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i ”. 1 ■ f. ■ 



l^whfwut 
aprpper enemy i’ 

15 . ’• ‘ - '*■ ' “*• 



Retail revolution 


Shopping at -the . 
' touch of a button 

aaeli ' 



Pride before a fall? 

The zenith of the 


& central banks 


8 4^ Samuel Brittan, Page 14 



Vltra’s vision 


Architecture as 
corporate culture 


Page 11 




\ 


FINANCIAL TIMES 


Europeans begin 
task of selecting 
new parliament 


Berlusconi acts to boost jobs: Italy's 
rigfatwing government led by Silvio Berlusconi 
announced its first major policy initiative, introdu- 
cing legislation to boost employment through 
(ax incentives and by reducing rigidities in the 
labour market Page 16; EU challenge grows 
to Italy's neo-fascists. Page 3 


Japanese budget, agreed: The lower house 
or the Japanese parliament agreed the nation’s 
Y73,0OObn ($891J5bn> budget for the current year,, 
two months late. Page 16 


*■ M 


OECD set to expand: Ministers from the 
25 nations of the Organisation for Economic 
Cooperation and Development moved towards 
expanding the Paris-based body by approving 
membership talks with South Korea and four 
east European countries. Page 16 


United Airlines, the largest American carrier, 
faces the threat of a shareholder revolt over its 
plans to give employees a 55 per cent controlling 
stake in the company in exchange for labour 
concessions. Page 17 


Oxford University honours US president: 

US President Bill Clinton 
was awarded an honor- 
ary degree of doctor 
of civil law .at Oxford 
University, England, 
yesterday. Oxford tried 
not to let the US presi- 
dent's visit cut too 
heavily into its routine, 

... although outside the 

Ik. Sheldonian Theatre, 

111, ^h||B where Clinton received 

big degree by diploma, 

there seemed to be enough electronics and satellite 
communications equipment to restart the Star 
Wars programme.' Page 8 



Euro Disney, the beleaguered leisure group, 
secured shareholders! agreement for a FFrl3bn 
f$2_27bn) emergency restructuring package and 
announced details of FFrSbn rights issue. Page 17 


Heron biteraatlonal has selected a group 
. of investors led by US businessman Steven Green 
astbe preferred buyer of Gerald Robson’s property 
iGibipany. Page 17 . 


Interpol chief urges racfical drags policy: 

Raymond Kendall, head of Interpol, the interna- 
tional police group, called for the decrimmalisatioa 
of drugs possession by users. 


Vlvrapean car, sales up 12-9%: Western 
European new car sales rose year-on-year by 
za estimated 12.9 per cent in May to 1.09m, the 
- Nfflest monthly increase this year. Page 4; UK 
track sales jump 149%, Page 9 

Mexico- US sugar row looms: A planned 
switch by Mexico's Coca-Cola bottlers from domesti- 
cally produced sugar to imported corn syrup 
is threatening to set off a trade dispute with the 
U$Jftjge7 . 

Russia struggles over military cash: 

A fierce struggle over Russia's military budget, 
which may aftect the survival of the government, 
farther economic reform and the political neutrality 
■ and effectiveness of the armed forces, is coming 
too head hi Moscow. Page 4 

Tougher sanctions against Haiti: The US 

is expected to announce tougher economic sanc- 
tions against Haiti this week as it moves to imple- 
ment recommendations from the Organisation 
of American States to tighten the noose on Haiti’s 
eaxuftoic elite. Page 8 


Brazilian joins race to head WTO: Rubens 
iticupera. Brazil's finance minis ter and former 
Gatt ambassador, has been endorsed by Ms goverzt 
. nrent as Brazil's candidate to head 1 the World 
Trade Organisation, and looks set to win wide 
Latin American support Page 7 


CR economic indicators appear today an Page 
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THURSDAY JUNE S - i 


The UK. Ireland, Denmark and the Netherlands 
go to thepoDs today, opening the continent -wide 
voting for the European parliament. Balloting 
in the eight other EU states - Belgium, France, 
Germany, Greece, Italy, Luxezobcmrg, Portugal 
and Spain - takes place on Sunday. The elections 
will also be seen as a popularity test for some 
national governments. The UK's Conservative 
government led by John Major is under most 
pressure, expected to lose about a third of Its 
32 seats in Europe. EU poll issues, Page 2; Editorial 
Comment, Page 16 


UX companies must consult on redundancy plans 

European Court of Justice ruling faults UK government 


By Robert Rice and David Goodhart 
n London 


British employers wifi for the first time 
face a statutory obligation to inform and 
consult with employees when planning 
more than 16 redundancies, or if they 
transfer employees from one business to 

another, following two r uling s by the 

European Court of Justice. 

T hin mafina that even non- unionised 
companies will have to establish 
machinery for consultation where it 
does not already exist The degree of 
change that will be needed in personnel 
practice is uncertain. Issues to be 
resolved will range from setting up com- 
mittees elected by employees to simply 
notifying those concerned in advance. 
"This is the most important case in UK 


industrial relations in the past 20 years,” 
claimed Mr Fraser Younson, vice-presi- 
dent of the Employment Lawyers Asso- 
ciation. 

The rulings also formally clear the 
way for compensation claims against the 
government by many employees who 
received inadequate protection under 
British law when transferred to new 
employers or made redundant through- 
out the 1980s. Some estimates of the 
number of claims are as high as 60.000. 

The Luxembourg court said the UK 
had failed to implement key aspects of 
the European acquired rights (1977) and 
collective redundancies (1975) directives. 


In translating the European rules into 
English law through the 1981 Transfer of 
Undertakings (Protection of Employ- 
ment) Regulations, known as Tupe, the 
UK limited the requirement to inform 
and consult to those employers who 
recognised trade unions. 

Luxembourg has ruled that ail 
employees, including the growing major- 
ity not in unions, must be consulted. 

The judgment, which was not unex- 
pected, was played down by the govern- 
ment as a ‘‘technicality’’. 

But the r uling was welcomed by trade 
unionists and Labour politicians. Mr 
John Monks, Trades Union Congress 


general secretary, said: “The right of 
workers to be consulted over redundan- 
cies and transfers is a key element of 
social policy which bad been deliber- 
ately denied to British workers." 

The government is expected to intro- 
duce the required changes to legislation 
in the next few months. The precise 
form the informing and consulting with 
workers will take is likely to give 
employers the maximum flexibility pos- 
sible. 

In addition to the consultation issue 
the court confirmed that the UK was 
guilty of excluding the public sector 
from the job security and wage protec- 


tion provided to workers by Tupe. The 
government last summer fell into line 
with Europe by extending Tupe to cover 
the public sector, but yesterday's ruling 
confirms the right of public sector 
employees not previously covered to sue 
the government for compensation. 

A 1991 European Court decision gives 
individuals who suffer loss as a result of 
a state's failure to implement EC law the 
right to damages from the state. 

Although employers are unlikely to be 
seriously affected by the claims many 
private contractors were yesterday 
repeating their exasperation with the 
government over its failure to give 
clearer guidance uver where Tupe 
applies. 


Workers given a voice. Page 9 


Greenspan warns 
banks of need for 


self-regulation 


By John Gapper, Banking Editor, 
h London 


Banks and other financial 
institutions will increasingly 
have to self-regulate their trading 
activities because of the growing 
complexity of financial markets, 
Mr Alan Greenspan, chairman of 
the US Federal Reserve Board, 
said yesterday. 

Mr Greenspan, who spoke after 
addressing the International 
Monetary Conference in London, 
said financial institutions would 
have to be increasingly “self-reg- 
ulated, largely because govern- 
ment regulators cannot do that 
job". 

He said the primary means of 
preventing a bank collapsing 
because of losses was “that indi- 
vidual Institutions in their 
self-interest become extraordi- 
narily knowledgeable about the 
counterparties with whom they 
are dealing”. 

His remarks indicate that regu- 
lators will in future place more 
stress on the skills of individuals 
and sophistication of technology 
in financial institutions, rather 
than insisting on examining then- 
assets and liabilities in detail. 

Mr Greenspan said that central 
banks would gradually move 
from the direct supervision of 
banks’ credit risk towards moni- 
toring their internal processes 
and risk management systems. 

He was supported by other 
international central bankers in 
casting doubt on central banks' 
ability to contain volatility in 
bond and other financial markets 


Central banks to switch more to 
monitoring role, says Fed chief 


by imposing farther regulations. 

Mr Greenspan said that finan- 
cial institutions would also have 
to “create risk management 
systems that can take very con- 
siderable shocks”. There was “no 
fundamental alternative" to 
financial supervision moving 
towards this model. 

His remarks follow an indica- 
tion that supervisors may allow 
banks to use internal models to 
calculate what capital to hold 
against trading risks, rather than 
using a model devised by the 
Basle committee of internaiicvinl 


Bankers of the world unite 

at Buck House Page 10 

The zenith of the 
central banks ...Page 14 


Ecfitoriai Comment .Page 15 


bank supervisors. 

Mr Greenspan also said that an 
integration of the views and poli- 
cies of banking and securities 
regulators was “inevitable", 
despite current disagreements on 
capital requirements for market 
risks between supervisors of the 
two industries. 

He said that it was “very diffi- 
cult to make a judgment” about 
whether central banks would 
intervene to support an invest- 
ment bank or other financial 


institution in a crisis.without 
knowing the full circumstances. 

Mr Hans Tietmeyer. president 
of the Bundesbank, said there 
was now bond market volatility 
similar to that seen in foreign 
exchange markets for decades. 
“We have got to live with that 
We cannot control it and pull it 
back," he said. 

Mr Tietmeyer said central 
hanks had got to follow innova- 
tion in financial markets closely, 
but “regulations in the end are 
not a solution for the market vol- 
atility. It Is mainly for avoiding 
systemic risks", he said. 

Meanwhile. Mr Jean-Claude 
Trichet. governor of the Bank of 
France, joined Mr Tietmeyer in 
tailing for more transparency in 
financial markets, which could 
help to solve some of the market 
volatility caused by financial 
derivatives. 

The two men emphasised that 
Britain could participate in the 
first stage of European monetary 
union if conditions were right 
after 1996 or 1999 under the Maas- 
tricht treaty. Mr Tfchet said he 
hoped that Britain would do so. 

Mr Tietmeyer emphasised that 
a move to monetary union would 
require only that currencies oper- 
ated within “no rmal marg ins" in 
the exchange rate mechanism. 
The question of whether this 
meant a return to narrow hands 
had yet to be resolved. 


bond and other financial markets ment Dank or otner nnanciax naa yet 10 oe resoiveu. 

State aid to ailing national 
airlines may be phased out 

By David Gardner m Luxembourg the burdens of the past”, and for tional cases only, and only 


State aid to national airlines in 
financial difficulties would he vir- 
tually phased out in the Euro- 
pean Union in the next three 
years under guidelines which 
Brussels is circulating among 
member states. 

The European Commission 
draft plan could determine how 
Brussels will conduct its two 
week-old Investigation into the 
French government’s request for 
a further increase of FFrOObn 
($3.49bn) in capital for Air 
France, its lossmaking flag car- 
rier. 

The guidelines will come into 
effect as soon as the Commission 
finishes consultations within its 
own departments and with the 12 
EU member states. 

In the more competitive envi- 
ronment created by the EU's 
“open sties” legislation, the draft 
document says: “State aids are of 
substantially increased 
strategic importance since they 
might severely distort competi- 
tion.” 

But although the draft calls for 
a level playing field, it allows for 
final cash injections to turn 
around airlines “suffering from 


the burdens of the pasT, and for 
short-term “rescue aid" to carri- 
ers attempting to restructure and 
cut capacity. 

However, a “fresh start” for 
troubled airlines involving gov- 
ernment aid must be based on 
commercial principles and 
include: 

• A “comprehensive restructur- 
ing programme" including capac- 
ity reduction 

• No further state aid thereafter 

• No government interference 
in management 

• No use of the aid by the air- 
line for acquiring stakes in other 
EU carriers 

• No attempt to strengthen mar- 
ket position in contravention of 
EU law opening up European 
routes to greater competition. 

The Commission's transport 
directorate wants to end state aid 
to airlines by April 1 1997, the 
date set two years ago for the 
final stage of liberalisation or 
“cabotage" - the right of carriers 
to ply any other member state's 
internal routes. 

“After that date the Commis- 
sion will very stringently assess 
the effects of the aid on competi- 
tion. and, if at all, accept such 
aid programmes in very excep- 


tional cases only, and only if it 
includes severe cutbacks in 
capacity,” the draft guidelines 
say. 

The guidelines are broadly in 
line with the recommendations of 
the “Committee of Wise Men" 
which the Commission asked to 
report on the airline industry ear- 
lier this year. But the aviation 
"liberals" among the 12 - princi- 
pally the UK, Germany, Den- 
mark, the Netherlands and 
Ireland - could push for tighter 
screening and a more rapid aid 
phase-out. 

The new Air France request Is 
particularly controversial 
because in 1991 and 1992 the 
Commission approved a capital 
top-up for the troubled French 
carrier worth FFr56bn in three 
tranches. 

Further aid, critics like British 
Airways say, conflicts with the 
Brussels doctrine of 
“last chance" restructuring 
aid. 

In addition, they say. only 
under duress has Air France 
started to abide by its EU obliga- 
tions to open up routes to compe- 
tition. 


Aid barely lifts Andalntia, Page 3 


CONTENTSf v 



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Stan Womaton — 283 


Equity OU»n» — 
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Eccrwrtc hdK0tor»-~-2S Toetinoiogy 


Managad Finds 3W4 


Trafbnel Opfions 38 

LonrfcnSE 27 

WaS Street 36-38 

Bourse-.. 353 


Premier’s budget smile 



Prime minister Tsutomu Hata sbows delight after Japan's Y73.000bn 
budget was passed - two months late. Report. Page 16 wet**- a p 


Hewlett 
Packard in 
chips link 
with Intel 


By Louise Kehoe 
in San Francisco 


Intel, tbc world's biggest 
semiconductor manufacturer, is 
to collaborate with Hew- 
lett-Packard, tbe second largest 
US computer company after IBM. 
to develop a new generation of 
very powerful microprocessors. 

The research and development 
partnership is aimed at creating 
microprocessor chips to be tbe 
“brains” of 2lst century comput- 
ers, the companies said. 

Tbe chips will combine Intel's 
technology, which is at tbe heart 
of most personal computers, 
with HP's reduced instruction 
set computing technology, called 
PA-Risc - an advanced type of 
microprocessor that HP has pio- 
neered as the base for a broad 
range of computers, from desk- 
top workstations to mainframes. 

The joint research and devel- 
opment project will include the 
design of 64-bit microprocessors, 
advanced semiconductor pro- 
cesses and software. The compa- 
nies expect to spend several hun- 
dred million dollars on the effort 
and to deliver the first jointly 
developed chips in the late 1990s. 

The new chips, will be able to 
run existing personal computer 
and Unix software without modi- 
fication, said Mr Richard Sevcik. 
HP group general manager. In 
addition, the 64-bit design will 
be well suited to future 


Continued on Page 16 


g THE FINANCIAL TIMES LIMITED 1994 No 32.388 Week No 23 


Cambridge 


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2 




■Tm^riAT. TIMES THURSDAY JUNE 9 1 994 


NEWS: EUROPE 


EU poll issues that have guided Twelve campaigns 


■& && Voting today* 

Over monetary 
JWjCTmm- union, the gov* 
eming Conser- 
vV~L -tv vatives say the 
UK parliament 
u * should have 
the right to decide on a single 
currency. Opposition Labour is 
more compliant, saying 
exchang e rates should be fixed 
after economic convergence. 
Liberal Democrats support 
moves to a single currency “in. 
step" with other states. 

On political union, the Con- 
servatives insist the EU cannot 
supersede nations, and 
Britain's veto must be retained 
on issues of vital national 
interest Labour is committed 
to an integrated and co-opera- 
tive Europe, with veto retained 
an defence, fiscal, foreign and 
constitutional matters. 

The Liberal Democrats are 
for a democratic, decentralised, 
federal Europe. They support a 
significant extension of quali- 
fied majority voting but with 
national veto retained over 
monetary and defence deci- 
sions by the council of minis- 
ters. 

The social chapter is opposed 
by the Conservatives and 
backed by Labour. The Liberal 
Democrats support it on bal- 
ance, but are opposed to 35- 
hour week "straitjacket”. 
LIKELY RESULT: Conserva- 
tives likely to win less than 30 
per cent of vote, with sharp foil 
in seats from 32 in 1989 magni- 
fied by majority voting system. 
Labour could take 50 or more; 
Liberal Democrats up to 12. 
David Owen. London. 

ifr'fo 'Ar Voting Sun- 

day. The main 
vaRTjA, Spanish par ties 
all favour 
closer Euro- 
pean integra- 

gP ” tion, with no 

clear division over European 
policies but with differences of 
emphasis. The governing 
Socialist party and conserva- 
tive Popular party support eco- 
nomic and monetary union. 
Both want a stronger Euro- 
pean parliament. Socialists put 
more emphasis on employ- 
ment, the PP on control of pub- 
lic spending and deregulation. 
Both want form policy better 
adapted to Spanish interests. 

The Communist-led United 
Left proposes a decentralised 
federal model for Europe, with 
the parliament exercising full 
legislative powers and control 


Across Europe, 289m voters are 
eligible to take part in the elections 
for the European parliament today 
and on Sunday. The vote will decide 
the composition of a 587-member 
assembly with significantly increased 
powers under the Single European 


Act and the Maastricht treaty, writes 
David Marsh, European Editor. A 
pan-European opinion poll for the 
European Commission, p ublished 
this week, indicates that 55 per cent 

of the electorate will be guided by 
national Issues in their voting 


intentions, wttb 37 per cent looking 
more to European questions. 

Opinion polls show that most 
voters throughout the Union - with 
the notable exceptions of the strongly 
Eurosceptical electorates in the UK 
and Denmark - favour giving the 


European parliament more power. Belgium. The election will drifter 
At the same time, with important pointers to national 

g nra mraontc in most countries contests in the nest 12 months ~ 

suffe r ing unpopularity as a result especially the general election in 
of recession and unemployment, Germany in October andtbe 

a large protest vote Is likely is many presidential election m France next 
countries, led by the UK, Spain and May. _ 


over the Commission. It also 
argues for agricultural reform. 

On EU foreign policy, both 
want more co-operation in the 
Mediterranean and with Latin 
America. 

LIKELY RESULT: Opinion 
polls give the Socialists only 
about 31 per cent of the vote, 
with the PP taking between 37 
and 40 per cent The United 
Left is predicted to show 
strong gains with up to 15 per 
emit of the voteJDavid White, 
Madrid 




Voting Sun- 
day. On the 
issues of politi- 
_**^^ $**&*• cal and eco- 
, jJ* nomic union, 
rJZnLu toe main Ger- 
Gefman y man govern- 
ment and opposition parties 
share many views. They favour 
strengthening European insti- 
tutions, including giving more 
power to the European parlia- 
ment to counter-balance the 
council of ministers. They 
want to reinforce common for- 
eign and sec urity policy, and 
more common action on crime- 
fighting and immigration. 

All agree on the need for 
eventual enlargement to bring 
the democracies of central and 
eastern Europe into the EU. 
However, the opposition Social 
Democrats say this can only 
happen after further reform 
within the Union - not least to 
bring agricultural spending 
under control- They argue for 
"deepening” before further 
“widening" of the EU. 

On monetary nninm, the par- 
ties say the economic conver- 
gence criteria are more impor- 
tant than the precise timetable. 

On social policy, the differ- 
ences are clearest The SPD 
favours Europe-wide social 
standards. The Christian Dent 
ocrats stand for minimum 
standards of protection, with- 
out excessive regulation. The 
Free Democrats tend towards 
deregulation to improve labour 
ma rket fl exibility. 

LIKELY RESULT: The latest 
opinion poll, published by 
Focus magazine, shows the 
SPD and CDU neck-and-neck 
on 3K5 per cent, with the FDP 


foiling to make the 5 per cent 
needed for seats In the parlia- 
ment Quentin Peel, Bonn 

Voting Sun- 

lustre eam- 

paign that hag 

"'tJ.Ia , -£r done little to 

£££. S 

three main political groupings 
in Belgium have presented a 
virtually united face on the 
need for monetary and political 
u n i on and a social chapter. 

For Belgium's Christian 
Democrats, Socialists and Lib- 
erals, the desirability of a sin- 
gle currency is not in doubt In 
a country where people put 
region before country, the Bel- 
gian franc inspires no great 
affection. 

Even the Liberals who alleg- 
edly favour Thatcher! te eco- 
nomics believe a social chapter 
is important to raise the living 
standards of Europe's poorer 
workers. 

On integration all again are 
in favour although the nuances 
differ according to the cultural 
divide. Flemish voters, of what- 
ever, have a very precise Idea 
of how an integrated, federalist 
Europe should be structured. 
They favour one in which 
regions are more important 
than nation states, a notion 
less enthusiastically endorsed 
by the F rancophone Walloons. 

LIKELY RESULT: Liberals 
expected to gain 25 per cent of 
vote, ahead of Christian Demo- 
crats and Socialists, with 
between 21 and 22 per cent, 
according to latest polls. 
Emma Tucker, Brussels 

Voting Today. 

liClfeW The Danish 
v t4r broadly 

Jljs "3BS> oppose . a fed- 
eral Europe. 
Out of the 10 

penmark_ parties contest, 
ing the election, the opposition 
Liberal Party, set to win four 
or five of Denmark’s 16 seats in 
the parliament, is the only one 
in favour. The party’s ann u al 
conference in March backed a 
two-chamber system of govern- 
ment for Europe, giving the 


Denmark 


European parliament legisla- 
tive powers. 

