts, with most of 
her salary coming from the regions. 

Her task is to instruct the many 
gmflp arte organisations in the area, 
(not necessarily South Bast Arts cli- 
ents) oa how to fundraise more efiec- 


Sponsorship/Antony Thomcroft 

Cool relations warm 
to new challenges 


lively. The region receives less subsidy 
per bead than any other (because the 
council expects local arts lovers to go to 
.London) and many organisations there 
struggle to survive. 

Fortunately, the south-east is attrac- 
tive to business, and some new compa- 
nies are embracing sponsorship. Nynex 
Cablecommunications, for example, has 
become a sponsor it needs to improve 
its corporate Image while digging holes 
throughout the area. It has barked the 
Brighton Festival and such small 
causes as the Reigate-based English 
Arts Chorale. The potential in the 
south-east is considerable: last year the 
region boosted its revenue from the 
BSIS (which encourages first-time spon- 
sors) by 24 per coat to £326,000. 

As ABSA extends its network of 
regional offices (Birmingham opened 
this week), it will work closer with the 
newly beefed-up arts boards. 

* 

Scotland swept the board at ABSA’s 
Goodman and Garrett Awards cere- 
mony at the Tate Gallery, which is 
unique in honouring individuals who 


have served the cause of arts sponsor- 
ship. Alex Clark won the £10,000 Good- 
man Award, far achievement by a vol- 
unteer, and Nina Havergal the S10J00 
Garrett as a professional in the field. 

These imaginative awards have been 
sponsored for three years by Reed 
Elsevier. 

* 

BP was rate of the large sponsors that 
froze its budget during the recessi on . 
By not renewing most of its 40-odd, 
£25,000 or so, touring and community- 
based commitments its expenditure 
almost halved, to around £750,000 a 
year. Now it is reexamining its posi- 
tion. 

The budget Is tmhkely to rise in the 
short term but BP has a strategy again. 
Community work will be left to local 
subsidiaries, which may, or may not, 
include the arts. HQ win concentrate on 
four or five prestige sponsorships. 

The annual re-hang of art at the Tate 
Galtey will be financed for two more 
years, and there is to be another year at 
least for the annual Portrait Award at 
the National Portrait Gallery. The Car- 


diff Singer of the Year, with the BBC, 
wfll continue in 1995, and then stay on 
hold until the murky relationship 
between the BBC and sponsorship is 
thrashed cut- 

in July, BP sponsors its first produc- 
tion at the National Theatre, Chekhov's 
The Seagull. In the past BP backed the 
NTs educational programme, but it is 
switching about £60,000 to a more high- 
profile event 

* 

Last month the most important exhibi- 
tion of paintings in a generation by the 
American artist, Willem de Kooning, 
opened at the National Gallery in Wash- 
ington. It will later go to the Met in 
New York before coming to the Tate in 
London early next year. The British end 
of the trip was entirely dependent on 
the American bank JP. Morgan having 
invested more than £lin into the event 
This will cover transportation and 
insurance costs. 

JP. Morgan is slowly appreciating 
the benefits of sponsorship and its bud- 
get rises steadily. It exploits the oppor- 
tunities for corporate hospitality - but 
is as much swayed by a feeling of 
responsibility towards the quality of 
life, and the fact that de Kooning, 
American ami avant-garde, fhiwvut fo 
nicely with a bank that is trying to 
shed its traditional image of exclusiv- 
ity. 


Theatre/Alastair Macaulay 

The Dream’s spell 
in the Park 


I n hell they give perfor- 
mances of A Midsummer 
Night's Dream without a 
single laugh. In this life, 
however, it is the most water- 
tight of Shakespeare's come- 
dies. The lovers' confusions 
will rouse the sleepiest of audi- 
ences, and the Pyramus and 
Thisbe scene seems never to 
foil Hie production that opens 
this year’s Open Air season in 
Regent’s Park, directed by 
Deborah Paige, is not very for 
above these minimal standards 
- but does that matter? 
Regent's Park itself lends 
poetry where the actors lack it 
Part of the spell is that the 
birdsong, which at first virtu- 
ally drowns the actors, gradu- 
ally ebbs away during the 
evening; and the last glow of 
full daylight deepens into 
nightfaij behind the stage and 
is replaced, bit by bit, by stage 
lighting. 

The quality that is rarest in 
performances of The Dream is 
sheer human complexity, that 
most vital Shakespearean 
ingredient 

It is most touchingly present 
on this occasion with Bottom, 
given an unusually po-faced, 
even dignified, performance by 
Robert Lang. His speech on 
awakening, baffled by last 


night's memories, is spoken 
with Ideal, hushed awe; and, as 
he remembers, his hands trace 
above his head the arcs of his 
vanished ass's head. 

No jolly stupidity here, but 
the stunned wonder of one 
whose fife was briefly transfig- 
ured. Thai, on his next appear- 
ance, comes the robust life-giv- 
ing camaraderie of “Where are 
these lads? Where are these 
hearts?": sweet bully Bottom, 
fully restored to the human 
race. 

ETOftllfint also is Estelle Koh- 
ler's Titania - an arresting 
mixture of dangerous power 
and wanton sensuality. She 
speaks the verse with an 
authority that sends the play’s 
pulse soaring on her every 
entrance. Cameron Blakely, 
with horns and thick black 
hair like the god Pan. is a vir- 
ile, bright-eyed Puck with bags 
of attack. Paul Freeman's 
Oberon, eyelids glittering, is 
more hammy, savouring the 
role’s rhetorical flourishes and 
rolled Rs. 

Most of the rustics do well, 
though why Flute (Simon Har- 
rison. looking like Tim Brooke- 
Taylor) should say he has “a 
beard coming” when he is 
already half-bald beats me; his 
piping voice is a cheap joke; 


and Peter Quince (weakly per- 
formed by Tim Stern) does not 
speak the prologue as Theseus 
and Lysander then describe. 
The four mortal lovers are 
given light, superficial perfor- 
mances by actors who have 
plenty to learn about produc- 
ing their voices. (And if the 
Open Air Theatre doesn’t teach 
them ...) 

Geraldine Pilgrim has put 
them in 19 th-century attire 
(Empire line for the girls), and 
has provided an elegant set - 
an extended creamy neoclassi- 
cal arcade through which we 
see the park's trees. The 
fairies , as usual, are a problem: 
five of them here, played by 
adults. 

Most of Jonathan Goldstein’s 
music for them sounds like 
(remember Bound the Home?) 
the Fraser Hayes Four; and Pil- 
grim and Paige have dressed 
them with mirror-specs, black 
helmets, glittery leggings, and 
fanned silver-paper wings to 
look like bluebottles. Were I 
Bottom, I would not ask one of 
thpm to scratch me. And, call 
me old-fashioned, I cannot 
believe in fairies with large 
buttocks. 

In repertory at the Open Air 
Theatre. Regent’s Park. 


Pimlotfs Murder in the 
Pit a mere fagade 


I t is a truth too seldom 
acknowledged that T.S. 
Eliot, among the most 

haunting of SOthrCeutury 

poets, was a lousy playwright 
But EHofs finest poems are 
so much nearer drama thaw 
his plays. 

In bis finest poetry you can 
feel the conflict of separate 
voices and the tension of dif- 
ferent ideas. 

In his plays, however, he 
can rarely characterise suc- 
cessfully; and he develops bis 
few dramatic ideas at a woe- 
fully cumbersome rate. Eliot 
can always loll an audience 
with his sheer quality of 
sound, but this counts for too 
much. Beneath this siren sur- 
face the quality of meaning is 
all too slow, and sometimes 
nebulous. 

Eliot’s plays usually bring 
out the worst in English act- 
ors: you can see them calcu- 
lating their most showy and 
superficial effects. And Steven 
Pimlott's BSC production of 
Murder in the Cathedral is 
utterly sunk by the central 
performance of Michael Feast 
as Thomas Becket 
It is easy to see that Feast is 
in some ways wrong for 
Becket. (In his skull-like vis- 
age and glassy facial expres- 
sions it is impossible to find 
any trace of the former bon 
oiveur.) Also his reading is in 
other ways controversial 
He seems to be trying to 
reveal some of the stranger 
facets of the psychopathology 
of religion - the suppressed 
hysteria of the wouldbe mar- 
tyr, the manic fervour of the 
bigot, even a not-quite-subli- 
maied homosexuality. 

But these aspects would not 
matter if Feast ted us into the 
contemplative stillness of 
Becket’s thought 
Instead, however, he applies 
his considerable intelligence 
and technique into an ever- 
changing array of artificial 



Michael Feast in ‘Murder in the Cathedral’ 


Alastair Muir 


gestures, over-bright facial 
expressions and contrasts of 
vocal dynamics. 

The overall impact is busy 
and contrived. He is worse 
when pretending, with con- 
stant artfulness, to be most 
spontaneous - in his prose 
Christmas sermon. 

As it is, the play snaps into 
some kind of dramatic vigour 
only once: in the clever, spe- 
cious, modem apologias spo- 
ken by the four knights after 
the murder. Jonathan Philips 
(third knight) has done noth- 
ing with the RSC better than 
this witty piece of bluffing. 

The play’s truest poetry is 
for its female chorus. Just 
sometimes Eliot comes dose to 
eatcfaing the mysterious incan- 
tations of the choruses of 
Greek drama. PimJott paces 
and divides these wen. 

Sarah Woodward and Kate 
Dnch&ne make only mild 
effect Look at them after 
watching the older Cherry 


Morris and Sheila Ballantyne, 
so excellent in speech and 
stance, Morris, in particular, 
is so calm and focused - very 
reminiscent of Peggy Ashcroft 
in intonation - that she raises 
tiie play to a higher level with 
her every contribution. She 
even persuades us that such 
lines as “I have smelt ... 
incense in the latrines” mean 
more than they do. 

Pimlott, his designer Ashley 
Martin-Davies, his lighting 
designer Brian Harris, and 
Feast himself have reaccen- 
tuated many features of the 
production in transferring it 
from Stratford's Swan to the 
Barbican’s Pit. 

This, alas, is merely to 
adjust the facade of what is 
only a facade anyway. The 
more you shift the visual 
aspects of Eliot’s play, the 
more you expose how static is 
its dramatic core. 

In repertory in the Pit 



VAN GOGH’S 
SELF-PORTRAITS 

The visual arts programme at 
this year’s HoBand Festival to 
■ dominated l»y an wddbltion of 
ra r ely - s een ealf -portraits by 
Vincent Van Gogh, on show in 
Amsterdam at the Van Gogi 
Museum from next Friday. 

The 20 paintings end two 
drw dfrg s afl date from the arttefs 
Stay in Pints from 1888 to 1887, 
when he wan c onfr on ted for the 
that ttene wHh the range of 
cotoora used by the 
hnpresakmlats. RnancteHy ■ 
depe«to«on hh brother Then, “ 
Van Gogh could not affonl tn 
hhe modets to pose for him, so 
he picked up a minor and tuned - 
to the self-portrait to satisfy hte 
passion for human figure 



He went on to paint 35 
satf-portraft* white Bring in 
France, 26 of them dating from 
hte Peris period. They mark a 
dramatic Iran to M* artistic 
vision, tracing his departure from 
dark and so mbre shades' to the 


vforant colours which 
c hara cterised the work of hte 
final three years before he 
committed suicide in 1890. 

Five pafrrtfrigs in the exhibition 
have never been on pubOc view 
before. They were pa in ted on 
the backs of Van.Gogh’s earfier 
works from the Dutch town of 
Huenen, and have been reframed 
so that both sides can be viewed. 
Seen together in one room, the 
self- por traft s reveal a fascina t i ng 
variety of expression - sometimes 
d eri Bsh , at other tones sweet 
and gentle. The exhtoftoai runs 
tS October 9. - 


■ EXHIBITIONS GUIDE 
AMSTERDAM 

BflK amifs eum flowers and Plants: 
flora and fauna In five centuries 
of prints end drawings. Ends July 
31. Closed Mon 

Stedeflfc Museum Couplet II: the 
latest in s series of temporary 
exhibitions drawn from the 
permanent coftectlon, this time 
focusing on Joan Jonas’s 
performance installations 1968-94, 
Peter Hujar's photographs 1963-87, 
Domenico BianchTs paintings 
-1987-94 end Brice Martian’s 
paintings 1985-93 - plus selected 
works by Dubuffet Schwitters, 
Tdptes and others. Ends June 3a 
Da3y 

BARCELONA 

Museu Picasso The Russian 
Avant-Garde 1905-25. Ends June 
26. Closed Mon [Carter Montcada 
15-19) 

BASLE 

Antikanmuseum ftetoscoverfng 
Fompefc 200 objects, including 


jewellery, ceramics, statues and 
household implements, offering 
Insight into da3y life in the Roman 
town, supplemented by a 
reconstructed garden with mosaics 
and a room complete with original 
frescoes. Ends June 26. Closed 
Mon 

Museum fGr Gegenwartskunst 
Joseph Beuys' Arena (1972): more 
towi 100 painted photographs by 
one of the most controv e rs ia l 
figures in Germany's postwar 
avant-garde. Bids June 26. Closed 
Mon 

LAUSANNE 

Musde d*Ait Contempor am 
Contemporary Picasso; 80 works 
1946-1971, including 30 paintings 
and a dozen sculptures. Ends Sep 
25. Dally 

Mus$e Ofyropkjue Mlro: 41 
sculptures from Barcelona, 
documenting hte progression from 
hie first phase, whan he revefled 
in pure rubbish, to the m agi c circle 
formulae of Ws later years. Also 
included toe 13 prints from the 
1960s and 70s. Bids Sep 4 
LONDON 

Royal Academy of Arte Goya: 

100 smaB-scale paintfogs covering 
hte entire career. Ends June 12. 
Daily (advance booking 071-396 
4555) 

Queen’s GaBeiy Gainsborough 
and Reynolds: pa i nti ng s, prints 
and documentary malarial 
tiusbating the different personalities 
told artistic styles of two great late 
18th century British painters. Ends 
Dec 22 

Grosvenor House The flagship 
fair for the British aft and antiques 
world opera next Thure and runs 
till June 18. Paintings, furniture, 


silver, Jewellery and other works 
of art from antiquity to the present 
day can be admired and bought. 
Among the items on show are a 
pair of paintings by Francesco 
Guardi dating from the eariy 1780s, 
Landseer’s A Highland Glen, an 
Elizabethan walnut three-tier buffet, 
a mid-18th century Castefll majolica 
covered cup and some classic 
Chinese 16th and 17th century 
Ming furniture (tel 071-495 8743 
fax 071 -4S5 8747) 

LUCERNE 

KomschQtte Book Illumination 
of the Midcfle Ages and the Book 
of Keiis: Fine Art Facsimile 
PubDshers of Switzerland has set 
itself the task of making the most 
important illuminated manuscripts 
of the western world accessible 
to libraries, collectors, museums 
and connoisseurs of art and books. 
This exhibition shows the results. 
Ends June 18 
MADRID 

Centro de Arts Relna Sofia Lucian 
Freud: a collection of paintings, 
drawings and etchings celebrating 
the recent achievements of Britain’s 
greatest living rsaSst painter. Ends 
June 13. Closed Tues 
Funds cion Juan March Isamu 
Noguchi (1904-88): 58 outdoor 
sculptures expressing the oriental 
ami western cultural traditions 
inherited by Noguchi, an American 
totist of Japanese origin. Ends June 
26. DaBy 

Castetiana Fernando Botero: an 
outdoor p a r ad e of 21 of the 
Colombian sculptor's bulging 
bronzes. Ends Aug 12 
MUNICH 

Alts Pi na kothek Tintoretto: the 
Gonraga cycle. Ends June 21. 


Closed Mon 

Haus der Kunst Elan Vital: an 
exhibition exploring the link 
between Kandinsky, Klee, Arp, Miro 
and Cakler. Ends Aug 14. Closed 
Mon 

Kunsthalle der 

Hypo-Kutturetfftung S Dorado: 

300 gold and ceramic treasures 
from pre-colonial Colombia. Ends 
Sep 4. Daily 

Akademie der schonen Kunste 
The Russian Stage 1900-30; 190 
treasures from the Bach arshin 
Museum in Moscow. Ends June 
26. Closed Mon 

VEa Stuck Christo: an exhfoition 
devoted to the grandiose urban 
projects which the 
Bulgaritot-American artist has 

pursued over the past 30 years, 

including his current plan to wrap 
the Berlin Reichstag In silver doth. 
Ends July 10. Closed Mon 
Neus Pinakothek Wilhelm LeibJ 
(1844-1900): around 200 paintings 
and ckawlngs offer a 150th 
anniversary retrospective of the 
Cologne artist who was the leader 
of German Realism in the late 19th 
century. Ends July 24. Closed Mon 
NAPLES 

Caste) Sl Eton Naples under the 
Austrian Viceroy 1707-34: a 
splendid itinerant show from 
Vienna, dominated by the 
magnificent baroque works of 
Francesco Sofimena. Ends July 
24 

NEW YORK 

Metropolitan Museum of Art 
Petrus Christos: 22 paintings by 
the 15th century Nethertarxfish 
master, renowned for the JeweWika 
luminosity of his work. Ends July 
31. American Impressionism and 


Realism 1885-1915. Ends July 24. 
The Decorative Arts of Frank Uoyd 
Wright Ends Sep 4. Sidney Nolan's 
Ned Kelly Paintings. Ends July 17. 
Closed Mon 

Museum of Modem Art American 
SurroaOst Photography: 46 works 
from the period 1930-1955. Ends 
July 5. Closed Wed 
Whitney Museum of American 
Ait Isamu Noguchi: retrospective 
of the 90-year old artist whose 
work merges Asian traditions with 
Western Modernism. Ends June 
19. Joseph Stella (1877-1946): more 
than 200 paintings and works on 
paper tty the modernist who helped 
translate concepts of the European 
avant-garde into an American 
idiom. Ends Oct 9. Closed Mon 

PARIS 

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

MusAe cFArt Modems de la Vile 
de Paris Dutch Art of the 20th 
Century: the first part traces 
developments from Van Gogh to 
Mondrian, while the second focuses 
on ten contemporary artists. Ends 
July 17. Closed Mon (11 ave du 
President Wilson) 

Hdtel de V3e Nicolas de Staek 
70 paintings and 40 drawings by 
the Russitoi-bom, French-trained 
painter who committed suicide in 
1955. Ends June 19. Closed Mon 
(Satie Saint-Jean, 3 rue de Lobau) 
ROME 

Palazzo defle Esposiaoni Dada 
- The Art of Negation: 300 works 
from public and private collections. 
Ends June 30. Richard Long: eight 
installations by the British artist. 
aH prepared or created on site. 

Ends June 30. Closed Mon 


SPEYER 

Hfistorisches Museum der Pfalz 
Romanov Tsarist Treasures: 200 
pieces from the St Petersburg 
Hermitage, including jewellery, 
objets d’art, paintings, furniture 
and costumes, collected during 
three centuries of Romanov rule 
in Russia. Ends Aug 14. Daly 
STUTTGART 

Staatsgalerie Picasso: a rare 
showing of 400 prints from a 
private collection, including 
portraits, still-lifes and many other 
themes. Ends Aug 14. Closed Mon 
Linden-Museum Art of the 
Aborigines: 90 wood paintings, 

40 sculptures and an installation, 
mainly by contemporary Australian 
artists. Bids Sep 25. Closed Mon 
VENICE 

Antichi granai della repubbfica 
China in 220 BC - The Warriors 
of XT an: ten of the 7,000 lifesize 
terracotta soldiers who guarded 
the tomb of Emperor Qt'n 
Shftuartgdi in central China, along 
with copies of war chariots and 
weapons discovered in one of this 
century's most dramatic digs. Ends 
Sep 11. Daily (the old granary on 
the tip of the Giudecca) 

Palazzo Grass! Renaissance 
Architecture from Brunelleschi to 
Michelangelo: 250 works from 
European and American public 
collections. Ends Nov 6- Daily 
Scuota Grande di San Rocco 
Tintoretto portraits. Ends July 10 
ZURICH 

Kunsthaus Amor and Psyche 
around 1800: an artistic exploration 
of the classical Greek legend, with 
paintings and drawings by David, 
Picot Meynfer and others. Ends 
July 17. Closed Mon 




14 


FINANOALTragS FRIDAY JUNE 3 1994 


S ocial policy is the Achi- 
lles* heel of Europe.** 
Mr Raphael Chanterte. 
a Belgian member of 
the European Parliament told 
a conference on the subject 
last week. 

His audience of government 
officials, academics and indus- 
try representatives murmured 
assent, hut could have spent 
hours disagreeing with each 
other over what the statement 
meant It might have been pos- 
sible to thrash out an agreed 
definition erf •'Achilles' heel"; 
"social policy" would have 
presented greater difficulties. 

Their confusion is partly 
understandable. European 
Union social policy has tradi- 
tionally been dominated by 
employment-related issues. 
Alongside these, however, a 
clutch of policies concerned 
with the poor - or, in the EU*s 
preferred term, the "socially 
excluded" - has grown in sig- 
nificance. Anti-poverty organi- 
sations are increasingly 
looking to Europe for initia- 
tives to attack deprivation. But 
they fear that EU involvement 
in this area of social policy is 
about to collapse. 

Mr Padraig Flynn, the EU 
social affairs commissioner, is 
currently sifting through hun- 
dreds of responses to a green 
paper on options for the future 
of social policy, before present- 
ing final proposals to the Com- 
mission In a white paper next 
month. The green paper 
sounded powerful warnings 
about the dangers of excluding 
large sections of Europe's pop- 
ulation from a reasonable 
share of wealth and opportuni- 
ties. Violence, drug abuse, rac- 
ism, political extremism and 
social unrest were, it said, all 
likely to result. 

Mr Flynn made it clear last 
week, however, that against a 
background of high unemploy- 
ment. job creation would "dom- 
inate the whole agenda” aris- 
ing Cram his white paper. He 
emphasised his opposition to 
the emergence of a “dual soci- 
ety” of advantaged and disad- 
vantaged in Europe, but 
argued the best way or sup- 
porting the most needy groups 
was through measures to 
attack long-term unemploy- 
ment 

With the number of the EITs 
poor variously estimated at 
between 50m and 70m, anti- 
poverty organisations regard 
the idea of relying on labour 
market policies alone to tackle 
"social exclusion” as wishful 
thinking. The green paper 
itself concedes that a return to 
full employment is "unlikely in 
the foreseeable future” without 
significant policy changes. 
Europe created 9m Jobs 


Poverty 

of 


vision 


Alan Pike on 

Europe’s 
reluctance to 
give direct aid 
to the poor 


between 1985 and 1991 but 
unemployment fell by only 3m. 

The European Anti Poverty 
Network, which represents vol- 
untary organisations in the 12 
member states, wants the 
introduction of rules requiring 
poverty and its social conse- 
quences to be taken into 
account in all EU policies, in 
the way that environmental 
factors are considered. But 
campaigners' fears that their 
efforts mil fall on deaf ears 
have been compounded by 
signs that the financial help 
the EU gives to the poor may 
be under threat. 

Although relief of poverty is 
a responsibility of individual 
states, the EU supports experi- 
mental projects aimed at 
r hanging the lives of the pOOT. 
Poverty 3. its current five-year 
programme, ends this month, 
and last year Mr Jacques 
Delors, Commission president, 

expressed hopes that it would 
be followed by a more ambi- 
tious Poverty 4 with its budget 
doubled to EcullQm (£85m). 


B ut Germany, in what 
started as a dispute 
between the federal 
government and 
Lander over responsibility far 
runn mg anti-poverty pro- 
grammes. has blocked the 
introduction of the initiative. 
Behind the dispute are wider 
reservations, shared by some 
UK Dutch ministers, about 
the appropriateness of EU 
involvement in this area of 
social policy. 

Mr Delors Is believed to have 
tried to rescue Poverty 4 in 
talks with Chancellor Helmut 
Kohl - without success. Unless 
there is an unexpected break- 
through at a meeting of social 
affair s minister s on June 22, 
there is little chance of the pro- 
gramme being launched during 
the six-month German EU 
presidency, which begins next 
month. With the specialist 
teams that worked an Poverty 


3 already breaking up because 
of the uncertainty, this could 
mark the end of the pro- 
gramme. The resistance to Pov- 
erty 4 Is also giving rise to 
doubts about the future of 
other EU social initiatives such 
as its work with the elderly. 

Most of Europe's poor would 
not immediately notice the loss 
of the programmes - budgets 
have never been big enough to 

relieve much poverty. But Pov- 
erty 3 has helped fund schemes 
for former prisoners In Italy, 
itinerant families in Ireland, 
narcotics addicts in Greece, 
single parents in Bristol. 

A House of Lords subcom- 
mittee concluded last month 
that it had led to work which 
would not otherwise have been 
done, relieving poverty and 
starting to "rebuild the eco- 
nomic and social lives of some 
severely deprived communi- 
ties". Although the in vigo ra- 
tion of local economies was 
beyond the capacity erf small 
projects, the committee said it 
was “impressed by the determi- 
nation and ingenuity" shown 
by Poverty 3 initiatives in 
creating l imit ed numbers of 
new jobs. 

The local government centre 
at Warwick University, which 
has co-ordinated and moni- 
tored the UK projects included 
under the Poverty 3 umbrella, 
lists a series of small hot sig- 
nificant practical achieve- 
ments. They include a sc heme 
to train black people for volun- 
tary work in Bristol, develop- 
ment of a new childcare centre 
at Pilton. Edinburgh, and 
changes in Liverpool city coun- 
cil’s policies to encourage the 
employment of local labour. 

But supporters say the pro- 
gramme’s most significant con- 
tribution has been its direct 
involvement of needy and 
deprived people in efforts to 
rebuild their nrnnmnnitiwt The 
encouragement and prestige of 
having the EU flag flying over 
little local Initiatives in Scot- 
tish housing estates and Portu- 
guese mountain villages has , 
they say. been worth as much 
as the money. 

Mr Dennis Preston, who 
chairs the Bro willow Commu- 
nity Trust, says Poverty 3 has 
provided a local test bed for 
national urban aid policies. 
Warwick University research- 
ers say it has enabled people to 
"participate in the process of 
change, rather than becoming 
resentful objects of it”. 

Europe's anti-poverty groups 
fear that, if the EU ahanrfnns 


such initiatives, the dangers of 
that resentment being 
expressed in the dark forms 
described in Its green paper 
will come at least a little 
closer. 



In tile wake of 
a period of 
extreme volatil- 
ity in financial 
markets in 
recent weeks, 

PE*SONA L T X 

— Vlt ‘ w has taken on 
extraordinary proportions. In 
these circumstances. I am 
reminded of a comment i made 
in January 1992 during a dis- 
cussion of financial deriva- 
tives. In my address X said: "I 
hope this sounds like a warn- 
ing; because it is." 

Significant progress has been 


truly great progress has been, 
and is being, made in develop- 
ing the risk management, 
information and control 
systems that are crucial for 
individual firms and the 
marketplace more generally. 
At the same time, supervisory 
authorities are making impor- 
tant game in adapting pruden- 
tial standards to the wide- 
spread use of derivatives. 

Yet there are several reasons 
why the central thrust of my 
January 19 92 warni ng should 
not be forgotten. Among them 
are that, while constructive 
sfops have been taken, they are 
hardly complete; markets have 
continued to grow and are 
evolving very rapidly; and 
d eri v ati v es seem to entail an 
acute, if not ironic, dTtemma 
This is that, although they 
unmistakably work to reduce 
risk, including the risk of a 
systemic financial breakdown, 
the implications of such a 
breakdown (admittedly a very 
unlikely event) are even more 
difficult to nun tain and controL 

Thus we face the vexing 
question of how to deal with 
mcti a contingency in a man- 
ner which, remains sensible 
and constructive in a broader 
and longer-term perspective. 

There are a number of steps 
which should be taken to con- 
tain risks associated with 
financial derivatives in a man- 


ner that will not materially 
impair the ability of these 
instruments and markets to 
perform their necessary role. 

First, all of the larger market 
participants, including nan- 
financial firms that are signifi- 


cant end-users of derivatives, 
need to redouble their efforts 
to ensure that risk manage- 
ment, information and control 
systems are up to state-of-the- 
art standards. Boards of direc- 
tors and top managers should 
insist that all such firms 
undertake a rigorous self-anal- 
ysis relative to the original 



WSL 


fSr 


FINANCIAL TIMES CONFERENCES 


The Structure and 
Evolution of the 
International Equity 
Markets 


London, 6 & 7 July 1994 


The Financial Times and the Centre for the Study of Financial Innovation are 
arranging a major conference on international equity markets. This high-level forum is 
for stock exchanges, regulators, market practitioners and investors to debate the 
evolution and future structure of the international equity markets. 

Speakers include:- 


Mr Herman C van der Wyck Mr Paul Arlman 

S G Warburg Group Amsterdam Stock Exchange 


Mr Giles E Vardey 

London Stock Exchange 


Mr Andrew S Winckler 

Securities and Investments Board 


Dr Rudiger von Rosen 


Mr R Steven Wunsch 


Deutsche Borse AG 


AZXInc 


In association with the Centre for the Study of 
Financial Innovation 


INTERNATIONAL EQUITY E*™*® 6 *®* Times Conference Organisation 

MAP V lvi iq Bor 3651, London 3W12 8PH, 

1 & Teh 081-673 9000 Far: 081-673 1335 


□ Please send me conference de tails 

□ Please send me details about marketing 
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FINANCIAL TIMES 
CONFERENCES 


PostCode. 
Tel 


Tte 


.Country. 


Jax. 


Type of Business. 


Gerald Corrigan outlines the risks inherent in 
derivatives and suggests how they can be contained 


A framework for 


financial stability 


made in learning more about 
derivatives in both private and 
official circles in the interven- 
ing two and a half years. For 
example, in the private sector 



such minimum standards 
being developed by a private 
sector group, such as the G30. 

While such standards would 
have no binding authority, tf 
applied by pro mi n e nt mdlvid- ( 
ual Anns voluntarily and pub- 
licly, others would be under 
great pressure to do so also. 

Indeed, if some firms - act- 
ing an their own and in their 
own best interest - refused to 
do b urin” 8 with firms that did 
not voluntarily comply with 
such standards, the pressures 
would be very great The obsta- 
cles to achieving such a work- 
able framework of voluntary 
Twiniwiim standards are formi- 
dable. but the concept should 
not be rejected out of band. 

The above stops constitute a 
building block towards greater 
safety * nA greater efficiency. 

Yet the international commu- 
nity of banking and securities 
regulators - together with the 
appropriate European Union 
officials - is still faced irith the 
enormous challenge of achiev- 
ing greater cohesion and con- 
sistency as it applies to mini- 
mum capital standards. 


rpen mmanriatinns marie by the 

Washington-based Group of 30 
think-tank in July 1983 and rel- 
ative to the findings of the 
recently published G90 survey 
of ini h iKto r y practices. 

Among other objectives 
should be implementation of 
accurate and timely consoli- 
dated credit and ™afkrt risk 
monitoring by all significant 
institutions in tiwgp markets. 
In the longer term, these moni- 
toring efforts should be pushed 
to the limits of technology and 
practicalities in order to 
achieve intra-day monitoring 
capabilities on a broad scale. 

Second, individual firms, 
exchanges, daaring houses and 
central banka should be even 
more aggressively pursuing 
ways to strengthen clearance, 
settlement and payment 
systems. 

These should focus on: short- 
ening and standardising the 
gap between trade date (and 

time) and final payment; the 

more widespread use of same- 
day delivery against payment 
sys tem*; for securities transac- 
tions; moving towards same- 
day final payment in clearing 
houses and exchanges; ami far- 
ther strengthening the opera- 
tional reliability of key 


processing systems. 

While it may not be obvious 

to »w, such improvements m 
the “plumbing* Of tte financial 

system can work towards 
enhancing market liquidity 
across a wide spectrum of 

financial Ingfmmontg hi fawn, 
thto would hrfp strengthen the 
capacity of markets to absorb 
more smoothly sudden shifts 
in market psychology. 

Third, we must move more 


Great progress has 
been made in 
developing control 
systems for the 
marketplace 


aggressively to establish a 
standard set of definitions 
applicable to financial disclo- 
sure and reporting require- 
ments for widely traded deriva- 
tive instruments. This issue is 
at the heart of the ability of 
firms and regulators to make 
consistent judgments on risks. 
At present, the gaps in uniform 
ripfiwfHnmH anri disclosure stan- 
dards are a significant factor in 
explaining the considerable 
variation in firms' responses to 


the 30 survey questions. It 
would be unfair not to 
acknowledge that progress has 
been made in this area, but 
mnch remains to be done. 

Fourth, larger market partic- 
ipants need to work with regu- 
lators and supervisors to 
assure the legal enforceability 
of derivatives transactions, 
both within and across juris- 
dictions. Particular attention 
should be paid to enforceabil- 
ity of netting arrangements, 
both nationally and interna- 
tionally. Dealers and end users 
also should work together to 
establish greater standardisa- 
tion in documentation further 
to promote liquidity and stabil- 
ity in these markets. 

AD of these steps, which are 
included in the GSO's list of 
f pmmrrmnriati i- yis , are critical 
to reducing risk and promoting 

rarteirriy in the international 

d eri v ati v e s markets. 

Fifth, consideration should 
be given to the establishment 
of voluntary minimum stan- 
dards for disclosure, credit and 
market risk controls, and cus- 
tomer suitability that could 
apply broadly to aQ key market 
participants in derivatives. 
This will be very difficult, but 
progress might be made by 


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 


Supporters 
of Chaifont 
and others 


From Ms Kay Coleman and 
others. 

Sir, To Lord Chaifont and 
others (Letters, May 31), hear! 
hear! - and so say all of os not 
so silent chief executives. 

Kay Coleman, Marianne 
Dobkm. Dawn Gibbons, Jackie 
Edelson, Sarah Topham, Janet 
Larton, Evy Blaskey. 

(all signatories are chief ex ecu- 
does or managing dir e ctors of 
companies in the north-west) 


Obviously 

mistaken 


From Mr Rickard Branson. 

Sir, Although I will always 
believe that the government 
was wrong in ever setting up 
the National Lottery in the 
way it did, I do not believe I 
behaved badly on receiving the 
news. 

The news was received pri- 
vately by a number of us. ft 
was received with great disap- 
pointment by all of us. (We had 
just failed to create the largest 
charitable foundation in 
Europe - much needed by 
s mall charities ail over the 
UK.) 

However, there were no 
angry outbursts. No ripping up 
of faxes. There were also no 
photographers. 

An hoar later the popular 
press asked for a couple of 
staged shots. Having read Lucy 
Kellaway’s diary piece (Man- 
agement May 30). I was obvi- 
ously mistaken in agreeing to 
their suggestion. I should have 
known better. 

Richard Branson, 
chairman. 

Virgin Group of Companies. 

120 Camden Hill Road. 

London W8 7AR 


Monetary danger overstated 


From Dr Michael Gauss. 

Sir, Thomas Mayer (Personal 
View, June 1) is right to warn 
of the dangers of excessive 
growth in Goman M3 and pub- 
lic borrowing, but he over- 
states the case. 

Mr Mayer compares- M3 
growth of 46 per cent between 
1989 and 1993 with real gross 
domestic product growth of IS 
per cent (giving an implied 
money overhang of 27 per 
cent). However, the appropri- 
ate comparison Is with nomi- 
nal GDP, which grew by more 
than 39 per cent. In other 
words, past inflation has 
already absorbed much of the 
excessive M3 growth, leaving 


an overhang of only about 7 
percent 

He notes that at the end of 
this year, public debt will be ' 
115 per cent higher than at the 
end of 1989. This overstates the 
upward trend in public borrow- 
ing, because it birimfeg exist- 
ing GDR net debt, which we 
estimate at DM450fan, or 4&5 
per cent of the level of public 
defat in 1989. 

Mr Mayer rightly wains that 
credit is expanding faster than 
investment, but be overstates 


the problem by effing the 4 per 
cent fall in equipment, invest- 
ment between 1989 and 1993. 
Most investment has recently 
been concentrated in construc- 


tion, especially desperately 

homing . Tnrlnrifaig thin , 

nominal investment rose 26 per 


cent in the west during that 
period. The figure would be 
higher still if we add in invest- 
ment in the east 
There should be no question 
of the Bundesbank’s abandon- 
ing the M3 target - its c u rre nt 
rapid growth and the surge in 
credit provide a signal of 
potential risks ahead. But 
those risks should not be exag- 
gerated. 

Michael CLauss, 
vice-president, 

CS First Boston, 

QrQneburgweg 102 , 

D-60323 Frankfurt. Germany 


NVQs one of best hopes 
for training in UK 


From Mr Steve Palmer. 

Sir, Your report, "Bogus 
NVQ claims raise alarm" (June 
1), is illuminating in that ft 
highlights some of the stresses 
and strains in a national voca- 
tional qualifications system 
that has grown fivefold in vol- 
ume terms in the last four 
years. 

With oar many partners, we 
will weed out any alleged 
wrongdoings against ns. We 
will also continue to improve 
the already elaborate systems 
that are in. place for paying for 
NVQ achievement 

We must not throw that 
baby out with the bath water, 
though. Paying for NVQs is a 
sensible approach. The idea 
that no results equals no 
money must be right. NVQs 
signify competence-based 
learning and are a vast 
improvement on the more sub- 
jective arrangements that pre- 
ceded them. As such. NVQs 
represent one of the UK's best 
hopes for improving skills lev- 
els to allow os to catch up with 


our industrial competitors. 

Alleviating unemployment 
can only be achieved by rais- 
ing Britain’s competitiveness, 
and NV^ are an essential cali- 
bration of that process. They 
thus unity the economic and 
social challenges that all Train- 
ing and Enterprise Councils 
are tackling with gathering 
success. 

Your report foiled to men- 
tion the pivotal role of the 
awarding bodies. They give out 
the NVQ certificates ana they 
need to take steps with the 
Tecs and others to ensure the 
legitimacy and bona firing ctf 
the NVQs. We must not allow 
the hard work of more than 
500,000 trainees nationally who 
are aiming for NVQs to be 
corroded by the alleged activi- 
ties of less than a handful of 
people. 

Steve Palma - . 
chief executive, 

Cumbria Tec. 

Venture House. Guard Street, 
Workington, 

Cumbria CA14 4EW 


Executive 

volunteers 


From Strs Elisabeth Boodlxss. 

Sir. Companies such as 
Tesco, Royal Mail, National 
Power, Unilever and The Body 
Shop would all confirm the 
value of volunteering fay man- 
agers: it enriches their cMTIb 
and extends their talents. It 
need not, however, be con- 
strained through “lade of time” 
(“Managers volunteer surplus 
expertise”, May 30). NatWest 
managers give a lunch hour a 
week to tutor pupils in Isling- 
ton schools. Coopers and 
Lybrand and the London Stock 
Exchange build stronger teams 
by tackling tree planting on an 
inner-city farm or building 
Bower beds in Tower Hamlets 
an one Saturday a year. 

The article calls for a broker- 
ing service: if It is needed, it is 
available now. CSV has more 
than 3,000 projects nationwide 
awaiting employee volun- 
teers. 

Elisabeth Hoodless, 
executive director, CSV, 

2S7 PenlonwUe Road, 

London Nl 


Indian government ahead of the game with rupee ‘dilemma' 


From Mr Michael Ash field. 

Sir. Your leader ("India's 
rupee dilemma”. May 27) 
doubted the seriousness of 
India’s present government. 
But as early as last August, the 
Indian press reported a visit to 
the ministry of finance by 
John Williamson of Washing- 
ton, who is one of the world 
experts on the capital flows 
which you discuss. To my 


mind, somebody in the Indian 
government was well ahead of 
the game. 

I suggest, moreover, that 
they have stayed ahead. You 
might have mentioned debt 
repayment as' another way of 
reducing the problem. In fact, 
the government has recently 
done s o m e erf that. 

The leader also said t hat the 
country needs to find ways of 


using foreign capital. Such as 
investment in electricity, 
telecoms, oil and gas, aviation? 
All of these have already been 
opened up by the Rao govern- 
ment 

And as an example of 
another ffliccuraging fac t, may 

I add that while the rest of the 
world's exports to India stag- 
nated last year, exporters in 
the UK earned nearly 20 per 


cent more from India than ja 
1992 (tire total was Sl.lfan). In 
the first quarter of 1994, the 
British continued to help the 
Indians with their rupee prob- 
lem: Britain's exports to them 
were up by 29 per cent 
Michael Ashfieldf 
tiidia Research Oraun, 

2 ChUtem ISOs Road, 
Beaconsfield, 

Bucks HPS 1PJ 



U nder any circum- 
stances, this will 
take time. And, 
based on my experi- 
ence as chairman of the Basle 
Commit tee, 1 know it will not 
be easy. I believe, though, that y 
jn the fullness of time the legit- -> 

inna te interests of individual 
firms or groups of firms or 
individual regulators or groups 
or regulators can be accommo- 
dated while allowing signifi- 
cant movement towards 
greater consistency in pruden- 
tial standards and greater har- 
mony in market practices. 

The above agenda is formida- 
ble but not insurmountable. It 
can be achieved without new 
legislation, new regulatory 
structures and without the 
threat of regulatory overkilL 
That said, it should also be 
stressed that no such frame- 
work is foil-safe and there can 
be no substitute for the time- 
honoured dictates of discipline, 
conservatism and knowing 
your counterparty. In the cur- 
rent environment, those dic- 
tates should take on a special 
premium of attention, because 
neither the markets nor the 
regulatory and political com- 
munities will react kindly to 
any large-scale surprises. 

To coin a phrase: I hope this 
sounds like a warning, because 
it is. Much has been accom- 
plished, but more needs to be 
done. 

The author is chairman. Inter- 
national Advisers, Goldman, 

Sadis, and a former president 
ctf the Federal Reserve Bank of 
New York f . 


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FINANCIAL TIMES 

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

Friday June 3 1994 


Networking 



Europe cannot afford to be left 
behind In the construction of 
fibre-optic grids, or in the develop- 
ment of inter-active services to 
run over them. The report of the 
Eli’s industry group on the Infor- 
mation Society, chaired by Mr 
Martin Bangranann, must offer a 
dear framework of policy and reg- 
ulation to promote both goals. ' 
From the summary of its recom- 
mendations published thfa week, 
the group appears to be leading In 
the right direction. But it has left 
crucial questions unanswered -. 
notably the regulatory framework 
for competition in service provi- 
sion, and the protection of intel- 
lectual properly. 

Most of the principles for action 
laid down by the group are laud- 
able. It places the onus for the 
construction of "superhighways” 
on the private sector, and urges 
that state telecommunications 
operators be freed from “noncom- 
mercial political burdens” - nota- 
bly the duty to act as tax collec- 
tors for their national 
governments. The group coyly 
urges "practical measures 1 ' with 
“clear timetables” to achieve this. . 
The best measures are, in fact, 
privatisation and the separation of 
the regulatory function from 
national operators and their spon- 
soring government departments. 
These are proceeding p ainfully 
slowly, across most of the ED. 

The report is also right to call 
for greater harmonisation of 
equipment standards and accelera- 
tion of the pace. erf telecoms liber- 
alisation. On formal occasions the 
Commission continues to. pay Up 
service to the 1998 deadline for 
voice” telecoms liberalisation 
agreed by EU ministers last June. 

Effective policing 
In practice, that timescale is 
bang progressively eroded: multi- 
nationals are being encouraged to 


cent of the market 10 years after 
tile abolition of its monopoly. 
Without a regulator to attend to 
the critical nuts and bolts of com- 
petition. notably the terms under 
which rivals inter-connect to BT*s 
national network, BT would be 
more dominant sfcilL 
In EU states with governments 
less ardently committed to compe- 
tition, fair access to national tele- 
coms networks Is unlikely to be 
secured without external leverage. 
The Bangemann group ducked the 
issue: “an authority should be 
established at European level 
whose terms of reference will 
require prompt attention”, it 
noted. 

Independent agency 
What “authority"? A hi ghl y 
legalistic and bureaucratic Federal 
Communications Commission on 
the TJS model is not an attractive 
proposition. Yet, with all due 
respect to subsidiarity, a college of 
national regulators - the other 
extreme - is unlikely to be ade- 
quate to the task. An independent 
EU agency is essential. Whether it 
takes the fans of a freestanding 
agency, or is integrated within the 
Commission’s existing competi- 
tion directorate, is an issue which 
needs to be resolved soon. 

Whatever its form, the agency's 
terms of reference should include 
a duty to promote access to 
national networks, an terms con- 
sistent with efficient competition. 
It might also be desirable to give it 
power to increase the downward 
pressure on Europe’s damaghigly 


contract with single operators to 
provide pan-European "private” 
networks; the Commission is toy- 
ing with Anther deregulation of 
the cable industry; and operators ' 
in the corporate sector are discov- 
ering numerous ways to evade 
existing restrictions. ' 

IT competition is to flourish, the 
former monopolists will require 
effective policing. Even in the UK, 
whose government has made com- 
petition the cornerstone of its tele- 
coms policy, British Telecommuni- 
cations commands nearly 90 per 


hi gh cross-border td«y"n« tariffs, 

the «hn being w paWy vrith tarrffe 
for similar in ternal traffic. 

On intellectual property, the 
paper says EU-wide protection 
must , have a “high priority" and 
“rise to the rhallanga of glnhalia. 
tion”. Its difBHgnea jq this ftolri is 
more understandable, given the 
complexity of the issues at state: 

It is important, however, that 
resolving them does not delay 
progress towards telecoms liberal- 
isation «nd the extension of fibre- 
optics into local networks. For the 
benefits of competition and fibre 
networks apply as much to exist- 
ing telecoms services as to the 
new information and inter-active 
products, where protecting intel- 
lectual property is essential in 
setting its eyes on the multi-media 
horizon, Europe must not stumble 
over the iwwnerifatp steps ahead. 


More unequal 
than others 


The very sharp inc r ease in the 
number of people in the UK with 
incomes below half the national 
average, reported yesterday by the 
Institute for. Fiscal Studies, may 
come as a shock. It is, of course. . 
possible to imagine a society in 
which growing income inequality 
coexists with rising living stan- 
dards for all. Yet the evidence that 
the poorest in society are not ben- 
efiting from the economic growth 
enjoyed by the majority is now 
mounting . 

The. government's own figures 
for households below average 
incomes show little change in real 
Income for the poorest tenth of the 
population since 1979. When hous- 
ing costs are taker into account, 
their real income has actually 
fallen during the 1980s. The IFS 
study confirms the government’s 
figures and contrasts them with 
the 60 -per cent increase in 
incomes after housing costs for 
the richest tenth of the population 
since 1979. There is no sign of the 
tricktedown effect for those at the 
very bottom of the income ladder. 

What has happened in the 1980s 
contrasts with the experience of 
much of the rest of the postwar 
period, when all income groups 
benefited to some degree from eco- 
nomic growth. There is concern 
over the emergence of an excluded 
minority which has little or no 
state in sodety. Those at the bot- 
tom of the Income ladder find 
themselves cut off from employ- 
ment, dependant on benefits and 
trapped on problem public hous- 
ing estates. A spiral of deprivation 
is created. With high rates of fam- 
ily break-up and growing numbers 
of single parents bringing up chil- 
dren in poverty. 

Growing bills 

This is not a recipe for a society 
at ease with itself. "Hie more afflu- 
ent majority with access to Jobs, 
owner-occupation, cars and the 
rest cannot cut themselves off 
from iL They jh* its consequences 
in the increasing numbers of beg- 
gars on the streets. They must 
protect their homes and families 
from the lawlessness it engenders. 
They .pay the taxes to meet the 
growing sodal' security bills. For- 
tunately, there are many data in 
the fFS study that offer help in 
devising policies to break oat of 
the splrel of decline. 

' central finding is the growing 


importance of unemployment as a 
cause of low incomes. In 1961, less 
than 4 per cent of those on below 
half average income were unem- 
ployed: by 1991, it was over a fifth. 
Unemployment is the dominant 
factor behind the traypa^ in fami- 
nes with children in the poorest 
tenth: they now make up more 
than half this group, compared 
with only a third in I96L 

Smoother transition 

Finding work opportunities for 
those who are unemployed is 
essential in providing pathways 
out of poverty for these individu- 
als. Simply increasing benefits for 
the unemployed is unlikely to 
assist in this, because it may dis- 
courage them from taking low- 
paid jobs. Instead, the benefits sys- 
tem should be adjusted to smooth 
the transition to employment so 
that unemployed people can 
accept part-time or low-paid work 
without losing all their benefits. 

Another dear finding of the IFS 
study is the relative improvement 
of the position of pensioners. They 
formed almost half the poorest 
tenth in 1961, and now snake up 
less than a quarter, despite then- 
growth in numbers. Some of the 
improvement is marginal - the 
proportion of pensioners in the 
bottom fifth of the income distri- 
bution has declined much less. 
But the link between retirement 
and poverty is no longer as strong 
as in the past 

Yet an increasing number of 
pensioners find themselves with 
less than half average income, 
enjoying little or none of the fruits 
of economic growth. They depend 
an the baric state pension which 
has been increased in line with 
prices since the aiding of the link 
with average earnings in 1980. To 
tackle their poverty by restoring 
the Hhk with earnings would be 
fodfish, however. With the growth 
of occupational pensions and 
other forms of investment income, 
a growing minority of pensioners 
is in the top half of the income 
distribution. Far better to target 
additional resources on those who 
depend only on the state pension. 

There is nothing inevitable 
about the faffing living standards 
of the poorest in a society that is 
steadily getting richer. But tack- 
ling the problem needs subtle if 
modest steps, rather than simple 
big ideas feat grab the headlines. 


Tiger cub starts 
to find its feet 

Hefty obstacles remain, but the Philippine economy 
could be on the road to recovery, says Victor Mallet 

■ Philippines: prosperity round the comer 


Annual 96 change 
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A year ago the Philippine 
capital Manila was a 
miserable place even for 
the rich. Executives sat 
sweating and cursing in 
their offices through frequent 12- 
hour power cuts without air-conth- 
tioners or fens to combat the sum- 
mer beat Factories were often idle, 
and the economy, long since left 
behind by fast-growing Thailand 
and Malaysia, was stagnant 
Hie previous government of Mrs 
Corazan Aquino had failed to Invest 
in new power stations. Hardly any- 
one dared hope that her chosen suc- 
cessor, President Fidel Ham os, 
would succeed in turning on the 
power and launch an economic 
recovery by nnd-1991 
But he did both. “Fast-track" 
power station projects have 
restored electricity to fee industrial 
centres of the Philippine archipel- 
ago, and economic growth is accel- 
erating after a series of reforms to 
liberalise ffnanfp and industry. 

‘That is what I predicted from 
day one of my administration," said 
fee cigar-chomping Mr Ramos in an 
Interview with fee Financial Times 

at fee Molwraflffn g painty |q Manila 

“We have started to reverse the 
downtrend of the past" 

For years the Philippines has 
been a notorious laggard among 
south-east Asia’s tigerish econo- 
mies. Since 1980, according to fee 
TntemaHrmgi Monetary Fund, real 
gross national product has 
increased by only L5 per nenf a 
year (below the population growth 
rate of 2L5 per cent) compared with 
an average 7 per cent few the other 
five members of the Association of 
South East Ama-n Nations. 

This year, GNP growth in the Phi- 
lippines could reach about 4 per 
emit, and economists say fee gov- 
ernment should soon be able to 
achieve its target of sustained 6 per 
cent annual growth. 

Mr Ramos big cabinet main- 
tain that the Philippines has Anally 
turned the corner. “ Think of the 
Philippines as a tiger cub,” Mr 
Roberto de Ocampo, the finanr* sec- 
retary, told a business conference 
recently in Singapore. “The Philip- 
pines is harfr in business.” 

Financial institutions have 
endorsed Mr Ramos's optimism. 
“On the road to recovery,” declared 
a report from CS First Boston, fee 
investment hank “Go towards the 
light!” said UK investment bank 
Barclays de Zoete Wedd. "It really is 
about to happen." Investors in the 
local stock market. Asia's top per- 
former last year with a rise of 132 
per cent in US dollar terms, dearly 
think so, too. 

Scepticism, however, lurks 
beneath tha surface. Snwp Filipino 
and foreign investors in Manila say 
their hopes have been raised and 
then Hashed so often in fee past 
that they refuse to be euphoric now. 
Corruption and bureaucracy are 


still rampant. And economic 
growth, the sceptics say, could eas- 
ily be stalled by militant workers 
demanding higher wages - already 
high by south-east Asian standards 
- as soon as recovery appears. Ear- 
lier this year, in the face of demon- 
strations, the government withdrew 
a levy of one peso (about 2‘/»p) per 
litre on petroleum products to help 
plug the budget deficit 
It may be true, fee critics add, 
that the IMF is poised to approve 
Manila's economic policies wife a 
three-year, 8850m loan this month, 
but fee country has im pleme n ted 
no fewer than 22 IMF programmes 
In 30 years, with little sign of 
improvement “We would like them 
to be Switzerland by now, after all 
those programmes,” said one for 
ejgn banker. 

. Mr Ramos and his government 
colle agu e s say the p essimist s have 
forgotten to take into account the 
country’s peculiar history. Much of 
the blame for its poor performance 
can be laid at the door of fee late 
dictator, Ferdinand Marcos, wbo 
came to power in 1965. He mired Ms 
country in debt «nd fostered a cul- 
ture of protectionism, import substi- 
tution and monopolies for his 
friends - a “crony capitalism” that 
contrasted sharply with the export- 
led growth, of other economies in 
the region. 

Mrs Aquino toppled M ar cos in the 
popular uprising of 1986, but restor- 
ing a measure of political stability 
ha« taken nearly a decade ; while 
atm armed forces chiaf Mr Ramos 
had to protect Mrs Aquino from 
seven attempted right-wing coups 
d’itaL 

“Her job really was to ensure the 
political empowerment of our peo- 
ple, and I was part of that,” said Mr 
Ramos. “But the economic side was 
not really attended to. Evidence: 
electric power.” 

Mr Ramos, a methodical m«n 
known as “Steady Eddie”, was him- 
self elected president two years ago 
for a six-year term. Even those who 
doubt tha t, the Philippines <*ari catch 
up again wife its Asian neighbours 
- the economy was one of the stron- 
gest in the region in the 1950s - 
give credit to Mr Ramos for his 
achievements so far. 

Apart from restoring electricity to 
Manila by farming out power sta- 


tion contracts to private investors, 
such as Hopewell of Hong Kong, his 
adminis tration has ended foreign 
wrhang p ranh-pi s nn current trans- 
actions, relieved the central hank of 
debt ammniiiataii during the Mar- 
cos era, and continued the privati- 
sation programme begun under Mrs 
Aquino. Among the assets sold to 
raise much-needed revenue for the 
state are stakes in Philippine Air- 
lines and in Petron, the oil refiner 
and fuel distributor. 

The telecommunications sector, 
once the protected fiefdom of Philip- 
pine Long Distance Telephone, has 
been opened up to foreign and local 


competitors, a move expected to 
Improve the country's inefficient 
telephone network rapidly. 

In the past few weeks, fee govern- 
ment has liberalised the banking 
sector, by ending a 45-year ban on 
the entry of foreign banks. It has 
also pushed through the two houses 
of Congress a measure to increase 
tiie scope of value-added tax and 
other revenue-raising measures 
which claw back money lost by fee 
failure to maintain higher fuel 
prices. 

“These are laws that should have 
been put in place 40 years ago. but 
we are doing it now.” Mr Ramos 


Russia 



PERSONAL 
VIEW 


Western perceptions 
of Russia are still 
desperately awry. 
Intelligent friends 
still ask whether 
there is pnoog h to 
eat Such excessive 
pessimism has 
scared off western 
business, so that great opportuni- 
ties are being missed. Weston busi- 
ness needs a balanced view of the 
pluses and minuses. Let me begin 
with the pluses. 

Russia has privatised at a rate 
unknown in history. By now two- 
thirds of Rus sian industry, big anti 
small, is in private hands. Most 
shares are fully tradeable, to foreign 
buyers as well as Russians. 

Shares are cheap. If you spend 
$1,000 to buy “vouchers” and 
exchange these for a representative 
portfolio of shares, you will end up 
owning capital that produces 
$20,000 of output each year (at pres- 
ent exchange rates). The compara- 
ble output figure for shares bought 
on the London stock market would 
be about S500. 

From July 1, a new wave of priva- 
tisation will begin, covering the rest 


- not the country you 


of industry and huge chunks of oil, 
gas and telecommunications . These 
shares will be sold directly for cash, 
by investment tender, and (given 
the low purchasing power in Rus- 
sia) many wiH represent bargains. 

As well as a big domestic market, 
Russia has other advantages. In nat- 
ural resources, it has amazing 
reserves of oil, gas, diamonds, 
nickel, aluminium, uranium, iron 
ore and land. 

It is also rich in human resources: 
an extraordinary supply of well- 
trained engineers, and a good gen- 
eral level of education in science 
and mathematics. Business educa- 
tion is minimal but the commercial 
spirit is widespread Industrial rela- 
tions are good. There has been 
almost no social unrest 

Some western companies have 
noticed all this. They are investing 
in all kinds of industries, generally 
with the Russian home market as 
the chief initial target Thus we see 
foreigners in food, drink and 
tobacco (Mars, Pepsi, Philip Morris), 
retail and fast food (Littlewoods. 
McDonald’s), engineering (ABB, 
Otis), telecoms and gas, financial 
services, hotels, real estate. 


There are, of course, some major 
problems: 

• Production: output of manufac- 
turing and mining - has fallpn by 25 
per cent in the last year. But much 
of this fall is in military hardware, 
obsolete capital equipment and ill- 
designed consumer products. By 
contrast total household consump- 
tion actually rose - by 4 per cent, 
according to official figures (of 

Business education 
is minimal but the 
commercial spirit is 
strong. Industrial 
relations are good 

income, minus saving), or more 
than 15 per cent, according to 
household surveys. Average food 
consumption is back to 1991 
levels. 

• Inflation: this is still high, but it 
has been reduced from 25 per cent a 
month in early 1993 to less than 10 
per cent This is due to a massive 
credit squeeze, wife real interest 
rates now above 5 per cent per 


month. With c ontinuing high inter- 
est rates, inflati on can be marie to 
keep faffing- But this requires politi- 
cal win. 

• Politics: Russian politics is 
always difficult but is probably 
more stable now than at any time 
since the reform began. The govern- 
ment is a broad national coalition 
in which most of the key ministries 
are headed by reformers. Few west- 
erners seem to realise this. 

It is true feat the Duma has a 
conservative majority, but its con- 
duct has so far been moderate 
(except for the release of former 
vice-president Alexander Rutskoi), 
and its economic co mmi ttees are 
chaired by non-conservative depu- 
ties. Vladimir Zhirinovsky, leader of 
fee Liberal Democratic party, will 
run for president in December 1995, 
but his chances are poor. » 

• Mafia. But openness in turn 
encourages crime. The mafia, 
already strong under communism, 
is now aH-pervasive. Even so. the 
streets of Moscow are safer than in 
New York. 

• Legal system. In fact, the biggest 
problem for foreign business is still 
on the legal front On the one ride 


Observer 


Gumming up 
the works 

■ John Cummer clearly has a lot 
on his plate at the moment The 
UK environment secretary's name 
appears on many people’s lists for 
demotion in the expected summer 
cabinet reshuffle; for such a 
long-serving stalwart of successive 
Toiy a ilminls tra tiiTM, that 
prospect must concentrate the 

fpfnri 

Enough, perhaps, to justify his 
45-minute-Iate arrival on 
Wednesday evening at a bash 
organised by London first, the 
business-led organisation to 
promote Britain's capitaL 

Sir Terence Conran, Stuart 
Hampson of the John Lewis 
Partnership and Sr Brian Jenkins 
of Coopers & Lybrand were among 
100 guests of Christopher Moran 

- the former insurance broker 
expelled from Lloyd’s 12 years ago 

- at a dinner to raise awareness 

of London’s “intrinsic vnd enduring 
qualities”. 

(Summer chose to pick a fight 
wife Sir Richard Rogers who, in 
his speech, delivered some home 
truths on fee government's 
shortcomings over London. 

The environment secretary took 
exception to Britain's leading 
architect pointing out feat London’s 
docklands was only 60 par cent 
completed after 15 years of 
regeneration. Nor cbd he much care 
for Rogers reminding the assembly 


that no other European capital has 
a large urban development that 
is inaccessible by public transport 
at the weekends. 

Time for a new portfolio. Minister 
for cleansing the streets of beggars 
looks a possibility .. . 


Young buffer 

■ Who says that the Swedes don’t 
have a sense of humour? Lars-Olof 
Odlund, an executive VP with 
Swedbank, was so chuffed when 
his bank wan the Swedish State 
Railways bank account that he 
felt it was worthy of 
announcing to fee London Stock 
Exchange. 

The banker said it confirmed 
that Swedbank is “moving in the 
right direction. Or perhaps I should 
say on the right track...” 

Ho, ho, Lais. 


Bucking the bangs 

■ Why is it taking Britain's 
Ministry of Defence such a long 
time to find a new chief arms 
dealer? Sr Alan Thomas, current 
head of the Defence Export Sales 
Organisation, steps down at the 
end of June. But a replacement 
has yet to be announced - even 
thoug h the MoD advertised fee 
job last September. 

On offer is plenty of overseas 
travel hob-nobbing with heads 
of state, and (normally) a 
knighthood - it helps impress 



“We’re not so much dawdling 
in fee slow lane as stuck 
in the contraflow 5 


overseas clients. 

Admittedly, it also sometimes 
involves rubbing shoulders wife 
types who might not get into your 
dub. But these days it's a chance 
to run one of Britain’s great success 
stories: the UK is now the world’s 
number three arms seller. 

It seems the MoD had little luck 
with headhunters, and has now 
fallen back on the old boy network. 
The word is that a distinguished 
naval officer declined the honour, 
and the idea of the MoD promoting 
one of its most senior 
civilians appears to have been 
dismissed 

Still, Observer understands that 


the search is now drawing to a 
close. Subject to cabinet approval, 
Britain's new top salesman will 
be a marketing chap with a 
background in blue-chip companies 
closely associated wife the 
government 


Size counts 

■ At last a Texan put-down. The 
populist American daily newspaper. 
USA Today, has put the recent 
blizzard of South African coverage 
into perspective. 

It informs its readers that South 
Africa’s 1993 gross domestic product 
was $100bn - “about the same as 
Minnesota's". But proud South 
Africans can comfort themselves 
with another fact At least it’s quite 
large; 170,882 square miles, says 
USA Today - “almost twice fee 
size of Texas”. 


Smartypants 

■ So, liberal Democrat leader 
Paddy Ashdown buys his clothes 
from Marks and Spencer. We 
always knew be had much in 
common with Baroness Thatcher, 
who in 1988 admitted purchasing 
M and S underwear. 

But does he persuade the store 
to open its doors early for him to 
make his purchases, as happened 
for health minister Vir ginia 
Bottomley, and Nonna Major, fee 
prime minister’s wife? Given that 
fee Llb-Dems have complained to 


said of his economic legislation. 
Unlike Mrs Aquino, Mr Ramos has 
so for been able to cope wife the 
ppliHr-ai system inherited from fee 
US, which succeeded Spain as the 
country's colonial power in 1898. 
and to work through fee Congress 
to enact legislation. Tm not exper- 
iencing the gridlock that you [for- 
eign commentators] always accuse 
the Philippine leadership of hav- 
ing," he said. 

The economic reforms that have 
been enacted have been achieved in 
an atmosphere of political stability 
not witnessed for 15 years. Negotia- 
tions have dragged on wife rebel 
right-wing military officers, commu- 
nists and Moslem separatists in the 
south, but none of these groups 
seems as formidable today as when 
the economy was in decline. 

“Sometimes you go for stability 
but you lose out on growth,” says 
Mr Erico Claudio of stockbrokers 
James Capel in Manila. “Now we’re 
getting both." 

S ome hefty obstacles still 
need to be overcome if 
economic reforms are to 
succeed. Each year the 
population of this predom- 
inantly Roman Catholic country 
increases by 2.5 per cent, which 
means that the economy has to 
grow at the same rate just for per 
capita income to hold steady. Natu- 
ral resources - trees, fish, soil, fresh 
water - are being consumed or 
damaged at an alarming pace by the 
country's 66m inhabitants . 

Compared with its neighbours, 
the PhiKpprnes has low rates of sav- 
ing and investment And although 
fee budget deficit has been held at 
less than 3 per cent of gross domes- 
tic product for fee past three years, 
so much of the revenue is spent 
paying salaries for the bloated civil 
service and on servicing foreign and 
domestic debt that little is left for 
capital spending on roads and other 
infrastructure required to support 
economic progress. 

Mr Ramos nevertheless believes 
he can put the Philippines firmly on 
the road to recovery by the end of 
his term In 1998. He says, further, 
that he can do this within an argu- 
mentative democratic system 
regarded as too weak and divisive 
by successful Asian authoritarians 
such as Mr Lee Kuan Yew of Singa- 
pore. “Stick wife us. We'll show you 
in two or three years,” said Mr 
Ramos. “The Philippines is still fee 
model of respect for human rights 
and democracy in south-east Asia.” 

Fostering rapid economic growth 
and ensuring a constant supply of 
electricity are considered routine 
government tasks in south-east 
Asia these days. But to do so in a 
liberal democracy, complete with a 
free press and the sort of unlimited 
puhlic debate found in the Philip- 
pines, would be a memorable 
achievement 


expect 

property rights and commercial law 
are undear and there is inadequate 
legal redress and law enforcement. 
On the other side there is still too 
much regulation, too much corrup- 
tion and too many unpredictable 
taxes. 

But Russia's leaders know all 
this. Only last month. President 
Yeltsin abolished virtually 
all export quotas and ordered fur- 
ther simplifications of laws and 
taxes. 

Thus, beneath the ripples of con- 
flict and contradictory action, there 
is a steady tide r unning towards a 
regular market economy. Most 
westerners who visit Moscow for 
the first time say: 'Ts this fee coun- 
try I have been hearing about in the 
media?" The best answer is: “Go 
and see." 


Richard Layard 


The author is director of the 
Centre for Economic Performance at 
the London School of Economics, 
and works with the Russian govern- 
ment's Centre for Economic Reform 


the BBC about the lack of coverage 
of their Euro-election campaign, 
what better way of gaining 
attention than by asking M and 
S to open up a little early so Paddy 
can buy his suits? 


Combat ready 

■ Admiral Leighton Smith, USN, 
Nato’s C-in-C South, the man who 
has to rain down, fire and brimstone 
on Bosnian Serbs when they incur 
fee wrath of General Sir Michael 
Rose, recently visited Bosnia to 
get a clearer picture of the 
people be might be bombing. He 
got more than he bargained for. 

Rose took him to the Serbs' 
north-eastern corridor near Broke, 
reputedly now one of the hottest 
spots in the war. They found a sole 
elderly and somnolent shepherd 
who. spotting the admiral’s 
medals, struggled to his feet and 
saluted. 

“You’re obviously a military 
man.” ventured Smith. "May 1 ask 
who you fought for?” 

“For Germany,” replied the 
shepherd proudly. “Heil 
Hitler!” 


Stately home 

II What does Alan Clark, Britain's 
wayward ex-defence minister, 
have in common wife a floor 
tile? 

Lay him well and you can walk 
over him for ever. 


16 




FINANCIAL TIMES 

Friday June 3 1994 


\ A FINANCIAL TIME 

| for change 



Companies lured by cheap production, survey shows 

Japan looks to low-cost areas 


By William Dawkins in Tokyo 

Japanese companies plan to 
boost low-cost production in 
other Asian countries next year, 
when their overall capital spend- 
ing is expected to rise for the 
first time in three years, accord- 
ing to n government survey 
released yesterday. 

Corporate Japan plans to 
increase total investment in 
plant and equipment by 1.1 per 
cent in the year to next March, 
according to a study of 1,615 com- 
panies by the Ministry of Interna- 
tional Trade and Industry. 

This is a sharp change from the 
0.1 per cent investment decline 


forecast in Miti's most recent sur- 
vey of this type, released last 
October, and the latest in a 
recent series of moderately bright 
economic indicators. Capital 
investment fell by 8.7 per cent 
last year. 

Direct investment in other 
Asian countries in the coming 
year will leap to 37.5 per cent of 
total foreign investment, up from 
16.4 per cent in the previous year, 
emphasising the Japanese focus 
on expansion in China and south- 
east Asia. 

Investment in new plant in 
other Asian countries is forecast 
to rise 26 per cent, a spectacular 
tumround from last year’s 2.6 per 


cent fall, according to the Miti 
survey. Within this, manufactur- 
ing industry is forecast to 
increase Asian investment out- 
side Japan by 56.1 per cent. 

The long-term shift of produc- 
tion out of Japan paused slightly 
during the recession. But the Miti 
survey suggests it is now on the 
verge of a second advance. 

This is a response to the yen's 
renewed strength in the past year 
and reflects manufacturers’ strat- 
egy of adding component plants 
to the basic assembly lines they 
established in east Asia during 
the late 1980s. 

This trend has already 
prompted concern within Japan 


that its manufacturing industry 
will be "hollo wed-out" by the 
shift of production abroad. 

Japanese investment in China 
is now aimed at capitalising on 
the strong growth o! domestic 
demand, along with taking 
advantage of the country as a 
low-cost production site for 
exports. 

In areas outside Asia, improve- 
ment in corporate investment 
appears to be patchy. Manufac- 
turers expect to cut spending by 
3.5 per cent across the board this 
year, a less severe reduction than 
the 19.6 per cent cut last year. 
Service industries and utilities 
forecast a 3.6 per cent rise. 


Oliver North’s political fate 
hinges on state convention 



Oliver North: looking for the Republican nomination m*»« «p 


By Jurek Martin in Washington 

Some 14.000 registered 
Republicans from the state of 
Virginia will decide tomorrow if 
Mr Oliver North, of Iran-Contra 
notoriety, has a political future. 

The probability, but not cer- 
tainty. is that the party conven- 
tion in Richmond will nominate 
him to contest the seat to be 
defended by Senator Charles 
Robb. This assumes the incum- 
bent survives the Democratic pri- 
mary on June 14 - his opponents 
have made much of his confes- 
sions of marital infidelity. 

If Mr North and Mr Robb, the 
objects of much hostility in the 
state and elsewhere, emerge as 
the candidates of the two estab- 
lished parties, independent bids 
are likely to follow and make Vir- 
ginia the most fascinating, if 
least edifying, of the national 
mid-term elections in November. 

Mr Doug Wilder, the state's for- 
mer Democratic governor, is 
poised to enter as an indepen- 
dent. as may Mr Marshall Cole- 
man. the former Republican state 
attorney general who was beaten 
by Mr Robb for the governorship 
in 19SI and by Mr Wilder in 1989. 

But all eyes this week are on 
Richmond and the Republican 
convention's secret ballot 
between Mr North and Mr James 
Miller, the former budget director 
in the Reagan administration. 
With fundamentalist Christian 
and right-wing support well 
organised for Mr North, the staid 
and conservative Mr Miller, pre- 
viously little known in the state, 
appears to face an uphill battle. 

National Republican strategists 
are nervous of the predictable 


Continued from Page 1 


Similarly. Germany, with its 
highly developed vocational 
training system, would have less 
reason than the US lu heed the 
orcams.it inn's advice on easing 
the transition of young people 
from >eh-x*l to work. 

The paper will discussed by 
ministers m Paris on Tuesday. 


tub-thumping appeals to very 
conservative values at the state 
convention. As one local political 
analyst put it: “Oliver North is a 
bomb thrower and the fundamen- 
talists want a bomb thrower." 

Mr Miller is not without sup- 
port from some famous conserva- 
tive names. Including Mr Ronald 
Reagan, who bas condemned Mr 
North for lying about what the 
then-president knew during Iran- 
Contra. This was a scheme in the 
mid-1980s to sell arms to Iran 
aimed at securing the release or 
US hostages in Lebanon. Simulta- 


The support of member states is 
regarded as certain following 
lengthy consultations among offi- 
cials in various OECD commit- 
tees. Once endorsed, the docu- 
ment will form the basis of 
further discussions on combat- 
ting unemployment among tbe 
Croup of Seven leading industrial 
countries at their economic sum- 
mit in Naples next month. 


neously funds were diverted to 
Contra rebels in Nicaragua in 
defiance of Congress. An editorial 
in the Wall Street Journal this 
week, aptly headlined “Virginia 
reeling", concluded that Mr 
North could not win in Novem- 
ber but that Mr Miller could 
because Republicans would unite 
behind him. 

But nothing compares with the 
fury exhibited by Virginia's other 
senator, the Republican Mr John 
Warner, at the prospect of being 
joined in Washington by a man 
he considers unfit to hold public 
office and to represent the Repub- 
lican party. 

Mr Warner is not only threat- 
ening to bolt from the party and 
campaign as an independent 
when he runs for re-election in 
195*3. but is also urging Mr Cole- 
man to get into the senate race, if 
Mr North is the nominee. 

Paradoxically, an evenly 
divided four- way contest might 
increase, rather than diminish. 
Mr North's chances. His hardcore 
support seems very loyal, which 
is more than can be said for any 
of the other prospects. 


Bonds 

recovery 

boosts 

London 

market 

By Comer MUddetmann 
and Teny By land in London 

UK government bonds staged a 
recovery yesterday, giving a 
strong boost to the London stock 
market. 

Dealers reported cautious 
investor buying of long-dated 
gilts, where yields had risen close 
to 9 per cent earlier this week. 
However, some warned the recov- 
ery was largely a technical cor- 
rection after the market had beai 
heavily oversold in recent 
days. 

“The recovery doesn’t reflect a 
si gnifican t shift in people's atti- 
tudes," said Mr John Kendall, 
chief economist at Baring 
Brothers. “1 think we have fur- 
ther to go before things calm 
down,” he cautioned. 

Bond prices were also helped 
by short covering in the futures 
market where traders squared 
their positions ahead of today’s 
release of US May employment 
figures. 

The London stock market, 
helped by the gilt rally and a 
stronger performance from stock 
index futures, shrugged off its 
prolonged run of weak sessions. 
The FT-SE 100 index recorded its 
best daily gain for the year, dos- 
ing at 2,980 A, a rise of 48.9. It was 
the biggest daily advance since 
December 29 when the FT-SE 100 
jumped 49.7. 

In the gilts market the 8% per 
cent gilt due 2017 rose more than 
three points to around UB'/i, to 
yield 8.41 per cent The Septem- 
ber contract of the long gilt 
future traded on Liffe, the Lon- 
don futures and options 
exchange, jumped more than two 
points to 100U- 

Europe’s other bond markets 
put on a patchy performance, but 
many traders said the heavy sell- 
ing of recent sessions had abated. 


International bonds, Page 20 
London shares. Page 37 


OECD jobless proposals 



{ Europe today 

] Temperatures will tail as cooler air crosses 
: western Europe Tho British Isles will be 
j particularly rainy wilh near gale force 
! west***- winds. The Benelux and France 
, will ha«e only isolated showers, perhaps 
! with thunder. It will be hoi to very hot in lha 
j Balkans. Greece and southern Italy where 
, temperatures will exceed 30C. The Alps will 
! Do warm with an increasing risk of thunder 
i showers. Hungary may also have thunder 
] showers. Spam will be mainly sunny 
. all hough northern areas will be cloudy with 
| ram Scandinavia will slay unsettled and 
: mainly cool, 
i 

• j Five-day forecast 

j North-west Europe will be unsettled and 
i cool over the weekend, but conditions will 
j improve as an Atlantic high builds into 
| France. South-east Europe will have a 
I warm and sunny weekend followed by 
| lower temperatures early next week. 

! Scandinavia will continue coal and 
j unsettled with a lot of rain in the south. The 
j Mediterranean will stay warm and mainly 
| sunny. 


| TODAY'S TEMPERATURES 



Sifuaflwi at 12 GMT. Temperatures maximum for day. Forecasts by Meteo ComuHofthe NethertmOs 



Mourn uni 

BeiUng 

slower 

26 

Caracas 

snowsr 

27 


Ceiiraa 

Bellas! 

nwi 

15 

Carom 

shower 

15 

-lEMj Dficin 

sun 

45 

Belgrade 

tar 

37 

Casablanca 

Sun 

23 

Acct.1 

shower 

32 

Berlin 

lair 

35 

Chicago 

sun 

23 

iljlC/T. 