AQ the Danish parties sup- 
port the social chapter. The 
Social Democrats, beading the 
four-party coalition, goes fur- 
thest, advocating suprana- 
tional regulations to protect 
workers and prevent social 
dumping. 

On monetary union, Den- 
mark obtained a special opt- 
out in 1992. The opposition Lib- 
erals and Conservatives favour 
eventual Danish participation 
in monetary union, but the 
issue has not played a role in 
the campaign. Danish member- 
ship would in any event 
require approval by a referen- 
dum. 

LIKELY RESULT: Hie Social 
Democrats and the Liberals 
both stand to win 24 pm- cent, 
according to a Gallup poll this 
week. The anti-European alli- 
ance of the June Movement 
and the People's Movement 
Against the EU may win 18 per 
cent The Conservatives would 
gain 12 per cent. Hilary 
Barnes, Copenhagen. 

Voting Today, 
flha Domestic 

Ufry issues such as 
unemployment 
"VT. and taxes have 

..S' . tended to dom- 

iraiano inate the cam- 
paign, but the Fianna Fail-La- 
bour coalition unlikely 
to suffer from a protest vote. 

Apart from Democratic Left, 
which is the most Euro-sceptic 
party fighting the election, the 
main parties agree on the need 
for monetary union. Labour 
and Fianna Fail, the centre- 
right party led by Mr Albert 
Reynolds, prime minister, also 
place great emphasis on the 
need for strong EU social and 
employment policies. 

Hie opposition Fine Gael and 
Progressive Democrats have 
tried to discredit the coalition 
over a controversial passports- 
for-investments scheme. 
LIKELY RESULT: Fianna Fail, 
topping the polls in all four 
constituencies, is set to win 
seven of the 15 seats, one more 
than 1989. Fine Gael is strug- 
gling to keep its four and could 


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lose one. Division in the Pro- 
gressive Democrats could 
result in it losing its only seat 
to an independent. Tim Coone, 
Dublin. 

Voting Sun- 

■g"* lin r i* day. There is 
JJPJfjgigjj- little enthusi- 
asm for the 
yv* election in 
Greece. Euro- 
— tofwce — pean issues are 
scarcely mentioned in candi- 
dates' speeches, beyond a stat- 
utory mention of the EculTbn 
that Greece will get in EU 
assistance for in fr as tru ct u re 
projects over the next five 
years. 

For the governing Panhel- 
lenic Socialist Movement, the 
election is the first test of pop- 
ularity since it regained power 
last October. For the conserva- 
tive opposition New Democ- 
racy, the poll is seen as a test 
for Mr Mfitiarfps Evert, a for- 
mer mayor of Athens who took 
over the leadership after the 
ele ction d efeat 

LIKELY RESULT: Pasok 
looks set to maintain a dear 
lead over ND, with the nation- 
alist Political Spring gaining 
ground at the expense of both 
main parties. One poll this 
week put Pasok ahead with 
41.1 per cent to 3&2 per cent 
for ND, 7.6 per cent for Politi- 
cal Spring, 4.7 per cent for the 
Left AlHanra and 44 per <ynt 
for the Stalinist Greek Commu- 
nist Party. Kerin Hope, Athens 

Voting today. 
Mifetaart' The Dutch 
campaign has 
been short, 
jJ 7 uneventftil and 
completely 
Wgtheriands overshadowed 
by domestic political wran- 
gling following general 
national elections a few weeks 
ago. 

The four main parties, 
united In their support for 
political and monetary union, 
also agree on the need to 
extend EU control to areas like 
policing gnfl immigration. 

On social issues, they divide 
along right-left lines, but differ- 
ences .have also emerged on 


Netherlands 


the environment The Liberals 
want an eco-tax in Europe only 
if the rest of the industrialised 
world follows suit, while the 
other parties have indicated a 
readiness to take part in a 
“unilateral" European move. 
LIKELY RESULT: An opinion 
poll this week indicates only 
the Christian Democrats will 
suffer losses. It is forecast to 
take eight seats, down two; 
Labour to remain at its 1969 
level with eight seats. Sharp 
gains are predicted for the two 
parties which scored well in 
the general election. The left- 
of-centre D66 is seen jumping 
to five seats from one, while 
the Liberals could double their 
score to six seats. Ronald van 
de Krol, Amsterdam 

Voting Sun- 
K-w- day. The main 
A 'fK. French xight- 
'.aj|b and left-wing 

parties and 

FrLvL groupings 

praicg favour political 

awH monetary althoug h 
some of the electorate has been 
showing increasing scepticism. 
Both left and right have had 
their support eaten away by 
dissidents within their own 
camp. 

On the right, the anti-Maas- 
tricht list of dissident conser- 
vatives has seen support run- 
ning unexpectedly high at 7-9 
percent The Socialist list fed 
by Mr Michel Rocard, has faced 
even harder competition. First 
from that led by Mr Bernard 
Tapie, nominally an ally and a 
declared European federalist 
but whose only policy is to 
make youth unemployment 
illegal. Second, from the “Bos- 
nia” list led by Mr Leon 
Schwartzenberg campaigning 
for an end to the Bosnian Mos- 
lems arms embargo, in some 
polls it has scored the 5 per 
cent minimum needed to win 
Euroseats in France. 

LIKELY RESULT: Latest polls 
give the UDF-RPR list of the 
governing coalition 31-32 per 
cent Socialists expected to do 
badly, with one poll patting 
support as low as 13 JB per cent 
which would be a disastrous 
start to Mr Rocard's campaign 


for the presidency next year. 
The Communists and National 
Front have polled around 7 and 
10 per cent respectively. David 
Buchan, Paris. 


yy Voting Snn- 

day. The vote 
will be a judg- 
ment on the 
centre-right 

tTSlZL Social Demo- 

Portl| 9 al crats (PSD) 

after almost two years of reces- 
sion. It will also test the main 
opposition party, the centre- 
left Socialists, in the run-up to 
a general election in October 
1995. 

On European issues, the two 
main parties differ little Both 
are strongly pro-European. But 
while the Socialists openly 
advocate federalism, the PSD 
steers away from the term in 
favour of less emotive expres- 
sions such as European inte- 
gration. Both favour a single 
currency and greater powers 
for the European Parliament. 

The PSD reflects growing 
Portuguese dissillusioment 
with Europe by taking a tough 
stand favouring Portuguese 
interests, particularly over 
agriculture. The Socialists 
have been criticising not the 
Common Agricultural Policy 
but the PSD government for 
falling to invest EU farm funds 
wisely. 

LIKELY RESULT: Polls put 
Socialists slightly ah«a ri with 
30 per cent against 29 per cent 
for PSD. Peter Wise, Lisbon. 

^ &&& Voting Sun- 

iticians have 
- wUfr conducted a 
lack-lustre 
campaign with 

!BtzL budgets and 

political energies exhausted by 
the March general elections. 

The parties on the left and in 
the centre which emerged as 
the opposition two months ago 
have based their campaigns on 
the calculation that Mr Silvio 
Berlusconi’s Forza Italia and 
its allies are in an unassailable 
position. Thus they have 
avoided polemics and raised 


*35-54- 

Italy 


few European issues, amen, 
trating instead on rallying 
their faithful rather than gain- 
ing new voters. Mr Bertusccmi. 
heading the Forza Italia hat tn 
all five electoral colleges, is 
using the elections as a per. 
sonal referendum. 

LIKELY RESULT! F6Q9"tfve 
Forza Italia 25 per cent, 5 
points up from March, The 
PDS has around 23 per cent 
The third largest party is the 
MSI at 13. with the Northern 
League around 7. Robert (ha- 
ham in Rome 

Voting Sub- 

V ML-'! , day- 1518 Lnx- 

embourg coaU- 

t i o n 
*i government, 
Luxembourg composed of 

the Christian 
Socialist and Socialist parties, 
Is firmly in favour of economic 
and monetary u ni o n . Luxem- 
bourg is also a firm backer of 
political union. The govern, 
ment parties are keen' to 
ensure that the rights of small 
states axe safeguarded in the 
1996 Maastricht review confer- 
ence. The opposition. Liberals, 
formerly firmly in favour of 
European union, are now more 
sceptical 

LIKELY RESULT: The govern- 
ment parties are expe c ted to 
maintain their supremacy, 
keeping five of six seats. David. 
Gardner, Luxembourg 


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FINANCIAL TIMES THURSDAY JUNE 9 1994 


NEWS: EUROPE 


Region languishes despite quantities of EU cash 

Aid barely lifts Andalucia 



By David White 
in Madrid 

Hundreds of 
German and 
Dutch families 
moved down to 
La Carolina in 
southern Spain 
but discovered 
the homes they 
were promised 
were still 
unbuilt. The 
promoter had 
called it “the 
EUROPEAN gateway of 
ELECTIONS .•happiness", 
.toe 9 and 12 rnsteari, they 
found themselves in a barren 
landscape where the locals 
treated them as loafers. . 

Another Costa time-share 
scam? Not quite. It was an 
experiment in farm settlement, 
hi 1767. Today's mayor says it 
created “a European Union in 
miniature". Its remnants are 
some curiously tall, blond peo- 
ple in surrounding villages and 
the occasional odd-sounding 
surname like Nef or Sobefle. 

La Carolina Is no longer the 
end of the world. A spanking 
new highway runs close by. 
But these days hardly anybody 
goes there. There are no tour- 
ists and few jobs to : be had. 
Last year, two of the main 
employers, including a tele- 
communications equipment 
plant belonging to Siemens of 
Germany, shut down. More 
jobs hang precariously on the 

ftltnre of S nanlri ’a wir -mgHng 
subsidiary, Santana Motor, in 
nearby Linares. 

Linares, as near to being an 
industrial town as anywhere in 
Andaluda, has been on a war 
footing for more.. than three 
m onths . Suzuki, fed up with 
paying for losses, wants out. 


The whole area has taken to 
. the streets against job cuts. 
The factory fence is strung 
with banners pledg in g the sup- 
port of everybody from the fire 
brigade to the basketball club. 
The company's Japanese exec- 
utives have gone to ground. 

The plant is not big by Euro- 
pean standards, employing 
2,400. But this is more than 
any other single industrial 
facility in Andalucia, a region 
of almost 7m people. And Lin- 
ares, sitting among disused 
lead mines, has little else. 
More than half the population 
of 60,000 depend on it directly 
or indirectly. 

European funds, following 
Spain's accession eight years 
ago. and a spending-spree con- 
nected to the Seville Expo in 
1992 have outwardly changed 
Andaluda, with public works 
galore - new roads, high-speed 
railways, airport buildings, 
drains, schools and hopeful 
business parks. But, at the 
same time, the region’s* official 
jobless rate has risen to 34 per 
cent, three times the EU aver- 
age and the highest in Spain, 
Europe's record-holder for 
unemployment. The number 
out of work in the region - 
885,000 - has increased by half 
in the past decade. 

Last year, according to the 
Fund for Economic and Social 
Research, Andalucia 's gross 
product fell by 23 per cent the 
sharpest recession of any Span- 
ish region. 

Income per head is 53 per 
cent of European Union aver- 
age. Since Spain's e n try to the 
EU the gap has closed a little, 
but less than for Spain as a 
whole. “In relative terms we 
are not in the group of regions 
that are converging." says Mr 
Alfonso Pajuelo, planning 


East Germans 
look to widen 
their horizons 


By Judy Dempsey in BarUn 

Tou bet I am going to vpte in 
— the European elections," said 
Ms Gisela Base, a 58-year-old 
mother of three sons. “And I 
will tell you why. We have to 
keep die Nazis out A low turn- 
out will play into their hands." 

As an east German, this is 
— the first time Ms BOse has had 
the chance to vote in these 
elections. Yet she and many of 
t the residents of the Bosen- 
'![ felder Ring housing estate in 
Friedrichsfelde, a socially- 
. j mixed district of east Berlin, 
S A cannot name their European 
parliament candidates 
"We have no idea who they 
are or what they look like," 
said Ms Bdse. “They never 
come around here. I have 
never seen any o£ them cam- 
paigning. The only thing we 
know about the European par 
liamwit is through thp tolmri- 


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man. I haven’t a clue what any 
of the candidates stand for.” 

Mr Gflnther Komhino agrees. 
“Nevertheless. I will vote. But 
at my age - I am 65 - the 
European elections mean very 
little to me. They are more 
important for my children. 
They like to travel,” he said. 
“You see, I could not do any of 
that when the Wall divided 
Germany. If we have a bigger 
European Union, they will he 
able to travel without any 
bother. Maybe we should 
expand Europe to the countries 
of eastern Europe, and to Swit- 
zerland, and to Scandinavia. 
By the way, who is standing in 
our district?" 

One of the candidates is Mr 
Hans-Wilhebn Ebehng, a mem- 
ber of Chancellor Helmut 
Kohl's governing Christian 
Democrats. Mr Ebellng, 60, 
lives in a large bungalow on a 
quiet, tree-lined street just a 
10-minute walk across the tram 
tracks from the Rosenfelder 
Ring estate. 

He holds different views 
about how the European Union 
should he enlarged and what 
values it should hold. “I sup- 
port some degree of enlarge- 
ment But it should e xtend to 
the Christian countries with 
humanist values. I don’t think 
I would go beyond the Urals.” 

A Former theologian who, in 
the heady days of German uni- 
fication, tried to set up in east- 
ern Germany a sister party of 
the. Bavarian-based Christian 
Social Union, Mr Ebeling 
would also like to see a ban on 
parties such as the right 
Republicans, and even the 
Party of Democratic So cialism , 
the successor to east Ger- 
many's former Communist 
party. “They are not demo- 
crats," he said. 

Mr Norbert Glante, his Social 
Democratic counterpart in 
Potsdam, does not believe in 
drawing up new borders in 
Europe. “The European parlia- 
ment should try to open up 
borders with eastern Europe 
and Russia. It is really impor- 
tant for the east Germans to 
have more trade and better 
contacts with the east. We are 
all in Europe together.” IT the 
41-year-old former technician is 
elected - and his chances are 
high since his constituency 
around Brandenburg is SPD - 
be would lobby for more funds 
for reads and infrastructure 
from this part of eastern Ger- 
many to the east 

Yet, however much the vot- 
ers and the candidates, differ 
on where Europe starts and 
ends, they share one common 
aspiration: EU countries 
should have a united policy on 
crime, security and youth. 
“Now the borders are open, 
there's so much crime and the 
youth are hping dragged into 
it,” said Ms Bdse. “Then they 
start drifting into neo-Nazi 
groups and start getting vio- 
lent This cannot continue. 
This is a European problem.” 


director in the economy depart- 
ment of the regional govern- 
ment in Seville. 

Villages depend heavily on 
payments from the govern- 
ment’s rural employment plan, 
designed to ease the plight of 
200,000 seasonal farm labourers 
in Anrta^ iri B and neighbouring 
Extremadura. Agricultural 
“day-workers", who work at 
least 60 days, usually moving 
from harvest to harvest on big 
estates, can claim about 
Pta27,000 (£130) net a month 
for half the year when they are 
not working. Notoriously vul- 
nerable* to fraud, the plan has 
cost about Ptal.OOObn since it 
was introduced 10 years ago. 
Opposition conservatives see it 
as a disincentive to work. Dis- 
tant from any of the standard 
images of European farming, it 
has created its own unique 
brand of subsidy culture. 

Andalucia Is the European 
region which receives most 
structural aid from the EU. But 
it ha« only a third as many 
companies as Catalonia, which 
has a smaller population. 
Ninety per cent of those 
employ fewer than 50 people. 
“Attempts at industrial take- 
off have repeatedly failed,” 
notes a regional government 
study. There is little entrepre- 
neurial spirit, and many estab- 
lished companies - like San- 


tana Motor - have become 
uncompetitive. 

Mr Francisco Vallejo. La Car- 
olina's Socialist mayor, thinks 
the impact of the single market 
will be “fairly negative in the 
short term” in the region. 
“These companies worked well 
when the market was closed.” 

Andaluda is a prime focus of 
attention In the European elec- 
tion, with regional elections 
being held simultaneously on 
June 12. The Socialists’ out- 
right majority in this strong- 
hold region and their l eadin g 

position in the country as a 
whole are both in jeopardy. Mr 
Fernando Moran, the former 
foreign minister who heads the 
list of Socialist candidates for 
the European parliament, used 
to be MP for Jaen. the olive- 
gTowing province which 
includes Linares and La Caro- 
lina. He says the south is “a 
priority problem” and hopes it 
will not become a distinct 
world like Italy's Mezzogiomo. 

Government Affinals in Mad- 
rid say the north -south divide 
is less accentuated in Spain 
than in some other countries. 
“It is not ffie worst south of 
southern Europe,” one com- 
mented. But the pattern of 
dependence - on Madrid, on 
foreign investment, on second- 
hand technology, on Brussels - 
is far from being broken. 



EU challenge grows to 
Italy’s neo-fascists 


Belgian snubs of Italian 
ministers may hamper Mr 
Dehaene's bid for Brussels job 


By David Gardner 
in Luxembourg 

The growing challenge to the 
presence of neo-fascist mem- 
bers of the new Italian govern- 
ment in European Union insti- 
tutions widened further 
yesterday, when another EU 
minis terial meeting was held 
up by a protest from Belgium. 

Yesterday's incident, at a 
council of environment minis- 
ters in Luxembourg, Mows a 
denunciation of the Italian neo- 
fascist leadership at the week- 
end by Mr Jacques Delors, 
president of the European 
Commission, and the decision 
on Tuesday by all four main 
Dutch parties to boycott the 
Co mmiss ion if Rome names a 
far-right candidate as one of its 
two commissioners. 

At the end of last month, an 
EU telecommunications coun- 
cil was held np when the Bel- 
gian Socialist minister, Mr Elio 
de Rupio, refused to shake’ 
hands with his Italian opposite 
□umber. Mr Giuseppe Tatar - 
eUa, deputy prime minister for 
the far-right National Alliance 
(AN-MSI). “deploring” his pres- 
ence in a democratic forum. 

Yesterday, Mr Jacques Sant- 
kin, the Belgian Socialist envi- 
ronment minis ter, marked the 
presence of another Italian 
neo-fascist, environment minis- 


ter AJtero Matteoli, with a 
statement underlining the obli- 
gation of EU ministers to 
defend democratic principles. 

The recent commemoration 
of the 50th anniversary of the 
D-Day landings to liberate 
Europe from fascism, he said, 
“should make us reaffirm 
loudly and clearly what the 
fundamentals of democracy 
are”. 

Mr Matteoli replied that “the 
principles of freedom and 
democracy referred to will 
never be put In doubt”. He also 
pointed out that President Bill 
Clinton began his D-Day 
remembrance trip to Europe in 
Italy, and had showed no com- 
punction in meeting AN-MSI 
ministers and its leader, Mr 
Gianfranco FinL 

Mr Delors, however, 
responded on French television 
at the weekend to recent 
remarks by Mr Fini by saying 
that “we must move from a 
vigorous vigilance” of the Ital- 
ian Ear-right “to a more con- 
cerned vigilance". 

Mr Fini had said that the fas- 
cism of Mussolini had been 
positive until the 1938 racial 
laws; that Europe had lost its 
cultural identity as a result of 
the D-Day landing s; and that 
“there are moments when free- 
dom is not an essential value”. 

“I read [this] with anger in 


my heart,” Mr Delors said. 

The position of the Dutch 
parties was underlined by Mr 
Gijs de Vries, a prominent 
right-wing liberal MEP, who 
warned that the European par- 
liament would use its powers 
to veto the new Commission if 
it contained an Italian neo-fas- 
cist. 

The dominant Socialist 
group at Strasbourg, set to bol- 
ster its position in this week's 
Euro-elections, voted in May to 
boycott all Italian neo-fascists 
in EU institutions. 

Italian government officials 
indicated yesterday that it was 
unlikely that Mr Silvio Berlus- 
coni. the prime minister, would 
name an AN-MSI candidate for 
Brussels, favouring instead Mr 
Enrico Vinci, current sec- 
retary-general of the European 
parliament, and Mr Marco 
Panella, the maverick Radical 
party MEP and national MP. 

Some EU diplomats also said 
that it was unlikely Mr Berlus- 
coni would back Belgium's pre- 
mier, Mr Jean-Lur Dehaene, 
favoured by France and Ger- 
many to succeed Mr Delors 
next year, in the light of suc- 
cessive Belgian snubs to his 
ministers. All the main candi- 
dates to succeed Mr Delors are 
courting the new Italian prime 
minister before the Corfu EU 
s ummi t on June 24-25. 


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wwtNOAL TIMES THURSDAY JUNE 9 1994 


NEWS: EUROPE 


Light escape likely for Balsam bankers 

David Waller on how Germany’s newest scandal contrasts to the Schneider case 


F ollowing 1 shortly after 
the collapse of the Jflr- 
gen Schneider property 
group, Germany’s large hanks 
have been hit by another case 
of alleged fraud at a heavily 
indebted company. 

The company at the centre of 
the new debacle is Balsam, a 
manufacturer of flooring mate- 
rials used to make tennis 
courts, artificial surfaces for 
football pitches and running 
tracks and other sports instal- 
lations, based in the town of 
Stein hagen near Bielefeld in 
Westphalia. Balsam owes 
DMLSbn (£640m) and its entire 
four-man board was arrested 
earlier this week on suspicion 
of credit fraud. 