■sun 

32 

Bermuda 

fair 

29 

Cologne 

cloudy 

23 

■irr— -.cream 

shower 

10 

Bogota 

shower 

22 

Dakar 

fair 

27 

-(NW 

sun 

31 

Bombay 

lair 

36 

Dallas 

fair 

32 

4 [Lanin 

l;w 

3C 

Brussels 

shower 

M 

Delhi 

lair 

45 

D. Aura 

fir 

■w’ 

Budapest 

ihund 

30 

Djakarta 

fair 

32 

Sham 

shower 

"is 

Ctiagon 

shower 

19 

Dubai 

sun 

44 

BonaKok 

cloudy 

26 

Cairo 

Sun 

33 

Dublin 

ram 

15 

EarctWrta 

Jay 


Capo Town 

sun 

15 

□ufanOvnik 

aun 

32 


Lufthansa Express, 
s. . The best connection in Germany 

3) Lufthansa 

German Airlines 


Edinburgh 

doudy 

14 

Madrid 

fair 

30 

Rangoon 

showar 

32 

Fax 

sun 

2d 

Majorca 

lair 

32 

Reykjavik 

ratal 

11 

Frank fuC 

far 

25 

Malta 

sun 

31 

RiO 

doudy 

29 

Geneva 

doodv 

25 

Manchester 

Shower 

15 

Rome 

far 

28 

Gibraltar 

sun 

28 

Manila 

fair 

34 

S.Frsco 

&* 

20 

Glasgow 

shower 

15 

Melbourne 

shower 

19 

Sand 

sun 

26 

Hamburg 

far 

22 

Mexico City 

sun 

25 

Singapore 

cloudy 

32 

Helsinki 

ram 

18 

Miami 

Hwnd 

33 

Stockholm 

rain 

14 

Hong Kong 

ram 

29 

Mian 

Ihund 

30 

Strasbourg 

far 

23 

Honolulu 

fair 

32 

Montreal 

sun 

24 

Sydney 

ram 

17 

Istanbul 

sun 

27 

MOSCOW 

shower 

20 

Tangier 

sun 

21 

Jersey 

shower 

Id 

Munich 

lair 

24 

Tel Avtv 

sun 

26 

Karachi 

sun 

37 

Nairobi 

lair 

24 

Tokyo 

sun 

26 

Kuwait 

sun 

44 

Naples 

sun 

30 

Toronto 

sun 

21 

L Angeles 

far 

23 

Nassau 

thund 

32 

Vancouver 

fair 

18 

LasPatmas 

sun 

24 

New York 

GUtl 

25 

Venice 

thund 

28 

Lima 

fair 

23 

Nice 

Mr 

28 

Vienna 

ihund 

28 

Lisbon 

far 

23 

Mania 

sun 

34 

Wareaw 

shower 

23 

London 

shower 

16 

Oslo 

doudy 

23 

Washington 

sun 

26 

Luitbounj 

fair 

21 

Pads 

shower 

21 

Welllngtan 

fair 

13 

Lyon 

Mr 

26 

Perth 

Mr 

IS 

Winnipeg 

fab- 

23 

Madeira 

fair 

22 

Prague 

doudy 

25 

Zurich 

fair 

23 


thf. t.f.x column 

Tonic from Boots 


Boots has again confounded its critics 
by widening margins tn tts chemists 
chain on rising sales. Since most of 
the headaches acquired with Ward 
White are also sho win g improvement 
- Halfords In particular is starting to 
perform - yesterday’s 4 per cent rise 
in the shares looks justified. Still, 
Boots is earning only £7m operating 
profit on retail turnover of £900m out- 
side the chemists business. It cannot 
afford to rest on its laurels. Do ft All 
and AG Stanley continue to defy their 
parent's much vaunted retail skills. 

With EI50m cash in hand - includ- 
ing the proceeds from the sale of Far- 
ley’s - Boots can also afford to look 
for growth elsewhere. The cash posi- 
tion would strengthen farther if it 
decides to get out of prescription phar- 
maceuticals, although piecemeal dis- 
posals look more likely than an out- 
right sale or - given its experience 
with Do It All - joint ventures. The 
snag is that credible investment 
opportunities are thin on the ground. 
The retail side of the business is gen- 
erating cash faster than Boots can 
spend it. Diversification has rightly 
been ruled ouL 

The best hope for expansion lies in 
over-thfreounter medicines. But such 
acquisitions do not come cheap. Boots 
would be bidding against the giants of 
the pharmaceuticals industry should 
larger brands become available. It Is 
also doubtful whether Boots has the 
experience to compete as a serious 
force in the US. Smaller OTC acquisi- 
tions in Europe may thus be the best 
way forward, even If that means 
returning some cash to shareholders. 
Since Boots has still not shaken off 
the legacy of its last big move, inves- 
tors might welcome such a cautious 
approach. 

Euro Disney 

Prince Al-Waleed Bin Talal's enthu- 
siasm to buy shares in Euro Disney is 
matched by Walt Disney's w illingness 
to cut its stake. Given that Use US 
media group knows the project better 
than the Saudi prince, that looks film 
yet another argument for s elling the 
shares. Even so, the prince’s involve- 
ment could help Euro Disney’s forth- 
coming rights issue in a number of 
technical ways. For a start, it means 
there is less cHanne that the under- 
writers may have to unload hundreds 
of millions of unwanted shares on the 
market after the issue. It also makes it 
more likely that the issue price will be 
nearer the top of the FFr5-FFrlO 
range. So shareholders who do not 


FT-SE Index: 2980.8 (+48.9) 



fraVo op their rights may not be quite 
as heavily diluted as feared. 

In the longer run, the prince’s prom- 
ise to build a Si 00m convention centre 
should help fill Euro Disney’s empty 
hotels. The hope must be that his 
Involv ement will also make it more 
likely that a second “gate" at the 
theme park is built Given that the 
banks have a grip on future spending 
by Euro Disney, the company could 
probably not act on its own. 

Of course, if the prince is as shrewd 
a financie r as bis investment in Citi- 
corp would suggest, be will not be 
willing to give small shareholders a 
free ride on Ids convention centre. He 
will presumably negotiate a deal that 
ensures that the lion’s share of the 
extra hotel revenues from the project 
flow to him rather than Euro Disney. 
Then a gain a if the prince is smart, he 
may indeed be buying into Euro Dis- 
ney at the bottom of the roller-coaster. 

Siebe 

The reluctance of Siebe’s share price 
to rise with the market after yester- 
day’s full-year results suggests inves- 
tors are not yet quite convinced that it 
can deliver strong organic growth in 
the recovery. That may be a hit grudg- 
ing after the relatively strong second- 
half progress in controls which 
account for three quarters of all sales. 
Presumably the recession in the Euro- 
pean automotive sector which held 
back the specialist engineering divi- 
sion will not last for ever, while there 
must be room for fairly rapid margin 
improvement at the new European 
acquisitions. 

Changes in intra-company pricing 
may have reduced the tax charge, but 


they make it even harder for outsiders 
to analyse what is happening to mar- 
gins. For example, transfer pricing 
r-hang^: may be one reason why mar- 
gins in North America do not seem 
fully to reflect recovery there. The 
best test of Siebe’s performance in the 
current year will thus also be one of 
the most basic - the extent to which 
overall sales are driven by organic 
growth. Despite the second-half 
improvement, last year’s group turn- 
over rose by only 2 per rent before 
currency changes and acquisitions. 

Siebe's says it is now more inter- 
ested in higher market share than 
margin enhancement That may say 
something about the nature of an eco- 
nomic recovery in which prices 
remain under pressure. Yet Siebe's 
operating margin which remained 
high during the recession is already 
14.3 per cent. If that cannot be 
improved much in the recovery, one 
wonders whether it will again defy 
gravity when the next downturn hits. 

Privatised debt 

Having sold its equity stakes in UK 
utilities, it makes sense for the Trea- 
sury to ftipan out the cupboard and 
sell its stake in their debt as wdL 
Still, given the fragile state of the : 
bond markets it must hope that the : 
bulk of the proceeds come from pur- 
chases by the companies themselves. 
That way the government would be 
tapping a genuine new source of 
funds. 

Tbe incentives for the companies to 
buy back tbe debt are considerable. 
Not only does it free them of any asso- 
ciated covenants; it may be preferable 
to seeing the debt repackaged and sold 
on by merchant hanks with whom the 
company has no direct relationship. 
But the debt is trading at a premium 
while the companies are carrying it at 
fare value in their balance sheets. 
Those that buy it back must take a hit 
in their profit and loss account. 

The first sales programme sought to 
get round this problem by adjusting 
tiie price at which companies bid for 
their own debt. Effectively It was 
reduced to take account of the future 
tax they would pay as a result of their 
lower interest charge. Doubtless that 
wifi again provide an incentive. Per- 
haps more important is the state of 
the markets. With long term rates so 
high, now may be a good time for the 
companies to move. The purchase pre- 
mium is unlikely to fall much further. 
With luck the debt may be refinanced 
at lower rates later. 


mimimiimimmmmmmimmiiiiiimmmmiiiimmimiimimiii 

This announcement appears as a matter of record onfy 





VA TECHIUOLOGIE AG 


AS 6,885,000,000 

Initial Public Offering 

of 

7,650,000 ordinary shares 

of nominal value AS 100 each 
by 

Osterreichische Industrieholding AG 


International Institutional Offer 
•4,590,000 ordinary shares 

S-G. Warburg Securities 
Bank Austria Investment Bank AG 

Lehman Brothers 
CS First Boston 

Dresdner Bank Akriengesdlsdiaft 
Internationale Nederianden Bank N. V. 
Istrtnto MobSiare Italiano S.pA 
Lazard Brothers 8c Co., limited 
Nifcko Europe He 
Sodete Generale 


Austrian Public Offer 
3,060,000 ordinary shares 

Bank Austria Investment Bank AG 
Creditanstalt - Bankverein 
S.G.Warburg 8c Co. Ltd. 

Raiffeisen Zentralbank Osterrrich 
Akrienges dlsdiaft 

GiroCredit Bank Akriengesdlsdiaft der 
Sparka&sen 

Bank fur Albeit und Wirtschaft Akriengesdlsdiaft 

DIE ERSTE ostcrrdchischc Spar-Casse - Bank 
Aktiengesdlschaft 

Schoefler 8c Co. Bankaktiengesdlscfaaft 

Afiganane Sparkasse Oberosterrdch Bank 
Aktiengesellsdiaft 

Bank fib Obcrosterreich und Salzburg 

R ^^nhndesbaBk Oberostetrekh registrienc 
Genossenschaft nub.H, 

Stdennarkuchc Bank und Sparkasse 

Aknfingrvp il«rhqfr 

Raiffetsenlandesbank Stdermark registriene 
Gen °Mcnschaft mh JL 


Global Co-ordmator 


S.G. Warburg Securities 


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FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Friday June 3 1994 


17 


fifl BROOK m 

kSJ Hansen EU 

POWERFUL 

CONNECTIONS 

Controllers, Electric Motors, 
Gearboxes 


IN BRIEF 


Japanese bank 
merger hits hitch 

A Japanese finance ministry inspired plan to 
merge three regional banks has been delayed 
by opposition from staff and cfiente. Page IS 

Hungarian hotels for safe 

Hungary’s privatisation authorities have put 
Rungarifotele, the country's largest hotel 

up for sate. Page 18 

Boots advances 19% 

Boots,-, the UK retailer, yesterday shrugged off 
problems at its pharmaceuticals and DIY businesses 
to a nn ounce a 19 per cent increase to underlying 
profits. Page 18 

Nokia doubles to FM834m 

Nokia, the Finnish talec nmrm pjcatiflna group, 
ann o unce d a preliminary operating profit of 
FM854m ($155m) for the first four months, more 
than double last year’s FM362m. Page 18 

Canadian bank advances 12% 

Royal Bank of Canada profits rose 12 per cent 
in the second quarter profit because of strengths 
in retail sred fa H res ti rtent banting and tha contribu- 
tion. from Royal Trust, acquired last September. 
PagelS 

German group to offer roinlnfl aiiar e w 

Metafigesellschaft, the G erman industrial group 
which came to the brink of bankruptcy in January, 
is about to unveil a public offer of its shares in 
MetaD Mining which, at current market prices, 
are worth about C$500m CDS5360m>. Page 19 

Australian drinks group eyes Europe 

Coca-Cola Amatil, the Austr alian soft drinks 
group' which is 5i per cent-owned by the Atlanta- ■' 
based Coca-Cola Company, is to expand its presence 
ia central and eastern Etuupe by buying out its 
parait’s interests in Poland. Page 20 

C on t rarian* In Tokyo 

Japan's biggest investors, its life insurers, who 
ownlSper cent of the Tokyo equity market's 
capitalisation, have continued to sell shares even 
as the Nikkei index hit new Mgbs. Page 20 

IfEPC rises In Srery active* half year 

MEPG, the UK’s second largest property company, 
toe announced pre-tax profits of £47.6m for the 
six. months to emdMarch, against £43Bm (565.7m), 
after a "very aettve" half year, according to Lord 
Blakchham , cbaiT mnn. Pagg 79. 

Trident spurs on VSEL 

Pretax profits at VSEL, the submarine builder, 
rose 10 per cent to £8lm ($9L5m) for the year 
to March 3L The company is enjoying profit- 
ability from the Trident submarine construction 
contract Page 23 

UcAlphM» to ImmciiTfftfitx issue 

Alfred McAfpine joined the queue of UK house- 
builders launcbir^ rights lssues to finance land 
purchases for expansion. Page 24 . 

Boost for Euro Dfsnay sharo* 

Euro Disney shares in Parte rose 6 per cent - 
up FPrlJBS to FFr32, - after it emerged that an 
investor had stepped in to buy a stake in the 
troubled tbemepark. Back Page 


Compmtos In Ihte Issue 


ABl Leisure 

24 Urnft ■ 

28 

AK3 

1 Lonrbo 

22 

Abbey National 

ft MEPC • 

22 

Angtovaal 

19 Madmen 

32 

Ashley 

24 Maraton 

24 

Associated f&xstng 

23 McAIpbw (Alfred) 

24 

BC1 

19 MetaflgeseQschaft 

19 

Bertam 

24 Mid Kant Holdings 

29 

Boots 7 

18 NeHon 

26 

Bridge 08 

20 Nokia 

18 

Buna! 

24 Parker & Parsley 

20 

Bunrffih Cutrol 

25 PosireH Duflryn 

26 

CIBC 

. 19 RJT Capita} Partnois 

26 

Carr's MBng InUa 

SBRJBMWog 

28 

Casa 

17 Reading and Bates 

18 

Coca-Cola Amati 

20 Roife&Notan 

24 

Control Techniques 

22 Rowe Evans 

28 

Coming 

19 Adwflnano Securities 

26 

Dentsu 

20 Royal Bank of Canada 

19 

Enterprise. 0# 

23 Schneider 

1 

Euro Disney 

18 Scottish Anticable 

11 

EutoDoBar 

24 Seagram 

17 

Eurotunnel 

22 Siebe 

IT 

Faber Prest 

23 Stakis 

28 

Gtynwed Inti 

2B Stanhope Properties 

23 

Gowrings . 

2A SunMgh 

22 

Hambroo insurance 

23 Tata Chemicals 

20 

KungarHctota 

18 Tenneco 

17 

ING 

18 Time wamer 

17 

JtataJi Shipping ■ 

20 Union tot 

22 

KLM 

IT Usboma 

24 

Katemoaoo 

25 VSB. 

23 

Kwnbrey . 

24 W^AUrine 

11 

Lastto 

23 Wyndeham Press 

28 

Leeds Permanent 

29 Yates Brothers 

24 

Lfltf Hoegh 

18 Yorkshire Water 

23 

Market Statistics ■ 

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Cost cuts and passenger increase enable Dutch airline to shrug off previous year’s heavy losses 

KLM returns to FI 103m profit 



Pieter Bonw: farther cuts needed 


By Ronald van de Krol 
in Amsterdam 

A sharp rise in passenger traffic 
and continued cost cuts enabled 
KLM Royal Dutch Airlines to 
swing back into profit last year. 

The Dutch national carrier 
posted a net profit of FI 103m 
(555.7m) for the year to March, 
reversing the previous year's 
heavy losses of FI 562m. 

The improvement stemmed 
partly from a 17 per cent increase 
in passenger traffic. However, the 


continuing shift towards cheaper 
feres meant that turnover from 
passenger traffic increased by a 
more modest 8 per cent. 

Overall, sates rose 5 per cent, 
well ahead of the 1 per cent 
increase in costs. KLM will not 
pay a 1993-94 dividend, as sig- 
nalled earlier thiq year during its 
Fll^bn global share offer. 

The strong recovery is also due 
to the feet that wn.M no longer 
includes on its book the figures 
of Northwest Airtmes, the US air- 
line in which it owns a 20 per 


cent stake. In 1992-93, when ELM 
still carried Northwest’s figures, 
the US airline accounted for 
much of that year's FI 388m loss 
from “holdings”- Northwest has 
since moved back into profit 

However, even at the operating 
level KLM’s results improved 
strongly, moving back into a 
profit of FI 86m from a loss of 
FI 252m. 

Another reason for the 
improvement is the pension pre- 
miums “holiday” granted by 
ELM'S pension funds In April 


1993. Mr Pieter Bouw, president, 
said the airline would look into 
extending the holiday when it 
expires at the end of 1995. 

ELM, involved in last year’s 
abortive attempt to create a 
global airline with Swissair, SAS 
and Austrian Airlines, remained 
Interested in developing strategic 
alliances with other medium- 
sized European airlines. 

Mr Bouw said further cost- 
cutting was needed even though 
KLM compared favourably with 
most European carriers. “The air- 


lines of the US and the Far East, 
which already operate at very 
competitive cost levels, are 
a ttemp ting to cut them still fur- 
ther," 

He said KLM’s search for 
greater flexibility was behind 
yesterday’s announcement of the 
company’s first operational lease 
for seven new Boeing 767-300s to 
replace its fleet of 10 Airbus 310s. 
The lease allows KLM to increase 
the number of aircraft and to 
adjust the length of the agree- 
ment. 


Tenneco scales back Case spin-off in weak market 


By Laurie Morse in Chicago 

Tenneco, the US energy and industrial 
group, has scaled back plans for an ini- 
tial public offering of its Case form 
machinery subsidiary, cutting the size 
to 25 per cent of Case common stock. 
When Tenneco annmmMri the plan in 
April, it said it would sdl at least 35 per 
cent 

Mr Dana Me ad, Tenneco’s Hmirm»n t 
said the offering was reduced because 


stock market valuations for companies 
in machinery and other cyclical indus- 
tries had weakened since the Case 
spin-off was first announced. "Since the 
company’s pe rf ormance thus far in 1994 
has been strong, we are reluctant to sell 
more tt«n 25 per cent at flwsg levels.” 

Although North American farm 
equipment sales are up an estimated 16 
or 17 per emit so fer tins year, helping 
to support Case’s earnings, analysts 
forecast a slowdown in the second halt 


a factor that could have contributed to 
Tenneco’s deniri/m. Mr John Stark, edi- 
tor of a Chicago-based equipment news- 
letter, predicts that the overall rise in 
fa rm machinery sales this year wfll be 
12 per cent 

In its preUminary prospectus for the 
offering, Tenneco set a price range of 
$13422 per share. Wall Street analysts 
said this range was within expectations, 
though it fell short of the $25 per share 
some had suggested in ApriL 


Tenneco said it expected the spin-off 
to bring in 6335m-63S5m. This compares 
with the 6500m anticipated when the 
deal was first announced. 

It intends to Invest the sale proceeds 
in its automotive parts and natural gas 
businesses. 

Case is Tenneco’s largest division and 
the group intends to retain majority 
control. However, Mr Mead did not rule 
out a second offering of Case shares, 
saying Tenneco would reviewing its 


options later this year. 

Tenneco’s shares did not respond to 
news of the truncated offering, trading 
% higher at midday in New York at 648- 

Case achieved first-quarter operating 
income of 681m on sales of Slbn, repre- 
senting nearly a third of the Tenneco 
group’s first-quarter sales and operat- 
ing Income. Marketing of the new Case 
shares wiE begin next week. The shares 
will be traded on the New York Stock 
Exchange. 


Assurance 
on profit 
margins 
at Siebe 


By Andrew Bolger 

thA international controls 
and engineering group, yesterday 
reported a 20 per cent increase in 
profitability and sought to aQay 
concern that it was suffering 
margin pressure. 

The UK-based group increased 
pre-tax profits from £182m to 
£217m (63S>.5m) in the year to 
April 2, while sates grew by 15 
per cent, from £1.62bn to £L86bn. 

Mr AUen Yurko, chief execu- 
tive, said the group’s return on 
sales bad dipped from 14.7 to 14J1 
per cent, but this was attribut- 
able to acquisitions. 

Underlying margins were 
slightly ahead, although the 
group was concentrating on 
increasing market share, rather 
than pushing Up mar gins . Mr 
Yurko said the group had also 
adjusted intra-group pricing to 
take less profits in the US. 

Mr Barrie Stephens, chairman, 
said the final quarter of the year 
confirmed indications of a consid- 
erable improvement in certain 
markets, particularly in North 
and South America and Asia. 

He added that although there 
had been signs of improved 
demand, Siebe believed continen- 
tal European ^ Japanese mar- 
kets would r emain subdued Until 
the end of this calendar year. 

Sales in the controls divisions, 
after excluding currency transla- 
tion and acquisitions, increased 
by 5 j 9 per cent and were particu- 
larly strong in the second half. 
Mr Yurko said he was confident 
that these divisions would show 
real growth of 10 per cent in the 
current year. 

Operating cashflow rose to 
2126m from £95 m, and gearing 
fell from 66 to 25 par cent Share- 
holders’ fUnds rose by £208m to 
£950m, thanks mainly to last 
November's £184m rights issue. 

The profits figure was struck 
after £l7.3m of restructuring 
costs, down from £lL4m the pre- 
vious year. 

Earnings per share rose by 19.4 
per cent to 31.4p (26 -3p). A final 
dividend of 7.34p gives a total of 
lip (9.86p). an increase of U.6 per 
cent 

Lex, Page 16 


Bernard Simon on why Seagram is shackled by its glorious past in its fight to expand 

Bronfman Jr must show 
his Time machine works 


E dgar Bronfman Jr made 
no secret this week of his 
irritation with the specula- 
tion that has billowed around 
Seagram, the international 
drinks group controlled by the 
Bronfman family. 

Making his debut as Seagram’s 
chief executive at the annual 
mpating ip Mrmtrayi. Mr Bronf- 
man hit out against “ inacc urate 
and baseless” reports about Sea- 
gram’s intentions towards Time 
Warner, the powerful entertain- 
ment conglomerate in which Sea- 
gram has a 14J39 per cent stake. 

Mr Rm nfman 's concern is 
understandable. Seagram’s new 
39-year-old CEO carries an 
immense burden. He needs to 
show Seagram shareholders - 
not least his father and uncle, 
who remain co- chair men - that 
he can match the accomplish- 
ments of his grandfather, Sam 
Bronfman, who transformed a 
small Canadian liquor business 
into the world’s biggest drinks 
company, and his father, Edgar 
Sr, who in his 23 years at the 
helm has greatly enlarged what 
“Mr Sam" started. 

In particular, the younger 
Bronfinan has to convince outsid- 
ers that Seagram's 62bn Invest- 
ment in Time Warner is a wise 
one. The entertainment group 
has been very much his project 
since Seagram secretly started 
buying shares in February 1993. 

Edgar Sr said minutes before 
the annual meeting: "He’s got 
great judgment For a young man 

Time Wamer/Seagram 

Share prices rabaaad 
■160 — — 


Tkna Warner 



100 ^ 

■onxn starts buBcSno stm 

aoLj-u. 

L.J 1-1-1. 1.1. 1 


1993 
Source Ostactmara 


94 


of 39, he’s got great wisdom.” 

Dining his 14 years with Sea- 
gram, Edgar Jr is credited with 
moving Its liquor business away 
from mass-market, low-profit 
brands, and with spearheading 
two bold acquisitions. 

The 1967 purchase of Martell, 
the French cognac producer, Hag 
given Seagram a strong foothold 
in the Far F ast Mr Bronfinan 
indicated this week that expan- 
sion in this part of the world, 
especially in China India. 
would be a high priority under 

his stewardship- 

An other initia tive was the 1988 
acquisition of Tropicana Prod- 
ucts, a leading US orange juice 
producer. Although Seagram had 
hoped for stronger earnings 
growth from TYopicana, it 

re mains confi dent that the rising 

popularity of fruit juices and 
Tropicana's high market share 
will eventually pay off 

Mr Bronfman provided further 
evidence of a fresh approach by 
unveiling a top-to-bottom “re-en- 
gineering” of Seagram's 
operations. Over the next two to 
three years, every part of the 
company will come under intense 
scrutiny in an attempt to cut 
costs and improve performance. 

None the less, the dalliance 
with Time Warner has so far 
failed to excite investors. The 
Time Warner stake has barely 
beat reflected in Seagram's share 
price, which stood at $31.13 on 
the New York Stock Exchange 
yesterday. 

Critics are concerned that Mr 
Bronfinan may be biting off more 
than he can chew, especially 
bearing in mind Tune Warner’s 
Sl5hn debt They have been quick 
to cast doubt on the Time Warner 
investment by pointing to Mr 
Bronfman’s fascination with 
show business, including his 
early career as a film-maker. 
These reservations have been 
fanned by the entertainment 
group’s apparent reluctance to 
give its new shareholder a seat 
on the board. 

Mr Bronfinan insisted this 
week that the concerns were 
“unwarranted”. He maintained, 
as Seagram has all along, that 
the purchase of the Time Warner 
stock is a passive investment 


that follows the pattern set by 
Seagram's 25 per cent stake in Du 
Ptmt, tile US nhemirala group. 

Swagratn bag no plane at pres- 
ent to lift its Time Warner stake 
above 15 per cant and Mr Bronf- 
man pledged not to take “any 
action that will undermine our 
financial strength”. He insisted: 
“There is nothing wrong, in my 
view, with anyone being inter- 
ested in what is dearly the fast- 
est-growing, most global industry 
in North America”. 

According to a recent article in 
the Now Yorker magazine, the 
investment was the culmination 
of a lengthy process which 
included consultations with sev- 
eral outside advisers and a look 
at many other sectors, including 
luxury goods and fragrances. 

Ms Irene NatteL analyst at Bar- 
clays de Zoete Wedd in Montreal, 
supports Mr Bronfman's view, 
noting that Seagram “has consis- 
tently done exactly what they 
said they were going to do". 

There is one important differ- 
ence, however, between Sea- 
gram's investment in Time 
Warner and its stake in Du Pont 
The chemicals group has been a 



Edgar Bronfinan Jr insisted that concerns were unwarranted 


motherlode to Seagram. Without 
Du Pout’s dividends, which have 
totalled 6575m over the past two 
years, it is unlikely that Seagram 
would have been able to afford 
Martell or Tropicana. 

The returns from Time Warner 
are unlikely to be so generous in 
the short term, given its heavy 
debt burden and the enormous 
capital spending commitments of 


the entertainment, cable-TV and 
communications industries. 

But Mr Bronfinan asked Sear 
gram’s shareholders for patience. 
He predicted that Time Warner’s 
profits and the value of its shares 
would rise “dramatically" over 
the next five to 10 years. The 
stature of the third generation of 
Bronfmans will hinge on whether 
this prediction comes true. 


UK to raise £lbn-plus in 
sale of company debt 


By Peter John 

The UK Treasury plans to raise 
between £lbn and £i.5bn 
(62>25bn) this summer through 
the sale of hands issued by priva- 
tised companies, incl u ding Brit- 
ish Telecommunications, the 
power generators and regional 
electricity distributors. 

Salomon Brothers, the US 
investment hank acting for the 
Treasury, said yesterday Oat the 
privatised companies were being 
offered the first chance to buy 
back their debt. The companies 
have been asked to submit indic- 
ative bids for the debt by June 17, 
after which the Treasury will 
draw up a list of the bonds to be 
offered for sale. 

Investment banks will also be 
offered the chance to indicate the 
price at which they feel they can 


sell the debt to outside investors. 
The Treasury hopes this element 
of competition will maximi.se the 
return to the UK taxpayer. 

The Treasury still holds about 
£2.75bn of debt from former 
nationalised industries, about 
half of which was issued by BT. 

This summer’s sale of debt 
forms part of the £5_5bn privatisa- 
tion programme for 19SW-95. The 
programme, announced in last 
November’s Budget, includes 
receipt of final payments for BTS 
shares and the sale of remaining 
stakes in the generators. 

Salomon said recent turmoil in 
bond markets had not affected 
the ability of companies to issue 
sterling denominated debt in the 
primary markets. City econo- 
mists said the sate was likely to 
succeed because of the quality of 
the companies - BT and National 


Grid, for instance, have AAA rat- 
ings, the highest possible. 

But Mr Ian Shepherdson, of 
Midland Global Markets, cau- 
tioned: The price of almost all 
debt and equity in str um e nts has 
fallen and it might not go as weft 
as previous debt sales.” 

Salomon said the privatised 
companies had expressed consid- 
erable interest in baying back 
their debt In April, Eastern Elec- 
tricity bought back debt with a 
face value of £ll8m for £145m. 
The companies win also have the 
option of converting the bonds, 
issued at interest rates of around 
12 J> per cent, into debt at current 
market rates. The high coupons 
on the outstanding bonds mean 
that the Treasury expects to sell 
them at 10-2) per cent above their 
face value. 

Lex, Page 16 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


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TIMES FRIDAY JUNE 3 1994 


18 

INTERNATIONAL COMPANIES AND FINANCE 


Unions delay merger of 
Japanese regional banks 


By WilRafn Dawkins 
In Tokyo 

A plan inspired by the 
Japanese finance ministry to 
merge three small regional 
banks has been delayed by 
opposition from staff and 
clients. 

Kita-Nippon Bank. Sboknsan 
Bank and Tokuyo City Bank, 
all based in Tolioku. northern 
Japan, have shelved the accord 
which was due to be signed at 
the end of last month. 

To the ministry's annoyance, 
unions at Kita-Nippon and 
Shokusan objected on the 
grounds that Tokuyo City's 
estimated YlOObn ci917m> of 
bad loans, larger than their 
own. would erode their banks' 
profits. 

Mr Hircbisa Fuji, finance 
minister, had given the scheme 


bis public blessing and said 
there would be more like IL 

The banks’ executives are 
now struggling to get the 
merger back on track and aim 
to call shareholders' meetings 
in the autumn in order to get 
approval. 

This is an unusual blow to 
the finance minis try's strategy 
of encouraging stronger 
regional banks to take over 
weaker ones. The aim is to bol- 
ster weaker banks' balance 
sheets without a public bail- 
out. achieve economies of scale 
in the fragmented regional 
banking industry and avoid a 
crisis of confidence in regional 
institutions. 

The government has guided 
at least three such mergers in 
the past three years. 

Tokuyo City lost Ylbn before 
tax last year, down from a 


Y7.6bn loss in 1392. due to 
stock losses. The new institu- 
tion. to be called Heisei Bank, 
would have deposits of 
Y2.190bn and 225 branches, 
making it the fifth-largest of 
the second-tier regional banks. 

In another sign of the indus- 
try's continuing debt problems. 
Apollo Leasing, an unquoted 

leasing company with Y530bn 
borrowings, yesterday admit- 
ted that it was asking its credi- 
tor banks for a second cut in 
interest payments. 

A polio obtained a rate reduc- 
tion two years ago. but says it 
cannot sell property collateral 
fast enough to finance pay- 
ments. Like many non-banking 
financial institutions. Apollo 
borrowed to lend on the back 
of property, the value of which 
has collapsed during the reces- 
sion. 


Boots surpasses forecasts with 
19% underlying profits advance 


By Neil Buckley in London 

Boots yesterday shrugged off 
problems at its pharmaceuti- 
cals and DIY businesses to beat 
the hest City of Loudon fore- 
casts with a is per cent 
increase in underlying profits. 

After exceptional charges of 
£tiS.5in. relating mainly to 
withdrawal of the Manoplax 
heart drug and restructuring of 
the Do It All joint venture, pre- 
tax profits rose 2.d |jer cent to 
£4I5.9m i$626m> faun £405.2m. 

Before the charges, pre-tax 
profits were £484. -4m - some 
£20m higher than forecasts - 
on turnover which increased 
5.2 per cent to £4.1 7bn. 

Buoyed by a proposed final 
dividend of 10.1 p, lifting the 
total pay-out 12 per cent to lap. 
the shares gained 22p to 527 p 
in London. 

Sir James Blyth. chief execu- 
tive. said Boots was reaping 
the benefits of developing its 
own brand and vertical inte- 
gration. 

A higher proportion of own- 
label sales helped Boots the 
Chemists again to lift its oper- 
ating margin - from 10.7 per 
cent to 11.5 per cent - with 
operating profits increasing to 
£322.9m from £2$5m. 




Sir James Blyth: assessing 
merger and sale opportunities 


Boots Contract Manufactur- 
ing. the cosmetics and health- 
care business which sells 
almost two-thirds of its output 
to Boots the Chemists, in turn 
raised profits nearly a quarter 
to £16.2m. 

Own-label sales were grow- 
ing at Halfords and Boots Opti- 
cians. which both lifted profits, 
and at Children's World and 
Do It All which reduced their 
losses. 

Boots and its partner WH 
Smith are selling 100 Do It All 


stores, reducing the chain to 
140. 

The prescription drugs busi- 
ness, Boots Pharmaceuticals, 
raised profits to £94 .2m from 
£91.4m in spite of the failure of 
Manoplax, but Sir James said 
the strategic review of the 
business was continuing. He 
confirmed that a merchant 
b ank was assessing merger 
and sale opportunities. 

“This is a complex process 
and we won't be rushed.” be 
said. “All options remain 
open.” 

Boots Healthcare Interna- 
tional. the over-the-counter 
drugs division, more than dou- 
bled operating profits to £6.6m. 

Sir James is keen to expand 
Healthcare International 
through acquisitions and has 
the cash to do so. Boots trans- 
formed £203. 3m debts into net 
cash of £69m - before £94m 
proceeds from the sale last 
week of Farleys baby foods to 
HJ Heinz - in spite of record 
capital spending of £224m. 
Much of that went on the retail 
businesses with Boots the 
Chemists adding 48 stores. 

Earnings per share, after 
exceptional items, increased to 
27.7p from 27p . 

Lex. Page 16 


Leif Hoegh 
in NKrl95m 
purchase of 
shipowner 

By Karen Fossil In Oslo 

Leif Hoegh, one of Norway's 
largest shipowners, has agreed 
to acquire control of Arcade 
Shipping, a small Norwegian 
shipowner, for NKrl95ra 
($26.3in). 

It is buying 83 per cent of 
Arcade from Heading and 
Bates, the US-based drilling 
contractor, and plans a full 
takeover of the company. 

The deal is part of a package 
in which Reading and Bates 
has agreed to acquire a 46 per 
cent stake in an Arcade unit. 
Arcade Drilling, for NKr6 a 
share or an estimated 
NKr300m. 

In addition, Reading and 
Bates will acquire Arcade 
Shipping’s minority sharehold- 
ing in Dragon Oil for 
NKrl8.26m. representing book 
value of the Interest 

Arcade's shareholders most 
agree to withdraw a legal 
claim against Reading and 
Bates for the US group's ear- 
lier purchase of Arcade Invest- 
ment 

Leif Hoegh is paying 
NKrl.80 a share. Arcade's 
shares prior to news of the 
deal were trading on the Oslo 
hoarse around NKrl.45. Leif 
Hoegh will make a similar 
offer to minority shareholders. 

The deal brings to Leif 
Hoegh one balk ship and three 
smaller RoRo ships. Leif 
Hoegh said that Arcade's fleet 
fits well with its own activi- 
ties. 

Havas in $30m 
joint venture 

Havas, the French media and 
leisure group, is joining forces 
with New Line Cinema, a sub- 
sidiary of Turner Broadcasting 
of the US, to develop interac- 
tive computer games and mul- 
timedia products, writes John 
Ridding from Paris. 

The companies will each 
invest S3 8m in a joint venture, 
called NHP Partners LP. 

The joint venture, to be set 
op in the next few weeks, will 
analyse the markets, invest- 
ment opportunities and set 
up a global distribution 
market 


HungarHotels sale draws interest 


By Nicholas Denton 
in Budapest 

Hungary’s privatisation 
authorities have put Hungar- 
Hotels, the country's largest 
hotel chain with 15 hotels, up 
for sala 

The sale, targeted at interna- 
tional hotel groups, looks set to 
become one of the most hotly 
contested privatisation trans- 
actions in eastern Europe this 

year. 

The sale of 51 per cent of 
HungarHotels is expected to 
raise about $50m. CS First Bos- 
ton, the US investment bank 
which is advising the SPA pri- 
vatisation agency, said that 24 
companies barf registered Ini- 
tial interest. 


The potential bidders, which 
have to submit preliminary 
offers by next month, are 
believed to include the Inter- 
continental, Forte and Holiday 
Inn hotel groups. 

Intercontinental, owner of 
the Forum hotel chain, Is 
thought to be interested in 
maintaining Its connection 
with the Budapest Forum, 
which is operated by Hungar- 
Hotels under a franchise agree- 
ment. 

While foreign attention is 
likely to centre ou specific 
hotels, the SPA is determined 
to avoid selling the group 
piecemeal. 

The SPA wants to sell 
HungarHotels as a single 
entity and let the buyer take 


responsibility for subsequent 
restructuring, 

The transaction represents 
the international hotel indus- 
try’s - and other mvestors’ - 
last chance to acquire an inter- 
est in an established hotel 
operation in Hungary. 

Intercontinental lost the 
franchise of the flagship Buda- 
pest hotel, the Duna Interconti- 
nental. when a consortium led 
by Marriot of the US offered 
yam and won an auction for 
the property. 

Two of Hungary’s big three 
hotel chains have been priva- 
tised. Danubius Hotels was 
sold to portfolio Investors, and 
Pannonia Hotels to Accor, the 
French hotel group. 

The privatisation of Hungar- 


Hotels has dragged on for four 
years, hampered by recession 
in the International hotel 
market, confusion over title to 
property and the need to trim 
an unwieldy company. 

The company's mana ge ment 
is known to have pushed hard 
for a stock market flotation, 
but HungarHotels’ weak 
results made this route diffi- 
cult to justify. 

Profits, at the operating 
level, halved to Ft431m (Mm) 
in 1993 on turnover of 
Ft6£3bn. 

The slow pace of work on the 
1996 world expo in Budapest 
has begun to dampen expecta- 
tions about tourist levels in 
Hungary over the next couple 
of years. 


Speculation boosts Euro Disney 


By Alice Raws thorn bi Paris 

Euro Disney, the troubled 
leisure group, yesterday saw 
its shares rise FFrl.85 to 
FFr32.00 amid speculation that 
Prince Al-Waleed Bin Talal, 
the Saudi prince who plans to 
take a large stake in the com- 
pany, was buying shares on 
the market 

Prince Al-Waleed on Wednes- 
day stunned investors with the 
announcement that he 
intended to buy up to 24J> per 
cent of Euro Disney after the 
company’s forthcoming FFr6bn 
($lbn) rights issue. 

Stet improves 
to Ll,539bn 

Stet, the Italian tele- 
communications group due to 
be privatised, reported a net 
profit of LL539bn ($9 10m) for 
1993. up from Ll,425bn in 1992, 
agencies report. 

Gross operating profit rose 
by LU60bn to Ll4 r 843bn on 
revenues 9.6 per cent higher at 
L29BOObn, Stet said. 

Net debt at the end of the 
year stood at L22,085bn, a 
reduction of more than L800bn 
compared with the end of 
1992. 

The parent group reported a 
1993 net profit of L787Bbn, up 
from L775bn a year earlier. 

Technical investment 
totalled L8,400bn and cash flow 
rose 7 per cent to Ll0,126bn. 
the group said. 


The prince, a nephew of King 
Fahd, has already made his 
name as an international 
Investor by taking stakes in 
Citicorp and Saks 5th Avenue. 

In the deal with Euro Disney 
and Walt Disney, its US parent 
company, he will buy any 
shares that are not taken up in 
the rights Issue. 

Under the terms of the deal 
the prince is entitled to buy, at 
the rights price, a maximum 
24J> per cent stake in Euro Dis- 
ney by sub-underwriting the 
rights issue or buying shares 
directly from Walt Disney. 

The prince approached Dis- 


ney last summer through Car- 
lyle. his Washington-based 
advisers. However, he 
appeared last autumn to have 
cooled on the deal as Euro Dis- 
ney's financial problems esca- 
lated. He renewed contact with 
DiWy five weeks ago when it 
became apparent that Euro 
Disney's hanks would agree to 
a FFrlSbn rescue package. 

Market reports suggested the 
prince was buying Euro Disney 
shares to establish a stake 
before the company announces 
the terms of the rights issue at 
an EGM next Wednesday. 

See Lex 


Nokia beats 

market 

expectations 

By Christopher Brown-Humos 
fn Stockholm 

Nokia, the Finnish tele- 
communications group, yester- 
day outstripped market expec- 
tations when it announced a 
preliminary operating profit of 
FM854m (5155m) for the first 
four months, more than double 
last year's FM362m. 

Rising profits in the group's 
two main divisions, fixed tele- 
communications and mobile 
phones, were the main reason 
for the upturn. 

There was a sharply reduced 
loss from the troubled con- 
sumer electronics division and 
a better result from the cables 
and machinery activities. 

Sales climbed 21 per cent 
to FM8.56bn from FM7.09bn. 

Underlying sales growth - 
which strips out the effects of 
currency movements, acquisi- 
tions and disposals - 
amounted to 33 per cent 

Nokia said fixed telecommu- 
nications and mobile phones 
sales had risen strongly, 
although it did not supply 
figures. 

Consumer electronics sales 
declined slightly, while 
cables and machinery sales 
were largely unchanged. 

Nokia, which is the world's 
second largest supplier of 
mobile telephones after Moto- 
rola of the US, said last week it 
planned to raise more than 
FM2hn of new equity through 
an international share issue. 


ING lifted by strong 
insurance operations 


By Ronald van da Krol 

ING Group, the Dutch 
financial services company, 
increased net profit by more 
than 25 per cent to FI 50 Im 
($270m) in the first quarter of 
1994 from the same period of 
1993. 

Turnover was down slightly 
at F19.31bn compared with 
F19.40bn. partly reflecting the 
deconsolidation in April 1993 of 
two insurance subsidiaries, 
Orion and the NRG. 

The profits advance was 
helped by strong insurance 
returns. 

Pre-tax results from insur- 
ance surged by nearly 50 per 
cent to FI 354m from FI 243m. 


Sharp increases were reported 
for life and general insurance, 
while losses narrowed in ING’s 
non-life business. 

The deconsolidation of Orion 
and NRG meant ING was able 
to reduce most of its exposure 
to the loss-making reinsurance 
business. 

ENG’s insurance operations 
in the Czech Republic contrib- 
uted to profits for the first time 
in the quarter. 

The jump in insurance prof- 
its contrasts with a more mod- 
erate 5.4 per cent increase in 
pre-tax banking profits to 
FI 314m from FI 298m. 

For tiie whole of 1994 ING 
expects Its results to at least 
match those for 1993. 


44 


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INTERNATIONAL COMPANIES AND FINANCE 


Metailgesellschaft ready to quit mining 

German group could raise C$500m from sale of Canadian stake, writes Bernard Simon 


M etailgesellschaft has 

said little ' about the 
future of its exten- 
sive international rrriy ri p g inter- 
ests In the six months since 
the aQrag German group began 
its fight to survive heavy oil- 
trading losses. 

The mining assets, held 
through. MG’s 50.1 per cent 
stake In Toronto-based Metall 
Mining, have merely been iden- 
tified as a possible, candidate 
for disposed as- part of the 
group's scramble to raise rash 
Behind the scenes, however, 
MG is slpwly but surely near- 
ing the point of unveiling a 
public offer of its shares in 
Metall Mining which, at cur- 
rent market prices, are worth 
about C$5Q0m <US$380m>. 

The offer is sufficiently close 
for MG, Metall and their advis- 
ers to be keenly watching 
investor response to the forth- 
coming initial public offering 
by Ffelconbridge, the Canadian 
nickel, copper and ztnc pro- 
ducer. Due to be priced around . 
June 15, the Falconbrldge issue 
could raise C$750m. 

Metall Mining officials will 
brief analysts in London today 
on the progress made in 
removing the obstacles to MG’s 
withdrawal They are likely to 
report that of three hurdles 
which needed to he overcome, 
only one of any substance 
remains. 

The obstacles date back to 


1987, when Metall. was taken 
public as MG’s vehicle for the 
expansion of its i n ter na tional 
raining interests. 

MetalTs varied portfolio 
includes a minority stake in 
the big Ok Tedi coppermine in 
Papua New Guinea, a control- 
ling interest in Copper Range, 
an integrated US producer, and 
a string of valuable exploration 
properties stretching from Tur- 
key to Australia. 

Its top priority is to find or 
buy a big, low-cost copper 
deposit In its noncopper busi- 
nesses. weak zinc prices have 
led Metall to shift its focus to 
gold. Projects in Turkey and 
the Canadian province of Que- 
bec are expected to doable 
annual gold output to 320,000 
ounces over the next couple of 
years. 

Metall also holds significant 
direct and indirect equity 
stakes in Teck Corporation and 
Cominco, two of Canada’s most 

prominent minin g ramprmtAS 

Last September, before MG's 
troubles surfaced, the German 
company parked its copper 
smelting rout refining interests 
in Europe and Indonesia with 
Metall. Most of these invest- 
ments are joint ventures. Met- 
aH’s partners include Degussa. 
the Gennan mrtaiw group, p™t 
Australia’s mtm, as wen as the 
Keevti fondly of Vancouver, 
who are large shareholders in 
Teck and Cominco. 


Ironic as it may seem, these 
partners demanded assurances 
when the projects were bun- 
dled into Metall that the fledg- 
ling HanaiWan company's stake 
would revert to its seemingly 
robust patent, if MG were to 
sever its ties with Metall. 
Under these agreements, MG 
would be obliged to pay Metall 
a fair market price for the 
assets. 

Since MG’s troubles sur- 
faced, Mr Norman Keevil, 
chairman of Teck, has agreed 
to relinquish his right to 
require it to take over Metall’s 
multiple-voting Class A shares 
in Teck if the German com- 
pany spins off its stake in Met- 
alL 

In the event of a third party 
taking control of Metall, how- 
ever. Mr Keevil will acquire 
voting rights over Metall’s 
interest in Teck as well as the 
right to buy the shares himself, 

M etall has also com- 
pleted all but the for- 
malities of an agree- 
ment under which it will peg 
its interest in Ok Tedi at 18 per 
cant, in partnership with BHP 
of Australia and the Papua 
New Guinea government. 

The government, which will 
raid up with 30 per cent, has 
pledged not to exercise its 
right of first refusal cm Metall’s 
shares when MG nhprtg control 
of the Canadian company. 


Metall Watag 

Store price (CS) 

• M 



SovctctMastreorn' 

The one outstanding problem 
relates to Metall 'a interests in 
Norddeutsche Affinerie in Ger- 
many and Austria’s Brixlegg, 
two of the copper smelters 
which were transferred to it 
last year. It has yet to reach an 
agreement with MiM and 
Degussa, which have a first 
right of refusal on MetalTs 
stake in the event of MG losing 
control. 

Dr Klaus Zeitler, Metall’s 
chief executive, told the annual 
meeting on May 12 that “we 
will either continue to own our 
shares in thaae smelters or we 
Drill be paid the fair market 
value of threft assets". 

Metall’s attractions to pro- 
spective buyers include its 
string of blue-chip properties 
plus its sturdy balance sheet. 


which includes over CSLbn in 
equity and C$30Qm in cash and 
short-term investments. 

The recent surge in copper 
markets has improved its pros- 
pects. A 10 per cent rise in 
prices would have boosted Met- 
all’s lacklustre 1 990 earnings of 
C$1 JSm by another CSUlm. 

Mr Ray Goldie, analyst at 
Richardson Greenshields in 
Toronto, recently raised his 
forecast of 1994 earnings from 
three cents to 16 cents a share, 
jumping to 62 cents in 1995. 

How ever, Metall also has 
some weak spots, notably its 84 
per cent stake in Copper 
Range. Besides being a rela- 
tively high-cost producer, the 
Michigan-based company is 
under environmental pressures 
either to close its smelter or 
modernise it at a cost of 
US$20Qm to S250m. 

Metall hopes to double Cop- 
per Range's ore reserves and 
cut costs by extracting metal 
from ptllars of previously 
mined -out areas. 

Dr Zeitler expressed confi- 
dence at the annual meeting 
that Copper Range can be 
transformed “from a relatively 
high-cost producer to a mod- 
em, state-of-the-art, medium to 
low-cost producer within the 
next three to four years.” Bat 
he acknowledged that progress 
will depend heavily on the 
absence of environmental “hic- 
cups'’. 


Italian bank 
approves 
plans for 
fund-raising 

By Andrew HB 
in MBari . - 

The directors of B&nca 
Commercial Italians, the 
neriy privatised Italian bank, 
have formally approved plans 
to raise up to L2,862bn 
(J1.5bn) through tin issue of 
new dares and warrant s. . 

BCI said the fund-raising 
proposals would he put to 
shareholders next month. 

The group saW the cash 
raised would be used “to 
ensure the balance' of the 
stru c ture of the group, faced 
with further development of 
its activity 'as a ’universal 
bank’, and to consolidate the 
traditional leadership position 
afBGT. 

The hank issued a statement 
last wed outlining the plans, 
following increasing market 
speculation about a rights 
issue. Shareholders will also 
be asked to approve further 
capital increases of up to 
L2,000bn over the next five 
years. 

BCI is negotiating to buy 
a 1 per cent stake in Commerz- 
bank of Germany, and is part 
of the consortium bidding 
for a large minority stake 
in Creditanstalt, the Aus- 
trian bank set for privati- 
sation. 

Corning adds to 
science business 

Corning; the US specialty glass 
and kttaratary services group, 
is acquiring Nichols Institute, 
a cUnJcal testing company, in 
a deed valued at about 1325m, 
Renter /.reports from New 
York, 

Coming, which will merge 
Cahfaratahased Nichols Insti- 
tute with its Corning Life Sci- 
ences unit, ta paying $13 for 
each Nichols share. 

Mr Albert Nichols, chairman 
of Nichols and holder of about 
60 prar cent of the outstanding 
shares of the company, said he 
would vote In favour. 


Royal Bank of Canada ahead 12% 


By Robert GBHmns - 
In Montreal 

The Royal Bank of Canada Has 
attributed a a 12 per cent gain 
in second-quarter profit to 
strengths in retail and invest- 
ment banking and the contri- 
bution from Royal Trust, 
acquired last September. 

The bank, Canada’s biggest, 
said net profit advanced to 
C$27Sm (US$i96.9m), or 74 
rants a share, up from C$243m, 
or 64 cents, a year earlier. 
Total assets at April 13 stood 
at C$168bn, compared with 
C$143bn. 

Return on average assets 


was 0.67 per cent, against 0.72 
per cent last time. The 1993 
period did not include Royal 
Trust 

Return on equity was 16.1 
per cent up from 13.7 per 
cent 

Mr Allan Taylor, efarinnaw, 
said loan quality was improv- 
ing. costs woe being reduced, 
and Royal Trust operations 
were being integrated quickly. 
By June 30, the Royal Trust 
network will have been 
reduced by 41 units to a total 
of 10L 

Net interest income at the 
bank itself was 287 per cent of 
average assets, against 3.09 


per cent a year earlier. 

Other income was up 33 per 
cent, with strong brokerage, 
investment banking and 
money management results. 
Royal Trust’s contribution was 
G$84m. 

Non-interest expense dipped 
2 per cent and total payroll 
was down 5 per cent 

Provision for credit losses 
was C$205zn, up slightly, and 
the fiscal 1994 provision is 
forecast at C$830m, down from 
C$L75biL Total non-performing 
toms were C$58bn at April 30, 
down 24 per cent The reduc- 
tion was due partly to the fact 
that Brazilian debt now has 


performing status. 

First-half net prefit rose to 
C$573m, or C$L56 a share, up 
from C$497m, or C$L35, a year 
earlier. Return on assets was 
0.70 per cent against 0.72 per 
cent, and on equity 17 per 
cent compared with 143 per 
cent 

• Laurentian Bank, part of 
the Desjardins financial 
services group, posted second- 
quarter net profit of C393m, or 
44 cents a share, from 

C$a3m. or 38 cents, a year 
earlier. First-half profit 
was C$18.7m, or 88 cents a 
share, against fysifan, or 74 
cents. 


CJBC earnings rise 20% 


By Robert Gibbons 

C anadian Imperial Bank of 
Commerce, Canada's second- 
biggest bank, saw net profits 
rise 20 per cent in the second 
quarter, and 23 per cent in the 
first half. 

Retail and c or porate hanking 
results were strong in the sec- 
ond quarter, said Mr A1 Flood, 
chairman, and net non-per- 
forming loans declined for the 
fifth consecutive quarter. 

However, the investment 
banking unit was slowed by 
volatile markets and lower 
trading activity. 

CIBC’s net profit for the 
three months ending April 30 
was C$2l7m (US$156m) or 86 


ranfr; a shar e, a gainsf CSISOm 
or 75 cents a year earlier. The 
latest period included C$18m 
from the salp of the bank’s UK 
mortgage subsidiary. 

First-half earnings were 
C$43lm, or C$1.72 a share, com- 
pared with C$349m or C$L49 a 
year earlier. Second-quarter 
return on assets rose to 0.61 
per cent from 084 per cent, and 
on equity to 113 per cent from 
108 per cent 

Non-interest income was 
strong. Wood Gundy, the 
investment banking unit, could 
not keep up the pace of file 
record first quarter, but still 
registered an increase on a 
year earlier. Net interest 
income rose 4 per cent. 


Total assets reached 
C$147bn, up C$2.6bn. 

Net nmv pprfh rmbig loans at 
April 30 were C$198bn or L9 
per cent of total loans and 
acceptances, down from 29 per 
cent a year earlier. 

Loan loss provisions for fis- 
cal 1994 were unchanged at 
C$880m. half of which was 
charged in the first two quar- 
ters. Actual ban loss in fiscal 
1993 was C$920m. 

• Cadillac Fairview, the 
North American property 
group which is restructuring 
its C$5hn (USS38bn) debt, has 
sold its half-interest in three 
Canadian shopping mails to 
the Ontario Teachers’ Pension 
Flan Board for $150m. 


Anglovaal to raise R300m 


By Antonia Sharpe 

Anglovaal. one of South 
Africa’s leading conglomerates 
with interests in mining, food 
and diamonds, is seeking to 
raise R300m ($82m) through an 
international offering of low- 
voting ‘N’ shares. 

According to bookrunner 
S.G. Warburg, this is the first 
international equity offering 
by a South African company 
since the country's general 
election in ApriL 

The proceeds win be used to 
finance Anglovaal’s planned 


acquisition of Willards, a 
South African potato-crisp 
manufacturer. 

The issue's performance is 
likely to be closely monitored 
by other South African compa- 
nies which are considering 
similar 

A total of 2.5m *N’ shares 
wfll be sold on a global basis, 
and they win also be available 
to US investors under the 
Securities & Exchange Com- 
mission’s Rule 144A, which 
allows exemption from many 
normal disclosure require- 
ments. 


The shares closed at R130 in 
Johannesburg yesterday. 

The company is due to start 
an international roadshow 
next week and the shares are 
likely to be priced on June 23, 
the day after the South African 
budget. The offer closes on 
June 30. 

News that Hie International 
Finance Corporation, the pri- 
vate sector arm of the World 
Bank, will include South 
Africa in its global index with 
a weighting of 13 per cent has 
increased international inves- 
tor interest in the country. 


Moody’s 
downgrades 
Canadian 
debt rating 

By Bernard Simon in Toronto 

Moody’s, the New York-based 
rating agency, has downgraded 
Canada’s foreign-currency debt 
to reflect concern over growing 
federal and provincial borrow- 
ing requirements. 

The downgrade, from AAA, 
the highest rating, to AA1, 
affects about US$88bn of secu- 
rities, issued by the federal 
government as well as agencies 
such as the Export Develop- 
ment Corporation and the 
Canadian Wheat Board. 

TyvtrLs denom inated in Cana- 
dian dollars. Which, make up 
the bulk of government bor- 
rowings, are not affected. 

Prices on the domestic bond 
m arket fell slightly after the 
Moody's announcement Stan- 
dard & Poor’s, the other large 
rating agency, lowered its rat- 
ing early last year. 

Moody’s said the federal gov- 
ernment and the provinces 
face a long and difficult” task 
in containing their respective 
debts. While recent deficit- 
cutting measures were expec- 
ted to continue, the agency 
said that there was a risk “that 
a deviation from the medium- 
term programmes of a number 
of important public sector issu- 
ers could occur". 


VOLKSWAGEN AG 

Wolfsburg 

Payment of Dividend 

Notice a hereby given to shareholders fast following s resolution 
passed at the Annual General Meeting of shareholders held on 1st 
June. '1994 a dtwdand for the financial year ended 3 1st December. 

I - 1933 wrS bo pmd. w from2nd June. 1994. at the rateof DMZOO per 

1 cfdw^'ahBreofDMrtKmwMrfvalueaoairwpreaencKkmofCoiwon 

r -Na £3end DM 2.00 per efoUe preferred share of DM 50 nominal 
' vsbeebatnat presentation of Coupon No. 8. 

AlJnwiirwno win be subject to a deduction of German tax ate ate of 

25 petcam. and in the absence of ovkJanceaaBiha retipienWsnon- 

.TtoUMto kt-tftrUmtBd Kingdom, a detection of United 

, Xs^domhirometexata/weof .S percent. 

Coupons should be kx^ad with: . 

;' 8jijinfaboig & Co, Ltd. . : ’ 

^■B^sqAgaecy . 2 Fs^bwy Avenue. London EC2M 2PA 

i fajm whom appropriate cisim toms can ba obtained. 

"^jCot^onawB bapatdat therat* of iwhehge on the day of presantBMn. 
‘.Undercarton eondbona. shmaholdera residing iniha Ufad Kingdom 
^.cw daima partial refund of thedeductad German twin accordance wrti 
1 -theisiWe tusaoa treaty between the United Kingdom end Germany. 
rLBwSMMto tea chargeable Jnaeooidinee with that wary is rated ee 
."fSecSr km! can be eat agorot *• income ax Kabfty of a ahareholdw 
aisdeMinfteUniwdKa^dam. IteCcnvwwbUrittofingdm paving 
.'rMi! »a nfwtTnqmgiT. prowda sharaholdara or they agent* with the 
H****ajtefortn to srtabi# a retad request » be made to tie Gorman 
"iteWertatfwtttes. 

•Slii&kurg, June rape' . . . TheBoHdofte.Mg«nant 


1 


CRB>rr LOCAL DE 
FRANCE 

FRF 500.000.000 
REVERSE FLOATER 

BONDS DUE 1999 

For the period June 1st, 
1994 to December 1st 
1994 the new rate has 
been fixed at 
13,16441% PA 
Next payment date: 
December 01, 1994 
Coupon nr. 3 
Amount: 

FRF 658,22 

fbrtiie denomination of 
FRF 10 000 
FRF 6582J21 
for tiie denomination of 
FRF 100 000 

The Principal Paying 


Agent 
OGE 


SOGENAL 
SOCIETE GENERALE 
GROUP 
15, Avenue Emile Reuterf 
LUXEMBOURG 

b3 



Mortgage Funding Corporation No.5 PLC 
(/ncoTfxmzted m England and Wales undi limned 
Labda? under registered number 2079671) 

Class A Multi-Class Mortgage Backed Floating 
Rate Notes due November, 2035 

Class A-l £110.000,000 CbwA-3 £17.500,000 
Class A-2 £ 80.000,000 Messmtnp Notes £18^00,000 

For the interest period 31 r May. 1994 to 31st August, 1994 
the Class A-J Notes will bear interest at 5.625% per annum. Interest 
payable on 31st August. 1994 will amount to £567.12 per £40,000 
Note. The Class A-2 Notes will bear interest at 5.80% per annum. 
Inures payable on 3la August. 1994 will amount to £1.461.92 per 
£100,000 Note. The Class A-3 Note will bear interest at 5.95% per 
annum. Inurest payable on 3 Is August, 1994 will amount to 
£1,499.73 per £100.000 Note. The Mesanlne Notes will bear 
interest at A 35?i per annum. Interest payable on 3Isr August, 1994 
will amount to £l ,600.55 per £100,000 Note. 


Q Bankers Trust 
Company, London 


Agent Bank 



Templeton 


- Templeton Global Strate, 

Registered Office: 30. Grand- Rue. L- 

Convening Notice 


Sicav 

0 Luxembourg, R.C. Luxembourg B-35IJ7 


The shareholders of Templeton Global Strategy Sicav are hereby convened to assist at an 
; extraordinary meeting of shareholders to be held on 20lh June 1994 n( 1 1.00 am in Luxembourg at 
. j Centre Ncubcrg. 3D, Grand -Rue. L-1660 Luxembourg to vole and deliberate on tbe following 
y agenda: 

L 1. to approve the merger of the sub-fund "Templeton Indonesia Fund" into the sub-fund 

“Templeton Far East Fund" with effect from 1st August 1994 in accordance with the 
provisions of Article 5. last paragraph, of the Articles of Incorporation 

2. to approve tbe merger of tbe sub-fund "Developing Growth Stock Fund' into the 
sub-fund "Templeton Smaller Companies Fund’ with efffect from 1st August 1994 in 
accordance with the provisions of Article 5. last paragraph, of the Articles of 

-• Incorporation. 

3. to amend Articles 5, 17, 23. 27 and 28 of ibe Articles or Incorporation with the purpose: 

- to permit the creation of sub-classes of shares with specific soles and redemption charge 
structures or hedging policies as the Board of Directors may decide from time to time; 

- to permit the Board of Director? to decide in specific circumstances the liquidation of a 

y class of shares; 

- to permit the Board of Directors in specific circumstances to decide the merger of 

j) different classes of shares: 

* J - to replace tbe specific reference to "Templeton, Galbraith & Bamberger -Ltd", by a 

global reference to companies of, or affiliated with the Templeton Group and to delete any 
specific reference to Banqne Internationale ft Luxembourg. 

r". The full text of the proposed amendments of the Articles of Incorporation is available for 

inspection at the address set forth above. 

4. to ratify the appointment of Messrs Charles E. Johnson. Dickson B. Anderson and 
Gregory E. McGowan os additional directors of the company. 

Shareholders are farther informed that an updated Prospectus has been approved by the Board of 
Directors and copies thereof may be obtained, free of charge, at Use address set forth above. 

In order for the meeting to be able to validly deliberate on items 1 to 3 above, at least 50% of the' 
shores issued must be represented at tbe meeting. Any decision in favour of the resolutions must 
be approved by shareholders holding at least 2/3 of the shares represented at tbe meeting. Items 1 
and 2 of the agenda require, in addition, the same quorum and majority conditions in respect of 
the shares issued in the sub-fnnds "Templeton Indonesia Fund" and "Developing Growth Stock 
Fund", respectively. 

No quorum is required for item 4 on the agenda and the ratification of the appointment of the 
directors may be resolved by a simple majority of the shares represented at the meeting. 

Only shareholders of record on May 31. 1994 are entitled to notice of tbe extraordinary general 
meeting of shareholders and at any adjournments thereof. 

Proxy forms are available at the address set forth above. Bearer shareholders are requested to 
’ deposit their shares at Banque Internationale ft Luxembourg ut least 3 dear days prior to the dote 
of the meeting. 

!•’ The Board of Directors 


"HoMarbanlT 
Fnanriftre Saris Ltd. 
CH479D Baris 


Qaris.Juns3.1994 


HOLDERBANK’ 


Notice to the Holdeis of US$ 110,000,000 
4Yz% Subordinated Convertible Bonds due 2008 
HQF1 International Finance Limited 

(incorporated with limttpri liability in the Cayman Islands) 

guaranteed on a subordinated baas by, and convertible into Bearer 
Shares of, 

“Holderbank” Finandfcre G laris Ltd. 

(incorporated with limited liability in Switzerland) 

The Board of Directors of “Holder bank” Finandere G laris Ltd. will 
propose to the Annua) General Meeting of Shareholders to be held on 
June 24, 1994, the approval of the creation of conditional share capital 
in the amount of maximum SFr. 15,250,000 through the issue of a 
maximum of 305,000 folly paid-up bearer shares with a par value of 
SFr. 50 each. The Board of Directors envisages to use a part of this 
conditional share capital to secure warrant rights that are to be 
granted to the current shareholders. 

The conversion price will be adjusted in accordance with the terms set 
forth in the Trust Deed. 

’ Holderbank” Finandere G laris Ltd. 



Swiss Security number 
IS IN 

Common Code 


098882 

XS0045079083 

4507908 



TIm survey wB report on 

LOO imp O f UBTl COtiutuuuw 

mad* to tbe economy by 
ethni c minority hnotaegow 
In the United Kingdom. It 
trill examine bow tbelr 
future prospects will be 
affected by compet ltl nit at 
home and from abroad, and 
bow they are raspondng to 
the ctaBengs of economic 

revival to ttw UK. 

For more htf wmuUn non 
edttortai content and dstals 
at adwitisbig opportmdtten 
available Is this survey, 
please contact: 


ANTONY C KAYES 
Tat 021 4» 0822 Roc 021409* 

FT Surveys 


AmHNTMEjn^ADVKmSING 

msrnlnmcUtsdbira _ 

■ wnyWi totTiUtoftr 
md kttotomasMtdUotcvtiy WS* 


• plowed: 

C toUnuM 
671 STS sm 
Andrew SartymUi 
671 *754051 


I 

I 


Credit Local de France 

USD 150,000,000 

Collared Floating Rate Notes due 2002 

In accordance with foe Terms and ConcStions of the Notes, no- 
tice is hereby given foal for foe Interest Period from June 02. 
1994 to December 02, 1994 the Notes will cany an Interest Rate 
of 5% per annum. 

The Coupon Amount payable on foe relevant Interest Payment 
Date. December 02. 1994 vwfl be USD 25.42 per USD 1.000 
principal amount of Noib. USD 254.17 per USD 10,000 

principal amount of Note and ^ 

USD 2.541.67 per USD 100,000 A9ent Bank 

principal amount of Note. fl Y6 T1) KrotSatbank 

[Luxembourg 



AUSTRALIA AND 
NEW ZEALAND BANKING 
GROUP LIMITED 
Sterling Floating Rata Notes 
due 1997 

m accordance with the provisions of 
lha Notes, nonce is hereby given that 
ihe rus of Interest lor the period from 
May 31 cl 199< 10 August 31 st 1804. 
has been feed at 5575 per cent par 
annum. 

On August 31st. 1994 Interest o! stating 
67.74 per sterling 6.000 nominal 
amount ot the Notes, and interest of 
Sterling 338.70 per sterling 25,000 
nominal amount of the Notes, will be 
(file against Coupon No. 39. 

Swiss Bank Corporation 
London 

Reference Agent 


CtattBnham&Gtoueester 

BddngSocfaty 

£125,000,000 

Floating Rate Notes due 1995 

In accentuate with the pnmnons of the 
Nmei, notice is hereby given that the 
Rate of Interest for the three maiih 
period emfim 31a AngoH. 1994 bra been 
ftxcd ai 5.40% per annum. The interest 
accruing for such three mouth period win 
be £136.11 per £10,000 Bearer Note, and 
£j J6I.10 per £100.000 Bearer Note, on 
31s August. I9M against presentation of 
Coupon No. 3. 

Uefas Banfc of Switzerland 
London Branch Agent Bank 
31st May, »»4 


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20 


CCA to take over 
Polish interests 
of Coca-Cola 


By Nikki Tait In Sydney 

Coca-Cola Amntil <CCA). the 
quoted Australian soft drinks 
group which is 51 per cent- 
owned by the Atlanta-based 
Coca-Cola" Company (CCC), is 
to expand its presence in cen- 
tral and eastern Europe by 
buying out its parent's inter- 
ests in Poland In a cash deal. 
No financial details have been 
disclosed. 

CCC made its first direct 
investment in Poland three 
years ago. It is one of three 
franchise owners for Coca-Cola 
brands in tbe country - the 
others being Hinges, a Norwe- 
gian bottler, and Brau, an Aus- 
trian brewer. Hinges also owns 
a 51 per cent interest in a War- 
saw bottling joint venture, 
with CCC holding the rest. 

CCA declined to say how 
much it expected to pay for its 
parent's interests, which cover 
brands such as Fanta. Sprite 
and Bonaqa as well as Coke 
and Coke Lite. It said only that 
total investment in Lhe Coca- 
Cola "system” in Poland had 
amounted to around S3Q0m. of 
which Coca-Cola had contrib- 
uted "a fair amount”. 

CCA said the purchase 
would give it access to 22.4m 
consumers, plus a further 6m 
through the 49 per cent inter- 


est in the Warsaw joint ven- 
ture. In volume terms, the par- 
ent company's Polish interests 
represent the supply of around 
700m 8oz bottles a year. 
Assuming the deal goes ahead, 
CCA would own four of the 
seven manufacturing plants in 
Poland and add around 1,000 
employees to its payroll. 

CCA, despite its Antipodean 
base, has been steadily amass- 
ing Coca-Cola franchises in 
Austria and eastern Europe, as 
well as the Asia-Pacific region. 
However, it has only bought 
directly from its parent on two 
previous occasions: New Zea- 
land and Indonesia. 

The company said it expec- 
ted further overseas expansion- 
ary moves in the future - 
which could Involve either par- 
ent-owned or independent fran- 
chises and would not necessar- 
ily be concentrated in eastern 
Europe. 

• Mr Dean Wills, Coca-Cola 
AmatlTs managing director, 
yesterday announced that he 
was stepping down. CCA will 
appoint two joint managing 
directors - Mr Bill Gibson, cur- 
rently deputy managing direc- 
tor, and Mr Norborne Cole, at 
present chief executive officer 
of Coca-Cola Beverages in 
France. Mr Wills stays on as 
chairman. 


Further fall at Dentsu 


By Robert Patton 
in Tokyo 

Dentsu. Japan’s largest 
advertising agency, yesterday 
reported its third year of profit 
decline, due to continued cuts 
in corporate advertising. 

Pre-tax profits fell 16.7 per 
cent to Yl3.1bn <S125m) in the 
12 months to March, on sales 
down 4 per cent to Yl,196bn, 
the second year of declining 
turnover. 

Dentsu said large clients in 
basic industries ranging from 
motor vehicles and appliances 
to banks and securities firms 
had reduced advertising bud- 
gets in response to the adverse 


economic climate. Television 
advertising revenues declined 
by 2.9 per cent, while newspa- 
per advertising was down 6.2 
per cent. Magazine and radio 
advertising also fell. 

For the current fiscal year, 
however. Dentsu, which is 
unlisted, projects a 4 per cent 
rise in sales to Yl,164bn. 

According to the company, 
big sporting events in 1994, 
such as World Cup soccer this 
summer in the US and the 
Asian Games this autumn in 
Hiroshima, will generate sub- 
stantial advertising revenues 
for the firm. In addition, Japa- 
nese industry is assuming a 
more confident tone. 



INTERNATIONAL COMPANIES AND FINANCE 


HK shipping 
group to 
seek listing 
in Oslo 

By Charles Batchelor, 

Transport Correspondent 

Jfnhui Shipping & Trans- 
portation, a Hong Kong-based 
company with a large fleet of 
dry bulk freighters, plans an 
Oslo Stock Exchange listing. It 
will be the first Asian com- 
pany to be quoted on the Nor- 
wegian market 

Jlnhtii, which is incorpo- 
rated in Bermuda, will issue 
□p to 49m shares to raise 
US$9 0m after costs at an indic- 
ative price of between $1.70 
and $2 a share. 

Tbe company, which forms 
part of tbe Hong Kong-listed 
Jinhni Holdings, plans on 
international share offering as 
well as a smaller public offer- 
ing in Norway. It will issue 
shares equivalent of up to 49 
per cent of its equity. 

The Jinhni move follows a 
recent trend for private ship- 
ping groups to seek public list- 
ings to raise their profile and 
improve their ability to raise 
funds to finance the renewal of 
their fleets. 

Jinhni made a pre-tax profit 
of SI 1.6m on net revenues of 
$18.2m in the year ended 
March 1994- It expects to make 
a profit of $18.4m on net reve- 
nue of $30.5m in the year 
ended December 1994 after a 
change of its year-end. 

The company has a fleet of 
35 vessels active in trade with 
China. It also trades commodi- 
ties such as steel products and 
non-ferrous metals and has 
investments in Chinese trans- 
port infras tru cture projects. 

The shares will go on offer 
to institutions from Jane 6 
with tbe final price to be set 
on about June 20. Tbe offering 
is being co-ordinated by 
Nomura International and 1 
Christiania Fonds. 

In a separate move, Stolt 
Partner, an Olso-listed ship- 
ping company, announced 
plans for a $75m rights issue. 

It will issue 15 new shares 
for every four held to fund, 
with additional loan finance, 
the purchase of five second- 
hand tankers valued at $I21m 
and two new tankers from 
Stolt Parcel Tankers. 


Life insurers selling despite Nikkei’s rally 

Japan’s biggest investors need to lift declining returns on assets, writes William Dawkins 


S omething has been 
missing from the Tokyo 
stock market’s rally this 

week. 

Japan's biggest investors, its 
life insurers, who own 12 per 
cent of the equity market's 
capitalisation according to the 
Tokyo Stock Exchange, have 
on the whole continued to sell 
shares even as the Nikkei 
index hit new highs for the 
year for four days running. 

Nippon Life, Japan’s largest 
institutional shareholder, 
admitted it planned to sell at 
least Y315bn ($3.0lbn) of shares 
before building up its equity 
portfolio again. Daiichi Life 
says it is a small net buyer, yet 
insurers in general have stayed 
on the sidelines. 

Foreign institutions, con- 
vinced that Japan is in tbe 
early stage of a recovery, have 
greedily snapped np the 
unwanted stock, not the first 
time this year that they have 
provided the impetus for a rise 
in prices. 

Other Japanese Institutional 
Investors, formerly sellers, 
have also turned buyers for 
fear of missing: out on the 
share price rises. 


Traditionally, life insurers 
have an unspoken public 
responsibility to support the 
market. Why have they 
changed? 

Life Insurers are selling 
shares because they badly need 
to boost their declining return 
on assets, according to a recent 
study* by Mr Andrew Smith- 


ers, a London economist. They 
can be expected to take every 
chance presented by a new rise 
in share prices to sell more, he 
predicts. 

He cites a valuation by TO- 
linghast, a UK actuary, which 
suggests that the Japanese life 
insurance industry's liabilities 
may exceed its assets, if judged 
under more stringent interna- 
tional standards than used in 
Japan. 

Japan’s life insurers are 
mutual organisations and 


hence unquoted, so their finan- 
cial pressures are less widely 
broadcast than is the case fer 
banks and industrial compa- 
nies. 

According to the study, the 
problem is that over-depen- 
dence on low yielding equities 
(a consequence of a rush into 
the stock market during the 


share price rally in the late 
1980s) has left the 27 leading 
fife insurers with an average 
4JJ per cent return on their 
Yl4&000bn assets at the latest 
count in 1992. 

A return of 4-3 per cent how- 
ever, is well below the 4.96 per 
cent return the study estimates 
they needed last year to cover 
payouts to policy holders. 

Insurers have reacted to the 
problem by obtaining finance 
ministry permission to reduce 
guaranteed returns to corpo- 


Japanese life insurance industry; Investment returns 

(V trflBon) 1982 1981 1«0 

Total assets (mean) 148X1 13Q.0 1232 

Total tocome 6^ 6.4 7-6 

Ratwn [%) 430 4.74 6.17 

Sown Smtthtn » Co 


rate annuities, so requiring 
companies to increase direct 
contributions to their own pen- 
sion funds, and by increasing 
premiums. 

Japanese insurance portfolio 
managers have already started 
to switch strategy in response 
to the collapse of asset prices, 
but probably not enough, the 
study suggests. 

They have become as strin- 
gent as Scottish investment 
trusts in valuing shares, 
according to stockbrokers in 
Tokyo. “If a company can't 
give its depreciation charges 
for the past 10 years down 
to the last yen, they won't 
even look at it," jokes one US 
broker. 

Insurers have, as their recent 
share sales show, started to 
reduce their proportional expo- 
sure to equities, in the search 
for better performing invest- 
ments. Equities accounted for 8 
per cent of their net outflows 
last year, well below the 26 per 
cent of assets or Y40,000bn 
held in shares at estimated 
market value, the survey esti- 
mates. 

But this moderate change in 
new investment flows is insuf- 


ficient to lift the return on 
assets enough to meet current 
liabilities, says Mr Smithers. A 
wholesale portfolio reorganisa- 
tion, away from low yielding 
equities into higher yielding 
bonds, is needed, he argues: 

If life insurers were to move 
more equity funds and some of 
their Y9.7Q0bn in cash and 
loans into government bonds, 
total returns could rise to 5,3 
per cent, well above the 
required minimum, he calcu- 
lates. This assumes equities 
yield 0.8 per cent and allows 
for the yield: on the benchmark 
10-year government bond to 
fall to 3.6 per cent, from its 
current 3.9 per cent. 

The freedom of Japan's top 
Investors to unload shares will 
however, be limited by their 
own and the finance ministry's 
desire, to avoid hitting prices. 
Yet the life insurers’ asset 
problems are applying a little 
publicised brake on the Nik- 
kei's ability to rise. 

* Japanese Life Insurance: The 
Industry ‘s Problems and Stock 
Market Consequences. Smithers 
& Co Ltd. Sedgwick House. The 
Sedgwick Centre. London El 
SDX. Tel 071-377-3765. 


NEWS DIGEST 

India’s Tata 
Chemicals 
gains 94% 

Tata Chemicals , one of India's 
largest chemicals makers and a 
member of the Tata industrial 
group, has reported a 94 per 
cent increase in pre-tax profits 
for the year to the end of 
March to Rs222bn ($70.9m), due 
to higher demand and gains 
from investments, writes 
Stefan Wagstyl in New Delhi. 

The company made Rs682.6m 
profit from investments, 
mainly the sale of a stake in 
Tata Oil Mills, another Tata 
group member, which was sold 
to Hindustan Lever, the Indian 
affiliate of Unilever, the Anglo- 
Dutch combine. 

Without the investments 
gains, pre-tax profits rose 35 
per cent to Rsl.5bn on a 31 per 
cent increase In sales to 


Rs6.4bn. Net profits rose 
almost threefold to Rs2-15bn. 

Tata Chemicals said the 
results did not yet include con- 
tributions from new detergent, 
cement and fertilisers plants or 
from a recent expansion of 
soda ash capacity. These would 
all start contributing in the 
Current financial year 

Flotation for Thai 
store operator 

Siam Makro, the Thai 
cash-and-carry store operator. 
Is to be offered to the public 
later this month at Bt50 a 
share, giving the expanding 
company a market capitalisa- 
tion of around Btl2bn ($48Gm). 
writes William Barnes in 
Bangkok 

Earnings per share are fore- 
cast at BtL25 this year which 
puts the offer price on a 40 
times price-earnings multiple. 
However, the company said 
this price reflected the demand 
shown by investors during the 
company's roadshow to Hong 


Kong, Singapore, Edinburgh 
and London. 

Siam Makro, a joint venture 
between the SHV group of the 
Netherlands and the local CP 
group, dominates discount 
shopping in T hailan d. Funds 
raised through the flotation 
will be used for further 
expansion. 

Fisher and Paykel 
slips to NZ$27m 

Fisher and Paykel, the Austral- 
asian white-goods manufac- 
turer, yesterday reported a 2 J3 
per cent decline in ope rating 
profit to to NZ$26.9m 
(US$15 .8m), but the chairman. 
Mr Colin Maiden, said the out- 
look was strong, writes Terry 
HaO in Wellington. 

Mr Maiden said sales of 
white goods were buoyant - np 
31 per cent to NZ$l72m in Aus- 
tralia and 8 per cent to 
NZJi73.6ra in New Zealand - 
but earnings from other prod- 
ucts were down. 

The company declared an 


unchanged final dividend of 8 
cents, making a total of 16 
cents a share. 

Australian airline 
dose to stalling 

Australia Air, the only poten- 
tial new Australian interna- 
tional airline to emerge since 
the country the start of a com- 
petitive, deregulated aviation 
market looks set to abandon its 
efforts to take to the skies, 
writes Nikki Taft 

The fledgling company has 
admitted that it has little hope 
of raising the necessary 
start-up capital via a stock 
market flotation. Since a por- 
tion of its equity funding must 
come from within Australia, 
the only r emaining hope is 
that a domestic investor steps 
forward. Given that Australia 
Air has been searching for cap- 
ital for months, this seems 
unlikely. 

Australia Air was awarded 
righto to fiy between Australia 
and China in March last year. 


Bridge urges 
shareholders 
to reject bid 

By NlkW Tait 

Bridge Oil, the Australian oil 
and gas company which is the 
subject of a A$295m 
(US$226. 9m) unsolicited bid 
from Texas-based Parker & 
parsley, said yesterday that 
independent valuations had 
suggested that Bridge shares 
were worth between A$0.95 
and ASL13. 

It noted that this was sub- 
stantially higher than the cur- 
rent 70 cents-a-share cash offer 
from the US oil Independent, 
and urged shareholders to 
reject the bid. 

“The offer is a blatantly 
opportunistic attempt to get 
you to sell your shares at a 
price well below their true 
value," commented Bridge 
directors. 


TO THE HOLDERS OF 
PWA CORPORATION 

7 7/8% Convertible Subordinated Debentures and 

CANADIAN AIRLINES INTERNATIONAL LTD. 

Yen Denominated Perpetual Debt 

NOTICE OF ELECTION TO BE MADE PURSUANT TO 
THE PLAN OF ARRANGEMENT 

implemented by PWA Corporation and 
Canadian Airlines International Ltd. on April 27, 1994 

NOTICE IS HEREBY GIVEN THAT pursuant to the Plan of Arrangement (the ‘Wan") appended as Schedule "A" to the Order of the Court 
of Queen's Bench of Aflrerta dated March 30, 1994 and the Articles of Arrangement of PWA Corporation ("PWAC") filed with the Registrar 
of Corporations for the Province of Alberta, Canada, effective April 27. 1994 the 7 7/8% Convertible Subordinated Debentures (the 
‘‘Debentures") of PWAC and the Yen Denominated Perpetual Debt (the “Perpetual Debt”) of Canadian Airlines International Ltd. 

I ’Canadian') are hereby called to be prepaid in full by the exchange of the Debentures and the Perpetual Debt into a combination of cer- 
tain securities of PWAC. 

In the case of Debentures, the exchange shall be made, pursuant to an election by the Debentu reholder, through the issuance ol either a 
combination of common shares (“Common Shares’) or non-voting shares (Tlon-Vating Shares’) and redeemable warrants ("Redeemable 
Warrants”) of PWAC (carrying the right to purchase Common Shares or Non-Voting Shares of PWAC), or a combination of Common 
Shares or Non- Voting Shares. Redeemable Warrants and Subordinated Notes (“Subordinated Notes?) of PWAC. Common Shares wDI 
be delivered to the holder of Debentures where the beneficial owner thereof is a “Canadian” within the meaning of the National 
Transportation Act. 1967 (the "NTA*) and, where the beneficial owner of Debentures is a not a “Canadian” within the meaning of the NTA, 
tho Debentures wdl be prepaid with Non-Voting Shares or, at the holder's option, may be prepaid through the issuance of Common 
Sharos designated as hetd by "non-Canadians” in a number allowable under the NTA, and thereafter, if necessary, the balance of such 
holder's Debentures shafl bo prepaid with Non-Voang Shares. The Common Shares and Common Shares designated as held by “hon- 
Canadans’ are in all respects, other than notice of the non-Canadan status of the beneficial owner, equal and trade in the same manner. 

In the case of Perpetual Debt the exchange shall be made, pursuant to an election by the Perpetual Debtholder, through the issuance of 
oither a combi natron of rights convertible into Non-Voting Shares ("Rights") and Redeemable Warrants, or a combination of Rights, 
Redeem able Warrants and Subordinated Notes. Upon the issuance of any Rights to a holder of Perpetual Debt, the Rights wfll be imme- 
dtatolv converted into Non-Voting Shares, and all such Non-Voting Shares shal be delivered in Gsu of Rights. 

Holders of Debentures electing to receive a combination of Common Shares or Non-Voting Shares and Redeemable Warrants dial be 
entitled to receive (r) 750 Redeemable Warrants in respect of each $1 .000 principal amount of Debentures and (i) 827 Common Shares 
or Non- Voi wig Shares in respect of each SI .000 principal amount of Debentures and interest accrued to November 29, 1992. The issue 
pnee of the Common Shares for tho purpose of the Plan is Si .25. 

Holders of Perpetual Debt electing to receive a combination of Rights and Redeemable Warrants shafl be entitled to receive (t) 750 
Redeemable Warrants in respect of each $1,000 principal amount of Perpetual Debt held (translated at the rate of 96.81 Yen per 
Canadian Dollar) and (n) K?7 Rights in respecl ol each $1,000 principal amount ol Perpetual Debt held and Interest accrued to November 
29. 1992. 

Holders of Debentures and Perpetual Debt electing to receive a combination of Common Shares or Non-Voting Shares, Redeemable 
Warrants and Su bo rd rated Notes or a combination of Rights, Redeemable Warrants and Subordinated Notes respectively, may elect to 
receive Subordinated Notes in an amount up to 40% of the principal amount outstanding of Debentures or Perpetual Debt held by such 
holder, plus accrued interest to November 29. 1992 and shafl be entitled to receive Common Shares, Non-Voting Shares or Rights and 
r»edeeniabte Warrants as the case may be. with respect to the balance of the amount of Debentures or Perpetual Debt held by such 
trader, calculated in accordance with the applicable formula set out in the paragraphs above. 

The combination of PWAC securities to be issued on the exchange of the Debentures and Perpetual Debt shafl be determined by an 
election to be made by the holder of the Debentures or Perpetual Debt under a lettered transmittal (letter of TranerrattaT) mated to each 
registered holder by ordinary first class mail. Holders of Debentures who have not received a Letter of Transmittal by ortf nary first class 
mail by June 20. 1994 should contact 

Montreal Trust Company of Canada 

41 1 - eth Avenue S.W. Phone: (403) 267-6511 

Calgary, Alberta Fax: (403) 267-6598 

Canada T2P 1ET 

Attention: Corporate Trust Department 

Non- registered holders of Debentures should contact their norrenee/depositaiy (i.e. bank, trust company, broker or other registered hold- 
er) which holds their Debentures on their behalf to obtain a Letter of Transmittal and to arrange tor their prepayment 

Holders of non-ragistered or "bearer Debentures should contact the depositary with which they normally deal in respect of such 
Debentures to obtain a Letter of Transmittal and arrange tor their prepayment 

Holders of Perpetual Debt who have not received a Letter of Transmittal by June 20, 1994 by urinary first dose mail should contact: 

The R-M Trust Company 

600 The Dome Tower Phone: (403) 232-2401 

333 ■ 7th Avenue S.W. Fax: (403) 264-2100 

Calgary, Alberta 

Canada T2P2Z1 

Attention: Mr. Michael J, Guilard 

Holders of Debentures or Perpetual Debt who have not advised PWAC of their election prior to the 30th day following the pubfi- 
catton date of this notice shall be deemed for alt purposes to have elected to receive a combination of Common Shares or Non- 
Voting Shares and Redeemable Warrants or a combination of Right* and Redeemable Warrant*, respectively in prepayment in 
fun of their outstanding obligations and such securities shaH be issued as If the holders of Debentures or Perpetual Debt had 
elected to receive such securities. 

DATED at Calgary. Alhcru. CjiukIj. May 27, 1994, 

PWA CORPORATION 

CANADIAN AIRLINES INTERNATIONAL LTD. 


EUROPE AN CO AL 
AND STEEL 
COMMUNITY GBP 
52.700.000 
FLOATING RATE 
NOTES DUE 1997 

For the period May 31, 
1994 to November 30, 
1994 the new rate has 
been fixed at 4,95% 
PA. 

Next payment date: 
November 30, 1994 
Coupon nn 5 
Amount: 

GBP 24,82 

for the denomination of 
GBP 1 000 
GBP 248,18 
for the denomination ofl 
GBP 10 000 

The Principal Paying 
Agent SOGENAL 
SOCIETE GENERALE 
GROUP 

15, Avenue Emile Reuter! 
LUXEMBOURG 



Heading for the islands 


Good news for private international inves- 
tors: Bank Julius Baer (Guernsey) Ltd is 
now open for business. 


• Asset management 

• Trust services 

• Custody facilities 


<2> 

National Finantiera, SJV.C. 

US$100,000,000 
Collared floating rate notes 
due December 1995 

The notes Witt bear interest at 
025% per annum for the 
interest period 3 June 1994 to 
5 December 1994. Interest 
payable on 5 December 1994 
will amount to USS 160.59 per 
USS5.00Q note and USS3JIII.8! 
per USS 100,000 note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


Notice 10 Shareholders 
and Wurantbolders of 

Czech & Slovak 
Investment 
Corporation Inc. 

Resi&errJ Office: 

Ugfcmd House. Grand Cayman, 
Caynun islands. 

Brilisfi West Indie 

Audited Report and Financial 
Stutemjrtsfartticycario 
3Isi March 1994 

Copies of the Audited Report and 
financial Statements for llic year 
to 3 La Match 1994 are now 
jvaflohie Own the rcpsoed office 
of die company from Rubai 
Fleming & Co. Limited. 25 
CopthaJI Avenue, London EC2R 
7DR and from Rfltwrt Fleming 
Management tJeneyi Untiled. 
Queen’s House. Don Road, Sl 
H etier, Jersey, JE24QD. 

3rd June 1994 


A member of the Julias Baer group - one of 
Switzerland’s most prestigious private bank- 
ing organisations - Bank Julius Baer 
(Guernsey) Ltd offers a wide range of off- 
shore financial services. These include: 


■ General banking services 

If your financial needs call for sound off- 
shore planning, simply get in touch with 
Colin Grant or Michael Rivctt-Carnac. 


JfH3 

BANK JULIUS BAER (GUERNSEY) LTD 

PO. Box 87, Frances House. Sir WBttam Place. St. Peter Pore. 

Guernsey, Channel Wands. GYI 485. 

Telephone 0481 -726618, Facsimile 0481 -728813 


Dcporiu witli Suk Julius Baer l Guernsey) Lid in Guernsey are nor covered by the Deposit Protection Scheme under 
the Banking A a 1987. Bank Julius Boer iGucmscyj Ltd is registered i a Guernsey under the Protection of Depositors 
(Bniliwiek of Guernsey) Ordinance 1971 as amended. 


THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY 
DOUBT ABOUT THE ACTION YOU SHOULD TAKE. YOU SHOULD CONSULT YOUR PROFESSIONAL 
ADVISER. 




Banco Santander, S.A. 

l Incorporated with limited Mobility In Spam I 

Further Notice to the holders of the outstanding Ptas. 40.000,000,000 9 ner cent 
Subordinated Conversion Bonds 1994 (the “Bonds”) of Banco Santander!s.A. 

FURTHER NOTICE a pwu by ELnso Sandradrr. JLA. ([he -Isncl In toe Iwlder, ( ‘Bondhokkn'] lhe j-.t, i , 

the p rocofam »W dwy should follow wuh reaped to iheu cmulemetu to the Right, < u dc&Ml in the Nodre 
SubortiMtod Bondholder* tf Right, bw paUtahol in the Fumut Tower on t« Jam. 1W4 and lo nfcich 

NEITHER THE RIGHTS NOR THE NEW SHARES HAVE BEEN OR WILL BE REGISTERED UNDER THE UNITED mTR 

SECURITIES ACT 1951. AS AMENDED. AND. SUBJECT TO CERTAIN EXCEPTIONS MAY NOT BF 

WITHIN ANY JURISDICTION OF THE UNITED STATES. Aamdinh. Ne, Shqre, JwLSm ” % ~ - SS 8 . 1 * °* “ LD 

penoa in the Uten] flUre SoWiptte, RirhU -Ml 

BoadhoMen nay xdt m kU licit Luiilkuicat or mar utambe for lhe New Shares. 

10 *“ for a™ -nd «h» nay do * ^ 

The Chase Manhattan Bank. NA 
Woolgale Houe 
Catena Am 

London EC2P2HD 

Barer Bandhaiden da*® to aeS their cniileniem or subiaibc lor Neu. Sham tbooM contact. 

teaku CoHLA 

CarponatAarenDepartonw 

Tc* P22J 2 MI2l,.zdm 6I(CS Tet , JS2 , 3S?ai?*ta: 2741 

— jLLnutaMte netfcnacy on— — nh a cvxodiau ui Spain, wdiidiiig, nt the one nuy te the xuhrenpttoii bpoq receipt of the 

^ AN OFrat KOR SHOULD 11 BE C0NSTRUED A* AN offer n- is addressed solely to 





21 



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4!‘vv 




FINANCIAL TIMES FRIDAY JUNE 3 1994 


INTERNATIONAL CAPITAL MARKETS 


Short-covering lifts prices after volatile session 


By Conner MfekMmatm fan 
London and Frank McGurty 
In New York 

The heavy selling that has 
battered European government 
bond markets in recent days 
abated yesterday, allowing sev- 
eral markets to edge higher. 

- After a volatile session, 
prices were lifted In Che after- 
noon by short-covering in the 
futures markets as traders 
squared positions ahead of 
today’s Unemployment data. 

■ The UK gilt market, which 1 
had dramatically underper- 
farmed the rest of Europe in 
the last few days, outper- 
formed its neighbours in a 
sharp rebound, especially 
among Icmgerdated maturities. 
Supported at the open by 
firmer XJS Treasuries, longer 
dated gilts were further 
boosted by investors shifting 
funds from the short end of the 
yield curve to the long end. 

However, many saw the 


gains as largely technical after 
the recent sharp declines. 
“There hasn't been a huge 
amount of cash buying - the 
market outperformed today 
because it massively underper- 
formed in the last few days,” 
said Mr Ian Shepherdsou, of 
Midland Global Markets. 

Moreover, many traders were 
squaring their positions ahead 
of the US data, causing a short- 
squeeze in the gilt future. 

Despite the market's strong 
performance, few Mt it her- 
alded the end of the seU-offi. 

The long gflt futures con- 
tract jumped by more than two 
points to lOlg, while the 8% 
per cent gilt due 2017 rose by 
more than three points to 
around 103%, its yield falling 
by 36 basis points an the day to 
8.41 per cent 

The sharp recovery caused 
the 10-year benchmark's yield 
premium over its German 
counterpart to narrow by same 
30 basis points to 160 basis 
points. 


■ French bonds ended lower 
despite the Bank erf France’s 10 
basis point cut in its interven- 
tion rate to Sl 30 per cent 
The auction of FFrl95bn of 
debt, including FFrl6.5bn of 
the new benchmark 6% per 
cent bonds diue October 2004, 
went relatively well, with a 
bid-to-cover ratio of 2J on the 

GOVERNMENT 

BONDS 

10-year bond and a 3.1 bid-to- 
cover ratio on the 6 per cent 
bonds due October 2025. 

However, according to one 
Paris trader “it was a purely 
professionally driven auction". 
He added that the lack of retail 
demand for the paper put 
heavy pressure on prices after 
the nnnrtmwatiiwt 

The June notional bond con- 
tract on Matif fell by 0.66 
points to 115.88, although it 
recovered to around 116.30 in 
after-hours trading on Globes. 


With most parts of Germany 
closed for Corpus Christl bob- 
day, the bund market was 
somewhat calmer, although 
the bund futures contract on 
Iiffe remained volatile. By late 
trading it had risen 0.30 points 
to 9&52. 

■ I talian bonds also staged a 
cautious recovery, mainly on 
short-covering in the futures 
market The June BTP future 
rose by 039 points to 107.43. 

In Spain, the Treasury at its 
latest auction allotted around 
PtadObn in three and five-year 
paper hut accepted no bids for 
10 and 15-year bonds. 

This pat a damper on market 
sentiment, and the June bond 
future fell by 0.15 points to 
93J50. 

■ US Treasury bond prices 
improved yesterday morning 
as favourable economic sews 
prompted traders to follow 
through on the previous ses- 
sion’s late rally. 


By mid-day, the benchmark 
30-year government bond was 
£ higher at 86g, with the yield 
slipping to 1M1 per cent At 
the short end, the two-year 
note was up £ at 99%, to yield 
5^25 per cent 

Although the fundamental 
factors pushing European 
bonds lower had no direct 
influence on US Treasuries, 
traders are beginning to see 
the trend overseas as positive 
for the market 

The retreat in Europe could 
bring an influx of funds into 
US government securities, 
according to tins view, espe- 
cially if today's crucial May 
employment data proves 
favourable. 

That prospect appeared to 
have played some part in 
Wednesday’s afternoon 
rebound. The improvement 
came even though the morn- 
ing's economic news contained 
a red flag on inflation. 

Yesterday, the news was 
more positive for bonds. The 


Commerce Department said 
new orders for factory goods 
bad dipped by 0.1 per cent in 
April. Economists had forecast 
a slight gain. 

The decline suggests that the 
Federal Reserve's moves to 
tighter money this year are 
having the desired effect of 
slowing the economy and eas- 
ing any incipient inflationary 
pressures. 

The April index of leading 
indicators told much the same 
story. It held steady after a 
gain of 0.7 per cent the previ- 
ous month. 

The 8«tw combined with sta- 
ble commodity prices, brought 
a constructive mood to the 
market. 

Still, there was an air of 
restraint, with today’s employ- 
ment data looming. Analysts 
are expecting an Increase of 
275400 to 300,000 in non-farm 
payrolls and bonds are likely 
give back all of the week’s 
price gains and more if the fig- 
ure exceeds expectations. 


Rare two-year offering froi 
the Province of Manitoba 


NEW INTERNATIONAL BOND ISSUES 


By Antonia Sharpe 

New issuance in the eurobond 
market was muted yesterday 
due to the continued volatility 

in flnanrifl] mark oft? . . , 

Choppy conditions this week 
have forced Salomon Brothers 
to delay the launch of a $25Qm 
five-year issue for Japanese 
Development Bank because a 
foil in Japanese government 
bond prices played havoc with 
a currency swap linked to it . 

However, syndicate manag- 
ers believe issuance will pick 
up in the next few weeks. 
There are rumours that, the 
Province of Ontario is close to 
coming to the market now that 
the uncertainty over its rating 
has been dispelled. 


Mr John Madden, Ontario's 
assistant deputy minister of 
finance, confirmed yesterday 
that he was looking closely at 
the euroyen sector bnt he 
flac-lmpid to mtnmmtt farther. 

INTERNATIONAL 

BONDS 

Among yesterday’s deals, 
continued demand from retail 
investors In continental 
Europe for Canadian dollar 
paper prompted a rare CflSOm 
two-year offering from the 
Province of Manitoba, which 
last tapped the euro-Canadian 
dollar sector sax years ago. 

Redemptions of Canadian . 
dollar eurobonds are es timated 


at CgUHm this month, C$500m 
in July and C$L9bn in August, 
and holders are keen to roll 
over their positions rather 
than realise the currency 
losses they have suffered. 

Manitoba's bonds were 
priced to yield 20 basis points 
over the TU per cent Canadian 
Treasury due 1996, which syn- 
dicate managers mm was too 
tight, even taking the borrow- 
er*a rarity value into account. 

When the b<mds were freed 
to trade, the spread widened 
ont as for as 34 basis points 
over Treasuries, according to 
some dealers, before coming 
back in to around 28 basis 
points. 

However, lead manager 
Wood Gundy said the spread 



Amount 

Coupon 

Price 

MatLatty 

Foos 

Spread Book runner 

Borrower 

US DOLLARS 

BL 

% 



% 

bP 

Sapporo Ebmerie&ttft 

200 

2.875 

too 

Jun.1996 

125 

YamalcN tail 

AohhamSW 

135 

350 

100 

Jiav20O4 


Robert Fleming & Co. 

Kruno Thai BerttlW 

100 

to 

100 

Jtd.1999 

- 

Chemical Sere Asia 

CANADIAN DOLLARS 
Province of Manitoba 

ISO 

urn 

98^791 

JU-19S6 

1T75R 

+20 (7M%-86) Wood Gundy 

Genfi&ctCapttal Canada 

100 

8.628 

89A5R 

□ec.1989 

3275R 

+18 (7KH-89 Wood Gundy 

AUSTRALIAN DOLLARS 

Gen.Bec.CaplWl Austraki 

75 

7.75 

100.886 

Jut 1997 

130 

BZM7 


Rral lorvna and norveatabte uriere stated. T>» ytokS spread tower reUwart flcrremnw* bcndfcd lajncti to suppled by ttw load manager. 
SCofMrtibta. equity wansnts. tfloa Ung rale note, ft fixed re-offer price; fan an shown at the ro-affcr level, a} Canwrakn 
premium 1&8tt over the doee end Stt ower the 5 day average. Put ISAMUS at 125.09 to yield S yr. LU3. Treasury ptua lOObp. Three 
year herd non caB than at 104 dacMng 1% per annum to par subject to 140% hunfle for SO daya. Forex ZBBtn. b) Indicated premium 
2£M- Fbtog BAM. 4 Ccxvon pays 6 month Libor + 0375% 


had widened only to around 26 
basis points, which partly 
reflected the stronger underly- 
ing market 

By contrast, the pricing cm 
the CglOQm five-year offering 
from GE Capital Canada, at 18 
basis points over Canadian 
Treasuries, was thought fair. 

When the bonds were freed 
to trade, the spread widened 


only marginally to 20 basis 
points while the price rose to 
99-70 from a fixed re-offer level 
of 99.55. The proceeds are 
thought to have been swapped 
into floating-rate Canadian 
dollars. 

Elsewhere, Japan's Sapporo 
Breweries issued the first euro- 
dollar warrant bond since 
March. 


Yamal chi, the fond manag er, 
said that demand for the $20Gm 
four-year offering came from 
across the board 
It added that investors that 
did not want the equity expo- 
sure in the issue had swapped 
the bonds for floating-rate dot 
lars, achieving a yield of Labor 
plus 20 basis points in the 
process. 


ISMA moves on 
settlement period 


Ely Tracy Corrigan 
in Naw Orleans 

The International Securities 
Market Association OSMA) is 
to move to a three-day settle- 
ment period for all interna- 
tional securities trades with 
effect from June 1 1995. 

The change, announced at 
TSMA 'h apnnal meeting, coin- 
cides with a reduction to three- 
day settlement in the US corpo- 
rate bond market. 

Currently, the standard set- 
tlement period for interna- 
tional bonds is seven calendar 
days. The reduction to three 
b usiness days, rather than two, 
was favoured due to time zone, 
funding and foreign exchange 
difficu lties. 

Tt became apparent early on 
in our meetings that [twoday 
settlement] would not be a 
realistic option for all ISMA 
members, due to the passing of 
information such as settlement 

instructions in different time 

zones," said Mr John Dowsett, 
nhairniaw of the settlement 
working committee. 

For threeday settlement, a 
business day is defined as “a 
day when bath the major inter- 
national clearing systems 


(Eurodear and Cedel) and the 
relevant rash markets of the 
underlying cash transaction 
are open.” Allowance will also 
be made for public holidays 
failing between trade and set- 
tlement dates. 

There are three main reasons 
for the change, according to Mr 
Dowsett: it will reduce sys- 
temic risk (the potential 
knock-on effect created by the 
failure of one Institution to 
meet its obligations); market 
risk (the effect of price swings 
between trading and settle- 
ment dates); and counterparty 
risk (the risk of the financ ial 
failure of one party). 

The shorter settlement 
period will also apply to 
domestic securities traded 
under ISMA rules, subject to 
local rules. 

The working committee's 
decision was not unanimous 
Mr Alain Servais, of Dewaay 
Servais, a Belgian broking 
firm, registered reservations 
on behalf of members from his 
region. A shortening of the set- 
tlement period presents special 
difficulties for Belgian mem- 
bers as many Belgian retail 
investors hold their bonds in 
physical form. 


Hoare Govett returns to 
gilt-edged market making 


By Antonia Sharpe 

Hoare Govett, the UK 
stockbroker which now 
belongs to ABN Amro, the 
Dutch Bank, has received 
approval from the Bank of 
England to become a gilt-edged 
market-maker (Gemm). It will 
start operations on June 6. 

Hoare Govett was a Gemm at 
the tiwp of “Big Bang" in the 
City of London, but withdrew 
from the gilts market in 1988 
as part of cost-cutting mea- 
sures by its then owner. Secu- 


rity Pacific of the US. 

Several other foreign houses 
also stopped dealing in gilts in 
the late 1980s in the face of 
tough competition in an over- 
crowded market 
However, an improvement in 
conditions in the market in 
recent years has prompted 
some to return. 

There are 20 other Gemrns, 
the most recent entrants being 
Merrill Lynch of the US, which 
pulled out in the late 1980s 
after incurring heavy losses, 
and Yamai chi of Japan. 


1 WORLD BOND PRICES 1 

BENCHMARK QOVERNME1VT BONDS 

Red Day's Week Month 

Coupon One Price Chengs YWkl ago ago 

Italy 

■ NOTIONAL ITALIAN OOVT. BOND (BTP) FUTURES 
flJFFQ* Lira 200m lOOttn of 100* 

FT-ACTU ARIES FIXED INTEREST INDICES 

Price Indtaea Thu Deyta Wod Accrued 

UK G8ts Jun 2 change* Juni Merest 

xd adj. 
ytd 

— Lour coupon yield Mecfam coupon yteid High coupon yield — 

Jui 2 Jun 1 YT. ago Jun 2 Jun 1 Yr. ago Jun 2 Jun 1 Yr. ago 


AustraN 9.000 0804 1Q1.0400 

Belgium 7260 04/04 83.4000 

Canada * " &500 06/04 85.6500 

Danmark - 7.000 12AM 800000 

France ' BTAN 3.000 0980 104.1290 

- OKI SSOO 04AM- 8&4500 
Germany 6.750 ‘ 05/04 ' - 

Italy ,.*300 MAM 81.0000 

Japan Noll* 4.800 0099 T062190 

No 157 4 jSDQ 06109 102*100 
MetiMrtand& 6.750 01/04. 88.7200 

Spaki 10500 IDAS 1023600 

UK (Uta 6,000 08/88 80-24 

.6.750 11AM 8B-0S 

8JH0 10/08 103-22 

US Treasury * &B76 02AM 81-lfl 

&250 08/23 88-26 

ECU (French Govt) 6000 04AM 8&6300 
Lonctai dung, *N«n Yoifc nW^tv 
T Onm tncWnc *MxttDg w « its psr <MM pqwNs 
Are: OS, UK n com h iScM 

IIS INTEREST RATES 


40270 684 0.11 &78 

-0200 825 7.72 730 

+1.000 688 648 656 

-0.150 &42 7.70 .7.45 

-0230 677 638 6-32 

-0.030 7.48 7.07 7.11 

~ - 687 630 

40500 9JBBf 648 0.13 

-0330 638 306 637 

40740 60B 673 684 

-0400 727 637 670 

-0150 1005 685 937 

428/32 623 733 735 

484/32 647 626 625 

480/32 6G5 637 634 

*27/32 739 7.10 732 

444/32 736 738 733 

-0110 737 738 737 

VMOk bxal martgu tfnttfd. 
tvnmariMnO 

SgugcUMNaMM 



Open 

Sett price 

Change 

High 

Low 

Eat ml 

Open tat. 

1 

Up to 5 ycara £4} 

121.86 

+038 

12132 

237 

434 

5 yra 

834 

149 

7.11 

151 

170 

734 

IBS 

831 

738 

Jim 

107.76 

107.48 

+032 

10735 

106.65 

58088 

45155 

2 

505 years (22) 

14000 

♦132 

137.78 

237 

532 

15 yra 

8.49 

8.79 

805 

833 

832 

8v43 

ISO 

934 

170 

Sep 

10140 

106JX) 

+0.18 

106.40 

10530 

30037 

38184 

3 

Over 15 years (8) 

15739 

+238 

16238 

338 

4.06 

20 yra 

8.48 

175 

127 

103 

832 

833 

173 

9.05 

175 




4 

Irredeemables (6) 

17435 

+2.08 

10935 

106 

636 

faiecLf 

BOO 

838 

159 















5 

AM stocka (81) 

13734 

+1.41 

13&02 

230 

432 










■ ITALIAN OOVT. BOND (RTF) FUTURES OPTIONS (UFFQ Ura200m lOOttn of 100* 








... 

-tafia* 

m 5* — 


- . » 

tattatta 

a 10*- 




Stiflto 


■ CALLS - 

• - PUTS - 


Price 

Sep 

Dec 

Sap 

Dec 

10800 

240 

338 

2.40 

338 

10880 

2.15 

3.15 

235 

155 

10700 

133 

Ptt? 

233 

332 

Eat «0L total. CM 2332 PM 48D. F+eutota day’s Open tat, CM 14858 AM 13819 



todafrBnkad 


Jun 2 Jm 1 Yr. ago 


Jun 2 jw 1 Yr. apo 


e Up to S years (2) 

7 Ovw 5 yam (11) 

8 AS stacks (13) 

Debentures and Loans 


18434 

17222 

17686 


4026 18646 

40.85 17077 

4078 17132 


084 

127 

122 


233 Up to 5 yis 
139 Over 5 yn 
1.77 


6B4 

687 


684 

693 


291 

336 


236 

668 


235 

3.74 


2.17 

3.38 


5 year yield 15 year yield 25 year yMd 

Jun2 Jun 1 Yr. ago Jung Juni Yr. ago Jun 2 Jun 1 Yr. ago 


8 Detoe 4 Loans (78} 12644 *130 12437 223 492 675 0.85 8.83 B.71 990 940 

Average jycea radampeon yWdi an ihnan abeva Coupon Bands: Low Wft-7*Sfc Medhm: IM-10MM; High: lift and over, f Rat yield, ytd Yoar to 


938 


934 


936 


Spain 

■ NOTIONAL SPANISH BOW) FUTURES (M^F) 


LoncNtan 


Ttwany BUN and Bond YWfls 
395 Inespwr. 



Jun 

Sep 


UK 


Open Sod price Change Hgh Low Em. voL Open int 
84.13 B33B -016 8420 8237 87257 109392 

9642 8238 -080 9655 82.11 10,101 22200 


FT FIXED INTE RES T INDICES 

June 2 June 1 May 31 May 27 May 28 Yr ago High* LoW 

OovL Sere. (UK} 92.09 91.04 81.73 8606 8339 8611 107.04 9124 
Fixed interest 10612 10633 11030 111.15 111.78 11135 13687 10612 


CULT EDGED ACTIVITY INDICES 

Jun 1 May 31 May 27 


May 25 May 25 


OB Edged bergahm 
5-day average 


1004 

1067 


853 

104.7 


832 

1033 


132.0 

1065 


127.1 

1063 


■ NOTIONAL UR QB.T FUTURES (UFFg- £50200 30ndlol10tHt 


BOND FUTURES AND OPTIONS 
Franca . 

■ NOTIONAL FRENCH BOND FUTURES (MATIF) 



Open 

Sett price 

Change 

Htfi 

Low 

Eat vol 

Open M- 

Jun 

100-11 

101-29 

+2-05 

102-02 

100-09 

39699 

52550 

Sep 

89-08 

100-20 

+2-00 

100-28 

89-00 

113528 

86201 

Dec 

88-10 

88-20 

*200 

98-10 

88-10 

70 

□ 


■ tor 1884 OMiaiwnt SeaeWee Ngh rince r a aepl e t ta c 12740 £005), low 4&1B (3/1/73- fiaed kaaiast Npi aM» comp mu re 133*7 (21/1/84) . taw 90L53 (3/1/75} . Basts UXfc Qovwnnwtf SeoMtoe 15/10/ 
ZB and Ftod tarns 1BSL SE ocMty Mcaa named 1074 


FT/tSMA INTERNATIONAL BOND SERVICE 


■ LONG OILT FUTURES OPTIONS (LBTE) C50300 e!4S»s of 100% 


.'Open Sett price Change Fflflto 
Jun 117.00 11538 -088 117.06 

Sep 11822 114.82 -0.88 11608 

Dec 11612 11422 4X58 11615 

■ LONG TERM FTttXCH BOND OFTIOW8 (MATBy 


Low Eat wL Open M. 
11656 336892 87,188 

11430 33394 44,736 

11420 290 8304 


Strike 

Price 

Sep 

CALLS 

Dec 

Sep 

PUTS 

Dec 

100 

2-54 

3-39 

2-14 

333 

101 

2-21 

3-05 

2-45 

4-29 

102 

1-68 

2-38 

3-18 

4-62 


Blued ad Oder Op. YtoM 

U6 DOLLAfl SnWQHIS 

82% 7J5 


Stake 
Price 
118 

117 

118 

119 

120 

EeL mol Mai (Mb 64JM2 Ruta «J»» ■ P iaria ra days open hi, 0*4 324*33 Ml 216088. 

Germany 

* NOTIONAL QOTHA1PBUNP WITURCTLFFQ- DM2S0.0Q0 lOOPtaol 100W 


Jti 

- CALLS - 
Sap 

Dm 

M 

— PUTS — 
Sep 

Dec 

130 

138 

. 

137 

235 

- 

160 

122 

1J25 

232 

331 

4.10 

136 

038 

187 

337 

335 

- 

020 

158 

- 

431 

435 

- 

110 

140 

038 

- 

533 

- 


at ML heat CM 4184 Pule 3182. PrertMi da/S open ktL. CM 31018 Pub 20228 


Ecu 

■ ECU BOND HTIWES (MATIF) 

Eat voL Open tat 
2.778 9.028 

888 634 



-Open 

Sett price 

Change 

High 

LOW 

EsL vol 

Open M. 

Jun 

.82.43 

92.42 

+Ol20 

82.79 

01.70 

139564 

81530 

Sep 

8131 

81.84 

+114 

8230 

8030 

83184 

82057 

Ok 

91.95 

8136 

+0.15 

8135 

9082 

28 

421 



Open 

Sett price 

Chenge 

«Bh 

Law 

Jun 

84.02 

B3.40 

-0.43 

8438 

8112 

Sap 

83.78 


-048 

83.78 

8118 

us 







■ US TREASURY BOND FUTUBES (C8T) $100200 32nd» of 100% 


■ BWB) FUTURES OPTIONS MTQ DMBSO.OOO poktta C< 10036 


Strike 


CALLS 


PUTS 



Open 

Latest 

Change 

High 

Low 

EsL voL 

Open bnL 

Jun 

104-0T 

104-13 

+0-04 

104-18 

10407 

00,702 

187204 

sap 

10308 

103-15 

+005 

103-20 

103-08 

487346 

204,614 

DM 

102-19 

102-25 

+004 

102-29 

102-19 

1388 

35.188 



Price 

- Jut 

Aug 

Sap 

Dec 

Jul 

Aug 

Sap 

DM 


8150 

0.84 

133 

1-69 

" 133 

180 

1.19 

134 

237 

— 

8200 

. 038 

136 

132 

134 

135 

134 

1.88 

238 

> 

8250 

149 

IBS 

139 

132 

135 

1.71 

135 

238 


f> f- 




Esl wi. tutdk CM 3287 Pub 18540. Ptautaua opv W, CM 198859 Pub 1OTBS 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 
(BoatxuFny om2Sdlpoq iggg» a i loan 


■ NOTIONAL LONQ IBM JAPANESE OOVT. BOND FUTUTOS 
f^FEJ YlOOm lOOtt* of 10QW 


Open 


Jui 

Sep 


Sett price Change 
86 BO -a 03 

9734 -023 


«Bh 


Low 


Eat vol Open tat 
0 889 

0 60 


Open Ctaee Chenge 
Jun 11133 

8ep 11030 

* LFFE ooreaeb uded an APT. ax Open kaara. 


High Low Eat vol Open inL 
11133 111.78 893 0 

11130 11075 3541 0 

i Bge. an tar jamtous (tar* 


UK GILTS PRICES 


— YJM — -WM-- 

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1238 

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147 

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1130 

883 

Ul 

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631 

7.C 

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12£ 

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668 mZ 

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108 ISA 
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total 

1031 

088 

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110 

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056 

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238 173 KM 

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144 170 16U, 

332 108% 
176 167*= 


4-A 118% TUTU 

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386 158A +1,1 I73*l 135 

337 UBA +1A 1W, lZ7*j 

330 196* +1* 157* 1351* 

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HU2 

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446 111 

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119 — 
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ItFz — 
374* — 
101% — 
1064, _ 

l<3fi _ 
1294 — 
37 _ 
3Sh — 
nfiz — 

6!h 

13R _ 
121% _ 
iah — 


H24 119 
138% 1«% 
M2 118% 
IWj 97% 
100 % 
TEH, 08% 
I69fi 10)3 
149% US% 
44% S% 
Wa 28% 
136% 114% 
78 67% 
«©% 133% 
145% «7% 
156% 140% 


MtartaRnicaT^SB 

ICO) 

ra% 

102 

4% 

7.13 

Aunt* 8*2 00 

400 

105% 

MB 

♦% 

721 

Baik oMckyu 8 % 9S 

MO 

103% 

HQ% 

♦% 

U9 

Brigum 5*2 03 

1000 

85% 

86 

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727 

BTOE7%97 

150 

102 % 

103 


179 

British Gas 021 

1500 

10 % 

11 

+% 

192 

Canada 9 96 

MOO 

104% 

104% 


631 

Cheuag Kong Rn 5% SB - 

500 

90% 

90% 

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129 

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MOO 

66 % 

67 

+% 

171 

Ctxrd Eucpe 8 96 

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103 

103% 

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OarS Fonetar 9% 99 

300 

106% 

109% 

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720 

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WOO 

96% 

97 

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139 

Eed Japan HMbv^ 04 

600 

92% 

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193 

103% 

104 

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556 

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100 

103% 

103% 

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BM 

S7%9G 

SB 9% 07 

250 

1000 

M 2 % 

107% 

102 % 

107% 

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143 

184 

Buds France 9 96 

200 

M 8 % 

106% 

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705 

Bioima9%B6 

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139 

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M2% 

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735 

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707 

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3000 

99% 

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199 

Finnish Export 9% 95 

200 

104 

104% 


125 

Ford M«cr CWft«%9B_ 

1500 

67% 

97% 

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722 

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161 

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103% 

101 % 


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200 

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102 % 

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talyG%Z3 

3900 

83% 

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159 

Japan OevGk^i 01 — 

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154 

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781 

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170 

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95% 

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730 

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World Bw* 8 %W 

1500 

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1 





jiuawtai. TIMES FRIDAY JUNE 3 1994 


COMPANY NEWS: UK 


Further moves made into retail and industrial property 


MEPC advances to £47. 6m 


By Vanessa Houldor, 

Property Correspondent 

MEPC. the UK's second largest 
property company, announced 
pre-tax profits of £47.6m for the 
six months to end-March, com- 
pared with £43 -8m in the first 
half last year. 

Lord B I alien ham, chairman, 
described the half year as 
“very active", as the group 
pursued Us strategy of moving 
further Into retail and indus- 
trial property and of building 
its overseas base. 

MEPC has bought £363m of 
property since Us last year 
end. including shopping cen- 
tres in Los Angeles and 
Atlanta In. the US and in 
Derby, a portfolio or office 
and industrial properties in 
the West Midlands and an 
office building in Brisbane, 


Australia 

The shopping centre in 
Northridge, California, which 
was severely damaged by 
earthquake. Is likely to be 
open, following refurbishment, 
in March 1995. 

The pre-tax profits, gener- 
ated from net income ahead 
from £i08-6m to £ii2.6m, were 
boosted by £2-3m of property 
sales, against losses and provi- 
sions Of £8. 7m. 

MEPC said that the move- 
ment in relevant property indi- 
ces suggested an increase in 
value of about 12-14 per cent in 
the value of its UK portfolio in 
the six-month period. 

Although there has been no 
revaluation of the property 
portfolio, net asset value per 
share has increased by 4 per 
cent from 416p to 43lp. That 
reflects an element of retained 


profit, currency movements 
plus the premium on the share 
issue for the acquisition of 
American Property Trust 
which took place in December 
1993. 

Mr James Tuckey. chief exec- 
utive, said that signs of rental 
growth were “patchy”. MEPC 
does not expect an early 
resumption of its development 
programme, although a few 
small developments were 
underway within its existing 
portfolio. 

Net interest costs rose from 
£52 .5m to £62. 8m. 

Earnings per share increased 
from 7.8p to 8.3p and the 
interim dividend is held at 
525p. 

The comparisons with last 
year's reported figures are 
affected by the adoption of 
PBS 3 and 4. 


• COMMENT 

After slightly disappointing 
interim profits, MEPC looks set 
for a stronger performance in 
the second half as additional 
income from new acquisitions 
kicks in and rent-free periods 
fade out. Pre-tax profits for the 
full year of about £105m seem 
possible, but the second half is 
likely to be weaker than the 
first in terms of asset growth, 
since the market has lost some 
of its momentum in the last 
few months. However, with 
gearing at just 50 per cent, net 
assets per share are unlikely to 
exceed 520p at the end of Sep- 
tember. That puts the shares, 
which rose by 5p to dose at 
455p yesterday, on a discount 
of 12£ per cent Given a yield 
of 5.5 per cent, assuming the 
dividend is not cut the shares 
offer reasonable value. 


Control Techniques edges ahead 


By Paid Taylor 

Shares in Control Techniques fell by more 
than 9 per cent yesterday after the Powys- 
based electronic drives group reported a 
modest 3 per cent increase in interim prof- 
its on lower sales and blamed “a slow start 
in a poor first quarter”. 

The shares closed down 45p at 4-£p after 
the group reported pre-tax profits of 
£3 Aim after US reorganisation costs of 
£600,000 in the six months to March 31, 
against profits of £3.72m after reorganisa- 
tion costs of £200,000 in the comparable 
period. 

Turnover fell from £54. 2m to £52. lm. 
reflecting the effects of the reorganisation 
In the US which resulted in the postpone- 
ment of £l.4m of sales to the second half. 

Despite the setback, Mr Trevor Wheat- 
ley. chairman, said the US operations, 
which were acquired three years ago and 


have undergone substantial rationalisa- 
tion, were now in profit 

'The second quarter moved ahead very 
strongly and order books are some 17 per 
cent ah « mT of the same time last year and 
showing signs of improving even further,” 
he said. “Orders in April were an all-time 
record and over 40 per cent up on the 
same month last year." 

Earnings in the first half increased by 10 
per cent to 6.5p <5iJp). and the interim 
dividend is raised to 2 j6p (2_35p) reflecting 
confidence about the outcome for the year 
as a whole and the fact that the reorgani- 
sation process is now substantially com- 
plete. 

Net interest costs fell to £524,000 
f£807,000) although net borrowings 
increased to £13Am at the end of March, 
up from £8 ,63m at the end of September, 
partly reflecting growth in stocks. 

The group opened four new CT Drive 


Centres in Denmark, the Czech Republic, 
India and Norway during the first half 
bringing the total to 27 - more than half 
way to its target of 50. 

• COMMENT 

A nervous market punished Control Tech- 
niques for surprising it with unexpected 
reorganisation costs and disappointing 
figures yesterday. Nevertheless, the funda- 
mentals remain strong, and provided 
orders are converted into sales, the out- 
look for the second half is good. Eliminat- 
ing losses in the US and cutting costs in 
Germany will help margins. Pre-tax profits 
should reach at least £12m this year, prod- 
ucing earnings of 20p. Even after yester- 
day's fall the shares are still trading on a 
prospective multiple of 22.1, which, reflects 
continued speculation about the intentions 
of Emerson Electric, the US group which 
holds a 29.37 per cent stake. 


Sunleigh buys Maclaren for £19.2m 


By David Wighton 

Lazy babies, who enjoy a bit of 
sailing and golf, will be able to 
buy all their vehicles from 
Sunleigh after its acquisition 
of Maclaren Group. 

The maker of Powakaddy 
motorised golf trolleys and 
Laser sailing dingies yesterday 
announced plans to pay up 
to £19.2m for Maclaren. the 
manufacturer of baby buggies 


and pushchairs. 

Founded 30 years ago by the 
late Mr Owen Finlay Maclaren, 
an aeronautical engineer, the 
group also makes golf trolley 
wheels. But Mr Alan Hancock, 
Sunleigh's chief executive, 
insisted there was rather more 
to the deal than that 

“The enlarged group will 
cover three distinct consumer 
durable sectors but the funda- 
mental characteristics, cul- 


tures and skills of the business 
are very similar.” 

To fund the acquisition Sun- 
leigh is increasing its share 
capita] more than fourfold 
with a conditional plating of 
320.1m new shares at 6p. 

Shareholders can apply for 
96.5m of these on a 1-for-l 
basis at the same price. 

Sunleigh is buying the busi- 
ness rrom the management 
team who acquired it in 1990 


from BET, which in torn 
bought it as part of its Hestair 
acquisition. Hestair bought it 
from the Maclaren family far 
£124m in' 1988. 

It made an operating profit 
of £2.3m on turnover of £26m 
in tiie year to August 

Trading in Sunleigh’s 
shares, suspended at 8p on the 
USM last week, should resume 
on the Official List on June 
30. 


Lonrho 
spotlights 
its African 
interests 

By Peggy Hqfljnger 

Lonrho yesterday signalled 
the next stage in its plan to 
realise the value of its African 
assets by saying it might float 
its general trading activities 
on the Continent. 

The move follows the 
successful market debut 
earlier this year of Ashanti 
Goldfields, which valued 
Lonrfao's 43 per cent stake at 
3720m - five times its book 
value of £90m. 

It announced yesterday that 
it was considering selling a 
minority stake in its African 
businesses excluding mining 
or sugar. This though would 
leave a question mark over 
the future of these extensive 
and more profitable 
operations. 

Mr Tiny Rowland and Mr 
Dieter Bock, joint chief 
executives, said in a statement 
yesterday that Lonrho was 
selling up a board committee 
to look at ways iff 
stren gthening the group's 
African trading activities. The 
shares closed up 3p at 138Kp. 

Lonrho has a diverse range 
of trading activities in Africa 
including motor and 
equipment distribution, textile 
manufacturing, electrical 
goods supply and aircraft 
services management The 
combined businesses are 
estimated to have a total 
turnover of up to £500m and 
were profitable last year. 

If a flotation is decided 
upon, it is likely that the 
African company wfll come 
to the London market, and 
possibly another, within a 
year. It is estimated that 
Lonrho will be looking to sell 
a stake of about 30 per cent 

The company said a sale 
wonld help it to determine 
the value of a mired range 
of businesses. It would also 
strengthen the operations by 
bringing in outside 
shareholders who might he 
prepared to Invest further in 
the businesses. 

Analysts said the move 
might he seen as part of a 
strategy to strip out lower 
growth businesses Mr Bock 
has been pursuing since he 
took charge of the group 
earlier this year. 


Eurotunnel in the grip 
of a financial vice 


By Simon Davies 

Eurotunnel's rights shares 
dosed at 43p on their first day 
of trading yesterday, as the 
company’s shares continued to 
rise following the resolution 
last week of its second debt 
crisis. 

However, while the share 
price suggested renewed confi- 
dence on the long-term future, 
the rights document empha- 
sises the financial vice in 
which Euro tunnel has found 
itselL 

The document lists the con- 
ditions yt t a c l uw l to compa- 
ny’s latest £fi93m tranche of 
senior debt and the high mice 
it has had to pay for its £50m 
top-up loan. The signing up of 
some £70 Dm of debt was a pre- 
requisite to the launch of last 


week’s £858m rights issue, and 
about two thirds of the origi- 
nal 220 banks foiled to partici- 
pate. 

The loans are due to fond 
the company through to proj- 
ected profitability in 1998, and 
repayment is due between 
2000 and 2006. Eurotunnel has 
predicted a first dividend In 
2003, but according to the doc- 
ument, this will be contingent 
upon it achieving its refinanc- 
ing projections between 2001 
and 2008. 

The banks have attached 
tight conditions on the loans, 
which are based upon their 
own conservative projections, 
or hanking cases, rather than 
E urot u nn el’s. In addition, the 
co m pan y needs to demonstrate 
net cash flow up to Febru- 
ary 2006, plus the balance of 


certain Eurotunnel accounts, 
is one and a half times the 
amount of senior debt payable 
up to that date. If the figure 
foils below 1.2 times for more 
than 90 days, the company 
will be in default. 

Eurotunnel is confident that 
It has a comfortable £470m 
fliwiruriai cushion, based on the 
agreed refinancing. This 
includes the £50m top-up loan 
from Morgan Grenfell and 
Warburg, which will cost 4 per 
cent over lenders* cost of 
funds. In addition to sizeable 
arrangement fees. Under exist- 
ing agreements, it can also 
borrow a further £325m (at 
current exchange rates). If the 
company actually needs the 
money, however, ft is likely to 
be in breach of those agree- 
ments. 


Restructuring costs behind 
49% decline at Union Inti 


By Sanon Davies 

Union International, the 
trading arm of the Vestey 
group, yesterday announced a 
49 per cent fell to £&5tn in pre- 
tax profits for 1993. 

However, that reflected the 
group's substantial restructur- 
ing - its core business showed 
growth. 

Mr Terry Robinson, chief 
executive, has almost com- 
pleted the group's refocusing 
on food processing and distri- 
bution, while reducing its enor- 
mous debt through the sale of 
nan-core businesses. 

“The company has moved 
from intensive care to recuper- 
ation", he said. Mr Robinson’s 
contract runs out at the end of 
the year, and is unlikely to he 

TPTlAWPd 

During 1993. total bank debt 
fell by £77.4m to £124.6m, 
helped by the sale of £96m of 
assets - including UK proper- 
ties, its Austr alian fisheries 
business and Brazilian trading 
operations. 

Turnover Ml 25 per cent to 
£89L5m as a result of disposals, 
but continuing operations 
showed an 83 per cent increase 
in sales and contributed £24-7m 
(£21 m) in profit 

Interest charges foil from 


£32. 6m to £2L6m due to the 
debt reduction, but profits 
were held back by an £8m 
exceptional loss, resulting from 
asset disposals. 

In the UK, the food distribu- 
tion businesses performed 
strongly. Weddel Swift Depots, 
the largest national meat 
wholesaler, achieved a 70 per 
cent increase in operating 
profit to £l.lm. However, 
Union's retail chain a of butch- 


ers in the UK - which include 
Dewhurst, Alex Munro and 
Baxters - showed a decline In 
profits during the year. 

The group's Australian busi- 
nesses, including meat pack- 
ing, retail and wholesaling, 
and also a profitable property 
business, showed strong 
growth. There is speculation 
that these will be floated off 
but Mr Robinson refused to 
comment 


DIVIDENDS ANNOUNCED 


ABl Leteura bit 1.36 July 1 1.25 - 3.76 

Bertam An 2-5 July 15 2-5 2J> Sf 

Boots fin iai Aug 17 6.8 15 13.4 

Can's MBng kit 12 My 1 1 4.3 

Control Tech kit Aug 5 235 - 75 

Faber Prest fnt 5.5 June 27 5 - 14 

Hambro Insurance-tin 3.7 Aug 19 - 5.55 

Kalamazoo — JWi 2A5T Sept 8 1.85 32 2.1 

MEPC Jnt 5-2Sf July 19 525 - 20 

Hfld Kent tin 6.5 July 20 5.75 11-5 105 

Powefl Duffryn tin 17 Aug 6 IS 23-6 22.6 

WT Capital fin 151f July 5 1.15 151 1.15 

Ratteft Nolan tin 5.195 July 25 4.65 8 72 

Rowe Ewans tin 2 Sept 1 2 2 2 

Rowftmon tin 1.56 - 126 1.8 1.5 

Slabe fri 754t Oct 3 &672 11 9.600 

Stafda Int 0.657 Sept 1 0.45 ' - 1 

VSH. fin 23.5 Aug 8 20 34 29 

Yfyndeham Press tin 1.57 Aug 16 0.75 225 125 

Yorkshire Water fin 152 Oct 3 142 22.8 2125 

Dividends shown pence per share net except where otherwise stated. fOn 
increased capital. JJndudes special of 25p. 


? * 


t s i !> 


nir 


r u ** * 


% pi 


Berliner Bank AG 1993 Annual Results 


A Leading Bank for Germany’s Capital 


* Glrf 



Since January 1, 1994, Berlin has once again 
become the headquarters of a major German 
bank: BankgeseUschaft Berlin AG. Consti- 
tuted as a holding company, BankgeseUschaft 
Berlin AG, on the one hand, serves as head 
office for the Group, Unking Berliner Bank, 
Berliner Hypotheken- und Prandbriefbank 
and Landesbank Berlin under one rooF. On 
the other hand, BankgeseUschaft Berlin AG is 
a bank operating primarily in investment 
banking for the whole Group. In order to 
establish the holding company, Berliner Bank 
AG was renamed BankgeseUschaft Berlin AG 
as or January 1, 1994. The Berliner Bank AG 
shareholders thus continue as shareholders 
of the same, legally unchanged officially 
quoted stock corporation, BankgeseUschaft 
Berlin AG. which is now operating under a 
new name. The operative bank business and 
Berliner Bank AG’s holdings, apart from a 
few exceptions, were taken over by the “new” 
Berliner Bank AG, which has been operating 
under the name Berliner Bank AG since 
January 1, 1994. 

The last financial year of the “old” Berliner 
Bank AG and of the Berliner Bank Group in 
its old structure was also the most successful. 
Our Group business volume, i. e., the balance 
sheet total plus endorsement liabilities, in- 
creased by DM 8.4 billion, or 15.2%, totalling 
DM 71.4 biUion by year’s end. Following 
Berliner Bank AG’s positive development, the 
Group's earnings have improved considera- 
bly. til spite of increased administrative 
expenses, the Berliner Bank Group achieved 
a partial operating profit of DM 372.4 million 
in 1995, compared with the previous year’s 
figure of DM 231.8 million, which has been 
adapted to satisfy the new legal requirements. 
The Group’s expenditure for risk provisions 
totalled DM 341.4 million, compared with DM 
322.9 mUlion the previous year. The Group 
thus shows an operating profit of DM 303.2 


million for 1993, i.e. an increase of DM 165-4 
miUion, or 120.0%, over the previous year's 
figure. 


From our 

Group balance sheet 

(in DM mil lions) 

Loans to customers 

Liabilities to customers 
and from bonds issued 

Volume of business 


49,142 41,022 

49,137 41,089 

71,444 63,091 


Success passed on to our shareholders: 
dividend increased to DM 9.- 

For 1993, the Group shows a consolidated 
profit of DM 114.5 million as compared with 
DM 63.7 million for the previous year. We 
suggest that DM 86.6 miUion of this annual 
profit be used to pay a dividend of DM 9.-, up 
from DM 7.- per share. 

As a supraregional, universal bank within the 
Group, the “new” Berliner Bank AG has a 
total or more than 243 offices in Germany. 
With 139 branches in its core region of 
Berlin/Brandenburg alone, the Group covers 
the whole region completely. In addition, it 
has branches in five centres of the new and 
six centres of the old federal states. 

Therefore the “new” Berliner Bank AG, 
supported by its London branch, offers a 
network of branches covering the most 
important financial markets and showing 
good chances for continued qualitative 
growth. With its subsidiaries Aiibank and 
DSK-Bank, which specialize in retail banking 
and operate 93 and 25 branches respectively 
in Germany, the “new” Berliner Bank Group 


also participates in the strong growth of this 
market segment outside its core region of 
Berlin/Brandenburg. 

From our 

Group profit and loss account: 

(in DM millions) 1993 iggo 

Net interest received 1,358.2 996.4 




Net commissions 
Total operating profit 


254.6 204.9 

303.2 137.8 


Our group accounts for 1993 include Berliner 
Bank International S.A. in Luxembourg, 
AUgemeine Privatkundenbank AG in Hanover 
DSK-Bank Deutsche Spar- und Rreditbank 
AG in Munich, Braunschweig-Hannoversche 

Hypo the ken bank AG, BB-Leasing GmbH and 
BB-Data Gesellschaft fiir Informations- und 
Kommunikationssysteme mbH. 

We would appreciate your interest in our 1995 
Annual Report. 

Please contact: 

BankgeseUschaft Berlin, Investor Relations 
Hardenberg5tr. 32, 10625 Berlin 
Phone: (+49 30) 31 09-24 30 
Fax: (+49 50) 31 09-50 31 


bank 

gesellschaft 

Berlin 






23 



FINANCIAL TIMES FRIDAY JUNE 3 1994 


COMPANY NEWS: UK 


VSEL rises to £61 m 
but warns on outlook 


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Jty Bernard Grey 

' VSEL, ' the Barrow-based 
submarine builder, reported a 
10 per cent increase in pre-tax 
profits from £55£m to £6lm for 
the year to March 31. 

The company is enjoying 
peak profitability from the Tri- 
dent submarine construction- 
contract. 

The Increase, on sales of 
£466m (£442ro), was achieved 
despite a fall in' interest 
income on the company's «t s fr 
idle to, £l0.1m (£13 An) doe to 
lower Tates. Operating profit 
increased by 22 per cent from 
£4L7m to £50. to. 

However, VSEL’s shares tost 
50pto 928p after it warned that 
pfofitsTor the current ffwanri^i 
year were unlikely to increase 
significantly. Analysts had 
been expecting about £70m this 
year with the construction of 
the fourth 1 and final Trident 
submarine contributing . to 
profits for the first time . 

Construction of Trident sub- 
marines is starting to wind 
down and the Minis try of 
Defence is unlikely to award a 
contract to build the second 
batch of five Trafalgar class 


hunter -kilte r submarines until 
rarly 1996. 

The company insists the 
remaining £24m of rationalisa- 
tion provisions, along with an 
additional £4 -5m taken last 
: year, win be enough to meet 
redundancy costs. It is seeking 
work on surface ships to meet 
any lolL 

VSEL is vying with GEG for 
the important prime contractor 
status on the Trafalgar order, 
ft is also considering bidding 
for the Devonport dockyard, 
which is to be privatised by 
1996. Devonport has already 
secured all the refitting work 
on the Royal Navy’s nuclear 
submarine fleet which was 
manufactured by VSEL. 

- The final dividend is 
increased to 23J5p for a total of 
34p (29p) payable On earnings 
per share of 1G3.7P (9&4p). 

• COMMENT 

The destination of VSEL’s cash 
mnimtafn jg the central ques- 
tion preoccupying investors. 

; The company says it needs to 
retain, the money in its balance 
sheet if it is to win its spars 
with, the Ministry of Defence as 
a risk-taking prime contractor. 


Winning prime status on the 
Trafalgar order woald cer- 
tainly help profitability, bnt 
that wfil defer until 1996 a deci- 
sion on use of its rash By 
it will have accumulated about 
£33Gm, or 90Gp a share, which 
could be returned to sharehold- 
ers. Equally, a predator may be 
tempted by title cash before the 
company acts. Other uses for 
the money, including merger 
with a cash-hungry company, 
or an acquisition spree, look 
less Ekely. StOL against that 
lure, profitability has peaked 
and the Trafalgar bid is not yet 
in the bag; other work on sur- 
face ships is even less assured. 
Piling up cash as a virility 
symbol for the MOD also car- 
ries heavy opportunity costs, 
particularly with interest rates 
low. VSEL’s low rating has 
always reflected Its depen- 
dence on a single customer and 
inflexibility of its product The 
strong pos i ti o n underpins 
the shares, but investors 
looking for the upside will 
have to hope that mflnMgBWiCTtt 
proves as adept at finding new 
business as it has been at 
reshaping the company over 
the past three years. 



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Hambros 
Insurance 
falls 15% 

By Richard Lapper 

Hambros Insuran ce Sendees 
yesterday blamed a poor ■ 
performance by Its loss 
adjusting business for a 15 . 
pa cent decline in pre-tax 
profits to £&3m for the year 
to March 81. 

The destine to. profits was 
foreshadowed at the interim 





r*.. 





The results covered the 
group’s first complete year 
of trading and compared with 
fSMtoron a pro forma basis. 

The group said that loss 
adjusting had •'suffered from 
the exceptionally tow level - 
of claims experienced by the 
insurance in dustry **. Turnover 
for the div Mon dedined to 
£3&6m (£41. to), but profits 
foil by more than 50 per cent 
to£2mf£5m). 

Hambros aalditwas 
reviewing the struct me an d- . 
cost base edits loss adj ust ing - 
operation, in order to identify 
areas where its services could 
be improv e d and broadened. 

By contrast, Hambros’ other 
businesses aD performed wen. 
Hambro Legal Protection- . 
which sdlslegal expenses 
insurance and telephone 
helplines sendees - increased 
profits by 34 per centto £4.5m, 
with turnover rising to £12Jtan 
(£9,9m). 

Beak Dobie, which trades 
second band endowment 
policies, increased profits by 
17 pa- cent to £l.4m with 
turnover ahead to £2Mm 
(£i44m). 

Earnings fell to 7-8^(U2p). 
A proposed final dhridand of 
S.7p makes* JUSSp totaL . ' 


A NS launches 
£10m rights 


By David Wiphton - 

Associated Nursing Services, 
the USM-traded nursing home 
operator, is asking sharehold- 
ers for some £lQm to fund the 
development of more homes. 

- The l-for-3 rights issue at 
255p was accompanied by esti- 
mated pre-tax profits of wsm 
.for the year to March 3L This 
is about £500,000 less than, 
expected due to a change in 
accounting treatment follow- 
ing the introduction of the 
FRS5 standard on off-balance 
sheet financing. 

The company, which 
changed its accounting pnllHeft 
in 1992 following a judgment 
by the Financial Reporting 
Review Panel, has decided to 
bring the assets and itahiiftfes 
relating to two homes devel- 
oped with HES money an to its 
balance sheet Tito ^£2£m. devel- 
opment profit-will- now be 
reflected in the balance sheet 
as revaluation reserves. 

Mr Nick Dhandaa, ghtef exec- 
utive. said that because the 
company bad a commitment to 
buy the hemes after five years 
the transaction would be 


treated as a financing arrange- 
ment under FRS 5. 

The change has the effect of 
increasing gearing and reduc- 
ing pretax profits. The previ- 
ous year's profit has been 
restated from £l.82m to £L58m. 

The rfmng g aiy> reduces the 
effective tax rate so estimated 
earnings fall by only 2p to 
17.4p against a rotated 143p_ 
It to pay a etnat dividend 
of l-5p for a 2p totaL 

Mr nhanitefl said the limits 
issue, which will cot gearing to 
about 20 per cent, would 
enable the company to fund 
the opening of 700 beds in 
199546 and 750 beds the year 
after. Its programme to add 
another 600 beds in the current 
year is already fully funded. 

Most of the new homes will 
be developed by joint ventures. 

The rights issue has been 
fully underwritten by Henry 
-Ansbechar.-The shares foil Sp- 
to 275p yesterday. 

ANS also announced that Mr 
Robert Upsdell was stepping 
down as nonexecutive chair- 
man at the end of October, ft is 
applying for its shares to be 
traded cm the main market. 


Yorks Water 
plans cutbacks 


Hy PSflfly HoEnger 

Yorkshire Water is set to cut 
10 per cent of its workforce in 
a tod to beat the efficiency tar- 
gets established in what is 
expected to be an increasingly 
restrictive price regime. 

The company said it would 
cut its 4,000 strong utility 
workforce by 400 this year. 
About half of the redaction 
arises from transferring 
employees to contractors now 
providing services which 
Yorkshire previously carried 
out itself. 

It has been estimated the 
reduction could result in cost 
savings of up to 15 per cent on 
an on-going basis. 

Yorkshire also announced 
that a substantial reduction in 
capital expenditure - from 
ftansm to yraiwi — mwint it 

would meet the spending tar- 
gets set at privatisation. Previ- 
ously analysts had feared 
Yorkshire would spend much 
more than forecast, leaving it 
with a lower return than 
expected an fnnds invested. 

Yorkshire’s comments came 
as it announced pre-tax profits 
up from £139m to £144m for 
the year ended March 31. 
Turnover was ahead 10 per 
cent at £53lnu 

The increase was achieved 
after lower than expected 
charges of £lQm for rationalis- 
ing the core utility division 
and against a £4.4m excep- 
tional gain in 1393. 


The regulated businesses 
continued to suffer from a 
decline in demand from indus- 
trial customers. The foil was 
offset by a main charge 
increase of 7 per cent, leaving 
operating profits up 5 per cent 
at £153m. 

The noil-regulated busi- 
nesses, principally environ- 
mental and property, more 
than doubled profits at the 
operating level from £2. 6m to 
£7JSm, on sales 89 per cent 
higher at £5L9 ul The property 
division c on tribut e d £3An. 

A final dividend of l5.2p 
makes 22.8p (2LA5p) for the 
year. Earnings were up 4L6 per 
cent at 68p (65p), although the 
increase rises to 8.3 per cent 
when a £4.4m exceptional gain 
in 1968 is excluded. 

• COMMENT 

Yorkshire is proving its deter- 
mination to get to grips with 
costs and surprised many by 
its tough Hne cm capital expen- 
diture. With the benefits yet to 
feed through on technology 
improvements it seems (me of 
the better bets to beat what- 
ever efficiency targets are set 
by the regulator in the current 
price review. Nevertheless, the 
sector is likely to be dogged by 
uncertainty until the «*»d of 
July when the pricing regime 
becomes public. Forecasts are 
for about £155m, with the 
usual cautious approach to the 
dividend leaving 
of a 7.8 per emit rise to 24. 6p. 


Faber Prest £8.3m cash 
call for acquisition 


Faber Prest yesterday 
announced an £8 -3m rights 
issue to be used partly to fund 
the acquisition of the remain- 
ing 50 per cent of Appleby Slag 
Reduction — another step in 
the expansion of its industrial 
services division. 

The purchase price is £5-35m, 
plus a £lm loan to enable 
Appleby to repay a loan from 
dugston Group, the vendor. 

Faber, which is also involved 
in distribution car retail- 
ing; is issuing 2,1m ordinary 
shares at 425p on a l-for-4 
hams Qf the proceeds, ra ssm 
will satisfy the cash require- 
ment of tiie acquisition and 
£lm will repay the loan. The 
balance will be placed on 


deposit 
Appleby provides steel ser- 
vices to British Steel at its 
Scunthorpe site. In 1993 it 
made pre-tax profits of gt-tm 
Faber also yesterday 
reported a 71 per cant rise in 


pre-tax p r o fits from fti asm to 
SL83m on sales from continu- 
ing operations of £S5.7m 
(£30.4m). Net interest payable 
fell to £133.000 (£237.000). 

The interim dividend is 
increased to 5^p (5p) an earn- 
ings per share more than dou- 
bled to ZL.76p (10.25p). The 
shares arifted lOp to 499p. 

Shareholders’ approval for 

the anq iiwritlnn will be SOUght 
at an extraordinary meeting on 
June 20 l 


Stanhope £40m sale 

Stanhope, the property 
company, has sold a 110.000 sq 
ft nfflra building at Stockley 
Park in west London to a 
buys - from east Asia for just 
under £4flm. 

The building, which is let 
to British Petroleum, was sold 
on a yield of about 7 per 
cent. 


This notice is issued in compliance with the requirements of The international Stock 
Exchange of the United Kingdom and the Republic of Ireland Limited (the “London 
Stock Exchange"). It does not constitute an offer or invitation to any person to subscribe 
fm* or purchase any securities in Sunleigh pic (the "Company"). 

Application has been made to the London Stock Exchange for all of the reduced 
Ordinary shares of 2 p each in the capital of the Company, resulting from the proposed 
sub-division of existing Ordinary shares, and the new Ordinary shares in the capital of 
the Company, to be issued pursuant to the proposed Acquisition and Placing and Open 
Offer referred to below, to be admitted to me Official List It is expected that admission 
to the Official List will become effective and that dealings will commence on 30th June, 
1994. 


SUNLEIGH PLC 

(Incorporated and registered in England No. 52233) 

Proposed acquisition of Madaren Group Limited 
Proposed Placing 
of 

320,958,067 new Ordinary shares of 2p each at 6p per share 

by 

Hill Samuel Bank Limited 

of which 

96,495,126 new Ordinary shares are subject to an Open Offer 
to Qualifying Shareholders at 6p per share 
Proposed Capital Reorganisation 
Proposed admission to the Official List 

Share capital following the implementation of the above proposals: 
Authorised Issued and fully paid 

£ Number £ Number 

11,700000.00 585,000,000 Ordinary shares of 2p each 8,748,063.86 437,403,193 

Listing particulars are available for collection during normal business hours, today and 
on the 6th June, 1994 from the Company Announcements Office, the London Stock 
Exchange, London Stock Exchange Tower, Capel Court Entrance, off Bartholomew 
Lane, London EC2 or on any weekday (Saturdays and public holidays excepted) up to 
and including 16th June, 1994 from: 


Sunleigh PLC 
Worting House 
Basingstoke 
Hampshire 
RG23 8PY 


Hill Samuel Bank Limited 
100 Wood Street 
London EC2P 2AJ 


Peel, Hunt 
& Company Limited 
62 Threadneedle Street 
London EC2R8HP 


This astoertisemeni has beat approved fry Hill Samuel Bank Limbed, a member 
of the Securities and Futures Authority Limited. 

3rd June, 1994 


Enterprise North Sea field reaches peak output 


By. Robert Corrine 

Enterprise Oil, the UK’s largest 
independent explorer, yesterday 
amuranced that its Nelson, field in the 
North See had achieved peak production 
of 160,000 barrels a day only four months 
after the platform produced its first off. 
Enterprise, which is locked in a hostile 


tod battle for Lasmo. the second largest 
company in fixe exploration sector, has 
been labouring under financial con- 
straints. The Nelson field is its largest 
project to date. It is also the first time 
that it has operated a North Sea platform. 

Part of Enterprise’s justification for the 
bid has been that it can use Nelson's 
strong cash flow to bring forward Lasmo 


projects that might otherwise be delayed 
by a lack of financing. 

Mr Mark Hope, general manager, said 
the rapid move to peak production had 
been adneved in large part by predrilling 
eight wells, which were ready to flow 
once the platform was operatlonaL 

Additional wells were being drilled 
from tire platform. 


SGA SOCIETE 
GENERALE 
ACCEPTANCE N.V. 

FRF 500,000,000 
REVERSE FLOATING 
RATE NOTES DUE 

JUNE 2003 

For the period June 01, 
1994 to September 01, 
1994 the new rata has 
been fixBd at 8,6504% PA 
Next payment date: 
September 01, 1994 
Coupon nr: 2 
Amount: 

FRF 2210,66 

for the denomination of | 
FRF 100 000 
FRF 22106,58 
for the denomination of 
FRF 1 000 000 

The Principal Paying 


Agent 
OGE 


SOGENAL 
SOCIETE GENERALE 
GROUP 

15, Avenue Emile Reuter] 
LUXEMBOURG 


MONTHLY AVERAGES OF STOCK INDICES 




V 7 * 

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W * ! s 
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Mt* 

April 

NUrch Fatmmy 

■ FT-8C ActaariaatodcM 

100 Index 

3DBU 

31309 

3206.1 

3396.4 

MW 250 

3705.7 

STtOJi 

38660 

40433 

360 Sham 

156M 

1591-1 

1827J 

1719,5 

NonTtwrliw 

iesa« 

170609 

174046 

181096 

Rnardsl Oram- 

2164.15 

2240JB3 

2324.02 

250629 

AB-Stim 

. 155027 

158206 

1S1O80 

170009 

FT-SE Euutrodc 100 

. 144734 . 

148022 

1437.45 

1495.18 

FT-SE Euroeaok 200 

I4S2.03 

1478.17 

1480^3 

1563.11 

FT-A Wottt IndflK 

1724* 

17023 

17000 

17435 

■ FTIndkm 

GOHMnmol SwurtBw 

9*26 

9857 

99-29 

10342 


112.72 

116.16 

12030 

126.14 

Otfinay 

245502 

248S3 

2623.4 

2614^4 

QoU Mtam 

1881 .85 

186013 

203030 

2054.78 

SEAQ Bwaaba 

25^*86 

35,919 

35,219 

37206 


Hgh—t May qtose 

LowHt May den 

FT-SE 100 

FT-SE MU 2SO 

FT-SE- A 350 

FT-8E-A A+Shnnl 

Onfinary - 

31370 (1204 
3775-3 (2nd) 
itittJoomi 
158123 (lOlto 

2500.1 (totre 


29804(27119 

36723 (271W 
1£DOS(Z7W) 

150088 pm 

2347.1 (27to 


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Oacambor 1933. 

AeniMy. t dWdmfl, in the oro» amount el U» 38S a*r atari wfl to 
payabto SartV* on i«h June 1 3 m. aubjact to the appBcdon of the proper 
wBnhokfing tax. 

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$32 


ROUND 

TRIP 


on; ■ 




FINANCIAL TIMES 

U3MJON - PAM • FMMIWRT - MM VOm - TOKYO 


] 


MANAGEMENT REPORTS 


AUTHORITATIVE 

MARKET 

REPORTS 


Accountancy • Automotive 
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FOR FURTHER 
INFORMATION CALL: 

+44 (0)71 814 9770 

OR FAX 

+44 (O) 71 814 9778 



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INTERNATIONAL COVERAGE 

TM is designed so that information is readily accessible 
and quickly absorbed, providing Dib latest on: 

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FINANCIAL rams 


NEWSLETTERS 







AND 

A STRONG BALANCE SHEET 


1993/1994 HIGHLIGHTS 

• Substantial improvement in trading results 

• Increase in dividend 

• Continuing corporate development 

• Low gearing gives headroom for further 

investment in growth opportunities I 


**We look forward confidently to 
further progress ** David Hubbard 


RESULTS 

1994 

1993 

Profit before exceptional items 
and tax 

£36.0xn 

£ 28 . 6 m 

Profit before tax 

£33 ,4m 

£ 2 1.6m 

Earnings per share 

31. 8p 

18 . 6 p 

Eps before exceptional items 

35. Sp 

28 . 8 p 

Dividends per share, net 

23. 6p 

22. 6p 


FUEL DISTRIBUTION - SHIPPING AND STORAGE • ENGINEERING 


A McAlpine 
seeks £25m 


finance wp* y june 3 

COMPANY NEWS: UK 

Taking the City road 

EuroDollar heads for market. Paul Taylor reports 

/^v ver the past five years jt, e uK car rental market 1993 


By Andrew Taylor, 

Construction Correspondent 

Alfred McAlpine yesterday 
joined the growing rank of 
housebuilders to launch rights 
issues to finance land pur- 
chases for expansion. 

The construction company Is 
seeking to raise £25ra through 
the Issue of 12.6m new shares 
at 205p on a 2-for-9 basis. 

McAlpine made a £694,000 
pre-tax profit during the six 
months to end-April. compared 
to a £2.48m loss last time. 

Turnover increased from 
£241 -3m to £316.6m. Earnings 
per share were 0.7p (losses of 
&3pj. The share price fell L8p 
to 241p. 

The company is changing its 
year end to December 31 and is 
expected to announce its 
interim dividend policy when 
it publishes figures for the 
period to end-June. 

McAlpine plans to increase 
housing output to 1,800 homes 
this year, compared with 1,259 
in 1992. It expects to have 
spent £80m purchasing land by 
the end of this year, inr naming 
net investment in the housing 
division by £30m. In the latest 
period it spent £48.7m on land. 

Mr Oliver Whitehead, chief 
executive, said this had led to 
a sharp rise in borrowings 
which, before the rights Issue, 
were expected to average £75m 
to £80m this year, representing 
gearing of about 50 per cent 

Proceeds from the rights 
issue should reduce gearing 
to a more appropriate level 


of 30 per cent 

Mr Whitehead said the com- 
pany's land holdings had 
increased by 47 per cent to 
4.400 plots. Sites had been 
bought on the basis of an esti- 
mated gross margin of 18 per 
cent. 

The housing division, which 
completed 568 (509) private sec- 
tor homes, made a pre-tax 
profit Of £3 -5m (£300)100 loss). 
The average selling mice of a 
home increased from £78,000 to 
£S8£00. 