Deutsche Bank. Dr es finer 
Bank, Westdeutsche Landes- 
bank and other large German 
institutions own an indirect 15 


per emit stake in Balsam via 
WFG Deutsche Geseflschaft fOr 
Wagmskapitai, a venture capi- 
tal company. Despite this 
bankers said yesterday that 
the direct and indirect credit 
risk is spread between 40 
banks and that no individual 
bank is owed more than 
DMlOOro. 

This contrasts with the case 
of Schneider, where banks are 
owed DM5bn and Deutsche 
Bank alone is owed DML2bn, 
against which it has had to 
make a DMSOOm provision. 

But although the Schneider 
case was significantly bigger 
than Balsam, there are paral- 
lels. Both companies were led 
by charismatic entrepreneurs 
whose apparent wealth served 
to dampen bankers’ fears about 
mounting debts. 

Just as Mr Jflrgen Schneider, 


the property entrepreneur 
whose disappearance triggered 
the property crisis, always paid 

Ids interest bill on time - so 
Mr Friedel Balsam, chief exec- 
utive of the floorings group, 
was always punctual In meet- 
ing his payments to bankers. 

“Moreover he was always 
willing and able to inject fur- 
ther cash into the business 
from his own resources,” said 
one banker yesterday. 

It was perhaps for this rea- 
son that bankers were indiffa:- 
ent to the scale of Balsam’s 
debts which seem vast far a 
company with turnover of a 
modest DM46Qm and net prof- 
its of only DM15m last year. 
This pgtaiiftia bankas’ noncha- 
lance about a rapid build-up of 
debt at Schneider prior to his 
recent disappearance. 

Bankers, due to gather last 


night in Wiesbaden for their 
first talks on said the 

company’s biggest direct credi- 
tor was Procedo, Germany's 
largest factoring company. Fac- 
toring. a financing technique 
which is in its infancy in Ger- 
many, is at the heart of the 
alleged fraud. 

Factoring companies 
advance cash to their custom- 
ers against the security of 
unpaid invoices. They take a 
commission for the service pro- 
vided and assume responsibil- 
ity for collecting their custom- 
ers' outstanding receivables. 

According to Mr Jost 
Scbmiedeskamp, state prosecu- 
tor in Bielefeld, the four direc- 
tors of Balsam have been 
arrested on suspicion of forg- 
ing documentation to support 

fflpforfng j qgypAmp'nta 

Mr Scbmiedeskamp said the 


board stood accused of concoct- 
ing large orders from foreign 

customers, or of inflating the 

value of real contracts by a fac- 
tor of GO in some cases. The 
invoices for these fictitious 
orders were presented to Pro- 
cedo in conjunction with docu- 
ments purporting to be from a 
OS bank and a US accounting 
firm, bat these documents 
were alleged by the prosecutor 
to be fraudulent 

He said that the cash raised 
against the invoices was used 
by Mr Balsam and his board- 
room colleagues to speculate in 
the currency markets. The 
fraud has allegedly been run- 
ning for a number of years and 
the state prosecutor said it 
opened its investigations into 
the case in late 1992. . 

The alleged fraud is given an 
added twist by the fact that Mr 


Balsam. 85 per cant share- 
holder in the flooring com- 
pany, is also a minority share- 
holder in the company he is 
accused of defrauding: together 
with his finance director he 
has has a 3J per cent stake In 
Procedo. But business between 
Procedo and Balsam was con- 
ducted on an arms’ length 
basis, Procedo has insisted. 
Balsam is believed to have 
been Procedo’s biggest cus- 
tomer, but how much Procedo 
is owed has not yet emerged. 
Neither is it clear how much 
Procedo itself awes the banks 
with which it refinanced its 
factoring business. 

For bankers mulling on the 
similarities to the Schneider 
case, there is one consolation: 
while Mr Schneider’s where- 
abouts are unknown Mr Bal- 
sam is at least behind bars. 


Battle joined over Russian defence spending 


By John Lloyd in Moscow 

A fierce struggle over Russia's 
military budget - on which may 
depend the survival of the govern- 
ment, further economic reform and 
the political neutrality and effective- 
ness of the armed forces - is coming 
to a head in Moscow. 

The struggle pits the military and 
defence industry against the still 
shaky reformist forces and their 
erratic push to create a functioning 
market economy. 

Big concessions to the military’s 
demands for much higher spending - 
claim ed by the defence establishment 
SB essential if a military revolt is to 
be avoided - would destroy attempts 
to contain spending and control infla- 
tion to its present levels of under 10 


per cent a month. 

The intensity of the fight reflects 
the lack of progress in two years of 
reform in restructuring the vast 
defence es tablishmen t which in c l u d es 
the military forces, the reconstituted 
and expanded border guards, interior 
ministry troops and the intelligence 
operatives (former KGB). 

The military is underfunded, under- 
employed, badly housed, often unpaid 
and receptive to extreme nationalist 
and communist fnfinonep and increas- 
ingly aggressive in its own defence. 

Pressure to increase mflitaiy spend- 
ing is beginning to tell on the coun- 
try's democratic institutions. The 
state flume, or lower house of parlia- 
ment, yesterday passed the 1994 bud- 
get within the hunts set by the gov- 
ernment - with income set at 


Rbsl24,OOCton and specified payments 
set at RbslS4,OOObn - though it 
increased spending on the military 
from Rbs 37,0Q0bn to Rbs4G ,5001m, 
largely by cutting planned repay- 
ments of foreign debt 

The Federation Council or upper 

hOUSe baa already «nd it Will inr-maqg 

military spending to Rbs55,000bn 
when it reviews the budget - a line 
which appears to have the support of 
President Boris Yeltsin. 

But a senior military adviser dose 
to Mr Viktor Chernomyrdin, the 
prime minis ter, warned yesterday 
that official spending of Kbs55,Q00bn 
would breach an important deficit tar- 
get made by the prime minister to the 
International Monetary Fund and 
could force Mr Chernomyrdinas resig- 
nation. 


The official figure may greatly 
understate true spending. Mr Vitaly 
Shlykov, a former deputy Soviet and 
Russian defence minister and the 
country's main expert on military pro- 
duction, said the Rbs^.OOOfan figure 
was a “game” «tw! that true expendi- 
ture would inevitably be much higher 
because budget outlays not specifi- 
cally identified as military would, in 
feet, be devoted to the services. . 

The crisis is deepened by the feet 

that tbo budget rnr-rrmt* is UOW lagging 

well behind target Mr Sergei Kon- 
drashyev, deputy head of the Finance 
Ministry’s military expenditure 
department, told a hearing of the 
state dmna’s defence committee on 
Tuesday that in the first five months 
of ibis year the minis try had received 
only 15 per cent of the year’s total 


revenue - or 36 per cent of the reve- 
nue it should have collected for the 
period. 

Mr Shlykov said that President 
Yeltsin had last month written to Mr 
Chernomyrdin, expressing his support 
for the higher spending on the mili- 
tary. 

Mr Chernomyrdin - who earlier 
tins week flew to Germany for medi- 
cal treatment and is in the middia of a 
two-week break from his duties - had 
so for held fast to a lower spending 
figure - but the pressure on him was 
now intense. 

“The military and the defence 
industry are now fused together in a 1 
very powerful lobby,” said Mr Shly- 
kov. 

“We might see a change of govern- 
ment because of this struggle". 



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Cessna 

ATfettron Gompary 


Carbide 
challenges 
EU plastic 
decision 


By Daniel Green in London, 
Emma Tucker in Brussels and 
Andrew HH in MBan 

Union Carbide, the US 
chemicals company, has chal- 
lenged yesterday’s go-ahead 
from the European Commis- 
sion for a <3bn (£2bn) plastics 
joint venture between the 
Anglo-Dntch company Royal 
Duteh/ShfiH and Italy's Mont- 
edison. 

The two European compa- 
nies had made last minute coor 
cessions on their control of 
polypropylene manufacturing 
technologies to overcome accu- 


sations they would breach EU 
competition law. But Union 
Carbide said It was consider- 
ing an appeal to the European 
Court of Justice. 

"We do not share the Euro- 
pean Commission’s view that 
the changes to the proposed 
venture eliminate anti-trust 
cancan,” said the company. 

The joint operation, known 
as Montell, wfll have a market 
share estimated by Shell at 
18-19 per cent, making it eas- 
ily the world’s biggest poly- 
propylene manufacturer. 

Polypropylene is a tough 
plast ic w idely used by the car 
industry for items including ' 
bumpers and,battery casings. 

The Commission approved 
the deal on condition that 
Montedison kept control of its 
proprietary method for the 
polypropylene manufacture. 
Sphertpol. Shell Oil, the US 
arm of Royal Dntch/Shell, 
already has control over 
another manufacturing tech- 
nology, Unipol, through a sep- 
arate venture with Union Car- 
bide. The concessions put 
forward ensured Montell 
would not contravene EU com- 
petition rules, said the Com- 
mission. 

The main undertaking 
offered by the two parties is a 
commitment to keep separate 
two rival technologies For 
polypropylene production. 

Montedison will keep Spheri- 
pol separate from the joint 
venture in a distinct, new 
enterprise called TechnipoL 

Normal competition rales 
will apply to any commer cial 
discussions held between Mon- 
tall and TechnipoL. said the 
commission. Montedison 
agreed to divest itself of a 
joint venture it has with Petro- 
fina, the Belgian petrochemi- 
cals company which had also 
objected to the creation of 
Montefl. 

The Montell venture is 
partly intended as a way of 
ridding Montedison of H2bn 
of its debt It is understood 
that the amendments to the 
deal demanded by Brussels 
will not bave a significant 
impact on this process. Mont- 
edison’s continued control 
over its sought-after polypro- 
pylene technology could bene- 
fit the group, which will con- 
tinue to license the technology 
to MonteU’s competitors. 


EUROPEAN NEWSDIGEgT 

Shipping line 
controls sought 

Shinning lines should not be allowed to fix pricS for the 
terrestrial leg of long-haul deliveries, toe European Cmnmto- 
sion said yesterday. A report presented by Mf 
Miert, competition commissioner, says that swatter shipping 
“conferences" - powerful agreements between shippi ng te as 
- would be contravening EU competition rules If t hey ag ree to 
fix prices an road or rail transport services to and from porta. 
At present, shipping conferences 'have a Woe exemption from 
competition rules on the port-tn-part leg of Journeys which 
allows to fix common rates. They argue that they would 
not be able to make ends meet without the exemption. How- 
ever Mg EU exporters say that the shipping lines are behav- 
ing as an illegal cartel and are Imposing exorbitant prices. The 
report, approved by the commission yesterday, will be pres- 
ented to transport ministers at next week’s council meeting: 
Emma Tucker, Brussels 

Bosnian factions sign accord 

The warring factions in Bosnia yesterday signed a United 
Nattons-brokered agreement for a one-month nationwide 
ceasefire *mfl an immediate exchange of all prisoners. The 
truce is due to come into force at noon local time tomorrow 
The surprise aooord came after Mr Yasu s hi Aka s hi , the UN's 
special envoy for ex- Yugoslavia, had said late on Tuesday that 
it would take "a miracle" to get a deal- While yesterday's pact 
fells far short of the four-month trace Mr Akashi had sought 
at the start of the talks on Monday, it was, he said, “a first 
step" towards a complete cessation of hostilities in Bosnia. 
The two have agreed to refrain from “any offensive 
militar y operations or other provocative actions". But, unlike 
in the original UN plan, there is no provision for pulling back 
heavy weapons from the frontlines or for the separation of 
forces by UN troops. Instead, the UN Protection Force (Unpro- 
for) will merely “monitor” the ceasefire. 

The pact represents a moral victory for the mainly Moslem 
Brtcnifln government, which bad pressed for a four-week 
renewable ceasefire linked to negotiations on a political settle- 
ment for Bosnia. It opposed a longer ceasefire on the grounds 
that this would enable the Bosnian Serbs to consolidate their 
military hold on 70 per cent of Bosnia. Frances Wiffiams, 
Geneva 

EU steel plan postponed 

The European Commission yesterday postponed a decision on 
whether to approve a revised rescue plan for the steel indus- 
try. Mr Martin Bangemann, industry commissioner, asked for 
a week's delay in order to review the treatment of Ecu415m 
(£3l9.5m) Italian state aid in exchange for closure of steel-mak- 
ing capacity in Brescia, northern Italy. The Italian closures are 
crucial fox reaching the target of cutting capacity in the EU by 
a total of 19m tonnes, with the Brescia mini-mills contributing 
between 5m and Gm tonnes. But the complex cross-ownership 
of the mills means that not an companies linked to steel-mak- 
ing would shut down. This raises legal problems about state 
aid being used to fund “partial closures”. Mr Bangemann Is 
pressing for a more flexible interpretation of rules on steel aid 
which would focus on capacity cuts rather than ownership, 
overturning a Commission derision in favour of a rigorous 
application of the rules. Mr Bangemann signalled yesterday 
that be was unhappy with a compromise which would have 
opened infringement proceedings against the Italians for Ille- 
gal subsidies, while pressing the Rome government to come up 
with a new package of state aid to the Brescia mills. But 
Brussels officials remain hopeful of agreement next week. 
Lionel Barber, Brussels 

Hungary lifts repo rate by 2% 

Hungary's central bank yesterday lifted its key repo interest 
rates by 2 per cent and has also announced a three print rise 
in the base rate to 25 per cent Financial markets bad expected 
a tightening of monetary policy after parliamentary elections 
last month but the scale of the move came as a surprise. The 
National Bank of Hungary said the measure was needed to 
curtail domestic demand and bring down a persistent external 
deficit Figures released yesterday showed a worse-than-expec- 
ted first-quarter current account deficit of $809m, little down 
on toe record $9Q0m registered in the same period of 1993. 
Hungary ran a $3.46bn current account deficit in 1993 as a 
whole, equivalent to about 10 per cent of GDP. But the central 
bank council, saying monetary restriction alone could not 
right the external imbalance, called on the new Socialist 
government to exercise parallel fiscal restraint and reduce a 
budget deficit forecast at Ft330bn (33.2m) for 1991 Nicholas 
Denton, Budapest 

Part-time work promotion 

The German government yesterday gave the go-ahead for a 
publicity offensive to promote part-time working, awnnH at 
pers uadin g employers to provide more part-time jobs for an 
estimated 2.5m workers. Details of legal protection for 
part-time workers, potential productivity gains for employers, 
and pensi o n rights, will be advertised In 30m newspapers and 
maga zines, and 100,000 brochures. The current proportion of 
workers employed part-time in Germany is only 15.5 per cant, 
compared with 313 per cent in the Netherlands, and 2&7 per 
cent in Sweden. The government’s campaig n does not in te nd 
to offer financia l incentives to employers, but a draft law wfll 
give part-time workers the right to claim fall unemployment 
benefit for three years after they switch from full-time employ- 
ment Quentin Peel, Bonn 

ECONOMIC WATCH 


W Europe car sales up 12.9% 

West European new car sales rose year-on-year by an 
estimated 1Z9 pa cart in May to L09m, the biggest 
increase this year. The slow recovery in the new car market 
achieved in the first quarter was halted in April by a fell of 2 
per cent year-on-year. 

Provisional figures released yesterday by the European 
Automobile Manu fa c turers Association (Acea) suggest (hat the 
setback was only temporary, however, as sales rose sharply 
year-on-year in France and Spain and in several of the smaller 
European markets led by Scandinavia, Greece and Ireland. In 
the first fi ve months of the year new car sales in west Europe 
are estimated by Acea to have risen by 5.6 per cent to 5.43m. 
Sales m the whole of 1993 fell by 15^ per cast to 11.45m, the 
steeps decline in the post-war period. Kevin Done. Motor 
Industry Correspondent 


Wort European New Car Registrations* 


May % Cho 
1994 yr-on-yr 


Germany 

Italy 

France 

UK 


May % Chfl 
1994 yron-yrj 


Netherlands 

Belgium a 

Luxembourg 

Austria 


300,390 +6J5 Switzerland 

178,870 *7.5 Parties! 

186,600 +»L2 Sweden 

150,070 +10.0 Oenmarit - 

87,710 +31 JB Greece 

36,680 +7.4 Ireland 

37,230 *21.7 Norway 

Finland 

27,700 -12 .5 Total market 


26,700 

20,550 

15£50 

13.100 

10,710 

9,580 

7/MO 

*420 

1,093^20 


+1. 
+ 0.1 
+301 
+70,' 
+49/ 
+43.1 
+49 i 

+21; 

+1ZI 




Shuck Bkjmbij 


ewma AbocMm ttawf 


■ The increase in orders for west Germany's wamifertor inf 

industry slowed in April to just 05 per cent over the previous 

month, compared to a 3J. per cent increase in March. The 
mam factor behind the slowdown was a reduction in export 
orders of us per cent, according to the federal statistics office, 
whereas domestic orders actually increased by 2 per cent 
Quentin Peel, Bonn 

— Net direct foreign investment into Hungary rose to |7fan in 
March from $20m In February, the National Bank of Hungary 
said. The cumulative total of 3186m in the first quarter of the 
year was down from $296m in the first quarter of last year. 




J 


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5 


FINANCIAL UMiJSS.THURSDAY JUNE 9 1994 


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TIMES THURSDAY JUNE 9 1994 


NEWS: INTERNATIONAL 


HK seeks to 


stem prices by 
releasing land 


Housewife who built empire from nothing 

China’s economic surge is producing a new breed of tycoon, Alexander Nicoll writes 


A s China's economic surge 
throws up a new breed or 
tycoons, few can be more 

inrn<aial than Mrs Rahia Kart er. 

Mrs t Eatfa r is an ethnic Uighur Mos- 
lem who has built up a business 
empire out of nothing in Urumqi, the 
capital of Xinjiang Province to the far 
west of China. She has managed to do 
so despite the deep-seated worries of 
the Chinese authorities about the 
position of the ethnic minorities who 
make up 60 per cent of Xinjiang's 15m 
population. 

A 4 square metre shop which Mrs 
Eader opened in 1982 has turned into 
a 10,000 square metre shopping centre 
in the heart of Urumqi. The centre is 
only part of East-growing property, 
trading, agricultural and manufactur- 
ing interests grouped under the 
umbrella of her Xinjiang Arkider 
Industrial and Commercial Corpora- 
tion. 

“What 1 have gained today is* not 
s omething easy," Mrs Eader said in 
an interview during a visit to London. 
“It is the result of long struggle and of 
not sleeping for many months. People 
say I am made of iron. And it is true.” 

Mrs reader is in Britain to seek UK 
investment in Xinjiang, to buy 
machinery for her factories and to 
find a location for a Uighnr restau- 
rant she would like to set up in Lon- 
don. She also wants to set up shops 
railing sQk, fruits and other Xinjiang 
produce. 

She is reluctant to talk in detail 
about the problems she taped in estab- 
lishing herself. Before the death of 
Mao Zedong in 1976. she was a house- 
wife dicing out extra income through 
buying and selling goods such as 
wood and Hang Ju, a Uighnr concoc- 
tion of tomato powder and garlic said 
to be good for the digestion. 


By Shnon Hotoerton 
hi Hong Kong 


The Hong Kong government 
yesterday announced mea- 
sures, including an increase in 
the supply of land for residen- 
tial development and changes 
to the way builders bring prop- 
erty to market, which tt hopes 
will check the rate of price 
rises in Hong Kong’s over- 
heated residential property 
market. 

The government's overriding 
objective has been to be seen 
doing something about rising 
house prices, but not enough 
to precipitate a crash in the 
value of what remains most 
people's principal asset Yester- 
day's mainly supply-side mea- 
sures were seen by analysts as 
fitting that requirement 

The government said it 
planned to allocate an extra 70 
hectares of land for residential 
development in the years 
before 1997-98, including I5ha 
in the current year. The 
release of this land, however, 
will need China's approval. 

Beijing has in the past indi- 
cated its concern about prop- 
erty prices but has yet to give 
its response. The government 
also reminded China that an 
early agreement on financing 
Hong Kong’s new airport 
would free even more land for 
residential development 

The government hag a c trod 


property developers to cut to 
10 per emit from 50 per cent the 
number of flats they allocate to 
insiders, such as staff and asso- 
ciates. On current levels of 
construction this would add 
10,000 flats to the open market 
It has also made changes to 
rules governing the pre-sale of 
h prising and its financing. 

Mr David Faulkner, partner 
with Brooke Hillier Parker, a 
firm of surveyors, said: "X 
think it's going to dampen 
enthusiasm. But it won’t lead 
to a crash, there are too many 
genuine buyers out there.” 

Residential property in Hong 
Kong has become prohibitively 
expensive for ordinary people. 
A 600 sq ft fiat on the south 
side of Hong Song island costs 
about HK$3.5m (£301*000). The 
market has been propelled 
upwards by strong ri«mgyid 
from the mainland - where a 
Hong Kong flat is seen as a 
status symbol - and the 
growth of the colony as a 
fiimmrifll and business centre 
for foreigners doing business 
in China. 

The government said it 
would monitor the effect on 
property prices of yesterday's 
measures. If “excessive specu- 
lation” continued it would con- 
sider introducing tougher mea- 
sures, such as punitive stamp 
duty on short-term transac- 
tions and financial p enalties 
for hoarders of empty flats. 





Mrs Eader: "They say I am made of iron and it is true 1 


AthkvAohmood 


“We were always depressed," she 
says of that time. “Any Initiative was 
assumed to be capitalist." But. 
starting with only the equivalent of 
$10, she began to do b u si ness in ear- 
nest as early as 1977, the year before 
Deng Xiaoping began to open up the 
economy. , 

In 1980, with her eighth child only 
40 days old, she embarked on a gruel- 
ling tour of China's big dries, begin- 
ning in Shanghai. “At that time I 
hardly spoke Chinese atalLI brought 
to gp thpr buyers and sellers and even 
cooked Moslem food for Isl amic busi- 
nessmen.” 