The construction division 
incurred a film pre-tax loss 
(£500,000 profit); aggregates, 
slate and asphalt made a 
£800,000 profit (£200,000 loss); 
the US reported a £500,000 loss 
(£100,000 profit) with a good 
performance from minerals off- 
set by a disappointing result 
from contracting. 

• COMMENT 

It Is not a good time to be 
launching a rights issue with 
sentiment r unning against the 
stock market and house- 
builders and construction com- 
panies in particular. Nonethe- 
less, there is sufficient value in 
the shares at a theoretical ex- 
rights price of 234p, based on 
last night’s close, to get the 
issue away - albeit without 
much enthusiasm. Pre-tax prof- 
its of £l3m this year followed 
by £21m next year would put 
the group on a prospective p/e 
of U on 1995 profits at the ex- 
rights price. The shares, how- 
ever, are unlikely to improve 
in the present climate. 











/‘V Ft* ;«7 -*'v , ...... . 

. ’ .. . ■ 








SPECIAUST 

MECHANICAL 

ENGINEERING 


SAFETY 

& 

UFE 

SUPPORT 


COMPRESSED 

AIR 


“Strong growth is now apparent in many of our markets, particularly North America, 
South America, Asia and to some extent in the United Kingdom and Australasia. Increased 
sales in these regions have more than offset quieter trading conditions in other areas. Of 
particular note is the performance of our Controls divisions which continued to gain market 
share and even after excluding the effects of currency gains and acquisitions, increased 
their sales year-on-year. The second half performance for the Group was much improved 
on the first and we have seen this trend continue into the current year.” 

Barrie Stephens, Chairman 


Results for the year ended \ 

2nd April 1994 K 

Turnover (£m) * 

V 

Profit before tax (£m) l 
Earnings per share (pence) | 

si 

Dividend per share (pence) i: 

>. 

Gearing (%) I 


' Resisted lot FAS 106 St FAS 1 12 and/or Rights factor. 


mmzry§ : 


1993 


1,618.6 


H| 

■SSI 

181.5* j||| 


Blij£ 

26 - 3 * B 

m 

HSi 

9 . 86 * B 



66.0* ■ 


O ver the past five years 
EuroDollar has quietly 
overtaken some of Its 
better-known rivals to become 
the UK's second largest car 
rental company behind Avis. 

Last year it claimed a 10 per 
cent share of the fragmented 
£583m UK car hire market, a 
rise from 7 per cent In 1988. 

EuroDollar, the subject of a 
£118m management buy-out 
from the TSB Croup in August, 
is wwning to market through a 
placing and public offer expec- 
ted to value it at more than 
£100m. A pathfinder For the 
issue is due to be published 
today. 

EuroDollar's relatively low 
profile as a rental fleet 
operator is a clue to its 
success - growth in the UK 
has been fuelled by its penetra- 
tion of the corporate market 
where it Is now the market 
leader. 

More than three quarters of 
its £73m turnover in the year 
to March 31 came from the cor- 
porate sector although in order 
to maximise fleet utilisation, 
the group also cultivates the 
retail trade at weekends and 
during holiday periods. 

The main customers among 
6,500 corporate accounts 
include BT. GEC, Rolls-Royce, 
Rank Xerox and ICL along 
with fleet operators such as 
Cowie Ihterlsastng and break- 
down services like the RAC. 

EuroDollar has Invested 
heavily in information technol- 
ogy, spending an average £4m 
a year to buOd a real-time com- 
puter tracking and reservation 
system which allows it to pin- 


Totel market value « £583tn 


Others 4794 



Siebe pic, Saxon House, 2-4 Victoria Street, Windsor, Berkshire SL4 1EN, England. 



point cars and review their 
usage at any time. 

This enables the group to 
move cars from site to site as 
required and manage its fleet 
of 12,000 care and 1,000 vans 
more efficiently than competi- 
tors - EuroDollar regularly 
achieves fleet utilisation rates 
of 70 per cent or more. 

The IT network also links 
together EuroDollar's 105 
branches and has enabled the 
group to pioneer the use of 
“inplan ts" - EuroDollar 
employees who are attached to 
large corporate customers and 
work on-site with them to man- 
age their rental requirements 
on-line. 

The other key benefit of 
EuroDollar’s IT system Is that 
it enables the group's fleet con- 
trollers to minimise vehicle 
holding costs which largely 
depend on residual values and 
funding costs. 

EuroDollar acquires more 
than 20.000 cars a year - each 
car remains in the fleet for 
about 5 or 6 months. Because 
each rental effectively repre- 
sents a “test drive" by a poten- 
tial car buyer, rental compa- 
nies can negotiate particularly 
good terms with manufactur- 
ers. 

In most cases vehicles are 
acquired on finance leases or 
lease purchase agreements 
funded either by a finance 


EuroOoDar 10% 


Hertz 8% 


European 
ti i ta r ll wit Bfc 


house or through the tied fin- 
ancing division of a car manu- 
facturer. EuroDollar has total 
credit lines of £ill.5m - 
roughly E4ffm above its borrow- 
ings at the end of March - and 
operates on the basis of no 
gearing before vehicle asset 
finance. 

In order to further minimise 
risks, at least half of the 
group's fleet is covered by 
guaranteed residual value pro- 
grammes and it has nmnagsd 
to keep overall disposal values 
at between 78 and 80 per cent 
of list prices. 

The management's success 
in maximising fleet ut i lisation 
rates while minimising hbldlEg 
costs is evident in the group's 
recent performance. Gross 
profit margins have increased 
from 57 per cent in 1990 to 72 
per cent in the year to March 
31 and over the same period 
operating profits have grown 
from £6 -2m to £17.8m 

The management, led by Mr 
Ian Mosley, chief executive, 
has recently disposed of loss- 
making rental operations in 
France and Italy which are 
now part of the group's fran- 
chised European network. 

That move cleared the way 
for EuroDollar to become the 
first London quoted car hire 
group since Avis Europe was 
acquired by a consortium in 
late 1989. 


r 


NEWS DIGEST 


Usborne 
£8m in red 
at midway 

Shares in Usborne resumed 
trading yesterday and shed 6p 
to I3%p after the grain mer- 
chant and pig producer 
reported pre-tax losses of £8m 
for the six months to December 
31, against profits of £887,000. 

Although the grain mer- 
chanting side produced trading 
profits of £947,000 (£l.lra), 
there were losses of £6m 
(£96.000 profits) from pig pro- 
duction and merchanting. 

The pre-tax result was after 
a £3.3m write-down In the 
value of the pig herds and a 
£2m provision for restructuring 
the division. 

Turnover from continuing 
operations was £93.7m 
(£107. 6m). Losses per share 
amounted to 9.94p (Q.83p earn- 
ings). There is no dividend 

(0.2p). 

Gowrings 

Mr John Fowles, chairman of 
Gowrings, the motor dealer 
and leisure company, told the 
annual meeting that trading In 
the first quarter had been con- 
siderably up on last year and 
the trend was continuing in all 
divisions. 

Bnnzl 

Bunzl, the distribution and cig- 
arette filters group, has 
acquired Marstan, a US distrib- 
utor of paper and plastic dis- 
posable Items. 

The consideration of $JLL5m 
(£7.6m) cash payable on com- 
pletion Is subject to adjust- 
ment up to a maximum of Sim, 
dependent on the level of net 
assets acquired. 

A further profits-related pay- 
ment of up to $2.55m may 
become payable subject to the 
company’s performance over a 
three-year period. 

Kembrey 

Kembrey, the electrical connec- 
tors and accessories manufac- 
turer, swung from lasses of 
£655,000 to profits Of £15,000 
pre-tax for the year to April 2. 

Turnover fell from to 
£l8.4m. A proposed single divi- 
dend of o.i55p (same) is being 
paid from earnings of O.llp 
(losses L55p). 

Ashley Group 

The forecast £21m charge 
related to the disposal of its 
Spanish subsidiary resulted in 
a loss before tax of £20.6m at 
Ashley Group in the year to 
December 31 1993. 

The window blinds and tim- 
ber group had warned of the 
charge in March. 

Continuing operations in the 
period produced sales of £40. 6m 
and operating profit of 
£3.07m (£3.26ixi). 

Provisions in 1993 totalled 
£22.1m. mainly due to deferred 
consideration related to the 
Spanish sale. In 1992 provisions 
oF £52m were carried, which 


produced a pre-tax loss of 
£61m. 

There is no dividend pay- 
ment Losses per share came to 
15.7p (45.11p). 

The annual meeting will be 
asked to approve a change in 
the company's name to Eclipse 
I Blinds. 

i 

' Yates Brothers 

Yates Brothers Wine Lodges, 
the independent drinks group 
which is to seek a listing this 
year, reported a 21 per cent 
increase in pre-tax profits from 
£2. 77m to £3.36m for the 12 
months to March 27. 

The improvement was 
achieved on turnover up from 
£35 -3m to £43 5m. Earnings per 
share came oat at ll.lp (9.4p) 
and a second interim dividend 
of 2.8p is declared, making 3^p 
(2.46p) for the year. 

The company is proposing a 
l-for-2 scrip issue to assist in 
the marketability of its shares. 

Bertam Holdings 

A fell from £7J.7m to £L34m in 
pre-tax profits was announced 
by Bertam Holdings for the 
year to December 31. 

However, the oil palm and 
rubber plantations group, 
which also has property inter- 
ests in Malaysia, said the two 
years were not comparable fol- 
lowing the sale in late 1992 of 
810 hectares to Bertam Proper- 
ties and the acquisition or 
three Malaysian estates. 

Profits were affected by 
lower palm oil prices, although 
they had rallied strongly this 
year, directors said. 

Turnover from continuing 
operations slipped to £i.52m 
(£1.61m). Earnings per share 
emerged at 4.78p (31-54p) and 
the single final dividend is held 
at 2.5p (5p including special). 

Rolfe & Nolan 

Profits of Rolfe & Nolan, the 
futures and options computer 
bureau and software specialist, 
rose from £ 1.22m to £i,57m pre- 
tax for the year to February 28. 

The outcome included a defi- 
cit from the North American 
operations amounting to 
£i. 09m. Losses from this source 
were significantly reduced in 
the second half and further 
improvements are expected. 

Group turnover expanded 
from £11. 2m to £12.7m, of 
which £3.05m (£3.27m) came 
from the US. 

Earnings per share fell to 
I2.9p (I7.7p) after a higher tax 
charge of 6L9 per cent (50.4 per 
cent) due to US losses not 
relievable against tax. 

A final dividend of 5.X95p 
makes an 8p (7-2p) total. A 
1-for-l scrip Is also proposed. 

ABI Leisure 

Profits of ABI Leisure, the car- 
avan maker, rose from £L27m 
to £l.7m pre-tax for the half 
year ended February 28. The 
increase was achieved from a 
19 per cent rise in turnover to 
£34Am, helped by a 55 per cent 
improvement in exports. 

Earnings per share emerged 
at 4_2p (3-ip); the interim divi- 
dend Is lifted to 1 3&p (U25p). 


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rINANClAL TIMES FRIDAY JUNE 






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The Monday -fi 


This Monday, and every Monday set yourself up for the week ahead with the 
Financial Times. 

Its agenda will not only alert you to the business opportunities and highlights of the 
week, it will help you make the most of life outside work too, offering a comprehensive 
guide to everything from the Arts and fashion to health and travel, in an easy to use format 
So, if you want to rise above it ail, get the FT this Monday. 

Financial Times. Europe's Business Newspaper* 

















COMPANY NEWS: UK 


Powell Duffryn 55% 
ahead to £33.4m 


By Andrew Botger 

A strong profits performance 

encouraged Powell Duffryn, 
the distribution, storage and 
engineering group, to lilt its 
dividend lor the first time in 
four years. 

Pre-tax profits increased by 
55 per cent to £33.4m in the 
year to March 31, although the 
headline figure was nattered 
by a reduction in exceptional 
charges from £7m to £2.dnL 

The underlying performance 
was also strong, with profits 
before exceptional* increasing 
by 26 per cent to £36m. 

Earnings per share jumped 
to 31.8p ( 18 . 6 PJ. A final divi- 
dend of 17p gives a total of 
23.6p (22-6pV 

Mr David Hubbard, chair- 
man, said: “The benefits of 
recent corporate restructuring 
and investment were major 
contributors to these excellent 
results." 

Operating profits from fuel 
distribution increased from 
£5.4m to £7.6m, thanks to 
stronger industrial demand. 


cooler weather and last-minute 
sales in advance of the VAT 
Imposition. 

Port services and shipping 
raised operating profits from 
£?.3m to £10.3m. Tees and 
Hartlepool Increased their dry 
goods throughput by 1Z5 per 
cent, helped by growing roll 
on-roll off traffic. 

In engineering, operating 
profits fell from £l6.4m to 
£15. 4m. Mr Bill Andrews, chief 
executive, said sound perfor- 
mances in most areas had been 
masked by a decline in the con- 
tribution from the group's 
Saudi Arabian pump business 
and continuing losses in parts 
of its road and rail transport 
activities. 

Mr Andrews said the rail 
business, which lost £2m, had 
a large number of inquiries but 
an inadequate level of orders. 
He had confidence in the prod- 
ucts. but said the group would 
have to see firm orders materi- 
alising in the current year or 
further rationalisation would 
be necessary. 

The group’s bulk liquid stor- 


age business increased operat- 
ing profits from £6. 6m to £8. 9m. 

Gearing fell from 19 to XI per 
cent. Mr Hubbard said the 
strength of the balance sheet 
provided headroom for further 
investment 

0 COMMENT 

'Hie rise in the dividend was 
good news - though not 
entirely unexpected given the 
relatively cool winter, which 
always helps the fuels side. 
Less welcome were the prob- 
lems on the engineering side, 
which overshadowed good per- 
formances by Hamworthy's 
combustion and compressor 
activities and a strong showing 
by the Geesink environmental 
engineering business. The 
shares have outperformed the 
market by 70 per cent since 
1992, so have already enjoyed a 
substantial rerating as the 
group has become more 
focused. However, they still 
offer a 10 per cent yield pre- 
mium and a prospective multi- 
ple of 14.3 does not look 
demanding 


Improved trading conditions 
help Stakis advance to £6.6m 


By James Buxton 

Stakis. the hotels and casinos 
group, almost trebled pre-tax 
profits in the six months to 
April 3. reflecting slightly 
improved trading conditions, 
increased revenue from acqui- 
sitions and a substantial drop 
in interest payments. 

Pre-tax profit was £6.6m for a 
26 week period, compared with 
£2.3m for the equivalent 27 
weeks restated to reflect the 
FRS5 accounting standard on 
off-balance sheet financing. 

Sir Lewis Robertson, who 
became chairman in 1991 after 
the Glasgow-based company 
got into difficulties following 
poorly managed expansion, is 
to retire next March and hand 
over to Mr Richard Cole-Hamil- 


ton, deputy chairman and for- 
mer chief executive of the 
Clydesdale Bank. 

Operating profit from the 
group's 33 hotels rose 15 per 
cent to £9.91m (£8.6m) and 
operating profit from the 21 
casinos was up 25 per cent at 
£6. 77m (£5-4m). 

Mr David Michels, chief exec- 
utive. said the average room 
rate had risen by 3 per cent 
and occupancy rose from 62.6 
per cent to 63.3 per cent in the 
low season. 

The casinos, boosted by 
three acquisitions last year, 
showed a rise in the gaming 
win percentage from. 17.8 per 
cent to 18.7 per cent 

Net interest charges fell from 
£10. 9m to £7.31m reflecting 
lower debt after the £28m 


rights issue in 1993 and the 
sale of the healthcare division. 
Group overheads were static at 
£2.4m. 

Stakis raised a further Bffftn 
from a l-for-4 rights issue in 
March and together with new 
banking arrangements negoti- 
ated with four banks now has 
about ElQOm to spend on pur- 
chasing new hotels and casi- 
nos. 

It boaght two hotels in 
March and last month acquired 
the Avisford hotel near Arun- 
del, Sussex, for £7.lm. It 
expects to conclude two more 
purchases in the next eight 
weeks. 

Earnings per share were 
l.58p (0.66p) and the interim 
dividend goes up to 0.65p 
(0.45p). 


Limit seeks approval 
to amend its 
investment policies 


By Richard Lapper 

The largest Lloyd's investment 
trust is to seek permission 
from Its shareholders to 
amend its Investment policies, 
in line with potentially 
far-reaching changes at the 
insurance market. 

The London Insurance Mar- 
ket Investment Trust said yes- 
terday that it would seek per- 
mission to invest directly In 
both managing agents, which 
administer syndicates, as well 
as in new corporate underwrit- 
ing entities. 

The trust which obtained a 
stock market quote last 
November, currently supports 
a wide spread of agents and 
syndicates. Its £502. 5m under- 
writing capacity is allocated to 
101 syndicates managed by 33 
agents. 

The announcement follows a 
report by Lloyd's last month 
which envisaged the creation 
of “corporate syndicates", 
which would draw all their 
capacity from one single cor- 
porate Investor. 

In addition, a number of 
managing agencies - includ- 
ing leading players such as 
Brockbank and Kiln - are 
examining the creation of new 


Rowe Evans 
declines to 
£3.37m 

Lower palm oil pricers, higher 
costs and 3 fall In the contribu- 
tion from associated undertak- 
ings were tlic principal causes 
of a deterioration in the trad- 
ing result at Rowe Evans 
Investments In 1990- 
Although turnover grow 
marginally to £5.68m (£5.6ra) 
during the period, the cost of 
sales increased to £3.23m 
(E2.97m) and distribution costs 
row to £270,000 (£204,0001, 

The share of profit* from 
associated undertakings fell 
from EUm to ElJrn, leaving 
pre-tax profits down by somo 
E2.7m to EUTuv 
Earnings came out at 4.43p 
(9.G3pl. The Annual dividend Is 
held at 2p. 

All-round growth 
lifts Carr’s Milling 

Carr's Milling Industries saw 
nil arms of its business hud 
contributed to mt 85 por amt 
rise In pre-tax profits during 
the six months to Kebnmty aj. 


“dedicated" investment hinds 
which would exclusively back 
syndicates managed by one 
agency. Hlscox Group is cur- 
rently the only agency to have 
established such a fund. 

Limit's statement said: “If 
these structures are created, 
Limit may wish to Invest 
directly In other corporate 
capital entities." It added that 
Limit may also “wish to invest 
a small amount of Its capital 
In minority Interests in man- 
aging agents for the purpose 
of enhancing its underwriting 
potential.” 

In addition. Limit said the 
amount of capacity - potential 
underwriting Income - sup- 
plied by it to syndicates could 
increase by up to £30m in 1995 
as a result of recent rule 
changes by Lloyd’s. 

Limit made both announce- 
ments when reporting its 
results for the four and half 
months between its listing last 
November and the end of 
March. Investment Income 
amounted to £4.8m. Under 
Lloyd's three-year accounting 
convention. Income for the 
period does not include results 
from underwriting. After 
expenses of £900,000, pre-tax 
profits amounted to £3 .9m. 


Management 
buys Netlon 
for £40m 

By Ian HamiRnn Fazey, 
Northern Correspondent 

Netlon, which makes plastic 
nets, mesh and grids for the 
food packaging, agricultural, 
horticultural and construction 
industries, has been bought by 
its management for about 
£4Qm. 

The Blackburn-based com- 
pany, which employs 380 peo- 
ple, was founded in 1958 by Mr 
Brian Mercer who has sold his 
88 per cent shareholding in 
order to retire. A six-strong 
management buy-out team, 
which had a 9 per cent stake, 
has sold Its own shares to itself 
and reinvested the post-tax 
proceeds In a bigger stake. 

An equity and loan package 
will give 31, the investment 
capital group, and Electra, the 
venture capital fund, substan- 
tial minority stakes, believed 
to be up to a third each. Inter- 
mediate Capital Group has pro- 
vided funding, With 

senior debt and working capi- 
tal facilities from Bank of Scot- 
land. 

The final price has not been 
disclosed, but Netlon Is tinder- 
stood to have been valued at 10 
times earnings: protax profits 
were £U2m in the year ended 
September 30. This means the 
buy-out team would have had 
about £2 Jm net to Invest 


NEWS DIGEST 


The group, which has inter- 
ests in agribusiness, Dour mill- 
ing. baking and engineering, 
Increased profits to £1.13m 
(£610,000) on sales from con- 
tinuing businesses of £37.9m 
(£35m). 

The interim dividend is 1.2p 
Up) on earnings of 10.5p (5,4p). 

Kalamazoo shows 
surge to £6.36m 

Kalamazoo, the computer ser- 
vices and printed systems 
group, achieved a rise In pre- 
tax profits from £940,000 to 
£6. 36m for the year to end- 
Morch, 

Sales rose by £4.4m to 
£50. 9m. Earnings were lOJp 
(losses 0.6p) and a proposed 
final dividend of 2.4Sp makes a 
3.3p (lip) total. 

Mid Kent advances 
22% to £7.5m 

Mid Kent Holdings, which sup- 
plies water to Kent and Sussex 
nnd provides consultancy aor- 
vlr.oa to tho water supply 
Industry, lifted protax profits 
by 22 por coot, from H.i7m to 
lTSlm, in tho yoar to March 
31. 

Tuniuvur advanced to $36m 


(£31.1m) with acquisitions con- 
tributing £2 .25m. Earnings rose 
from 28.5p to 33p and a pro- 
posed final dividend of 6.5p 
makes an lL5p (10.5p) total 

Rowlinson advances 
to £3* 13m 

Pre-tax profits at Rowlinson 
Securities, the Cheshire-based 
property group, jumped from 
£722,000 to £3.13m In the year 
to March 31 on sales ahead 14 
per cent to £io.2m. 

The company attributed the 
profit outcome to asset dispos- 
als, the absence of significant 
write-downs and lower Interest 
rates. 

A final dividend of i.66p 
makes a total of l.flp (Up) on 
earnings of 15. 7p (4.64p). 

Glynwed shares up 
after AGM 

Glynwed International's shares 
closed up 7p at 355p yesterday 
aftor Mr Gareth Davies, chair- 
man. told the annual meeting 
that the company had made a 
good atari to the yoar. 

“Group profits for the first 
four months of the year are 
well ahead of tho same period 
lost year/ Mr Davies sold. 


Leeds 

edges 

forward on 
disclosure 


By Alteon Smith 

Leeds Permanent, the UK's 
fifth largest building society, 
is seeking to differentiate the 
life assurance and unit trust 
operations it will launch next 
month by aiming for the high 
moral ground. 

Giving details of the two 
subsidiaries yesterday, Mr 
Roger Boyes, acting chief exec- 
utive, said staff would be paid 
mainly - though not entirely - 
by salary, and that there 
wonld be no “direct link" 
between sales and remunera- 
tion. 

He added that the life assur- 
ance company would provide 
customers with information 
about the charges tt would 
make, and wonld explain fully 
to customers what policies did 
and did not cover. 

However, it will not operate 
the full commission and pro- 
duct disclosure regime 
demanded by City regulators 
until the beginning of next 
year when it becomes com- 
pulsory for the whole indus- 
try. 

Of the 10 largest societies, 
only Alliance & Leicester and 
Bristol & West are now tied to 
selling the products of one life 
assurance company without 
having said the arrangement 
will end. 

The Leeds subsidiaries will 
sell a range of pensions, 
investments and protection 
products, concentrating ini- 
tially on providing a service to 
the society’s existing custom- 
ers. The 800 sales staff have 
been drawn from Leeds' cur- 
rent employees, in the inter- 
ests of continuity. 

Mr Chris Chadwick, Leeds’ 
commercial director, said: 
“The traditional life assurance 
sales process is a total anath- 
ema to us.” 

Sir Ladfelav Suchopar, who 
joined Leeds from Allied Bun- 
bar in 1991, is chief executive 
of the life company, and Mr 
Andrew Watson, formerly of 
the Prolific group, will ran the 
unit trust company. 

Mr Boyes said that Norwich 
Union, for which Leeds has 
been a tied agent, had not 
wanted to handle the adminis- 
tration of the new organisa- 
tion. 

Instead, General Accident 
life will deal with the admin- 
istration for the life assur- 
ance side, and SG Warburg 
will be the unit trust admin- 
istrators. Gartmore and JP 
Morgan Investment Manage- 
ment will act as fond man- 
agers. 


RIT Capital net 
asset value 
improves 22% 

Net asset value of RJT Capital 
Partners, the investment trust 
grew by 22.4 per cent to 22L6p 
per share over the year to 
March 31. Total net assets 
were £437m, up from. £352m. 

After tax of £2.7ra (£L8m) 
profits increased from £JL4m 
to £5.43m. Bantings per share 
rose from 0£lp to 3.03p, or 
2.82p diluted. A dividend of 
l£ip (l.l5p) Is proposed. 

At the year end, quoted equi- 
ties made up 49 per coat of the 
portfolio (£348m), government 
and corporate bonds 11 per 
cent (£56m), specialist funds 
18 per cent (£94m), and 
unquoted companies 17 per 
cent (£89m). 

During the year RITCP sold 
most of Its holding In New- 
mo at Mining, realising £114m. 
Its largest unquoted holding is 
in Awerpharm, half of which 
hi due to be sold to E Merck. 


The recovery in earnings and 
dividend cover, together with 
strong cash generation, were 
bringing nearer the time 
when the company would be 
able to resume dividend 
growth. 

Wyndeham Press 
advances to £1.76m 

Wyndeham Press Group, the 
printing and packaging com- 
pany, reported protax profits 
up from {i.02m to £l.7Qn for 
the year to end-March. 

Turnover, boosted by £2J6m 
from acquisitions, was up from 
£10.6m to Sl&Sm. Earnings per 
share emerged at 7,lp (4.3p) 
and a final dividend of Up is 
proposed, making &25p (USp) 
for the year. 

Burmah Castrol in 
Singapore sale 

Burmah Castrol has agreed in 
principle to rail its Hillview 
site In Singapore far some 
SSISSm (£S8tt). 

The profit on the sale, due 
for completion In September, la 
expected to be more than £40m. 
The gain ovor book value 

reflected circumstances in tho 

local market, said Burmah. 


Chance of an all-embracing bid 

Michael Smith on why RJB Mining is optimistic about its prospects 


I f British Coal is to stay in 
one piece after privatisa- 
tion — and many mining 

ex e c u tives believe that would 
be the surest means of preserv- 
ing a large industry - then its 
best hope may lie in Mr Rich- 
ard Budge and his RJB Mining 
company. 

With Hanson apparently not 
interested and RTZ unlikely to 
make a bid, RJB is one of the 
few UK companies that com- 
bines the detire and belief in 
its capability to operate all five 
British Coal regions. 

Whether it has the financial 
and political clout to mount 
five successful tenders is open 
to question. But the feet that it 
can contemplate an all -unbrac- 
ing bid Is testimony to the sig- 
nificant progress it has made 
in the two years since Mr 
Budge split off the mining 
operations from AF Bodge, the 
contracting group set up by his 
alder brother Tony. 

By the time AF Budge went 
into receivership in late 1992, 
its former mining arm, rechris- 
tened RJB, was thriving as a 
separate company and on Its 
way to the Stock Exchange. 

Investors have warmed to 
RJB. to spite of a slow start, 
the company’s shares have out- 
performed the market by 
nearly 30 per cent since its Do- 
tation last June. Mr Budge is a 
big factor in the rating. 

Although his initials provide 
the company with its name, Mr 
Budge says he dislikes the colt 
of the personality, and tells 
investors and journalists that 
his company's success is based 
on its 1,400 employees and its 
executives. “I may be chief 
executive bat I am just one of a 
team.” 

Colleagues say he is a good 
delegator but not all outsiders 
are convinced. “RJB is not a 
one man band - it has some 
reasonable executives," says 
one British Coal executive. 
“But I get the impression that 
when Budge says jump then 
everyone jumps. He can some- 
times seem rather high- 
handed." 

It is just as well for RJB, 
then, that Mr Budge-is highly 
regarded. 

A tali and athletic-looking 
man of 47, Mr Budge has 
achieved success in several 
walks of life. In his teens he 
made money from painting 
landscapes; in his 30s and early 
40s he became one of the coun- 



try’s most successful amateur 
racing drivers. 

But he has put most of his 
efforts into mining. After join- 
ing bis brother’s company as a 
19-year-old, he was the driving 
force behind it becoming one of 
the biggest opencast coal pro- 
ducers in the country by the 
late 1970s. 

The company won a reputa- 
tion for innovation. It was, for 
example, the first to bring in 
the 170 tonne Caterpillar 
dumper trucks. “Everyone else 
said the British industry was 
too small for them,” says one 
British Coal executive. “Budge 
led the technical seating up In 
the industry. 1 ' 

This helps to explain why 



Lydaw At Un- 

Richard Budge: split off the mining operations two years *«« 
from AF Budge, the contracting group set up by his brother 



RJB’s reputation remained rel- 
atively untarnished when its 
former parent went into receiv- 
ership. Mr Budge's fafrfai diffi- 
culties in persuading the City 
of the value of his company 
may have been more to do 
with the grand plans he had 
for expansio n. 

The market was weary of an 
industry which had been incur- 
ring losses for years; compa- 
nies associated with mining 
hod long ago fallen out of fash- 
ion. Yet RJB was seeking 
money to develop under 
licence up to 11 mines that 
British Coal had closed 
because it could find no mar- 
kets for them. 


It has ended up with three, 
Calverton and Clipstone in 
Nottinghamshire, and Rossing- 
ton in Yorkshire. 

“They are not gold mines but 
they will make very reasonable 
rates of return says Mr 
Budge. 

RJB can succeed where Brit- 
ish Coal failed, be says, 
because it is more responsive 
to household and industrial 
markets and because it wQl get 
for more productivity out of a 
smaller workforce at each 
mine. “We give our miners 
more responsibility and 
accountability than British 
Coal and they have responded 
wetL" 

Mr Budge says early produc- 
tion from the iriinps has been 
better than expected. But none 
of the three have been operat- 
ing under RJB for more than 
six m onths; other mining com- 
panies say a much longer test 
is needed before any realistic 
assessment can be made. 

Most believe the core British 
Coal assets which the govern- 
ment is selling in five regional 
packages are a better bet 
because they have guaranteed 
contracts with the electricity 
generators until 1998. 

The problem for potential 
bidders, RJB included. Is that 


they will require a heavy ini- 
tial outlay. Estimates as to the 
combined value of the success- 
ful bids vary enormously but it 
is likely to run Into several 
hundred millions of pounds. 

In addition, working capital 
requirements could easily 
reach £300m. 

These are large sums for a 
company that last year made 
pre-tax profits of £ 12.2m on 
sales of £7-L8m and is already 
thought to have gearing of 
about 50 per cent 

Politics provides an even 
larger hurdle to RJB taking 
over all of British Coal’s assets. 
Minis ters have not ruled out 
selling all five regions to one 
bidder but their desire to inject 
competition into privatised 
markets makes it likely that 
they will want to split British 
Coal up if possible. 

Nonetheless, Mr Budge and 
RJB have shown that they are 
among the most optimistic 
about the industry’s prospects 
and have yet to make a serious 
mistake in their mining 
operations. It would be surpris- 
ing if they do not end up with 
at least one of the regions. 

Previous articles in this series 
appeared on May 30, June 1 
and June Z Further articles 
tnU appear next week. 


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Organisation ... 
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FT Cityline InternadOMl, 

Nvtaber One Sovtinwk Bridge, London SKI 0RL 





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IATJON 




FINANCIAL TIMES FRIDAY JUNE 3 1994 


RECRUITMENT 


Jobs: How can companies maintain employee loyalty when they can no longer promise a job for life? 


Tbs Confederation of British Industry is 
t aking a long-term view of recruitment 
prospects over the nest 10 years in what 
pronritifes to become a much more deregu- 
lated and flexible labour market. 

This - it believes - wfll involve a reap- 
praisal of how to motivate employees to be 
committed at work; but also adaptable 
enough to embrace change even if it 
means accepting redundancy. 

Stable employment policies are becom- 
ing increasingly difficult to in 


Reconciling commitment and flexibility 


tlve pressures. Employers may want to 
treat their employees sensitively as 
human assets to. be nurtured but they are 
UBdqr pressure to regard them also as a 
factor of production. But the tensions that 
tiu$: creates between a desire fix* commit- 
ment in the workplace and the need for 
flexibili ty can pose a problem. 

Is, it possible, tor employers to recruit 
/wSers in the labour, market who are 
loyal- to the company but take an 
: imdflsstandtog view if they lose their job 
as the result of working in a competitive 
\ environment? _ 

-'.Sis this fundamental Issue that is con- 
/ renting the CBL Clearly a dcficate balance 
his to he struck between the dual 
demands of the company, to promote loy- 
alty among, its employees but also have 
the- power to respond to increasingly 
uncertain business pressures. 

Vtr Robbie Gilbert, the CBTs employee 
affaire director, erpiarneH to a recent con- 


ference on employment prospects at War- 
wick University School of Industrial and 
Business Studies: “More than ever employ- 
ers will be looking for a workforce that 
can deliver higher productivity, work 
more efficiently, give reliable and custom- 
er-oriented service, be innovative and 
accept the need for continuous personal 
development and improvement” 

However, he also admitted that the 
CBFs employment affairs committee 
believed it was going to become ‘increas- 
ingly difficult” for companies to 
the long-term commitment of employees. 
The CBI is uncertain whether loyalty in 
the company is an outdated concept and if 
the future employment relationship is 
moving “towards specific contracts fur a 

specified job within a specified period”. 

“The dilemma for employers is that 
whilst they want loyalty, certainly from 
their core employees, they are often seen 
to be less than loyal to those who work for 
them.” Gilbert said. “Employers want to 
be able to lace those who mirk for them 
with new challenges but sometimes to 
close the door with them mi the outside." 

Undoubtedly a less loyal workforce 
could prove much harder for a company to 
motivate. Structural reorganisation inside 
companies is also likely to weaken 
employee commitment. 


Removing layers of management 
bureaucracy in companies has introduced 
less hierarchical, flatter organisations. As 
a result employers will find it more diffi- 
cult to ensure job satisfaction and motiva- 
tion as most promotions now laid to go in 
a lateral direction. 

“There wifi also be less demarcation 
between manage- and managed at all lev- 
els and a tpsgpwTng both of status «"d the 
power that comes with being privy to 
information. The entire concept of man- 


women with children to return to work. 
This group is expected to fin most of the 
jobs to be crated by 2000. 

“Working patterns wfll need to be more 
flexible and realistic, tying in to company 
as well as Individual needs." argued Gil- 
bert, This will require a more consistent 
removal of workplace barriers that dis- 
criminate against gender and age. Manage- 
ment needs to concern Itself with family 
issues and individual expectations. 

The CBI believes that employers will 


It is possible for companies to work with individuals 
to help them develop a portfolio of skills and 
expertise for use elsewhere in the labour market 


agement may grow more fluid,” said Gil- 
bert 

As a result companies are going to adopt 
a much more focused approach in their 
employment policies. The CBI is keen for 
employers to promote recruitment pack- 
ages that cater for the specific needs of 
each employee. Employers will have to 
tailor their tuw)< to what Mr Gilbert rails 
“a growing diversity in the labour supply”. 
This will mean, in particular, encouraging 


have to spend more time assessing 
employee attitudes to work and leisure 
and managing those attitudes to fit in with 
the objectives of the business. Employers 
may have to sell the concept that employ- 
ment with them is not for life but for a 
limited, often contractual period. This 
raises, the CBI believes, a new concept of 
employability. No employer can promise a 
job for life but it is possible for companies 
to work with individuals in helping them 


to develop their talents so they can have 
the best opportunity to develop a portfolio 
of skills and expertise for use elsewhere in 
the labour market A number of City of 
London companies are already pursuing 
that policy, such as Legal and General, the 
insurance group. 

Some participants at the Warwick con- 
ference suggested that employers might 
find this the best method of reconciling 
flexibility with commitment. Trust and 
loyalty ought to be possible even when a 
worker has limited job prospects with one 
particular employer. 

As Gilbert explained: “In future a mea- 
sure of the good employer is not necessar- 
ily one who pays the highest rate but who 
keeps workers' skills, and hence their 
employability, up to date." 

He also believes that companies will 
have to become more candid about 
explaining to new employees the demands 
of flexibility facing them. Gilbert talks of 
“building productive relationships on 
knowledge, realism and frankness”. 

Not nearly enough British companies 
have tbe foresight to pursue such a policy. 
They tend to take a short-sighted view of 
their own recruitment needs. But this is 
mainly because many employers are 
forced to respond to immediate pressures 
rather than to manage innovation. 


The government’s Investors in People 
scheme may help to mitigate that ten- 
dency as it provides a nationally recog- 
nised quality standard to help train and 
develop employees throughout their work- 
ing life as well as ensuring organisations 
invest effectively in skills training 

The CBI also believes that companies 
must develop new ways of attracting, 
retaining and motivating their employees 
over the next 10 years. This will mean 
giving them more responsibility and 
authority. It also recognises that employ- 
ees will be better educated, more self-confi- 
dent amt independent than before. 

Last week the Department of Employ- 
ment published a glossy guide to employee 
involvement entitled The Competitive 
Edge. It stresses that “successful employee 
involvement depends on mutual trust”. It 
t;iTVc of chang in g the culture of companies 
through recognising what David Hunt, 
employment secretary, called the “new 
realisation of the common interest of man- 
agement and employees in securing busi- 
ness growth”. 

The equine tensions between flexibility 
and commitment may yet be reconciled in 
the workplace, at least in tbe more innova- 
tive companies who can look beyond their 
immediate needs to recognise employee 
development is as much in their corporate 
interests as those who work for them. 


Robert Taylor 


Manager & Executive 


International Corporate Finance 


c.£30-43,000 + Car, Bonus & Banking Package 


City 


Excellent opportunities for talented corporate financiers to join expanding, 
international team of London based Merchant Bank with European focus. 


THE COMPANY 

Highly profitable, well funded merchant bank with 
international branch and office network. 

♦ Ambitious, growing team with .European focus and 
dear strategy. 

♦ Strong track record and positive deal flow in 
Corporate Finance and M&A. 

: THE POSITIONS 

♦ London based (at least initially). Outstanding career 
. opportunities for effective pe rfo rmer s . 

♦ Take transactions from origination to execution in 
.. complex cross border environment. 


♦ Develop business with multisector, wiremarinnal efients. 
QUALIFICATIONS 

♦ Fluent speakers of a Continental European language, 
preferably German. First class communication skills. 

♦ Probably mid 20s to early 30s. Good degree. ACA or 
MBA with relevant expe ri ence. .Team players. 

♦ Mature, tenacious «nH energetic. Highly nnmwari* and 
p.c. literate with initiative, creativity and flair. 


Please send full cv, stating salary, ref N2I74, to MBS, 54 Jerniyn Street, London SW1Y 6 LX 



NB SELECTION LTD 
jBKB RttDBrcMpIc corapmy 



LONDON C71 493 6392 
Aberdeen 0224 638080 • Birnnogham CBI 233 4656 
Btwd 0272 291M2- Edinburgh 031 229 2250 
Glasgow 041 204 4334 • Leeds 0532 453830 
Mttbtr 0425 539953 • Slough (3753 819227 





Derivatives Marketing 


London 

Our client is a Teading market participant in 
derivative products. It provides a wide range of 
scrviccs and products ro its customers through an 
international network chat includes London, New 
York and Asia. An increase in customer driven 
business has created an exciting opportunity for two 
highly motivated professionals to join the derivatives 
marketing team covering France and the UK. It is 
expected that these individuals will utilise the entire 
product range of the organisation which includes 
interest race swaps, currency swaps and options. 

A marketer with at least two years experience is 
sought to cover French Corporates. The ideal 
candidate will have experience of marketing complex 
derivatives and will have developed an established 
client base within tilts market. Candidates should 
naturally demonstrate a fluency in French. For the 
second position, candidates will have not less 
than 3 yean: marketing experience ro a UK 


£ Excellent Package 

client base. It is also important chat candidates will 
have the ability to assume management responsibility 
at an early stage in their career. 

Both of these opportunities require individuals with 
an excellent level of technical product knowledge as 
well as proven client development skills. Candidates 
should also have A strong analytical and quantitative 
skills and a good academic background. These 
positions represent an excellent opportunity for 
highly motivated individuals to work with a talented 
and international dynamic team within an 
organisation that is committed to further growth 
and development. 

Interested candidates should write to Gavin Starling 
at Michael Page City, Page House, 39-41 Parker 
Street, London, WC2B 5LH quoting reference 
191303 or alternatively telephone 071 831 2000 
for an initial discussion. 


Michael Page City 

International Recruitment CoowJrann 
London Pn Amatenkm DumcUcmT Sydney 


i&m 


Boyden 

45 Offices 
tn3SCountr/9B 


FUND MANAGER HUNGARY 


OUR CLIENT with S6bn funds under management worid-wide, seeks a senior executive for Rs 
established Hungarian lurid. 

- BASED primarily in Budapest, the Fund Manager wffi monitor existing investments and seek out 
new equity investment opportunities in unquoted and quoted stocks. 

THE JOB will entaU forging dose working relationships particularly with the management of 
unquoted companies in which the client has invested, and also with local bankers, government 
officiate, indus&iaflsts and the investment community. 

AN OUTSTANDING OPPORTUNITY a young executive either already based In Budapest 
or wishing to move there. 

THE WINNING CANDIDATE wB be a fluent Hungarian speaker with a successful back record 
in Corporate Finance. Merchant Banking, Stockbroking - or possibly from an Accounting or Law firm. 
Personal qualities wffi indude good negotiating and interpersonal sktts, lough mindedness, resilience 
and a firm orientation towards profit 


Boyden International Limited 
24 Queen Anne's Gale 
London SW1H3AA 
0712229033 


In complete confidence send 
CV stating current salary 
quoting Ref: 94/130 



Six Figure Salary 
+ bonus + benefits 


$0 M KINS 




Director of Corporate Finance 


Uniquely exciting and highly influential position as part of a small head office team to manage the worldwide 
corpor ate finance activities for one of the country's most successful companies. Tomkins Is a £3bn+ turnover 
FTSE top 60 industrial management group with an exceptional record of rising earnings, dividends and share 
price. High levels of achievement and commitment to Tomkins' philosophy of increasing shareholder value and 
spreading risk will be rewarded by freedom of action and excellent career opportunities in senior line roles. 


THE ROLE 

■ Reporting to Greg Hutchings. Chief Executive, for the 
development and management of the Group's 
acquisition and disposal programme. Managing 
individuals Ln the UK and US. 

■ Leading detailed negotiations, frequently principal to 
principal, commissioning and managing professional 
intermediaries. 


Developing strong relationships both internally and 
externally to identify opportunities for corporate 
development activities to enhance the share price. 


THE QUALIFICATIONS 

■ Outstanding high-achieving graduate accountant/ 
lawyer, early 30s to mid 40s. with an action 
orientation and distinguished record in a blue-chip 
corporate finance organisation. MBA and relevant 
experience in commerce desirable. 

■ Authoritative experience in M&A and disposals with 
knowledge of international financing, tax and legal 
matters. Disciplined analyst and planner with 
commercial focus and objectivify. 

■ Entrepreneurial, self-motivated, unpretentious yet 
imaginative team player with stature and poise. 
Robustness and flexibility to represent Tomkins 
effectively in a broad range of transactions. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 06 1 499 1700 


Selector Euro pe 

Spencer Stuart 


AaKn^HttUdtabiOi 
Men Enrcfc, U niMW. 
r~ ~r i an n i . 

Undou W2 2B> 


Investment Director (Designate) 

With communication skills as well honed as 
technical skills 


London 


to £70,000 or even more 


Occupying a unique position in the financial services field, our client has been extremely successful - and 
profitable - in an ever expanding marketplace. 

We are looking to appoint a young investment specialist who wOl be responsible for the day-to-day ginning 
of a s m a l l technically based team as well as providing broad strategic input to a young, enthusiastic Board. 

Ideal candidates, probably in their thirties, (although we have no real prejudices) wfll be degree holders 
with a sound investment management background (evidenced by appropriate qualifications) and preferably, 
some marketing experience. 

Of paramount importance are presentational skills of the highest order, and the ability to communicate at 
all levels both within the Group and a wider. City-based audience. 

Persuasive, credible, creative and confident are aJJ adjectives which apply to the right candidate. 

This is a high profile role in an informal highly effective organisation which will offer early appointment to 
tile Board exactly in line with the successful candidate's own performance. 

Please send full career details, including current salary package, quoting Ref A 2100 to Malcolm Lawson, 
at Codd Johnson Harris, Human Resource Consultants, 12 New Burlington Street, 


|§Th 


London W1X IFF. 


Codd • Johnson • Harris 


Equity Capital Markets 
Marketing Officers 

Due to growth in our Equity Capital Markets business both in the UK and internationally, we 
are seeking to recruit additional high calibre executives. The successful individuals will join a 
close-knit team and will be responsible for winning mandates around the world. 

Candidates should preferably be fully conversant in Equity Capital Markets products and 
marketing, have experience in structuring new issues and have excellent interpersonal skills. 

Fluency in other languages is desirable 

Benefits include an attractive remuneration package, performance related bonus, car, private 
healthcare and the opportunity to develop an outstanding career based on individual merit 

Please send resume and covering letter stating why you should be considered for interview 
to Diana Maxton. Group Personnel, Kleinwort Benson Limited, 20 Fenchurch Street, 

London EC3P 3DB. 


Kleinwort Benson Limited 


***■ 


- 


\ 



financial 


TIMFS FRIDAY JUNE .1 1994 


TOP OPPORTUNITIES 

SENIOR POSITIONS IN GENERAL MANAGEMENT 


Standard Bank 
Isle of Man 



GROUP 

The Standard Bank Isle of Man Group of companies Is owned by 
Standard Bank Investment Corporation Limited, which also owns 
Standard Bank of South Africa Limited as wen as the Stanbfc Banks 
in many other African countries. The group is also expanding fn 
London, New York, Hong Kong, Taipei, Zurich and Jersey, 
employing 31 ,000 people world wide. 

MANAGING 

DIRECTOR 

We are seeking to appoint a Group Managing Director for our Isle of 

Man operations which apart from the Bank indude a firm erf Stockbrokers 
and a Trust company. The focus of the group is international and 
candidates should have extensive experience of international banking 
and offshore financial services. 


The position wffl be challenging and wifi cany an excellent salary package 
and all the rewards of working with some of the best people in ttie banking 
and financial services sector. 

Qualified applicants should write in strictest confidence to: The Personnel (Director, 

Standard Bank Investment Corporation (IOM) Limited, P.O.Box 220, Exchange house, 54 - 58 Athol Street, Douglas, Isle of Man. 



Chief Executive 


Poland 

WARTA S.A., the second largest Insurance and 
Reinsurance Company in Poland, is currently 
seeking a Chief Executive. The company has a 
20% share of the Polish market, a work-force of 
2,300 and a turnover in 1993 amounting to over 
GBP 160m. 

The appointed candidate will be responsible for 
the overall management of the Company, its 
policy, growth and financial results. Candidates, 
aged up to 50, should be graduates in economics, 
finance or law, with a successful track record .at a 
senior level in insurance companies or financial 
organisations. 


Excellent Package 

First class leadership, managerial and 
interpersonal skills are mandatory. 

The Chief Executive must be task and profit 
oriented, energetic, creative, with a strong team 
approach. 

Fluency in Polish and English is required tor 
this position. 

Please fax or mail in confidence within 10 days 
a detailed CV to the address below, quoting 
reference number 43060, including dates ot 
availability and current remuneration. 


[£gKR NEUMANN}! 

MANAGEMENT CONSULTANTS 
00-542 WARSZAWA. UL MO KOTO VtSK A 61/17 
TEU-PHONli ( 48 ) 2 / 62548-18 FAX ( 48 ) 2/6254887 


BANKING FINANCE & GENERAL APPOINTMENTS 



Strategic Planner 
Equities Division 


BZW is a European Investment Bank with a major presence across global capital markets. It is a leading name 
in equity securities with strong distribution capabilities and a highly rated research product. 

A rare opportunity to join the team in a key strategic role has arisen, which represents an excellent 
chance to develop a career in management within BZW. 

Reporting to the Head of Strategic Planning, Equities Division, the successful individual will 
undertake a wide range of projects covering allaspects of the global equitiesbusiness. Thiswill indude 
reporting and making recommendations following analysis of the existing business and potential new 
markets and also the development of cross-market products. Regular overseas travel willberequired. 

Candidates should have a successful track record in corporate finance or strategic consulting, 
although previous experience of the securities industry is not vital . Educated to MBA level, or with 
a legal qualification, the successful individual must be able tocommunicate effectively at all levels and 
demonstrate initiative and originality in problem-solving. Strong analytical and quantitative skills are 
prerequisite as is the ability to work to tight deadlines. Salary & package will be commensurate with 
experience. 

For further information please contact Tana Akson 

Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street. London EC2M 4TP Telephone 071-623 1266 Facsimile 071-626 5259 


JONATHAN WREN EXECUTIVE 


INVESTMENT BUSINESS DEVELOPMENT 
IN THE FAR EAST 

An exciting business development opportunity with a major 
investment house. 

_Mm Cloven Sc Co., is searching tor an experienced investment professional 
t-> iMi» icn .isstKi.ire innip.iny in Singapore. 

The position is .1 th.iHengirn; career opportunity. In order to promote our 
iiniWHitiH e.sjH-rrise and .ceneratc profitable business throughout die Far East, your 
extensile knowledge* of bud i the region and UK investment products is essenrial. 
I'qi rally mip.irunr is your established client knowledge spread across a range of 
ininrurtoiiv and other contacts. 

John tiovetr .Sl Co. is an innovative City of London investment house and is 
p.irr of the rapidly "rowing Clovett Group, with offices in London, Singapore, 
.S.m I'r.irk'iv-u jiiJ Jersey. / r manages and/or administers assets of USS S billion. 

ll ion are self-mori v.iteJ wirh the right credentials, and are ready to 
min our winning team in Singapore, please write to me in the strictest confidence" 
at the address given. Remuneration will be commensurate with che seniority 
• >1 rhi\ posir mu. 


J "Q':BW 
GOVETT 


- . ■■ NiLVt. Karaf/Monis " , i, 

')ofirvOa«ycrft.C^-tiivanK(; 
•. ShBtWmwi'Wjws*.' 

4 Bsnfe'dritf&e Uat, 

. LONDON Sfit ZMfe,. . 


GENERAL MANAGER 

■' V zz :rj *“ -y _■ ; y ;; . ~. & . , 

Southern European Bank with an International 
presence requires a General Manager for its 
London branch. The candidate must have 
considerable experience of the UK market and 
have the ability to promote business. He/she 
must be totally fluent in English and have a 
good command of another European 
language. Remuneration will be negotiated 
according to qualifications and experience. 

Write enclosing CV, to Box A2Q58, All applications will 
be heated in the strictest confidence. We regret we 
are unaWe to reply to unsuccessful candidates. 
Financial limes. One Southwark Bridge, London SE1 9HL. 


PRIVATE CLIENT 
PORTFOLIO MANAGERS 

Leading investment management company, 
based in Bristol, has capacity and 
opportunities for individuals, or a team with 
an established client base, to j'oin our 
growing private client and pension fund 
management business. 

Please write to Box A2034, 

Financial Times, One Southwark Bridge, 
London SEI 9HL 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Waif Buildings, London Wall. London EC2M 5PP 
Tel: 071-588 3588 or 071-583 3576 
Fax No. 071-256 8501 


I ' .1 ■»<* I' 1 

' . ’ ' ! '. •, v ‘ • 

.. * ■ ;; Av . 

. * ■’ . *'■ s „ *<l‘ / ■ 


Senior appointment with career prospects within the bank internationally 

SENIOR CORPORATE BANKER 

CITY £60 3 000-£75,000 + BONUS 

LONDON BRANCH OF MAJOR GERMAN BANK 

The present Leader of one of four corporate banking teams is being promoted and this is an unusual 
opportunity to join this highly respected, expanding bank at this level. The successful candidate will report to 
the General Managers and will have considerable autonomy, with responsibility for the entire relationship with 
a section of the bank's domestic UK and international customers. Applicants (aged 32-45) must be 
accomplished credit officers with broadly based banking experience across the range of products and industry 
sectors and must have the ability to deal creatively with the increasingly sophisticated corporate requirements. 
In addition to the maturity for a consistently high level of customer contact, this position calls for a banker or 
corporate treasurer with the spirit to develop new customers and to manage an existing portfolio of customers 
handled by a small experienced team. 

Candidates wishing an initial discussion please telephone 071-638 0680 or write in confidence quoting 
reference SCB4972/FT to the Managing Director, CJA. 


Opportunity to establish a team and build a reputation in this rapidly developing area 

HEAD OF STRUCTURED FINANCE 

CITY OF LONDON £65,000-£75,G00 + BONUS 

MAJOR EUROPEAN INTERNATIONAL BANK - ASSETS IN EXCESS OF £100 BILLION 

Our client has high quality corporate banking teams and the capital markets and derivatives expertise 
to have completed complex structured transactions for the established client base. To create a centre 
for this sophisticated business they seek a banker or corporate treasurer with a track record in 
originating, negotiating and closing structured transactions utilising capital markets products and 
derivatives and a knowledge of the tax, legal and accounting issues. The successful applicant will be 
graduate calibre, aged 30-40, with an accounting, legal or tax qualification and 5-6 years’ relevant 
experience. The ability to think laterally, market innovative deals at Board level and to build a small 
team is essential. Initial remuneration is negotiable £65,000-£75,000 + bonus and good bank benefits 
package. 

Applications in strict confidence quoting reference HSF4974/FT to the Managing Director, CJA. 

An opportunity to contribute significantly to the Group’s success through excellence in 
Insurance Management. Prospects of stock options. 

GROUP INSURANCE MANAGER 

CENTRAL LONDON c.£65,000 

BRITISH MULTI-NATIONAL GROUP. TURNOVER OVER £3 BILLION 

Due to recent restructuring of the management of our client's insurance arrangements this new 
position arises. We Invite applications from candidates aged 40-50, M.C.M. who will ideally have at 
least 5 years successful Insurance Broking experience and not less than 5 years in a major UK 
Corporate at senior level. Responsibilities will cover the provision of advice on the appropriate 
insurance and risk management policy for the Group, and making the necessary arrangements to 
protect the Group. The ability to liaise positively and tactfully with others at senior level worldwide 
is a key requirement for this position, initial remuneration is augmented by car; contributory pension; 
health cover; and other large company benefits. Removal expenses if necessary. Applications in 
strict confidence under reference GIM4973/FT to the Managing Director, CJA. 



UK/Cross Border Package negotiable 

As a division, of an award winning British investment hank, our client is 
one of the largest lessors in the United Kingdom. 


The bank has gone from strength to strength over 
the past few years, and following recent promotions, 
is now seeking an accomplished, analytical high 
flyer with 3/6+ years exposure to £25m+ deals. 
Strong interpersonal skills are vital to lead future 
transactions and to negotiate and agree the highly 
complex, non-standard documentation involved. 

Reporting to the Head of Leasing, you will 
write new business and manage all aspects of a 

Kidsons Impey 
Search & Selection Limited 
29 Pall Mall, London SW1Y 5LP 
Telephone: 071-321 0336 
Fax: 071-076 1116 

UK, Franca, Germany, Italy, Au*triA. UunnarH Poland, 
Boltflum. Switzerland, Cujoh Republic and Slovakia 


portfolio of complex high value transactions (from 
initial terras negotiations, instruction of and liaison 
with external lawyers - through to signing off on 
the deal). 

Your big ticket experience probably will be either 
UK or cross border; you are ideally a graduate, 
highly numerate and articulate with the drive and 
gra vitas to keep reaching for and achieving high 
targets - both for the business and your career. 

Please send your CV in complete 
confidence, to Peter Willingham, 
quoting reference number 774. 
mumim /VS; your papers will not be discussed with 
tnrtabncof client without express permission. 






29 



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FINANCIAL TIMES FRIDAY JUNE 3 1994 



Standard & Chartered 


Strategic Analysts 


Attractive Bank Package 


City 


Outstanding young analysts to join high calibre Group Strategic 
Development team working across whole of bank's international network. 


THE COMPANY 

♦ Standard Chartered is renowned for its strong business 
around the globe, particularly in Asia Pacific, Africa and the 
Middle East. 

♦ Growth and profitabffiry result from focus on cote activities and 
strengths. 

♦ Committed to continued e nhancem ent of product offerings, 
service quality and expansion of unique network in existing and 
new markets. 

THE POSITION 

♦ Key roles in pressurised high calibre strategy team. 
Opportunity to move into line position in 2-3 years. 



♦ Provide support to and frequently lead group wide 
development programmes. International travel essential. 

♦ Work in multidisciplinary teams on vital, intensive projects 
across regions, businesses and products. 

QUALIFICATIONS 

♦ Degree, strong numeracy, possibly MBA. Able to command 
respect at ail levels. 

♦ Intellectually able, mature and commercial with superb 
communication skills. 

♦ Ideal experience in international strategy consulting and 
financial services. Rigorous analytical and planning ability. 


Please send full cv, staring salary, ref N2 1 72, to KBS, 54 Jermyn Street, London SWIT 6 LX 



N B SELECTION LTD 
a BNB Resource, pic company 



LONDON 071 493 6393 
Aberdeen 0224 638030 • Birmingham 021 233 4656 
Bristol 0272 291 142 • Edinburgh 031 229 2250 
Gbsgcrw 041 204 4334 • Leeds 0S32 453230 
Manchester 0623 539953 • Slough 0753 819227 




jWMmie—irri TjnTn~ 


Structured Finance Professional 

London 

Society Generate is a leading international bank, ranked fifteenth worldwide in terms of total assets, 
with representation in some 63 countries: Sodere Genersde in the UK provides banking and 
investment advice and services to corporate and institutional clients. 

We are looking for a structured finance professional to work as part of a small team reporting to the 
Head of Structured Finance. The role wiD involve analysis, modelling, documentation and execution 
of leveraged financings and tax-based structured financings, either as a leader or as a member of a 
small team depending on the nature of the transaction. 

The successful candidate will have ideally gained a sound knowledge of UK leveraged financing 
through active involvement in a number of successfully completed transactions. A sclf-siarcerwith a 
high commitment to quality, the candidate will demonstrate an ability both to build effective 
relationships with counterparts at all levels and to handle the braid business activity of the unit The 
ability to speak French would be an advantage but is not essential 

Candidates arc likely to be working either in an acquisition finance team active in the market or as a 
qualified accountant working in the corporate finance area within a major firm. A competitive salary 
package will reflea our commitment to the right individual. 

If you would like to join our highly motivated team of professionals, please send a detailed 
CV to: Louise Barrett. Head of Human Resources, 5ocicte Gcneralc. 60 Gracrchurch Street, 
London EOV0HD. 



Sadelr Gcrurmlc it 4 member nfibr Secu'mes jtJ Futures ■\uihfrrry 




EC LAWYERS 


CLIFFORD CHANCE is recruiting at least two recently qualified 
lawyers to advise on EC law in our Brussels office. 

Candidates should be fully qualified lawyers, preferably: 

• from a current or prospective EC Member State; 

• with academic qualifications that include significant study of 
substantive EC law; 

: • having a thorough capability in written and spoken English 
and at least one other official language of the EC. 

The positions are in the Brussels EC group which advises 
international clients on all aspects of EC law - in particular 
competition law, trade law and EC regulatory matters such as 
environmental issues and financial services. 

The successful candidates will be selected not only on the 
basis of qualifications but particularly on their aptitude to work 
successfully in a multi-national, dynamic arid major practice area, 
in an international firm. The remuneration package will be 
generous and competitive. 

Written applications should reach: 


Alisa Cole 

Avenue Louise 65 
Box 2, 1050 Brussels, Belgium 

Not beer than 30 June 1994 


CLIFFORD CHANCE 



muciion# miNni 


BUDirUT DUBAI FMMniin HOAC now.) LONDON NAONIO MOSCOW NLW rONn PARIS SHANGHAI SlNGABOAC 
TONI© W*n>W A360C1AT10 OrmcIB BAHRAIN Milan rqmc SAUDI ARABIA 



TREASURY MANAGER 


TONER 

GRAHAM 


M4 Corridor 


c £33,000 + Bonus + Car 


Our client is a major International corporation - a distinct leader in a number of key markets. The 
company's renown for quality and excellence extends well beyond its marketing and manufacturing 
capabilities into all areas of the business infrastructure - the finance function is no exception. 

Reporting to the Deputy Group Treasurer, an opportunity has arisen for a high calibre professional to join the head office team. 
The role witf provide specialist expertise In cash and funding management. Key responsibilities will indude: 

• Manaffng bank relationships and progressing new funding sources 

• Con t rol l in g intemotionof cashflows to optimise cosh and borrowing positions, and minimise group interest costs 

• Providing fmanckd support for major investment proposals and new business remures 

• Ongoing assessment of capital market and derivative products 

Thera will be significant liaison, both wfth operating subsidiaries and headquarter’s financial management and with external 
institutions. - 

Successful candidates will be graduates and have an accounting, MBA. or ACT qualification as well as a minimum of three years 
experience in an international treasury or banking operation. Excellent communication skills and a ‘hands on’ approach are essential 
requirements. 

On offer is not just an attractive remuneration and benefits package but the opportunity to play a significant role in the future of 
this exciting and highly successful company, with prospects for advancement dependent upon merit, not length of service. 


interested applicants should write 
enclosing a comprehensive C.V„ in the 
str i ctest confidence, quoting reference 
RFC95A to: 


Joe Graham CA at Toner Graham, 
8 Imperial Square, 
Cheltenham, 
GL50 1QB. 


Hansard Fund Managers Limited 

FIXED INTEREST FOND MANAGER 
good basic salary 
+ attractive bonus scheme 
+ benefits 


GENERAL MANAGER 
AIR CARGO 

Amoieaa axpotuon Ducds 

top managers for 

tondofl/Fnskfozt/AJiistailani/\toscB©’ 
offices far new fessan Airtire. 

Ini&aOS/EarBptHJS- 
Mnst have 15-3) years experience 
in similar pOKtocss. 

Win set up opeaaons, assemble team 
and opesstea profit center. 

Fax resume Mr Baptists 1-71+433-7824 


APPOINTMENTS 
ADVERTISING 
appears in the 
UK edition every 
Wednesday & 
Thursday 
and in the 

Internationa] edition 
every Friday 

For further 
information 
please call: 

Gareth Jones 
on 071 873 3779 

Andrew SkarzynsJd 
on 071 873 4054 

Phffip Wrigtey 
on 071 873 3351 

Joanne Gerrard 
on 071 873 4153 

Brian O'Neffl 
on 071 873 4027 


National 
Bank of 
Bahrain 







National Bank of Bahrain is a leading commercial bank based in Bahrain in the Arabian Gulf with 
assets of over USS 2 billion. As a part of the Bank's plan to consolidate operating performance 
through better utilisation of its existing assets and selective expansion. NBB invites applications 
boro outstanding investment professionals for the position erf 

Senior Portfolio Manager 

Major responsibilities : 

• Function as a senior member of the Investments and Trading team and manage the Bank's 
Investment portfolios made up primarily of Fixed and Floating Rate Securities in major 
currencies. 

• Manage dient portfolios. 

• Recommend and implement hedging techniques to protect asset values of both the Bank and 
cherts' portfolios. 

• Coordinate with external Fund Managers and adopt strategies that maximise return on assets. 

- Market investment related products and achieve earnings target in marketable secur i ties and 
portfolio managemenL 

■ Evaluate investment opportunities and recommend dealing strategies and tactics. 
Position requirements : 

• University Degree. 


• At least ten yeara 1 relevant professional experience in 
trading in major currencies including a successful ' 
centre in an international financial instittfion. 


folio management and securities 
record of managing a similar profit 


• Solid knowteckje of and experience in derivative products and markets. Complete familiarity 
with Information and Communication systems relevant io Investments and Trading with full 
ability to perform in an automated environment 

NBB offers an excellent tax free compensation package' with the usual expatriate benefits. 


Please forward your . 
Bank of Bahrain, P 0 1 


tication to Senior Manager. Human Resources Development. National 
K)6, Manama, Bahrain. 


Based in New Barnet, Herts 

MISSION STATEMENT: 

To deliver to our clients, with integrity and 
service, expert advice and superior products 
that create wealth andfinancUd security ’ 

We have gained 25 Micro pal awards, 
winning 4 in 1 993, and were placed amongst 

the leaders in all fund sectors featured in 
Financial Adviser’s Annual Personal Pension 
Survey. 

We manage the life, pension, unit trust and 
ofPshore funds of Hansard Financial Trust 
who are industry leaders, being overall 
winners of the 1 993 Direct Salesforcc 
Professional Annual Awards. 


We will appoint a talented and experienced 
individual to complete our team, currently 
responsible for £620ra, of which around 
£150nt is fixed interest 

As the successful candidate you will be used 
to dealing at all levels of an organisation, and 
be confident in the creation and management 
of portfolios in your own area of expertise. 
You will be educated to degree level, 
probably with membership of IlMR- 

This background will enable you to take full 
responsibility for investment in Fixed 
Interest, and participate in die general asset 
allocation process. Vision and maturity will 
ensure your place in our strategic plans, 
consequently a Directorship may be offered 
to the successful candidate 


Please send a CV to: 
Lynda MacLean 
Senior Personnel Officer 
Hansard Fund Mangas Ltd 
Liberty House, Station Road 
New Barnet 
Herts. EN5 1PA 


Sales Executive 

Competitive Package 
Sydney, Australia 

We are a feeding international stockbroking 
company specialising in equities and related 
products in markets of the Asia-Pacific region, Latin 
America and emerging European markets, and we 
are now wishing to appoint a Sales Executive to 
marker S.E. Asian products. 

Reporting to Senior Management in London, the 
Sales Executive will be based in our office in 
Sydney, Australia. 

The successful candidate should be of graduate 
calibre, mid to late 20s, with at least 3 years 
relevant experience with a banking or securities 
house. Experience of S.E. Asian markets would be 
an added advantage. Self-motivation and excellent 
communication skills are essential for this role. 

interested applicants should send a full CV 
including current salary details to P.O. Box A2Q57. 
Financial Times, 1 Southwark Bridge, London 
SE1 9HL 


Bi-Lingual 
Senior Middle East 
Saus Executive 
Fixed Income Securities 

We ore one of the leading institutions within Capital Markets and we wish to 
expand and develop our existing Middle East sales team. We require a Senior 
Sales Executive with several years' relevant focal experience, preferably 
gained in Saudi Arabia and/or Bahrain. Experience must include sound under- 
standing of both US and Far Eastern bond and equity linked products including 
converts with options, and the successful candidate will already possess exten- 
sive contacts in the region, especially with central banks ond major financial 
institutions. 

Complete fluency in written and spoken English and Arabic is a prerequisite. 
The post will involve extensive travel to the Middle East and daily liaison with 
English speaking sales teams and syndicate desks (on a global sales 
strategy basis]. Salary: £75.000 plus bonus. 

Confidential enquiries should be addressed to PO Box No A 2051, 
Financial Times, 1 Southwark Bridge, London 5E 1 9HL. 





30 


GUINNESS FLIGHT 

ASIA LIMITED 


ASIA PACIFIC 
INVESTMENT DIRECTOR 


HONGKONG BASED 

Guinness Right have recently established a. regional headquarters In Hong Kong. An investment director and 
skilled investment managers are now required to expand the range of Asia Pacific products offered to the 
Group's rapidly growing clientele. 

The successful investment director candidate will report to the local Managing Director and mil lead 
the equity team based in Hong Kong. Equity participation in Guinness Flight Asa wifi be available for the 
right candidate who must be able to demonstrate dial they have the required experience and a successful 
track record in managing Asia Pacific (ex -Japan) equities. If you are In your mid 30s and seek a position where 
an effective contribution towards creating a successful business can build for you a substantial capital sum, 
please write with a hill CV to: 

Tim Guinness. Chairman, Guinness Flight Asia Limited, 
c/o 5 Cains ford Street. London SE1 2NE. Teh (071) 522 2100. Fax: (071) 522 2105 

or 

Dudley Howard. Managing Director. Guinness Flight Asia limited. 

Guinness Flight Unit Trust Centre. Upper Ground Floor, Far East Finance Centre, 16 Harconrt Road, 
Hong Kong. Tel: (852) 061 6801. Fox: (852) 861 6862. 


EUROPEAN DEVELOPMENT 
OFFICE DIRECTOR 

The Commonwealth of Kentucky, Cabinet for Economic Development, an 
agency of state government fa seeking an experienced economic development 
professional to serve ad director of Kentucky's European Development and 
Trade Office located in Brussels, Belgium. 

This cootractiwl position requires an experienced international manager who 
can assist stare officials in the design and execution of a sales/ marketing 
strategy that will generate the Interest of European businesses and Industries 
In loo be facilities in Kentucky and/or establish trade relations with Kentucky 
businesses. This includes an active personal railing program on companies 
targeted for relocation, expansion or trade. 

Familiarity with both Kentucky and the European Economic Community is a 
must Proficiency In a foreign languages) applicable to the area is a plus- 

Send a resume with salary history no later than June 15 to: 

Mr James K. Navoiio, Commissioner 
Department of Job Development 
Kentucky Cabinet for Economic Development 
500 Mero Street 
2J00 Capital FUza Tower 
Frankfort, Kentucky 40601 
Facsimile: 502/564-3256 


F.NANCIAL TIMES FRIDAY JUNE 3 .994 

U.S. BANK TRAINED 
CREDIT/RESEARCH ANALYSTS 
Salary: Excellent Bonus + Benefits 

WeTequiTeforourmajorbankclimts.thefollowingtrainedanalysts: 


£75K+ - Credit/ Administration 
£70K+ - Credit Research 
£45K+ - UK Banks Analyst 
£40K+ - Asian Banks/ Corporates 
£40K+ - Eastern Europe 
£35K+ - Middle East/ Africa 
£35K+ - Australia /China /India 


- Capital Markets 

- Bonds/ Asset Swaps 

- Capital Markets 

- Derivatives 

- Trading Products 

- Trading Products 

- Counterparties 


Turkish Business 
Development Officer 

A major European Financial institution seeks a Turkish Business Development 
Officer for its London Emerging Markets Group. 

The successful candidate will have a minimum of two years' relevant financial 
experience in Turkey, including working with Turkish Treasury/Foreign Trade 
Department and covering recent privatisations, and will be at ease dealing 
wilh Government officials and Chief executives in major industries there. 
He/She will need first class academic qualifications (preferably to second 
degree level) in a relevant discipline, and will offer perfect fluency written and 
spoken, in Turkish and English, being able to conduct business in both 
languages would be a considerable advantage. 

Confidential enquiries should be addressed to PO Box No A 2050, 
Financial Times, 1 Southwark Bridge, London SE 1 9HL. 


Seniors 

forwards, 

IRS 

SWAPS, 

■ 

join a top-rank 
financial group, a leader 
in the Paris market. 


You wilt deal wilh our London clients in 
a wide range of currencies, rates and 
derivative products. 

To be successful, you will have 
considerable knowledge of exchange 
rate and/or Swaps techniques with 
2-3 years experience in financial or 
banking markets. 

The position will be based in Paris, so 
ability lo speak French will be an asset 
If you want to join a dynamic, constantly 
developing group, send your CV plus 
application letter in English, under 
reference 563, to : COMMUNIQUE 
5CV54. rue de Silly - 92513 BOULOGNE 
BILLANCOURT CEDEX - FRANCE. 


InterSec 

IMlAICn COIX 

RESEARCH ASSOCIATE 
Global Investment 

IstoSre is u cxputdiig isrematioojl fcscardi coasnlunry with beadquneo ii 
Stratford, Cdoofctiou and efflea bt Loadaa, Tokyo, Geneva, Zurich, rad Onswa. Osr 
diem ioefode major ifaerutianal banks, iaanammul btmoo, rad none; managea 
■nWwida. 

Based in London yon will join a team of higkly qualified professionals providing 
farfcmnBnoo and advice W nor efinxa. RcqxicaibiliiicJ will incfcmic mvesagaDvc research, 
calling wd meeting wul. nvusmod opduug ota expanding gfoXii dais 

fiasco, Uaiafeg with diems, preparing an! writing repm documents rad assisting in the 
development of new prodsca end markets. 

Yon win be sop ported by a motivated Kan ta London together with an iaenraiopal 
network of offices stated by highly skilled profcsaioaab with a repniatira be qoafiry and 
Ugh stamtanh. 

Ideally yon will be aged 25-35, be usbitioaa. imagnaifi'c and enjoy working with 
flexfbOfty j| a smH Good Tfy Wrti ftfl jfdll« are fF rj i | i || l and a European 
language (preferably French or German) would be an advantage. Yon vriD be to 

degree level and tore experience la either asset mwaganent , financial market research 
or as a (annual JoenaiisL The s u cc es s f ul cnndidtte will slso be compagr-lteme wnh « 
good tmOcraamfing of spreaMbccts and databases, enjoy regular oomad with dkoa and 
be able id write den rad precise Engfisb. 

Selary: £25 JN)0 u JDDJUO padepeodiag on experience and qaafificarioBL 
ImaSec ■» an equal oppo r t uni t y employer. 

Reply in writing to The Director. InterSec Research Carp, pcgxses House, 37-43 
SacfcviDe Street, London WIX IDS. 


If you have a strangpersonality, are currently workingwithin a major 
hank and seek a significant forward move in your career, fax or mail 
your cv, with full details, to Ron Bradley, Head of Executive 
Recruitment 

Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street, London EC2M 4TP Tel: 071-623 1266 Fax: 071-626 5259 


JONATHAN WREN EXECUTIVE 


JAPANESE EQUITY SALES 

4* Excellent opportunity for sales person 
experienced In Japanese equities 

■fr Salary : Basic + Geared Commission 

Support from English Analyst 

Please send JuIL CV la 
The Personnel Manager 
Cosmo Securities (Europe) Ltd. Garden House. 

16 Finsbury Circus. London EC2M 7BP 


BRITISH MERCHANT BANKING AND SECURITIES 
HOUSES ASSOCIATION (BMBA) 

SENIOR EXECUTIVE 

The BMBA, which represents the interests of the leading firms in the investment banking 
industry, has a vacancy for a senior executive to work in the field of financial resources 
regulation. 

The successful candidate wiD either have had direct experience as a practitioner or will have 
extensive knowledge of the legislative and regulatory framework, both domestic and 
International, He or she will need good communication skills; some knowledge of European 
languages would also be an advantage. 

Remuneration and benefits will depend on experience and qualifications, but will reflect the 
Importance of the post 

Applications (marked 'PersonaT) should be sent with a full curriculum vitae, to: 

The Director General, BMBA 
6 Frederick's Place 
London EC2R 88T 

All applications win be treated in complete confidence. 


egree level education and a minimum 5 years experience of 
broking U-S. Government securities - 2 years at senior 


RMJ Europe Limited City 
Senior U.S. Treasury Broker 

RMJ Securities Corporation, a division of Exro pic, seeks to recruit 
a senior U.S. treasury broker for their London office. Suitable 
candidates must possess: 

•ad> 
bre 

management level 

• a proven track record in the U.S. treasury market, including at 
least 18 months experience working in the Tokvo and New 
York markets 

• a minimum of 2 years experience of managing a desk and staff 

• the ability to brine with them an established client base and the 
capability to develop a market strategy for this sector. 

Competitive remuneration packages will be offered for this high- 
profile position. 

Should you meet these requirements, please write with full C.V. 
and details of current remuneration package to : Senior Personnel 
Officer. Eyco (Management Services) Ltd.. Sherborne House, 119 
Cannon Street. London EC4N 5 AX. 


NO AGENCIES 


EXCO 


An Exco pic Company 


SOFTWARE DESIGNER/PROGRAMMER 

Financial Markets 

Saratoga Limited 
wishes co recruit a programmer to 
construct real-time FinunciaVEquity Options pricing 
and analysis models, full time or consulting basis, 
possible experience with 
OMLX. DTB. SOFFEX & UFFE preferred. 

Candidates interested in Ihe position should write to 
Doi Crindlev. Saratoga LfiL 65-66 Queen Si reel. London 
EC4R 1EB. enclosing full career and salary details. 


AD SALES MANAGER a prestigious Inti, publishing co. Is 
seeking a highly motivated, self-starter to develop European ad 
sales. Must have at least 3 yrs. of sales exp. I ml ad sales exp. is a 
plus. Preferably fluent in French and/or other Euro. Lang. This 
highly energetic LndMual needs to develop creative marketing 
campaigns to obtain new clients. London based/ extensive travel In 
Europe. For more info, coll Ms Bcrtui.-cl 

UK 071-4300881 OS 212003-3576 


Sales Executive 

DC GARDNER 

DC Gardner is a highly successful international training consultancy 
providing specialist tailored training programmes to banka and 
financial institutions. It is a division of Che Euromoney Group, one 
of the world's leading providers of financial and business 
information. 

We are now seeking a sales person to work alongside the team of 
consultants who deliver Investment Banking and Corporate Banking 
training programmes. The candidate must have a strong sales 
background as well as a good understanding of the international 
financial marketplace and banking environment. Since DC 
Gardner's training programmes are tailored to meet the client's exact 
requirements; the sales executive will be responsible not only for 
sales but will also act as an interface between the client and (he 
banking consultant. 

Candidates must be dynamic, self- motivated, able to work 
independently and will be expected to find creative solutions to 
maximise opportunities. Great emphasis will be placed on 
communication skills and (he ability to draft proposals to tight 
deadlines. Good keyboard skills are a must whilst languages, though 
not essential, are a plus. 

This role will involve considerable overseas travel, but will be based 
in our London office. A competitive salary and incentive scheme 
will be offered. 