Mrs KaHgr traded textiles, clothes 
and food. She bought goods from Mos- 
lems who had gone on pilgrimages to 
Mecca. The shop she opened in 
Urumqi in 1982 became a rapidly- 
growing focus for her business. 

As the 1380s unfolded, successive 
relaxations of official controls made it 
a aslar to do busin es s, culminating in 
last year's award to border provinces 
of privileges similar to those enjoyed 
by the booming coastal regions. 


M rs KaHar is careftil to give 
credit to the central govern- 
ment in Befiing and the pro- 
vincial authorities in UnimqL “In the 
past 15 years since Deng Xiaoping 
came to power, China has been mov- 
ing in the right direction." 

Although she is a member of the 
Chinese People’s Political Consulta- 
tive Conference, an advisory body on 
which elder statesmen and other suc- 
cessful figures sit, Mrs Eader pro- 
fesses to have no interest in politics. 
“1 am just an entrepreneur,” she says. 
“I concentrate on making money and 
on how I can contribute to the econ- 
omy of Xinjiang Province. I don’t pay 
attention to politics at all" 


Her protestations are understand- 
able, given her sensitive position, z» 
well as that of her husband, who is a 
scholar of Uighur history. lUghun, 
whose language is close to Uzbek and 
Turkish, number 7m in Xinjiang, Chi- 
na's largest province by area, though 
ethnic Han Chinese tend to ocoqjy 
top official positions. 

The Chinese authorities are peren- 
nially concerned about Uighur nation- 
alism, especially following the 
break-up of the Soviet Union and the 
emergence of the new “silk route” 
states which border on or are dose to 
yinjian g - and with which Mrs Rader 
trades actively. 

China's premier, Mr Li Peng, toured 
Uzbekistan, Turkmenistan. Kyrgyz- 
stan and Kazakhstan to April, seeking 
to strengthen commercial ties partly 
to ward off ethnically-inspired fric- 
tion; in Kazakhstan, for example, 
there are militant Uighurs who seek 
independence far Xinjiang. 

Mrs Rader's success is controversial 
even within the Uighur community. 
“Moslem women arc normally sup- 
posed to stay at home and look after 
their husband. It is very rare for a 
Moslem woman to travel so widely. A 
lot of people complained arid were 
jealous.” 

But, she says, "I am determined I 
must succeed. If a man can do it, a 
woman can do it too." 

Her present fortune can only be 
guessed at, but is substantial. She 
says she does not want to pass on the 
business to her 11 children, whose 
ages range from 30 to 3, because she 
wants them instead to acquire know- 
ledge, for example of high technology. 
“I will pay for their degrees in sub- 
jects which are useful to society, 
because I did not have such on oppor- 
tunity” 


Governor ‘reproved 3 over budget 


Patten censured 


US re-awakens its interest in OECD affairs 


By Peter Norman in Paris 


by legislature 


By Simon H olb erton 


Mr Chris Patten, Hang Kong's 
governor, yesterday made colo- 
nial history when he became 
the first of the colony's 28 gov- 
ernors to be censured by the 
local legislature. 

By a vote of 21 to 11 the 
Legislative Council (LegCo) 
voted to favour of a motion, 
“reproving" Mr Patten for "act- 
ing against to will of the pub- 
lic” to denying LegCo the right 
to amend the government’s 
budget 

More Important than the 
actual point of contention was 
the 31-teeling towards Mr Pat- 
ten that emanated from the 
pro-democracy wing of LegCo 
- hitherto the governor’s 
staunchest body of support 
Last night he was accused of 
being "dictatorial", “colonial" 


and falling short of bis own 
rhetoric about “accountabil- 
ity". 

Recently Mr Patten has 
rebuffed pro-democracy legisla- 
tors’ attempts to promote civil 
liberties. His supporters 
believe he has been reigned to 
by the British government 
which has lost its stomach for 
any more fights with China 
about Hong Kong. 

A broad coalition of legisla- 
tors had wanted to reduce 
property taxes. 

Under Hong Kong’s constitu- 
tion - the Queen’s instructions 
to the governor - only the 
executive branch of govern- 
ment can tax or spend taxpay- 
ers money. Mr Patten, as his 
predecessor had done, invoked 
the Royal Instructions to 
thwart a proposed amend- 
ment. 


The US has rediscovered the 
Organisation for Economic 
Co-operation and Develop- 
ment 

During the Reagan and Bush 
administrations, the Paris- 
based forum for economic pol- 
icy co-operation among the 
world’s top industrial nations 
was of declining interest for 
Washington, although the US 


is its biggest shareholder. But 

thin year's animal m i nis terial 
meeting, which finished yes- 
terday, attracted an unusually 
high-powered US delegation. 

Mr Warren Christopher was 
the first US secretary of state 
to attend an OECD ministerial 
meeting in over 10 years. He 
was flankpd by Mr Lloyd Bent- 
sen, the Treasury secretary; 
Mr Ronald Brown, Commerce 
secretary; Mr Robert Reich, 


Labour secretary; Mr Mickey 
Kautor, US special trade repre- 
sentative, and Ms Laura 
Tyson, head of President Clin- 
ton’s council of economic 
advisers. 

Mr made clear 

the Clinton administration 
had high ambitions for the 
OECD. It could “be a model 
and an instrument of wider 
integration in the post-CoId 
war world”, rather like its pre- 


decessor, the OEEC, in Europe, 
in the early post-war years. 

The OECD, throngh its pol- 
icy analysis and co-ordination, 
could help more countries 
enter the community of 
advanced industrial nations, 
Mr Christopher said. It could 
“assume a new importance in 
the architecture of the global 
economy, as a bridge between 
the Atlantic Pacific indus- 
trial economies.” 


Mr Christopher and Mr 
Brown praised the efforts of 
the OECD to recent years and 
the role of its secretary- 
general Mr Jean-Claude Pay®. 

But the sudden enthusiasm 
of the world’s largest indus- 
trial state for the OECD is a 
mixed blessing for Mr Paye, 
who Is seeking another five- 
year term from the end of Sep- 
tember after 10 years to the 
job. US officials stressed yes- 


terday they were determined 
to maintain their support for 
Mr Donald Johnston, Canada’s 
ean didate for the post 
As expected, the meeting 
foiled to reach consensus on 
the appointment, leaving 
OECD ambassadors to con- 
tinue talks on the merits of Mir 
Johnston, Mr Paye, Mr Nigel 
Lawson of Britain and Mr 
Lorenz Schomerus of Ger- 
many. 


Pakistan urges release of Britons 


China, N Korea ‘interdependent’ 


By Alexander MooH in London 
and Fartian Bokhari 
in Islamabad 


Jordan lines up a 
cabinet for peace 


The Pakistan government and 
Pakistan-based militant groups 
yesterday called on the captors 
of two Britons to Indian-held 
Kashmir to release them 
unharmed. Indian troops 
launched an extensive search 
for the two, Mr Kim Housego, 
16, and Mr David Mackie, 36, 
who were captured on Monday 
by gunmen. 


The Moslem militant group 
Harkat-ul-Ausar said it had 
kidnapped them to highlight 
human rights abuses by Indian 
troops to Kashmir, “ft is not 
true that we have abducted 
them to secure the release of 
our three leaders," the group 
said to a statement delivered to 
the Reuters office to Srinagar, 
Kashmlr ’st summer capital. 

The statement said they 
would not harm the Britons 
but warned India against using 
force to free them. 


A note demanding the 
release of three jailed guerril- 
las had been left with Mr 
David Housego, Kim's father 
and former Financial Times 
correspondent to New Delhi, 
who had been trekking south- 
east of Srinagar with his wife 
and son and Mr and Mrs 
Mackie. 

Pakistan condemned the kid- 
napping and appealed for the 
release of the captives, though 
it also said India must stop 
human rights abuses to Kash- 


mir and release detained Kash- 
miri leaders. 

Mr Mohammed Farooq Kash- 
miri, a leader of the Harkatul- 
Ansar group to Muzaffarabad, 
Pakistan, said it had appealed 
to the captors to immediately 
release the hostages: “We have 
no involvement or interest to 
this matter." 

Mr AmanuRah Khan, leads’ 
of the militan t Jammu and 
Kashmir Liberation Front, also 
called last night fra- the cap- 
tives to be released. 


Seoul sanctions 


plea is snubbed 


By John Burton hi Seoul, 
Mfchiyo Nakamato in Tokyo 
and Jl Barshay hi Kiev 


By James Whittington 
tat Amman 


Jordan yesterday announced a 
big cabinet reshuffle, to the 
wake of progress in the king- 
dom’s peace talks with Israel, 
in which nearly all the main 
political parties, apart from the 
Islamists, were given posts. 

The changes to 16 portfolios 
were aimed at dosing the gap 
between the government and 
parliament, which have had a 
fractious relationship since 
parliamentary elections in 
November 1993. The key portfo- 
lios of information, foreign 
affairs and finance were not. 

however, affected. 

But by appointing a number 
of MPs to cabinet posts Mr 
Abdel Salam al-Majali, the 
prime minister, had hoped to 
soften rising dissatisfaction 
against his policies of peace 
and economic adjustment in 
the lower house 

A number of leading politi- 
cians including members of the 


fundamentalist Islamic Ac tion 
Front (IAF), nevertheless 
refused to join. 

The IAF, which holds the 
largest bloc of 16 seats to tire 
80-member parliament, is 
opposed to Jordan's participa- 
tion m the peace process which, 
has reached a crucial stage. 

On Tuesday, Jordan agreed 
with. Israel to push ahead with 
items on its common agenda, 
signed in Washington last 
year. If successful this may 
include resolving key issues 
such as territorial and water 
disputes over the next few 
months. Mr Jawad Anani. the 
information minister, said that 
as a result of new develop- 
ments to the peace process, 
Jordan must “mobilise all our 
energies and unite”. 

The regime's failure to per- 
suade the Islamists mH other 
influential figures to join the 
government, however, is likely 
to mean that tension between 
parliament and cabinet will 
continue. 


Bougainville 
negotiations 
called for 


Reform protest poses 
threat to Thai coalition 


By Nfldd Taft in Sydney 


By WORam Barnes and Reuters 
hi Bangkok 


A delegation of Australian MPs, among 
the first “outside observers” to visit the 
strife-tom island of Bougainville, yester- 
day recommended that Mr Paias Wingti, 
Papua New Guinea's prime minister, and 
other top politicians should visit the 
island in soon to an effort to reconcile 
interest groups there. 

It said it was imperative that a ceasefire 
be negoti a ted “by whatever processes can 
ensure its acceptance and maintenance by 
all parties” and that “concurrently with 
the ceasefire, medical supplies and food 
should be made freely available”. The del- 
egation said In a report report that “sym- 
pathetic third party involvement” could 
assist this process. The notion of estab- 
lishing a regional peacekeeping force 
- drawn from the likes of Fiji, Vanuatu 
and Tonga- has been mooted recently. 

The report also suggested that Australia 
could host peace talks, and should use its 
substantial aid programme to PNG to 
boost humanitarian relief and address 
infra s tr ucture problems. 


Thailand's coalition government was last 
night struggling to deal with a protest to 
favour of constitutional reform that 
threatens to blow up into a political crisis. 

A marginal political figure, Mr Chalard 
Vorachat, a former MP, has projected him- 
self intn the forefro n t of waHnnal political 
debate with a two-week hunger strike to 
demand the scrapping of the constitution, 
drafted to the aftermath of a 1991 military 
coup. 

About 3,000 people rallied outside the 
Thai parliament yesterday to ids support, 
echoing protests that eventually brought 
down a military-dominated government to 
May 1992. The government has refected his 
demands saying there are no legal provi- 
sions for scrapping the constitution and 
any changes must he made by amending 
the present one. 

Compromise appeared to have been 
reached on Tuesday when officials from 
Prime Minister Ghuan Leekpai's Democrat 
party expressed support for a proposal 
from Mr Chalard for a special committee 


to study ways to draft a new constitution. 
But hours later Democrat officials denied 
that support and expressed firm opposition 
to a new constitution. 

The switch raised the political tempera- 
ture on Wednesday and posed questions 
about the stability of the coalition. 

There remains tin* danger that, fhp coali- 
tion's Palang Dharma (Buddhist way) 
party, led by the unpredictable former 
mayor of Bangkok Mr Chamlong Sri- 
mnang who has taken Mr Chalard’ s side, 
may put pressure on Mr Oman so he has 
to replace Palang Dharma with a right- 
wing party or dissolve parliament. 

The opposition, which recently com- 
bined with the military-dominated Senate 
to throw out the g mra mmtmf ft attempt at 
reforming the constitution, have per- 
formed a classic political U-tum to support 
Mr Chalard. About 3,000 political activists, 
students and workers heard speakers lam- 
bast Mr Chnan at last night's rally 

Dr Weng Tochlraharn, a member of the 
newly-created Organisation for Political 
Reform, raid “I am not happy. The tension 
has now increased and it could lead to 
serious consequences.” 


Mr Han Simg-joo, South 
Korea’s foreign minister, 
arrived last night to Beijing cm 
a hastily-arranged missi on to 
seek Chinese support for sanc- 
tions against North Korea, as 
China reaffirmed the closeness 
of relations with Pyongyang. 

China’s President Jiang 
Zemin told North Korea's mili- 
tary chief of staff ties between 
their two countries were 
“interdependent, like teeth arid 
ftps,” according to the Chinese 
news agency x?nhnn_ 

South Korea’s President Kim 
Yotmg-sam said sanctions were 
unavoidable if North Korea 
kept refusing full nuclear 
inspections. Mr Lee Hong-tooo, 
South Korea's national unifica- 
tion minister, predicted it 
would take two to four weeks 
for the ON Security Council to 
adopt a resolution seeking 
sanctions. 

The US, Japan and South 
Korea are backing a resolution 
to impose immediate but grad- 
ually-escalating sanctions; 
China is opposing the plan and 
urging continued talks bistnari 
“Sanctions are not a sensible 
choice; they would only aggra- 
vate the crisis,” the China 
Daily newspaper quoted for- 
eign minister Qian Qlchen. 

Japan’s foreign minister Is 
scheduled to fly to Beijing over 
the weekend for emergency 
consultations. Prime Minister 
Tsutomu Ha ha remained hope- 


ful Beijing would be able to use 
its influence to convince Neath 
Korea to agree to inspections. 
“China tremendous in fi n, 
once over North Korea, ft Is 
making various kinds of efforts 
through dialogue which I hope 
continues.” 

On a visit to Kiev, Ukraine,. 
North Korea's foreign minister, 
Mr Kim Yong-uam, urged the 
US to sit down “for a third 
round of talks” to resolve tbs 
differences. Nuclear inspec- 
tions could then be allowed 
and nuclear fuel preserved and 
measured, he added. If direct 
North Karean-US dialogue was 
not resumed, “not only the 
nuclear problem won’t be 
solved, but it will seriously 
aggravate the situation.” " 

Pyongyang has barred- tot 
examination of suspected 
nuclear waste dump sites and 
threatened to quit the nurfear 
non-proliferation treaty if sanc- 
tions are imposed The target 
of North Korea's nuclear weap- 
ons is us. We have to stop 
North Korea from developing 
them at any cost,” South 
Korea’s President trim told the 
National Security Counqfc'- ’ 

The North had mile R 
“almost impossible” to-ip^e 
truth about its suspected 
nuclear weapons programme 
after refuelling a reactor with 
out International Atomic 
Energy Agency supervision . 
The IAEA said North Korea 
had virtually completed the 
discharge of spent radioactive 
fuel from the Yongbyon reac- 
tor. 


Nepal dam plan a ticket to development - or waste of money 

T he World Bank is due next — ^ _ .... , . 

Stefan Wagstyl on $770m hydro power project due for World Bank decision soon Nepal representative of Intends 


X month to deride whether to 
fund a controversial $T7Qm 
(£51 3m) hydroelectric dam in Nepal 
after eight years of debate involving 
the bank, the Nepalese government 
and the project’s increasingly vocal 
clitics. 

Bank and government officials 
believe the scheme will help put 
one of the world’s 10 poorest coun- 
tries on to the path of economic 
modernisation by exploiting water, 
its most valuable resource. 

Opponents say the project, 
Nepal’s biggest investment, is too 
big and too expensive. They say the 
country should first tackle other 
smaller schemes before investing 
the equivalent of more than the 
government’s annual budget on a 
stogie flam on the Arun river to 
northern Nepal. The opposition is 
led by about 30 Nepalese, US, and 


European nongovernment develop- 
ment organisations, which are 
orchestrating campaigns in Kath- 
mandu and to Washington. 

World bank officials concede that, 
even though about 80 per cent of 
costs will be covered by foreign aid 
grants, the Arun project could 
strain Nepal’s fragile public 
finances unless the government car- 
ries out a comprehensive financial 
overhaul But they say the govern- 
ment lias already started the over- 
haul, so the risk is worth taking. 

The bank is promoting the project 
at a time of growing international 
concern about evidence that big 
dams to developing countries often 
do not deliver expected economic 
benefits and sometimes cause unex- 


pected problems. 

The Arun (torn to to be built to a 
remote, rocky and sparsely popu- 
lated valley. Only about ISO families 
wilt be displaced. Local people 
mostly want the dam because a 70- 
mfle access road to be built along 
the valley will connect its 450,000 
inhabitants to the outside world. 

Environmental concerns are not 
central to the argument either, the 
dam will be wedged into the river 
bed and only a amain fake will be 
created behind ft since the normal 
flow of the river will be sufficient to 
power the turbines. 

The debate centres on economics . 
The Nepalese government first con- 
sidered the project in the mid-1980s 
and reviewed it after the overthrow 


of the country’s royalist administra- 
tion and the of demo- 

cratic role in 1991. Early proposals 
for a multi-dam 1400MW scheme 
were shelved to favour of one dam 
with a capacity of 201MW - to be 
followed by a second 201MW dam 
later. The first dam alone will pro- 
duce almost as much power as 
Nepal’s toasting generating stations 
which have a capacity of just 
230MW.- 

The government argues that 
Nepal must be bold if ft to ever to 
ease its power shortages. Only 10 
per cent of the 19m population now 
has electricity, and even they suffer 
frequent cots. The country cannot 
neglect the value of its 42.000MW of 
potential hydroelectric generating 


capacity. With the help of the Arun 
project, Nepal can think of modem 
industries. “Arun is our ticket to 
sustainable development," says Mr 
B rnay ak Bhfidra, a member of tha 
government’s National Planning 
Commission. 

The critics charge that the Arun 
project is expensive since it costs 
per megawatt of installed 
capacity, compared with $2,5m and 
less for smalle r schemes. They add 
that because of the time needed to 
build Die road, the Arun project will 
not produce electricity for at least 
eight years, so other schemes are 
needed now. These include village- 
level micro-dams, medium -sized 
dams for towns and at least one 
large project - a 8300m, 140MW proj- 


ect on the river Kaliganriaki in cen- 
tral Nepal. Kaligandaki is more 
suitable for Nepal than Arun, say 
the critics, because it will cost only 
about 825m per megawatt of capac- 
ity and will be built faster because a 

road is already in place. 

The World Bank argues the Arun 
project is not expensive because the 
KafiganrtaM river flows strongly for 
only four months a year whereas 
the Arun river flows at full force 
almost all year, so the dam’s capac- 
ity would be more fully used. 

The oppone nt s say donor coun- 
tries, including Germany and 
japan, which are making large 
bilateral aid contributions to the 
Aron project are mostly interested 


industries. Mr Bikesh Panday, 
Nepal representative of Intermedi- 
ate Technology, a British non-gov- 
ernment organisation, says; “We 
are being railroaded by the donors.” 

In a limited-circulation report on 
Nepal completed in Mart*, World 
Bank officials acknowledge, there 
are dangers. They say the success- 
ful financial management of the 
Arun project depends on the gov- 
“■urnent continuing the 
reforms started in 1991, foe fodin g 
raising tax revenues, ra.i t t.i ng non- 
productive spending and further 
increasing electricity charges to 
reduce power subsidies. 

Otherwise, says the Bank, educa- 
tion and health care will suffer, 
implementing the Arun scheme 
without substantive ffara»l reforms 
would seriously unfferminp human 
resource development and broad- 
oased. growth and development,” 


iff w 

' wk'" 11 


.III** --ll 


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Bra/ilin * 1 1 



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7 




FINANCIAL TIMES THURSDAY JUNE 9 1994 

' NEWS: WORLD TRADE 


IFC hopes to set up 
Palestinian funds 


By Nancy Dunne 
h Warrington 

The International Finance 
Corporation, the World Bank's 
private sector arm, hopes, this 
year to .establish the first of a 
series of investment funds to 
promote business development 
in the Occupied Territories of 
the West Bank, and Gaza. 

If we can structure a fund 
in a proper fashion, wb would 
be able to attract a fair amramt 
of Palestinian money abroad." 
said Mr Andre Hovaguimian, 
IFC's director for the region. 
Tfe wiU start small - $25m to 
550m. If you start big the. 
money will be squandered. 

The. fund wiU be “superbly 
managed" by technical part- 
ners in the US' or Europe: “So 
when the money is used up 
there is no problem in getting 
another $50 or glOOm." 

IFC has setup over 30 funds 
around the world since Us first 
ftmd in South Korea in 1062. 

Mr Hovaguimian said three 
areas in the Occupied Territo- 


ries require immediate atten- 
tion: .house building, infra- 
structure development, and 
financial services. “Employ- 
ment generation Is the key to 
peace,” he'said. "Unless we get 
people off the streets, we won’t 
have much of a peace process." 

IFC last week approved, as 
its first investment on the 
West Bank, participation in the 
Arab . Palestine. Investment 
Bank. This will be the first 
comprehensive commercial 
and investment hanWng insti- 
tution in the territories which 
now gets by with one small 
bank in Gaza and branches of 
two Jordanian, banks. 

The small institutions lack 
the capacity to mobilise and 
allocate funds -for industrial 
deve lopment, said Mr Hova- 
g irimian . There are' now about 
3,700 small and medium-sized 
enterprises and 40 large compa- 
nies in the territories, which 
have mostly had to rely on 
advances by sponsors or infor- 
mally raised short-term capital. 

As is. typical, IFC will only 


take shares of the fund - in 
this case up to 25 per cent It 
will also extend a credit line of 

tiSm for tending to roiall and 

medium-sized businesses. 

The Arab Bank group, a 
diversified international com- 
mercial and investment bank- 
ing group in Amman, will bold 
51 per cent of the equity. The 
rest will be subscribed by 
European institutions and Pal- 
estinian investors. 

Various IFC projects are 
being studied, including the 
establishment of a bank to 
finance housing construction. 
Future projects could involve 
promotion of businesses mak- 
ing construction materials. 

Mr Khaleel Ahmed. IFC 
investment officer, said the 
region had a competitive 
advantage in tourism, which a 
real peace could promote, and 
in light industry. Thanks to 
Israel, which established at 
least seven universities in the 
area, the occupied territories 
now has a highly educated and 
skilled workforce. 


BPB plans Berlin plasterboard plant 


Eastern Germany has become 
Europe’s fastest growing 
construction market, Andrew 
Taylor and Judy Dempsey report 


Plans to build a £50m 
plasterboard plant in Berlin 
were announced yesterday by 
BPB Industries of Britain, con- 
tinuing the heavy investment 
by European bonding material 
companies in eastern Ger- 
many. 

The region has become 
Bunge's fastest growing con- 
struction market as authorities 
seek to satisfy demands for 
improved living standards in 
the east and accommodate the 
many immigrants who have 
flocked to west Germany in the 
past five years. 

Last month Lafarge Copp6e 
of France, Europe’s second 
largest plasterboard maker, 
behind BPB Industries, 
amwimiwi the construction of 
a DM75m (£30m) plant at Lub- 
benau, eastern Germany, to 
serve the local market and 
'eastern Europe, particularly 
the Czech republic. 

The French company since 


Western Germany ■. 

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1990 has spent approaching 
FFrZbu (£233m) to acquire and 
modernise eastern Germany's 
biggest cement works at Karls- 
dorff. near Leipzig, supplying 
about 30 per cent of the 
region’s increasing demand for 
cement 

BMC of Britain, the world’s 
biggest concrete producer, 
expects to have spent nearly 
£500m by 1995 acquiring and 
modernising cement works, 
aggregate quarries and ready- 
mixed-concrete plants in east- 
ern Germany. 

The big rise in German 
housebuilding shows no sign of 
slackening. The five eastern 
states, in the first three 
months of this year, issued 
building permits for the con- 
struction of 23,500 homes, up 
121 per cent on the correspond- 
ing period last year. 

In western Germany the 
number of new building per- 
mits rose by about a fifth dur- 



200 


8384858887888090918283 

ConTpttt^hM^flgt^«y«0"^BwQgTTiii^uiij ralliib l» 


mg the first quarter, to provide 
some 1L5.000 homes. 

Total permits, including new 
building. Oat conversions and 
homes in non-residential build- 
ings, last year rose 14 per cent, 
to 524,000, in western Germany 
and 223 per cent to 82.600, in 
eastern Germany. 

In Britain, by contrast, work 
started on 185,500 private and 
public sector homes last year, 
an 18 per cent increase on the 
previous year’s 156,500 housing 
starts. 

Redland, another large Brit- 
ish building material group 
and Europe’s biggest roof tile 
producer, last year earned 


more profit in eastern Ger- 
many than it did in the whole 
of the UK. The company, 

through its 50.8 per cent-owned 
German subsidiary, will by the 
end of this year operate seven 
tile plants, two chimney mak- 
ing works and one brick plant 
by in eastern Germany. 

BPB. announcing its plans 
for the Berlin works, f»id Ger- 
many buys about 160 m sq 
metres of plasterboard a year. 
It expects this to rise to 340m- 
250m sq metres within 10 
years. 

Mr Alan Turner. BPB’s chair- 
man. said the Berlin plant 
would be able to produce 50m 


sq metres, making it one of the 
worlds largest single line 
plasterboard factories. It may 
also supply eastern European 
countries such as Poland and 
the Czech Republic, and ‘is 
expected to be operational 
within two years. 

Plasterboard is a prefabri- 
cated. light, easy-to-use mate- 
rial. ideal for the inner walls of 
homes and for partitioning 
offices. It is widely used in the 
US and Scandinavian countries 
and has been gaining market 
share in Britain and France 
and to a lesser extent Ger- 
many. 

The eastern region of the 
country is likely to continue to 
lead the growth in German 
overall construction demand, 
with total orders rising by 35.5 
per cent during the first three 
months of this year. 

The federal government last 
year invested more than 
DM18.3bn upgrading the 
region's infrastructure, a rise 
of 15 per cent on the previous 
year. Private companies 
invested DM35.3bn in the non- 
residential property, up 22 per 
cent. More than DM33. 9bn was 
invested in private housing, a 
rise of 42JS per cent. 



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Boeing sues Airbus over patents 


By Paul Betts, ■ 

Aerospace Correspondent 

Boeing is suing. Airbus as well as the 
British, French and German partners in 
the European consortium for alleged 
patent infringement over a wing slat and 
flap actuator mechanism. 

It is the first time Boeing, the world’s 
largest maker of commercial aircraft, has 
launched a law suit against its European 
rival, it confirmed in Seattle yesterday. 

The writs have been filed in the. UK, 


Germany and France against Airbus 
Industrie, British Aerospace, Deutsche 
Aerospace and Aerospatiale. 

Airbus yesterday vigorously rejected the 
charges. “We totally dispute the Boeing 
claims and we have instructed our lawyers 
to fight the action.'’ a senior official said in 
Toulouse. Airbus described the Boeing 
action as “completely misconceived" and 
said it was “confident as to its outcome". 

Although Boeing declined to give details 
of its complaint, it confirmed that the 
alleged patent infringement involved wing 


parts for its 757 twin engine airliner as 
well as its new 777 wide-body aircraft 

Boeing would not disclose which Airbus 
aircraft was involved in the allegation, but 
it is understood to involve all Airbus air- 
liners dating from the A320 twin-engine, 
150-seater aircraft, the A32I stretched ver- 
sion of the A320 and the new A330 and 
A340 family of Airbus wide-body airliners. 

British Aerospace has overall design 
responsibility on the slats and flaps on 
these Airbus airliners, for which it manu- 
factures all the wing sets. 


Brazilian nominated to 


By Frances WUama in Geneva 

Mr Rubens Rirapero, Brazil's finance 
minister and former Gatt ambassador, 


the selection process. The WTO Is due to 
succeed Gatt next year. 

The other official candidate so far is Mr 
Renato Ruggiero, former Italian trade 


lead WTO 

strong shoving against Mr Peter Suther- 
land, the present Gatt chief, in last year’s 
contest. Mr Sutherland has ruled himself 
out of the WTO race. 

Mr Ricupero, 57, is an old trade hand. 
He was Brazil's Gatt ambassador from 
1987 to 1991, when the Uruguay Round 
trade talks were in full spate, and has 
held all the main elective Gatt posts 
including chairman of its goveming coun- 
cil and of the contracting parties (mem- 
bers). 


has been officially endorsed by his gov- minister, who is expected to win the for- 
ernment as BrazD’s candidate to bead the mal endorsement of the European Union, 
World Trade Organisation, and looks set probably at the Corfu summit this month, 
to win wide Latin American support Though Gait's top job has traditionally 

The decision was notified yesterday to gone to a European, many developing 
Mr Andris Szepesi, chai rman of the con- country members feel the time has come 
tracting parties of the General Agreement, for one of their own in the WTO slot 
on Tarffih and Trade, who is in charge of Latin American candidates pot up a 

i y ■ . .. — — — - — “ 


Mexico-US sugar row looms 

Ted Bardacke on a potential trade dispute with its roots in Nafta 


A planned switch by 
Mexico's Coca-Cola 
bottlers from domesti- 
cally produced refined sugar to 
imported com syrup is threat- 
ening to set off a trade dispute 
between the US and Mexico, 
the world's largest per capita 
consumer of soft drinks. 

It aO began with last- minu te 
changes to the sugar export 
provisions of the North Ameri- 
can Free Trade Agreement, 
which both the US and Mexico 
argued were necessary to win 
ratification of the accord in the 
US Congress. The original 
rules gave Mexico an annual 
sugar export quota of 250,000 
tonnes, which the US promised 

tO lift a utomatically if Mexico 

proved to be a net sugar 
exporter for two consecutive 
years. 

This rule was designed to 
prevent Mexico from importing 
cheap sugar to satisfy national 
demand while exporting 


domestically produced sugar to 
the US market where tariffs 
keep prices high. Under the 
revised provisions, Mexico 
agreed that imports of corn 
syrup would be included, thus 
preventing soft drink bottlers 
and other industrial users from 
switching to imported corn 
syrup to free up sugar for 
export. A third of Mexico’s 
average 4m-tonne annual sugar 
production is consumed by 
industries that could switch to 
cheaper com syrup. 

Now. as Coca-Cola bottlers 
study plans to switch -for a 
capital outlay of between Jim 
and $2m per bottling plant 
they can save several million 
dollars a year on raw materials 
and transportation costs - they 
and the US Com Refiners Asso- 
ciation are accusing Mexican 
trade officials, sugar producers 
and Pepsi bottlers of erecting 
an embargo against com 
syrup. 


The CRA has alleged that 
the Mexican sugar industry 
with the support of Dr Jaime 
Serra Puche, Mexico's minister 
of trade, has put pressure on 
Mexican bottlers not to use 
high-fructose corn syrup. It 
also alleges that bottlers have 
been threatened with a boycott 
by sugar suppliers - which 
would mean they would have 
to convert 190 per cent to a 
sugar replacement - if they do 
not co-operate. 

The trade ministry is under 
political pressure to protect the 
domestic sugar industry. Mili- 
tant sugar workers hurt by the 
industry’s privatisation have 
taken over various mills while 
others are permanently 
camped in front of the presi- 
dential palace in Mexico City. 

Coca-Cola bottlers say that 
sooner or later competition 
from low-cost imported soft 
drinks made with com syrup 
will force them to move away 


from refined sugar. 

The boycott threat would be 
real only if domestic sugar pro- 
ducers can limit the amount of 
sugar traded on Mexico's sugar 
fiitures market, which began 
operations in March. So far 
only 38 per cent of monthly 
sugar purchases are taking 
place on the market. The rest 
is sold directly by mills to 
industrial users and by middle- 
men who still control about 30 
per cent of the sugar trade. 

Coca-Cola bottlers say that 
with such little volume traded 
on the new market, they would 
be forced to pay even higher 
prices for their principal raw 
material should mills cancel 
their direct contracts. The cur- 
rent average price of refined 
sugar traded on the futures 
market - 5656 a tonne - is 
already about 7 per cent higher 
than industrial users pay in 
their direct contracts with 
refiners. 




/ 



ng at crop protection you 
below the surface 


Soil is the farmer’s greatest asset. It is constantly 
loosened and aerated by countless creatures and 
microorganisms whose biochemical activity releases 
nutrients. Modern crop protection products must take 
these processes into account. 

They should be completely degradable, so that 
when rain washes a product into the soil it breaks 
down into components already found in nature, thus 
returning them to the natural cycle. Some of our crop 
protection products even serve as nourishment for 
microorganisms in the soil. This is a principle to which 
we give the highest priority. 

The process is as simple as a leaf turning into 
humus. But is it really that simple? Not at all. It takes 
up to 10 years to develop a product that effectively 
protects crops without itself causing damage, either 
above or in the soil. 

Environmentally acceptable operations and 
responsible conduct are, to us, important 
steps forward in preserving the natural 
basis of life for generations to come. 

We would be happy to provide more information upon request. 
Please write to Bayer AG, Public Relations Department (Kl), 
51368 Leverkusen. Germany. 


Bayer 0 

Expertise with Responsibility 



Crop protection products should degrade as completely and as rapkSy as possible, even in the uppermost layers of the soil 





























FINANCIAL TjMESTHURSPAY JUNE 9 IfeM 


NEWS: THE AMERICAS 


Strict measures planned 
to back new currency 


White elephant fails to take flight 


Brazil aims 
to deter 


price rises 


By Angus Foster bi SSo Paulo 


Brazil is preparing tough legal 
measures to deter companies 
from raising prices after the 
country’s new currency is 
introduced on July 1. The mea- 
sures are also partly designed 
to deflect criticism that the 
government’s economic stabi- 
lisation plan, launched last 
December to tackle near-hyper- 
inflation, has benefited busi- 
ness rather than consumers. 

A so-called “anti-trust” law 
was approved by the lower 
house of Congress on Tuesday 
and Is expected to be passed by 
the Senate next week. 

The measures expected to be 
adopted include: 

• Heavy fines or even prison 
sentences for those found 
guilty of implementing “unjus- 
tified" price increases and 
“excessive" prices; 

• Companies controlling 30 
per cent of a market will be 
defined as dominant and sub- 
ject to special scrutiny; 

• Mergers or alliances 
between companies controlling 
more than 30 per cent of a mar- 
ket will need clearance from a 
newly empowered watchdog, 
known as Cade. 

The law has been rm<W dis- 
cussion for a year but its 
implementation has become a 
priority only in recent weeks. 
The government fears that 
without such a law in place it 
wfll be powerless to deter com- 
panies from raising prices in 
the new currency, the real, 
thereby leading to another 
inflationary spiral. 


Heavy lobbying from the 
business community, which 
feared that the new controls 
could be too subjective and 
open to political abuse, ted to 
some measures being watered 
down. Prison terms will now 
be handed down only if there is 
clear evidence of “crimes 
against the economic order" 
and itpfjnite indi vidual respon- 
sibility, which is expected to be 
difficult to prove. 

Analysts said the new law 
was important to deter out- 
right price abuses especially 
since, following five years of 
deregulation, the government 
has less control over the econ- 
omy. But some price rises, 
especially for services, wfll be 
impossible to prevent. In previ- 
ous currency switches, the gov- 
ernment has usually imposed 
some form of temporary price 
freeze. This time the govern- 
ment has shunned all such 
“magic" measures. 

But same observers said the 
new law, if passed, would be 
important as a propaganda 
weapon to calm the doubts of 
consumers, who have seen 
inflatio n increase to about 45 
per cent a month since plans to 
introduce the new currency 
were an Ti mm red 

Approval should stem criti- 
cism from the populist Presi- 
dent Itamar Franco, who is 
unhappy about price rises and 
high interest rates. Any redac- 
tion in interest rates now 
would he dangerous because of 
the need for tight monetary 
policy following the real's 
introduction. 


Poor Denver. By now, the state 
capital of Colorado should 
have been the proud owner of 
the first new airport in the US 
for nearly 20 years. Instead, 
repeated delays to the opening 
have left the city with egg all 
over its face. Now critics are 
asking; Was the whole thing a 
waste of money? 

The $3.2bn (£2.1bn) project 
looks like an exercise in mag- 
nificence. The 1.4m sq ft termi- 
nal building has a Teflon- 
coated fabric roof shaped into 
34 peaks symbolising the 
nearby Rocky Mountains. Soft, 
shadowless light filters down 
through the roof to Dhnninate 
the Great Hall beneath, a 126ft- 
high atri um paved With Italian 
black granite amt running the 
length of three football fields. 

< The terminal incorporates 

more than $7.5m worth of foun- 
tains, sculptures and other 
works of art 

The only trouhle is, there are 
no passengers in it The airport 
was to open last October, but 

the flnmpany that built the 

computerised baggage han- 
dling system - BAE Automated 
Systems, a Dallas subsidiary of 
BTTt, the British conglomerate 
-cannot get it to work prop- 
erty, and the opening has been 
postponed indefinitely. 

US news media are now com- 
pounding the city's embarrass- 
ment by asking why tha air- 
port was built at alL Never 
mind that it is late in opening 
and cost nearly twice the origi- 
nal estimate of $1.7bn, they 
say: it is a white elephant, 
planned at a tfma when traffic 
was growing more rapidly and 
when US airlines could afford 

hi ghar landing fre s. 

For the past 65 years, passen- 
gers flying in and out of Den- 
ver have used the handy Sta- 
pleton airport just outside the 
city centre. That airport was 
due to close when the new 
Denver International Airport 
opened 24 miles to the north 
east because foe city said ft 
was too small to cope with 
forecast traffic growth. 

But critics such as Mr Mich- 
ael Boyd, an aviation consul- 
tant in nearby Golden, Colo- 
rado, suggest that Mr Federico 



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Richard To mkins looks at Denver’s ill-fated new airport 




Tougher 
sanctions 
for Haiti 
this week 



By Goorga Graham 
In Washington 




The new Denver airport: should the private sector have built it? 


Pefia, mayor of Denver in the 
mid-1980s, drove the scheme 
through more for political 
advancement Hinn on th» basis 
of any sound economic justifi- 
cation. (Mr Pefia is now US 
transportation secretary.) Traf- 
fic forecasts were inflated to 
justify the new airport's con- 
struction, Mr Boyd suggests. 
With a bi( of adjustment to the 
runway configuration, Staple- 
ton could have acco mm o dated 
the traffic for years. 

City officials concede that 
traffic declined between 1986 
and 1980, but say it is growing 
rapidly again. Stapleton is 
operating close to its maxi- 
mum capacity, they say, and 
there is amply no room for 
expansion. 

Just as important, federal 
regulations do not allow Sta- 
pleton’s two main parallel run- 


ways to be used simulta- 
neously in poor visibility 
because they are too close 
together. That reduces the 

number of fli ghts it can handTp 

from 90 an hour to 30 in bad 
weather, making the airport 
one of the worst in the US for 
delays. The new airport, with 
three parallel runways that 
can be used simultaneously 
whatever the weather, will 
solve that problem at a stroke. 

Even the project’s severest 
critics tend to agree that Den- 
ver would have needed a new 
airport eventually. Their main 
argument is that the one it 
decided to build was too much, 
too soon. If they are right, who 
will pay the penalty? 

Not the taxpayer, it seems: 
the airports construction was 
funded through bond issues 
that carry no government 


guarantees. Nor do the bond- 
holders seem likely to lose 
their money: the extra costs of 
the project will be recouped 
through hlfiftpr fcmdmg fees for 
the airport's users. 

Critics say the local economy 
will suffer because these 
higher landing fees - about $15 
a passenger compared with 
$7-$8 at Stapleton - will drive 
air lines away. These fears were 
reinforced when Continental 
Airlines, one of Denver's two 
biggest operators, announced 
recently that it was axing 24 
per r^nt of its flights in and 
out of the city. 

Yet Continental says it is 
pulling back from Denver 
because it sees better business 
opportunities in the east coast 
market, not because of higher 
landing fees; and in any event, 
the gap is rapidly being filled 


by United Airlines, Denver's 
other big carrier. 

Meanwhile a fledgling car- 
rier, Frontier Airlines, is about 
to adopt the new airport as its 
base in spite of the higher fees. 
Once a big operator at Denver 
until it went bankrupt in the 
1980s, Frontier said it would 
not have been going back into 
business if the new airport had 
not been built 

Meanwhile city officials con- 
sole themselves with the 
thought that virtually every 
new airport Is regarded as a 
white elephant when first 
built, but seldom stays that 
way for long. As to the sugges- 
tion that Denver’s airport 
might have been built more 
quickly and cheaply if the pri- 
vate sector had been given the 
job, they murmur: “Oh? like 
the Channel tunnel?" 


Oxford teaches Clinton the Latin for gridlock 


By Barnard Gray in Oxford 




Oxford tried not to let the visit 
of the US president cut too 
heavily into its routine yester- 
day. TYue, outside the Sheldon- 
ian Theatre, where Mr BDl 
Chilton received his degree by 
diploma, .there was enough 
electronics and satellite cant 
munications equipment to 
restart the Star Wars pro- 
gramma 

For a modest distance down 
the street outside there were 
crowd barriers, and a number 
of solid-looking figures with 
wires grouting from their ears 
mumbling into their hands. 
And rather more men than is 
perhaps strictly conventional 
in Oxford were standing on 
roofs and staring into windows 
through binoculars. 

But for the most part the 
university seemed to inhale 
deeply and carried on manufac- 
turing world leaders. 

The speech given by Lord 
Jenkins, Oxford's Chancellor, 
was careful to maintain the 
university’s dignity at the 
same time as honouring Mr 
Clinton. 

Mr Clinton, dressed in scar- 
let robes, took some ribbing 
from Lord, Jenkins in good part 
and said the university had 
intimidated him before. Follow- 
ing the degree ceremony in 
Latin, he once more felt like 
lust another Yank, half a step 
behind". 

Oxford’s citation-writers had 
certainly been hard at it, even 

manag in g a Latin t rans lati o n 

of the president’s “achieve- 
ment in resolving the gridlock 
which prevented an agreed 
budget". 





President CHnton (left) and Lord Jenkins in Oxford yesterday 



President Bill Clinton is 
expected to announce tougher 
economic sanctions age Inti 
Haiti this week as the US 
moves to implement 
recommendations from tin 

Organisation of American 
States to tighten the noon 
on the country's economic 
elite. 