Applicants should apply in writing enclosing a fill] CV to 
Nicki Message, DC Gardner Training, Nestor House, 
Playhouse Yard, London EC4V 5EX. 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link 
with the French business newspaper, Les Echos, gives you a unique 
recruitment advertising opportunity to capitalise on the FTs European 
readership and to further target the French business world.For information on 
rates and further details please telephone: 

Philip Wrigley on 
0718733351 


PRIVATE EQUITY 

An international private equity group is seeking to 
recruit a new associate for its London headquarters. 
You must have a degree or professional qualification 
and at least two years' work experience. You will be 
under 30 years old and fluent in French, German or 
Spanish. You will need to have good memory, be very 
computer literate, a good wordsmitb, numerate, 
analytical and a good communicator. You should be 
meticulous, frugal, reliable, task-orientated and 
respectful of deadlines. Only self-starters with a sense 
of humour need apply. 

Write with CV to: 

David S. Hucfcfleld Administration Partner, 

Baring Venture Partners Limited 
140 Park Lane, London W1Y 3AA 




YOU CAN ADVERTISE YOUR SKILLS IN THE 
FINANCIAL TIMES RECRUITMENT PAGES 
FROM AS LITTLE AS £90 + V.A.T. 


Looking for a Career 
Change? 


For further details please contact Philip 
Wrigley on 

Tel: 071-873 3351 Fax: 071-873 3064 
OR BY WRITING TO HIM AT FINANCIAL TIMES, 
Recruitment Advertising, 

Number One Southwark Bridge, 

London SE1 9HL ^ 


Japanese Derivatives Brokers 


A leading firm of international money brokers have 
vacancies for applicants who are fluent in Japanese as 
well as being familiar with the culture of Japanese 
business practice. All successful applicants will be 
employed to assist the company in developing its 
activities iu Interest Bate Derivatives for their 
London, Hong Kong and New York offices. Applicants 
should either be experienced brokers or trainees, 
fluent in both Japanese and English who wish to 
pursue a career in the financial markets and 
competitive remuneration and benefits will be 
available ta successful applicants. (Comprehensive 
training will also be available where applicable.) 

Applications should be made, in writing, enclosing a 
current curriculum vitae to Mrs G Pearton. Personnel 
& Human Resources, M, W. Marshall & Co. Ltd., 
Lloyds Chambers, 1 Portsoken Street, London El 
8 DP. United Kingdom. 


Ml S/Tech nicai Support Manager 


C £40 K, + Bonus + Benefits Cfiy Location 

Exciting opportunity for an Individual to be responsible for 
the Project Management oF enhancements and new devel- 
opments on a Portfolio Accounting System. In addition to 
coordination and implementation of voice and data 
communications, market data, LAN and WAN. 

Candidate would need to have a university degree, high 
degree of numeracy, woik well under pressure as part of a 
team or independently. Ideally computer literacy in HP, 
VAX. PCs and MACs together with associated software, 
some experience in systems integration useful. 

Candidate will work In conjunction with New York office 
to manage WAN and maintain HP 3000 as “hot site" for 
NY. Strategy and vision Ibr the future development of this 
new site would be Ideal 

please send year CV to Peak Consulting, Glen Home 
300-208 Tottenham Coart Road, London WsP 9 LA 
Tel 071 333 4770 & Fax 071 333 9643 - 




Swiss Cantobank 
Securities Limited 


Swiss Cantobank Securities Limited is the Eurobond house and 
international securities company of the Kan tonal banks, a major 
retail force in Switzerland. 

Based in the City of London a small but dynamic team services a 
select client base and advises funds in excess of S& 6 billion. 

As a result of business growth we are searching for individuals for 
the following postsr- 

SENIOR EUROBOND TRADER 

(Ref: ST1 ) 

We are looking 10 expand and strengthen our Capital Market 
section wilh a Senior Trader to take charge of a small trading team. 
The team services retail clients and institutional finds. Experience 
in a similar position is preferred but a thorough knowledge of ihe 
bond market, especially in the European sector, is ewflriaj. 
Additional languages preferred but not necessarily a requirement 
of the position. 

BOND SALES 

(Ref: ST2) 

We are looking to expand and strengthen our sales team within the 
Capital Market section. Experience in sides of Eurobonds, 
especially in the European sector, together with fluency in English 
and German or French is a requirement. 

A competitive salary package is offered for these positions. 

Applicants should write, quoting the appropriate reference and 
enclosing CV and salary details, to Personnel. Swiss Cantobank 
Securities Limited, Ropemakcr Place, 25 Rope maker Street. 
London EC2Y 9AS. 

—TheJaignjtDQraUj^torhigiCongaLn y qfthc Swm B m | tl 


Office Manager/ 
Administrative Assistant 

Leading International Financial Futures & Options trading firm seeks 
an enthusiastic individual wilh a minimum ar 5 years industry 
experience. The successful candidate will be well organised, computer 
literate and able to work well under pressure. Degree level education 
with a professional and motivated altitude is required to secure this 
position. Foreign language skills would be a bonus. We offer growth 
potential and a competitive starting salary. 

Please send cv with current salary to. PO Bax A2045, 
F in an c ial Times, One Southwark Bridge, London SEI 9HL 


APPOINTMENTS WANTED 


Economist, Ph.D M 

Specialised in South America's foreign 
trade, secta position, preferably 'm the 
US, ideally withfn bankmg, finance, 
Flncnc in Frera±, English, Poitngnese 


and Goman. Four yeas experience 

m economic analysivVescardi 
in Brazilian public sector. 

Write uk Bar A2Q52. Firaacul Tfmcs, 
One Sc ra l iw t Bridge. London S61 9HL 


EUROPEAN LEASING 


Experienced Managing Director ready 
to start up/remucture European ssJes- 
a id Q nance budnas. Unique «wu and 
experience to maximise funding, tax 
shelter and Pan •European marketing 
advantages, seeks appointment with 
lessors, mimifnitaren interested in tire 
development of ules-aid finance 
business In major European wnw fc ns . 
Wore hx Sax A3B6. Fbndal Times, 
One Southwark Bridge. 
London SEI 9HL 


PROJECT FINANCE SPECIALIST 

International, world-scale Project Developer with concentration 
primarily in upstream and downstream oil and gas-related 
activities seeks candidates for the position of Senior Executive, 
Project Finance. 

This newly created position will operate cm a senior level to 
establish feasible financing alternatives for international projects 
in the oil and gas sector. Typically, such projects will require 
limited recourse project finance solutions, a Sen necessitating the 
arrangement of political risk coverage from international financial 
institutions. In some instances, private placements or local 
developing country equity markets wifi provide the most efficient 
source of funding. 

A candidate should be knowledgeable concerning all aspects of 
project finance challenges, should have well-developed 
relations hips within the international banking and, specifically, 
project finance community, should be able to develop creative 
approaches to the financial challenges present in this field, and 
provide reliable commentary on the boundaries of such feasible 
solutions. 

Minimum experience level of 15 years in related duties is 
required. 

This position will be located in the corporate offices in Houston, 
Texas with extensive travel required. Competitive compensation, 
bonus and company paid benefits program provided. 

Please submit resume, including description of recent project 
experience to: Box A2048, Financial Times, One Southwark 
Bridge, London SEI 9KL 

Equal Opportunities Employer Af/F/H/V 


4 


1 






31 



Hm*> 


ED 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


Ai.VSi. 


+ Be nefi ; 


*•*•*«»« .iji. - 


Strategic Planning Manager 


Mjtkr; . 

/ Av i*» 

«. 

\o 

tw .. 
.. .. 

wAw»rpa*!i f . 




t . Zr 0:< _ 


Scorns h Mutual Assurance pic » a company wirh great 
plans for the future. Our aim is to significantly develop 
new business, to take full advantage of developing 
European and offshore opportunities and to place our life 
assurance business within the top ten UK life assurance 
companies. 

We require a Strategic Planning Manager, reporting ro 
the Director of Strategic Planning and Development, 
whose task will be to identify key strategic issues likely 
to affect the Life Assurance market and the IFA Sector in 
particular and to formulate objectives and strategics to 
enable us to achieve our aims. 

You should ideally have at least five years' commercial 
experience in a line management and planning or 
consultancy role, with highly developed analytical, 
conceptual and strategic thinking skills. You will also 
possess die ability to produce practical strategies and 
plans for the allocation of capital and revenue resources. 
A graduate with a good honours degree and ideally a 
commercially relevant post graduate or professional 


qualification {eg, MBA; ACA), you should have good 
interpersonal and written communication skills as well 
as a confident and persuasive manner when dealing with 
all levels of Senior Management 


The Top 
Opportunities 
Section 

Advertise your 



earbulk Holding Limited, Bermuda is an international shipping 
company with a fleet of 43 open hatch vessels of about 
40,000 dwt. Gearbulk (UK) Ltd., agent for the group, is based in 
Esher, Surrey and employs about 100 people. 


MANAGER - 
SHIP FINANCE 


senior 


In return we offer an attractive benefits package winch 
includes an excellent working environment in Glasgow dry 
centre, non-contributory pension scheme, life assurance, 
concessionary mortgage (subject to eligibility), subsidised 
BUP A and discretionary profit share. 

This is A role which is as exciting as it is demanding; 
if you have the abilities to take the Company where we 
want to be, contact: Alison McTaggart, Personnel 
Manager, 287*301 St Vincent Street, Glasgow G2 5NB. 


management 
positions 
to Europe's 
business 
readership. 


Gearbulk (UK) Ltd. requires an experienced finance manager to join an existing 
team of three, responsible for evaluating investment projects, negotiating 
financing terms, project management, treasury functions and assisting in general 
corporate management. You must be an energetic self-starter who can operate 
with a minimum of supervision, whilst maintaining a team mentality. 


In pursuing our policy of equality of opportunity for all, 
Scottish Mutual positively welcomes applications from 
every section of the community. 

To support a healthy work environment , Scottish 
Mutual has a no smoking policy. 


For information 


The successful candidate will probably be aged 30-35, educated to degree level 
and have a background in ship finance from a bank or shipping company, or 
alternatively be able to demonstrate successful financial project management 
Computer literacy is essential. 


Scottish §3 
Mutual 


please contact: 

Philip 
Wrigley 
071 873 3351 


The company offers excellent working conditions, a competitive salary and 
benefits package plus real opportunity for career progression within a forward- 
looking and successful organisation. Non-smokers are preferred. 


Promoting Success Through Equality 


If you are interested please send your CV (which will be treated in the strictest 
confidence) to: Gearbulk (UK) Ltd., Milboume House, Copsera Lane, Esher, 
Surrey KT10 9EP, for the attention of J A Hope. 


BfcWJRITlEs 


prm m !!m ;-w 

tlN*. fcftW or .. 


MfokBS lKB a pr,'HV l ..VM V, ^ 


futures Reseanlter 

A most prestigious American Securities House 
with a highly regarded Research Product . 
Department wishes to strengthen their 
coverage in Interest Rate Futures, The ideal 
candidate must be a first class communicator 
and have strong analytical abilities. This is 
an exciting career opportunity for a highly 
motivated candidate. 


ttpKWM fc'VAV. j. - L ^ 




Eohvcs and Options Spccfefiit Safes Beratm 

A most respected America Security House 
with a very active 1 global client base is 
expanding its Futures and Options facilities 
The ideal candidate will Join a team providing a 
pro active sales service to institutional clients 
-with advanced technical. Fundamental and 
economic analysis and the promotion of 
technical research. 


fta gj^ jf E wwip tM G overnme nt 

.A leading International Bank with a highly 
respected trading reputation is expanding 
its Proprietary Trading Department. This 
position has excellent prospects for career 
growth and will be rewarded with a highly 
competitive remuneration package. The ideal 
candidate will have sound trading experience 
and thrive in a pressurised environment. 

Sega Mar ke tin g 

One of the- world's premier International 
Investment Banks which is committed to being 
number one. in the swaps market require 
quality candidates to join their Swaps/ 
Marketing Department to enhance Further 
global expansion. Must have a minimum of 
2 years experience in a Swaps environment 


HEAD OF 

EUROPEAN CREDIT 


THESIS 

PRIVATE CLIENT FUND MANAGER 


A major U.5. firm of Stockbrokers and Investment 
bankers seeks an experienced capital markets 
counterparty credit Managing Director for its London 
office. Geographic responsibilities include Europe, 
Middle East, Africa and Australia. 


CHICHESTER 


£neg 


KWAIATME ABOVE FOSrtlOiNSSAIARYWLL NOTJBEAaARIlIBt FOR THE CHOSEN CANWEMIK. 
Ft *mlTi— lirtnfr Hi—- rirWiT tHlnr *TiBwim 




GORDON BROWN & ASSOCIATES UD RECRUITMENT CQNSUUANTS 

5th ROOR, 2 LONDON WALL BUUXNGS, 10NDON EG2M 5PR TEL: 071-628 7601 PUL- 071-638 2738 


The ideal candidate must have five or more years current 
experience analyzing counterparty credit for a major U-S. 
broker/dealer, plus formal credit training and some work 
experience at a money centre bank. This experience must 
include product knowledge of derivatives (interest rate, 
equity, currency and commodity swaps, over-the-counter 
options, etc.) repurchase agreements, foreign exchange, 
emerging markets debt, mortgage-backed securities and 
exchange- traded futures. 


An exceptional opportunity has arisen for a Private Client Fund Manager to join 
THESIS, the financial services arm (with over £100,000,000 under management) 
of leading South East law firm, THOMAS EGGAR VERRALL BOWLES 


The role calls for someone with an open, positive style who can operate within a 
well-established team which is responsible for the continuous development of 
private client investment management. THESIS is at the vanguard nationally of 
this most dynamic area of Solicitor Investment Management 


The ideal candidate will be suitably qualified with a minimum of four years 1 
investment management experience, and will have strong inter-personal skills as 
well as the ability to work under pressure. 




-&V7 -* . . 


APPOINTMENTS ADVERTISING 

Appeals injhe UK edition every. Wednesday A Thursday and In the International edition every Friday. 

htrHwr l nt rimniaHrin- Waaa) raR . *—'-■■■ 


Persons eligible for this position must also have 
experience managing at least five counterparty credit 
analysts. Post-graduate level education required. 
Excellent communications skills essential. Legal liaison 
experience helpful. 


Interested parties should apply for a job description and application form from: 
Jocelyn Threadgold, Personnel & Training Officer, 45 South Street, Chichester, 
West Sussex, PO!9 IDS, or telephone 0243 786111. 


For further information, please ca9 
PViKpWrigJeyon 071 873 3351 


Write to BoxA2D59, Financial Times, 
One Southwark Bridge, London SET 9HL 





ASIM- 






Finance Director - Marketing 


jCantobank 
Wes Limited 


London 


c £40,000 + Benefits 


FINANCIAL SERVICES 


**S*f»* * * * 

A*-' 


Our client Bone of thetaigeat and (non succcssfat 
advertising agencies in the wurUL Its European agency 
network enjoys' an enviable reputation within the industry 
with a suhsranria! portfolio of market lending Pan-European 


• systems development; 

• negotiations with clients. 


Specialist Technical and Regulatory Services 




MMHfe -•• 


As a consequence of the policy of developing truly global 
adverroing campaigns far these major accounts, they are 
looking to appoint a dynamic and commercially minded 
Individual to work within this area of the business. 


This key role will involve extensive concur with both the 
Worldwide Account Directors and local Finance Directors 
within the European agency network, as the individual will 
be expected to provide significant commercial input to the 
management and continued profitable growth of the business 


London 


Competitive Salaries + Benefits 


®ONO TRADE* 

MTV 

« l*evS«*.- - 

» • 

3»s ift * • • 


Repotting to the European Finance Director, you will play a 
crucial role in chc.sRatcgk development of the European 
operations. 

Rtspohs>btUrie» will include: 

■ monitoring and improvement of gluhnJ diem account 
profitability; 

■ review and improvement of financial reporting 
• iccu m mendinfi and implementing efficiency 

initiatives; 


Candidates, aged 27-35, must be graduate qualified 
accountants. You must be able to demonstrate a successful 
track record, preferably with advertising experience, and a 
determined yet diplomatic approach. You will have the 
strength nf character and enthusiasm to thrive in what is a 
fast moving progressive environment. 


KPMG Peal Marwick is one of the world’s leading accountancy and consultancy firms. The firm's name is 
synonymous with quality and professionalism. The practice enjoys a particularly strong reputation in the 
financial sector where it boasts an unparalleled UK client base of over 1000 financial institutions. A specialist 
department has been created to provide regulatory and technical advice and due to the unprecedented 
demand for its services the firm is looking lor people with specialist knowledge to join the group. 


Interested applicants should send a fall curriculum vitae 
indicating current &iliiry to Simon North at Michael Page 

Finance, Page House, 39-41 Porker Street, London 
WC2B 5LH, quoting ref 189555. 


You will be providing technical and regulatory advice and will also be involved in technical reviews, 
presentations, training, rule interpretation, investigations and research. 

Successful candidates will be qualified accountants with at least three years' post qualification experience 
and have a knowledge of Lite Assurance. You will be specialising in retail regulation consulting and must 
have experience of LAUTRO, PIA, IMRO and FIMBRA regulations. Knowledge of the French language would 
also be an advantage. 


Michael Page Finance 


A further opportunity also exists for a qualified accountant with at least three years' post qualification 
experience with a knowledge of securities and investment funds. Experience of FSA regulated clients 
is essential. 




Sfocoltai in Flmuwfcil Recruitment 
London Brawl Windsor St Aihacu Lcalherhead Simungham 
Nottingham MmJnTrr Leeds Ctufow & Worldwide 


Candidates must be able to demonstrate technical competence together with strong presentation and 
communication skills. 


«****■■'■' 




Candidates interested in the positions should write to Jeanette Dunworfh, HR Manager, KPMG Peat Marwick 
1-2 Dorset Rise, Blackfriars, London EC4Y 8AE. enclosing full career and salary details. 


iLg/ii* tr, 
SWv. 


Antiquarian Books 


APPOINTMENTS ADVERTISING 
Appears In the UK edition every 
Wednesday £ Thursday and in the 
IniematfonaJ erflion evBcy Friday. For 
further informat i on, please can Philip 
Wrigley on 071 8733351 


eat Marwick 


W ‘K M’» 


c £40,000 


London WI 




ir» -x- *- 
*»J r*/ - T: ’ ' ‘ 

I,*#! 1 ' 

%- •’ 




Our client, one of the worlds major 
dealers in antiouarian books and 
.manuscripts, wishes to appoint a 
Financial Controller to take over 
from the present incumbent who is 
shortly to retire: This is the senior 
financial post In the company reporting 
directly to the Owner. 

The post demands good 
accounting skills, indudirig cash flow 
management foreign exchange and 
VAT as weH as the - production of 
monthly management accounts and 
.the usual, company secretarial 
functions. However there is as 
much emphasis on day to day admini- 
stration of the business including 
management of the promises (owned 
by the company!, office facilities, 
insurance, security and compliance’ 
with legislation in areas such as health 
and safety 


Candidates should be qualified 
accountants with experience in office 
administration as well as accounting. 
They should be able to demonstrate 
their ability to cope successfully 
with the demands of non-routine 
accounting procedures and at the same 
time manage day to day administrative 
problems effectively Although there is 
a small accounts ream, the successful 
candidate wffl be expected to adopt a 
Ytands on’ approach to work and gel 
involved in detail as weO as longer term 
planning. A good knowledge of the use 
of computers is essential. . 


CHIEF ACCOUNTANT 



Central London 


c £35,000 


AMBASSADOR AIRWAYS LIMITED 


A rapidly growing ship management company 
acting exclusively for overseas principals is 
seeking a dynamic and experienced Chief 
Accountant to oversee the financial management 
and accounting functions of the fleet and the 
office. 


FINANCE DIRECTOR 

GATWICK 


The package includes, 'm addition 
to a starting salary of c £40,000, 
an occupational pension scheme 
with death In service benefits and 
permanent health insurance. Private 
medical insurance is also offered 


The successful candidate will be a qualified 
accountant aged 35-45, with shipping experience, 
computer literacy and a sound track record of 
achievement in this type of role. 


Please apply in writing enclosing your c-v. and 
details of current remuneration to: 


BDO 


Please write in tlie first Instance, including a full 
CV with salary history, quoting ref. no L02594. 
to .Anne Knell, 


BOO Consulting, 21 Owen sired, buds. IS I 2 TW 



Susie Becker, Moore Stephens, 
St Paul's House, 

Warwick Lane, London EG4P 4BN 


We are the UK's fastest growing charter airline, and a subsidiary of a large private 
International group of companies. 

Following relocation we have an opening for a financial director who will have 
overall responsibBrty for all of the financial requirements of the company. Although 
you will be reporting functionally to the overseas based group finance director, you 
will have a significant degree of autonomy and will be expected to bring 
considerable commercial expertise to this position. 

This is a senior rote having considerable impact on group finance matters and 
requires high level liaison throughout the group's operations and with major 
external agencies. Applicants should be graduates, ACA qualified, conversant with 
computers and information technology and possess the highest degree of drive, 
ambition, resffienca and energy. 

Interested applicants should apply 'm writing through our accountants: 


MOORE STEPHENS: 


Soteriou Banerji 
Chartered Accountants 
253 Gray's Inn Road, London WC1X8QT 

Contact Judi Harris 






^t=SI 


ACCOUNTANCY COLUMN 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


FINANCIAL 

CONTROLLER 

EUROPE 


Malignant virus plays havoc with numbers 


Andrew Jack argues that the profession risks losing credibility in the wake of the Lasmo-Enterprise battle 


A virulent numbers -eating killer 
bug is gnawing away at the 
body of British accounting, in 
an epidemic that threatens the profes- 
sion’s credibility. 

Experts believed they bad starved 
out the mystery virus in a climate of 
reform following the harsh years of 
recession. But a fresh outbreak of 
cases in London in the last few days 
has raised fears that it is back with a 
vengeance and may have developed 
immunity to regulatory antibiotics. 

The latest manifestation came last 
week in a glossy 12 -page defence docu- 
ment from Lasmo, the oil exploration, 
company, called “Enterprise Oil: the 
financial myth". It attacks the 
accounting policies or Enterprise, its 
rival, which has launched a hostile 
takeover bid. 

The sub-title is more tantalising: a 
quote from Ur Graham Hearae, the 
chairman and chief executive of 
Enterprise, stating “Earn- 
ings ... the playthings of accoun- 
tants". A cynical observer of the bat- 
tle between the two companies and 
their advisers might be more tempted 
to re-phrase that as “Accoun- 
tants ... the playthings of their 
clients”. 

The Lasmo document accuses 
Enterprise of contravening UK 
accounting standards in its acquisi- 
tion of several oil and gas assets in 
the past few years to Inflate earnings. 
It also highlights a catalogue of what 
it maintains are financial weaknesses 
in its rival, such as poor dividend 
cover and high gearing. 

As in so many other areas, the 
details of the accusations are rather 
less important or interesting than 


BRUSSELS BASED 


Gert>erSdentlfk:b)Ci5apiibBclytraded(NYS£) inter- 
national leader m studying sophisticated CADfCAM/CIM 
technologies to the apparel, electronics, aerospace auto- 
motive, and many other industries. 


Its largest subsidiary, Gerber Garment Technology Inc., has a vacancy 
in Europe for a seasoned (m/f) 


Finance Professional 


with a proven management record, to assume the role of European 
controller. 


Under the direction of the General Manager Europe, the Ewopean 
controller is responsible for overseeing the financial and MIS. func- 
tions for the European subsidiary companies, assisted by both the 
professional staff operating in the Brussels European tteack^erters 
and the controfere operating in each local susbsktay. 


hi order to be successful In this role, the candidate will have had ID- 
15 years of experience in international finance In a US. company at a 
senior level. 


Strong leadership skills, experience m managing people of different 
nationalities, excellent communication ability, tenacity and drive wffl 
be key personality characteristics taken into consideration in the 
selection process. 


The company offers a competitive compensation package including 
fringe benefits, a company car, exposure at the Wriest management 
levels and c ar e er a dwncBwe i rt opportunities. 


Candidates should submit a fiifl c.v. with salary history to be held 
in strictest confidence to: GGTn.vAa, Human Resources 
Department, Excdsioriaan 55, 1930 Zaventem, Belgium. 


what the attack says about those 
behind them. KFMG peat Marwick, 
which provided cfean audit opinions 
on Enterprise’s accounts, indignantly 
defends Itself and Its el tent. 

Ernst & Young, Lasmo's auditors, 
and in particular a team of corporate 
finance specialists at Coopers & 
Lybrand, are behind the accounting 
attack. While the wording has been 
carefully phrased by lawyers to sug- 
gest the accusations are made by Las- 
mo's board, both firms have con- 
firmed that they stand by all the 
assertions in the document 

No doubt other firms would have 
been equally willing to help. "If this is 
the best that they can come up with, 
maybe I should go over and give than 
some lessons,” says a top partner in a 
leading firm of accountants who spe- 
cialises in ripping apart accounts. 

Finding a firm of any appreciable 
size to comment publicly on the 
Lasmo-Enterprise bid Is a different 
matter. Most have apparently had no 
problem In developing “client con- 
flicts" as auditors or advisers to one 
side or the other, which means profes- 
sional ethics forbids them from speak- 
ing out on the subject 

AO this is good fun for financial 
journalists and other observers of 
business, of course, who nostalgically 
recall the corporate battles of the 
19S0s. Senior executives are suddenly 
available for comment day and night, 
while their advisers offer off-the-re- 
cord “objective" briefings and trade 
insults about their rivals. 

But it sits rather uneasily with an 
accountancy profession plaintively 
claiming that its reputation has been 
unfairly tarnished by critics and 


pleading to be trusted to act responsi- 
bly to exercise its own judgments 
rather than be hidebound by formu- 
laic financial reporting standards. 

An unsavoury conclusion emerges 
from the Lasmo attack. Either Coop- 
ers et al is right and Enterprise has 
breached accounting standards - in 
which case KFMG should have quali- 
fied the accounts - or it has made a 
misguided accusation. At least one 
firm has therefore produced an opin- 
ion which ought to be seen as highly 
damaging to its integrity as a group of 
professionals with independent judg- 
ment 


E ven short of the issue of 
whether there has been an 
actual breach of standards, the 
back-and-forth between the firms sug- 
gests that the opinions provided by 
accountants are questionable and that 
the readers of accounts should be 
more wary than ever of the informa- 
tion in annual reports. At the 
extreme, that suggests we may as 
well dispense with the audit as a cred- 
ible statement altogether. 

The minutiae of the Lasmo accusa- 
tion are interesting, and certainly do 
not reflect well on accounting In the 
late 1980s. Enterprise bought an inter- 
est in the Beryl oil field properties In 
1988 for SlSBm, but put it in Its own 
books at just £9m allowing it to keep 
depreciation minimal and profits up. 

Enterprise says it used the merger 
provision in SSAP 23, toe standard on 
acquisitions and mergers, which per- 
mits significant adjustments to the 
value of the assets. It argues this was 
the most “prudent” approach. 

Some observers suggest that the 


presence of extensive footnotes in the 
accounts indicates KPMG was > ner- 
vous about the treatment and insisted 

on significant disclosure to compen- 
sate. Lasmo, backed by Coopers, says 
it believes the £149m adjustment in 
the books baldly breached the stan- 
dard - whether merger or acquisition 
accounting was used. 

The small print certainly shows the 
use of a rather tortuous scheme in 
lieu of paying cash for Beryl directly, 
which would have been treated as an 
acquisition. Warburg, Enterprise's 
merchant hank, paid £l58m for all the 
shares in an off-the-shelf company 
registered in Jersey (with its limited 
disclosure requirements) called Ton- 
mar Trading. Tomnar used the money 
to pay £158m in cash for BeryL 

Meanwhile, Warburg underwrote a 
placing of £i58m of new Enterprise 
shares, which It was given in 
exchange for handing over all the 
Tonmar shares to Enterprise. War- 
burg received a percentage commis- 
sion on the placing, Enterprise 
acquired the Beryl assets through 
their transitory owner, Tonmar, 
which was rewarded by bong swiftly 
liquidated. The practice is hardly the 
most conventional form of merger, 
though it appears to comply with the 
letter of SSAP 23. It was one of many 
financial engineering schemes prac- 
ticed in the 1980s, and signed off 
unqualified by firms of auditors. 

Mr David Tweedle, chairman of the 
Accounting Standards Board, says in 
a general reference to merger 
accounting that it was widely abused 
In the 1280s until advisers found it 
was even easier to exploit other rules 
in the standard on pre-acquisition 


nro visions. He has now clamped down 
on both issues i&draB : standards. 

That might suggest that even if the 
criticism of Enterprise is valid and 
the tactic was widespread, it to at 
least a thing of the past But the sal- 
voes from advisers on both sides of 
the battle suggest accountants are as 
eager as ever to lend professional ere. 
deuce to the beliefs of corporate exec- 
utives - even when their views con- 
tradict- . . 

Take the latest statement from the 
Financial Reporting Re view Panel last 
month. It "welcomed" the decision by 
BET the business services group, to 
restate in its 1994 accounts details 
from its 1993 profits. It said the origi- 
nal version did not fulfil the require- 
meat of FBS 3, the new standard on 
the profit and loss account designed 
fl j >nng other things to ail but elimi- 
nate profit-massaging extraordinary 
items. 

BET chose to highlight in boxes 
both Its operating profit before excep- 
tional items, and the value of excep- 
tional items. No such box flagged the 
all-inclusive figure of pre-tax profit 
(or, in this case, after exceptlonals, 
the pretax loss). The chairman's and 
chief executive's statement made 
much of the early adoption of FRS 3, 
but also placed much em p hasis an the 
figures before accounting “adjust 
merits”. 

Like so many of the review panel s 
previous Judgments against compa- 
nies In the last two years, the audit 
report was unqualifi ed. And which 
Bra of accountants provided the view 
that the accounts were “true and 
fair”? None other than Coopers & 
Lybrand. The killer bug lives on! 


C. £75,000 
+ bonus + benefits 


Top International 
Advertising Agency 


London 


Substantial 

Package 


Personal Investment Authority 


London 


r 




Finance Director - Europe 


Director of Finance and Operational Services 


Critical role in the top performing region of one of the world's most prestigious advertising agencies. 
Operating in over 30 countries, the region is highly profitable and benefits from advanced management and 
control structures. T he role will focus on refining management information and controls and hasahigh 
commercial and strategic content positioning the region for sustainable competitive advantage. 

Outstanding career prospects. 


ThePiA will be a new self-reguiating organisation charged with regulating Investment business ( except 
stockbroking} carried out by financial advisors on behalf of the private Investor with the prime objective of 
delivering investor protection. The PIA anticipates a membership of 6,000 financial services firms and win 
have a budget of c. £30m. This is a highly visible and challenging task. 


THE ROLE 

■ Responsible to the President-Europe and the Croup 
CFO for the full financial management of the region. 
Key contribution to strategic and operational 
developments. 

■ Analysing and interpreting individual office 
performance to identify risks and market 
opportunities. Lead role in the development and 
negotiation of commercial agreements. 

■ Developing elective relationships with senior 
operating managers to set annual budgets and 
determine key revenue and cost issues. Developing 
and implementing the IS&.T strategy to keep pace 
with operating success. 


THE QUALIFICATIONS 

■ Top flight graduate ACA, early to mid 30s, with big six' 
training and an excellent record in a blue-chip, 
rigorously controlled, progressive service business. 


THE ROLE 

■ Responsible to the Chief Executive for the full 
financial management and operational running of 
the PIA. Managing a team of c. 50 in finance, 
systems, planning, personnel and administration 


Wc I [ developed analytical skills and strong 
commercial orientation. Demonstrable success in 
financial and management accounting roles. 
International experience highly desirable. 


THE QUALIFICATIONS 

■ Bright graduate ACA. mid 30s - mid 40s, with 
distinguished record of financial and systems 
management in a progressive, blue-chip 
environment. Experience of financial services 
useful but not essentiaL 


■ Determined and robust professional who will thrive 
in a fast-paced, collegiate environment Excellent 
relationship building skills with the suture Co 
operate at the top level. 


Ensuring substantial systems initiatives deliver 
member registration, monitoring and other services 
effectively. Developing and managing the budgeting 
and planning process. Representing the 
organisation to key influences in external agencies. 


Capable of leading a : rigoious and responsive team 
during significant growth and change. Disripllned 
analyst and planner with well-developed project 
management and implementation skills. 


Significant contribution to strategic development as 
one of a small, progressive top management team. 


Sure footed, mature and positive professional with 
the stature and poise to Influence effectively both 
internally and externally. An authoritative, yet 
approachable figure. 


Leeds 0533 307774 
London 071 493 1234 
Manchester D6I 499 1700 



Hmc nrtfj wftfc M dene, to 
ItCUmoHRuk 


Leeds 0532 307774 
London 071 493 1238 
Manchester 061 499 1 700 



SawnytHliM Jun s, he 


MtaWm 


INN O VEX PLC is the premier services company in 
the Healthcare sector, with a challenging programme 
of international growth based on its outstanding 
success in the provision of human resource services 
to pharmaceutical and related companies. 


Global acquisitions, coupled with impressive 
organic growth have provided opportunities for 
promotion within the international headquarters, 
based in Marlow, Bucks. 


This has created three senior, high profile positions 
for qualified accountants who must be able to 
demonstrate excellent inter personal skills and the 
ability to achieve goals in a fast moving services 
environment. 



UK FINANCE DIRECTOR 

c£40,000 + fie car and substantial bonus 

Reporting to the UK Managing Director, with functional responsibility 
to the Gmup Financial Controller, this demanding position will be 
responsible not only for the qua lib,' of all financial reporting issues to 
strict deadlines, but also for treasury management, IT, fleet and other 
finance related functions. 

Candidates should be in their mid-thirtiea, and must be graduate 
qualified accountants with a successful track record of managing staff 
within n multi-national group environment. Hep. 790 




UK FINANCIAL ACCOUNTANT 

c£30,000 + fie car and bonus 
This position reports to the UK Finance Director and will be 
responsible for the accurate management of the purchase ledger, sales 
accounting function, payroll and personal expenses control. The 
personality to motivate staff is considered vital for this position. 
Attention to detail and the ability to adopt a process based approach to 
finance quality initiatives are also critical. 

The successful candidate is likely to be a qualified accountant with 
at least two years line management experience. Ret 791 




UK MANAGEMENT ACCOUNTANT 

c£30,000 + fie car and bonus 
Reporting to the UK Finance Director and working closely with senior 
nou-fktanca managers, the successful candidate wfll be responsible for 
the production of accurate and timely monthly management accounts, 
budgets and forecasts and their analysis and interpretation. 

Candidates must be qualified accountants, highly analytical, 
possessing exceptional communication skills, and should be aged in 
their late 20’s. Re£ 792 


Innovex 



Please send a comprehensive CV. in strict confidence, to Andrew Sales FCCA, quoting the appropriate reference number: 

Kidsons Impey Search & Selection Limited, 29 Pall Mall, London SW1Y 5LP Telephone: 071-321 0336 Fax: 071-976 1116 


jft't'vhh+rirme „ _ 

UK, France, Gormony, Italy, Austria, Hungary Poland, Belgium, Switzerland, Czech Republic and Slovakia 



young qualified 


accountants 


top of the range 
package 


An executive level opportunity to join a team of high quality 
finance professionals who have daily exposure to the key 
decision makers of one of the world’s top 5 music corporations. 

Currently diversifying into multi-media, the company enjoys 
high growth and high profit This environment generates an 
ongoing demand worldwide far international candidates to fill 

e -i • . ... . ... 


iondon wl 


Yob should be of the calibre necessary to sake that move in 
abort 18 months. 

The opportunity should appeal to a Chartered Accountant 
with op to 3 years post-gnalified experience gained within a 
large public practice or in an international commercial 
environment While language skills are advantageous they are 
secondary ta ability, motivation and potential. 


Veer key rale in grasp finance will inclnde: 

■ Post acquisition and integration planning 

■ Easiness process engineering 

■ Pest implementation review of project justification 
and benefits 

■ Review of management information and control 

■ Monitoring nf growth and profitability 

■ Analysis of monthly resalts, besiness plans and forecasts, 
using Micro Cattral 


If yen are looking for excitement eaify responsibility, 
international travel (c.36%) and the opportaoity to make a real 
contribrtien to a hist moving, dynamic company we wart is 
bear from yon. 

Complementing an excellent salary is a felly expensed car. 
central London pariring and share options. 


CORPORATE FINANCE 
EXECUTIVE 


London Age: 25-35 to £35k 


We are a leading corporate finance company 
advising acquirers, vendors and MBO teams on 
deals worth between £2 million and £50 million 
plus. To meet increasing demand for our services, 
we need to recruit another executive: 


who is a qualified chartered accountant with 
previous deal experience in acquisitions, 
disposals or MB Os preferably with a second 
European language 


has worked for a quoted group, or a corporate 
finance department or a venture capital house 
in foe City, after leaving the profession 


keen to work in a demanding, entrepreneurial 
and meritocratic environment, which offers 
opportunities to earn promotion and high 
financial rewards 


Please send your CV, details of your present salary 
and a daytime telephone number to Barrie Pearson, 
Executive Chairman. 


Livingstone Fisher Pic, 

Acre House. 1i -15 William Road, London NW 1 3ER 


The Acquisition A Disposal Specialists 
AUomtorofRMBRA 




Finn 


X 




In vo { i 





33 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


mm 





One of the most respected international investment banks, our 
client is continuing to develop its outstanding reputation across 
a fully integrated range of banking, securities and related 
derivatives activities. 

A need has arisen within the group finance function to recruit 
a financial controller- for the group’s securities activities. You 
will be responsible for a team providing all of the finanriai and 
regulatory reporting for the mam trading companies which are 
involved in equities, bonds and related derivative products. There 
will be a. significant level of involvement with challenging adhoc 
projects, requiring extensive liaison with the front office support 
teams, taxation and compliance, in this fast moving environment 

This is a very demanding position requiring a combination 
of technical and managerial skills - Aged m your late twenties or 
early thirties, you will be a graduate qualified accountant, 


€£45,000 + Banking Benefits 

probably ACA, with at least 4 years post qualified experience. 
This will be focused on the securities industry and should 
include significant regulatory exposure, mainly SFA related. 
Applications from, major banks or the profession are welcome. 

This is an excellent opportunity to join an investment bank 
of the highest quality with responsibilities for some of their _ 
most important activities. In return, you will require a positive 
long term perspective to your career, be motivated to succeed 
in a team orientated environment and possess the ability to 
perform consistently to tight deadlines. 

Interested applicants please send a full CV to 
Tim Musgrave, Ref 22/1728 at Morgan & Banks Pic, 
Br ettenham House, Lancaster Place, London WC2E 7EN, 
or if you prefer, telephone 071-240 1040. 


Morqcw b BaKifo 

INTERNATIONAL 


GROUP CHIEF ACCOUNTANT 


Shepperton 


c£40,000 + Car + Benefits 


Our client, a holding company encompassing nine diverse companies is now 
seeking to appoint a Group Chief Accountant 

Reporting direct to the Group Chairman and joint Managing Directors, your brief 
will be to make a significant contribution to the development of the group's 
financial strategy and policies. You will also be responsible for collating and 
verifying the results from subsidiary operations, reviewing and developing the 
group's financial structure, together with ensuring that comprehensive controls and 
reporting procedures exist and are maintained in all areas of the business. 
Additionally, it will be necessary for you to liaise with external advisors, carry out 
certain Company Secretarial duties as well as controlling the centralised accounting 
function. 

The successful candidate will be a Chartered Accountant, aged 35 plus, and have at 
least 10 years post qualification experience gained preferably in the commercial 
sector. 

Please write, enclosing your CV and salary details to:- 
Syhria Adams, 

Personnel Consultant, 

Menzies Personnel Consultants, 

Ashby House, 64 High Street, 

Walton on Thames, 

Surrey. KT12 1BW 

Teh 0932 247611 



MENZIES 

PERSONNEL CONS LrLTANTS 


Group 

Financial Controller 


West Midlands 

Our client, an International group has expanded rapidly 
by both, acquisition and organic growth. Internal 
- restructuring, and a strengthening within its finance 
function, has led to die need to recruit an outstanding 
Group financial Controller. 

The scope of the cole will cover the areas of group 
financial consolidation and reporting, treasury, audit and 
financial systems development. Supporting the Group 
L^tnahce Director, Who wTH adapt more of a 'city. Uaison' 
role, you will help die Group develop through an 
exciting period of change, i . 

TdeaDy aged 30-40, you will be technically excellent with 


c £40-45,000 + Car 

a hands-on approach and display high levels 
of energy and enthusiasm. Experience in an international 
group role at a Senior level wifi be important, as will a 
commercial outlook, ambition and seasoned man- 
management skills. A truly fast-track go-ahead individual 
is sought. 

If you believe you have the qualities to fulfil this role and 
have the energy to help move this company towards an 
exciting future, then please forward a comprehensive CV 
stating current salary to Adam Leon or Paul Kinsey at 
Michael Page Finance, The Citadel, 190 Corporation 
Street, Bi rmingham B4 6QD, quoting ref. 191459. 


Michael Page Finance 

Specialist! In R nnrv-lul Recruitment 
l Bristol Windsor 5t Albs 


■S* 


European 
Controller 

Marketing 

Working Together Middlesex c £65,000 + Bens 


Lotus 


Our client. Locus Development Corporation, is continuing to 
enjoy strong revenue growth with turnover for 1993 of just 
under $lbn worldwide. Since the launch of 1-2-3 in 1983, to 
the mote recent Notes (which cleared the revolutionary 
Groupware concept), their produces have consistently achieved 
new ground and new standards, thoroughly deserving a 
reputation tor quality, reliability and superiority. In an industry 
renowned for innovation, rapid change and corporate 
adaptability, Lotus have led from the front. 

The European twines now seeks a Marketing Controller. 
Reporting directly to the Marketing Directors (and functionally 
to the International Controller) the position provides the 
critical link within the heavily maimed European sales and 
marketing organisation to ensure that marketing budgets are 
spent as effectively as possible to support sales efforts. Key 
responsibilities include; 

• Exercise control over all marketing spend and actively 
participate in the decision -making surrounding its 
deployment. 

• Assist in the development of European pricing 
strategy. 

• In-depth analysis of new product profitability. 


• Develop new measurement criteria oi advertising and 
promotional projects In order to maximise efficiency of 
spend. 

The successful candidate will be a qualified accountant with 
outstanding technical skills and a proven track record of 
supporting a demanding marketing function. Applicants with 
European exposure gained in either a hi-tech or FMCG 
environment will be of particular interest. 

Strong negotiating and communicating skills must be combined 
with independence, maturity, commercial awareness and. above 
all, adaptability as the role is certain to broaden and develop; 
such is the culture of Lonn, dictated by their rapid rate of 
progress. 

On offer is not just a well remunerated senior position in a 
market leader, but the opportunity to genuinely Influence one 
of the most exciting and demanding companies in Europe. 

Interested applicants should write, enclosing a comprehensive 
curriculum vitae, daytime telephone number and details of 
current remuneration to Dan Cfaavasse at Michael 
Page Finance. 39-41 Parker Street, London WC2B 
5LH, quoting reference J/19I256. 


Michael Page Finance 

Specialists In Financial Recruitment 
London Bristol Windsor St Alh»w« BsDuagluizi 

Nottingham Manchester Leeds Glasgow & Worldwide 


Investment Accountant 


m 


City 

‘ Ourclienr is oneof the UK’s most progressive 
financial services institutions with funds under 
management in excess of £6.9 billion and offering 
a comprehensive range of investment produces and 
services, to both corporate and individual dienes. 

* Reporting to the Manager, Investment Accounts, a 
high caHbrelnvesonenr Accountant is required to head 
up the Invesanenc and Unit Pricing finance function. 
This tea highly challenging cole requiring excellent 
'managerial skills coupled with a strong technical 
. background. Operating in a dynamic, ever changing 
environment, key responsibilities will include: 

• Providing accurate financial information to tight 
deadlines. 

• Management of the relevant In vestment 
accounting team, including leciuinnent, 
appraisal and training of staff. 


to £36,000 + Car + FS Benefits 

* Controlling production of published prices for 
unicised funds. 

• Taking responsibility for signing off correct prices. 

* Developing relevant systems and procedures. 

• Developing relationships with Fund Managers, 
Actuaries and Auditors. 

The successful applicant will be a qualified 
Accountant with experience of Investment 
Accounting or Unit Pricing. In addition, they will 
need to possess a strong character, a positive attitude 
to change, excellent organisational skills and the 
ability to train, develop and motivate staff. 

Interested applicants should write to Jonathan 
Williams or John Zafar ACMA at Michael Page 

Finance, Page House, 39-41 Parker Street, 
London WC2B5LH. 


ep 




ClQ -R ID € D 


FINANCIAL 

CONTROLLER 


£30,000 Package 
+ Car 

+ Relocation 


The Company 

A member of the highly successful, privately-owned Mabey Group, Mabey and Johnson Limited is a 
manufacturer of proprietary steel bridging systems with an annual turnover of £25 million. A large 
proportion of the company's annual production is for the export market 
Employing 200 people, the company operates on three sites in the UK, the main manufacturing 
unit occupying a 135,000 square feet factory unit in Lydney. Gloucestershire. Having invested 
heavily in robotic and computer-controlled plant over the last five years, the company is’ profitable 
with expanding operations worldwide. 

The Vacancy 

Reporting to the General Manager the rote involves the management of the accounts staff of 5, 
and the responsibility for production of monthly and statutory accounts Information for the 
Company and its US subsidiary. The successful candidate will also operate as an integral part of the 
senior management team, and will be responsible for maintenance and development of computer 
systems. 

The Candidate 

A fully qualified accountant, with a minimum of two years post-qualification experience is required, 
ideally gained in a manufacturing environment Experience in standard and contract costing would 
be an advantage, as would dealing with accounts of overseas subsidiaries and foreign exchange 
matters. 



Michael Page Finance 

Specialists in Financial Rccnitrnunc 
Bristol Wtadwxr St Album i /ailwr fc—I BTimlu c lmii 
Nottingham Manchester Leeds Glasgow & Worldwide 


Rural 

Gloucestershire 


obi 


This position is being handled exclusively by Accountancy PersonneL 
Interested applicants should send a CV to Paul Bennett. Business Manager, 
37 SL Georges Road, Cheltenham, Gloucestershire GL50 3DU. 


Finance Manager 


Broad Commercial Role 


Up to £35,000 + Car + Benefits 


West Midlands 


Outstanding opportunity for commercially focused young finance professional. Wide ranging 
responsibilities within continuous improvement culture. Director designate position- 


■THE COMPANY 

♦ Highly successful subsidiary of £500 millioa pic. 

♦ Turnover £7 nuffion. Fast growing, 40% compound 
growth year on yean 

Regarded for product innovation and outstanding 
customer service. 

♦ Quality focused. Goal to achieve world class 
manufacturing status, - 

THE POSITION 

♦ Lead team of 15 in accounts, quality, systems, 
personnel, warehouse and. purchasing functions. 
Report to Managing Director. 

♦ Ensure the tim e l y and accurate production of fi n a n c ial 
results. Uaife with divisional and Group Head Offices. 


♦ Develop information systems to support business 
operations and decisions. 

♦ Significant input into tactical tad strategic development of 
business. Key member of senior management team. 

QUALIFICATIONS 

♦ Highly talented qualified Accountant, probably aged 
between 28 and 35. 

♦ Previous financial management experience within a quality 
driven company. Ability to combine hands-on. 'task 
orientated work with a strategic outlook 

♦ Bright, resourceful and flexible. Must possess excellent 
communication and people management skills. 


Ptatt send full or by June 24th, stating salary and ref. GSM 2248, to 
Barkers Response & Assessment; Berwick House, 35 Livery Street, Birmingham B3 2PB 


BIRMINGHAM TEL 021-2563U1 
BRISTOL • LONDON 
NOTTINGHAM * MANCHESTER. 
GLASGOW* EDINBURGH 


B 


RECRUITMENT ADVERTISING 
RESPONSE HANDLING 
CANDIDATE ASSESSMENT 
GRADUATE RECRUITMENT 
EMPLOYEE COMMUNICATIONS 



Price ffbterhouse 

EXECUTIVE SEARCH & SELECTION 

Executive Director of Finance 

Major London Teaching Hospital 
Flexible package 


With an annual turnover exceeding £120m, rising to £130m 
next year, and a large capital programme, this is a high 
profile role in one of London's major NHS Trusts. 

Working closely with the Chief Executive, Chairman 
and other Directors, you will [day a key role in formulating 
our business plan and determining the acquisition and 
deployment of resources to meet that plan. 

A qualified accountant, previous experience of public 
sector finance, although useful, is not essential More 
important is a proven capacity to manage a substantial 
finance function and develop effective working relationships 
with a wide range of other organisations in both the public 
and private sectors. The provision of effective leadership to 
all naif engaged in the finance function and those who work 


alongside them in the development, implementation, and 
monitoring of policie s designed to achieve the Trust's goal* 
and objectives is also an integral part of the role. 

A successful record of instituting best business practice 
and experience of managing a large capital programme and 
organisational change, coupled with a minimum of five years 
experience at Board or similar level, is essential 

For further information {in the form of a briefing 
pack), contact our advising consultant Hannah Davidson on 
071-939 6408, quoting reference H/1460/FT. 

Closing date 10 June. 

Executive Search fef Selection, Price Waterhouse, 
Milton Gate, 1 Moor Lane, London EC2Y 9PB. 
Fax:071-638 1358. 








FINANCIAL TIMES FRIDAY JUNE 3 1994 


FINANCE DIRECTOR 


COMMERCIAL ROLE IN PROGRESSIVE SERVICE BUSINESS 

WEST MIDLANDS c.*60,000 + BENEFITS 


• Opportunity to join a £lOOm turnover business 
services company poised for profitable expansion 
after a period of restructuring and refocussing the 
business. Subsidiary of a major pic which can offer 
significant career opportunities. 

• Maying a lead role in the commercial 
development of the business through acquisitions 
and new customer contracts, as well as ensuring 
effective financial management of a company 
seeking to balance tight central controls and local 
decision- making. 

• Key accountabilities include development of 
long- and short-term plans, delivering timely and 
accurate financial reports, evaluating potential 
acquisitions, supporting major negotiations. 


Please apply In writing quoting Rc£ 746 
with full career and salary dcolb 10 : 
Janes Thome 

Whitehead Selection Linked 
■l The Courtyard, 707 Wirwlcfc Raid, SoUlU*, 
West Mkflamls B9 1 3 DA. Ttt 02 1 709 0909 


monitoring pricing policies and developing a 
talented but young 50+ strong finance team. 

• Probably 35-45, a qualified accountant with 
senior financial management experience in a fast- 
paced and pressured business, probably in the 
service scctot 

• Demonstrably high level erf numeracy and 
analytical -drills as well as the intellectual capacity to 
understand the detailed dynamics of a complex 
business. Well-rounded business skills to make a 
broad commercial contribution. 

• Progressive, informal and open leadership style. 
Ability to relate to staff at all levels. Good 
presentation skills and strong customer service 
ethic 



mmm 


•>- -/r 


Accountancy Personnel 


$ Guardian 

Direct 

Head of 
Corporate 
Accounting 
and Control 


To £30,000 
+ Benefits 


Colchester 




The Company 

Guardian Direct is a new direct insurance company launched by the Guardian Group of companies on 
2nd March 1994. initially operating in the motor and household insurance sector, the company has 
ambitious plans for growth and aims to become a market leader within the next five years. Having 
made. recent investments in computer systems, staff training, marketing and advertising, they are now 
looking to recruit an ambitious finance professional. 

The Opportunity 

Based at the company's impressive headquarters in Colchester and working closely with the Financial 
Controller your key responsibilities will indude: 

■ The production of financial accounts including preparation of annual statutory accounts. 

• The design and implementation of effective accounting controls. 

• The specification and implementation of new computer systems. 

• Management of the company's taxation affairs, bank accounts and production of DTI returns 

■ The recruitment, training and development of a new team of staff. 

The Candidate 

A Graduate ACA having trained with a top 20 firm, you will ideally be in your mid to late 20's and 
have approximately three to four years post qualification experience. Knowledge of the financial 
services Industry is essential. Opportunities for progression within this young and dynamic organisation 
are excellent for a team player with first dass interpersonal and man-management skills. 

— - - Cfai This position Is being handled exclusively by Accountancy Personnel. For further 
rSSliyl information please contact our Recruitment Advisor Jane Garrard or write 
enclosing a full CV to Accountancy Personnel, 36 Museum Street, Ipswich, Suffolk 
IP1 1JQ. Tel: 0473 215068. 




Exceptional career opportunity in a major investment bank 

Director, European Audit 

London £ Executive Director/Big Six Partner 

Our client is a leading global investment bank with an outstanding reputation for profitability and 
innovation. The environment ia one of expanding business volumes and increasing product complexity In 
which the control of risk Is of paramount i mpo rt a nce. 

We wish to appoint a key individual whose brief wifi be to ensure that controls are in pbcc Co manage a 
complex set of financial, credit, regulatory, managerial and re putat ional risks. You will direct and 
consultative efforts to develop control strategy and address critical risk areas identified in partnership 
with other members of the senior management team. 

These responsibilities, along with your involvement in strategic development projects, wifi enable you to 
make a vital contribution to the business. 

A securities industry specialist with high Level business and technical experience, you will hove in-depth 
product knowledge and excellent management sltifis. An energetic, creative thinker en j o yin g exec ut ive 
responsibility in a financial institution or M Big Six* firm, you will be of the calibre and stature needed to 
make an immediate impact. The scope of tins rede la exceptional and the organisation will meet your 
ambitions regarding comp en sa ti on and future oppo rt unity. 

Interested cand id at es should write to Susie Mxamni at BBM Selection, 76 Winding Street, London 
EC4M 9BJ enclosing a full Curriculum Vitae which should indude contact telephone numbers. 

AU applications will be handled in the strictest of confidence. 


76, Wading Street, 
London EC4M 9BJ 


Teh 071-248 3653 
Ruts 071-248 2814 



louche 

Ross 


DttKtolKli 


Brentford 

This £ 10m turnover company manufactures and 
supplies reprographics equipment to the graphic arts 
industry in the UK. It remains competitive in a 
fiercely aggressive market through the quality of its 
new product development and die excellence of its 
customer service and support. The Finance Director 
will play a key role as part of the senior management 
team in ensuring market .-Jure continues to grow. 
Reporting directly to the MD, the Finance Director 
ha> responsibility for managing 20 highly motivated 
stall' in accounting, MIS, crcdir control, payroll and 
personnel. Major areas of importance, against 
which performance wilt be judges), arc cash 
management, inventory control, efficient treasury 
management, risk assessment, timely and accurate 
reporting, ami team leadership. This is a hands on 
as. well as a strategic role. 




£40,000 + car + benefits 

Probably a young, qualified (ACA or ACCA) 
accountant, you are currently likely to be fulfilling 
a financial controller role in a small to medium 
sized sales and distribution organisation. 
Demonstrable technical competence must be 
combined in equal measure with commercial 
flair, first rate people management skills and 
a high level of personal enthusiasm and 
commitment. 

Progression prospects arc excellent, 
if you feel you are ready for a directorship, 
please send an up-to-date resum£, including 
salary details and daytime telephone number, 
quoting reference CRRI36, to Christopher Rose, 
louche Ross Executive Selection, 

Mountbattcn House, ! Grosvcnor 

Square, Southampton SO l OKU. Sfl 

Management Consultants 


iO&Mi Mis 

mmmwm 


Financial Controller 

Asst to Group Financial Co 


C£35,000 & benefits * Famborough 


! £ 1 

S -i* isAV.-'. . 1 

; v>: if 



■ , ' 



The Defence Research Agency ia an agency of tha 
Ministry of Defence. Our mission Is to be the prime 
provider of technical advice to (he MoO. We also 
provide advanced technical services to other 
Government departments and to private industry. 
Under the leadership of a Chief Executive recruited 
from industry, we are undertaking a dramatic 
programme of change to become a progressive, 
professional and efficient commerriaBy-run 
organisation, whilst preserving our tradWonaJ 
scientific excellence, objectivity and international 
standing. 

In this new climate, high profile roles of strategic 
Importance are being created for exceptional 
professionals whose technical shifts are matched by 
real vision and an appetite for (he chalenge of 
change. For the totiowtng two appointments, the 
successful candidates wffl be quafifled accountants of 
graduate caEbra who can work effectively with 
financial and non-ffnandai cofleagues- 

FINANCIAL CONTROLLER 

Working closely with the Managing Director, this is 
the senior financial position within one of the DRA’s 
major business sectors, in adtition to ensuring ttftt 
financial control your brief wS focus on improving 
management information, developing strategy and 
managing the re-engineering 
of the business. Tenacity and 
a hands-on approach wRI be 


vSal qualities, and we wIB be looking for a track record 

of achievement In the face ot simitar challenges. 

ASSISTANT TO GROUP FINANCIAL 
CONTROLLER 

This position Is within a small team providing 
Informa ti on and analysts to executive management 
and maintaining financial control over the DRA'b 11 
businesses. Effectively this means you are helping to 
steer a £700 miHton organisation, working with all 
levels of management and senior finance staff within 
the business sectors. The preparation and review of 
financial information will be mixed with a broad 
spectrum of Investigative work and the provision of 
advice and guidance to the business. 

Remuneration »" negotiable and wffl include a 
performance related bonus. These positions are 
WtiaBy offered on a three year fixed term basis which 
may be extended to a maximum of five years. 

please telephone tor an Information pack on 
(0252) 394602. Alternatively, forward your current cv 
to Mtb Brenda Hacker (to be received by 17th 
June 1994) indicating why you wish to apply and 
what contribution you (eel you can make 
to Die work of the DRA. Functional Department 
Personnel, Room 106, Q101 Building, 

Defence Research Agency, 
Famborough, Hampshire 
GUI 4 6TD. 


Defence Research Agency 

WE ARE Ail EQUAL OPPORTUNITIES EMPLOYER 



London 


Package negotiable 


A growing number of owner managed businesses within oar expanding client base require a 
proactive and wide range of services on all aspects of taxation (consultancy & compliance) as 
well as assistance with minl’ng fnnJs to fliumuft gwwrih. 


The team providing these services is technically 
strong, has been supplemented by assertive, future 
Partners, and is engineering the cultural change 
necessary to cope -with the growth targets and the 
additional “focus" defined in the tax business plan. 

We intend to appoint a commercially biased Partner 
with sound tax and corporate finance skills to provide 
leadership for the team, co-ordinate its marketing 
activities,' provide services to the highest standards 
Bkidsons Impey 
Search & Selection Limited 
2D Pall-Mall, London SW1Y 5LP 
Telephone: 071-321 0336 

UK, Prance, Garnumst ttalgKAiubrfa, Hnn gay» Poland, 
Belgium, Swltwrland, Cwoh Hafmfaila and Slovakia 


APPOINTMENTS 


of excellence and, produce the budgeted profits. An 
emphasis is therefore required on creativity and. 
innovation as opposed to controls and procedures 
(which are in place and sound). 

The successful candidate will not necessarily be 
in private practice at present although a thorough 
understanding of the environment is essential. A 
will be structured to meet tire needs of the new lead 
Partner and will be related to the success of these efforts. 
Please apply in strict confidence, 
to our advisor, Peter Willingham, 
quoting reference number 769. 

No CV will be released to the 
chartered accounta ncy practice 
without express permission. Chartered Accountants 


POLAND 

English Chartered 
Accountant, bilingual 
English/Polish, seeks a 
senior finance/general 
management position, 
based in 'Warsaw. 
Background includes 
present position as 
Finance Director of a 
Polish bank. 
Reply in confidence to 
Box A2Q37, 

. Financial Times, 
One Southwark Bridge, 
London. SE1 9HL. 


*:•' FOrtuithet ^ 


X maintain its position as one of 
the UK's most prestigious and pro gress ive 
financial services groups, the Royal Bank 
of Scotland places considerable emphasis 
on attracting high-calibre people throughout 
the organisation. 

In support of our core 
business activities, we 
are now recruiting 
Internal Auditors at our 
Edinburgh and London 
offices to work on a 
wide range of bank 
payments systems, 
group fina nce functions, 
insurance subsidiaries 
and other operational 

Specifically we seek a 
SENIOR AUDITOR to be 
based in Edinburgh who is a qualified 
accountant with experience of using or 
auditing major accounting and reporting 
systems in the financial services sector. You 
wOi assist the Audit Manager in planning 
and undertaking audits In the Croup Finance 
and Operations areas; leading audit teams and 
undertaking tasks to meet the audit objectives, 
in addition to assessing and reporting on the 
adequacy and effectiveness of controls. 
Openings are also available tor AUDITORS 
based in Edinburgh or London, whose 
experience Indudes general insurance, 
systems development audit or branch * 
bankuig/buikiing societies. You will 
undertake essential audit procedures, assess 


INTERNAL 

AUDITORS 

F- D I \ B 1 1\ G 1 1 L ( ) \ DO \ 

T W ..IK) KM.VtW-;? 

(i> CVS, ()(>•■) - C 29. .29 2 
(ii) 1 11.200 - til, IDS 
- RWM.YG BUYD ITS 


the adequacy and effectiveness of the existing 
controls and report on results. Further 
involvement will include identifying and 
testing key controls of systems under review. 

A minimum of 18 months' internal audit 
experience Is required for the Auditor 
positions, as well as the capability and 
flexibility to act either as a team leader or 
team member, dependent on circumstance. 

You must possess good 
communication mid 
interpersonal skills, a 
knowledge of systems- 
based auditing, and be 
prepared to travel 
throughout the UK 
Ah poeitiOTS offer compre- 
hensive banking benefits , 
and salaries commensurate 
with experience, phis 
London Weighting where 
appropriate. 

Please send or fax your 
curriculum vitae, stating 
current salary, by Monday, 13 June 1994 to 
Peter Smith, Audit Manager, Group Internal 
Audit, The Royal Bank of Scotland pic, 
42 St Andrew Square, Edinburgh EH2 ZYEL 
Tefc 031-523 2551. Fax: 031-5579293. 


Commted to Equtf Opportunttos 

foC 

The Royal Bank 
of Scotland 

WHERE PEOPLE MATTER 



■' RaictelHiefe 
bo4ft«73479$ 


Divisional Commercial Director 

Reed Illustrated Books, part of the Reed Elsevier Group, requires a high calibre 
graduate accountaniwilh a minimum of 5 years PQE in publishing. The division's list is broad 
from Miller's Antique Guides, Hugh Johnson’s Wine Guides, Hamlyn Cookery through to 
Military, Music and Rock 'o' RolL 

The successful candidate will play a key role supporting the Divisional Managing 
Director in exploiting the opportunities created by electronic publishing, in addition to 
maximising returns from traditional international hardcopy publishing. The Divisional 
Commercial Director will also be responsible for detailed planning and forecasting for the 
division with the assistance of a management accountant 

Strong analytical abilities are required, together with the ability to take initiatives and to 
think conceptually. As the job holder will be a key member of a marketing and editoriaDy 
driven team, good interpersonal skills are Imperative. A competitive remuneration package is 
available for the right candidate. 

Apply with foil CV to: 


Reed Consumer Books. Michelm House, 
81 Fulham Road, London SW3 6RB 






















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FINANCIAL TIMES FRIDAY JUNE 3 1994 


35 


INTERNATIONAL 
FINANCE PROFESSIONALS 


LONDON W.l 


£OUTSTANDING PACKAGE 


famd 

QldBirr 




PIMM’S 


Gordons 


inUii 

LONDON 

DRY GIN 


fg» 

”sn3Nw% 


Guinness is one of the UKi leading consumer goods companies (rich a 
market capitalisation of over £Sbn. 23,000 employees worldwide and a 
turnover In excess of £4bn- An unparalleled portfolio of premium brands 
places the company in aa£lite group of truly global beverage businesses. 
Following a period of outstanding growth, the next 2-3 years will focus on 
optimising investments, analysing and improving business processes, and 
maximising synergies and efficiencies. Central to this strategy and as a result 
of ongoing internal promotion, opportunities now exist to enter the 
company at a senior managerial level. 

These roles will allow you to exploit your commercial acumen, problem 
solving ability and presentation skills in the field, before moving to a senior 
line management role within the group. 

CORPORATE AUDIT MANAGERS 

Part of an independent team working across a range of businesses, you will 
conduct high-level reviews of operating and financial control systems 
throughout the world, particularly in Spain and Latin America. Further 
. responsibilities could include analysing and reporting on production, 
distribution and marketing operations, together with special projects, post 
acquisition reviews and secondments. 

You should have at least 2-3 yean’ post-qualification experience involving 
extensive exposure to a large scale multi-national environment. Good 
knowledge of Spanish - or the potential to acquire it rapidly - is also 
waervtiaL Other opportunities exist at the same, level for those fluent in an 
alternative second language. 

EDP AUDIT MANAGER 

Your brief will encompass the review of existing and planned computer 
systems, worldwide and their implementation both on a one-off basis and as 
pan of groupwide initiatives. The ability to carry out some general audit 
activities during field visits is highly desirable. 

You .should have at least 2-3 years' post-qualification experience working 
with generic controls in a computer environment - and the ability to apply 
this expertise to a variety of installations and hardware platforms. Exposure 
to BPCS, CODA and CINCOM would be a distinct advantage, whilst a 
second language would be useful. 

The above roles offer international travel, planned management and 
professional development, and an excellent opportunity to build a long term 
career in a dynamic, market-led organisation. Generous salaries are 
complemented Tjy profit share, fully expensed car, 31 days’ leave arid all die 
other benefits you would associate with a leading multinational group- 
lb apply, please write to our advising consultant Jonathan Faro of Fam 
Williams, 1 Benjamin Street, London EClM 5QL. Telephone 071-608 
1 133. Facsimile 071-608 1166. (Office hours: 830am — 730pm.) 


GUINNESS PLC 


THK 

GLENEAtlLKS 

HOTEL 


BELLS 

(MStokkftU)' 



fwwuwl 

&C*q*tf!S v dtdSto* 


and, of course — 


V 

GUINNESS 


GROUP 

FINANCE 

DIRECTOR 

IMPENDING 

FLOTATION 

London 

c£52,000 
+ Car + Benefits 


0 


Having dearly established itself as a market leader in 
the provision and management of specialist services to 
the publishing, media and entertainment sectors, this 
long established and highly regarded business is now 
poised to further compound on its achievements to date 
by appointing an outstanding Finance Director to play 
a key role in the impending flotation and development 
of the Group. 

Specifically you will: 

• Create and innovate ways in which finance can analyse 
and critique business driven issues focusing on dient 
and market related initiatives 

• Devise and communicate strategies both internally 
and externally designed to finandaliy drive operations 
within dearly defined corporate objectives 

• Maintain and develop a high calibre finance team by 
adopting a 'Hands On' policy to the daily management 
of the operations 

You will be a graduate accountant, aged mid to late 30's 
with outstanding personal qualities who is able to 
demonstrate Finandal Directorship abilities in a quoted pic 
environment You must command respect and credibility 
at Main Board level, display superior interpersonal skills 
and have the commercial flair necessary to work with a 
highly capable and entrepreneurial management team. 

Interested candidates should write promptly to either 
Charles Austin or Mark Rowley enclosing a Ml 
Curriculum Vitae quoting reference CA460. 

HARRISON 0 WILLIS 

SEARCH AND SELECTION PARTNERSHIP 
Cardinal House, 39-40 AJbemarte Sl, London W7X 3FD. Td: 071 -629 4463 
LONDON ■ READING.- GUILDFORD ■ ST ALBANS • BRISTOL- BIRMINGHAM 


M25/M40 Location c £25,000 + benefit* 

The Albert fisher Group PLC (“Albert Fisher”) is a major international food service and distribution group operating In 
the LHS. Continental Europe and North America. 

Through iTvtpmal promotion, a vacancy now exists at the Group Headquarters In an M25/M40 location for a Corporate 
Accountant. The role Involves working in a small close-knit team which is responsible for board level reporting, 
preparation and presentation of the group budget and producing the group's consolidated financial statements. 

The successful candidate will be a newly qualified accountant, computer literate with the ability to produce accurate 
work within tight deadlines under pressure. 

Albert Fisher Is a dynamic and expanding international business in which there is career development potential for the 
successful candidate. 

The package will include a basic salary of c£25,0b0 plus company car. 

Candidates should submit a detailed curriculum vitae to: 

DeptSV.. 

Group Accounting Manager. 

The Albert Fisher Group PLC, 

’C Seflon Park, BeQs HQL 
Strike Poges. Bucks SL2 4HS 


SURREY 


FINANCIAL ANALYST 


•u- — 


£30-35,000 + CAR + BENEFITS 


This FT-SE 100 quoted group is a leading player In the building 
materials and merchants sector. With a complex international 
portfolio of companies, the Group has a turnover of around £2bn. 

The Planning Department at the Group’s head office fulfils an 
important role in the formulation of corporate strategy and has been 
centrally involved with recent major acquisitions and divestments. 

. The Group is seeking to recruk a financial analyst to support the 
managers working within. the Planning Department. 


The role reflects the varied nature of the Department's activities, but 
the jobholder will be closely involved with consolidation and analysis work 
on the Group's plans, in addition to extensive financial modelling. From this 
detailed base, the position will demand incisive analytical ability to deal 
with intellectually challenging and complex Issues. 

We are looking for high-calibre applicants who can demonstrate 
early career success and who possess the personal and professional 
flexibility to undertake a demanding and high profile role. 


ROBERT WALTERS ASSOCIATES 


The ideal candidate will be educated to degree level and ACMA/ACCA 
qualified, preferably as part of a fast track, blue-chip graduate training 
scheme. Experience at both group and operating company level and 
excellent PC modelling skills will be advantageous. 

Career prospects for the successful candidate are excellent. 

If you wish to apply, please write enclosing a full CV to Jon 
Boyle ACA at Robert Walters Associates, 25 Bedford Street, 
London, WC2E 9HP. Tel 071 379 3333- (Tax 071 915 8714.) 




Director of Finance and Administration 


As a leading purchasing/ packaging organisation, we service the world's foremost quick service 
restaurant organisation. In order to keep our tradition of quality service and perfection, we seek a 
dedicated individual who is ready to impact a major US based multi-national organisation. Our 
European office, located near Heathrow, services our Customer throughout Europe and the 
Middle East 

Reporting to the Managing Director, this position will be responsible for Hnance/Treasiuy on a 
Pan European basis and will serve as second in command as Administrative Director. 
Additionally, tins position will act as a key liaison with our Customer throughout Europe. 

The ideal candidate will possess accounting qualification and management experience, coupled 
with considerable experience in treasury; cash management and foreign exchange. Pan European 
experience in these areas is required. Additionally, we require a European mind set evidenced by 
multi-lingual skills, preferably English/French or English/Gennan. 

If you possess these technical skills along with demonstrated leadership and managerial skills as 
evidenced by at least ten years of career progression; we can offer a competitive compensation and 
benefits package and an opportunity to contribute at an executive level to the growth of our 
European operations. 

' Please send curriculum vitae including present salary in confidence to 
Mr K Rasmussen by the 13 June, 1994. Perseco Europe, Waterside Drive, 

Langley, Berkshire SL3 6EZ, UK. 




MERIDIAN 

RESEARCH ANALYST - TURKEY 

Our dim, wo. faamiuional fov c a t wnt bank baaed in London, Is 
utgttfly seeking a Global Equity Research Analyse to rover the 

TuddslicfciCKVdcmaxfeet 


and re a rarch, and for analysing Ttufesb nocks. 

Hw jrWt mode b a graduate aged utid 20*a of either E a g U a h or 
Ttafcbh axXberacKue. You most be fhient taTuridsb end hive 

• 1 ... r.rr» fa. — Hw hMnM At ImO 



h prerequisite. 

• PlearefeavraTOyow* 

- . for applications.- 13th June 1994 

V -SS fcaioBHn Street ’London WC3A yT. ftna 07i 487 3018 

BI jtRCKUXTMKP^T CONStn-TANTS 


APPOINTMENTS WANTED 


Financial Controller 


£35-40,000 + Car + Share Options + Benefits 


Kent 

This rapidly expanding insurance company is the product of a recent, highly successful management 
buy-out Backed by solid investment, our client Is ideally positioned to capitalise on its excellent 
reputation in certain key markets and anticipates further expansion through new business acquisition 
and the strengthening of existing contacts. 

The newly appointed Financial Controller will support the Finance Director by assuming day to day 
responsibility for the smooth running of the accounts function. The ability to manage and motivate the 
existing team and gain the confidence of senior management will be critical. Early priorities will include 
ensuring the smooth implementation of new computer systems and improving the quality of 
management information. 

We are seeking a qualified chartered accountant with a minimum of 3 years’ pqe gained specifically in 
the Insurance sector, with the emphasis on general insurance. You must be a strong leader, natural 
communicator and instinctive problem solver, able to juggle priorities and produce accurate work under 
pressure. 

This constitutes an excellent opportunity to contribute to, and participate In, the success of a growing 
business. Interested candidates should write to Tim Knight enclosing full career and salary details, 
quoting 7000206. 


^Selection & Search 

1-2 Dorset Rise, Biaddriait, London EC4Y 8A£ 


POLAND 

English Chartered Accountant, bilingual 
English/Polish, seeks a senior 
finance/general management position, 
based in Warsaw. Background includes 
present position as Finance Director of a 
Polish bank. 

Reply in confidence to Box A2037, 
Finandal Times, One South wade Bridge, 
London, SE1 9HL. 


INTERNATIONAL STOCK PHOTO AGENCY 


Wt are 6m of die world's leading suppliers at stock photography to the 
ad wai M ng. travel, publishing and corporate markets. We are looking lor a 

GROUP ACCOUNTANT 

(salary c £32.000 pa) 

You are > chartere d accountant aged aretmd 27 to 30. You wffl be an integral 
parr of a dynamic management team In a fast -growing international business. 
You will be responsible for group reporting, accounting, budgeting end 
treasury. You wffl play a major rale in acquisition reviews and integration, 
production reporting and mart)* ad hoc projects. 

Your CV. with a d oytime telephone number, please, la Lawrence Gould, 


EXECUTIVE APPOINTMENTS TO £ 150,000 

JOB SEARCH MADE EASY WITH OUR EXPERT HELP 


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36 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


COMMODITIES AND AGRICULTURE 


Oslo deal on oil 
development in 
the Skagerakk 


By Karen Fossil in Oslo 

The dispute over oil drilling in 
the Norwegian sector of the 
environmentally sensitive Ska- 
gerakk reached new heights 
yesterday after the minority 
Labour government cut a deal 
to gain backing for the move 
from the opposition Conserva- 
tive party which on Wednes- 
day had vowed to block the 
proposal 

In an about turn, the Conser- 
vative party decided to support 
Labour's proposal to open the 
Skagerakk for limited d rilling , 
and eventually development, 
as a trade off for the govern- 
ment agreeing to undertake 
fresh environmental studies to 
assess the potential impact of 
oil activity there. 

As part of the deal, the gov- 
ernment also agreed to re-ex- 
amine its stand against lifting 
the so-called sliding scale. The 
measure allows the state to 
increase its shareholding in oil 
and gas fields once they have 
been declared commercial. 

Environmentalists, outraged 
by the Conservatives' move. 


described it was a political sell- 
out. 

The government two years 
ago removed the sliding-scale 
for licenses offered in the 14th 
Hrwuring round and onwards 
but the measure still exists for 
acreage allotted prior to the 
14th round which has been 
proved commercial and is in 
the queue for development 

Oil companies have repeat- 
edly warned the government 
that such discoveries would 
not be developed unless the 
sliding scale was dropped and 
the draconian petroleum tax 
regime adjusted to take into 
consideration prevailing low 
oil prices. The government pro- 
posed opening the Skagerakk 
for limited drilling in March as 
part of a plan to expand dril- 
ling acreage by up to 16 per 
cent to stem a steep decline in 
oil production expected after 
1996. 

The proposal has been met 
with wide-spread criticism 
from environmentalists, the 
Rahing industry nnii the state 
pollution board which say the 
highly sensitive. 


Coffee bounces back 
as roasters return 


By Deborah Haffpeavaa 

The Coffee market returned to 
the offensive yesterday with 
London prices shooting up and 
traders predicted more gains as 
supplies remain tight. 

Coffee prices recovered much 
of Wednesday's losses with the 
September futures contract at 
the London Commodity 
Exchange up $44 a tonne to 
$2,080 a tonne. 

Traders said that much of 
the speculative and hedge fund 
selling which had pushed 
prices down on Wednesday 
was absent from the market 


.COMMODITIES' PRICES 


and that roasters were buying 

a gain. 

“We are not seeing much 
new coffee come on to the mar- 
ket. the speculators have taken 
their profits and prices look 
ready to move up again." one 
trader commented. 

However, Mr Rubens Bar- 
bosa, Brazil's ambassador to 
Britain said yesterday that pro- 
ducers would be damaged If 
prices went up much more. 

The cocoa market rose 
higher on the coat tails of cof- 
fee with the September futures 
contract increasing by £10 a 
tonne to £1,041 a tonne. 


De Beers 
to double 
Akwatia 
output 

By Paid Adams 
in Accra 

De Beers is installing a new 
process at Ghana’s Akwatia 
diamond mine which will soon 
doable its output to 40,000 
carats a month as the govern- 
ment prepares to divest from 
Ghana Consolidated Diamonds 
(GCD) next year. 

The new process will treat 
and recover more diamonds, 
improve their quality, reduce 
losses by Increasing secu ri ty 
and cut the operating costs, 
according to Mr J Ansafo-Men- 
sah, GCD's managing director. 

De Beers took over interim 
management of Ghana's only 
large-scale diamond urine last 
October, after Inckel Interna- 
tional withdrew from a pro- 
posed joint venture with the 
government and the US gem 
marketing company Lazare- 
Kaplan in 1992. 