Mr William Gray, the former 
congressman who has been 
named Mr Clinton's special 
adviser on Haiti, said 
yesterday he expected the US 
to commercial flights and 
freeze financial transactions 
with Haiti in the next few 
days. 

**l have confidence that 
sanctions can create an 
environment where people - 
come to their senses," Mr Gray 
told the House of 
Representatives foreign sfiMns 
committee yesterday. 

Other nations In Latin 
America and the Caribbean ; . 
have also promised to 
contribute troops for an 
eventual United Nations 
mission to provide civil law - 
enforcement in Haiti if and 
when the military coup 
leaders step down and allow, 
the return of ousted Pre side nt 
Jean-Bertrand Aristide. 

Mr Gray said the broad 
embargo Imposed by the UN 
on May 21 was the first real 
attempt to apply serious 
economic pressure to Haiti, 
since an earlier ban on 
supplying foci and arms 
had been very narrowly 
targeted. 

The new measures were 
agreed last week by the four 
countries - Canada. France, 
the US and Venezuela - which 
have taken the lead In efforts 
to restore democracy to Haiti 
since the military coup in 
1991. and approved as 
recommendations by the OAS 
this week. 

Critics of the CHnton 
administration's policy on 
Haiti have complained that 
sanctions so far have hint 
only the country’s poor, while 
the wealthy businessmen who 
have provided much support 
for the military coup leaders 
have been able to Qy freely 
to Miami to stock up on 
groceries and other supplies. 

Mr Gray said that efforts 
to stop the flow of goods 
across Haiti’s land border with 
the Dominican Republic bad 
been 75 to 80 per cent 
effective, and that the 
sanctions were taking a toQ 
on the wealthy, as well as the 
poor. 

“Our intelligence tells us 
that there are many who an 
beginning to feel already, after 
only three weeks, the bite of 
the sanctions. This business 
elite which has supported the 
coup leaders will not be aWe 
to sit back and wait six, right 
months before they feel the 
pain,” he said. 


Mr CHnton also shrugged off 
a student protest outside the 
theatre. 

As the chanting throw top ed 
to drown out his speech, he 
mildly observed that all forms 
of debate were clearly still 
alive in Oxford. 

Earlier, after a morning of 
dour rain, Oxford spared some 
welcoming sunshine as Mr 
Clinton’s fleet of Chinook and 
Sea King helicopters clattered 
into Merton Fields just after 
midday. 

A good crowd turned out to 
see him land, but he was 
qtdckfy ushered away for a pri- 
vate walk up Merton Street to 
the back entrance of Univer- 
sity College, where he studied 
politics as a Rhodes scholar 


from October 1968 to June 1970. 

While he enjoyed a private 
lunch in Ins old college, ner- 
vous-looking undergraduates 
spilled from the Kvaminn H/rn 
Schools lust door at the end of 
the morning paper. 

This is finals time and some 
who had finished that lunch- 
time ended up in the pub 
which was reported to be Bill 
Clinton’s favourite - the Turf. 

By the time the president 
had fi n ished eating a few 
streets away, the distinctive 
whlte4de-and-black-gown sub- 
fusc uniforms of some finalists 
were doing passable fanitatfo n*; 
of lemon meringue pies, cov- 
ered in flour, eggs, champagne 
and crazy foam. Good training 
for a world leader. 


Dead or alive, incumbents 
do well in US primaries 



Stored 


By George Graham 


Results from primary elections 
in eight US states week 
suggest that simmering resent- 
ment of Washington insiders Is 
still not enough to reverse the 
strong electoral advantages of 
incumbency arid money. 

The California governorship 
- which could play a pivotal 
role in the 1996 presidential 
election - will, as expected, be 
fought between incumbent 
Governor Pete Wilson, who 
won the Republican party nom- 
ination, and state treasurer 
Kathleen Brown, who won the 
Democratic primary. 

“There's no more important 
race in the United States, I sus- 
pect, for either of the parties 
but certainly for the Republi- 
can party, than Pete Wilson’s 
re-election," Mr Haley Barbour, 
chairman of the Republican 
national party, said yesterday. 

In the California senate elec- 
tion. Democratic Senator Diane 


Feinstein will face Congress- 
man. M fchaal Buffington, a 

wealthy. Texan who has spent 
mfTHmift of dollars of his own 
money on bis campaig ns 

Members of Congress who 
had appeared vulnerable 
because of their financial or 
sexual peccadilloes, or then- 
voting records, shrugged off 
challengers to win their party's 
nominations for the November 
general election. 

In southern California, Con- 
gressman Jay Khn held on to 
the Republican nomination 
with 41 per cent in a five-way 
race, despite charges that he 
Illegally financed his 1992 elec- 
tion campaign through his own 
business. 

Congressman Ken Calvert, 
another Republican, won his 
primary with 52 per cent, 
although some voters were put 
off by his explanations of what 
the police had found him doing 
in a parked car with a prosti- 
tute. 


Like most other members 
who have been targeted by 
trade unions because they 
voted in favour of the North 
American Free Trade Agree- 
ment, Congressman Mike Par- 
ker of Mississippi also survived 
a challenge. 

In another Mississippi dis- 
trict left vacant for the first 
time since 1941 by the retire- 
ment of Congressman Jamie 
Whitten, the two leaders in 
each party's primary will enter 
a rem-off election. 

The only incumbent ousted 
yesterday was Republican Gov- 
ernor Walter Dale Miller of 
South Dakota. He inherited the 
office when his predecessor 
died and was defeated in Tues- 
day's Republican primary by 
former Governor Bfll Jahklow. 

One incumbent, San Jose 
city councilman George Shi- 
rakawa, even won. re-election 
by an overwhelming margin, 
despite being dead, for more 
than a month. 


As he dosed the door behind him and stepped into the street the 

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Boost for recovery as 

up sharply 



By G8B*m Tett 
and Phfflp Coggan 

British industrial production 
and factory output rose 
sharply in April, indicating 
that UK economic recover is 
increasingly buoyant 

The news was seized aa a 
welcome political boost by the 
Conservative government 
ahead today’s* European elec- 
tions. Mr- Kenneth Clarke,' 
chancellor, said: “The produc- 
tion figures are the best news 
on the economy so far this 
year. Growth is stronger and. 
spread wider.” 

His upbeat assessment of UK 
recovery was echoed in the 
Treasury's monthly monetary 
report, suggesting the recent 
downward trend in UK interest 
rate was firmly ended. 

The report was issued as Mr 
Clarke met Mr Eddie George, 
governor of the Bank of 
England for their monthly 
monetary meeting. Although 
the details of the mee tin g - are 
not released for six weeks, the 
Treasury repeat, coupled with 
yesterday's production figures, 
left most City analysts con- 
vinced that the authorities are 
unlikely to change the base 
rates from their current level 
of 5% per cent at the moment 


Housebuilding figures 
published by the government 
show no sign of the recent 
slowdown in the housing mar- 
ket recovery reported by some 
mortgage lenders and estate 
agents. The figures, however, 
cover a period before the 
impact of tax increases in 
April and the ending of some 
of the cheaper fixed rate mort- 
gages. The number of new 
homes on which construction 
started rose by 4.6 per emit, 
seasonally adjusted, during 
the three months to the end of 
April year-on-year. More 
recent indications from build- 
ers suggest that new house 
sales, although better than a 
Tear ago, have slowed in 
recent weeks. 

The UK money markets are 
currently assuming that the 
Bank of England will raise 
interest rates to about 6 per 
cent by the end of the year, as 
stronger growth fuels inflation- 
ary pressures. However, the 
Treasury report yesterday indi- 
cated that the chancellor was 
unlikely to endorse any 
attempt by the Bank of 
England to push interest rates 
up in the short team. 

Although the report does not 


provide policy prescriptions, it 
noted that inflation was now at 
its lowest level in April since 
1967. a also pointed out that in 
spite of the recent rise In aver- 
age ramings, wage settlements 
remained broadly unchanged. 

Meanwhile, the report's 
upbeat presentation of the UK 
recovery suggested there was 
little need for a fiscal stimulus 
in spite of the recent tax rises. 
“The latest monthly indicators 
[are] consistent with continu- 
ing recovery 1 *, the report said. 

The strength of the UK eco- 
nomic recovery was further 
indicated by April's figures for 
industrial production and man- 
ufacturing output On a sea- 
sonally-adjusted basis, the indL- 
cators showed 

month-on-zmmth rises of 1.6 
and LI per cent respectively. 
This was well above market 
expectations, which had cen- 
tred around a rise of about 0.5 
per cent for production and 
output 

Analysts were encouraged by 
the breakdown of the figures 
which showed that production 
of investment goods was grow- 
ing at a rate than that, of 
consumer goods. In the past, 
consumer-led UK recoveries 
have quickly led to of 

payment constraints. 


Truck sales up 14.9% 


By Kevin Done, 

Motor Industry Correspondent 

Registrations of new 
commercial vehicles rose by 
14D per cent in May, as the 
recovery in the sector acceler^ 
ated supported by increasing 
sales of tracks in particular to 
the construction industry. 

Overall new commercial 
vehicle sales increased last 
month to 17,598 from 15,311 in 
the same month a year ago 
according to figures from the 
Society of Motor Manufactur- 
ers and Traders. Sales in the 
first five months-af the year 
have risen by 124) per cent to 
98,088 from 88,482 a year ago. 

Commercial vehicle rains, an 
important barometer of eco- 
nomic activ i ty , are being 
driven by rising, demand for 


trucks (above 3.5 tonnes), 
where registrations jumped by 
88.4 per cent year-on-year in 
May to -3,4E2E6 l In the first five 
months of the year truck 
have risen by 23 per cent to 
16^03 from 18026' in the same 
period a year ago. 

The upturn in domanfl was 
led last year by rising sales of 
articulated trucks, as long dis- 
tance hauliers began to renew 
fleets, but the recovery is 
Spreading rapidly to urban dis- 
tribution and in particular to 
the construction sector. 

Registrations of three and 
four-axle rigid trucks, which 
are chiefly used by the budd- 
ing industry, jumped by 81 per 
cent year-on-year in May 
reflecting the re cent sharp rise 
in co nstru c ti on orders. 

hi the first five months tr uck 


registrations in this sector 
were 59 per cent higher than a 
year ago, »nd some truck mak- 
ers are currently facing prob- 
lems in coping with the rapid 
increase in dpmand 

Track sales in the UK more 
than halved -during the reces- 
sion from 69,284 in 1989 to only 
31,398 in 1992, but demand 
began a slow recovery last year 
with sales rising to 36858 in 
the whole of 1993. 

Imported vehicles are gain- 
ing a growing share, as the 
commercial vehicle market 
recovers, given the contraction 
of UK truck manufacturing 
capacity in recent years. 
Imports accounted for 42 per 
cent of the overall commercial 
vehicle fuarket in May com- 
pared with 38 per cent a year 
ago. 


NEWS: UK 


British 

growth 

‘beat 

Germany’ 

By Robert Toytor, 

Labour Correspondent 

BRITAIN’S manufacturing 
productivity growth was 
“snperim? to that of Germany 
during the period 1979-1989, 
claims a new study comparing 
productivity in the two coun- 
tries over the past 30 years 
published yesterday by the 
UK's National Institute of Eco- 
nomic and Social Research. 

The report, based on 80 
industrial sectors, also found 
that “at tins level ofimthldnal 
manufacturing industries Ger- 
many does not so dearly domi- 
nate Britain, except in the 
period from 1973 to 1979. 

“Almost the industries 
showed a superior British pro- 
ductivity growth performance 
over the entire three decades 
to 1989,” it added. 

German manufacturing pro- 
ductivity peaked, in superiority 
over Britain's in 1979 when 
only three industries per- 
formed better in Britain - 
leather and footwear; drink 
and tobacco production. 

The study calculates aggre- 
gate labour productivity 
growth in Germany from 1960 
to 1989 was “a little less than 
half a percentage point higher 
per year than in Britain”. 

However, only six out of the 
30 Industries covered had a 
lower productivity perfor- 
mance in Germany than in 
Brita in in 1989: mineral prod- 
ucts. iron and steel, office 
machinery, electrical engineer- 
ing, drink and tobacco produc- 
tion. In 1960 13 out of the 30 
industries had a better level of 
labour productivity in Britain 
Hum in Germany. 

The report suggests that the 
better UK performance in the 
1980s was due to the labour 
market freeing itself “from the 
worst forms of restrictive 
practices” while the Goman 
economy was “becoming ever 
mare restrictive”. 

Britain still lags Germany in 
the number of manufacturing 
workers with skills, the vol- 
ume of resources devoted to 
research and development and 
in investment in new plant 

and ntaririnw y. 



A workman clears away debris from demolished ontbmMings at the Davenport brewery In Bath Sow, Birmi n g ham . The local council 
yesterday made a preservation order preventing the demolition OT the main bail dings just as bulldozers were about to move in. 
Conservation officers hope the National Heritage department can safeguard the long-term future of the 1930s buildings pom. 


Workers given a voice by Europe 


Y esterday’s two judg- 
ments from the Euro- 
pean Court of Justice - 
on the right of workers to be 
consulted about redundancies 
and business t ransfer s - go to 
the heart of the UK debate 
about European labour law. 

Employer hwfiM, «»rh an the 
Institute of Directors, say that 
whether or not to consult 
workers is a typical example of 
the kind of measure which 
should be decided at national, 
not European, level. 

They add that such Euro- 
pean labour law hits British 
employers much harder than 
those in other countries 
because t}ie laws tend to 
reflect the continental Euro- 
pean system of labour relations 
and not the more laissez-faire 
British one. Trade unionists 
and other supporters of the 
European social dimension say 
that consulting workers is 
merely civilised practice and 
one hacked by law in every 
European Union country apart 
from Britain. 

But what will yesterday's 
judgments on consultation 
actually require from the gov- 
ernment and from companies? 
What it will not do - as some 
trade unionists rianwiri yester- 
day - is give unions a statu- 
tory right to recognition or 


David Goodhart on yesterday’s 
employee consultation ruling 


introduce “works councils” 
into every British workplace. 

In both the 1975 Collective 
Hidimdanrins directive and the 
1977 Acquired Rights directives 
there is a requirement to 
inform and consult employee 
representatives. When those 
directives were transposed into 
British law the requirement 
was restricted to companies 
which recognise unions. That 
will no longer be sufficient. 

The government, which was 
yesterday playing down the 
changes as a “technicality”, 
will probably merely introduce 
legislation requiring employers 
to consult with employees, 
leaving the details of how to do 
so to employers themselves. 

As a result of the decline in 
trade union membership and 
collective bargaining, the 
employers which do have 
union representatives to con- 
sult in transfers or redundan- 
cies - or in. the similarly 
organised health and safety 
committees are probably 
now in a minority. 

But that does not mean that 
other employers have no mech- 
anism for consultation. Organi- 


sations such as the Confedera- 
tion of British Industry and the 
Institute or Personnel Manage- 
ment have long recommended 
institutionalised consultation 
where unions do not exist. 
Many companies have staff 
associations or other systems 
such as team briefings which 
could become the focus of con- 
sultation. The debate now will 

foCUS On the mtnrmnm tha t an 

employer can get away with. 

Will a discussion procedure 
with employees suffice or will 
a committee have to be estab- 
lished, albeit one which could 
be dissolved as soon as the 
consultation Hag taken place? 
If such a committee is required 
will employees have to be inde- 
pendently elected or could the 
employer simply select them? 

A ccording to Mr Fraser 
Younson, of the 
Employment Lawyers 
Association, the requirement 
in European law to “consult 
with a view to reaching agree- 
ment” means that it will not be 
sufficient to inform employees 
individually and give them an 
opportunity to respond. If a 


committee mechanism is estab- 
lished for consultation then it 
may well take on a life of its 
own. 

At the other end of the spec- 
trum, Ms Cherry Mill, of the 
IPM, speculated that it might 
be sufficient for line managers 
to give small groups of workers 
the news through team brief- 
ing-type systems or even 
through electronic mail. 

“You have got to back and 
look at the intention of the 
directives. They were not 
designed to establish new 
industrial relations systems 
but rather to prepare workers 
for forthcoming events and 
give ttem an opportunity to 
have a say, something that is 
the practice already in most 
good companies”, says Ms 
Milt 

If the amendments to the 
directives do turn out to have a 
lasting impact on consultation 
systems it will not necessarily 
be to the benefit of British 
unions. It could, rather, help to 
nudge the UK closer towards 
the European model based, in 
most countries, on statutory 
employee rights, not union 
rights. That will be little com- 
pensation to those employers 
that see such changes as 
introducing unnecessary 
bureaucracy. 


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Can you meet peak In Sweden power cascades freely down the mountains, 

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electricity from 
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I 



10 












FINANCIAL TIMES THURSDAY JUNE 9 1994 


NEWS: UK 


P&O withdraws Chinese workers 


By Richard Donkin 


P&O European Ferries bowed 
to pressure from French sea- 
men’s unions yesterday and 
agreed to withdraw 58 Chinese 
cleaners on its two most 
recently chartered ferries. 

The French unions had dis- 
rupted dockings at Cherbourg 
last week and spread the 
action yesterday to Calais even 
though P&O had already 
announced it would be dispens- 


ing with the Chinese workers. 

French workers blocking the 
departure of a P&O ferry from 
Calais clogged up sailings for 
several hours yesterday after- 
noon, leading to pressure from 
the British gover nment asking 
the French government to 
intervene. 

The dispute arose when the 
French seamen complained 
that employmen t of the Chi- 
nese could drive down pay 
rates for other nationals. 


P&O suggested yesterday 
that the action had been a 
smokescreen for wider fears 
about French ferry jobs, partic- 
ularly with the introduction of 

nhawnpi turnip? services. 

The company said it was 

reluctantly ending the employ- 
ment of the Chinese on the two 
ships which were previously 
run by the German Olan line. 
It said: “Chinese have served 
on these two ships for the past 
four years while they were 


operating between the UK and 
the Netherlands un der a Ger- 
man flag." 

The company said it was 
examining legal implications. 

Meanwhile, the UK Road 
Haulage Association warned 
yesterday that Eurotunnel 
risks a crisis of confidence 
among customers if it has far- 
ther problems with its freight 
shuttle service. 

Mr Sydney Balgaroie, the 
association’s spokesman, said: 


“People do not want to get 
stranded in the tunnel. People 
want reliability, and if they 
don’t get it they will use the 
ferries instead.” 

He was reacting to the sec- 
ond incident in eleven days 
involving the temporary sus- 
pension of a train service 
because of technical problems. 
Eurotunnel said the two inci- 
dents were unrelated though 
both Involved warning lights 
signalling non-existent faults. 


Bankers of the world unite at Buck House 


“Nice one. knight,” said the 
chief executive of an American 
hapk to Sir Dennis Weather- 
stone, British chairman of the 
US bank JP. Morgan. 

Sir Dennis was walking 
down the aisle of a coach full 
of bankers as it prepared to 
leave Buckingham Palace, 
where its occupants had met 
the Queen. 

In his speech at the dinner 
that followed, under the 
Rubens ceiling of the Banquet- 
ing House in Whitehall, Sir 
Dennis said the assembled 
heads of the largest banks in 
the world were “walking on 
air” having been greeted by 
the Queen and the Duke of 
Edinburgh at a reception on 
Tuesday night 

Few passers-by would have 
realised that the 300 occupants 
of five coaches which had 
swept down the Mail from tile 
palace carried such an influen- 
tial load. 

The annual meeting of the 
International Monetary Confer 


The Queen held an audience with a group this 
week who between them control assets worth 
several trillion dollars, writes John Gapper 


ence was on another leg of a 
discreet journey round the 
world’s financial centres. 

Last year Stockholm, this 
year London, next year Seattle. 
The heads of 103 of the world’s 
largest banks are accustomed 
to being treated well on then- 
annual meetings, opportunities 
to discuss their industry and 
hobnob in private discussions 
and dinners. 

As they control several tril- 
lion dollars in assets between 
them they are used to being 
treated royally. In Madrid in 
1988, they were given a recep- 
tion by the King and Queen of 
Spain. The Buckingham Palace 
reception was generally held to 
-have topped that 

The IMC is not just a meet- 
ing for bankers, but for bank- 


ers’ spouses, as they are 
politely termed. In practice 
this means wives, since the 
bank chiefs are all male. 

The itinerary for spouses is 
more complex - and in some 
ways more demanding - than 
the bankers'. 

While the bankers sat in a 
hotel discussing financial 
derivatives and banking regu- 
lation, wives went on a whirl- 
wind tour of British history 
and social life. 

This included Blenheim Pal- 
ace and exhib itions of painting 
and embroidery. The social 
whirl ended last night in a 
reception and concert to cele- 
brate the Rflttk of England’s 
tercentenary - the reason for 
the IMC being held in London 
for the first time since 1979. 


Despite its growing interna- 
tional membership, the IMC 
has an American overtone 
from its roots as an organisa- 
tion formed hi the early 1950s 
by American bankers to edu- 
cate bankers about interna- 
tional finawrg- 

The IMC has remained a 
favourite meeting for senior 
bankers because of its size. It 
is easy for heads of hanks to 
find each other in corridors 
and at ludches, compared with 
the vast annnai meetings of 
the International Monetary 
Fund and World Bank. 

It is organised by nffirfais of 
the American Bankers’ Associ- 
ation and banks from the host 
country. The London event 
was led by Sir Dennis, IMC 
president, and Lord Alexander, 


National Westminster Bank’s 
chairman, who was widely 
credited with securing the pal- 
ace invitation. 

The last session was chaired 
by Mr Richard Thomas, chair- 
man and chief executive of 
First National Bank of Chi- 
cago. 

Like others, Mr Thomas was 
in a cheerful mood yesterday, 
despite fears over the future of 
hanking expressed during the 
week. 

After dinner on Tuesday, the 
bankers beard a song com- 
posed for the occasion, deliv- 
ered by a choral group. 

“Glory be to the Deufsche- 
mark, and to the Yen, but 
mostly to the holy pound. As it 
was in the be ginning , before all 
this talk of a single European 
currency, is now and ever shall 
be. Amen,’* sang the group. 
The German and French bank- 
ers laughed gamely at this 
beautifully harmonised propa- 


RoD on, Seattle. 


Dublin 

‘clarifies’ 

Ulster 

declaration 


By Tim Coone in Dublin 


The Irish government has 
confirmed It has recently been 
in communication with Loyal- 
ist paramilitary groups to pro- 
vide clarification on the Down- 
ing Street declaration aimed at 
bringing peace to Northern 
Ireland. 

The move follows the British 
government's clarifications to 
the declaration given to Sinn 
Fdin, the political wing of the 
IRA, last month. 

Mr Albert Reynolds, the 
Irish prime minister, said yes- 
terday that Loyalist paramili- 
tary groups had this week 
“sought clarification from me 
which is a very welcome devel- 
opment” He was willing to 
extend such clarification “as I 
have extended to others” hot 
emphasised that he would not 
enter into negotiations on the 
declaration. 

He stressed that the declara- 
tion “addresses [the] fears, 
concerns and suspicions 
regarding the future of both 
communities” and said he 
expects decisions from both 
paramilitary groupings “in 
about a month.” 

He said he hoped their 
response will he a “full cessa- 
tion of violence”. 

Sinn Fdin has indicated it 
will respond definitively to the 
declaration and the British 
clarifications towards the end 
of June. 


Britain in brief 


0 


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Court deems 
Lloyds’ C&G 
bid illegal 


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A large obstacle was last night 
placed in the way of banks 
tatrirrg over building societies 
when Britain's High Court 
ruled that the structure of 
Lloyds Bank’s £L8bn cash bid 
for Cheltenham & Gloucester 
Building Society was illegal. 

Mr Andrew Longfanret, 
C&G’s chief executive, said 
that the society intended 
either to appeal against the 
judgement, or try to find a 
way of ^structuring the offer 
to its members In a way that 
would bring it within the law. 

Sr D onal d Nicholls, the 
vice-chancellor, ruled that 
Lloyds could not pay C&G 
investors who had been 
shareholders for less than two 
years. This would make it 
extremely hard for C&G to 
gain meet voting requirements 
for approval of the deal. 

Mr Philip Lawson, Lloyds’ 
chief legal adviser, described 
the judgment as “a hurdle to 
be overcome”. Lloyds said that 
its bid still stood, and C&G 
was five to restructure the 
way in which it divided the 
cash between its members. 

The judgement affirms the 
section of the 1986 Building 
Societies Act which was 
intended to stop "speculative 
flows” of deposits between 
societies if a rumour spread 
that a society was about to 
receive a bid from a third 
party. 

Mr Longhurst said that the 
society’s advisers would 
examine the ruling to see “if 
we can modify the offer in 
some way to Ming it within 
the terms of the judgement”. 

He said that the benefits of 
the offer remained clear 
despite the ruling: 

Because of the significance 
of the issues for all banks and 
societies, it is widely expected 
that the matter might have 
to go to the House of Lords. 


level since 1946 with only 31 
per cent of employed workers 
as members, according to the 
latest statistics published 
yesterday by the Department 
of Employment, 

In 1992 there was a 5.6 per . 
cent decline to 9m from 9.5m 
in 199L Since 1979 when the 
Conservatives came into 
government the number of 
workers in unions has dropped 
by 4.2m. It Is estimated 3S per 
cent of all workers were 
unionised by the autumn of 
last year. 

While 36 per cent of manual 
employees are in trade unions, 
34 per cent of those employed 
in non-manual work are also 
unionised. Thirty eight per 
cent of men ore to unions and 
31 per cent of women. 

Sixty three per cent of public 
sector workers, are union 
members but only 23 per cent 
in the private sector. 


Property 
‘levelling out’ 


The UK commercial property 
Investment market has 
levelled out, following Its 
steep rise over the past year, 
according to new figures. 

The total return from the 
property investment market 
in May was 29 per cent, 
slightly down on the April 
figure of 29.3 percent, 
according to the monthly 
index published by Richard 
Ellis, chartered surveyors. 

The decline in the bond 
market has taken its toll on 
tile property market, with the 
result that capital growth is 
no longer being driven by 
dedining investment yields 
(the ratio of income to capital). 
Rental growth, which would 
also provide a boost to values, 
has not yet appeared, indeed, 
rents fell in the month of May, 
after appearing to have 
stabilised in previous months. 


More companies 
being formed 


More than 10,000 British 
companies were formed in 
May, according to figures 
compiled by Jordans, the 
Bristol-based information 


Arab group 
pays Westland 


The Arab Organisation for 
Industrialisation has paid a 
further £115m to Westland 
Helicopters, taking the long 
legal tussle between the 
helicopter maker and several 
Arab governments another 
step forward. 

A year ago the Geneva based 
Arbitral Tribunal, which exists 
to sort out international 
disputes, put the damages 
owed to Westland at £385m. 

A first payment of £25m was 
made in February. 

The case arose following the 
collapse of an Egyptian-based 
helicopter manufacturing 
project in 1979. The AOI was 
set up in 1975 by Saudi Arabia, 
Qatar, UAE and Egypt to make 
Lynx helicopters under licence. 

The AOFs final appeals 
against the damages were 
rejected by the Swiss Supreme 
Court last month. However, 
GKN, which acquired Westland 
in April, said yesterday that 
litigation continued to 
surround the matter and “the 
ultimate financial outcome 
cannot be predicted with 
certainty”. 


Rail sell-off 
slow 


plans 


Lib Dem defects 


The government’s rail 
privatisation plans have run 
into further delay after the 
decision by the managing 
director of one of the three 
rolling stock leasing 
companies to step down. 

Mr Tony Roche, whose 
appointment as managing 
director of the Eversholt Train 
Leasing Company was , t 
announced on April 31, has 
left after just over a month 
to take up a more senior 
position with British Rail, BR 
said yesterday. 

When he was appointed Mr 
Roche, a railman with 30 
years’ experience, was 


on eve of poll a key role in the creation of 

* the roltmir Start mmnsnine 


liberal Democrats were last 
night rocked by an 
eve-of-polling day bombshell 
when their candidate in 
today's Newham North East 
by-election announced he was 
defecting to Labour. 

The decision by Mr Alec 
Kellaway, a 41-year-old 
Newham councillor, provided, 
an extraordinary finale to 16 
days of frenetic campaigning 
tn the run-up to today’s 
European elections and five 
parifementary by -elections. 

The move provided an 
unexpected windfall for the 
increasingly buoyant Tories. 

Mr Sfcmra Hughes, the 
Liberal Democrat MP for 
Southwark and Bermondsey, 
said his party was puzzled 
and saddened” by Mr 

Kella way's “bizarre and 

unexpected behaviour.” 


that have been set up to lease 
locomotives, carriages and 
wagons to the train-operating 
companies. 

British Rail said it had still 
to flirt a replacement for Mr 
Roche. 

The government has created 
three rolling stock companies 
— two based In London and 
one based in Sheffield - and 
has allocated to each a 
mixture of BR rolling sfenck- 


the government to put the 
rolling stock companies up 
for sale next year, though thic 
imposes a very tight timetable 
on the programme. 


Pizza Hut 


to expand 


He was sorry people in 
Newham North East would 
no longer be able to vote for 
a liberal Democrat candidate. 

Newham North-East, a safe 
Labour seat, is the former 


Prentice, the ex-minister who 
resigned from the Labour 
party and joined the 
Conservatives nearly 20 years 
ago. 


Drop in union 
membership 


Trade union membership in 
Britain has reached its lowest 


Pma Hut, the restaurant and 
£3at food chain, yesterday said 
it intended to open more than 
40 new restaurants and 60 
deliveiy unite throughout the 
UK over the next two years 
-a 20 per cent increase - 
creating up to 2,000 jobs. 

It is seeking town-centre 
sites, free standing units in 
out-of-town retail park® and 
delivery units in high-street, 
secondary and suburban 
locations. 

The number of pizza 
restaurants in the UK is rising 
by about 12 per cent a year 
with delivery outlets - the 
fastest growing sector - 
increasing by about 30 per cent 
a year. 




tl 


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company. 

May’s total of 10,442 was 18.7 
per cent higher than in May 
1993. the fastest annual growth 
rate since Jordans started 
preparing statistics in this 
form two and a half years ago. 

A total of 53.027 companies * 
have been Conned in the first 
five months of 1994, an 8.1 per 
cent increase on the same 
period of 1993. If that rate of 
increase is sustained for the 
rest of the year, there will be 
about 123,000 companies 
formed in 1994. back to the 
level achieved in 1990. but still 
below the 130,000 formed in 
1989. 


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FINANCIAL TIMES THURSDAY JUNE 9 1994 

TECHNOLOGY 


D amn, Michael thinks, 
thumping the vehicle’s, 
control panel. It is a 
sunny Sunday -morning 
and he Is driving out of town to 
visit Ms parents. But suddenly, it 
occurs to him: it is Father's Day 
and he has forgotten to buy a pres- 
ent What to do? . 

Stopping the car, he reaches for- 
ward, Dicks a switch and watches a 
screen light up. ‘‘Computer" he 
says, “it is Father's Day. Suggest a 

present for my father." ' 

“A tie,” a disembodied voice 
replies. 

"Oh, moat original. Why?” 

"He bought a suit on May 20." 
“Yes, and he bought a tie to 
match, it": . . 

“Incorrect He bought two." 
Michael thumps the control 
panel “Well, then, what in heaven’s 
name is the paint of buying Mm 
another?" • 

“He liked three.” 

“All right" Michael sighs: “Show 
the tie he wanted, but didn't buy." 
Pause. “Show it worn by my father, 
with the suit” 



The tie is expsisive: the comput- 
er's records say this is why his 
father didn’t buy it But it looks 
good with the suit . . . very good. 
It should do the trick. 

“Show locations in this area 
where I can pick up this tie now.” 
The names and addresses of three 
outlets appear, the last of than only 
a short way off Michael's planned 
route. 

“Order this selection. Gift wrap 
for Father's Day. 1*11 collect at 
pick-up point three in 30 minutes. 
Charge to Visa. Oh, and computet?” 

“Yes?” 

“amt up." 

This is shopping in the 21st cen- 
tury: when the trudge round the 
stores has been replaced by the 
speed and convenience of computer- 
aided selection in the home, car or 
office. Retailing in the traditional 
sense will long since have given 
way to fibre optic cables and multi- 
media technology. 

Or will it? Shops may have 
changed over the yeare, but their 
fundamental role as places where 
people go to choose and buy goods 
is almost as old as civilisation itself. 
Are they really to be made redun- 
dant by electronic retailing? 

Right now, it may not seem so. 
True, home shopping is already a 
reality in the US, but it is a primi- 
tive affair. Prog rammes offered by 

the two main h nmp shopping chan- 
nels, Home Shopping Network and 
QVC, simply parade goods in front 
of viewers in the hope that some- 
thing mi ght takp their fancy, and 
take credit card orders by tele- • 
phone. They aww irnt for less than 
01! per cent of US retail sales. 

But this maybe about to change. 
With US telephone and cable televi- 
sion companies hive s thy Mffions of 
dollars to provide Americans with 


Shop - till -you - dr op at 
the touch of a button 

Electronic retailing is set to revolutionise buying. Richard Tomkins begins 
a new series with a glimpse into the future of the interactive era 


two-way- data communication, con- 
sumers will no longer be the pas- 
sive recipients of sales pitches for 
goods that do not interest them. 
Soon, they will be able to tell their 
television sets to show them things 
they want to buy, and order them at 
the touch of a button. 

In the early days of this interac- 
tive era, a typical home shopping 
channel will probably allow con- 
sumers to -enter an electronic shop- 
ping man featuring a number of 
stores selling different kinds of mer- 
chandise. Viewers will select the 
store they want to enter; choose the 
department that, interests hwh; go 
to the items they want to view; 
then, after calling up any product 
information they require, press a 
button to transmit an order. 

Very soon, the system wQl move 
on to a more sophisticated level by 
building up personal profiles of 
users through their buying habits. 
For example, it will qmckly leam 
viewers' measurements, so enabling 
it to order clothing in the correct 
size. 

It win also pick up their favourite 
colours and their tastes in fashion. 


music, or food, so that it can offer 
increasingly tempting products 
w hite learning not to waste their 
time with unwanted goods. It will 
have a pretty accurate idea of what 
they can afford, too. 

Beyond this, it does not require a 
great leap of imagination to see the 
day when virtual reality enters the 
world of electronic retailing. At a 
simple level, consumers will be able 
to try on clothes at home by watch- 
ing computer-generated images of 
themselves (or indeed, someone 
else) wearing them. Later, instead 
of watching a television screen, peo- 
ple will probably be able to dan a 
virtual reality helmet and gloves, 
then transport themselves into the 
stores of their choice. They will 
roam the virtual aisles, examining 
virtual goods and quizzing virtual 
sales assistants for more informa- 
tion if required. 

But what of traditional shops? 
Will a {dace remain for them in this 
interactive era? 

The answer is almost certainly 
yes, for at least three reasons. One 
is that there are many goods that 
people will still prefer to touch and 


fed, or try on for size, before pur- 
charing. Another is tha t, until sci- 
ence devises a method of transport 
ing matter instantly through space, 
electronic shoppers will still have to 
suffer the frustration of waiting for 
their goods to he delivered. And a 
third is that, in a world where so 
many work and leisure activities 
are conducted through a television 
screen, people may simply go crazy 
if they are left without an excuse 
for getting out of their homes. 

Equally, however, it seems cer- 
tain that shops will change. The 
accountancy firm Coopers & 
Lybrand, which recently conducted 
a 51m (£600,000) survey of the out- 
look for retailing in the 21st cen- 
tury. predicts that stores will 
respond to the threat from home 
shopping by combining retailing 
with entertainment 

If, as seems likely , this proposi- 
tion is correct, the US already offers 
a glimpse of the future in the form 
of Mall of America, a vast complex 
on the outskirts of Minneapolis 
combining 400 stores with a seven- 
acre theme park. But an a smaller 
scale, food stores might offer cook- 


ery lessons, record stores might 
offer live music, or clothing stores 
might offer fashion shows. 

This, of course, will take up 
space. But according to Jacquelyn 
Biwins, marketing manager of Coo- 
pers & Lybrand's retail programme 
in New York, this is something 
retailers will have in ghurxianr-g As 
with electronic shopping, detailed 
armiy gift of customers' buying hab- 
its will allow retailers to build up 
much more accurate pictures of 
who their customers are and what 
they want The result will be a big 
reduction in inventory on the sales 
floor. 

Another space-saver could be 
manufacturing at the point of sale. 
Customers at branches of Block- 
buster EfolArtainTiipn t the US video 
store group, are already selecting 
compact discs or video games and 
having them marie while they wait. 
Biwins sees no reason why shirts, 
to take a random example, or a 
myriad other goods, should not 
eventually be custom-made to order 
on the spot. 

Technology will bring other 
changes, too. Those who today cam- 


plain they can never find a 
gal es assi s t ant when they want one 
will probably never see one at all in 
the next century, instead, they will 
turn to an on-screen electronic 
assistant for advice. Men might pick 
a suit and ask the screen to show 
them images of all the shirts in the 
store that go with it Women might 
go to the hairdresser and ask the 
screen to show them what they 
would look like with different hair- 
styles. 

Arguably, the form of retailing 
that could change the most is the 
supermarket - not least because it 
is the format most likely to suffer 
from the home shopping revolution. 
The mind-numbing task of replen- 
ishing the larder with basic food- 
stuffs is perhaps the one that lends 
itself most easily to substitution by 
technology. In the interactive age, it 
will be a simple matter for house- 
holders to order goods electroni- 
cally for home delivery, and have 

the same order repeated automati- 
cally every week unless amended or 
cancelled. 

Supermarkets, however, will 
undoubtedly use technology to fight 
back. For example, customers will 
no longer be required to load up 
trolleys with goods. Instead, stores 
will display just one example of 
each product, and customers will 
walk around the store with an elec- 
tronic wand, waving it across a bar- 
code on the shelf to order and pay 
for each item. The order will be put 
together by automatic shelf pickers 
behind the scenes, and the cus- 
tomer will either pick it up at the 
exit or have it delivered. 

Things may turn out rather differ- 
ently. Carol Fanner, whose Florida- 
based company Carol Farmer Asso- 
ciates forecasts consumer trends, 
thinks people could become so 
exhausted by the bombardment of 
visual information coming to them 
through their screens that they 
could begin to view conventional 
shopping as an escape. 

Consumers may welcome the 
prospect of wandering around a 
quiet, relaxed, screen-free store 
frith rehl humans on hand to help 
and advise, she says. “The atmo- 
sphere will be deliberately calming, 
the environment will be very sooth- 
ing. because everybody will be visu- 
ally brain-dead from all this virtual 
shopping that they can do if they 
want to. This sort of shopping will 
be the antithesis of it” 

It also makes sense to be cautious 
when it comes to some of the wilder 
prognostications about the interac- 
tive future. As Farmer puts it “I 
think the trend towards this kind of 
technology is unstoppable, but it 
really does depend on the makers' 
ability to make it user-friendly, and 
they haven’t been very good at that 
in the past 

T mean, it's still very hard to 
program a VCR, and VCRs have 
been around for years." 


Plastics 

get 

tough 

C onstruction costs could 
be reduced by hundreds 
of millions of pounds 
through the use of a new 
generation of plastic-based 
composite materials which are 
as strong as steel and concrete 
but much lighter and easier to 
handle. 

A group of UK companies, 
led by engineering consultants 
Mondial, are combining to study 
the practicality or using 
polymers reinforced with carbon 
and glass fibre to strengthen 
bridges. 

They claim it would be 
possible to save £l30m by using 
carbon fibre polymers instead 
of steel to strengthen 1,000 oot 
of the estimated 10,800 British 
bridges that will require 
reinforcing to meet European 
Union 40-tonne weight 
restrictions. 

The three-year study, costing 
£lm, has attracted £425,000 of 
government finance under the 
Link Programme which 
supports collaborative research 
between industry and 
universities. 

Mouchel is providing 60 per 
cent of the private-sector 
contribution with GEC, the big 
British engineering group, 
providing a further £100,000. 

If the project develops a 
practical technology, it could 
promote export orders as well 
as rebuilding an important 
part of the country's 
infrastructure. 

The companies, which will 
be working with Surrey and 
Oxford Brookes universities, 
will be seeking to build on work 
by Urs Meier of the Swiss 
Federal Laboratories for 
Materials Testing and Research 
who demonstrated in the 
mid- 1980s that it was possible 
to double the strength of a 
150mm concrete beam by adding 
a 0.3mm carbon fibre reinforced 
polymer strip. 

A subsequent study by 
Brookes University showed that 
a 513-metre concrete span with 
a depth of 150mm could increase 
its carrying capacity by 230 per 
cent with addition of a 0.8mm 
reinforced polymer strip. 

Andrew Taylor 


MANAGEMENT: MARKETING AND ADVERTISING 


Vi 




l i / ■ 


t) 4' 


.|!W 


Businesses have not caught up with increased consumer 
confidence over telephone use, writes Diane Summers 




companies 
ring the changes 


T he telephone, as a market- 
ing tool, has come of age. 
This may .seem strange, 
given that the ’phone has been 
around: for abbot 100 years and 
looks like old technology next to 
interactive superhighways and all 
the other communications devel- 
opments on-the horizon. 

But It is only now, according to 
a study* cm "phone, potential for 
business in the UK by the Henley 
Centre forecasting group, that 
telephone technology "has finally 
readied critical mass in terms of 
consumer confidence, use and atti- 
tudes towards If!. 

The trouble is, reports Hailey, 
that businesses have not caught 
up with this development, in “tele- 
culture”: they continue to make 
customers hang on, subjecting 
them to unwanted -muric and then 
“ping-ponging^ them between 
departments. • 

first Direct,- Nest and Direct 
lane are among the exceptions to 
have seen the potential far tele- 
phone-based businesses, says Hen- 
ley. In the financial services sector 
alone, previous studies have 
suggested that as many as 30m 
calls, a year are abandoned by cus- 
tomers who;-' gut fed up with 
waiting or who are met with 
unhelpful staff. Melanie Howard, 
Henley's head of direct marketing 
studies, says: "The amount of 
business companies are throwing 
away must , be - enormous. We 
found, for example, that only 14 
pa - cent of people would definitely 
call back if they couldn’t get 
through wins responding to an 
advertlBeiqefc” •• 

Overall; Henley- reports that 
interviews with 500 senior manag- 
ers across a-range of sectors show 
"there is little evidence that 
despite spending an estimated 
£10bn per annum on telephone . 
contact, in sales, marketing or 
customer service functions, and 
employing r nearly lm dedicated 
telephone, staff, that any more 
than a few. companies are exper- 
iencing, the .real benefits reported 
by the xabr* advanced users - 
increased xustraner . loyalty, reve- 
nue maxftnhstion and a competi- 
tive edge".- . 

Evidence that the “tatecnltnre" 
has finally arrived among consum- 




.V 


(9y - :.- n . 