Under the new agreement, 
which has to be approved by 
Ghana's parliament, GCD will 
be restructured by September 
1995 as a new company in 
which De Beers and Lazare-Ka- 
plan will each own 40 per cent 

The government of Ghana 
will retain 20 per cent of the 
assets, and De Beers Central 
Selling Organisation will take 
over the marketing of the dia- 
monds from Lazare-Kaplan. 

When De Been took over 
the management last October 
it increased production from 
about 10,000 carats a month to 
20,000 carats and from about 
Jnly output is expected to 
reach 40,000 carats a month. 

De Beers is reducing the two 
plants at Akwatia to one and 
replacing the bore-milling 
pan processes with a dense 
media separation plant which 
will feed a concentrate into an 
X-ray sorting machine. The 
equipment is exclusive to De 
Beers and is doe to begin oper- 
ating in June mi lease to GCD 
until the new company is 
formed. 


Why jute is made to feel a poor relation 

Kunal Bose on the IJO’s problem financing even modest development programmes 


T he US, one of the largest 
importers of jute goods, 
has announced that it is 
to give up membership of the 
10-year-old International Jute 
Organisation by the end of 
June. Its departure will leave 
theUO — set up to promote the 
second most important natural 
fibre after cotton - with five 
jute producing countries and 
22 importers. 

The development takes place 
at a time when the UO is plan- 
ning to intensify efforts to 
recruit new members from 
among the “many important 
importing countries and pro- 
ducers who remain outside the 
organisation." in the words of 
Mr EM Rabbani, zts executive 
director. He says that the “pro- 
posed TJS withdrawal from UO 
is part of that country’s policy 
to stay away from commodity 
related organisations." 

Its decision, he believes, may 
not have got anything to do 
with the working of the organi- 
sation “which has managed to 
stay extremely lean.” He says 
that the cost of running the 
Dhaka-based UO is about $lm 
a year." Undoubtedly, how- 


ever, the US pull-out will make 
the task of enlar gin g the mem- 
bership of UO difficult. 

The UO is primarily con- 
cerned with the Identification, 
of projects relating to “agricul- 
ture. Industry and market pro- 
motion,” arranging funds for 
tiwm , and ensuring that the 
research, results lead to the 
improvement of jute's competi- 
tiveness In relation to other 
packaging materials. But mobi- 
lisation of finance has proved 
increasingly difficult 

Mr Rabbani says that four 
agricultural, four industrial 
and four market promotion 
projects are awaiting funding 
of a little over $7m. Of the 12 
projects, the UO has strongly 
recommended three to the 
Common Fund for Commodi- 
ties (CFC). They are the vari- 
etal improvement of Jute and 
kenstf for increased productiv- 
ity; development of jute based 
packaging and jute intermedi- 
ates as substitutes for wood, 
plywood and other packaging 
materials; and market develop- 
ment and promotion of jute 
goods In western Europe. 

The estimated cost of the 


three projects is a mere $SL17m. : 
The CFC is expected to be the' 
main source of funding and the 
fact that cannot meet therequi- 
rements for these modest pro- 
jects has now become a matter 
of serious concern to Cte UO. 
The Members countries of the 
UO Members seem unlikely to 
enlarge their project related 
flnanriai assistance, hut they 
may help the UO in obtaining 
funds from multinational 
organisations.” 

T he annual funding 
requirement for projects 
is between $3m and 
$4m.' says Mr Rabbani, In spite 
of the financial constraint 
which UO has lived with since 
it was established it has been 
able to impiamant a number of 
projects involving a total fund- 
ing of nearly $5J5m. The most 
Important of tham was the col- 
lection, conservation and 
exchange of germplasm (part 
of the genetic material) for the 
development of improved vari- 
eties of jute, kenaf and allied 
fibres. A bank with 2,600 vari- 
eties of germplasm has been 
created at the Bangladesh Jute 


Industries Research Associa- 
tion headquarters in Dhaka. 

Mr Wahhnrri expects that In 
the "next three or four years, it 
should be possible to produce 
seeds through cross breeding 
which win lead to a significant 

inH iHw pmnt tn film productiv- 
ity of Jute.” He says that “the 
improvement in agricultural 
productivity at a low cost to 
the farmer" is vital in view of 
the “declining trend in the real 
price of jute." 

The oidy way for the Jute 
producers to sustain their 
income is by getting higher 
yields, at a time when more 
and more land is firing 
switched from jnte to food 
crqps. Jute is increasingly con- 
centrated on marginal and less 
fertile land which has placed a 
premium on productivity. Two 
UO projects relating to the 
str e ngthe n ing jute and kenaf 
seeds ($651,107) and the 
improved retting, or softening, 
and extraction of jute ($895J)00) 
now under implementation 
could help productivity. 

Mr Rabbani says: “We will 
be preparing a Tmmnwi far the 
processing, grading and stor- 


age erf seeds. If the farmers can 
be persuaded to use the jute 
seeder machine developed by 
the UO , It would lead to better 
germination of seeds. In the 
traditional system of broadcast 
of jute seeds, the wastage fac- 
tor is high." 

The quality of jute in all 
producing countries suffers 
because of unscientific retting 
ami mumwi extraction of fibre 
from the plant. Retting of jute 
In clean water and extraction 
of fibre by mechanical means 
wQl automatically improve the 
quality of the crap. 

Mr Rabbani is giving high 
priority to the retting project 
Sofar the UO has so fax 
assigned the projects to the 
jute research institutions of 
the member countries. It, how- 
ever, thinks there is scope 
fox collaboration with "scien- 
tific iwrfifaitinnB that have no 
direct connection with jute” 
but which have the. capacity to 
wutoriairB work on the devel- 
opment and promotion of the 
fibre which producers must 
feel at present is something of 
a poor relation in the world of 
soft commodities- 


Cargill biodiesel-from-rape project 


By Deborah Harg re aves 

Cargill, one of the world's 
largest privately-owned agri- 
culture and commodities com- 
panies, is joining United Oil- 
seeds Marketing, a 
co-operative, in a project to 
produce up to 100,000 tonnes erf 
biodiesel a year from oilseed 
rape. 

“Two years ago if you men- 
tioned industrial crops you 
were a bit of a crank, but since 
then we've seen huge demand 
from farmers and industrial 
customers to get to grips with 
nonfood crops,” said Ms Aim 
Gutteridge. an oilseeds trader 
at Cargffl- 

Farmers are able to grow 
non-food crops on land set- 
aside as part of the European 
Union’s reform of the Common 
Agricultural Policy without 


giving up subsidies. 

French farmers have been 
growing oilseeds for the pro- 
duction of biofuels for the past 
three years, but in the UK the 
industry has not got off the 
ground not least because of 
scepticism by the government 
over its viability. 

Cargill says it can use its 
own fimdlng to show that biod- 
iesel could be made viable in 
the UK, but it also wants to 
open a discussion with the gov- 
ernment about opportunities 
for use of the foeL 

The company said that the 
project would involve “millions 
of pounds expenditure,” but 
said it was too soon to put a 
final figure on it 

The scheme could be in place 
by next year’s harvest, the 
company says, If it can secure 
commitment from farmers to 


grow enough oilseeds and if it 
nm find a market for the fuel, 
Cargill will then commission a 
biodiesel conversion plant at 
either Hull or Liverpool. It 
plans to guarantee farmers up 
to £120 a tonne for the oilseeds. 

Biodiesel is expected to be 
lOp more expensive to produce 
than conventional diesel but 
could be made competitive if 
the government was prepared 
to take a lower tax levy on the 
fUeL 

A recent report from the 
British Association for Bio 
Fuels and Ofis called on the 
government to tax biodiesel at 
10 per cent of the rate on fossil 
fuel. This would mean the 
Treasury giving up on reve- 
nues of gram. It suggests the 
government could recover this 
by adding 0_20p per litre tax an 
conventional diesel 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from Amafgainaled Metal Trading) 

■ ALUMINIUM OBJ PURITY (S par tonne) 


Precious Metals continued 

GOLD COMEX ft 00 Troy STroy oz.) 



Cash 

3 ndhs 

Close 

1320-21 

1349-60 

Previous 

1319-20 

1348-9 

rtgti/low 

1313 

1350/1333 

AM Official 

1313-4 

1344-4.5 

Kerb dtr» 


1346-47 

Open inL 

257344 


Total daily turnover 

44,741 


■ ALUMINIUM ALLOY (S per tonne) 


Close 

1340-50 

1345-50 

Previous 

1335-45 

1335-40 

Hgri/tow 


1360/1345 

AM CRfioa! 

1340-50 

1345-50 

Kerb dose 


1345-60 

Open inL 

3389 


Total dady turnover 

465 


■ LEAD (3 par tom) 



Close 

501-3 

518-20 

Previous 

500-1 

517-8 

rtrWIcw 


525/512 

AM Official 

486-7 

613.5-14 

Kerb dose 


524-5 

Open ktL 

36.472 


Tola! da»y turnover 

5378 


■ NICKS. (3 per tonne) 


Close 

8160-70 

6250-60 

Previous 

6110-20 

8205-10 

HgMonr 

6000 

8275/3040 

AM Official 

5995-6000 

6095-100 

Kerb close 


6270-75 

Open InL 

56322 


Total dafty turnover 

10.380 


■ TIN (5 per tonne) 



Close 

5505-25 

5580-600 

Previous 

5505-15 

5585-90 

rtgh/taw 


5815/5520 

AM Official 

5480-85 

5560-65 

Kerb dose 


5615-20 

Open W. 

16.519 


Total daily turnover 

4389 


■ ZINC, special Mgh grade IS per tome) 

dose 

954-55 

879-80 

Previous 

954-5 

980-1 

HgMow 

948 

984/974 

AM Official 

949-50 

975-76 

Kerb dose 


982-3 

Open InL 

105,087 


Total <iaty turnover 

16378 


■ COPPER, grade A {5 per tonne) 


Close 

22203-215 

2231-32 

Previous 

2213-1 

2227-8 

ttflh/low 

2202/2201 

2239/2204 

AM Official 

2202-3 

2215-16 

Kerb do3e 


2234-5 

Open tnL 

209.746 


Total daly turnover 

57.433 




Sou 

ow* 


Open 



rifce 

Ip 

Mg* 

krir lot 

Vri. 

Jot 

3842 

+0.7 

384.4 

3829 20*8 

2844 

Jri 

3853 

+09 

- 

- 

- 

tag 

386,8 

+09 

3879 

3849 73,128 41984 

Od 

3809 

+09 

380.1 

38X3 5338 

159 

Dec 

3832 

+09 

3038 

381.7 24,109 

1290 

M 

396.7 

+09 

- 

- 5928 

232 

Total 




1481636 46JS7 

■ PLATINUM NYMEX (50 Troy oz4 S/boy at) 

Jri 

401.8 

+12 

4029 

3079 15222 

1930 

DO 

40X7 

+19 

4049 

3999 4435 

390 

Jib 

4058 

+1.0 

- 

- 1982 

221 

Apr 

4079 

+19 

4089 

4089 002 

121 

Triri 




21221 

2871 

■ PALLADIUM NYMEX (1 00 Troy oz^ S/troy ozj 

Jun 

13495 

+0.15 

138.00 

13490 108 

94 

»rii 

13495 

+0.15 

13590 

134.10 3478 

194 

Dec 

13520 

+0.15 

13590 

13590 743 

11 

■tor 

13520 

+0.15 

- 

8 


TMri 




4*418 

290 

■ SM.VER COMEX (100 Troy ojl; Cvits/troy oz.) 

ton 

5389 

+3.8 


2 

. 

Jri 

5389 

+39 

5389 

525.0 84.132 

43235 

tag 

541.4 

+39 

- 

- 


Sep 

5432 

+39 

5449 

5320 12.443 

1927 

Dec 

5508 

+38 

5519 

5399 15,453 

7905 

Jn 

5529 

♦38 

- 

33 

- 

Triri 




127277 53977 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (E per tonne) 


SOFTS 

■ COCOA LCE lE/tanne) 


Sea 

pries dap Mgh Lon 


Open 

H 


Vat 


San Dark 

pneo CDAflfll nqpi 


Law 


1M 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40.Q00to!»; certa/Utt) 

Sait Baft * turn 

pries donga it ft loaf '" fa*-’ ■ 


SW> 

Man 

■tan 

■tor 

■ay 

Trial 


112.75 -1.25 11050 112.75 532 

407 


38.40 mat 9040 9025 

8030 -0.05 8930 9836 1,888 

101.15 -0.15 101.15 100.70 1.233 

10155 -025 1 0255 10230 357 

10430 -0.15 10430 10185 257 

*jn 

WHEAT CBT (5,000bu mbv cents/BOR) bushel) 


86 

Jri 

1010 

+7 

1037 

1018 20917 1,784 

JIB 

64200 +0925 65275 84275 18,630 10,103 

17 

Sep 

1040 

+9 

1085 

1037 17,481 

2855 

tag 

64.150 -0.100 61780 61700 24244 

8261 

137 

Dee 

1080 

+10 

1079 

1057 25984 1,414 

Oct 

67950 +0925 87200 88960 13901 

2237 

68 

tor 

1078 

+8 

1095 

1077 28984 

755 

DM 

66,775 +0950 B8J75 88250 8287 

1.785 

2 

"m 

1097 

+16 

1104 

1093 10,463 

80 

M 

69.625 +0.175 69200 69250 6911 

571 

60 

Jri 

1107 

+17 

1114 

1113 3241 

35 


71.100 9.150 71250 70860 2212 

432 

359 

Triri 




112988 8983 

Triri 

njm 2*7ii 


ENERGY 

■ CRUDE OP. NYMEX (42.000 US gate. S/haraf) 


Latest Day's 


Jri 
tag 
Sep 
Oct 
Mo* 

Dec 
Triri 

■ CRUDE OB. IPE SAxvrtf) 


1832 +0-11 1848 
1755 +0.I1 1807 

17.78 +008 1758 
1758 +010 17.73 
17.63 +OH 17.70 
1750 +0.1 1 1757 


Lon Im 
1851 111514 
1758 85341 
17.75 36536 
1758 21158 
17.83 18,018 
1758 23,171 
418541 


Vri 

34511 

22,124 

B316 

2,841 

2549 

1528 

7B5«4 


Jri 

331/0 

+2/0 

332/0 

32SI0 121.775 45775 

tap 

338/5 

+2/E 

330/0 

329TO 42995 9.760 

Dec 

348/2 

+3/2 

358/0 

341/D 60235 10685 

■ar 

351/4 

+3/0 

352/0 

343/* 7.065 575 

■»r 

343M 

+341 


• 285 5 

jot 

3Z7/D 

+1* 

3Z7/0 

321/0 965 170 

Trial 




232420 74970 

■ MAIZE CBT (5900 bu min: centa/Seto bushel) 

Jri 

281/0 

_ 

281/4 

275/0588905101940 

Sep 

27B/4 

+1/0 

277/0 

2800176945 20920 

Dr 

270/2 

+1/8 

271ffl 

282/4 <53,450 134,680 

Her 

276/2 

+2/4 

27 m 

2697 50705 4900 

■«» 

280/4 

+2/4 

280/4 

274/0 6,735 260 

Jri 

281/4 

+3/4 

281/4 

275/D 13975 1,725 

Trial 




L2S3M 355770 

■ BARLEY LCE (E per tome) 


Sap 

87.75 

-0.15 

. 

- 170 

not 

38.80 

-020 

3080 

B£50 295 51 

Jan 

10025 

-are 


30 

Bte 

10275 

-0.10 

- 

10 

■bt 

104.75 

- 

- 

4 

Trial 




509 51 

■ SOYABEANS (2T ffiJUOtu rata: wto/BOH IwM) 

Jri 

699+4 

-I/O 

7019 

6828)282770100275 

Al« 

700/0 

+47 

701/0 

682/0 82,710 20.440 

Sep 

688/0 

+3/0 

Esao 

66310 46,070 5.000 

Hot 

877/4 

+3/8 

6799 

6S0 284930 130720 

Jr 

684/0 

+69 

684/0 

660/4 24.B3S 2415 

■tor 

687/4 

+5/4 

688,0 

867/0 10,440 1990 

Triri 




751.130 264^30 

■ SOYABEAN Ofl. CST (SO.OOQibs: cerns/b) 


■ COCOA CSCE {10 tomoK S/tomm) 

Jri 

sen 

8k 


UVE HOGS CME (JOJMOBtacenta/be) 


1372 

-2 

1409 

1356 33.453 

5702 

Jaa 

47900 

-0900 47950 46908 

(765 

3905 

1400 

♦l 

1427 

1387 2(442 (476 

Jri 

48750 

-0200 46900 46250 

9787 

2921 

1431 

+3 

1453 

1425 

9733 

408 

tag 

46900 

-0226 4(460 44975 

(420 

2988 

1480 

-5 

1487 

1454 

8929 1940 

Ori 

42975 +0925 43250 42925 

3283 

771 

1485 

•8 

1500 

1485 

2923 

282 

Dae 

43990 

- 43950 <3250 

2955 

384 

1507 

-5 

- 

- 

2981 

25 

fda 

43900 

-(100 43960 43975 

700 

37 





809881(467 

Total 



aven 

(m 


Jri 

Total 

■ COCOA OCCO) (SOBVtonna) 
Pries 

1040.74 


Del*. 


10 day i 
■ COFFE LCE (SAonne) 


NM 


Ftsk day 
105455 

WA 


■ LME AM Official E/S rate: 15164 

IME Cloning E/S rate: 15180 

Spet 13121 3O0K15Q99 6 imtel.5083 9 mfts:i.S0ra 

■ MGH GRADE COPPEH (COMEX) 



(atari 

Dan 



Open 



price 

dtoags 

Ugh 

Low 

tat 

M 

Jri 

1691 

+0.27 

1(72 

1(50 04,172 

14928 

AM 

1(50 

+ai9 

1690 

1(48 37937 

6921 

S*P 

1(41 

+0.12 

1(50 

1090 

14.268 

1.487 

Oct 

1(34 

♦007 

1(44 

1(34 

7.854 

2937 

Hot 

1(34 

+095 

1899 

1(34 

5947 

440 

Dec 

1897 

+aio 

1(37 

1693 

(947 

600 

Triri 





WA 2(791 

■ HEATING OK. KYMEX (42900 US gall.; C/US 92Q3J 


Uteri 

Days 



Open 



price change 

M* 

Low 

tat 

Vri 

Jri 

<890 

-0.13 

48.70 

492S 48907 

11,454 

tag 

<995 

■097 

5020 

4(75 

17985 

4244 

Sep 

50.75 

-007 

5090 

5075 

11.750 

429 

Ori 

51.70 

-002 

51.75 

51.70 

7,203 

38 

Mm 

5290 

■0.07 

- 

- 

5977 

236 

Dec 

5140 

•092 

5145 

5320 

14939 

1287 


Jri 

2897 

+002 

2170 

2120 

25.697 

1908 

Aog 

2897 

+009 

2898 

2113 

14916 

4.160 

tap 

2(50 

+090 

2890 

2795 

1(729 

1.094 

Od 

2797 

♦017 

2800 

27.45 

7928 

607 

Dec 

27.53 

+016 

2795 

Zfi.90 2(474 

4.7B3 

Jan 

2795 

♦015 

2795 


299* 

43 

Total 





84JB1 

1(902 

■ SOYABEAN MEAL CBT /IDO tons: S/tcnJ 



Jri 

2107 

+47 

2148 

2075 

12918 1.784 

Sep 

2061 

+45 

2125 

2066 1(044 2,144 

■ew 

2051 

+41 

2092 

2045 

(631 570 

Jin 

2042 

+61 

2077 

2025 

8.404 479 

■te 

1095 

+44 

2030 

1S38 

2.446 100 

■*» 

2010 

+60 

- 

- 

« 

Triri 





4ZJ9B 6957 

■ COFFEE XT CSCE C37900bs; oerteAbs) 


12625 

+125 

12690 

122.00 2(817 (BOB 


12175 

+115 

12490 

11990 15928 4961 

Dec 

121.15 

+395 

12130 

11790 

11.783 1,115 

Mte 

11825 

+290 iiaoo 

11690 

6995 422 

•toy 

11790 

+125 

11790 

11690 

723 8S 

Jri 

11790 

+125 

11790 

11(00 

88 9 

TIM 





6(358 K811 

■ COFFEE (ICO) (US eenta/pound) 


June 1 



Plica 


Pro*, day 






15 Hay verage — 


. 11497 


11494 


■ PORK BBJJES CME (4Q.Q0Ctba; carta/ba) 

Jri 42575 +5.100 42275 40000 4588 1520 

Al« 41575 +0375 41350 38500 2,955 SOB 

Ml 48350 +0375 48550 48350 384 80 

■tar 48500 -0.100 48350 48875 35 5 

■ay 51350 +0225 51350 50.100 30 3 

Jri 50500 - 12 11 

Triri 4417 1422 


LONDON TRADED OPTIONS 

• price $ tonm — Cota — - — -mts— • 


■ ALUMINUM 


■ No7 PREMIUM RAW SUGAR LCE (centa/toa) 


Day* 


HW> 


Tetri 

■ GAS OR. Vt (Home) 


138272 1*848 


101.75 


1Q1.30 +055 
101.10 +055 


10190 

10(85 

1931 

3 


jut 

10290 

10(70 37902 

122 


rites 

10190 

10190 

504 

68 


101.75 

10(55 

9983 

8 

3m 

15290 



228 


Jri 

15150 

m 


202 

. 

tag 

15(25 



80,187 

814 

Sap 

157.00 




Del 

16090 





Hew 

16290 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices vupptad by N M RodncMd) 


Days op* 

iriangs Mgh Low M Vri 

-050 16435 15225 28.070 4.768 

-0.75 155.25 15125 203*0 5387 

-050 156-75 16800 9345 1,965 

-0.75 15826 158.75 6.789 437 

-825 161.25 159-50 6,760 828 

-025 16100 18130 4338 350 

Total M/A KM 

■ NATURAL GAS KYMEX flD.000 imBU4 SAwnfitu.) 


Jri 

2019 

-19 

2019 

1979 29.736 

9.488 

Aog 

2019 

-19 

2019 

197.1 

16961 

3921 

Sap 

2009 

■08 

2019 

7969 

111999 

1962 

Ori 

1910 

04 

199.0 

1349 

5.661 

566 

Dae 

1989 


1989 

1939 

17.170 

3950 

Jan 

1 HL5 

+02 

1989 

194 JJ 

1.719 

46 

Total 






18917 

■ POTATOES LCE (E/tonne) 




JCE 

2609 

. 

. 

. 

. 

. 

HO* 

BOO 

- 

- 

- 

- 


Har 

1059 

- 

- 

- 


. 

Apt 

1209 

02 

1300 

ins 

676 

4 

■ar 

1409 

- 

- 

- 

- 

- 

Jun 

1079 

- 

- 

- 


- 

Triri 





678 

4 

■ HiSOHT (BIFFE3Q LCE (SICTndex poirtj 


JOB 

1302 

-1 

1311 

1302 

762 

88 

Jri 

1220 

-10 

12*0 

1213 

960 

65 

tap 

1242 


1245 

1242 

309 

48 

Oct 

1303 

■5 

1310 

1303 

£21 

10 

Jaa 

1337 

-«5 

1337 

1325 

03 

12 

Apr 

1JS3 

+3 



60 


Trial 

On 

Prow 



(533 

271 

on 

1420 

1437 






Dan 


Cold (Troy oz.) 

S price 

£ eqdv. 


Ctaea 

363.10-38390 


Masai 

Opening 

38390-383.40 


grip 

Morning fix 

383.00 

252918 

Oct 

Afternoon fix 

38(25 

253.305 

NM 

Day's High 

38390-38490 


QgQ 

Day's Law 

382-20-38290 


Totri 

Ptevious dose 

3859038(90 




132S +0335 
2310 +0327 
2375 +8028 
2.140 +0328 
2220 +0013 
2330 +0015 


Mgh 

1330 

2320 

2375 

2.140 

2225 

2330 


Ins tat 
1370 2S3S3 
1375 14372 
2343 11397 
2.112 9323 
2300 10.977 
2312 15.140 


Vri 

9.7*1 

1576 

138* 

386 

900 

1377 


128803 21377 


Loco Ldn Moan Gold Lemflng Rates (VS USS) 


■ UNLEADED GASOLINE 

m» 142300 us oriu ens orisj 


2 months 


3 (norths 

Stiver Fix 
Spot 

3 months 
6 months 
1 year 
Odd Coins 

Krugerrand 

M a pi n Leaf 
Now Sovereign 


-4.12 12 months +-BS 

-4.16 


Uteri 

Pries 

Day's 

change 

won 

Law 

Dpn 

tat 

Vri 

p/trajr cz. 

US eta equhr. 

Jri 

5395 

+OD7 

5495 

5390 

1911 

760 

362.70 

534.75 

Abb 

5345 

+0.10 

6395 

51*5 

51.335 

12.475 

35790 

540.70 

Sap 

52.70 

+032 

52.70 

5290 

2(008 

5914 

381.60 

54(85 

Ori 

5085 

+027 

<niK 

5085 

10992 

1.1*7 

37390 

503.50 

Her 

4887 

+014 

4876 

4987 

3952 

121 

£ price 

389-392 

393.70-39815 

90-93 

£ aqufr- 
258-258 

59-62 

Doc 

Triri 

54.00 

+042 



29090 

aawai 

194 

208*2 


Wool 

The official AusaaOan marhst indicator dosed 
Ms wash at B28 cents a Vg.. 11 Mrts higher 
then a week Defer* m at a new htgn lor the 
season. The marker cannot however be 
desc ri bed os autstanefiagty buoyant Rner Meri- 
no** were again In strong demand, and them 
were price increases aff e c t i ng otnor categories, 
but Now Zeeland was a cheaper market. An 
erratic and uncertain market impression is not 
unusual towards the end at a using n eoacn. 
but * Is making the tarii of passing on recent 
wad pnee rises ao rotators a good deal more 
ctfltojR. Far wool the rises in price has been 
enhanced by currency ch an g e s, with the Aus- 
tralian dcdar strong ngatnsi the U S dote as 
well as against staring. 


Jri 

1(25 

-0.16 

1228 

12 18 

2712 

100 

Ori 

1337 

-098 

• 

• 

1996 

- 

Jaa 

1192 

- 

. 

ri 

. 

. 

Mar 

1196 

-0.14 

- 

- 

60 

- 

Total 





3JHB 

MO 

■ WHITE SUGAR LCE fS/tome) 



A»g 

34(10 

-(78 

349.5Q 

34(00 

12919 

1,188 

Ori 

327 60 

-(BO 

32990 

32790 

9932 

322 

Dac 

31(10 

■0.40 31890 

31090 

704 

10 

■tor 

31780 

+0.40 

31(50 

31790 

2180 

261 

May 

31790 

+(30 

- 

- 

205 

- 

tag 

31950 

+a» 

- 

- 

235 

• 

Tetri 





29978 1,781 

■ SUGAR *11' CSCE (1129000m; croteftng 


Jri 

1(02 

■(17 

129S 

1192 429881(216 

Od 

1298 

-(13 

1295 

1201 

5(322 7968 

tor 

1192 

-(12 

1196 

11.77 

24.715 2960 

■ta 

11.70 

4L12 

1192 

11.79 

3960 

632 

Jri 

11.76 

-(12 

1190 

1193 

1.484 

30 

Ori 

11.67 

■(12 

- 


BB7 

20 

Tew 




129991 2(2(4 

■ COTTON NYCE BO.OOOto*; cants/be) 


Jl 

8298 

+1.18 

8295 

8195 

1(764 

4981 

Ori 

78*0 

+(70 

7890 

77.70 

(258 

1915 

Dec 

7690 

+092 

7(63 

7591 

24.368 (276 

Ita 

77.45 

+090 

7790 

7(90 

3954 

383 

“■I 

7(00 

+090 

7890 

77.40 

19*3 

161 

Jri 

7(38 

+(38 

7825 

7790 

345 

79 

Triri 





94987 9976 

■ ORANGE JUICE NYCE (1 59000m; csrasriba) 

Jet 

100.03 

4L4S 

10(95 

9990 

12194 

024 

Sop 

102.40 

-1JO ,10390 

10240 

5940 

288 

Nov 

104 00 

-1.00 

104.75 

10150 

1,415 

102 

Jen 

10540 

-090 

10(00 

104.75 

2JS2B 

98 

■tar 

10(00 

-090 

10790 

IQ6.75 

1962 

14 

•toy 

10(90 

*4UU) 



25 

I 


(09.7%) LME 

Aug 

Nov 

Aug 

Nov 

1325 

52 

87 

32 

42 

1376 

29 

'81 

58 

68 

1425. 

14 

41 

98 

04 

■ COPPER 





(Grade A) LME 

Aug 

Nov 

Aug 

Nov 

2200 

93 

107 

56 

94 

2250 

68 

84 

62 

120 

2300.. 

46 

65 

112 

160 

■ COFFEE LCE 

Jri 

8ep 

Jri 

Sap 

2100 

91 

166 

84 

215 

2150 

09 

177 

112 

248 

2200,-. ~ 

92 

180 

145 

279 

■ COCOA LCE 

Jri 

Sep 

Jri 

Sap 

Q<Y1 

71 

110 

3 

20 

975 

51 

93 

8 

20 

1000. _ 

34 

70 

16 

38 

■ BRBfT CRUDE 1PE 

Jri 

Aug 

Jri 

Aug 

1550. 

- 

- 

1 

15 

ion 

- 

- 

6 

30 

1650 

28 

65 

18 

- 


LONDON SPOT MARKETS 

■ CRUDE OIL FOG {per benriUri) +or 


Total 


22388 1325 


VOLUME DATA 

Open interest and VUtarna data shown for 
cont r ac ts traded on COMEX. NYMEX, C8T. 
NYCE. CME. CSCE and IPE Crude (M an cm 
day In arrears. 


INDICES 

■ REUTERS {Base: 18/3/31=100) 


Jun 2 Jun 1 

1967.8 19743 

CW8 Futuraa (Base: 4/B/5fr»!00) 


■north ago year ago 
18609 16553 


Dubai 

S1595-595W 

■0.10 

Brent Blend {dated) 

$1(23r&24 

-0.12 

Brent Blend (Jri) 

SI 695-6-30 

-0.17 

W.TJ. {ipm eat) 

S1(00-(10w 

-a 18 

■ OIL PROOUCTS NWE prompt deflvory OF (tonne) 

Premium GasoSne 

SI 87-169 

+05 

Gas Ol 

$152-153 

-09 

Heavy Fuel Ofl 

S82-85 


Naprtha 

SI 58-161 


Jet Fi iri 

SI 62-104 

-19 

nseofuun Arps Gaiaw 



■ OTHER 



Gold {per troy azft 

S38O0 

-2.40 

Slhrer (per troy 

KH60C 

-790 

Platinum (per troy oej 

*39(25 

-598 

Palladium (per iroy ozj 

*13495 

-190 

Copper (US prod.) 

10690C 

-190 

Lead (US prod) 

3590c 


Tin (Ksfflte Lunvur) 

1493m 

-094 

Tin (New York) 


+4L50 

Zinc (US Prime W.) 

Unq- 


Came (Rvs wrighOt 

13095p 

+197* 

Sheep give wiilghQre 

12&12P 

-ass* 

Pigs (Bvo weight 

88L5Gp 

-or 

Ltsa day auger (few) 

*296.70 

+(40 

Lon. day auger (wh* 

035(40 

+080 

Tata & Lyle export 

£307.00 

+490 

Barley (Eng. toed) 

£10490t 


Maze (US No3 Yellow) 

*1409 


Wheat (US Dark North) 

£1609 


Rubber CJ«8f 

72-26p 


FWfeer (AusJf 

7290p 


RubbertKL RSS Nbl Jurg 

25&£bni 

+190 

Coconut Ofl 

S8159E 

-159 

PBkn Oa (MetayJ§ 

S5109y 

+69 

Copra fptiq§ 

*4109y 

+79 

Soyabem (US) 

reosor 

+59 

Cotton Outlook A Index 

6690c 

-090 

Wooflopi (54a Super) 

428p 



Jun 1 
233.04 


May 31 month ego year ago 

235.35 224-30 208.09 


C pe IBM imta oSwnMM Meted. p pmorikg. o mnm/*l 
r rtnggMq.ni Mriayrian omfeg. t OctIDae * JunUid. y 
ton. w Jri. V Lmdan n iyto nl . § OP tento » Britan 
nwtoi ctoee. * Swp (pw nlgK pSow*. * Omari on 


Traditional suppliers seek 
EU sugar supply priority 


By Canute James 
In Kingston 

The European Union's 
traditional raw sugar suppliers 
have asked to be gi v e n first 
caR cm any new import quotas 
required and have started 
negotiations to supply about 
260,000 tonnes per year of raw 
sugar which will be needed by 
Portugal. 

The price which the EU has 
suggested for additional sugar 
imported from the African, 
Caribbean and Pacific (ACP) 
group is based on a formula 
which adds four nenta to the 
going world market price, 
which would currently be 
about irmp ramtH less titan the 
ACP gets for its guaranteed 
sales of 13m tonnes per year.' 

Officials of the Sugar Associ- 


ation of the Caribbean, who 
report e d on the talks with the 
EU, said that the expected 
expansion of the Union would 
create to the prospect of 
"additional access for ACP 
sugar to the EU of possibly 
between 330,000 to 400,000 
tonnes each year at preferen- 
tial prices” 

In particular, the group is 
targeting P o rt ug al which b«w 
been receiving about 75,000 
foam ps per year from four ACP 
s t a tes - C6te d’Ivoire, Malawi, 
Swaziland, 7jmhia- 

Portugal needs 260,000 
tonnes per year of raw sugar 
which it now gets from the' 
world market, according to the 
Sugar Association. ACP mem- 
bers want to be gfvmi first call 
on any quotas issued for 
imports by Portugal 


CROSSWORD 


No. 8,470 Set by VIXEN 



ACROSS 

1 Note the fellow hanging about 
is a famous American (8) 

4 Looking round the civic cen- 
tre feeling famished (8) 

10 A yobbo must accept a wom- 
an's attacks (6J) . 

11 Individual taken hi by Greek 
has-been (5) 

12 Erect back (4) 

13 Sure to be Afferent after the 
oomiog speculations (10) 

15 Get around some children - 
twin eleven-year-olds (7) 

16 Sol turned red when cut (6) 

19 Schools tranaport (6) 

21 A lively movement, legal or 
otherwise (7) 

23 KBoe detafl(10) 

25 There are other ranks - a 
number, it’s safai (4) 

27 Spanish article on the spirit 
shown in Scotland (5) 

28 Foreign princess who made 

her marie (9) • 

29 Ceremonial without measure 
- just Hke a star (8) ' 

30"" 


7 Private hotel bearing, the 
• royal insignia (5) ■■ „ 

8 Flashy rig - has to be 
- changecUQ 

9 Pasta or pate? (6) 

14 Dream intbe face of separa- 
tion UO) _ 

17 The eccentric sees anger as 
. ardour (9) 

Mg Miv the company drinks 
before church (8) 

20 The boss outers duly half - 
he’s teaming* (7) 

21 Made an unusual garland for 
the bead (0) 

22 Showing soma craft about 
ex ercise, the top man runs (6) 

24 Reprobate having fere saved 
up tn Ebe Ftench way (5) 

26 By no means-all will get 
chances to eat out (4) 

; Solution 8,468 


DOWN 

1 Equipment expected to M ow 
up! (S) 

2 One entrant's possibly put on 
the spot (9) 

3 Love to write, that’s quite 
apparent (4) 

5 Summing up people (7) . - - 

6 A croak at 90 (^5) 



Of broking and jobbing the Pcfflaat’sfand, - 
See how sweedy his puts yourword onto pond. 

- • 


JOTTER PAD 


r 


Kr 


r s 










/ v 











P r oyr JlVl 


v, . 

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Hte Vi i 

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f » ^.. 
I* ** ^ 

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'ijm ••rat ii4*-. r 
. : ftv*is tv'. 
*i* w . :. • 
W: «* f»«v •• 

W *u, ,. . 
Wt- «wfcu „• .; 
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it.. * .' , 

WS.&for f:;i ' 

Hit' A •WrjptJtij - 
**'_ )w* fft,;; 
Lit Vrtr •......' 

Ij* t*w. tJi i * . ; 

ttf-,4^ . 

gjK «& in,;.. ... 

W ' lilli-p* .-. , . 
St- IftB Wtj-;. : . 
if. :■ iHsitftsi,,- .. 
3B- ‘C|ift^.V. 

>. : . ftbfr m 
t Ht ;•: 


ifr: 

itm 


X:-;: 


suppliers sef 

®P*> Priorip 


#tUlD .1: -;.. 

Rt?. 5.1:.: 

thf«U' t,. 
“adrfti:..., ... 
WK*l Tt- 
bff|*Tr;; 

temw. r.„; ; 
tiul s»n-v, 

I« 

teffHi’u' ' 
Wfl hv .. 
"totH*** Jut . 

i,-.: 

£ }SwuaU:u: 

K :1 \ PntOi, 

» i«. . 

ttekh it - , 
Nctffe! e«..v :. 
SdS&f .V -... 
Vrs as.:-,. •. 

*2! v- : 
Ayy&xv- ■ ■ ■■ ■ 

jifOR D 

S' by Vi Vi 


* 

•t 

*.- 

A 

Hi 

r 

f 


f; 

fc;i 

* 



FINANCIAL TIMES FRIDAY JUNE 3 1994 


37 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A Alt-Share faydex 




Footsie records strongest daily gain this year 


■■qptftF Shwes Traded 

TUoovsr by votums (PriBoty Extfuding-- 
.'■ ;|r?ratm0il^businawarwww^ 


By Terry Byland, 

UK StOok Market Editor 

THe London stock market took the 
opportunity. of yesterday's holiday 
closure in Frankfurt to mount a 
determined rally after Its prolonged 
run of weak trading sessions. The 
FTrSE 100 Index recorded its best 
daily gain for the year as a strong 
recovery in UK government bonds, 
toge th e r with a better performance 
from s tock index futures, signalled 
growing suspicion among . fund 
managers that the near 5 per cent 
fall in share prices over the 
past two weeks may have been 
overdone. _ 

Buyers appeared as soon as the 
market opened and the pace quick- 
ened in the second half of the ses- 
sion when gains in UK gilts were 
extended to nearly E4 points as US 


Federal bonds opened higher and 
the German bund, trading on the 
London International Financial 
Futures Exchange (Liffe), reversed 
early losses to forge ahead. 

The final reading showed the 
FT-SE lOOahare Index at 2^80.8, the 
gain of 48.9 representing a recovery 
of all, and more, of the loss on the 
previous day; it' was the highest 
daily advance since December 29 
last year when the Footsie jumped 
by 48.7 points. 

As so often in current market 
conditions, much of the lead amy * 
from stock index futures, where the 
June contract narrowed its discount 
to the cash market- and recorded 
heavy trading volume. 

With the focus on the futures- 
related blue chip stocks, the 
broader market had a less dramatic 
session. The FT-SE Mid 250 Index 


Beuimit Dedag DMh 

fWOttgc 

May 10 

Jui 0 

Jun 20 

OpUop PactoraHwiK 
An 2 

Jwi 16 

JUn 30 

Last Daatowe 
■hn 3 

Jui 17 

Jri 1 

Aa+M+Ov 
*n 13 

Jin Zl 

M 11 

-Now Hma riaaringa 
buatatM ttovaaoiBan 

m+jr Mm ptaoa ton tea 


was finally a net 1B.6 up at 3£5&3. 

Bargain hunters appeared as soon 
as the market opened, following 
morning meetings at most market 
firms at which buying recommenda- 
tions had predominated. Share 
gains were extended when the June 
stock index future opened at a 
small ar discount to the underlying 
Footsie index than had been seen 
for some days. This, in turn, pushed 
market firms to buy the underlying 


stocks. 

However, the advance was fairly 
restrained at first and it was only 
when the UK gilts market turned 
sharply ahead that the gain on the 
Footsie moved above the 20-point 
mark. There was little response to a 
modest foil la Britain's longer lead- 
ing economic indicator, nor to 
details of UK gold and currency 
reserves, neither of which contained 
any surprises for the market 

It was left to the bond sector to 
give the final boost to a stock mar- 
ket which turned strongly ahead in 
the final hour of trading to close at 
the best level of the day. 

Seaq volume of 613.9m shares 
compared with 580.7m an Wednes- 
day but was unexceptional; retail 
business was worth £U2bn on the 
previous day, also a modest total in 
spite of the sharp foil in the stock 


market 

Traders admitted to being caught 
out by the strength behind what 
was generally categorised as a tech- 
nical rally. The near term outlook 
still depends on trends in the Ger- 
man bond market when It reopens 
this morning and in the US mar- 
kets' response to the payroll and 
unemployment data, due today. 

One factor behind the recent 
weakness In the Footsie has been 
the absence of support levels on the 
equity charts. For similar reasons, 
any recovery in the market could 
ran as for as Footsie 3.050 before 
being seriously challenged. 

Wall Street was showing a gain of 
only \2 S on the Dow Average as 
London closed for the day and some 
UK traders expressed concern over 
weakness in some Far Eastern mar- 
kets. 



Apr 

SowoEFTOraphtte 


199* 


■ Key Indicators 

Indices and ratios 

FT-SE 100 29800 4*8.9 

FT-SE Md 250 35503 +18.6 

FT-SE-A 35Q 15009 +208 

FT-SE-A All-Share 150089 +1028 

FT-SE -A M-Share yield 091 


Best pe rf or mi ng sectors 

1 Tobacco 


h4£ 


2 insurance 

3 LHe Assurance 

4 Telecommunications 

5 Water 


+3.8 
, +2.6 
+ 2.2 
+02 


FT Ordinary index 2364.5 +*03 

FT-SE-A Non Rns p/8 1938 t 19 - 04 ) 

FT-SE 100 Fut Jun 2968.0 +800 

10 yr Sit yield 8.66 (8.94) 

Long gRt/equtty ykt ratio: 2.23 P-28) 

Worst per f or min g sector* 

1 Extractive industries —— *0*5 

2 Other Rnandate -0.* 


3 Engineering, Vehicles .-03 

4 011 Exploration & Prod -0.1 

5 FT-SE SmaBCap nfc 


Analysts 

upgrade 

Boots 


Results ahead -of market 
expectations lifted Boots, the 
high street retailer, and 
prompted a series of profits 
upgrades from stockbroker 
analysts. The results also 
brought a measure of relief to 
the stores sector after disap- 
pointing remarks from King- 
fisher at its annual meeting on 
Wednesday. 

Profits of £484.4m, up 19 per 


cent from last year, came 
against forecasts of £455m to 
£470m. Boots took an expected 
£68.5m In exceptional charges 
far its Manoplax drug and Do 
It All home improvement busi- 
ness. But strong cashflow 
transformed a £2&8m net debt 
position to a £69m cash bal- 
ance at the year-end. 

Forecasts for 1994-95 were 
upgraded by around 5 per cent 
to the £55Qm mark. The shares 
jumped 22 to 527p on turnover 
of 3J2m. Kingfisher weakened 7 
to 51£p. 

NatWest firm 

Banking group National 
Westminster rose 20 to 444p 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures .bounced 
from recent Jews to move 
sharply ahead, encouraging 
a recovery in the cash market 
However, the dime Footsie 


futures contract remained at 
a discount throughout the 
session, writes Terry Bytand. 

The cfiscount against the 
cash market recorded by the 


■ FT-SE 109 MDEX FUTURES (UFFEJ OS par M Max point 


(AFT) 


Qpan Sett price Change High ’ ‘ Low Est tfoi Open W. 
Jun '2831.0 2968.0 +600 29800 29200 17514 50*90 

Sop 2842.0- 2980.0 +50.5 . 39844 -2938.0 2039 10200 

Dec - 29890 +810 0 261 

■ n--*CMPaaowi^WTt«esijffqgioperMMaxpdfc« 

Jui 35500 35660 +370 35500 35500 23 3724 

Sap 36005 36700 +67.0 35850 35650 25 921 

M FT-SE MH? 250 IMOBT HTTURgS (OMLX) CTO par M Index point 

Jun ' 3660.0 - - • - • - . - . 771 

MopmtWM Npaw ntor pmtauiCv. t Ewa n*hm aham, 

■ PT-8E loo gaextynowtLgrg rZB/s) Ei o per (n Max point 

2000 2060 2900 2960 3000 3000 *100 -3160 

C P C PC P C f C.P C P C PC P 

Joi m>£ 7 13Z>2 l1lzm«2 22 S3 37 29h 62 u flfe > Mllj 2h Itoh 

JK T9to221>a 1« ilV 11# Wt m 6BlaB2l2 80^ C«a ia 27 167 16>z 196 
Aug *ffla 39 IS# KPj M4h 67h1W*2 68 S7 110 BWj T39 «>j 172h 31lz 208*7 

Sep 23* 50 Itt «2h 157% 78h«9»2 101 HO 124 83 156^ BZh 13S>2 49 222 

Dect 2fi> J8 • 198 116 143 158^ 99 212 

caHuunatUK .... . . 

■ amOSTYlh FT-SE ttooma OPTION Vft^ClOperlUi Max potra , . 


. 9009 


■ 2278 - . 2025 " 3878 
in VBh Efe mh flk WhilAh 1 
Jri 213*8 18 172*2 24*8 135*2 37 1B2^i 53 
Aog 196 43 128*2 75 

Sap 206 .53 ' - ' - 141 87 

Decf - 243*2 84 198 118 

cm T*ra Pun mw * UMMrto ***** am. omo m m an anaaneot pom*. 

t Lug (Wad aq*Y mooBn, 

■ EWwsmaFr-aeiyHDaBoiHOB{oroow{pMi^CTOpyMinti»pow 


2078 ' 3025 3075 3138 

25*2 39 «2 29 «*l 1)4*3 5 15B*a 

“ 74 75 51 102 33*2133*220*2 170*z 
76*2 122 40 184*2 

89*2 134 82 194*2 

T2B*a181h 05*2 217*2 


9660 . 3800 3080 3700 3750 3900 

JU 88 45- 36 72 20% «K 10*2 146 
CMS o p«* 0 SMnwnt rrtxa rod mIhm ire team a 43Qn 


3890 3000 


and saw trade of a hefty 9 An 
shares, "firing it one of the 
day’s most active stocks, after 
UBS turned buyer of the 
shares and upgraded profits 
and dividend expectations. 

Mr John Aitken, at UBS, who 
previously had the stock 
marked as a hold, lifted his 
current-year profits expecta- 
tions by £L5Qm to £L55bn, and 
by £10Qm to £I5bn for the fol- 
lowing year. 

The broker also raised its 
dividend forecast for the cur- 
rent year by 17 per cent to 
2L5p. 

uinia from Granada at its 
results meeting on Wednesday 
that it would be interested in 
bidding for Yorkshire-Tyne 


June futures contract was 
much reduced from the 30 
points seen on Wednesday 
and trading volume remained 
healthy. 

Traders commented that 
selling had been overdone this 
week and that investors were 
In the mood to test the market 

Some further saffing from 
US sources was seen at the 
opening but, in the absence 
of the Frankfort markets, 
London futures soon rallied. 

For most of the session the 
discount on the June future 
was cut to around 11 points 
and the day's low of 2,923 
on the contract was reached 
very early. 

Buyers continued to appear 
throughout the day and the 
final official quotation of 2,968 
on the contract was 60 points 
higher than its previous dose 
and showed a cfiscount 
reduced to 10 points against 
cash. Turnover at the doee 
was just above 17,500 lots. 

However, In traded options, 
volume dipped from 
Wednesday's 36,389 contracts 
to 30,170 yestertiay, and the 
Footsie option recorded only 
13,076, against 18,189. Among 
stock options, British Gas 
(1,819) headed the 1st 


Tees, aVimrtri the government 
relax the current industry 
takeover rales, had a predict- 
able effect on the latter's 
shares, which shot forward 24 
to 300p. Worries over funding, 
for such an expansionary strat- 
egy hemmed in Granada, 
which paid £760m for LWT ear- 
lier this year, to a penny rise 
at 502p. 

Slow advertising volumes at 
Scottish TV were reported at 
the group's agm and the shares 
slid 15 to 899p. 

A stock overhang continued 
to depress British Aerospace, 
which declined 7 to 448p. Senti- 
ment was further riawug gri by 
worries over leasing contracts. 

Engineering group Siebe, 


TRADING VOLUME 


■ Major Mocks Yesterday 

Vet Ctookig Off* 


ASUQnupt 
A&tay Nmnoir 

Abaft Rafter 
Aiboo 



000a 

pd» 

Oartpa 

7.100 

tab 

+14. 

w 

+10 

+13 

1JOOO 

G5 

4t 

2,700 

093 

+11 

mzM 

400 

+11 

Ell 

333 



233 

+2 

922 

Z74 


233 

327*2 


323 

2+0 


UOO 

833 

+2S 

+J00 

• 410 

+17 

1^00 

126** 

+3 

ipoo 

<00 

+10 

ret 

720 

+14 

&000 

38* 


woo 

201 

+12 


SOMMt 


BriLAnotfmt 023 

Britt) Afcwsyvf 4£00 

><Wt msm 

i Land 1,+oc 

BAHiSMit asm 

Bind 737 

Boramh GHMit 770 

anon aaoo 

cabte&wtat aaoo 

Cxdtnyfttfaaapp—t IriOO 
CMorGnwp 


1,000 


CntloA 

CbttVMtot 
Cairo. (Moot 
Coaim , 
CowtKldnt 

SKW 

□bona 

EMUmQtO. 

UMUMBia 

BtgOtaCSn 

Eimt»twOtf 
Eumimai UMa 

na 

Rm 

4C0LLT. 


I FT - SE Actuaries 

Share Indices 



! he UK Series ; 



□B/0 

Your 

Olv. 

Em. 

P/E Xd 04. 

Total 

. 

Jun 2 

chQ«K tel May 31 May 27 

ago 

ftridft yMd% 

ratio ytd 

Rafem 

FT-se wo - 

29806 

’ +1.7 '2831 J 30706 2868.4 

28523 

4.14 

633 

1734 4070 

110018 

FT-SE MU 280 

‘ ' 3568.3 

+OS 3537.7 35613 3573*3 

31833 

3.47 

073 

21.23 4066 

190040 

FT-SE MM 230 ox Inv TnatS 

3582J 

+05 »44.0 3571.6 3562.1 

3202.9 

3.81 

017 

1036 41.40 

1304.70 

FT-SE-A SCO - 1 

1509l9 

+1ri 14801 15087 16000 

14202 

338 

OBB 

1004 1937 

114837 

FT-SE SiMBCW) 

1872.64 

1872.16 187734 1883^2 162040 

238 

4-22 

2032 10.18 

143732 

FT-SE SwaSCap m hw TmtO 

• 188255 

+0.1 1 8S 1.30 18S639 166274 163878 

3.14 

4.65 

2634 1055 

142432 

FT-SE-A ALL-SHARE 

1803.88 

. +13 1484.83 150172 150088 140832 

3L81 

047 

1056 1048 

118534 



■ FT-SE Actuaries AU-Sharw 

. Jun 2 


oars 

cb&% 


Am 1 May Jl May 27 


Yaar 

JS?_ 


D*v. Earn 
yjaMW yiekff* 


WE Xdaq. Total 
ratio yM Baium 


Hnort 
HanlMni Ottold 

SSon 


10 MNSMi. srrrwcnoNtu} 2007^2 

12 BdracthM Muakte(4) . 3756.09 

15 OL mnenia^S : ' 2557 J5S 

10 Otf Expfaatton A PretKIII 1 90200 


+032690282608.10 200^282199:10 3J0 4J0 27.88 37.88 1036.10 

-05 3774A*37B2J9 3785.15 3081.10 3.63 5JM 2031 4336 102001 

+06 2545^8 256035 2545^3 21 17J80 080 4.83 2a«3 4043 1037.78 

-OI 1903.00 1921.10 192081 1047^40 3J4 1 JO 80007 15*2 108022 


Land Sacuttot 


20 OBI MWWA0TliRERS(2e3t . 1873.87 

21 BuMbie & CorMbucSorOI) 120041 

22 BUhdne Malta * MorehapiJ 1005^9 

23 Ctwnkabpl} 2447 JH 

24 DhmmiflMl todutfriobtlQ 198059 

25 Sactrortc & Sect Equ*j(34) 1978^8 

26 En8m«wfa9(71) 182151 

27 En^nwrtis. V8Ncte(12) 223384 

28 PrinOno. PBpar S Prt^7) 2755JJ1 

— “ - — mut 


♦00186038 1979.72 197053 1781^0 OBI ISO ZTM 34JST 99082 

+02 1206J5 1221 M 1221.09 1071 .10 009 4.00 314» 16.18 03725 

+12 1871.75 1901.13 180082 109520 070 320 3258 2079 887.68 

♦1.1 242010 2437.43 243525 218440 078 090 3202 2039 10603 

+091062731900141984.04105090 4^0 4.64 20.76 3046 965£8 

+08 196099 2017^1 202043 1081.40 072 065 1005 1200 04099 

-■+06 1014.57 183067 182015 1328.80 299 4.04 3048 2011 103060 

r03 224-L22 2230199 2217.78 178010 4^9 231 5087 3242 106833 

+1^272088273050271025234000 3.02 5JM 2281 20.45 1071.66 

+02 1T19J7 173087 1728.71 181220 4.07 003 2215 2005 96019 


LooSSOmnit 

mp 

London Bm. 
UMn 

Luam 

MEPCf 
MR 


881 


i(MAnJ 


7*«l*reK 



30 COM8UMS1 QOOOSfaq 

261020 

+1.5 2574.14260434 260631 267830 

448 

73* 

1434 4440 

886.13 

(Vf-V- 

31 0NWMri*a(17} 

310437 

+13 21 SS30 216030 21 6829 1039.70 

430 

739 

1536 1333 

96335 

W >•* 

32 SpWH. Vrinn ft CktowflO) 

2678.10 

+1.0 295034 289521 290538 272830 

3.84 

631 

1732 41.70 

06138 

• V: • 

33 Food Menulaeturtn(23) 

2202.77 

+0.7 2187352218.91 221938 2215.00 

433 

8.17 

1428 42.75 

91839 

tJ ^ -~ -• 

. ii+r. *«•• - • 

ft : 

34 HousetoU Qood*(13) 

2472.10 

+03 246534 247433 247138 231030 

055 

744 

16.16 4074 

88078 

36 HeariLCflrapffi . 

- 1678.78 

- +0.7 1665.16 168060 166839 169130 

020 

5.78 

20.63 19.00 

96233 

37 Phernnoeuttcato(n> - 

zutfOer 

♦13 2641.70 267015 2669.193032.10 

4.77 

8.18 

14.06 47.15 

83932 

38 TobaeooCl) 

3515.03 

+43 337241 3431.14 343833 3305.10 

630 

9.69 

11.78 10235 



Mnbttftomf 

Not 

NomWMtittt 
NortMro0«A 
fenfean Fooriff 


+90 

458 

10 

SOB 

168 

+2 

231 

870 

-a 

4,100 

306 

+18 

92* 

683 

-1 

2200 

123 


1200 

21B 

+1 

10.000 

444 


1.700 

773 

na 

■Oh 

♦7 

1200 

SB 

•11 

802 

B45 

-13 

347 

Ell 

+4 

IIS 

613 


IJBO 

SOB 

+0 

9sa 

aas 

♦18 

1,100 

1200 

S200 

-2 

-a 

187 

663 

+o 



40 BERWCEBBSCJ 

183139 

+1.8 190130 102339 192434 179530 

X14 

537 

2010 

1040 

03439 

41 Dtsaributora^l) 

2818.66 

+0.7 278634 2627.96 283430 26*620 

012 

538 

1034 

3435 

96536 

42 Utoum&HoWaBaj 

2087.00 

+1.72061.11 207338 207833 1787.10 

331 

436 

2539 1042 

101832 

43 MectatiB) - . 

29BQ30 

+13 291.7.00 293095 284830 2348.70 

2.18 

439 

2X48 3435 

102131 

44 RetoBora.-FoodpT) 

1660.67 

+13 153833 15483S 1K4.74 197830 

4.07 

9 39 

12.74 

13.72 

91506 

45 RauBera. (tonanri(44i - 

165130 

>13 162131 165430 186930 146050 

339 

635 

1037 

11.14 

88013 

+6 Supperi.Sarriea>(40) 

1602.07 

+13 1577.76 1586.41 158635 150430 

232 

6.71 

2027 

938 

06134 

49 TienspcwriBJ : 

2300.35 

+13 227538 228050 2264.48 2095.70 

338 

436 

2436 

15.14 

80093 

51 Other Sanicas'X BtetoMriltt 

116236- 

+0.1 110069 1194.71 119735122330 

4^48 

230 

aooot 

391 

100832 


SS25“~f 

E f 


827 

230 

378 


807 

211 

481 


K 


80 mBilESM • 

62 SocMd*(l7) 

«e On otaribuikMfi} 

66 TotexKnmunfcatk>no(4) 

ttMMRirttft. ■ - 

2170.55 

207238 

175430 

182584 

1725.48 

+13 213634 217518 216064 21 1430 
+03 205937 209934 211433 173570 
+13 173232 17B73S 180030 190730 
+23 1884.68 1B2931 1921.72 109000 
+23168835 166232 167517 167080 

- 4.73 
4.12 
633 
436 
544 

581 

1132 

* 

838 

1437 

KT5 1433 
1034 1536 
t 5543 
1538 a 09 
731 548 

81534 

63585 

80231 

80138 

83030 

69 M0tt-nNM(CUL3(632) 

1627.71 

+13 1607.76 162585 182590 153132 

831 

520 

1038 1935 

113233 

TO nNAHCWJLShOSO 
.71 BonMtA 

73 hnf80iee(17) 

. 74 Ufa AMunnaem 

75 Mtidtotii BanksM 

77 OUW awnewco 

70 Ptaoartvoa 

210234 

268930 

1228.77 

223839 

279731 

178938 

154065 

+13 206432 208438 207088 197330 
+13 284331 2677.18 2007.79 243340 
+33 1185J20 1 19634 1181.81 129330 
+58 218081 218042 218833 254010 
+0.4 278733 278838 280439 267430 
-03 1795.75 1800.64 181517 141570 
+03 162737 154519 154552 137520 

430 
433 
535 
53 5 
934 
3.78 
<00 

544 

582 

11.73 

8.13 

1134 

572 

436 

1330 4134 
1549 5937 
933 273 4 
1510 6538 
10.14 2338 
1737 251B 
3034 1039 

622.11 

70582 

831.01 

84575 

82732 

94030 

68514 

mil 

273434 

+54 272431 273731 2734.94 228590 


139 

63.54 2534 

91234 

so pt4»a MJtnwqni 

150539 

+13 1484.63 150132 150038 140832 

531 

547 

1835 1548 

11B&JM 

■ Hourly mouomonts 

Open MO 

«U» 

1130 1230 1500 1430 

1500 

1510 Mgh/day Lew/doy 



+8 

*20 

*a 

*8 

*2 

*7 

+15 


♦17 

*e 

*6 

+5 

*8 

*8 

*2 

-2 

*5 

*5 

*e 

+a 

40 

40 




FT-SE TOO - 2043.0 29+9-9 2965.8 2961-7 29500 29800 2S8&S 29622 29704 29808 28422 

FT-SE MU 250 ' 35395 3543.4 36409 3547.0 3546.1 35507 3S505 38SO0 3565.1 3S5&3 35306 

FT-3E-A 350 148X6 14906 14805 1601.8 15000 15026.15028 1SC20 1607 J 15009 14902 

lima of red Hgb i*» U* t3T 

U FT-SE Actuaries 350 Industry baskets 

Opow 9J0 1Q00 lire 1200 OOP • laoo IPOD mo CU— Proahw Chew 


ffldBftChriPcn 

11352 

11354 

1139.7 

11413 

1141.7 

1141J 

11413 

11383 

11393 

11403 

1133.7 

+56 

. 

rlWAUJUrWTlICJD . 

28313 

2821.6 

28292 

28343 

38213 

28257 

36253 

283<7 

26503 

26650 

26133 

♦42A 

Water 

16057 

17073 

1705A 

17151 

1712.8 

1723.1 

17255 

1721.1 

17243 

17293 

18857 

+373 

Banka ■■■• 

20952 

20050 

56822 

2695,7 

28658 

27053 

27033 

20958 

27103 

2722.7 

28783 

+463 


TTt 


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roSS SSff a SS 

??aK|S^«S^^^^i^SS»j«iFr«M09ian 

hHBM m ludMd by Th«\MM Cww. 1 8«aw WE etta gMMr aw» 


tt aaMtuui m antatiia tan Hi# Dm 
mi BX>oa m a f awni e M fl p«i >« r P— a d product* 

wo, via Free mb 25a fwk AdwoM 065 bid tr» ft-SE Amtt tnomry 
VJomnnd Matt; of Mtfd add tt ff-SG MUM M«IM Mm ii 
■» of Acuito* and ttia FacuBy ol Mxnott oadtr ■ mmIbI war pwvl ntt. 
Madlintad IBM C Hw PkiancW T — 


I Tima UMM 1904. M ilgMt 1 
I Ymm UMMLiha FT-8E acuvIm Sot 


pact 
FMngtnt 
PowwQwit 
PlittMWf 

g 1^ 

&000 

W*» 

»MI 

ijrao 

905 
*» » 

1J00 17B*2 

3A00 •OBh 

2.100 250 

2H0 379 

2 12+0 

897 510 

381 333 

1.SC0 3Q 

3^00 120 

uno isa 

352 310 

1.500 502 

3^00 70S 

sjm 5+9 

3+4 231 

789 +65 

2JJOO 1304 

- 1JW 30+ 

Sb 9Q BMGhn U&.t 1.200 33+ 

_ - 199 452 « 

341 SS9 -0 

150 605 +3 

312 510 tU 

88 586 -8 

17 528 +19 

tWO 239 +10 

532 ?15 *4 

vm W7 i15 

838 223 -3 

1.200 Stm *6 

4.100 206»J +2^ 

£000 147 Ifl 

329 +19 *2 

329 MS *3 

asm 210 +i 

1.000 +79 +r 

m 10c +u 

£700 SB +11 

1^00 IWJ -*2 

Unora, 2*3 382 -1 

UnRMt 1J000 1004 +9 

72+ 323 ++ 

309 503 « 

ZJXO xah -*1 

1 xoa 889 4 

-MS 559 W 

212 no +10 

80 KM +17 

+81 530 +17 

3.100 355 ^ 

W IB 4 

£+00 10S +1 

453 780 +19 

030 50 4 

yon 512 +17 

1.100 077 4 

I vdkm tor a ariaoSon of ra+ior 

] «a SE+O +jW*j> 
yonantoj) aari <C30pia. ItodM M ana nKn «r 
m+n n RHMtfl do«n. t MSatn IB PT«E 

tool 



Tkytor Wadmi 
Twoot 
IhamwIMtoaft 
-ItiomQAt 



which reported a 19.7 per cent 
increase in fall-year profits to 
£217.2, remained In the dol- 
drums for most of the session 
but managed to ckee 2 ahead 
at 548p after trade of 2Am. Sev- 
eral brokers upgraded profits 
expectations for the current 
year, including NatWest Secu- 
rities, which now expects prof- 
its to be £5m higher at £257 -5m. 
However, Mr Sandy Morris at 
NatWest said: “The shares will 
be a good recovery play pro- 
vided the company can 
im prove on the margins.” 

Pro fit- taking at submarine 
builder VSEL, which reported 
figures in line with market 
expectations, saw the shares 
tumble 50 to 928p. Hoare 
Govett also weighed in with a 
profits downgrade, trimming 
its current-year estimate by 

ggm to £65UL 

The news that shipping and 
engineering group Vosper 
Thornycroft had foiled In its 
joint hid for a five-year can- 
tract to supply min shunters to 
the Australian navy amt the 
shares into retreat and they 
closed 24 down at 740p. 

Fears that the UK may be 
forced to change over to conti- 
nental electrical plugs and 
sockets hart electricals group 
Delta. The shares relinquished 
17 to 517p. 

The regfonal electricty com- 
pany stocks were a weak fea- 
ture as some pronounced sell- 
ing daflaH the nsual trend of 
following the gilts market, 
which yesterday was higher. 

However, the strong market 
was proving Irresistible 
towards the close and a sector- 
wide rally saw the shares come 


NEW HIGHS AND 
LOWS FOR 1994 

MWMa*0(21). 

BANKS (1) SumOomo Turn 5 Bit. 

M8TMBUTOR8 ft) RXw Proa. ELECTRNC & 
ELECT COUP flj MlttN Bactric. 

BWii «MM i a « Mqaw. O YtwB-r vttwii , 
EX11U0I1VE H>S nj Euopa Uno. 
HOU8BKMJ3 00008 (1) CMwm 5 LrtUa. 
1W8+ H WWC E fi> Amwlean fcrtt. OIL 
emoRAnoM a prod c+j phtho, paper a 
PACKO (1) U* Qroup. PROPERTY (It Prop, 
pwmnhto RETAMJERS. POOD (1) Greggs. 
SUPPORT SSRVS pj Manpower. Vtou Focm. 
AwamcAits » BOOTH AFnCMIS ffl NEW 
LOWS (169- 

msz n BANKS n AMZ. «wl Itt. Bno 
SMnh, BRB M UE R ltJ t (1) Oreonot* 

Mnn a cnsirn n bldq mails & 

HCHT8 n Aartey Prt. CflK Hevmod VMfam 
Pit, NorcnM. Shew OB Ineuttons, CHEMICALS 
ri) C+nMone, WSTRSUTORS fS) Eniorpfea 
Compute. Onkw. WOs. DIVERSineD INDL8 
|3) Poc+lcOmtop. P ow M DuWryn. wtoma W, 
BLB C TWC 1 TY tU South Watoo. ELECTRHC 8 
SLBCT eour (2) SeanMrte. Vote. 

GNOMisniiiG n BxnuenvE inu® n 

FOOD MANUF fTJ U+bOnM. HEALTH CARE (0 
Moran, NMtor-BNA, SMeM DlagnooSca, 
Topnol Dta^KMOCO. IMCMm. HOUSEHOLD 
OOODK W Btoek n. Ftoa Dm. IMpuL ftocUH 
& Oofeitei 9Jpc BO. INSURANCE (11) 
WVEBIMENr TRUSTS (B1| INVESTMENT 
COMPANIES M LEISURE A HOTELS « 
Oroupa Ctaa Gated, St Jama Booed Haw. 
UPR assurance (8 London A Manchester. 
Rntugo. -nanMUatoc. MBXA n l*ror (ton 

1Hn~" T i mr — l Bnnnfi" Tir. 

8U0PV Kids. MBtCHANT BANKS (!) Joseph (U 
OIL EXPLORATION 8 PROD 00 PUnatoff. 
SosMd Rbs, on, hteorated (1) Exxon. 
OTHER FINANCIAL (B) OTHER SOWS A 
BUBNS ff) RotOna. PHARMACEUTICALS (2) 

CMotdMiea, 2wwca. PROPERTY m 

RETALERSb FOOD (3) DafcV Pann. "Teuco Bpc 
Or Bd 3005. RETAILB+a GENERAL (ICR 
B B PdWteK. Courts. DF3 FmXhro Dtnooo Rrf, 
Gnoal Ur+inrsaL KkigMte, Ucyda Ctanka. Do. 
Prt. FWno, SnRh (W. K1 V. SUPPORT 9STV3 
(1) Raflox. TEXTILES A APPAREL 00 Coon 
V/yn+a. Morang kvN. TRANSPORT flj htetoy 
Docks A Ha-toot*. WATER (1) Mid Kant. 
AMERICANS [1) CANADIANS (3) 

off their worse. Among the sec- 
tor leaders, Eastern retreated 
10 to 575p. London 8 to 544p 
and Southern 6 to 559p. 

Water stocks, on the other 
hand, were underpinned by 
continuing hopes that the “K 


factor" - the amount by which 
the industry regulator allows 
water companies to raise 
prices over and above inflation 
- will be higher than analysts’ 
forecast Yorkshire, boosted by 
good results, advance 17 to 
512p, South West 13 to 516p 
and Anglian 11 to 488p. 

The strong performances 
seen in Bass in recent sessions 
continued, with the shares 
adding 15 at 534p. 

News that a Saudi Arabian 
prince is to take a stake of up 
to 25 per cent in Euro Disney 
sent the shares sharply toward, 
closing 15 ahead at 368p. Rank 
Organisation surged 20 to 379p 
with house broker SG Warburg 
said to be recommending the 
shares. Profit-takers took the 
shine from Stakis results, the 
shares slipping 2 to 85Hp. 

Airliner British Airways 
hardened 6 to 380p, on turn- 
over of 4.5m, ahead erf today's 
passenger traffic figures for the 
month of May. Figures for 
April disappointed the market 
leading to a slide in the shares. 
One analyst said yesterday: “I 
shall consider any thing above 
a 7 per cent increase to be 
really good." 

Vague bid talk returned to 
Royal Insurance and the 
shares gained 17 to 259p. The 
stock is favoured by BZW 
which issued a note earlier this 
week saying the shares were 
“undervEdued. 1 * 

Baying said to have started 
in the US encouraged support 
in London for tobacco and 
financial services group BAT 
Industries. The shares closed 
17 higher at 419p. 

An upbeat statement at engi- 


neering group Glynwed Inter- 
national's annual meeting saw 
the shares improve 7 to 355p. 

UK airports operator BAA 
was said to have been recom- 
mended by James CapeL The 
shares put on 25 to 933p. 

News that the Latest survey 
from the Hr Ufa* building soci- 
ety will show house prices 
a gain in decline contributed to 
weakness in several house 
building stocks. 

McAlptne dropped 18 to 241 p 
after announcing a return to 
profitability, but accompany- 
ing tt with a £25m two-for-nine 
rights Issue. Contracting mar- 
gins were also said to he under 
pressure. Elsewhere, John 
Lalng weakened 9 to 298p and 
Bellway slipped a penny to 
233p. 

A huge jump in profits at 
Kalamazoo, the computer ser- 
vices group, saw the shares 
gain 6 to 135p. 

However, a fell in profits at 
Control Techniques sent the 
shares retreating 45 to 442p. 

There were positive market 
debuts from publisher Cassell, 
placed at 143p and ending the 
session 8 ahead at L5lp, and 
tableware manufacturer Denby 
Group, which came to the mar- 
ket at iSOp and closed 7 better 
at 137p. 

Relief that MEPC maintained 
the interim dividend, together 
with a positive trading state- 
ment, helped the shares firm 5 
to 455p. 

MARKET REPORTERS: 

Christopher Price, 

Joel KIbazo. 

■ Other statistics. Page 2t 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


FWs 


Same 


OpOon 


— Cato Pun — 

M Oct Jte JU Oct Jan 


MkMjM 54O40UG1K - 7* 17H - 
ran ) 589 1S2SH -32+2)4 - 

*«• 220 18 2» 2814 9 13M 18 

(-232 ) 240 0 13 17 22)4 25 30 

ASM 50 544 7 8H 2M 6 5)4 

<"52 J 80 1 3 m 954 11 12)4 

BtttAkmys 360 28 35V) 41 tOM 17H 23)4 
(*379 ) 390 1014 2114 28V4 27)4 34 39)4 

M Bite A 3U 38)4 43 40 7)4 17 23 
r»+ J 300 15 28 33 22 31 3ft 
Boats 500 29V4 41H 58 12 10 2BK 
P525 J 550 7 18 27 42*4 48 54)4 

BP 360 34 41 48M 814 Itt MM 

r3B4 ) 380 14)4 25)4 3ZH 1614 23 30 

UMlSM 130 12ft 17 20 4N 8 10 
(138) 140 7 12 15 9 12)4 15 

BM 500 40H 52ft 61 016)4 20 

rS33J 650 14M 28 35 35 42 66)4 

Uto&M 425 21 - - 18 - - 

{*431 ) 450 0)4 — — 34 — - 

OoanaUds 500 23)4 38 47ft 17 Z7 33M 
rsis) ESO 5ft 1725)452)458)403)4 

Comm Uria 500 46 51)4 60 6 15 10)4 

rS34 J 550 14 22ft 82ft 26 39ft 43 

■0 800 42 07 714418)4 3614 47 

("817 J 850 17 33)4 40M 48)4 65 74 
KtaONw 500 34 46 87ft 13 24 30)4 
(TUB ) 550 11 23 34 42 52 58ft 

land Socw 600 42)4 45ft 53M 7)4 15)4 22ft 
(*840 ) 650 0 21)4 28 36)4 42 48H 

Merits 6 S 390 13)4 24 31 14)4 20 23ft 
(*309 ) 420 4 13 18ft 38H 30)4 42 

HaMttt 420 33ft 42 58ft 7)4 17 21ft 
1*441 ) 460 13 22 30)4 27)4 39 43 

SUostuy 360 21 34 40 12 10 25 
(-378 ) 390 5)4 20 28 28 35 41 ft 

Sum Tram. 700 28 40 4M4 )6 23ft 33ft 
(*707 } 730 8 17)4 2BH 48)4 56)4 63ft 

StanttuM 200 20 2414 28ft 5 8H 12 
(■715 ) 220 7W 13» 18 15 18)4 22 

Tretolga 79 12 — — 3 _ - 

(-86 ) 88 6)4 - - 6 - - 

IW mr 1000 37ft 60 75 24M 35 43 
(*1003) 1060 16 35ft 81ft S 63ft 70 

Ztoca 650 42ft 96 66ft 10ft 24ft 30ft 
(VO ) 700 IB 30 41 35 51)4 57 

Option teg NO* M MB Nor Fell 


optw 


too 

■a* 

Feb 

toa 

OH 

Feb 

Hanson 

240 

17 

21 

24 

5ft 

10ft 

14 

C2S2I 

260 

7 

12 

15 

16 

21 

24ft 

Lasmo 

134 

18 

22ft 

- 

7ft 

10 

_ 

H43J 

154 

a 

lift 

- 

17 

20 

_ 

Lkss kata 

i 160 

21ft 

26ft: 

28ft 

3» 

8ft 

lift 

H75 ) 

180 

8 

15ft 

18ft 

12ft 

19: 

22ft 

P4 0 

GOO 

94 

67ft 

74 

13 

29ft 

35 

(*B35 1 

660 

84ft 

41 

40 

35 

57 

62ft 

P8dnfton 

180 

ttft 

20ft 

23 

10ft 

14ft 

18 

rue) 

200 

5 

12 

14ft 

24 

Z7M : 

sow 

ftutonW 

280 

17ft 

25: 

SOU 

10W 

18 

ttft 

(*284 J 

300 

8ft 

ISft: 

21ft 

2Tft 

29: 

30ft 

RTZ 

000 

03 

72ft 

88 

18 

37 

43 

r828J 

850 

28 

47ft 

62 

44 

B3 1 

57ft 

RUbari 

480 

51ft 

B3W 

08 

7 

17 

22 

r488 | 

500 

26 

39 

47 

22 

3& 

41 

Rom taace 240 

27ft 

35 ' 

(Oft 

5ft 

13 

14ft 

(*25B 1 

260 

ISft 

24ft 30ft 

T4 : 

22ft 1 

24ft 

Teaco 

200 

18ft 

24ft 

28 

6K 

11 

12 

<■210 ) 

220 

Oft 

1JW 

18 

16ft 

22 

23 

Vntdona 

500 

37 

65ft 

83 

17 ! 

Z7ft 

35 

r522 J 

560 

13 

31M30H 

46ft! 

55ft 

63 

WOMB 

354 

lift 

ISft 

- 

14 21ft 

- 

(*355 ) 

384 

Oft 

13ft 

- ; 

33ft ■ 

(Oft 


Option 


M_ 

Od 

Jan 

JU 

Od 

Jan 

BM 

000 > 


68ft 79ft' 

1B» 

28 

36 





8 

15 

72 

383 

107 

326 

10 






75 

130 

36 

83 

14 







UMties _ 






107 

49 

273 

35 

Others. — . .. — 

49 

Toeato 

660 

580 

1411 


Data baaed on Hmm compwtt Med on ttw London Share Swim. 


TRADITIONAL OPTIONS 


CanKAaria, Aoom Comm Areon ML, BT p/p, Buigki A. Cadb Land, Dm Eate, 
D+wL Sees^ D nterprtm OB. I ce land Qrpn Juya HoM, Ifflnnwt, NSM, Omon tee, 
ftegant CorfL. Rhino ttp, TUtew OB, Ttekar Rao, World FMtto. Puts; Asda, Ic+riand 
<to|L, Jury* Hotel. Henson Wte, NSM. Owen (tom, TuBow CM, Worid RuUs. Put & 
Cal; Tadpoia Tech. 

LONDON RECENT ISSUES: EQUITIES 


r833) 050 20ft 42ft B3ft 43ft 54 61 ft 

TbomeaWt 460 & 38 35U 15ft 24 31 

T479 ) 500 Oft 15ft 18ft 44ft 4BM 55ft 

OpOon Jm Sag Dae Jai Sip Dee 


Snad Met 
C431 1 


Ud 
(*323 ) 
OpOaa 


420 25 37ft 46ft 
460 818ft 27 

160 17 10ft 22 
180 6 tl 14 

300 32)4 4114 45 
330 14 2414 2m 
Jmt 841 Dob 


14H22H 29 
40)4 40 52 
8 12 14 
1914 24)4 26)4 
5 11ft 15 
17 26)4 29 
Jan Sep Dee 


f140) 

Optton 


140 

160 


15 18ft 
7 WH 


5 13 
22 20 


taf Mo* Mi Abb Not Fd> 


BritAn 420 48)4 80 78 15ft 31 39ft 

(*447 J 460 27 47ft 0014 34ft S3 60 

84T tans 300 38 45 83ft 6 17 20ft 

WS) 420 IB 28 37 23 » 35 

BID 380 21 37 38)4 10ft 17ft 2114 

ran ) 390 o (7 Z4» as 34 K 37u 

MIten 380 16 SZftSft 18ft 2Z28H 
r364 ) 390 5 11 14 404 42)4 46 

CatuySd) 420 44ft 63 SBM 5 12 14 

(*455 ) <60 17ft SB 37 IBM 29 31 

feftmBK 550 40 50 B2 23 33 40ft 

rS74 | 600 IS 28ft Sft 52)4 62 6814 

GHtoam 460 28ft 38 47 12)4 21)4 24 

(■470) 500 8 10 27H36K44H 46 

SEC 2B0 1BV4 23 2Bft 8ft 13 IS 

f293 ) 300 6ft 13ft 16ft 21 24ft 27M 


Abbey Nail 
<*407 ) 
Asstnri 
<■31 > 
Bards* 
fS15J 
6 h» (Side 

rz») 

MU) &a 

r262 I 

Dtans 

H87) 

MU0MB 

nsi ) 
Larin 
nw ) 

Hal Pom 

C420 J 
Scot Power 
("346 ) 
Seam 
(119) 
Fate 
C22S) 
Tonne 

n<7 1 

Thera 190 

1*1042} 

758 

re»> 

Torattn 
1*222 ) 
ten 
(■5521 
Optton 


390 22 34H 43)4 3)4 14ft ID 
420 4 10 27ft 17 30K 34ft 

30 2ft 5 0 1ft 3ft 4ft 

35 1 3 4 5 6 7M 

500 22 38ft 50ft 414 21ft 28 

550 2ft 16 28 38 51 56ft 

280 13H 26ft 33 3ft 15 19 

300 4 18 34 1434 26 30 

280 7 17ft 20 Aft 12ft 19 

260 2ft 0 12ft 20 24 31ft 

180 11 19 23ft 294 13 15)4 

200 2 8 IS 15 25 27ft 

160 5ft Hft 18 4 OH lift 

180 1 Bft 014 30)4 23 24ft 

130 TOW 18 22 2 9ft 12 

140 4ft 13 17 6 15 18 

420 S 23 30ft 18ft 20 33ft 

460 1 Oft 16ft 53ft 57 60ft 

330 20 31 36 3ft 1714 22ft 

360 4 15 22 10 34 37 

110 tt 1817ft 1 4ft 5H 
120 4 SH 12 ID 8 10ft 
220 10ft 22 24 3ft lift 15ft 
240 2 12ft 14)4 17 23M 27ft 


Issue Amt 
prtoa prid 

P UP 

MkL 

cap 

(Orrv) 

1904 

Htfi Low Stock 

Close 

price 

p 

+4 

Nat 

■ d)v. 

D to. Grc 
co*. yid 

P/E 

net 

TOO 

f\P. 

44.1 

100 

100 Automotbn Frees 

108 

+2 

LN4.Q 

oa 

4,6 

355 

- 

t-P. 

241 J1 

79 

73 CAMAS 

79 

46 

UN3.75 

07 

SB 

375 

- 

M*. 

ia? 

112 

108 as 

1» 


_ 




- 

FJ». 

12J) 

148 

125 CaptM 

139 

-1 

LKL3 

13 

20 

23 2 

§143 

FP. 

11.1 

161 

143 Craw* 

151 


W30 


12 

10.1 

uiao 

KP. 

1702 

240 

228 DCC 

226 

-3 

LQ34% 

36 

3JJ 

IIP 

110 

FJ>. 

41 jO 

120 

110 DOS Dau A Res 

115 

+1 

LN2_8 

1.1 

3.Q 

274 

130 

F.P. 

45A 

13/ 

133 Danby 

137 


W3.1 

2A 

20 

133 

- 

KP. 

77J 

93 

00 Ftomtofl brikm 

92 


- 

- 



- 

FJ>. 

730 

50 

42 Do Utennts 

47 


_ 

- 



160 

FJ>. 

533 

1/1 

160 GRT Bus 

163 


RN18 

3u3 

20 

120 

ISO 

FJ. 

404 

128 

121 Go-Ahead 

121 


MW.O 

1.6 

4,1 

184 

- 

KP. 

- 

37*2 

36 Gown GU SI Wt 

36 


_ 




185 

F.P. 

420 

106 

160 Hsnrieya 

184 

-1 

W4.7 

2J2 

37 

17.7 

105 

F.P. 


105 

06 Herithcdl 

96 


WN4.0 


57 

135 

22S 

FP. 

1050 

227 

221 Intoraneana 

227 


LN9P 

22 

55 

8.0 

- 

FJP. 

- 

oe 

B2 bill Btotoch 

93 


_ 




- 

FJ>. 

- 

50 

30 Da Warrants 

46 


_ 




- 

FJ>. 

- 

75 

65 JF FI Japan WWs 

68 


- 

_ 



5 

FP. 

400 

5*2 

5*« Kays Food 

6 1* 


- 

+. 

_ 


130 

KP. 

66.1 

138 

118 KeBar 

118 


WN04.7 

2J3 

40 

167 

160 

FP. 

574 

163 

150 Lombard Ins. 

161 

-1 

WN7.7 

22 

60 

0J3 

- 

KP. 

330 

IS 

134* My Kkida Town 

134* 


- 




105 

FP. 

470 

113 

105 NfcMretoM 

105 

-2 

R3S8 

2.0 

40 

130 

iao 

FP. 

34u4 

120 125*4 Nora* 

128 


W4J6 

25 

« 

109 

- 

FP. 

2710 

131 

118 Reckon 

123 


WN2J 

SLS 

2.7 

106 

- 

F.P. 

200 

133 

120 Spectaflty Shops 

132 


L2.4 


23 


- 

FP. 

580 

100 

96 TH Euro Gwtfi C 

86 


- 

_ 

_ 


too 

FP. 

66.4 

100 

02*2 TP Prop In* C 

02*2 


te 


_ 


TOO 

FP. 

434 

85*7 

81 Tonvtoton Let Am 

04 

-1 

te 

_ 



- 

FP. 

307 

bO 

41 Downs 

43 


_ 

* 



150 

F.P. 

41.7 

162 

164 tysnura 

182 

46 

L4.44 

22 

64 

157 


135 IS - 
155 3 - 

1000 63 79 
1050 17 52 
200 11)4 19 
220 3 9ft 

220 8ft 15 
240 1ft 7ft 
550 15ft 45 
600 223ft 

Jal Oct 


- 10ft - - 

99 ft 5 44 96ft 
72ft & TDK 88 
24ft 2H 10M 13ft 
IS 14ft 221% 26ft 
21 5 1414 1714 

12ft 20 28 30ft 
57 13 37)4 48 
37 32ft 09 77ft 
Jn Joi Oct Jai 


RIGHTS OFFERS 

Issue Amount Lateei 
price paid Renin. ISM 

p m date Uph Law 


Stacfc 


Oodng +or- 

prie* 

P 


Baa 500 58 67ft 74 9 26)4 34 

r&+0 ) 550 25 39 4Bft 29ft 54 81 

IStTSpSta m 43 66 82 37 58H 89 

P702 } 750 22)4 44ft 01 68 BB 98 

flSUtn 475 27 38 . 18 28)4 - 

(■479) 488 20ft 32 - 24H 35 - 

Opte tog Ww *W> tea Wm ft* 

UMqW 160 24)4 29 32 354 8 10ft 

(*17B 1 (80 11 17ft 21ft lift 17 19ft 

' Uvtoripno ceaMy pries, ftomtome NWunn are 


106 

m 

on 

20prti 

18pm 

Btogden Wxto 

237 

NS 

10/8 

28pm 

6pm 

Oyda Btowers 

120 

te 

8/7 

28pm 

17 pm 

Dawson htt 

113*2 

NS 

28/6 

3pm 

i*4pm Eadet 

265 

NS 

- 

44(btt 

38pm 

fijranxmet 

165 

m 

11/7 

25pm 

18pm 

Headam 

230 

Nl 

- 

34pm 

31pm 

Janris Porte 

« 

NB 

4/7 

Ifpm 

8pm 

PsScan 

24 

M 

- 

12pm 

10pm 

UM 

12S 

NS 

4/7 

23pm 

. 20pm 

VTR 


Jun* 2, Total cancracnc 29.979 CaSs; 14JB8 
Puts 10.411 


FT GOLD MINES INDEX 


Jm ft cbg Hot 
1 eater 31 


*+*r rear 
30 ago 


jfcUft 


62 - 
W9h 


Geld HMI lata (35) 

■ Raslonal tafisaa 

1937JB 

-03 

185448 183844 177832 

254 

236740 152256 

MfcadQ 

2631 M 

+94 

261952 2516.98 2S27.G4 

451 

344050 190223 

torintatoffl 

267575 

+15 

262858 261752217*57 

1» 

301389 1693.13 

ttrib AmMca (11) 

1GZ77G 

-25 

168842 1641J7 150152 

059 

203955 1363.00 


20pm 

tom -i 
17*zpm +*2 

1*aprn 

43pm 

18 pm -a 

31pm 

8pm 

12pm 

20pm 


FINANCIAL TIMES EQUITY INDICES 

Juno 2 Jura 1 May 31 May 27 May 26 Yr ago High *Low 

Ordtmry Share 2364JS 2321^ 23544 2347.1 aggLfl 9KMt i 97+^ a Tms 

Ord. «*w. ytatd 4.25 +L32 4J27 «9 422 4,14 4L2E2 9 « 

EarayfcLftM 5£1 6.78 564 3^7 &£7 527 s.70 a!flj 

P/E Nt ia net 10.14 18-56 10.02 1 SiJ 5 ia 2 B ZX 8 S 3X43 1&5f 

PTE ratio nB 10.71 10J22 19^9 10.61 IBM 22M 3080 19.1( 

-For 1994. Orthter Stem Write rim GemptoOore ttfr 2713.0 2KSHi; tow +9.4 3B/BH0 

FT OKkmf 9M Write bass data 177705. 

Ortflnary Share hourly changes 

Qpan PJ» 10JM 11-00 T2JQ VUi 0 UCO 15JOO 1600 High Low 
23323 2338.4 2344J 23443 23483 2356.6 2355J) 235SL3 23800 2384^ 2332.3 
June 2 


Copyright. Tbs Rnondd Tmaa UrM 199*. 

RguiM to brecMa rimv reunite ol oo n + re rt M . Bata US Dotes. Bw Vtttoe 100000 31/12782. 
Pmtoeaaate QW LCsaa Intec Jm ft 2U8 ; chenor -^6 Dtxres; Vasr <«>; 1074 1 PaMd 

Latte prieaa mn unanUbls hr Ms wflton. 


SE7VQ Dargrena 
Eoutty turnover (CmJT 
Equity bargarist 
Shane traded (miJt 


28,144 


June 1 

May 31 

May 27 

May 28 

Yraoo 

22553 

28^21 

26.048 

20.687 

29233 

maa 

1C55l2 

10605 

1316.6 

1310.7 

27JS30 

29584 

28,088 

ttjseo 

33,785 

448.0 

408J2 

465.1 

477.8 

631J0 

























































































































































































































































































































































































































































































































































































44 


CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT FORWARD AGAiNST THE POUND 


Firmer tone to dollar 


The dollar finished firmer 
yesterday ahead of the release 
today of important US labour 
market data, writes Philip 
Gatcith. 

The US currency tested the 
upper limits of its recent trad- 
ing range to dose tn London 
nearly a pfennig higher against 
the D-Mark, at DM1,6515 from 
DM1.6428. It was also firmer 
against the yen. closing at 
Y 104.930 from Y 104.650. 

Trading, however, was fairly 
thin with many large investors 
out of the market attending 
the Forex 94 conference which 
is underway in London. Ana- 
lysts said it was unlikely the 
firmer tone represented the 
beginning of a new trend for 
the dollar. 

The interest rate futures 
markets were again very 
active. Short sterling contracts 
regained some of the ground 
they lost recently, while euro- 
mark contracts traded heavy 
volumes. 

In Europe the Swedish krona 
recovered slightly from recent 
weakness to close at SKr4.756 
against the D-Mark from 
SKr 4. 787. The Bank of France 
cut its intervention rate to 5.30 
per cent from 5.40 per cent. 


Aodrst On DM (Drachmas per DM) 


' 144 


748 


148 


150 


152 



cent an 5% per cent. 

Money markets in most Ger- 
■■•.an centres were closed on 
account of the Corpus Christi 
holiday. Trade resumes today. 


1994 


Source: Daiastrsant 


Pound in Now York 


Jm 2 

— LaH — 

-Priv. rios*- 

Ereof 

1.5085 

18168 

t mta 

1.S07B 

12159 

3 nth 

16082 

1-514* 

ir 

i.sooa 

16094 


anything, this would be on the 
downside. The recent pattern 
has been for strong figures to 
cause a slide in bond prices, 
which has then fed over into a 
weaker dollar. 


■ Sterling finished the day 
with the sterling index 
unchanged, after earlier test- 
ing the psychologically impor- 
tant DM2.50 barrier against the 
D-Mark. The UK currency 
closed the day at DM2.4977, up 
from DM2.4922 on Wednesday 
and off a high for the day of 
DM2£020. 

Mr Hawkins said most of the 
potentially bad news about the 
currency appeared to have 
been discounted, while recent 
economic figures were on the 
strong side of expectations. 
Even allowing for stronger 
German growth, interest rate 
differentials were still likely to 
move in sterling's favour. 

The main constraint on the 
UK currency, said Mr Hawkins, 
was its close link to the dollar. 


Jun2 

Cfcoing 

mid-pciht 

Change 
on day 

BkUoBar 

spread 

Day>* Ud 
hkJH taw 

Ona month 
ROM KPA 

Tfarau niomha 
Rata KPA 

OmjMr Btefcof 

Rate KPA Eng. index 

Europe 

AutiMa 

(Sc*) 

17.4796 

-QJS43 

712-880 

17.5838 17.4853 

174758 

03 

174702 

02 



1144 

Brigtvn 

(BFr) 

Q1AQ58 

+0-0878 

702-413 

51S110 51,4080 

51.4209 

-0.4 

514308 

-02 

516708 

03 

1156 

DaomraV 

(DKr) 

0^064 

•>00144 

015 - 113 

68287 a 0007 

66142 

-16 

96269 

-06 

96279 

-06 

1106 

Finland 

(FM) 

62880 

-00134 

583 - 756 

63000 62630 

- 

- 

- 

- 

- 

- 

win 

France 

(FFf) 

65288 

+0008 

231 -345 

65544 63227 

86332 

-0.6 

86373 

-04 

86053 

03 

1086 

Gsnnaiy 

(DM) 

2^977 

+0JXB5 

866 - 887 

2.5075 2.4048 

2.4981 

-03 

64962 

-OT 

£4788 

06 

1236 

Greece 

IW 

376034 

+2.482 

406 - 882 

374.450 371.826 

• 

- 

- 

ra 

- 

- 

- 

hnafaid 

(K5 

1.0244 

-0.0007 

234 - 253 

1.0283 1-0230 

1625 

-as 

13361 

-07 

16279 

-06 

104.1 

Holy 

(U 

241680 

-are 

450 - 721 

242668 241688 

24216 

-26 

243095 

-26 

24826 

-15 

776 

Luxemboug 

(LFrl 

SI. 4058 

*OJOBK 

702 - 413 

51.5110 51.4080 

514208 

-04 

514308 

-02 

516708 

06 

1156 

Nalhertands 

P) 

2.7906 

+0.0054 

872 - 017 

2.8061 67968 

2.7982 

0.1 

£6001 

-Ol 

£7778 

08 

1196 

Norway 

(NKr) 

108281 

+00128 

212-308 

168610 168050 

10.8204 

08 

10833 

-06 

106241 

oo 

85.7 

Portugal 

(Es) 

2S8.7S5 

+0882 

450 - 050 

286260 25B3S6 

26673 

-46 

2B3-67B 

-46 

- 

- 

- 

Spate 

(Pte) 

206.178 

+0565 

010-348 

206 870 206872 

206603 

-26 

207683 

-2.7 

210668 

-16 

846 

Sweden 

RSKr) 

11S7W 

-00558 

878 - 856 

11.9787 lireOO 

116887 

-63 

116347 

-2.0 

12.0327 

-16 

756 

SwttzMrtand 

PFi) 

2.122B 

+00008 

215 - 237 

61 203 61185 

2.1Z12 

08 

Z1T7S 

16 

£0885 

16 

118.1 

UK 

o 

- 

- 

- 

- 

re 

- 

- 

- 

- 

- 

806 

Ecu 

— 

1J200O 

+00015 

854 - 068 

1.2990 1.2350 

1-2976 

-16 

16933 

OB 

16825 

06 

— 

SOftf 

- 

0336022 

ta. 

. 

_ 

re 

_ 


. 

_ 

- 

- 

Amertcaa 

Argentina 

(Pmw) 

1J093 

-00048 

088 - 088 

16167 16080 

. 



. 

. 

_ 


Brad 

(t» 

288SJ33 

-086 

505 - 060 

230060 288600 

- 

- 

■ 

re 

. 

- 

— 

Canada 

(CS) 

60943 

-00092 

934 - 862 

2.1070 2-0935 

2.096 

-16 

26998 

-1.1 

2.1183 

-1.1 

BS.7 

Mexico (NawPesqi 

5^1287 

-00061 

198 - 376 

60464 60220 

- 

- 

. 

- 

- 

- 

- 

USA 

m 

1J124 

-00047 

120 - 128 

1.5200 16115 

16115 

07 

16101 

OG 

16051 

06 

856 

Austrefla 

i East/ Africa 
(AS) 2J0S09 

+00028 

498 - 521 

2.0582 2.0479 

23502 

04 

26488 

04 

£0478 

02 

_ 

Hong Kang 

(HKS) 

11^858 

-OD34S 

817 - 894 

11.7428 116800 

11.8775 

06 

116738 

04 

11.7008 

-ai 

- 

India 

Ps) 

47.4440 

-01569 

277 - 603 

47.8880 47.4260 


- 

- 

- 

. 

- 

- 

Japan 

m 

156896 

-ores 

834 - 788 

156780 158.100 

158376 

12 

157486 

36 

153621 

34 

1836 

Mabtyria 

(MS) 

6S0BB 

-00028 

063 - 128 

36240 36057 

- 

- 

. 

- 

- 

- 

- 

New Zealand 

(N2S) 

25472 

-00082 

460 - 494 

26602 26467 

26485 

03 

£65 

-04 

£5566 

-04 

- 

RiHpptaes 

(Paao) 

407X15 

-00680 

480 - 969 

41.1215 404988 

a 

. 

_ 


- 

- 

— 

Saud Arabia 

(SR) 

5.6720 

-aoiTs 

702 - 738 

67000 56896 

. 

- 

- 

. 

- 

- 

- 

Stagaowre 

(SS) 

2-3193 

-00048 

179 - 206 

63298 26197 

- 

- 

- 

- 

- 

- 

- 

S Africa (Com) 

(H) 

64860 

-00292 

840-882 

65291 54852 

. 

. 

. 

to 

- 

- 

— 

S Africa (Fh.) 

P) 

7J2590 

-00073 

425 - 7B8 

73153 73450 

- 

. 


. 

- 

- 

- 

South Koras 

(Won) 

121853 

-648 

813 - 802 

122658 121683 

. 

to 

. 

. 

. 

- 

- 

Taiwan 

(IS) 

40,9407 

-01329 

642 -271 

41.1800 40.8800 

. 

. 

. 

. 

. 

- 

- 

Thdand 

(B«) 

361427 

-0.1262 

175 - 878 

383040 361300 

- 

- 

- 

- 

- 

- 

- 


■ Mr Malcolm Barr, interna- 
tional economist at Chemical 
Bank, said there had been a 
“very correctiv e feel” about a 
lot of the trading yesterday, 
with most markets retracing 
the moves of earlier in the 
week. Currencies again took 
their lead burn the more turbu- 
lent bond markets. 

“You can't have the sorts of 
falls in credit markets we have 
seen recently and not experi- 
ence some sort of correction.” 
said Mr Barr. It was a classic 
case of markets where there 
was lots of “noise”, and few 
firm trends to follow. 

Mr Jeremy Hawkins, chief 
economist at the Bank of 
America in London, said there 
had been cautious dollar buy- 
ing, which probably reflected 
that the market had been short 
at the beginning of the week. 
He said dollar purchases had 
also been prompted by indica- 
tions earlier in the week that 
the US non-form payroll figure 
today might be quite strong. 

Mr Bair said the US employ- 
ment data was unlikely to give 
the dollar fresh impetus, bid; if 


■ The futures markets were 
again very active, partly for 
technical reasons as investors 
rolled over positions in the 
June contracts, which will 
soon be expiring. 

With considerable cash buy- 
ing seen across the yield curve, 
traders were also hedging posi- 
tions through the futures mar- 
ket 

The December short sterling 
contract settled at 93.61, twelve 
basis points up on Wednes- 
day’s close. Over 27,000 lots 
were traded. The December 
euromark contract traded 
nearly 69,000 lots to close 
slightly easier at 94.78 from 
94BL 

Following recent reversals tn 
the market, dealers were reluc- 
tant to predict that the sharp 
rally in short sterling would be 
sustained. But the return of 
genuine buying interest was 
reported. Traders said the mar- 
ket had also been ripe for a 
correction after sharp foils ear- 
lier in the week. 

In the UK money markets, 
the Bank of England provided 
late assistance of £15m. The 
central bank had earlier pro- 
vided £335m liquidity to the 
market after forecasting a 
shortage of £350m. Overnight 
money traded between 3 per 


■ Analysts said the rate cut by 
the Bank of France showed 
that it was sticking to the pat- 
tern of t racking the Bundes- 
bank, Mr Hawkins said the 
central bank tended to move 
when the spread between the 
intervention rate and the Ger- 
man repo rate was more than 
2D basis points. 

He added, though, that the 
current spread of 15 basis 
points was “about as tight as 
they would like to go." 

In Greece, meanwhile, Mr 
Yannos Papandoniou, the econ- 
omy minister, declared that 
the recent drachma crisis was 
over. “Markets have now 
understood that our foreign 
exchange policy is, and it will 
remain, unchanged.” 

The drachma was fixed at 
Drl49.50 against the D-Mark 
from the previous fix of 
Drl4S.l50. Interest rates con- 
tinue to foil. The Athens Inter- 
bank Offered Rate (ATHIBOR) 
for one month fell to 60.46 per 
cent, down from 78.75 on 
Wednesday and 120 per cent on 
Tuesday. 


1SDH Ma tor JLn 1. BMWlhr apnari* In Bn Pond Spot bfafa ahow only ora Mac three d b ckira phew Foirad rata* aw not d reoBy quoted hi M i wn fa t 
but raa knplad by ewrart hnanret rets*. StothtO huso* criauinad by Bw Bank of Enghvtd. BtHMW IMS - UQJBM. Offra aid Md-ratra In boh hb ml 
DM Outer Spot BUM dertMd tan THE WMIHBJTERS CLOSING SPOT RATS. Sana wfam are ratted® by thn FT. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR. 


Jim 2 


dosing Change EBd/Wfar 
mid-point on day spread 


Day's mU 
Mgh low 


Ona month Thraa months Ona ysar J.P Morgan 
Rate KPA Rato 96IW Rato MPA Max 


enpa 


Austria 

{S rt) 

116575 

- 

560 - 600 

116850 116450 

11685 

-06 

116685 

-04 

114933 

06 

1034 

Belgium 

IB ft) 

309895 

+0103 

750- 040 

346440 336780 

34.0185 

-1.1 

34.0845 

-06 

34.0296 

-Ol 

104.7 

Darenatk 

(OKO 

8.4840 

+06298 

825 - 855 

06040 

8.4857 

8.493 

-1.7 

8607 

-14 

8624 

-06 

104.1 

FWand 

(FM) 

&48S5 

+00081 

805 - 704 

54790 

54466 

5.4685 

-09 

5478 

-09 

5494 

-06 

756 

France 

tm 

56383 

+00228 

370 - 415 

56510 

5.6238 

56455 

-16 

56543 

-1.1 

56275 

06 

1046 

Gennany 

(PI 

16S15 

+06087 

512 - 517 

16S41 

1.8450 

16527 

-06 

16539 

-06 

1.848 

06 

105.4 

Greece 

(ft) 

248650 

+£4 

300 - 000 

247600 245600 

248 

-66 

24865 

-36 

251.15 

-16 

896 

Ireland 

» 

14784 

-00035 

754 - 774 

14810 

1.4733 

14748 

16 

14719 

16 

1.4853 

06 

- 

Italy 


158740 

+46 

895 - 784 

1800.80 1582.75 

160165 

-36 

1GOB6 

-3.1 

183090 

-£4 

786 

Luxanbokxg 

(Lfi) 

336885 

+0163 

790 -040 

34.0440 336780 

346195 

-1.1 

346845 

-06 

346295 

-Ol 

104.7 

Nathertands 

M 

1.8510 

+00093 

500 - 520 

16544 

1.0449 

16523 

-06 

16538 

-0.8 

1.8463 

03 

1046 

Norway 

(NIO) 

7.1582 

+00308 

569 - 585 

7.1700 

7.1240 

7.1637 

-06 

7.1707 

-07 

7.1362 

06 

966 

Portugal 

(BD 

171.750 

*1.1 

800 - 900 

172.000 170.800 

173.155 

-96 

175.16 

-76 

1601 

-46 

824 

Spate 

(Pta) 

138625 

+0795 

250 - 400 

138.830 135690 

136.74 

-3.7 

13744 

-36 

13945 

-26 

003 

Sweden 

(SKr) 

76529 

-00125 

491 -585 

7.8938 

76383 

76729 

-3.1 

76029 

-26 

76878 

-1.7 

804 

3wita*iand 

(SFt) 

1.4035 

+06040 

031 - 038 

1.4055 

16970 

1.4037 

-Ol 

1.4021 

04 

1.3864 

16 

1046 

UK 

n 

16124 

-00047 

120 - 128 

16200 

16115 

16115 

0.7 

16101 

OB 

1.0051 

06 

836 

Ecu 


1.1870 

-0.005 

867 - 672 

1.1708 

1.1645 

1.1648 

£2 

1.1828 

14 

1.1721 

-04 

- 


SOftf 


- 1/41896 


(Peso) 09080 
(Q) ifloa.ii 


Argentina 
Brad 

Canada {C$j 1.3848 

Mexico (Nov Peso) 03250 

USA (S) 

PadfteMckfla Ent/AStca 


-00001 D79 - 980 
- 810-812 
-0.0018 B45 - 850 
+0.006 200 - 300 


04980 OBB78 
190022 1908.00 
1.3885 1.3830 
03300 3-3200 


Auotrefia 
Hang Kong 
Mb 


Mtrfoygia 


(AS) 13561 
(HKS) 7.7265 
(Hs) 31.3700 
(V) 104.930 
(MS) £5850 


+OXOS9 S5S- 565 
+0.001 280 -270 


Jun 2 

Honour 

km 


Now Zealand (NZS) 1.6842 
PhRppfnss (Paso) 26.9250 
(SR) 3.7503 

CSS) 


13566 1.3532 
7,7275 7.7255 
-00063 675 - 725 313750 313875 
+028 910 - 960 106.050 104300 104.735 
23870 2-5700 
1.6883 1.8829 


Baud Arabia 
Singapore 


1.5335 


Mad 

Ruxh 

UA£ 


155J93 - 156.151 10X171) - 10220 
264401 -W1J0D 174MB -TOMB 
04494 - 04526 02972 - 02992 

33044.4 - 3*007.7 224500 - 224600 
289927 - 290683 181780 - 192280 
65528 - 55558 1B7I5 - 16735 


S Africa (COfTL) (R> 3.6278 


48000 


S Africa (Fin.) <R) 

South Korea (won) so&aso 

Taiwan (ft) 27.0700 

Thofland (Bt) 202200 


+0.0063 835 - 965 
+0.0011 832 - 852 
+0.025 500-000 27.1000 26.7000 
-0.0002 501 - 505 3.7506 3.7500 

+0.0015 330 - 340 
-0608 270 - 285 
+0.01 900 - 100 
+02 300-400 806.500 606-200 
-00038 200 - 200 27.1200 27X1200 


1.5365 1.5317 
3.6395 06240 
4.8200 4.7900 


16888 

-1.7 

16905 

-16 

14078 

-1.7 

83.0 

3628 

-04 

3627B 

-03 

03352 

-03 

_ 

- 

- 

- 

- 

- 

- 

1001 

1.3584 

-03 

16568 

-Ol 

16803 

-06 

90.1 

7.726 

0.1 

7.7285 

-0.1 

7.7«7 

-OZ 

- 

31.45 

-3.1 

31695 

-26 

to 

- 

_ 

104.735 

26 

104285 

26 

101.705 

3.1 

145.0 

26775 

36 

£574 

1.7 

2605 

-06 

- 

1686 

-16 

1.8908 

-16 

1.7123 

-1.7 

- 

3.7508 

-02 

3.7529 

-03 

OTBS6 

-04 

_ 

16328 

06 

16325 

06 

16345 

-Ol 

- 

3.6433 

-5l1 

36718 

-46 

3.7483 

-36 

- 

46338 

-04 

4.8925 

-7.7 

- 

- 

- 

80965 

-46 

81265 

-02 

83165 

-3.1 

- 


27X19 -0.9 


27.13 -0.9 

-a 005 100-300 25.2300 252000 25-2925 -3/4 25.42 -3-2 

tSOR rate far Jun I. tMtatfar npraads hi Vm Doter Spat MM show <My Bw fa* Dm itetud plaou. rum* a m ara not dhsefy quoted to tho marks 
but are hnpBad by crania interest rasa. UK IW bn d & ECU are quoted In US crarancy. IP. Mngrai oonbrra kxAa» Jm i. Baa naraph IflOtMOO 


256 -2-7 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Ani BFr DKr Hr 


DM 


a 


NKr 


Pta 


SKr 


SFT 


£ 


cs 


Ecu 


BaiaMn 


(BFi) 100 19.07 18.58 4.859 1.982 4699 5.448 21X17 505-3 401.1 23.11 4.130 1-945 40173 2-041 308.7 2621 


EHS EUROPEAN CURRENCY UNIT RATES 

Jut 2 Ecu ctev Rata Change K+Afeora K spread Ufa. 

agolnatEcu on day can, rate v weatort tad. 


rates 


Danmark 

(DKt) 

52.43 

10 

8698 

£547 

1.044 

2484 

£855 

lire 

2549 

2106 

1£12 

£185 

1620 

£135 

1642 

1816 

1622 

Ireland 

0808828 

0.790956 

-0002268 

-£ie 

Franoa 

(FFrl 

6028 

11.50 

10 

2629 

1601 

2833 

3683 

1£70 

3046 

2416 

1363 

£488 

1.172 

2455 

1.773 

188.1 

1620 

HaOwitavfe 

£19672 

£16443 

+000068 

-147 

Qomwiy 

(DM) 

20.68 

3.928 

3.414 

1 

0410 

9876 

1.121 

4635 

1040 

8265 

4.758 

0650 

0.400 

0838 

OBOE 

8363 

0619 

Brigium 

402123 

39.7396 

+00183 

-1.18 

Ireland 

W 

5021 

9676 

8629 

2439 

1 

2359 

£734 

1068 

253.7 

2014 

1160 

£073 

0677 

£045 

1477 

1556 

1-268 

Germany 

164884 

163037 

+000095 

-099 

ttriy 

(U 

£128 

0406 

0653 

0103 

0.042 

100. 

0118 

0448 

1075 

8.538 

0492 

0088 

0041 

0687 

0083 

6669 

0054 

tana 

063883 

0.59897 

+060126 

062 

THratli if * - 

namanmai 

W 

1838 

3.502 

3.046 

0892 

0688 

882.9 

1 

3668 

92.79 

73.64 

4643 

area 

0357 

0748 

0640 

56.68 

0483 

Danmark 

7.43679 

768243 

+000093 

168 

Norway 

(WO) 

47,47 

9654 

7675 

2607 

0648 

2231 

2685 

10 

2396 

190.4 

1067 

1680 

0623 

1634 

1698 

I486 

1.197 

Spata 

154260 

150287 

+0191 

367 

Portugal 

m 

18.79 

3774 

3683 

0862 

0684 

9299 

1.078 

4.189 

100. 

7967 

4573 

0817 

0388 

0608 

0682 

8169 

0499 

Portugal 

192654 

200617 

+0649 

403 

Strata 

(Ptt» 

24fl3 

4.7S6 

4136 

1611 

0487 

1172 

1668 

5652 

126.0 

100. 

5.761 

1630 

0486 

1616 

OT33 

7666 

0629 






ffratarfto. 

dHBOCRI 

(SOI 

4367 

8654 

7.179 

£103 

0682 

2034 

2657 

9.116 

218.7 

173.6 

10 

1.787 

0842 

1.763 

1.273 

1336 

1691 

NON EFW MEMBERS 




Swtturtand 

(SFiJ 

2422 

4619 

4017 

1.177 

0482 

1138 

1610 

6101 

1224 

97.13 

5695 

1 

0471 

0686 

0.712 

74.75 

0810 

Oraacb 

284613 

288696 

+£662 

963 

UK 

(0 

5141 

9.806 

8.529 

£498 

1.024 

2418 

£800 

1063 

2596 

2086 

11.88 

£123 

1 

2694 

1612 

158.7 

1696 

Italy 

1793.19 

186063 

+088 

427 

Canada 

(CS) 

2465 

4883 

4073 

1.193 

0.489 

1154 

1637 

5.172 

124.1 

98.47 

5.873 

1614 

0478 

1 

0.722 

75.79 

0819 

UK 

0786749 

0772644 

-O0Q2863 

-1.79 


8.36 

568 

5XJ6 

5.00 

3.06 

pm 

074 

0.00 


15 


9 


-8 

-13 

-23 

-27 


US 


Ecu 

ton pnr 1 . 000 : 


(S3 34.00 
(V) 323.9 
3867 


6.485 

61.79 

7.568 


5.641 

53.74 

6681 


1.6S2 

15.74 

1.927 


0.077 1588 


6-452 15224 

0.790 1884 


1.852 

17.84 

2.180 


7.163 

8624 

6356 


771-S 

1837 

2005 


1364 

1299 

15B.1 


0*0*1 KrooBr. Rravto Franc, MOTWtfan Krenra. and SamMi tumor par 10 : Bd 0 hn Frme, EhCuto, Ua raid Fhtete 


7557 
74.88 
6167 
par 106 


1.404 

1368 

1.038 


0061 

6301 

am 


1,385 

13.18 

1.618 


1 

9627 

1.167 


105X1 

1000. 

12£5 


0857 

6168 

1 


OMM) DM 125.000 par DM 


■ JAPAHB3EYBN FUTURES (MM) Van 165 par Yan 100 


-4-5fi 
-0.24 
562 

Ecuoeraral ran ser by aw Euop—n Ote si tori an. CuiMhtnhdnmaignhltomngli 
P sre snm p w tfranyw rat far Ecu: i pattara change danotea ■ weak cunmcy Dtrapanca t tewaBw 
into bat m a n mg ^—d* Bra p a nto ®® iM Wanct betwee n an aduri nsshat id Eou cmM ram 
tar ■ craimcy. and Bn nradnun pamritod p a m U M® dwUkni at IN arrenc/n markat rate tarn Ita 
Ecu oratM rata. 

(17WB9) Stating and Man Urn mopondod hem BtM. Adfaatnant criatatod by Bn Rntndri Timas. 


Jiai 

Sap 

Dec 


Open 

Latest 

Change 

Wgh 

Low 

EsL vot 

Open InL 


Open 

Latest 

Change 

Ugh 

Low 

Eat. vot 

Open tet 

0.0070 

06054 

-0 0021 

0-6075 

06052 

29688 

117.910 

Jrai 

09567 

0iS44 

-06020 

09592 

06542 

18,740 

50310 

0.8000 

0.8045 

-06024 

08061 

0.6045 

4677 

13,647 

Sap 

0.9835 

06610 

-06025 

09650 

09608 

6,458 

11643 

" 

06085 

- 


06085 

4 

340 

Dac 

- 

09695 

- 

- 

09696 

17 

1,177 


m PM6AMBLFIM SE CIS OPTIONS C31.2S0 (cants per pound) 


0MM)SR 125600 preSFt 


■ STBHUNG FUTURES (MM) £82^00 par Z 


Jun 

Sap 

Dec 


0.7141 

0.7129 

-0.0005 

07150 

07129 

16,042 

40562 

Jun 

1.5178 

1-5140 

-00028 

16178 

16138 

19.408 

42630 

0.7139 

0.7132 

-0.001 1 

0.7150 

0.7132 

3,056 

8.754 

Sap 

1.5140 

16116 

-00028 

16142 

16114 

£910 

4,032 

0.71+5 

0.7147 

-0.0018 

0.7147 

0.7145 

5 

344 

Dac 

- 

16120 

- 

- 

1612D . 

47 

70 


Striae 

Price 

Jui 

- CALLS - 
Jri 

Aug 

Jim 

— pure — 
Jri 

Aug 

1-425 

8.92 

860 

aao 

- 

- 

006 

1.480 

047 

042 

867 

- 

002 

060 

1-475 

366 

4.14 

462 

- 

0-23 

088 

1600 

163 

££T 

£61 

0-06 

060 

1-*5 

1625 

018 

098 

160 

169 

169 

£82 

1680 

- 

032 

060 

032 

3.77 

460 


PnriouMfcv'* saLiCata 27622 Pi® 4&777.nw.d«*i sprat taL,Cra*30569i na»4eo,iGB 


WORLD INTEREST.tRATES 


MONEY RATES 

Jrara 3 Over 

right 

On* 

mown 

Thnw 

■liUlU 

Su 

mths 

Ona 

yatr 

Lomb. 

talar. 

Din. 

rate 

Rapo 

rata 

Batgkjm 

5J 


S'.i 

53 

58 

7.40 

460 

_ 

weak ago 

Si 

5ft 

5ft 

5ft 

SB 

740 

4.50 

_ 

tana* 

si 

5ft 

Sft 

S*b 

58 

560 

_ 

6.75 

raer* ago 

SB 

5ft 

s*b 

5?b 

5*4 

5.40 

_ 

8.75 

Qarwiaay 

5.20 

5.15 

5.05 

565 

5.06 

6.00 

460 

£20 

weak ago 

5.13 

5.15 

5.08 

5.08 

5.13 

8.00 

460 

520 

Ireiantf 

5q 

5ft 

5ft 

5’b 

6ft 

_ 

_ 

£25 

araak ago 

5ft 

5ft 

5ft 

5Tb 

6ft 

_ 

_ 

G25 

Kray 

r i 

70 

?U 

711 

6', 

_ 

7.00 

7.60 

week ago 

r. 

7a 

7*, 

T’.b 

aw 

_ 

7.00 

T.55 

Wattedrwdi 

515 

5 13 

5 13 

5.14 

564 

- 

5£5 


weak ago 

5.15 

5.13 

5.19 

560 

5J2S 

_ 

S£5 

_ 

SMtawtend 

4H 

■»a 

41: 

4W 

4W 

6 625 

360 

_ 

wwk ago 

Vt 

Aft 

4ft 

4H 

4"V» 

6.625 

3.50 

_ 

US 

4d 

4ft 

4ft 

48 

5ft 

_ 

360 


week ago 

4’k 

44 

4ft 

4’, 

5ft 

— 

£50 

_ 

Japan 

Si 

3ft 

2U 

3'i 

2fa 

_ 

1.75 

_ 

wwak ago 

•» 

2ft 

C'i 

=ft 

2S 

- 

1.75 

_ 

■ S UBOR FT London 








frttra trank Firing 

- 

4H 

4*» 

5 

5<fa 

_ 

_ 

_ 

weak ago 

- 

4H 


5 

5W 

- 

_ 

_ 

US DoaarCO* 

- 

4.18 

4.44 

4.80 

5.36 

_ 

_ 


•reek ago 

— 

4.18 

4J0 

4.72 

566 

_ 

_ 


SOR Unkad Da 

- 

3V: 

3ft 

31. 

4 

_ 

_ 

_ 

*aak ago 

- 

3Tb 

3ft 

35* 

4 


- 

_ 


■ TMRMB MOWTH MJROMUWX PUTUWBS (UFFE)* DM1 m potats of 100% 



Open 

Sett price 

Change 

Mgh 

Low 

Est vet 

Open tat. 

Jun 

94.90 

9467 

-002 

0460 

9465 

15781 

148216 

Sep 

9560 

9463 

-004 

9660 

9468 

44729 

188363 

Doc 

94.82 

9*78 

-003 

9463 

94.71 

68898 

234409 

Mar 

9469 

94.53 

-ore 

94.69 

94.44 

58989 

208887 

■ THREE MONTH SUKHUM OfTMTE PUTUHSS OJFFE) LI 000m potrta of 100% 


Open 

Sen price 

Orange 

Mgh 

Low 

Eat vot 

Open tat 

Jun 

9££2 

92.15 

■005 

9£23 

9214 

2979 

30037 

Sap 

92.10 

9264 

-ore 

92.14 

8169 

12684 

48541 

Dec 

91.83 

91.75 

-065 

9165 

91.68 

7578 

40407 

Ma 

91.56 

91.44 

-0.08 

9166 

9168 

1280 

12965 

■ TH1BE MONTH BORO SWISS MMC PUTUHES (UFFQ SFtam peinta of 100% 


Open 

San pries 

Change 

High 

Low 

Est. vet 

□pan M. 

Jui 

95.66 

9662 

-015 

9566 

95.42 

3001 

20021 

Sap 

25.U7 

95.47 

-a ib 

95,67 

9567 

8600 

23838 

Dec 

95.51 

95.29 

-0.21 

9561 

9123 

998 

7705 

Mar 

95£8 

95.13 

-018 

9128 

96.02 

543 

6649 

■ THREE MOWmBCUIVT , UMa(LJFFq&u1rn prints of 100K 



Open 

Sen pries 

Change 

High 

Low 

Eat voi 

Open Ird. 

JlKt 

3-1.02 

63.97 

-ore 

8463 

9364 

1488 

9552 

Sop 

94.16 

9463 

-007 

94.16 

9460 

1172 

12065 

Dec 

94.05 

9368 

-0.09 

9465 

8368 

265 

7783 

Mar 

9368 

9172 

-0.10 

93.78 

93.88 

156 

3274 


* UFTV toturea baoad tn APT 


ecu Urtod tto rate i aw. I mth.- ei: j mew: sv a mth* a V i 
rami ara offered ram tar Stem quoted la tho marten by fcu 
tar fw rank* am. Bataan tnm. B«* td Tohw. Bradays ana 
Md raarn are nm far Bn damaaOc Mmy Ran US I CCh and SOfl LMnd Deputes (Da). 


tSheSUBOR 
terin to 11am 


Bdng 

wMng 


■ TWE MOUTH EURODOLLAR (1 MM) Sim potato of 100% 


EURO CURRENCY INTEREST RATES 


Jun 2 

Short 

7 days 

One 

Throe 

six 

Ona 


term 

noflea 

month 

months 

montho 

year 

Srigsn Franc 

&k 

-5U 


5L 

Si 

- SL 

5ft* 

■&k 

5*2 

- 5ft 

Sft 

■5ft 

Parish Krona 

6 - 

5L 

6 - 

S »2 

6 ■ 

5L 

Oft 

-sjl 

8 ft 

-Oft 

8*2 

- 8 ft 

D-Mark 

Sk 

5^ 

5l* 

5*8 

5*4 

-Slfl 

5ft 

-5ft 

5ft 

-5ft 

5ft 

-5ft 

Dutch Cuddsr 

*& 

5,'. 

SA 

SA 

51* 

- 5ft 

5** 

-5ft 

5** 

-5ft 

5*4 

-5A 

FraWi Franc 

V* 

Si* 

5ft 

5ft 

5ft 

-5ft 

5*2 

-5ft; 

5JS 

-5ft 

Sft 

-5ft 

Panuouwa Eae. 

14lj 

13 1 ; 

Mh 

131* 

18 

- 16 

14*2 

-13l2 

13 

• 12 

lift 

- 10 ft 

Sptatan peseta 

7k 

V* 

7k 

7ft 

Jk 

- ”ft 

7ft, 

-7ft 

7 12 

-7ft 

7H 

-7ft 

Steiteg 




4ft, 

5ft 

-4« 

5ft 

•5ft 

5ft 

■5ft 

Oft 

- 6 A 1 

5*eo Franc 

J 1 

A 

4lj 

*U 

aij 

-4* 

4ft 

-4ft 

4ft 

■ 4ft 

411 

-4ft 

Can. Dollar 

5Y 

5S 

Si 

Sk 

sii 

-sii 

e.; 

Oft 

0 » 

-«i 

7ft 

-7,1 

l£ Dote 

ft% 

4*. 

<ft 

Aft 

■H* 

■ ik 

4% 

- 4*2 

5- 

4ft 

5ft 

-5ft 

Wan ura 

8 »: 

-7 

7k 

?it 

?a 

-7ft 

7* 

- 7*9 

7ft 

-7ft 

8 ft 

- 8 ft 

Van 

2 - 

m 

Sk 


2ft 

•2ft 

2ft 

■2*| 

2*4 

-2ft 

2*3 

-2A 

Asian SS+ig 

3* 

-3(r 

ik 

3’* 


-4ft 

Jftf 

-4 k 

Sft 

- 5i\i 

5U 

-5« 



Open 

Latest 

Change 

High 

Low 

ba. vet 

Opan tat. 

Jun 

95J28 

95.30 

+061 

9561 

9S£8 

40823 

343,102 

Sap 

9462 

94.63 

+061 

9465 

9461 

97608 

397.729 

Dec 

9461 

94.03 

+062 

94.08 

9460 

185603 

412601 

■ USTMASURYI 

BOX FUTURES OMM) $im par 1Q0K 



Jun 

95.68 

95.89 

+002 

95.70 

8568 

1262 

13616 

Sap 

95.07 

95.08 

+001 

9669 

96.07 

904 

15672 

Dec 

*».58 

»L58 

+003 

9469 

9467 

779 

7,1 B9 


M Qpta loterast figh. an far preifaus day 
■ »UtaOMAmoPTIOfC»(UFPE)DMlm potato oMOOdt 


Shrai urm raom m cah far Bn US Deter <nd V«n, teherx m date’ nolfaa. 


Strike 

Price 

Jun 

CALLS 

Jri Aug 

Sep 

Jim 

JU 

PUTS 

AUfl 

Sop 

9476 

014 

□-22 025 

067 

002 

ore 

007 

0.09 

9500 

0.01 

0.07 010 

0.13 

014 

014 

017 

020 

S323 

0 

003 ore 

005 

038 

035 

036 

037 

Eat. wt Md. Crib iwi2 

! Pua TW3. PiraaouA 

aaye opm «. crib a®3S7 pw» i9isn 



Jun 

Sap 

Osc 

tAsr 


Open 

Sanpnco 

Change 

HW 

Low 

Eat wot 

Open bn. 

Strike 


- CALLS - 

.. 


— PUTS - 


EU .43 

9439 

-ore 

94.43 

9460 

14.177 

52.361 

Woe 

Jun 

Sep 

Dac 

Jun 

Bap 

Dec 

94.50 

9469 

- 0.13 

9462 

9468 

30207 

50.177 

8560 

066 

018 

020 

ore 

021 

041 

M33 

94,17 

•0.15 

34.34 

94.15 

29.084 

34511 

9376 

0.01 

0.09 

012 

ore 

037 

OSB 

9468 

9363 

-0.15 

94.10 

93.88 

18641 

35.743 

9000 

0 

004 

007 

040 

067 

078 


a TWEES MOKTW EUnoOOUJW (LUTE)- Sim potato of 100* 


EM. veL tot*. Ml 20 Pita a Pramauc (teyH °P *1 nu Cate 014 Pita 3740 


Jlto 

Sob 

Dac 

Mat 


Open 

San pries 

Change 

High 

Low 

E*L vri 

Open tat 

95J9 

95.02 

♦ore 

93.30 

9529 

70 

5804 

94.31 

94.65 

♦Q.10 

94.62 

94.01 

SI 

1894 

94 00 

9465 

+0.13 

9462 

9460 

00 

1818 

S3 78 

93.63 

+0.16 

83.78 

33.78 

9 

1079 


UK INTEREST RATES 


LONDON 

Jm 2 


HONEY RATES 


Over- 

right 


7 days 
nodes 


On* 


Three Six 
months months 


On* 

yaar 


Interbank Starftag 
Storing CDs 
Traasuy S*a 
Bank Ms 

Locri authority deps. 

□tacourt Mnket depa 44* ■ 3*2 4fi - 4ff 


5ft - 3 4{J-4ft 

5,', -4ft 

5ft - 5ft 

S&-S& 

8 ft - 6ft 

• 

5 - 4>5 

5A-5A 

553 ■ 5ft 


- 

4&-4S 

4ft -4H 



• 

4B-4S 

5-4B 

5ft -5* 

- 

5 - 4ft 5 - 4ft 

5A-4fl 

5A-SA 

5A - fiA 

8 A-8&, 


UK cfatotag tank fan famang rata 5^ par cam from Fstanmy & 1994 

Up to 1 1-3 3-6 6-3 


9-13 

months 


Mt 


3k 


Carts of Tn dep. [HOOJXICO Ik 4 3* 

Crate at Tn dap. under 91000(10 to i ijpo. Dapoota *taaai ter ca*i \pc. 

Am. tondar ran at dtosowt 4.7W1pc. BXD fagd ate Sag. &pcK Rnonoa. Maks up d*r Mhy 31. 
1904. Aranod Mi tor phrtod Jin aa. 1904 to JU 20, ieM.3chonwa I S I» 647po. Rateranca rate tar 
partod Apr46 IBMUMvBI. 1994. Sctnmaa W A V 1223po. Ffaonoi Homo Bta9 R*a B*apc ton 
Jim 1. 1094 


■ THMi MONTH STBUJNQ HTTUUBt (UFE) £500.000 potato of 100H 



Open 

Salt pries 

Change 

Htfl 

Lew 

E*L rot 

Open tat 

Jm 

9420 

94.70 

+061 

94.71 

9468 

5092 

61696 

Sap 

9425 

9428 

+068 

9460 

9462 

18838 

88960 

Dec 

93.56 

8361 

+012 

93.64 

9362 

27482 

143281 

Mar 

9265 

9263 

+0.13 

BZSS 

9263 

9831 

54386 


Tndsd on APT. M Oprai kaaraat l^mtkr preMui day. 


■ SHOUT STE18JHQ OFTIOMS (LffTg CSOOJOO points of 1009t 


StrlM 

Pries 

Jun 

— CALLS - 
Sep 

Dec 

Jun 

— PUTS 

Sop 

8490 

020 

009 

067 

0 

031 

9478 

002 

are 

are 

067 

061 

9900 

b 

aai 

001 

0.30 

ore 


Dee 

098 

1.18 

1.40 


£sl «cL total, Cate 3*00 Puts 556 Pnwkxii day's tem M. Cdto 209048 Ata 178(40 


FINANCIAL TIMES FRIDAY JUNE 3 1994 

■MMEY MARKET FUNDS 


Money Market 
Trust Funds 


CM HP 


Coin 




, — . 


SSfSEfSSSSSS*'™^ 


Otpted- 


I 480 


I 4j»la 


Cant B6 ri Tto. of Chorik al Engtaarii 
2FhnSta»t.LHdHECZ75M yn-“ 

moral -I t«i -I 


Wl 31 ^ 

naratMi.iraiat 

(are : 

»_U» * 

MO I 4*7* 1C 


1 1*19 CXMIW-C2<ft04a 


Money Market 


Bank Accounts E:H“ 


_ 8J5 194 
_ +90 S8S 


*o ray rbi. <«Hi BCivaisr. 


r25,ow-e«tao- 
EBDJIOO or 004— 


125.000 — 1468® 

tSUQDranora 



15«S 

un 


K-C-U 

2ri*ra 

xL'l 

uo 

[! '.I 

U7S 

*JS 

1»2S 



HI-QHDU1U tiiliai IliwlJHff Rte* 1 

ufS3bSn5cuaM.cn* 

_L IMbltedlWDaaajtaC sg 

m 1 tteUtaWh tote* net 1 979 


ABcd Hmt BaakUd 

25 mte HB. UtodWlEC* «T 




rwOragsaAcc 

kassa 

*JO 

a-5? I oa 

S.M 


aea 

*« Or 

3.1a 1 

*32 1 <k 




+3+1 Ok 



3.19 1 

*281 Dr 

4SD( 
*91 
*31 t 

tEsazzoMB 

am 

2W 
*30 1 

39* I 

036 780000 

sjbI or 


E2SJMt-CtOOL<IH » 

CiOOjOOi |M I 4.r> Ufll *M1 tor 


Xbdnnart Bmom Ltd 

mWHMMInbillHtn 071-3RMSH 
UCA92JDIW 14 lisn I U31 Mr 


I Banian Pihnite Bank 


cijo® ttwatt — 
njMMaagsL® — 
tiMovotwa- 

£25jOOO-C4S .390.99 — 
ES0JMS+ 


u» 

079 

1JU 

150 

2>a 

9» 

ITS 

2m 

xaz 

400 

mo 

*«■ 

*29 

ne 

us 

*79 

998 

*05 


KlriPteOfll 
btabte*n_ 
lUMnanbnubMiunoamasn wvjratin 

mcA nzsotw — l « aw73i 433)01% 


Uoyta Barit -bireto^AcCtei ri 

nitatardSt,UodaiEC3FnS 8772 *7337! 

Cl 00 tote M mw — I US 194 I 5281 toady 

SjfiSK MS 380 5.15 M 

SaiSS r 495 3.71 *85 Haiti 

mooS; 1*79 3Jdl *75ltare 


ifctB»Tr , “7aRi». sesasi 1 ' 


aa-toMpiSkSHcitSii \a " ffirs3&ics» 

C10MD*— ||®a 


•mTtenTnonimi fT-mi 071-091 9448 

tateitaCUteBtae- I in 282 I ut 

C2SJN0-Cat98n — ] A75 281 I 3® 

CB08Q0+ —I 500 375 I 5.12 


Entaou* Acc CS009+ . 

nD.000+ — 

£20800+ 


3.79 

291 

07*8 

an 

*S0 

137 

*SJ 

*00 

9J9 

3M 

uo 

*1C 

UO 

ut 

- 

US 


St 


SS Hattumtaito BMg Spc- Ou riaM itairoit aT 


itatonaLMawr 


poEH 

BJOM&m- 

cuumi-mon 

c+f. OTi pjno+n 

QOOtoteMte 
1100800+ 


tern 

480 nrai 
479 US 
580 379 

529 2M 
UO *13 


*79 

580 

S25 

550 


£2800-44.0® 
£5000-008® ■ 
namo-CMSM 
C2S80O-««8M 


Btectm PrfBH AtxatntHXCLA. 

POBn raLHorttonitau , 08H2E2WI 

£1800-04® 380 180 I 282 ter 

rjaw - wm — - 235 189 1 2*7 OB 

£HUO0-O*0®— 275 289 2JS » 

taML. I i« 2S1 l 3891 OH 




JS* 

IK*. 
£90800+ 

nu»>-4-»8n — . 

£20800-1398® 

Cl HUSO- Cl 08® 

C2J00-CS8®— 




071-00*0*33 
380 1 487 or 

280 1 *071 air 


4 75 190 

nitatanriteinnumu *so i» 

CUBrtaUiuiM*. *29 119 


071-023 1155 
4® Mh 
*99 H 
*32 or 


Bi ta ib ail lM Back Pfc 

■ StAMnarStoai*EMM0«H2aV ,031000235 
05 3802S l -I'tooM 


Cuter AHmLkl 

2D UcMu Una. Unto* EC3VBDJ 

MCI 175 281 

noramo®*- *50 

0ran4®t £56000+ -I *JS -I 483 


Hoori Bank of Scctan 
41kMMSt i ElliteVi 

£50800+ — 

C2580D-C4BL990 

C108U-C248® 

£38®- £98® 

£2800-9*9® 


dc PraraUn 8ce 

?2Vt 031-423 8302 


179 281 

3® 2® 

278 2® 

240 180 

180 1.1* 



180 

295 

279 

202 

181 


Chartetftoaw Bank Lferikd 


k teateraten no.’ oan 3*2101 
„ - Tin 281 *82 

leSSAFhad 1 Vara *® - 58* 

TEBAVWtaa I *41 - *50 




1 r tamWtoi.EW 

£?.SnO-E 108 M 

E36flOB^49J® 

enooo-c®8n 

arannaiu. 

StoQW-WMU 

•608004008® 

*KM800-OT96BM_ 

amaa 11 *»■ 

m ira ra u ua to teaa tadtei-te Ttai teo 
|HHB(21® 


TDK 
XTB 281 
480 380 

*25 219 

*0 *31 

729 10 

275 28* 

38* 289 

129 244 


071-0* 

380 


Trodofi Bank pfc 

T; 20-83 piwaDVtopa*: 
SS 1— tnwwianrari’ha 

^ Daraaad**1M210a09+ 


MiHNUH C1oaOB+ 
a +yjcai-+.: 
WtenORnd 
TirotansssJ 


3929 2.719 

170 2*13 
3*73 28® 
4800 i*n 
4875 


UCIMUnM 


SacfcFtaidbfoSoMioa Acc 

Mlatencaulpteci. PlMHW 91 2K- Ot +-248 7070 
£10890-0609— +—1 6T0 2T5 3JE Ob 

£30800-4908® 176 281 380 tM 

eiOO8O0-<£1O6B® I 3*0 286 1 3831 Ob 


9HH7M. 071-25*0004 
OS2 irac 
784 B-W 
- i*«4y 


OnBod Ootekrioas DnWUd 

n Bto* 2 .Mc«. BK OCn^H 


£1800+ 


0*1-447 2438 

AiM^iloDNrt 

1 4.75 ififl r 4^4 I OB' 


Ita Co-apantere Bank 

roaca300. O Hllto -ra r . Lm 09*5300® 

T£S« — 1526 -I -I Tunny 

Wta tei b i -Ctrl to ut (toi ta i huH * . 

MB— car 1 *80 38B I 9811 Mh 

.99-9* Dm tedotSMtap 


X Hoorr SCkrodte Mmi go Ud 

120 oaota irasga HTSsos 


i2o taojaK* itaSoa I 

teteM I *7* 

£10800 tod tom. — I 980 


154 I *M| Ml 
379 1 500 1 Ml 


ESOlOOO+^H 

E25800-M98W 

nanoo-£2*®» 
S580O-E98®— 
tiro Tto -taten I 

IE30800+ 

£1 60*0-949892. 

E980O-A*®— 


9290800+ 

E508OO-C24A8M. 

£1D8O0-Ha9W_ 


30-watrr 


WaotaaTraMWah tatmatCheqnAec 

TtokteanCHb*n|iiaUlin.1 15E 9792224141 

£15800+ — _|*7S 385 I 4«| OB 
£fi8®-ei48»___l*S0 339 I *90 OB 
£1800-448® 1*29 119 1 4 32 1 OB 



*35 216 4ja|a-m 

*00 225 382 9-Mh 

279 20* 277 O-MB 

281 1.73 I 282l«-«n 

rOhMuTMOn-aiSte 


rate at iterad pay**, m* 
hn of lane nto Bsona n. 

tfbr ritotai tor tahctai or 

CMfer - - 


■ Bbtanra 


BASE LENDING RATES 


AOarn & Oorpany 625 

Afitad Tryst Boris 6ZS 

MB Bank 623 

EHerayAratachar 62S 

Bank of Steal* — 625 

Bars EKSO WzcajQ- 625 

Barb tO Cyprus — 625 

Barit of Htend .„62S 

Bankoftatia — 625 


Bank of ScoMteid 526 

Btectays Barits — 125 
BritatofhUEsri — 625 

•erownSh^tay lOo U36a 

CL Barit HodatewJ ._ 625 

Otarft NA 625 

QydHdriO Barit E25 

The CtKpratauB tank. 625 

CautaAOo -S2S 

CredtLy«mqM..„ S25 

Cyprus Popiiar Bank ^625 


Duncan Latrto 62S 

Bator Bank Umtad- 625 
Financial 6 Gfln Qa* _ 8 
•Robatt Homing S Co _. 525 

Groberis 625 

•Otenoas Mahon 52S 

HaBbBan kAOZutoai.625 

Hartario & Qan imi Bk 625 

•HISanueL 625 

C-HoareACa 52S 

Hangknfl 4 StiunghoL S3S 
XAtaHodgsBank.... 625 
SLoopckl Josoph A Sera 125 

LtoytaB**.. _S25 

UoghralBarttLM 629 

MktaEl Barit 625 

•MartBsnUng 0 

62G 
S2S 


* Raxtugta Qumtea 
Ccrpccrion Urtad is no 
Ungaanuteds 

a bsnHng insflukn. 8 
Royal Bk qf Scritald — 52S 
•BmahawSnteiSota. 625 
TSB- 5» 


•UritadBkafKimrit- 625 
UrflyTmt Bank Pfc — 625 

VtaotanTnta 525 

MtaBriy |Ndta*-to62S 
Variahha Barit 521 


• Merriwra of Bfitah 
Marchanl Banking & 
Securities Houses 


InadnMBirrifon 


r 





urrmiro per la rjcostruzxwe industriale (HU) s^a. 

8ada ta Roma 00187 - Wa IfllhMo Vborio. 80 
Captteta aocteM l_ 6388.779.196000 -Tite «fl Rrana n 688S792 


Suspension of the right to exercise 
iRi-STET 1992-1996 Warrants 
(ISiN : iTOO Ol 002200) 

for the purchase of STET Ordinary shares from IRI 

Holders of IRI-STET 1992-1996 warrants are Informed 
that, in accordance with point 2, letter C, of (he regulations, 
the right to exercise the warrants for the purchase of STET 
Ordinary shares wiU be suspended from 13 June to 19 July 
1994 due to the general meeting of shareholders, schedu- 
led for 28 June and in expectation of the payment of the di- 
vidend. 


Suspe nsion of the right to exercise 
IRi- STET 1991-1994 Warrants 
IRI-STET 1992-1994 Warrants 
(SAME lSrNMT0000078060) 
forth* purchase of STET Savings shares from IRI 

Holders of IRI-STET 1991-1994 warrants and IRI-STET 
1992-1994 warrants are informed that in accordance with 
point 2, tetter C. of the regulati ons, foe right to exercise foe 
warrants for foe purchase of STET Savings shares will be 
suspended from 4 July to 19 July 1994 in expectation of 
the payment of foe dividend. 

Rome, 3 June 1994 


DO YOU WANT TO KNOW A SECRET? 

** naULY vrak. ire are* 


LOW COST — ;vm., ; 

SHARE DEALING SERVICE 081-944 0111 


iMMI'.Si'N Hi(.1\l i|0 MIVlM i: 
V W I MI.m 1-s \N, 


RrfureSwire 



■ 

Mtolai 


INDEXIAUTO 

uhuruitn 7^.1.-; — j * t - _ 


Mtesat p.'szsiB 

aE-BStesaSi 


We are urgerdy seekii^g oomuiwaa] 

■ AM DIE ^^niait properties Upwards of 

HMiaMM fot m-huvc**- funds and Cvei^ns 

Tehwntmrsa diems. Please forward defalls to 


tatawaw RjduBdTOnGdfayn 


WANTED 

URGENTLY 

UK 

Commercial 

Property 





45 



FXNANCtAXi TIMES FRIDAY JUNE 3 1994 


WORLD STOCK MARKETS 


u»w w 


>/- 


HM U» W Wt 




EUROPE • . 

AusiHttgwii/aaj 



waNr 

awurt 



— ajwn.Tso u 

~1.27n 085 0* 
~ 034 638 1 JI 

— %2O0 3. <00 _ 
-1 1JTS 1.236 15 
».1.H7 IJWO 0.4 

— ijom 155 .IB 

-m 1.060 




MID 

gogt i *ta - i«o i 
Gwflnq B*10 *8011,180 
Ssean 8 ,ido -no 

££,3^25 ^ 

KkM Q.TOO +M 

2£E ^ ~ 

Moxana ijhb -5 
Win 17.460 +200 
SUM 1Q02S4 +2S1 

W- HB ^ s *» 

IMrt> MOO +1=0 ojoo 

S^s. -s» 

DOnAfV 3.400 _ 

Sofinu 


1 2D -3 HCJB imio _ 

1.12* 1-10 15051.035 03 

aas*o +730 SSaMH- 
S -ill si IS M 

817 +17 -030 763 1* 

mr . 9Md 414 1J05 818 — 
bib *ts 1.190 on <* 

is^^-joi^S wo £5 

guc 81? -24 ofi M0 6J 

gs *« a«ffi*gsis 

~?WM3 ; S5 1 -g 

JPa KS ym io — j&KO ££ -2 TOO 510 55 

Step 1*00 -42x901*43 __ 

gMG®, ,S« +12 Ttt 888 8.7 
Swnrtrt 1520 +43 2*001*80 2* 
B84 -S S28 360 _ 

302 +8.70 377 305 4.1 

$s* ms ^■aa- 

TjgasssasB 

saf $ <s ss sa 

IMmFr 074 -« ■ 5»H 

24JW 42 307 23510 3* 
.y — ya*E 2BM0 +.10 335 240 15 
JJ — WnaO Zn +2 355 292 43 


— 4*403/100 1.1 — 

mammamuKiirnztfti.) 



Urn 2 /ns.) 


_ BO -BO +80 737008.70 4J 

— AESOH 95 -.40MOJOHL80 3L8 

— *Wfl 47.0a -50S3.40 40 _. 

_ akzok %msm -a.10 ssswr.n s* 

— AltnDpfl 74.20 +1JD 00.40 8050 43 

— SIMM 40 — 47.M88J0 _ 

— tort OR 43JD -JD 63 « 3.1 

— GSM 84J0 -.40 77.80 54.50 _ 

— D5U 134AM +180 14810580 1.1 

— Dsdffle 1 BLOOM +1 i« 208173ID ZB 

— Bw« 105 — 1057818170 18 

— RftDpB 16.40 — 20UUB0 45 

— Emma 89.00 _ 10050 06 4X1 

— BUrOpfl 48J0 _ 5880 40.10 27 

— SPV _W* +315750 133 

— NMD 22430 + BO 744 J!l 710 70 IB 

— HaUe 316 +1 33050 ZB4 3.1 _ 

— HB*Dp» S7J0 +30 70 4850 fUS _ 

— HunOd {BLBOuj -UO03JO885O 3* _ 

— WCCW 37 453850 3J _ 

MGDpn 78.10 *50 04.70 7420 OX! „ 

m +5000*079*0 u 
51/40 -50 56.70 4080 IB 
4750 +.40 S3 44 OB 
49 -.70 67 JD 4850 3-1 
04 XD +50 0530 5850 5.1 
8150 — 100*0 01 JO £5 

8050 +.10 865085.76 _ 
7650 -5808508650 25 
6150 +1.10 5750 40 15 

70.10 +150 84507950 05 
11950 *A0 131 11820 35 
- 5020 +.10 G8 99 5.3 

— Rome 18150 --2313940110*1 2* 


M Iww M 


+/- Btat tan rid Wl 


i ■/- tfafa f W M 


-/- 


*14 HI 


I-/- I 


♦ <- IM lax 



-1615401,145 _ Ketone 

-imuxHofim oa — kmuh 

-ID 72700.160 17 _ Konm 
+4085001500 Z2 — 

+271556 775 1* _ 

*2 ZZ7 100 1.1 

-10 BBS 707 „ 

4 w as _ 

-891560 1.460 25 
-101.100 845 Z5 
-4 631 368 45 

201 -1JO 298 1B0 _ 

GEO ™ 815 610 _ 

688 -3 770 658 _ 

. 735 _ 

1XM0 -31503 15GB 2.4 — LjiT mC r 15m 



832 610 
+27 1.816 1520 15 


MtMta 


KIM 
no* at 


PACIRC 

2 JAPAN (Jun 2 /Yin} 


SFODP 

MMM 

lUlU 


-60 2520 2.160 _ „ 

^ * a = = 

+16 87« 646 „ _ 
+1 no Gei - 

+8 630 425 1.7 
-1 «7 311 _ 

+30 1540 151 D - 
-4 611 406 _ 

-2017302520 __ 

-40 7X1006580 — 

+2 505 375 1.1 
*6 08B 788 _. 

-3 1550 BOS - 
-40 2580252D ... 

-4 782 636 — 
*201530 TBS 

— 1540 oca 05 

+12 780 612 — 

+10 2.190 1580 _ 

-10 67B 428 _ 

-1 871 780 1 5 
-2 «3 321 _ 


SbEKSi 2530 



KWfTr 

— WWp« 

— wort 

— orum 


— Sums* 

~ffla 

_ SnAM> 


— 2590 1510 — 

-1015*0 840 — _ WHm 

-1015901.140 — — VMM 

— 15W 1,120 -. 

+18 830 905 08 

+6 850 411 _ 

+11 381 2SB — 

+7 700 500 _ 

— 623 481 — 

+10 1500 1,110 

_ 25202540 

+2 BK TOO 05 
-508560 5560 — 

-2 #11 818 „ 

-2 730 426 — 
*1025901500 — 

-8 573 432 — 

-4 510 404 _ 

+10 1580 837 — 
-1015801580 — 

-ID 469 380 „ 

+1 453 288 — 

+10 1XQ0 8S1 5.7 


9xn 

7,72 

6 

256 

453 


_ 858 610 3-1 — 

-58 850 850 15 _ 

~ 952 750 15 _. 

-02 285 251 4.0 _ 

-.12 SXSS 459 25 _ 


450 -JOB 455 3.70 1.0 
3 - 352 254 25 


18800 CrtfdA 
14776 CWSW 
27300 CnMSh 


- KOW KDN6 (JlBl 2/HXQ 


— QlMotr 7250 

— Chn£sl 750 

— OOcS 1 22404 


— CrtM 

— DFam 


■M89 


« 


AndoCn 


MI 

ijsm 

a 

1.710 

70S 

1580 


+10 1.420 1500 — 
-j sin w - 
— 1500 881 05 
+101560 878 — 
-1510 881 _ 
-4015601^70 _ 
-2 744 583 15 
♦101.420 940 _ 
+10 534 402 15 


ktabftf 


1700 

+» 1*60 1,420 1* 

Bumw 

304 

SOB 

257 


1X170 

-S0 1,060 1,700 _. 

SoriMlM 

070 -12 

00/ 

804 


1*60 

-101*701500 

Surfflt 

726 +2 

734 

011 

12 

1,160 

-S0 1*20 900 1X1 


1XM0 -301*00 

815 


3/460 

—10 3*80 2,720 _ v 


1J90 -101,7301X00 

lf . 

908 

+0 9S0 7TT _ 

_. suowns 

BOO _ 

815 

074 



— Guoco 

— «ac 

— HLuigll 

— HSentfJ 

— mien 


-Eg 


MknCC 


Mndt 


+22 613 397 _ 
_ 882 E8S 
+14 674 557 _ 
+13 780 GB2 117 
- 1540 1580 0.7 
+10 78S 480 — 

-13 E92 388 

-201530 790 OJ 


- Suzuki 
_ TDK 

- TUbM 
_ TshcPn 

- TnkBfl 
_ UnSh 


— taunt 00 -.7010050 80 *5 _ JfflS" S-lgg "’SSfSSi'lSS ™ «w«* 2J30 -40 3X716 2500 — 

— *n.-; >. ;fj^tnal +1.1D MS*i IMJIi u _ 5500 -10 S530 457B 05 _ 1530 *1015401520 __ 


Are 

ABkX» 


IBM 

686 




42 - 
2* 

&88* z 

*» a “ _ 

U — AaMnflg 1.1» 
1J — AM 2514 
i _-y — ASM 805 
«g5 6-1 — Moo 970 
«X«8 0.1. _ Mum a;® 

W 3™^ 

45 — BtfiMfc 491 

« = ar «s 

«■=■« *2£ 
— BMV 452 
— BW 945 
_ BortKr Z5350 

— bbzSd ?ea 

— cuna ixxn 
— CoBCnP 900 


(Junl/OnU 


iBuo 153 05 

839 644 25 
15481.120 15 


— muth18750la] +1.10 21940 IMS) *5 

— SUM 4&5Q +B050J0 4M0 15 

~ IMOp 18150 -JO 238 188 S.1 

— «*j wio -joaoaeoiBJO 21 

— WJOl* 5150 -XU S6.50 4550 15 
HOfla -.101335810431 15 


NORWAY (Jun 2 / Kronor) 


-*Si 

— 670 

r— 1.181 

— 1X725 


m 


— MOM 8450 
' BUM 16450 


' 25 

. 28302.440 45 


(JmZ/Kr) 



-goo _ 730 568.25 

_ . ^ +458 281 215 25 

CUB 278 +8 933 267 1.1 

0VSl2A12a^ +500 riSS ftSS 05 
»*»» B5S . VI40 62D 13 

pOTDak 318 +2 4Z7 310 85 

BUM 173 -2203X3 182 65 

H-SB 603 +3 615 3B7 25 

Wort 512 —3 643 445 2X9 

■998 218 -2 278 216 _ 

Jgtafl 335 +2 425 33235 

USB 1,230 -20 1.630 1.140 03 

MKT A/S 270 -6 385 253 17 

HuNnB 836 +178351 896 08 

Ftodtae 540 -6 737 330 05 

Sow* BUM . +s -615 C38 02 

SBphA S36M +3 673 473 07 

art 4BB +3 BBS 386 20. 

■Ml . 823. -1 3344B 300 

TorOan B+o +i2M ixmaz/Jffl 15 
UlNM .214 . +1 2S7 20756 4.7 


FSUUD(Jun2/Mk^ 


183 __ 1S4VEUQ 15 

141 +T 170 ISO 15 

aa m SJjD 106 90 

3ft 50 +50 4850 SUO 16 
212 +3 233 181 15 

11*0 _ 17.40 1050 _ 

mM -50 56 45 25 

- 620 —a 70s 

116 +2 IX! 

177 -1 247 

- lit -+1-260 

232 wX 2S8 

22S +1 280 

. • 420 *18 489 

tnm +50 102 

85 . _ 104 

79 -2 102 6850 15 

_ -.12086.10 117 
-4 225 190 25 
. - St +-10 31 .20 — 

1450 -50 2060 14 _ 


Cadm 

PLW ' 498 

B&UsSr 80LISM 
tetssa 493 
_■ waST. a*7 
~ DHOhBk 740M 
~z DUUk 15850 
. ~ Drauh 567 
“ ttSSk 288 


FRANCE (Jog 2/Tts.) 


— 510 435 1.6 

— 485 348 8.4 
_«** 339 35 
.-.G81XD42&3B 33 

— tea 63b 15. 

— 57543559 25 

— 090 819 1 5 
-Mfl 238 25 
m+ 528 400 35 

— 951 760 1 5 

— 1530 1.140 0.7 
_ 1,030 040 1.1 
_ 398 33*50 35 . 
__ 200 230 1 5 
__ 600 46550 0.4 
_ 81477150 15 
^ 588 44315 

TKUtt 235 _ 
887.50 728 ID 2-2 

— 189 132 25 

— 807 331 25 

— 310 260 1.7 

_ _ 4 BBS HO 35 

GEHE S7B50 818 486 15 

— feslin 272 „ 807 270 15 

— Gbsur 700 • _ 706 590 25 

~ »an*e 212 _ 24S 108 3.1 

HMdZm 1 JZSTJ _ 1580 1,100 05 

“* HUMP ..- 626 _ 0B1 SB2 15 

— Htaz 385 „ 4+0 3S2 25 

~ MX« 1X159 nu 1582 1.040 15 

wWiaui 2.1 

_ 1X199 890 15 
£» — S3 222 25 

293 _ 324 285 3.4 

381 _ 433 393 2.1 

14060 _ 100 KUO _ 

61050 „ 6*0 SIS 2.1 

512 _ 563 451 25 

•iaB50 ._ 16X50 116.10 _ 

168 _ 179 102.70 .35 

055 _ 800 BS3 15 

780 _ SB HBU 

WHM ■_ BOO 830 15 

365 „ 410 362 25 

195 _22tt50 105 — 

188 _ 216 158 15 

41350 _ 470 378 2-1 

»4 __ 367 302 25 

429 _ 48850 387 15 

630 _ 622 7SS _ 

MSBO 234 280 17550 3+ 

100 — __ nn 231 282 210 _ 

176 15 _ mCunm 524 _ 53050150 3.7 

172 15 tad) .700 _ 888 098 05 

70Q Piano 467 _ 496 427 2-2 

ISO 0-fl _ RWE 452-30 __ S2SSI 420 2.7 

287 07 _ fMEPI 35950 _ 424 335 35 

Bu =J5Sa 'B z'fi'aa 

247 _ 2B7 220 32 

287 313 252 2.4 

1577 _ UU 970 15 

- 363 _ 438 350 15 

G9*50 . _. 7BB50BB1JO 15 

SpMHB 830 • — 665 010 15 

SuaChro 548 _ 569 460 1.1 

TTWxn 27030 _ 30823M0 25 


— CtlBM 

- = SC2E 

787 as _ 

276 25 _ 

H 


8K 


as 


Si 112 0450 4.1 
+50 16® 130 05 
+.15 1950 13 M _ 

-JO 189 126 15 
+JD 114 KUO 
*1 148 112 35 
-3 366 
-311660 
-1-3! 260 
+4 208 
-4 306 
_1B4J0 
+50 ST 
81 



336 15 
95 34 
2M 15 
185 1.1 
22G 1.7 

140 25 _ o_»S. 
74 2-5 kA*™ 


§ a = asfe ?ss 

— — ccwh 


DBkl* 


— 1KB 

— Mm 

— KaU&S . 

— Kiaui 

— KW 

— (CMO- 
HodM 

-ar 

rS 

_ MAN 

— MAN PJ 


651 15 


174 
241 
145 
70.50 

ooig +1 50 97 ._ _ _ 

112 — 122B540 1J _ 

1310) —2 161 122 25 _ 

40 +40 6450 31 _ „ 

8450 +40 89 57 6.9 _ 


- SPAffl (Jin 2/PtsJ ira# 

~ DaMn 

EXBO -50 6X»0 6X»0 21 „ g^?. 

6450 -20 8,700^400 _ — gtSSE 

9.185 +25 3435 2480 65 __ nJSS| 

2540 +10 3.4002580 7.1 

4310 +104530 3576 43 

15460 +400 17JXD 14J00 2.5 

4.730a- -155 BJ21 4.730 82 

1XJ80 „ 1A35 700104 

3200 +10 3590 2.410 3.1 

4200 +00 4570 3.400 24 

— 11,700 +5012400 9520 15 

— DrBfltoa 25&«l +06 2.716 2580 35 

- BlraAO 15» +50 1.775 1480 14 

+10 3260 2553 25 

+30 8.100 6.140 22 
*81.100 6S5 _ 

+8 760 418 115 
-26 5.140 3500 35 
+71210 921 _ 

-100 7^90 4500 2.1 
-50 7530 5,400 25 
5260 -1406,400 4510 1* 

12.100 +200 lifiOO 0.710 1J 
4295 +160 4500 3580 2.7 
+1 297 102 

+14 657 Sfll 75 

+2 816 #10 62 
+50 4.450 3500 65 
+70 2.185 1598 3,4 
+6 1,435 960 1.6 
+10 739 576 85 
-6 2.400 1516 115 
♦10 1710 1,1 SO 4.7 





— DOMJD 

— DowtfU 

— DcnoalZn 


Mn 

+io 1200 ixoo _ say 

-.12601.100 — Mni M 

-10 903 an 12 _ MBGsCtl 
+2012B01XM0 _ _ UM 
-5 S8S 410 05 - BAKU 

+4 406 380 15 inw 

-S STS 530 — HHW 

_ on 856 _ _ MbO0 

-10 15701260 05 — um 

— +12 734 415 _ — WM 

3250 +13032802.410 - — mim 
1.160 +SS1220 642 35 _ lUtan 

026 -0 MO 438 MbSU 

12B0 -20 1.79015* _ _ Marts 

35S0 -3340 2590 — 425 MARK 

1570 -10 1280 1X120 15 - HbBBK 
556 -13 600 315 _ — ESS 

416 -12 429 337 12 _ Era) 

850 -77 B97 841 — unFua 

1210 -10 1440 1.040 05 — mu$f 

720 +4 727 671 15 — MH+j 

2200 -202*70 2/820 _. J^T 

-20 12301,130 __ _ itX’ 

-50 2JBD3J1D _ nj bsoC 

-2° 1-S80 1510 _ _ MtfTM 

-5 SS 52J M — mw* 

881 +7 B98 798 — l*v+ 

BIT +7 626 41D — HamB 

618 *4 B24 387 _ — mr 

1.790 +301*701.420 _ _ LfcSon 

1560 +301^00 1/050 05 — SSl 

1570 — 7.060 1^20 

1J50 -10 1.610 1.400 _ 

840 +2# 048 BBO — 

1.150 -SO 1,190 BOD _ upr 

840 +70 BIO 551 _ _ Hath 

543 +4 649 416 _ — EcS, 

1.100 —1570 093 _ mkS 

1520 +1015401580 _ _ 53; 

470 -3 <75 345 MX 

1.040 -101 J80 979 _ „ mgk 

930 -4 834 697 05 — mB 

1X740 —1X770 951 __ _ HcjJh, 

1J90 +10 1.710 1.460 .-.72.7 uX**. 

1JHO -501*601530 OJ5 — gXXL. 

4,110 +160 4550 3530 05 — jpE tf 



_ TeMoM 
— taann 


+101*401520 
-a 703 520 _ 

-20 1*00 90S — 

+« 515 335 __ 

+S 7S3 803 — 

>4 633 «E _ 

-4 595 394 _ 

♦17 040 706 _ 

-281X710 «2 _ 

-# 730 487 _ 

+S 735 MO TkaSk 

— E37 407 — _ TWCb 
-6 445 318 _ — TDHco 
+3 M) 39S „ 

-C0 1.760 1.140 — 
-3015101,450 
+2 848 4G6 _ 

-6 838 872 — 

+5 394 301 _ 

-10 1520 1.100 a? 

-17 880 755 05 

-10 456 378 — 

+« 442 337 _ _ 

+13 872 679 _ — TkBtyl 

+6 940 770 0.7 — Ttaar 

-13 449 310 _ — TkuClP 

-301*40 645 _ — TUjId 

+X0 1X00 790 _ — TOnon 

no 2530 1*00 05 — 

+10 792 010 _ 

i non 659 _ 

-20 2J49 1583 0+8 
+5 624 405 09 
+a0 2J9»2XXn _ 

+10 4540 3520 _ 

-101*20 850 _ 

_ 1.170 BBS — 

— 1580 1X120 — 

— 58G 395 _ 

+1 2B1 231 — 

-B 802 665 


-40 1,460 1X160 — 
+40 4*40 3590 __ 
+2 740 010 — 

- 25101579 15 
+2 722 570 — 

-IB 802 679 0.7 

- 1.4901X170 — 
-10 1*401X180 — 

_ 1,040 887 — 

- &S7 «0 - 
-6 702 

+25 1.1DO 

^3 720 

+5 831 


JarinM 


2.700 
1580 
486 
52B 
1540 
580 
1JU0 

. 1.770 

_ Horn 2xoo 
— TKBPW 3520 
T&Hfll 3L27XJ 


+5 907 

20,100 -20021500 


= ]gr 


_ Tsl 

1M0CC 


— Tshfcu 

— Tosoh 

— Ton 
_ TmmQn 

— TdsAii 

— Toyobi 

— TojoKn 
TsyoSK 


2550 

1XMO 

874 

793 


837 

1.140 

872 

847 

40B 

1560 


BIB 05 
7D5 05 
SCO 0.7 
3G7 15 
602 
870 „ 

633 _ 

... I75B — 

+40 3530 2560 — 

+ 101.4101.110 _ 

-5 60* 326 _ 

-3 635 415 — 

+30 15801.190 05 
-4 687 421 _ 

-201.7201,450 - 
—40 2X120 1510 — 

— 2500 1570 — 

-10 3540 3X750 _ 

+20 3560 2.740 _ 

-6 570 401 — 

-1 700 620 — 

+10 2,720 2500 — 

+20 15501530 05 
-6 692 450 

+4 BS9 t58T 

-8 730 sas 

— 1530 1580 
+30 1500 1.100 

^ iK 670 I I NL&SS 13*0 
Moffinh 14 JO 
__ IMfn iso 
_ Hfiip 35BN) 
„ P88 3*4 

StmaD 85s 


10.40 -50 15*0 9X15 35 &B 
3825 -JO 50 28L0O Z5 24* 

11.10 -.10 1570 10*0 as — 

37.75 -175 523355 25 ... 

41.78 -1 57 37 25 305 

-SO 81 Sfl 2* 0ft7 
-.20 14 8.15 — 

-4027*01590 13 - 
-20 10.10 1050 35 16.0 
-50 1&ZD 1050 05 — 
+50 &05 4.17 2J _. 
-53 46 2950U - 

+2 131 80 25 

—.40 2150 1150 *X! 39.4 

53 JO -1*0 60*0 47.75 3* 19.7 
lid —.10 1350 ID JD 05 25 
5. BO -55 950 5X15 45 - 
3050 -155 BOJO 3555 55 — 

76.10 -30 2455 14.40 25 217 
+30 1550 1080 15 75 

-1 5*37.75 25 205 

-50 8650 2050 5-7 - 
-50 315510.10 0.4 — 
-.60 3025 1040 9.1 2*5 
-X»* 17.70 12 3.1 — 

-05 10*0 0X15 6.1 _ 
3235 +126 42J0 27.50 21 
22 -1.10 33-25 10*0 4.1 — 

8*5 +.1$ 13.10 7*0 OJ — 
JMBttl 58 -250 84 JO 46.75 04 — 

JSitbI 3025 -125 38*0 24*0 0.4 — 

(Oltaj 14*041 -JO 25 12.60 227 23. t 

M0WXk 10*0 -.101250 0.20 OJ — 

taMUflO 23*0 -1 43. SO 21.10 35 -. 

fWDM 35.75 -1 3S 30 ... 86.7 

SHXPr 48.75 —1.75 77 42 94 602 

123* -+2D IBS* 11 24 43* 
5*6 -.16 8.15 3.75 30 13J 
12S0 _ 1540 0*5 11J 39.1 

4*0 -.10 5.45 190 6J — 

4.40 — JJS 7X0 173 7J 
5BJD -K5S 71 SO l*21J 

9.10 —M 11/30 B 2* 18* 

3125 -JO 36.75 23 2* — 

30JOM -1J8 41 2560 22 -. 

_ 18XM - 70 2350 14*0 _ _ 

_ MvOn 11X30 -2016*01120 10 _ 
1120 -£017.4010.70 7.1 _. 


16*0 

">£ 

35*0 

8550 

1350 


— HenLna 
“ HKChB 

HKSW1 1120 

~ KXNl 43 

~ MI Be 2420 

21.70 
21*0 

z 1>5'i0jd 

~ Hop* 6.70 

“ HuKhW 
_. Hyson 


ME 

SknaO 

scnM> 

SHXCo 

SMM 

SwfiaB 

TetoBr 


Z ~ MALAYSIA (Jim 2 / MYR) 


4.1D 


+1012B0 1XBO _ _ Hflffink 

+11 875 433 
000 


1*70 
BOO 
B72 
3040 

+7 754 828 1.1 _ TyiMI 2.1GO 

+6 712 483 _ _ ToywTR 492 

+3 474 SIS _ — ToyoTB 1,260 

910 711 Toyota 406 

lUMA 


(Jun2/SS) 


+i2 m w u 


575 



— NpBqr 


3*50 


+» 3,120 2318 1* 


13.410 2250 0* 


Z swaanjunz/itaw) 


HtSeR 


r. ssr 


Z aoaa 

_ AEAB 


380 

375 


-ID 00402.10 - — 
+8 768 595 3£ _ 

+30 896 748 17' 

+18. are 500 13 _ 

+21 1,649 1267 2.7 _ 
+30 1.435 1,192 2.4 
+11 1X102 806 16 ... 
+AD2B03O 240 _ _ 
+9 BBS. 308 2* _ 

-WOTW - 

•■+®8 . 7trr ... 

+21/001,111 4.1 
._ 1.156 843 42 
+59 224501 SMC 0* 

+.40 2o2D mm 



„ AObsB 
_ 0-htfl 
_ Bte*B 


-0 486 
+2 470 
-7 660 
-9 BBS 
TOO 
-1 194 

-4 543 
-6 542 
+8 438 


_ T ITALY VuiZnW 
82T 2J •„ - + - 


+28 110S 1,803 14 
+4 • 303 WtKff ‘ ‘ 


= » 


,10- 4.0 ._ 

1*81 +241*701*31 11 _ 

42* +.10 4S5 348 2.1 . „ 

228*0 +8*030099 218 1* — 

1X120 . +31*88 1.(H1 SX> _ 

503 +« B38 800 17 _ 

410*0 +7*0 490200X9. _ „ 

St9yd- +1 737 51111.7 ... 

1770 +408,180 8*20 17 _ 

an -1830 eeo .. 

416+TMQ 438 3B1 1.4 „ 

832 +3 » Jtoj.1 _ 

2.330 -66 2X104 2*28 2* ... Qontoa 

754 -10 8*0 838 iD (Mu 
407/40 +4*0 438 SB 50 4* — QMH 
348 +4 302 328 ..... npy 

964 +t 1.127 842 42 M 
877 +S1XWB BBO .— — Rs&S 

750 -15 M6 Ttt 

BOB +28 BO 665 1* .. 

1487 _ 1487 2*50 17 

1*50 -11 2*88 1*06 17 

872 -6. 702 584 8/4 

32. +1*8 38.78-2820 21 
W1JO+1JO 182 13S&.7 

8BB +23 039 800 I* 

4,774 +14 0.0X0 4.708 1 J 


B Conan 1135 +10 14054*10 U 
HOU8 4*60 +330 5*78 3*10 _ 

2X255 -aaASOl.TTB 1.1 

177 -3 211 76 — ’ 

28*00 -10028J602SXMC 1* 
11760 -4012430 8.110 — 

-58 3J00 1*84 2J 
+40 3*001X80 — 
-202*951*82 ... 
— . 2/010 1.066 — 
+25 2*20 2,140 3* 
—.13800 10200 — 
-152*641*68 — 
-25 7*30 4X171 1* 
-54.6X0 2,119 14 

+30 7*30 3*70 3JJ 

14*86 .-19817*00 11*00 11 
1X180 -18 1JK 1*38 16 
44X100 +250 



681 
187 
164 
<73 
472 
387 
3H7 

__ 120m 

_ EMMB 120U 
... Smims 352UI 

— HutB see 

— IfnkA 50 

— tncntA 265 

— Iicntfi 204 

— kNHA 103HI 

— MB 183d 

ibul 307 

PIWmA 124d +1X20 

mu# ixsd -jo 

SCAA 

SCAB 113x4 " 

— SKFA 133 

— OTB 138 

— SMMA 115 

— SMM* 115 

— sem* 050 

SHmUn 116 

— SknAB IBM 

— Stataft 407 

— storafi 410 

— SnHM 104 

— SPBUA 97 JO -1*0 

— SydoC 96 JO +1 122 

— Treas HI _ 126 

— WvoA 722 -7 775 

—■ ttMaB 723 -6 780 



312 
216 
215 
380 
155 
__ 155 
-1. '163 
-1 158 
+5 164 
+4 168 
+1 143 

— 142 8*0 

-1 73 47 JO _ 

+1 19KJ9 113 14 
♦2 233 171 1.8 
-7 475 384 1* 

3 WB7J0 4J 
- 110 81 3.1 


HnttuP 




as 


-12 705 545 09 
+5 BIO 469 _ _ lip 
+20 1*60 1*50 _ — Nen+a 

-« 1 JM 1^0 JSSSm 

+20 1.170 (tea _ MhnHo 

- - Sm 

— 698 521 0* Mu M 

-20 2*60 1J2D „ Mpfe® 

-9 S53 445 |«Sf 

■fJ*«HSa = SSSi 
^ ^ g= =B 

-14 1.OJO 719 _ 

-10 1*70 680 _ 
_2J001JW0 „ ._ 

-101.13® 841 _ _ 

+4 73B 514 _ _ 

+18 B33 7B7 _ 

-10 I*; '; 1,150 _ _ 

+10 605 428 OJ _ 
-101XZ50 938 _ _ 

-6 639 440 _ _ 

+3 728 602 1.1 _ 

-8 640 3B5 _ _ 

-a 525 438 _ _ 

-10 7TO BSD _ _ 

-30 1.120 70S _ „ 

550 307 1* _ 

-16 925 B7B _ _ 

-18 850 628 _ _ 

+80 1*80 5.700 _ _ 

-10 B7B 5£B _ _ 

-30 1,120 812 _ _ 

-8 915 712 _ _ 

-20 2.0401*90 _ _ 

-ifl 1,040 820 — __ WYMn 
+10 2*601 * 

-40 1,180 

+5 734 

-6 am 

—49 3XH0 
+2 4B8 
+12 790 

2*50 _ 

+301*601 

+21 8SG ... _ _ 

+20 2*40 1*60 0* __ Katun 
+3azxsoi£sa _ _ uewx 

-3 514 303 — _ NMA1 
+601.100 525 OJ _ total 

+18 825 723 _ Ua« 

-101.140 
-WTO 

-3 428 


+3 588 600 Tgganf 581 



^3^“ Z s«ranM»Uan2/Bi) 


4/3M +125 4*40 2.6 

29,160 -500 aTHB 15260 1.5 „ 
12.000 -10I4JOO11XBO — — 
10.100 -4312,100 0*00 — — 

10*00 +801720610X170 Oil — 
5*85 _ 8.440 4.671 2.1 __ 



NUM 


— _ MBO 

— _ NstoBt 


,790 _ _ Honan 


+10 2,080 1*90 __ 
+101*501*30 _ ™ Unttk 
-1 815 BOO _ _ VUDT 

-a 7SB 628 _ — 

-1 a? 460 U - 

+6 744 67B _ „ 

-7 495 412 — YamSec 

-ao 1*30 TXieo 0* — VtnncM 
— 1,100 855 _ _ YmtHta 
+90 7*00 8.150 _ _ <AmKB0 
+20 5*80 4.680 _ _ VmTIan 
-3 4S2 316 _ YmzSAC 

— 2*501*10 — — Yaohon 

-401*601*30 — — Vtafi 

— 1.110 937 — — Yasflr 

♦1 BCB 702 D* — YanTrB 
+5 63) 450 _ — YtanQ 

— 2.190 1*50 o* — YkfanBK 
+16 BSO B3B _ — YVtaflB 

+7 740 478 — — YomLiaJ 

+201*60 1/4B0 0* — ftahHi 
-2 7B4 653 _ _ YlW 

-4 7D3 5CB 2MI 

+1 715 484 _ — 

— 1*90 1*80 0* 

-B Bt? «S8 _ 

-101X1001*70 07 
+3 815 441 _ 

-1 1.110 BOB — 

—10 1.620 1/420 _ 
-loijiaixan — 

-2 453 335 — 

-4 381 SB _ 

+2 482 345 — 
+5002500018*00 04 

-gxnoiHnmxn __ 

— 578 364 _ 

-is taa sn _ 

-8 625 385 — 

+20 1*70 1*50 0* 

+11 530 549 _ 

-3 934 7Z7 — 

+20 1*20 1*40 

-10 1*20 1 

-19 802 
476 
+20 1*70 
_2 538 
-41XH0 
-40 3X100 
+401.710 
-4- 348 
+401*101. 

+20 2.470 1, 

-6 847 


380 

381 
1/430 
1*60 
1*50 

s*o 

853 

1*50 

1.590 

1.110 

1*00 

2XH0 

1*50 

506 

840 

B84 

981 

935 

899 

990 

IJSM 

850 


874 

—4 414 

+30 2X100 1*70 — — 

+4 E7T 401 OS — 

+101*80 1*90 —64* 

— 597 515 — — 

+11 733 S24 ... __ 

+50 3*00 2*80 — — 

-20 2.1 BO 12BD _ — 

— 601 330 — 

-101X270 966 _ 

-3 £05 330 — 

+6 SB4 432 __ 

+15 R5S 345 

—5 400 2B5 

+4 385 272 _ 

-401*00 835 — 

+20 1*301.170 1.1 
-20 1/420 030 — 

+Z7 985 820 — 

+7 967 5B2 0* 

-20 2X2801*00 — 

+20 1.010 1*80 
+101.110 800 — 

— 1*40 1.110 — 

—38 2*60 2X710 0* 

+101*501.100 

— G2o xm i.i — 

+17 848 727 0* 56,7 

: TORONTO (Jun 2/ Can S) 
g» — -- < pm dose 


— 0*0 3.90 2.1 
-JO 38*0 25 09 

-.30 17 JO 13.40 0.7 
-.40 10*0 13*0 06 
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312972 CanPK 
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78906 CMTrA 
13912 CjuDIA 
5800 CmUtS 
1250 Cantor 
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3857 cwfienk 

1200 ceun 

5010 DkCta 
571B0 OWOO 
79B10 emm 
131075 ContS 
66300 Cmch 
104350 Con 
15100 CroimX 
15900 Omni 
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seem Oafmo 

943759 DemhT 
81057 Danta 
9300 DuPtnA 
103577 DunOBA 
17000 Empn 
10250 BtaB 
4240 Etn* 
5700 EUNW 
15000 FP1 
700 Mil 
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730 Fort* 
6095 Fr NOT 
2875 Fahnv 
6000 F«M 
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16560 Gam 
4000 GUCJf 
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194323 ImpOX l 
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3000 Jiwnd, 
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430438 LacMD 
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638193 LfeaB 
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2790 So«M 
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3020 ShII 
236499 SMkC 
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12870 TrthB 
111243 TeIHE 
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73812 Tenis 
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68309 TnBBx 

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114A62Q aTcST 
18168 AlhtaE 
1200 AlbMG 
117538 AlOIAI 
230100 AmBarx 
1090 Alcoa 
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3340 BGRA 
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890757 MUom 
687764 BhltaS 
58883 BtaCx 
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160072 BowVM 
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242895 BmcnA 
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kxtakai eeangei ud me atay Ude4 
"IgtartiM arc Ur IBM. weak Tataria 8 
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ANNUAL REPORTS SERVICE 

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Stocks 

Cioeing 

Change 


Stocks 

Closing 

Traded 

Prices 

on day 


Traded 

Prices 

18.7m 

772 

+5 

Kawasaki Hvy Ind .... 

8.7m 

470 

IIAn 

410 

-4 

feuzu Motors .. 

&2m 

506 

'ia?m 

681 

+13 

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&*m 

881 

0.4m 

445 

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7.1m 

1080 

9_2m 

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6.6m 

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INDICES 


US INDICES 


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Jui 

2 


Jun 

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46 


FINANCIAL TIMES FRIDAY JUNE 3 1994 


‘VO ehscJuteS 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


w. n 

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H’Jii l 5 i: 4 Times Oversampling 
Difiital Filler 


EIECTROiaCS 


ISM 

Wgk Lull Stock 

40% 34% BecW) 

7>4 Sfteflpr 
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19% H%MW 
63% 93Brt$Bi 
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40'% J4% Bend 4 
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at* 

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ID flBaiyP«r 
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53% 

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27% 16*2 WDeck 
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31% 23%fltadcn 

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iB% ip, Bonton 
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24% 30% Bonalr 
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on next page 



47 


1 



FINANCIAL TIMES FRIDA Y JUNE 3 1994 


COMPOSITE PRICES 


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MattanMWtatai 


«5 


1ft US 

IftUSHXW 
-41% 34%UEUCp 
19% IIVUSSU 
lh 15% USSngx 
5% 38% USVHaB 
72 58UUTK 
14% 12% UMMar 

J*% 1 ft an ia^ isy 

M% 29% Mr tail 092 26 14 114 32% 32 s * 
17% 15V IMr ton: in 99 11 19 f" 

% dURMML 0 4 

ttV ft Mar Op 090 29 32 154 1u . 
re% 17% unwop 096 59 10 200 18% 

30 24% Unocal 080 29 21 3714 2ft 


1 44% UMltap 098 11 11 3489 



HMriteMnl irotewt ntaana HUxrfew m 1 hm. 

!*” ! ■* -?.***. «■* ■ a van Or axil w taro 

UtaMmApamO tea M Utend arc aawi dhbxMMro am in 
11 1 taro m anttcM 

_ ■*^*H.*’ M rata n mum Uw «d mum 
■»?- aperorw «r proa 
njnateg 12 mt ifew ar f—fe ai tnh auw e i» 
nro-nalimi i B. l . rotnro Um 4 ate r*h« nr rock rororo ym- 
*“dP<W ■*!■*. MfeU iMmML or ap acflbo Up p om ribum 

**** ouarad or pro Myro.ro arrainatei uTSS 

„ . -*_** pm» Ua OHMS an iro akMw «■ 

ZSLTZZ? ? STS **-“ lymrov. B i n rt r a a w i a i jia ro* 

arock te gyro roi »ro waair w ro-arox. t-droro pro ai 
- - ■‘ ft a I* oro tea ■ m-tfndmd or 

ta Mroyror Mro row. 1 M 0 rounpkr or 

MM m «hU* tea 
l ana aro» ai t*. *1 p ro . ; 


- B - 

B El B 008100 10 B 8 8 

Banaoec 10 633 12% 12 12 % +1 

Bato*W? 10 % ft % 

BatarJ 008 11 3978 18% 17% 18% ft 
BkhnLB 034 343a 14% 14% 14% ft 
181052 22% 21% 22% ft 
BakSnUh 044 12 570 19 18% 19 ft 

BanknCp On ID 37Bu19% 18% 19 ft 

BMmott 0B012 32n21% 21 21% ft 
BmkWUca oa a 24 034 33% 33% 

BinU Gao 052 IB 533 33% 32% 32% ft 
BrosatF on 15 789 27% 28% 27 
BpyWaw CUD 13 141 u2S% 24% 24% -1 

BqUte 190142182 nB4 63% 63% ft 
Baatfinx 198 9 481 30 29% 29% -% 

SAm a 1487 9% 9 9%-% 

Bnrote aa 31 234 13% 12% 13% ft 
BuSJttiy 16 357 18% 15% 18% ft 
Bcmmmi 044 14 231 39% 38% 38% +1 
BHA&p 012 13 BO 9% (8% 9% +1 
Bltac 07 205 ft 4% 4 % ft 

BflBx 016 16 219 11% 11 11% ft 

BtafleyW On 13 STB 12% 11% 11 % 

Bkign 35 7945 33% 32 33% -1 
BUM 162882 9% 09% ft -V 

Back Dry 194 11 18 2ft 2ft 2ft ft 
BMC Softp 183784 57% 56 5ft *1% 

BoM*nSxtnt1 3469 34 33% 3ft ft 

BoOEhds 027 19 415 21% 21 21% 
BOda&B 15 10Bd30% 29% 30% ft 
Mand 178285 9% 8% 9% ft 

B*ton BKX 076 51037 32% 30% K%+1% 
BoaUxi Tc 451224 10 9% 10 *A 
BwyWA 068 18 1T4 46% 48 46% -% 
tain on a 569 11 % 11 11 % 

Bums 024 15 539 7% 7% 7% -A 
BSBBncpx 076 9 K a% 27 a ft 

BTSHpnfl 048 8 a 3 3 3 


Bh e mne Mfea iro Lot crop 


K Swiss 
Karan Cp 
KaydonCp 

KrTOyfik 

KaBySvx 

Kentucky 


KkacAner 

KLAhafr 

KhatedB* 

UA 

Kmeohc 

KiteteS 


- K - 

on 12 91 a 22 % 

0.44 5 380 ft ft 
040 14 2031 22% 21% 
75172 7% 5% 
072 22 7100 26% 26% 
Dll 8 2 6% d5% 

094 13 a 24% 24 
MM 7 7 

54 3197 41% 40 

6 1380 11 10% 

1 «3 U A 

2M 645 23 22% 

10 1883 18 15% 


23 

9% 

22 % 

7% 

25% 

5V 

a 

7 

40% 

11 

A 

22 % 

15% 


ft 

*h 


Btfaftt 


EnEnvmt 

EQTtd 

Egohrad 

BPaaoB 

BdrSd 


EkrcUns 

BnccnAaa 

EmutoxCp 


EmkSw 

Enzontac 

BWpOB 

Erkrofi 

BMd 

EwsSta 

Enbpta 


ExpedHIx 

EzcorpAnv 


5 7100 4% 4% 

2 408 4% 3% 

3 340 1% 1% 
OIB 22 4873 18% 17% 

64 539 8 7% 

2 208 2% 2% 
101003 11% 10% 
099 49 39 50 49% 

258525 21% 21 

21 166 7% 7% 
271442 SV IS 
41 440 12% 11% 
08 7 2 2 

2 123 3% 2% 
010 15 57 3% 3% 

04814310181 UH% 50% 
■ Mi 
70 19 15%(t15% 
a 4846 17% 16% 
10 111 9 7% 

17 844 »% 23V 
010 a 2515 18V 17V 
» 1966 1ft 13V 


*% 

3% 

1% 

17% •% 
7% 

ft ft 


10 % 

48% ft 

21% 

7% ft 
ft 
11 % 

2 

2% 

3V ft 
51& +1* 
7 I» -ft 
15% -1 

17% +% 
7V -1% 
23% 

17% ft 
1 ft +1 


- L - 

Wd Faux 0.12 49 51 8 8% 8% ft 

Lantech £7733 31% 30 31% +1% 
Unaster 094 20 356 47% 46% 47 % ft 
Lxncane onia 32 18 % 18 18 % ft 
IrodaWk* 40 831 32% 30% 31% -% 

LBnnplka 10 164 8 7% 7ft -ft 

Larowpo G5 122 Pfe 5% 5% ft 

Uttus IB 7452 19% 1BJJ 1ft +% 

Lanon Pr 048 16 137 23% 22% 22% 

LOOS 257 4785 18 17% 18 ft 

liKCp MB 2 2 5 5 5 

Ledrtais IB 2018 13% 12% 13 +% 

Inert Cp 199491 33 31% 32% ft 

UUyKISc 078 14 854 3D 2ft £ +1% 

Ufa Inch 020 18 224 18% 17% 18% +1 

UMra 22 361 4% 4% 4% ft 

UWrxU 019 14 588 15 14% 15 +97 

UnBr 100 52S11B%116% 118 ft 

Uncoil T 052 14 237 15 14% 14% +% 

(McapM 14 80 32% 32 32% ft 

UmaTec 0» £3550 48% 47 47% ft 

UquBm 040 18 10 36% 35% 35% ft 

Loamn Gp 006 a 3487 23% 23% 23ft ft 

UXHSar 24 35 7% ft 7% +% 

LrtueO 4715B11 60% 58V 59 -1 

L7XCp 2 378 ft 2% 2% 

LVMM OH 4 SB 31% 30% 31% ft 


PnrtaaB 

pyranta 

QcadiaLoo 

(taakaOiD 

dual Food 

ObtoIid 

Oitesd* 

QVCIfeM 


Pr Si 
tax. E WM 
012 81386 

12 sa 

11 35 
082 71 44 
020 17 590 
726845 
181733 
221083 


■gk in trot Ctag 

20% 19% 20% +% 
8 7% 7% ft 
7% 7 7 -% 

17% 17% 17% ft 
a 21% 23+1% 
1B% 15% W ft 
13 12% 12V -% 
33% 32% 33 ft 


RaHm 

tote 


Raymond 
fettkxi 
RdLHa A 


RcpWBSfe 
Bearctand 
tontos 
toxontec 
Iter Fa 

l^i 11 I 1 4*| 
rfuCKp 

RtMgta 

RodSiBk 

Rooms 


- F- 

FHOp 112385 ft <ii 
FarCp 024 14 SO 5% 5% 
Ml 004 51 2076 33% 32% 
WM 142114 23% 22% 

FHxenfa 3 174 3% 2% 

FWlTIM in 18 499 uSS 54% 
HByOfl 74719 4% 3 

flOtfe A 024 02145 11 10% 

Fknet 37 452 27% a% 

FrtAbara in 121682 36% 35% 
FHKAni 084 81425104% 33% 
FcBcfflltoxin 11 IQS 24% 24 

FtaCnBk Q80 21 83 24% 24 

« Seay 194 11 800 29% 29% 
W Tam 18810 718 u48 4ft 
F* Wean Q36 7 107 9% 9 

tofeCMcx 052 81088 2ft 22 
FMterx 198 11 127 47% 47% 

Ftente 44 a 7% 7% 

tart 32834 20% a 

FkarM 171819 6% 5% 

FnodLA 009152150 5% d5% 
FtatB 009575 803 5% 5% 

Fttranrot 108 TO 5 31% 31% 
tosdmer 13 249 13%d13% 
FnmeBanc 030 33 930 34 33% 

taterA 38 40 3% 3% 

toiRn 104 11 419 28% a 

to E«n 1.12540 4 uZ7 28% 

Mm 040 8 158 15% 15% 

to taai x 1 .I 8 ii a iD8 27% 

FnferHB 098 24 BO 38 37 

FifflonHo 054 11 49Bu21% 20% 

toun 024 19 102 18 1ft 

RdmaWW 114 5% ft 


5 

ft ft 

32% ft 
X ft 
3 

64% ft 
3% +% 
1ft 
26% 

Sft 
34% 

2ft 

24% 

29% 

43 
9 

22 % 

47% 

7% 

20% +A 
B% ft 
ft ft 
5% -A 
81% +.11 
13% -% 
34 +% 

3 % -A 
2ft ft 

27 +% 
15% 
a ft 

37% ft 

21% 

16% ft 
5% -% 


MO Cm 005 2121799 24 23% 

MB Cart 17 2846 1B% ift 

090 42 2 13% 13% 

X196 14 a 32% 32& 

kfegmaPwr 14 1132 31 30% 

Grp 0.78 12 29Q 16% 18% 


23% ft 
18% 

13% ft 
32% 

30% ft 
i 8 {i +A 
BV 


- G - 


GiApp 

GSKSevx 


Butte 
BoMnT 
Barr tan 
BUtaessfl 
ButfeMia 


20 1145 19% 19% 19% 
72 77 12%tf12% 12% 
31 333 0% 9 9 

60 174 33% 32% 32% 
5 2 22% 22% 22% 


-c- 


AMEX COMPOSITE PRICES 


4 pm doss June 2 


Mg* IwCka Ong 

iiVmii 

!% ‘ 




ita " 


+ «K 

i • 


W SI* 

Stank Dkt.fi Hh 
AOPlfeOB 187 75 
AStatac . 3 30 
Adtetad 2 235 

Am Sr Pa 194 » 7 

AnAkheAxOLMMO 48 
Amitmi DOS 2 1130 
AmEte 3 237 

AapMM 44 144 
ASBfcr** 072 1 9 

Asntech 24 7 

Aa* s 357 

MteCUB .1 248- 
«* 81 


BSHOcan 095 0 
BateaUxD.73 18 
BaktanTA OH 30 
Barry RS a 
BAT tad 029,12 
Bawd 6 

BtaksMai 04002 
Bb-Rad A 48 
BkrotA o»98 
BowVtey 1U5 
BDwnur 33 

Bomh OLHlO 
OraacanA 194 14 


tern* oa 13 fm zMsMaa% ft 
qbUbcx oaarroiM 2 % u% 12 % ft 
QKtnA not-. s 511 3% 3 3% +A 
tenfliarj 6 a 3A SA V‘« 
Ctaroto ' <7 302 32 s % 

Ota 251 883 5V 5 5% 

Ctafti OM a 324 10 9% §5 

CrtlFM 001 47 5% 5% 5% 



?/ __ 

Haro Mt E 100* Wsh laaCtaroOag 
cpfetaro on a 17 ift is% ift 
tetetec 0 133 V % 5ft 
CHMFM 4 12 7% 7% 7% 

QtBAJA 094541 45 16% 16% 16% ft 

CtawnCA 04D 43 158 10 18% 19 ft 

QnrnCa 040 15 2 ® 17% 17% 17% +% 

Otac 053 82 XlOO 19 19 19 ft 

CBtanadfe IS Zl ft 2 H 25 ft 

12 35 

30 73 1 

Oupomarain 10 6 . . 

tete 048 -ra 14 s£ g% o >4 


i i i 4 


Bte Lew doe Clog 

jL 3 L 

10 % 10 % 10 % 

10 % 10 % 10 % +% 

Sf2 5j4 5% ft 

10% 1ft 

18% 18% ft 


046 15 6 15V 15% 1 

1.72BH 42 M% — - 

0073823543 11% 1 
090 10 35 12% 

8 24 8 

161498 35 

502491 4A 

ift 


10 325 


4 34% 34% 34% +% 
— 9 74% 74% 74% ft 

WO 14 zlOO 11% 11% 11 % ft 
09 74 114100% 29% B 

OH 7 S3 24% [04% 24 , 

072 13 290 21 a% 2ft ft 

078 34 148 18% 15V ^ 

2 380 % d,5 

32 82 8% 6% 

094 & 338 3% 3ft 

302663 5% fi 5% +% 
OH 14 3078 33% 32% 32% ft 



P7 Sc 
nt e ioo* 


Fatal 
Pci HOP 
PM LD 


on 49 80 
194 13 nn 

024 19 327 

pkm«a ana g 

to Gam 012 » 24 a 

on 17 s 

019 ! 102 


PMC 


toonBmd 32 3 

RBSWCp 3 476 

0 a 


SAW Cop 210 g 11 
SMJHoo 17 Z1 

StffllB 064 13 433 

Hhd 21 67 

Tab Prods X 020 54 a 
TeBOata 036 01 524 
Humana 631056 
Thanrotac a a 
TUFHA 820 21 216 
TnmCrtry 1 40 
Trtuo 10 344 
TOxjsMbx 71700 

TtomrBtA 007 70 47D 
VtnAB 0971932310 
IHFoMA 5 IK 
Utftaxft8 021 >06 a 
UahPtnb 17 a 
USCeU 96 470 


Hgh Loro Ctaia Ong 

12 11% 11% ft 
aft 24% 24% ft 
70V 69% TO -1% 
37V 37% 37% ft 
20% 19% Zft 
14V 14% 14V 

1 % 1 * 1 ft 
30 29% a 
ft CB 5% 
iVtflft 1 ft 

38% 38 36% . . 

18% 1ft 18% +% 

13 12% 12% ft 


HanfegA 


toper Bp 
HBO&CD 


HaUfedyn 

HeantTO 

HedUngor 



XfM ± t 



\ a: 

k 

- 

•; a ’k 


x-j* ■ 

-.-t 


GET TOUR FT HAND DELIVERED IN COPENHAGEN, 
AARHUS, AALBORG, ESBJERGAND ODENSE. 

If you work ip ihe business centres of Copenhagen. Aarhus, Aalborg, Esbjerg and Odense well deliver your daily 
cbpy of the FT ro your office ai no extra cost. Call Ema Pio for details on Copenhagen 33 13 444 1 . 


■■ - r-fftaj . 

■ £“ pt ’ 

I IT ^ T TyM3ES — 



+i 


+% 


-% 

+% 

ft 

ft 


ft 

-v 

ft 

ft 

+% 


ft 

ft 

ft 


Hetenltay 
Hart* 
Hogan Sys 
Hokte 
Hone Beni 
tom Oca 
Iknkxfs 


Homehtos 
Hat JB 
Huntfngm 
toco CP 
KorchToch 
HycorBto 


CTec 189 196 28V 25% 28% +1 
CtanUBd 10 952 8% 8 8% +% 

CaBctrops 197 15 7 28 27% 27% -V 

Q ta mai Co m an 20 88 16% 16% 16% ft 
C*re Cp 120 362 7% d7 7% ft 
caigara 225 8 1873 14% 13% 14% ft 
MMkav 20 2503 21% 2D% 21% ft 

tataflto i 436 i% tA 1% +-A 

tarktaL 2 » 3% 3% 3% ft 

1 20 2% 2% 2% ft 

tails 080118 130 84% 84 84% -1% 

tow* 1 699 3% 2% 3% 

total 012 25 144 48% 48% 48% 
totamCm 083 Z1 378 26% 26% 26% ft 

teotae 090 19 24 21 19% 21 +1% 

CPwyS On 151772 10%tf10% 10% ft 
Wgroe 4 2iB 6% 8% 8% -A 

8 334 19% 18% 19% 

l»»Cp 19 24 12% 12 12% ft 

totals 77 175 10% 10% 10% +A 

toiloror S 6572 12% 11% 12ft *\ 

canto 1.12 12 945 33% 33% 33% ft 

toWSpr 24 14 12 11 % 12 

6 17 4% 4% 4% 

080 81809 22% 22% 22% 
tomSi 009 13 4157 9% B% 9% 

42 47 o8% BA 8% 

15 100 10% 10% 10% 

1 290 % d% % 

Chanwmr 12 172 3£ 3?, SA 

topsSTa B 455 4% 4% 4% 
OUmnCp 6«7Z37 88% 64% GB 

Ora Fin in 12 413 52% 51% 51% 

. 017 29 421 30% 30V 30% 

towlflc 3811775 36% 34% 36 

CSTBCh 143 307 2% 2% 2% +% 

CkeoSys 1323008 25 » 24% ft 

C&Bancpxmi6 23 Z9 28% 29 

CtaroHbr 24 22 7% 7 7 

OtoBr 43 11 12% 12% 12% 

CMhexUn B 3219 5% 4% 4% 

CkxaGabBxin 17 114 27% »V 27V 

totaEfW 115 869 6 5% 5% 

totaAtam a 41 10% 8% 10% 

QvmCp 28 3538 17% 18% 16% -1% 

tana 102 94 11% 17% ii% +% 

tana 18 50 13% 13 13 

tajgan 861001 22% 21% a% 

tadGasx m 13 44 a 20 21 

CoWCrp on 8 187 24 23% 23% 

taw 034 13 118 19 18% 18% 

faCEtAx 000 183744 18% 17% 18% 
Cmcsnspxon 3810884 18% 17% IB +JS2 
BnmB8tBdLG8 11 224 31% 31% 31% +£ 
tauna 070 94 33 18 17% 18 ft 

CoatkLtai 400 321 12% n% 12 
tautm a 62 12% 12 12% -% 
tateddl 332139 3A 0213 3* ^ I 
ChQPap 128 27 242 40 39% 40 +% 1 

tatan 7 318 8% (fi% 0% ft 

tastal 1.44 181028011% 10% n 
Cornito 31 T41 16% 15% 18% 

taste 16 iKini% ii 11 % 

taoAx 050 18 882 19% 19% 19% 

Conus 86 265 10% 10% 10% 

tafcCp 234377 52% 51 52% +1% 

CorpOfA 442105 18% 15% 1SJ| +,», 
CanSarB OOJ 28 2000 34% 23% 24 
toy Coro T G52 1% 1% 1 % +A 

Cmm Has 37 178 8% S B ft 

CyiBOHI 42830 B 5% Sft -A 


GamdRs 
ESN Co 
GaaBtad 

GHdJ* 

GntaPh 

Garin Cp 

Geos he 

Gaeyme 

GfesxiGtx 

GdfegA 

GBurtA 

Odi Bin 

Good 6uys 

GotaPmp 

tedccte 

Garth 

QeanAPx 

amrcftPh 

Grom 

BTOdWk 

GIT cap 

GtrNTSvg 


7 

007 21 
0 
12 
01S15G 
040 17 
17 843 

4 528 
*00 45 410 

133 422 
85 721 
040 11 130 
012 17 2724 

an 17 2 
11 80 
17 3069 

an is 104 

31 131 
020 TO 481 
024 11 81 

0 474 

1 227 
675 355 

7 169 

5 1383 


3% 3% 
14% 13% 
3% 3 

<% 3% 

6 % 8 % 

17 18% 
U4% 4% 

13 12% 
27 26% 
4 3% 
29% 29 
18% 18 
re 22 % 

18 16 
SA 5 

13% 12% 
22% 22 
2% IV 
21 % 20 % 
18% 17% 
% % 
3% 3% 
13% 12% 
10 % 10 % 
8% 9% 


3V 

14 -A 

3 ft 
4% ft 
6% 

16% ft 
4% ft 
13 +A 
28% -% 

4 +D5 
29% ft 

18 

23 ft 
16 ft 
5% 

13% +1% 
22 


IV 

21 % 

18% 

% 

3% 

13% 

10% 

B% 


-% 

+% 

+1 

ft 

ft 


MdBm 13 59 8% 8 

ktarcmQp 30 286 H>% io% 

Marine Or 12 352 4% 4% 

MarMCp 9 II 40% 38% 

Mwquart 0 a 2 1% 

itantam 19 5 9 g 

MmhSmkAM* ID 60 10% 9% 

060 11 785 21% 21% 

10 1259 B% 8% 

Ini 411411 53% 52 

Maxtor Cp 01171 5% 5% SV 

Mc&mhR 044 13 3 17% 17 17 

Mctartc 048 178269 21% 21% 21% 
■fcCBMC 4814031 52% 51% 51% 

Mad knag 0 153 % ii ft 

Marine 018 15 SO 12% 12 12% 

MerfckioS 048 13 753 22% 22% 22% 
Herontae 024 B 41 ft 5 5 

Mnntar Cp OIB 45 20 14% 13% 13% 

MartrG 024 21 6521 10%d1D% 10% +A 
MacoLB OM 11 1147 20% 20 20% +ft 

Mercury G OTO 8 985 30% 29% 30% +1 
in 12 1258 32 31% 31% ft 
Mato* 171296 17% 17 17% ft 

MadmteA on 15 32 1ft 14% 14% ft 
F 020 171085 12% 12 12 ft 

MchMB 2JXB45 751 7ft 7ft 


10% ft 
4% ft 
39% ft 
1% ft 
B +% 

1ft 

21% ft 
6 tt *A 

53% 


RrtacMtod 
toss 
mitacL 
US Rn 
Ryan Rrty 


- R- 

13 214 14% 
5 1107 5% 
3 483 5 

2S14B4 ift 

32 1Z71u3S% 
17 388 18% 
2 407 4% 
5 29 3% 

IS 372 0% 
224 15 3435 44% 
1 118 6% 
On ID 35 35% 
1.40 231231 70% 
0.12 13 279 ft 
056 41182 17 

aiS 35305 u18 
020 II 2229 14% 

25 ion rev 

028 59 684 1ft 
052 20 1476 18% 
048 12 551120% 
141334 7% 


14% 14% 

ft ft ft 

4% 5 +% 

17% 19% +1% 
33 34% +1% 
17% 18% +1 

« 4% ft 

ft 

8% ft 

44+1% 

ft 

35 


ft 

fl% 

43% 

ft 

35 


70 70% 

ft B% 
18% 18% 
17% 17% 
13% 13V 
20 20 
IS 19 
17V 17V 
20 20 % 
ft 7V 


-% 

ft 

ft 

ft 

ft 

ft 

ft 


Safeco 

Sanderson 

ScttoAgiA 

SdMBdL 


Setas 
BtCpx 
Scorn Bid 
SartMd 
S’gsfe 

seep 


UcroHth 


Mfcnccm 

Mogtox 

Ucrpofe 

MJcsft 

HdAUU 

MkHxnOc 


8 56 3% d3% 
18 507 2ft 24% 
4 491 ft ft 
17 219 7ft 
3 944 8% 8% 

1527099 Sft 52 

43 7732 50 48A 

0A0 12 23831131% 31% 


UdwGrata 050 28 217 32% 32 

MBarHx 052 18 S05 25% 24% 
Mon 2188 25% 24% 

Mkitoch 14 28 10% 10% 
MoMbTbI 474230 19 17% 

Modem CP 02018 7 7% 7% 

MpdkwMfx032 20 583 27% 28% 
004 871 36% 35% 

Marine 004 29 B7Bu38% 38 
004123841 ft dft 
038 22 50 30% 29% 
172033 14% 14% 
0» 11 15 27% 27 
12 622 2ft 28% 
4 109 11 10% 


MrofcucP 
I* Cofee 

Missy* 

Mfimnd 

Nfecooen 


78 +% 
ft 

24% -% 
ft +A 
«% 

ft ■+% 
sft -% 
48% -V 
31% +% 
32 -% 
25 +% 
251* +1 
10 % 

18V +1 
7% 

27% +1% 

3ft +% 
3ft +% 

7 -1% 
30 ft 
14* -A 
27 

28% -% 
11 


- H - 

» 51 ft ft 
064 8 158 22% 21% 
020 13 13 15 1ft 

016 245038 2ft 27% 
18 3202 20% 20% 
008 20 395 12% 12% 
9 389 ft d6% 
14 BT2 u8V ft 
018 25 1800 1ft 15% 
623 11% 10% 
8 17 15% 14% 
072 17 4250 28 24% 

015 28 231 8% 9% 
592538 1114 11% 

an b 14 21 % 20 % 

072 25 251 u21 20 

044 2D 80 29% 28 s * 
T7 494 18% 15% 
044350 18 3% 3% 
020 18 2140 19018% 

On 11 796 28% 2ft 

an o 54 ft dft 

571236 36% 33 

17 S3 4% 4% 


6% 

21% 

15 

2ft 
20% 

1ft 
ft 
6% 

15% 

10% 

14% 

2ft ft 
»% ft 

13 +% 
20 % 

20% 

rev +% 

IB ■% 

ft 

1ft 

26V +% 


2% 

35% +1% 
4% 


DB Conns 
Ekrt 

knmucor 


tom bc 

tadBencpx 

Min* 

hides 

ktomfcc 

htfKMKlX 

itogrihr 


ttt 


War Tel 

htaWcaA 

Mmi 


MDtayQA 

MRe* 

xt7ttd 

knew 

kuneosCp 

konwdte 


-I- 

163 9 8% 9 +% 

ft ft 8A+1A 

6 304 7 dft 6% -% 

33 370 5% 5% 5% ft 

4 81 5 4% 5 

040 34 1821118% 17% 17% -% 
1.16 70 7B7o40V 40% 40% +% 
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IMieDri Q 78 
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120 46 15 38% 38% 
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139 236 20 1ft 

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WMMMSBon 79011 
WastfPdSian 9 384 
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24% 23% 
28% 26 
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45% 43% 
33% 33 
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takltei 47 718 4 % 4 % 4 % 
a «Mrtl 1.12 ID 2741141% 40% 40l 2 ft 















-4$ 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Friday June 3 1994 


AMERICA 


EUROPE 1 1 

Euro Disney stars as Paris clears 2,000 level 


Retail stocks 
decline on 


sales figures 


Wall Street 


US share prices edged forward 
yesterday morning: as bonds 
improved ahead of today's cru- 
cial economic news, writes 
Frank McCarty in Mew York. 

By 1 pm. the Dow Jones 
Industrial Average was 2.16 
better at 3.782.99, while the 
more broadly based Standard 
& Poor's 500 was a scant 0.39 
firmer at 458.02 in moderate 
activity. 

In the secondary markets, 
the American SE composite 
inched 0.57 ahead to 440.45 and 
the Nasdaq composite added 
2.72 at 738-24. 

Early on. stocks were firmer, 
as the Treasury debt market 
built upon its solid advance in 
the previous session. 

But the mood in equities was 
decidedly more restrained and 
directionless than in bonds, 
especially when the moderate 
gains struck by the latter 
began to erode near midday. 
Share prices then moved closer 
to their opening values. 

On balance, the day’s eco- 


NYSE volume 


Dairy (million) 
350 • 


Average daily 
uokane 1993 
280.100.000 



in# monthly sales figures from 
the leading retail chains. The 
results were generally lacklus- 
tre and most retailing stocks 
dipped on their release. 

JC Penney posted a 5 per 
cent gain in sales for stores 
opened at least a year, one of 
the best performances of the 
mouth. But the market 
appeared dissatisfied, as its 
stock was marked down $1 to 
$50%. 

Best Buy. an electronics 
retailer, gained $1% to $30% on 
news of a 30 per cent jump in 
same-store sales. Wal-Mart, the 
morning's most active issue, 
slipped $% to $22%, after post- 
ing same-store sales growth of 
4.7 per cent. 

US Surgical, which climbed 
$2% in the previous session on 
takeover speculation, gave 
back $1% to $20% after Ctba- 
Geigy denied that it was seek- 
ing to acquire the company. 

Disney added $1 at $44% as 
the market responded favoura- 
bly to news that a Saudi prince 
was making a big Investment 
in its Euro Disney theme park. 

On the Nasdaq, most tech- 
nology issues were Oat. Oracle 
was an exception. Its share 
price advanced $2 to $36% after 
its chief executive said that he 
expected the software compa- 
ny’s database business to grow 
by 40 to 50 per cent in the new 
fiscal year. 


Lateclosing markets had the 
best of the day’s trading, unites 
Our Markets Staff. Frankfurt 
was closed. 

PARIS rose above 2,000, a 
semblance of confidence 
returning after a brief sojourn 
below the support level on 
Wednesday. 

The CAC-4Q index finished 
27.70. or 1.4 per cent. Up at 
2,007.38, with help coming from 
the futures exchange and a 10 
basis-point cut albeit expected, 
in the Bank of France’s inter- 
vention rate at midsession. 

Euro Disney was once again 
on investors’ minds follow- 
ing the news that Prince Al- 
Waleed Bln Talal, the nephew 
of King Fahd of Saudi Arabia, 
was to buy between 13 and 24 
per cent of the troubled theme 
park, and invest a further 
$100m in the construction of a 
conference centre. 

Coming just a few days 
before Euro Disney’s extraordi- 
nary general meeting, at which 
it was due to announce the 
terms of its FFrtJbn rights 
issue, the news was welcomed 
with a rise in the shares of 
FFrl.85, or 6 per cent, to 
FFr32.00. 

As James Capel noted, the 
shareholding of Walt Disney, 
the US parent, could fall as low 


Ebro Disney 


FT-SE Actuaries .Share., indices 


Uhtt price and'Wwt nafasetf 

140 : 


Jun 2 

Homy changes 


Open 1030 11-00 T2JOO 


THE EUROPEAN SERIES 

loin MM iso) caw 


GMtW 


120 


100 



FT-SE Euntedi 1D0 139637 139ZJ90 1391.46 1369.49 139029 139081 139028 139090 
FT-SE Emintic 200 140*44 1407.49 140059 140X99 140032 140S58 140951 140097 


Jin 1 


1187 31 U*y27 Hay 28 16*85 


FT-SE Eudnck 100 138857 1399.73 1404.19 1411.48 141X51 

FT-SE Eunmack 200 139953 140070 141453 142097 143024 

Ban 1000 CWIM& nghAtar. in - lSUO: OT - IW.niMW: 1Q0 - 138141 » - 140253 


Am 1893 
Sttaoc DWsatraam 


94 Jun 


as 36 per cent if the rights 
issue is heavily subscribed by 
existing shareholders. In that 
eventuality, Walt Disney has 
said that it would be prepared 
to sell part of its own stake, up 
to a maximum of FFrlbn. 

Mr Nigel Reed of Paribas 
Capital Markets commented 
that the impact of this news 
would be felt following the 
rights issue since it was now 
less likely that there would be 
an overhang of shares. 

Schneider suffered a difficult 
day, with the shares losing 
FFr21.60 to FFr36850 following 
their suspension on Wednes- 


day as investors reacted to 
news that the group’s chair- 
man had been kept in custody 
in Belgium pending further 
investigations over allegations 
of fraud, and that French 
police had searched the group’s 
Paris headquarters. 

AMSTERDAM was encour- 
aged by better than expected 
results from both ELM and 
ING. the financial services 
group. As a result the AEX 
index, which had suffered a 
fright on Wednesday, recov- 
ered most of the lost ground, 
closing 2J>4 higher at 399.76. 

Hoare Govett said it expected 
the market’s consolidation to 
continue in the short term, 
particularly as cyclical stocks 
had outperformed the average 
by between 20 to 50 per cent in 
the year to data “This period 
of consolidation wQl allow rela- 
tive gains in defensive stocks. 


such as food and beverages, 
publishers anri (when the bond 
market recovers) financials,” 
they added. 

The finan cial sector came 
into play as ING’s first-quarter 
results exceeded analysts' 
expectations and moved the 
shares 60 cents higher to 
F176J.0. The group noted that 
it had lost some FI 99m from 
trade in emerging market debt 
and foreign exchange arbi- 
trage, compared to a profit of 
FI 26lm the previous year. 

ELM was down by the end of 
trading, off 50 cents at FI 5L40 
after a day’s high of FI 52.70, 
with traders noting profit-tak- 
ing following gains in recent 
days. The airline, which turned 
a loss in the same year-ago 
period of FI 562m into a profit 
of FI 103m, said that in spite of 
the results it would be propos- 
ing to omit the dividend when 


shareholders meet in August. 

ZURICH showed some resil- 
ience, but it closed too early to 
enjoy the final kick which was 
spat) in lata - closing bourses. 

The SMI Index eased 5.6 to 
2.7255. Volume was thin, said 
Mr Frederick Hasslauer of 
pan* Sal Oppenheim in Zur- 
ich, reckoning on between 
SFrSOOm and SEVTOOm against 
Wednesday’s SFrl.05bn. 

Weakness In cyclicals contin- 
ued and an early rise in Roche, 
a major index component, 
turned to weakness in the 
afternoon as the certificates 
closed SFrlO lower at SFr6,79G. 

Among the cyclicals, BBC 
Brown Boveri lost another 
SFr20 to SFrl.215 and Holder- 
bank SFrl6 at SFr929. At 
Sulzer, down SFrlO at SFY905 
and SFr74 lower over the past 
five trading days, a heart valve 
scandal in Germany has been a 
drain on sentiment. However, 
said Mr Hasslauer. Sulzer's VS 
subsidiary, which makes the 
valves, has only had a presence 
in the German market since 
January of this year. 

MADRID'S general Index 
ended higher after a see-saw 
day. up 2.7S at 324.16 after a 
low of 319-57- Santander lost 
out on the technical and bond 
market considerations which 


Written and edited by WOttua 
Cochrane and John Pitt 


ASIA PACIFIC 


Pacific Rim quivers but Nikkei stays above 21,000 


Tokyo 


Canada 


May 1994 


nomic news was neutral for 
stocks. The Commerce Depart- 
ment said that new orders of 
factory poods bad slipped by 
0.1 per cent in April, against 
forecasts of a slight upturn. 
The data suggested that the 
economy was beginning to 
slow, perhaps in response to 
the series of interest rate 
increases initiated by the Fed- 
eral Reserve this year. 

While slower growth might 
eventually hold back corporate 
earnings - an obvious negative 
for equities - a moderating 
trend also increased the likeli- 
hood of the Fed delaying any 
additional rate actions. 

However, a better gauge of 
the economy's strength was 
looming just ahead. May 
employment data, due out this 
morning, may give investors 
more insight into the impact of 
(he Fed's move to tighter 
money. 

Economists are forecasting 
an increase in non-form pay- 
rolls of between 275.000 and 
HO rt.fluo, suggesting steady, 
moderate growth. 

A figure that exceeds expec- 
tations was expected to bring 
ionv:ird the Fed's next move. 
That prosper! would probably 
trigger a fresh sell-off in bonds, 
which •.'quite investors would 
be unlikely to ignore. 

In ihe meantime, the market 
had u> be content with digest- 


Toronto stocks were mixed in 
quiet midday trading, buoyed 
by good earnings results and a 
recovering bond market 

The TSE 300 composite index 
improved 4.51 to 4,294.17 in 
turnover of C$249.99m. 

Canadian bonds held steady 
at midday after several days of 
heavy losses on foreign worries 
about the forthcoming Quebec 
election and in spite of a down- 
grading of Canada's foreign 
debt by Moody’s Investor Ser- 
vices. 

Royal Bank put on C$V< at 
C$27 3 /., having recorded stron- 
ger second-quarter results. 
Canadian Imperial Bank of 
Commerce eased C$W to C$29% 
in spite of higher second-quar- 
ter earnings. Newbridge Net- 
works fell C$4V. to C$54"/.. 


Venezuela 


Equities in Caracas recorded 
their fifth consecutive rise as 
foreign investors, particularly 
from the US, were seen buying 
heavily. The market has been 
attracting overseas interest fol- 
lowing the decision earlier this 
week to replace a capital gains 
tax of up to 37 per cent with a 
l per cent share transaction 
levy. 

The Merinvest index rose a 
provisional 11.49. or 3.2 per 
cent, to 150.8 in turnover that 
was reported to be above 56m. 
compared with a recent aver- 
age of some S3m- 

C-aracas is one of the small- 
est of the Latin American mar- 
kets. with a total capitalisation 
of some $6bn. and. in dollar 
terms, has underformed the 
region in the IFC emerging 
markets index. 


Stocks declined somewhat fol- 
lowing four days of strong 
gains, but the Nikkei 225 aver- 
age managed to stay above 
21,000 on hopes that it could 
rally again, writes Robert Pat- 
ton m Tokyo. 

The index slipped 44.11 to 
21,009.00. An afternoon high of 
21.198.11. topping last year's 
closing peak of 21,148.11, was 
followed by a wave til profit- 
taking and a day’s low of 
20,965.69 just before tiie close. 

The Nikkei 300 receded 1.12 
to 308.77. Volume, down from 
Wednesday's 691m shares, 
remained heavy at 650m. The 
Topix index of ail first section 
stocks lost 3.92 at 1,689.66, 
but in London the ISE/Nlkkel 
50 index was 1.02 firmer at 
1,396.12. 

Most analysts remained cau- 
tiously optimistic. Mr Keiji 
Ikeda, a trader at Barclays de 
Zoete Wedd in Tokyo, said that 
the day’s modest decline was 
no more than "a digesting pro- 
cess after four days of rising 
prices". 

Mr Ikeda viewed the contin- 
ued strong volume In the mar- 
ket as positive. “This is the 
third time the market has 
tested the 21,000 level," he said, 
“but. this time, the volume 
looks stable." 

Oils were mixed. After gains 
in the morning session, Nippon 
Oil ended a net Y2 off at Y776 
and Japan Energy also Y2 
down at Y456. Cosmo Oil bene- 
fited from a report that the 
company had won a concession 
from the Abu Dhabi govern- 
ment to develop a new oil field 
in the United Arab Emirates, 
the first such concession won 
by a foreign company since the 
1973 oil crisis. At the close, 
Cosmo was up Y7 at Y881. 

Mitsubishi Oil retreated Y26 
to Y955 on rumours, which it 


denied, that it had suffered 
losses on foreign exchange 
transactions. 

Multimedia related shares 
gave back most of Wednesday’s 
gains. Hitachi was down Y20 to 
Yl.080. Fujitsu dipped Y10 to 
Yl,120 and the telecommunica- 
tions giant NTT declined 
Y9.OO0 to Y883.000. 

In Osaka the OSE average 
was 76-87 higher at 23,388.06. 
Volume for the day amounted 
to 45.1m shares. 


Roundup 


Rumours, technical selling and 
adverse corporate reports gave 
a number of Pacific Rim mar- 
kets an uncomfortable day. 

HONG EONG dropped 3 per 
cent, brokers blaming a spate 
of covered warrant issues and 
the market’s failure to break 
out of its current trading 
range. The Hang Seng index 
closed 289.73 lower at 9.224.44 
and turnover eased from 
HK$4.04bn to HK$3.60bn. 

The view was that by issuing 
covered warrants, shareholders 
had locked in profits while tak- 
ing money out of the market, 
and that traders were now 
wondering where buying sup- 
port would come from. 

Among heavily traded third- 
party warrants, Smart-Hope- 
well *94 lost 16 cents to 92 
cents, Fleming-Cheung Kong 
”95 fell 14 cents to 73 cents, 
SBC- Wharf '95 dipped 13 cents 
to 69 cents and BZW-HSBC '96 
shed 22 cents to HK$1.19. 

In the share market, con- 
glomerates were hit by worries 
that covered warrants were 
likely to be issued on their 
shares. Swire "A" fell HK$2.50 
to HK$5&50, Jardine Matheson 
HH32-50 to HRS59 and Hutchi- 
son HKSL25 to HKJ32.25. 

KUALA LUMPUR plunged 
nearly 3 per cent, driven lower 
by rumours and by technical 
selling. The composite index 


lost 27.36 at 955.44 as volume 
rose to 131.5m shares from 
93.7m. Turnover was MSffiUm. 

Speculative stocks were most 
affected, especially those asso- 
ciated with Rawifiiiriin Abu HaS- 
san. Granite Industries, in 
which he holds a controlling 
stake, was the day's most 
active issue, dropping 38 cents 
to M$3.80 on rumours that it 
could lose its licence to operate 
gaming machine s in China. 

After hours, the ELSE execu- 
tive chairman, Nik Mahamed 
Din Nik Yusoff, denied stories 
that several brokerages face 
financial difficulties. 

SINGAPORE saw negative 
sentiment spill over from the 
heavy liquidations in the 
Malaysian stock market and 
the Straits Times Industrial 
index fell 15.50 to 2^5238. 

Brokers said, however, that 
the declines In Singapore blue 
chips were contained since vol- 


ume was only 105.92m shares. 
Malaysia's Idris Hydraulics. 
Mulpha International, Promet 
Renong ami TjmrfmgrltB were 
among fellers, and led volume. 

SEOUL staged a rebound in 
most telecommunications 
related shares and, while con- 
cerns about North Korea's 
nuclear programme stQl over- 
shadowed the market the com- 
posite stock index rose 4.66 
to 937.43. 

The state-funded Korea Tele- 
com sold off l.l&n shares in 
Korea Mobile Telecom much 
more quickly than planned. 
Both Korea Mobile and Dacom 
went the day's limit up. gain- 
ing Wcn6,Q0D and Won3.000 at 
Won295,000 and Wonl32,000 
respectively. 

Pasco led a blue-chip 
rebound, adding Won2,00Q, lim- 
it-high, at Won69,00D. Taek- 
wang Industry, South Korea’s 
most expensive share, also 


sparked high-price buying, 
closing WonlO.OOO higher at 
Won430.000. 

SYDNEY was upset by a 
sharp decline in News Corp on 
reports that the US Federal 
Communications Commission 
might he conducting an Inves- 
tigation into the media group's 
activities there. The stock 
receded 30 cents, or 3J2 per 
cent, to AS8.90 in volume of 
some 3Jhn shares. 

The All Ordinaries index 
retreated 20.2 to 2,077.0 in turn- 
over of A$435m. 

Retailers lost ground on 
poorer than expected retail 
sales date: Coles shed 5 cents 
to A$4.28 and Woolworths 1 
cent to A$3.00. 

TAIPEI was generally lower, 
although export-related stocks 
advanced following the recent 
depredation of the Taiwanese 
dollar. 

The weighted index relin- 


Strength in De Beers and Anglos lifts Johannesburg 


A strung -showing by De Beers, the 
diamonds combine, and .Anglos, the min- 
ing finance house, took Johannesburg's 
overall index up by nearly a percentage 
point yesterday, while gold shares and 
industrials floundered. 

De Beers closed R7, or nearly 7 per cent 
higher at R109 and Anglos gained R5.50. 
or 2.5 per cent, at R22J.40. Reflecting this 


the overall index advanced 53 to 5,473. 
The industrials index was unchanged at 
6,563 and golds, weighed down by the 
weaker bullion price, declined 6 to 1,940. 

Anglos produced better than expected 
foil-year results on Wednesday. Of the 
market as a whole, Mr Nick Harwood at 
Fleming Martin in London said the Inter- 
national Finance Corporation's inclusion 


of South Africa In its emerg in g markets 
index with a weighting of 13 per cent 
should be good for sentiment 
“A weighting in a range of 13 to 16 per 
cent puts Sooth Africa in line with Malay- 
sia and Mexico, ” added Mr Harwood. “It 
raises the Johannesburg market's profile, 
and should attract fund managers who 
run passive, or index linked, foods.” 




LbPlN DICES 


Jotnflv ecnvlpd bv Tho Frvmci.il Trows Ltd. 
NATIONAL AND 


Goldman. Sachs & Co. and NjtWest Securities Lid in conjunction with the Institute or Actuaries and the Faculty of Actuates 


REGIONAL MARKETS 



— WEO 

NESOAY 

JUNE 1 ■ 

1004 




TUESIM 

(Y MAY 3 

1 1994- 


DOLLAR NDEX 

Ptquic- in 

US 

Oj.’s 

Pound 



Local 

Local 

Grom 

US 

Pound 



Local 



Ynflr 

njiptx cl bnM 

DolLv 

Ounqe 

Slertng 

■fun 

DM 

Currency 

W chg 

Dh 

Dolor 

Stertng 

Y«1 

OM Cuncncy 52 woe« 52 week 


Cl SSXJ> 

tnOA. 

in 

hx*e< 

Irtteic 

Index 

Index 

on day 

YteU 

Index 

Index 

Index 

Index 

Index 

High 

Low i 

[approx) 

Ausira!., 1*3, .... 

.... 177J» 

1 2 

173J4 

117 28 

151.40 

169.10 

CL0 

3.46 

17520 

171^2 

11690 

149.70 

15764 

189.15 

13019 

134.80 

Aijsiru ,17) 

. i?3 19 

-0.6 

16926 

114.57 

147.92 

147^1 

-0.6 

1.10 

174.10 

17380 

11521 

146.61 

148.70 

19641 

142.90 

144.71 

BolJ.rfn l^9i .... _ .. 

163 66 

-1.6 

164 63 

111.57 

14J.05 

140.70 

-1.5 

332 

171.35 

108.05 

11336 

14641 

142.60 

17667 

141.82 


ConJO.»t'J6i . 

. . 1 30.14 

-0.7 

127.10 

86 08 

111.15 

130.66 

-0.7 

2.53 

131.10 

128-08 

80.73 

112.02 

131.63 

145-31 

121.46 


0*iwx,rv Oil 

. . . -N8.W 

-0.6 

243 34 

164.71 

212.66 

218.58 

-0.5 

1.35 

S5a46 

Z45.63 

18S.68 

214JJO 

219.07 

87679 

207.58 


FmUrt] . . . 

.. l-W.JS 

-08 

14 1.08 

05.49 

123.29 

16533 

-0£ 

am 

145.1S 

142.35 

9602 

124.02 

185.71 

15672 

0554 

9764 

Kfancr ter) 

.. .1601 

-2.3 

180.58 

100.69 

140.33 

144.76 

-2.4 

3.12 

16821 

18427 

11128 

143.72 

14627 

18537 

149.60 

15648 

Or<nv^.; ,50) . 

... nr.to 

01 

134.5? 

91 M 

1 77.55 

1 17.55 

0.0 

r.7 e 

137.55 

134.90 

SOJS 

117J3 

n7.a 

urjar 

107.50 

112.16 

hor<| KOfvi (W* 

..J83A3 

-as 

380.60 

257 61 

332.61 

30635 

-as 

2.78 

39133 

38320 

25828 

334.38 

38617 

50656 



Uolaro |t 4) 

.. ia.'J3 

-0.5 

178.20 

120.62 

155.73 

173.60 

-0.5 

349 

18327 

179-69 

12120 

156.S5 

17441 

20033 

155.93 

163.68 

Hi* ,601 

.. . 87.50 

-0.9 

85.52 

57.B8 

74 73 

104.06 

-0.8 

1.51 

80-30 

8060 

5641 

75.45 

104.95 

97.78 

“57.88 

70.08 

JJtsin ,4631 

...163.50 

0.7 

158.82 

107.48 

mm 

107.49 

07 

0.75 

181.35 

15324 

10674 

137.86 

108.74 

mm 

124.54 

150.72 

f-3: 

... 458.39 

-1.4 

448.00 

303. Zj 

391 51 

4S5J25 

-1.4 

1.47 

465.02 

*56.06 

307.63 

397.34 

46152 

621.83 

31051 

34646 

MfvCJ irii ... . .. . 

.... 2141^6 

03 

2092.60 

1416.46 

1B28 7B 

777158 

0 2 

1JM 

3134J4 

209369 

141627 

1824.07 

775627 

2847 X© 

1431.17 


N»»iN. -ond Cv» . . , 

... 1*58-21 

-02 

193.72 

131.12 

16829 

166.61 

-0.3 

327 

198.57 

194.75 

13127 

169.87 

107.07 

207.43 

164^2 

1S8-34 

New ili> 

7030 

00 

68.71 

48.51 

60.05 

62.83 

ao 

300 

70.32 

68.97 

4652 

eaos 

B2n0 

77.59 

4657 

49.01 

fwn»a/ i?X 

. ... 197.09 

-1 4 

18852 

127.60 

1Q4.7S 

186.61 

-1.5 

1.77 

195.70 

isim 

129.48 

1B7J1 

189.44 

20642 

150.61 

15608 

S-n-Wor* ' 

. 

-i.a 

337.60 

228.51 

295,03 

243.87 

-1.1 

1.55 

34888 

34216 

230.60 

298.11 

24650 

37692 

242.48 

26048 

Stv.in AJivu (511 . . . 

. . . 2GM 

-04 

256.35 

173 51 

224.02 

274.01 

0.5 

226 

28322 

25825 

17420 

224.03 

27338 

28026 

175.93 

19680 

StMH ,4C> 

141 96 

-19 

138.76 

93.92 

12120 

145.78 

-20 

4.18 

144.80 

142J1 

95.79 

123.72 

14672 

156.79 

11633 

12694 

Swwien 1381 

..cioai 

-13 

211.99 

143.49 

10SJ6 

252.57 

-0.3 

1.58 

219.S3 

215.45 

145-33 

187.71 

253-45 

231-35 

1 83.85 

181.22 

SfttoKl.VKI {4.1, . ... . 

... «60 40 

0.7 

156 7B 

108.10 

13099 

139.08 

04 

1.75 

15926 

15619 

10526 

13608 

13647 

17656 

12648 

127.84 

uni!«j Kinrjco.71 ,MC) 

... 180^1 

-0.9 

17808 

12034 

155.63 

178.08 

-12 

420 

1B324 

18029 

121.82 

157.08 

18029 

214.S8 

17032 

17629 

LISA(510) 

... .188.60 

03 

182.37 

123.44 

159.37 

18&80 

03 

387 

180 06 

182.48 

123.09 

158.98 

19606 

19604 

178 M 

10533 

EUROPE (7201 .. 

...183J1 

-0.8 

159.60 

108.03 

139.48 

152.04 

-09 

307 

104*4 

151.47 

10691 

14687 

153.48 

176 SB 

141.58 

14699 

11 IS 1 

J06.15 

-1.0 

201.48 

138.37 

178.07 

207.63 

-0.5 

1.44 

20&S6 

20425 

137.77 

17736 

30801 

220.80 

155.8? 

18018 

PncliK: BJim (7501.. 

170.75 

06 

166.88 

11235 

145.63 

117^6 

0.6 

1.03 

169.78 

16651 

11632 

14607 

11682 

17075 

13479 

15451 

Eunj“Paclicil47D) 

- 167,49 

00 

163 £9 

110.80 

143.0ft 

131J4 

-0.1 

1.86 

187.40 

184-28 

116.80 

14610 

131.81 

170.78 

U1M 

15iOI 

Nc<h Anwrcn io2Si 

.. ..133.10 

0-2 

178.94 

121.12 

15038 

182.74 

02 

336 

162-65 

179.13 

120.83 

15606 

182.29 

192.73 

176.67 

18197 

EurcueEsUK |5'5). — 

... 149.16 

-IXS 

145.78 

98,67 

127.40 

135.26 

-0.8 

2.40 

15031 

147.41 

99.44 

128.43 

13631 

157^*7 

122-37 

127.02 

Paafic E*. Jjoan 1281)... 

..252.28 

-03: 

24854 

166.87 

216.45 

225.62 

-0.3 

363 

252*3 

247.98 

16726 

21603 

22636 

29621 

18638 

182.00 

wore Ev US PoM! 

108.62 

0.0 

184.80 

111.54 

144.01 

134.87 

-0.1 

1.B7 

168.65 

16640 

111^7 

144.10 

134.95 

17651 

142.04 

1E1J 1 

VVWta 6« UK ,19671...- 

.... 172.71 

022 

168.70 

114.25 

147.51 

14021 

02 

2.03 

172.38 

169.06 

114.04 

147.29 

147.93 

175.58 

15322 

19043 

Worts E*. 5a At. 121131 ■ 

173 05 

0.1 

169.13 

114.48 

147 80 

15U14 

0.1 

223 

172-88 

169.55 

11427 

147.72 

160.06 

17656 

160.00 

161.96 

World E,. Jamn 117031 . 

.181 88 

-0J 

177.M 

120 18 

155-17 

175.73 

-02 

2.88 

1KLD1 

17680 

120-41 

15651 

17612 

195-20 

18672 

17007 

The IVcrta Incte^ (It '21 .. 

173.58 

a i 

169.64 

114,82 

14&2S 

151.09 

ai 

223 

17342 

17008 

114.72 

14617 

151.00 

17607 

155.17 

iaz .10 


■-.-pymjnL Till! Teuw* 71 moo Ixtwd. Oldman, Sachs ate On. end Nawm Saajram Vma» '087 
rw wig ai3M4.1t*j tw Bm rMos 



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02 Gold Cud 





took most blue chips higher, 
felling another PtalSS, or 32 
per cent to Pte4,730. 

HELSINKI closed higher fol- 
lowing four-month figures 
from Nokin. the electronics 
and Industrial conglomerate 
which was a major outper- 
former in the share price 
charts, both in 1993 and early 
in 1994. 

Nokia reported a 136 per cent 
jump in operating profits, and 
its share price rise of FM11 to 
FM419 was almost entirely 
responsible for taking the Hex 
index out of the doldrums 
early in the day’ to close &2S 
Hgfiw at 1,779.6, in turnover 
of FM147m. 

TEL AVIV fell to an 18- 
mouth low, the Mishtaniia 
index losing 6.51. or 3.6 per 
cent to 176.21 as turnover rose 
from Shk219m to ShJc273m. 

On Wednesday Mr Sam 
BTonfeld. director general of 
the Tel Aviv stock exchange, 
dismissed hopes of a Middle 
East “peace dividend", describ- 
ing as an “illusion- the Israeli 
government theory that the 
peace deal with the PLO wiH 
bring about investment and 
increased growth. 






Cf‘ 


til 1 


/T? h ^ 




quished 4.83 to 5.956.62 In turn- 
over of T$57.5bn. 

BOMBAY was lifted by 
heavy buying from foreign 
institutions on the Last day of 
the account. The BSE 30-share 
index finished 61.83 ahead at 

3,896.32. 

Brokers said that . market 
fundamentals were strong at 
the moment because of recent 
good corporate results?: and 
forecasts that the monsoon 
rains were likely to be tunnuil 
this year. 

WELLINGTON improved, 
with domestic investors 
encouraged by reports- that 
there had been an uplift fin for 
eign investment following 
news that the government 
expected to report its first bud- 
get surplus for 17 years, 

The NZSE-40 capital index 
added 1J.55 at 2.147.76, with 
Telecom gaining 9 cents at 
NZ$5.02 in thin volume. 


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