■40. H 




M 


•*V? ■ ’totwu ■ k 


ersin the UK (*pbone usage in the 
US is about four times greater) 
comes from group discussions and 
in te r vie w s with 1,000 consumers 
conducted In March for Henley. As 
would be expected, professionals 
and more affluent households are 
more likely to enjoy using the 
'phohe and employ it to buy goods 
and services. However, individual 
attitudes to the "phone cot across 
socio-economic groupings and are 
more significant in predicting 
usage, found Henley. 

Four distinct groups were iden- 
tified: 

• Telephiles, who make up 47 per 
cent of consumers, are confident 
and frequent users of the ’phone 
to do business. They are relatively 
positive about being called by 
companies, as long as they can see 
something in it for themselves. 
They agree more, than other 
groups that they would buy again 
from a company that keeps in 
touch, that companies should 
check to find out if customers are 
satisfied and should ask consum- 
ers for their opinions of new prod- 
uetsand services. 

• Telephobes, 16 per cent of 
•phone users, use the ‘phone as 
little as possible and are more 
likely, to be younger and more 
downmarket. Fewer of than work 
fall time. They are particularly 
negative about receiving calls 
from companies. - 

• Functionals, 1& per cent of the 
market do not positively enjoy 
.the "phone as much as telephiles 


UMBOS' ■; -Betel - 4fMCAe - Motor 
-.ii owfto- 

■V ;V.- * 'XW*8 


but are confident and prepared to 
use it socially, at work and to 
obtain goods and services. Two- 
thirds of this group were men. 

• Protectionists, 22 per cent iff 
users, are, says Henley, “people 
who are generally positive about 
using the tel ep h on e hut. who do 
not want a two-way relationship 
with businesses*'. They see little 
value in companies keeping in 
touch with their customers or 
seeking their opinions, whether 
through the ’phone or not 

Businesses greatly overestimate 
the resistance among consumers 
to the telephone, says Henley, and 
there is even evidence that dislike 
iff “cold cans" is receding. Nearly 
three-quarters of users say that 
getting an immediate answer an 
the 'phone is top of their list of 
priorities, yet most companies - 
even those with teams to deal with 
customer queries, and who are 
using advanced e quip m ent or spe- 
cial telephone numbers - continue 
to put all rails through their gen- 
eral switchboards. 

Overall, Hailey finds that, while 
consumer demand for good tele- 
phone services is high, customers’ 
expectations are low. "This sug- 
gests that businesses can rela- 
tively easily improve the service 
they provide over the 'phone, and 
to do so would have a very posi- 
tive impact on c o nsu m ers." 


*TeIeadture 2000- The Henley Cen- 
tre, 9 Bridewell Place, London 
EC4V SAY. Price £3,100 


glass and stone 

Alice Rawsthom on why the office furniture group sees 
the architecture of its buildings as part of corporate culture 


A n anxious American hov- 
ers outside a bizarre, but 
beautiful building in an 
otherwise unexceptional 
suburb of Basl e . He is an architect 
on business in Switzerland, he 
explains, has come specially to see 
the building and wants to look 
inside. 

The object of his obsession was 
designed by Frank Gehry, the North 
American architect, for Vitra, the 
office furniture group which is one 
of the finalists in the 1994 European 
Union Design Prize due to be 
awarded tomorrow in Amsterdam. 
The building opened last month as 
Vztra’s corporate headquarters and 
is the latest addition to the stun- 
ning collection of contemporary 
architecture it fas built at its main 
manufacturing site in Weil-am- 
Rhein, just over the border in Ger- 
many. 

The American's fascina tion with 
the new headquarters building is as 
intense as the interest generated by 
the Weil complex, which attracts 
40,000 visitors each yean many of 
whom are architects or students 
who might eventually buy Vxtra’s 
products. 

The complex contains the work of 
some of the world’s most influential 
architects. There are two factories 
by Britain's Nicholas Grimshaw, a 
conference centre by Tadao Ando iff 
Japan and a Frank Gehry museum 
to house the company's 20th cen- 
tury chair collection. Even the fire 
station is an architectural gem - a 
spectacular composition iff abstract 
concrete planes devised by Zaha 
Hadid, an Iraqi architect working in 
London. 

Rolf Fehlbaum, chairman of 
Vitra, is a self-confessed architec- 
ture buff yet says the Weil site is 
not a self-indulgent exercise but an 
Integral part iff Vrtra’s strategy of 
establishing itself as a leader in the 
office furniture market. “This isn't 
a folly or a fantasy,” he says. “It's 
part of the company's culture. It’s a 
financially feasible project which 
sends out a dear message to our 
customers about what the company 
stands for.” 

Vitra's building binge began in 
1981 when part of the original Weil 
rite was destroyed by Ore. The com- 
pany, founded in 1934 by Fehl- 
baum's father , was than the Euro- 
pean manufacturer for Hermann 
Miller, the US furniture group. It 
bad already commissioned a few 
office chairs from contemporary 
designers and in the early 1980s was 
preparing to end the agreement 
with MlHer to concentrate on devel- 
oping its own designs. 

The new Vitra needed to carve 
out an independent identity. The 
Fehlbaums, impressed by Miller's 
long lfrnsnn with influential design- 
ers such as Charles and Ray Eames, 
were determined to place Vitra at 
the forefront of technical and aes- 
thetic innovation and needed to 


convince contemporary designers of 
the same calibre as the Eameses to 
work with them. 

The reconstruction of the Weil 
site became a central element in 
that strategy. Rolf Fehlbaum delib- 
erately commissioned a special set 
of buildings. The Vitra complex 
inrJiidfts the first European build- 
ings of Frank Gehry and Tadao 
Ando. It also houses the first per- 
manent buildings by Zaha Hadid 
and Nicholas Grimshaw. Fehlbaum 
says the total cost of the factories 
{including architect’s fees) was 
roughly the same as standard build- 
ings of that type: but admits the 
Hadid fire station and Ando confer- 
ence centre were more expensive at 
DM2.6m (£1.04 m) and DM2.5m 
respectively. 

Vitra has already recouped some 
of its investment. The museum, 
which cost DM2L5m to build in 1989, 
now earns two thirds of its running 
costs. Vitra also attracts a steady 
stream of publicity in the architec- 
tural press from the opening of new 
buildings or museum events. 

“It’s impossible to assess the 
impact of our cultural project, 
although we know it has made a 
difference,” says Fehlbanm. He is 
convinced that it has played a criti- 


cal part in enabling Vitra to qua- 
druple its turnover since the break 
with Hermann Miller to SwFi21Qm 
last year from SFr56m (£26m) in 
1984. 

“The project has smoothed the 
way by helping us establish our 
name,” he adds. “Our customers 
know exactly where we stand and 
how to relate to us. Other compa- 
nies spend lots of money on adver- 
tising. We think this is a more effec- 
tive way of communicating our 
message.” 

In this respect Vrtra’s iconoclastic 
architecture plays a similar role to 
the conventional arts sponsorship 
schemes aimed at developing 
brands. Cartier, the French jeweller, 
has pursued the same aims as Vitra 
by becoming an active sponsor of 
contemporary art. culminating in 
this spring's opening of Fondation 
Cartier, a Paris arts centre designed 
by Jean Nouvel, the futuristic 
French architect. 

Whereas Cartier tends to treat its 
arts schemes as an image-building 
initiative, Vitra has gone further by 
fusing its cultural activities with its 
day-today operations. The elan of 
its architecture has helped it to 
attract sought-after furniture 
designers such as Philippe Starck, 


Jasper Morrison and Ettore Sott- 
sass. “If Rolf Fehlbaum wants a 
new factory or a fire station he goes 
to the best people in the world," 
says Starck. “Everything about 
Vitra is done to the highest possible 
standard. That's why 1 work for 
it” 

Fehlbaum also believes that the 
company's product development 
Kirilk have been enhanced by the 
experience of collaborating with dif- 
ferent architects. “Designing an 
office chair is a complex process of 
trial and error that requires a great 
deal of fine-tuning," be says. “It’s 
good for us to work with different 
people." 

Similarly Vitra has benefited 
from the museum, which has not 
only encouraged employees to learn 
more about their Industry's history 
but has acted as a catalyst for 
long-term research. Vitra last year 
asked Sottsass and two other Italian 
designers, Andrea Branzi and Mich- 
ele de Lucchi, to analyse how tech- 
nology would affect the offices of 
the future for a Citizen Office exhi- 
bition. 

“Vitra is a company with vision,” 
says Starck. “It's never satisfied 
with the present and is always 
looking to the future." 



Vttra's new headquarters is one of the ffcaists in (he 1894 European Union Design Prize due to be awarded tomorrow 

Vitra’s vision in 






12 


FINANCIAL TIMES THURSDAY JUNE 9 1994 





Open every 







Personal Finance pages. Every weekend in the 

Open up the Financial Times this weekend and you’ll find our tegular Finance and Family section. 
It covers personal finance for you and your family and examines different ways of investing, tax 
issues, PEPs, insurance and new products. 

And you don't have to make an appointment. Just pick up a copy of the Weekend FT. 


Weekend FT. 


PEOPLE 


Bob Fisher promoted at TI 


Bob Fisher, 55. chief executive 
of John Crane, one of TI's 
three core businesses, has been 
appointed managing director, 
operations, of the TI Group. 

Fisher’s new job as TTs effec- 
tive chief operating officer is 
part of a board reshuffle which 
still leaves unclear who is the 
front-runner to take over as 
chief executive when chairman 
Sir Christopher Le win ton, 62 , 
eventually splits his role. 

The chief executives of 
Crane and Bundy, two of TI's 
three main businesses, will 
now report to Fisher, who will 
be based at TI's London office. 
He has been given the task of 
‘leveraging the resources" of 
the group across all its core 
businesses and will also be 
responsible for developing TTs 
regional strategy for Asia 
Pacific. 



One city analyst suggested 
that Fisher’s appointment indi- 
cated that he was the chief 
executive designate. However, 
other analysts disagreed, not- 
ing that Tony Edwards. 49, 
chief executive of TI's recently 
acquired Dowty aerospace 
business, will continue to 


report to the chairman. Mean- 
while. Brian Walsh. 50. GKN's 
former finance director who 
joined TI just over a year ago. 
has been promoted to the new 
post of vice chairman. Walsh 
adds responsibility for the 
operations of the group's head- 
quarters to his finance direc- 
tor’s role. 

Bundy chief executive John 
Potter, 51, takes over from 
Fisher as chief executive of 
Crane and win move to Crane's 
Chicago headquarters. Bill 
Laule. 45, president of Bundy 
North America, is moving to 
the UK to take over as chief 
executive of Bundy. 

James Roe, 49. director of 
strategic development for six 
years, also joins the TI board. 
He adds global responsibility 
for h uman resources and com- 
munications to his current job. 


Insurance moves 

John Swinglehorst, formerly 
chairman of Sedgwick’s marine 
and energy operations, has 
been appointed deputy 
chairman and BAIN 
CLARKSON’S marine and 
energy divisions. 

John Winter, formerly ceo 
of Trinity Insurance, has been 
appointed md run-off services 
of MERRETT Underwriting 
Agency Management 

■ Roberto Gavazzi. a member 
of the board of management 
of Allianz, has been appointed 
to the board of its subsidiary 
CORNHILL INSURANCE. 

■ Colin Donadio has been 
appointed md of SBJ 
International, and Tony Scott 
and Geoffrey Verey directors 
of SBJ Marine Reinsurance 
Brokers. 

■ Tim Breedon has been 
promoted to the board of 
LEGAL & GENERAL 
Investment Management as 
director (quantitative funds). 

■ Peter Snow, md and joint 
coo of ALEXANDER 
HOWDEN’s marine and energy 
division, has been appointed 
to the main board. 

■ Roger Cottell has been 
appointed md of The Ajax 
Insurance Association, part 
of NORWICH UNION. 

■ Christopher Mathew, 
formerly a director with 
Standard Bank Financial 
Services in South Africa, has 
been appointed international 
sales director of CML part of 
CLERICAL MEDICAL 
Investment Group. 

■ Keith Gibbs, formerly 


marketing director at Citibank, 
has been appointed marketing 
director of LLOYDS BANK 
Insurance Services. 

■ Anthony Swinglehorst has 
been appointed md marine, 
and Andrew Sturdy, Robert 
Terry. Tim Page and Patty 
Mnnt directors of 
ALEXANDER HOWDEN 
Reinsurance Brokers. Marfa 
Heath, Poni Arum ogam, Rona 
Hogan, Tim Ramsey, Less 
Vaughan, Mark Wood and Jon 
Regan have been appointed 
directors of Alexander Howden 
Ltd. 

■ Michael Painter, chair man 
and chief executive of the 
international and risk 
management division of 
Bowring Marsh & McLennan, 
is being seconded to the DTI 
to “assist government to gain 
a fuller understanding of the 
{insurance] industry’s needs”. 

■ Jeff Painter has been 
appointed general manager 
(quality and continuous 
improvement) at SUN LIFE. 

He is succeeded as md of Sun 
Life Direct Marketing by Des 
Moore (below). 




Bernard Bradford (above right) 
is to become the first full-time 
general secretary of Insol. the 
London-based organisation for 
insolvency professionals 
around the world. 

Bradford, who is currently 
head of corporate recovery at 
National Westminster Bank, 
will take up the post in March 
next year in place of Gerry 
Weiss. 

Bradford retires from Nat- 
West this month after a decade 
of working on large-scale inter- 
national insolvencies including 
the Maxwell affair. Daf and 
Lancer Boss. 

Insol, which was formed 12 
years ago, has more than 5.000 
accountants, lawyers, bankers 
and other members in 34 coun- 
tries. 

Roger Lawson (above left) took 
over yesterday as president of 
the Institute of Chartered 
Accountants in England and 
Wales. He was the first presi- 
dent to be elected in a con- 
tested vote under new rules 
introduced three years ago. 

Lawson, 4S, who is a director 
of 3i, will serve for a year in 
office. 

The new deputy president is 
Keith Woodley. 53. a practitio- 
ner based in Bath. Brian Cur- 
rie, a retired partner from 
Arthur Andersen, becomes 
vice president 


Bodies politic 

John Spiers, chairman of 
Brighton Health Care NHS 
trust, has bvett appointed to 
the prime minister's Citizen’s 
Charter Advisory Panel. Since 
1970 he has founded and devel- 
oped a number of publishing 
firms, one of which received 
the Queen's Award for Export 
Achievement In 1SS6. 

He replaces Sir Christopher 
Bland, former chairman of 
London Weekend Television, a 
member of the advisory panel 
since it was created three 
years ago. 

Lady Wilcox, the business- 
woman who chairs the 
National Consumer Council, 
has been reappointed Cor two 
more years tu the panel, which 
advises the government on the 
citizen's charter. Madsen Pirie, 
president of tbe Adam Smith 
Institute, has been reap- 
pointed for a further year. 
Christopher Swan, head of 
marketplace performance at 
British Airways, has also been 
reappointed, though only until 
the end of July. 

The panel is chaired by Sir 
James Blyth, chief executive 
and deputy chairman of Boots. 
Other members arc Angela 
Hoylin. chief executive of 
Charles Barker, Baroness 
Perry, president-elect of Lucy 
Cavendish College. Cambridge, 
and Nick Rawlings, director of 
PA Consulting Services. (See 
Observer* 

■ The Accounting Standards 
Board yesterday announced 
the names of three new mem- 
bers and said it would be 
adding an extra person to 
bring the total up to ten. 

Huw Jones, a director of Pru- 
dential Portfolio Managers, 
Ken Wild, a partner with 
accountants Touche Ross, and 
Geoffrey Whittington, profes- 
sor of accounting at Cambridge 
University, will join the board 
from August. 

In addition, the board is 
seeking an additional member 
from a multinational company, 
in a move that will tip the bal- 
ance more towards preparers 
of accounts. 


■ David Hardisty, md of Close 
Asset Finance, has been 
appointed chairman of the 
FINANCE & LEASING 
ASSOCIATION. 

■ Walter Hagbin. chairman of 
Taylor Woodrow International, 
has been appointed president 
of the EUROPEAN 
INTERNATIONAL 
CONTRACTORS 
FEDERATION. 


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FINANCIAL. TIMES THURSDAY JUNE 9 1994 


Cinema/Nigel Andrews 


Controlled spleen 


W atching Krzysztof 
Kieslowski's Three Col- 
ours WMfe.' I kept 
thinking of the title of 
that book by Ayn Rand: Atlas 
Shrugged. For years this Polish 
film-maker has bom the hopes of 
European comma on his lane shoul- 
ders, each Him more of a grand 
tragicomic shrug than the last He 
now tells ns - biggest shrug of all - 
that he is retiring from moviemak- 
ing altogether. Is European dm pre- 
pared for free fell? 

Perhaps the slgns are already 
here in White, like Blue- before it 
and Bed to crane, the film is a strip 
tom from the French triconlenr 
flag. This time the theme embroi- 
dered is u tgdme'. 

Tte dumpy hairdresser from War- 
saw, Karol (Zbiegniew Zazna* 
chowskO. so loves the French girl 
he married six. months before that 
he keeps ftashhariri n g to that orgas- 
mic flutter of wedding veil and 
white dress in a Paris church. Alas! 
That was the couple's only consum- 
mation to date. Unmanned by that 
well-known disease “emigrant 
stress” - the inability to function, in 
another country - Karol sits by, 
ipipntpmt in all senses, as pretty, 
spiteful Dominique (Julie Delpy) 
first obtains a divorce and then 
bums down their hairdressing shop. 

Kieslowski and regular co-writer 
Krzysztof Piesiewicz shape what fol- 
lows as a Mud of berserk httle-man- 
makes-good tale. Karol returns to 
Poland to rebuild his life and for- 
tune - in shady real estate deals - 
after first faking. death and assum- 
ing a new identity. Once rehabili- 
tated, can be lure Dominique back 
to his arms? 

My own arms were tugged near to 
dislocation by opposing demons. 
The nice demon said: This is a sour, 
clever, funny satire on the new cap- 
italist spirit in Eastern Europe, a 
place where everything can be 
bought, from fake passports to dead 
bodies. The nasty demon, pulling 


THREE COLOURS WHITE 
(15) 

Krzysztof Kieslowski 


SERIAL MOM < 1 8) 

Jobn Waters 


THE CROW (18) 

Alex Proyas 


LONDON (U) 

Patrick Keffler 


IN CUSTODY (U) 

Ismael Merchant 


my otter arm, This film is 
intellectually and dramatically 
slight, at least by the high stan- 
dards Mr K himself has set 

1 must agree with both demons. 
White is a master-class in controlled 
spleen and social-psychological 
irony compared with most mo dem 
European films. But Kieslowski has 
set our hopes of hurt too high. The 
trilogy's first film Blue bad a pas- 
sion of sound, texture and imag e 
that bordered on the miraculous. 
Surrounded by an Expressionist 
force field, the film's protagonist 
(Juliette Binoche, who makes a 
fleeting guest appearance in White) 
seemed gripped by anxieties we all 
recognised even when ter beauti- 
fully gnomic face seemed to say 

nothing 

White changes mood, changes 
structure — more linear-anecdotal — 
and most crucially changes camera- 
man. Edward Klosfnski is not a col- 
our-filter freak like Sfawamir Idziak 
(Blue, Red, The Double Life Of 
Veronique). The near-monochrome 
wash of his images suits the sly, 
downbeat comedy of White. But 
that downbeat comedy, shorn of sty- 
listic flourishes, does not suit a fea- 
ture film White would have made a 


good short story in the Decalogue 
series. Even its ending, where 
“equality" between the sexes is 
delivered with a clinching sour- 
sweet irony, seems more suited to 
the punchline technique of short 
story closures than to the sense of 
echoing questions with which a fea- 
ture film - above all, a Kieslowski 
feature film - should leave us. 

* 

Serial Mom is the latest American 
movie about the corruption lying 
beneath the smiling face of subur- 
bia. How the nation's film-makers 
are obsessed with this! If yoa laid 
Mom's write-director John Waters 
(Mondo Trasho, Female Troubles, 
Hairspray ) end to end with David 
Lynch, Penelope Spheeris, Joe 
Dante and the rest of the Imrb- 
bashers. you could walk over them 
an the way from Baltimore, Atom's 
setting and Waters’ home town, to 
that greatest of all jumped-up sub- 
urbs, Hollywood. 

Kathleen Turner flexes a mean 
pair of dimples as Beverly Sutphan. 
ho use wife- super killer. She runs 
over a teacher. She skewers her 
daughter's Jilting boyfriend (look 
away when his palpitating liver 
emerges on the rad of her weapon). 
And raiding the fridge, she brings a 
lamh to the slaughter of a woman 
neighbour who refuses to rewind 
her videos. 

But the main murder victim is 
the film, done in by its own vacilla- 
tions between dainty spoofery and 
bad-taste excess. The killing sprees 
belong to a different movie from the 
Ideal Home satire ruling elsewhere. 
in this heroine's house the furni- 
ture. wallpaper and dialogue are all 
in matching tones anil Hib reaction- 
ary family-values pieties are also 
wittily in place. Best of aQ is the 
jet-unsuspected Beverly's show of 
chagrin over Our Lord's refusal to 
commit hhnaeif about capital pun- 
ishment, even on the cross. *Tf ever 
there was a time to go on record 
about the death penalty . . ” 


ARTS 



Say what you like about The 
Crow, it has a consistent style: MTV 
Gothic. Pour in that chiaroscuro; 
jump around with that camera; 
growl out that music, not so much 
heavy metal, more scrapyard noises 
from belL 

But an irony sits, like the title 
bird, at the centre of this tale of a 
rock star hank from the grave to 
avenge his own murder. On screen 
Brandon Lee’s chalk-faced hero 
spends scene after scene bouncing 
back after being hit by real bullets. 
Off screen the star, son of the also 
prematurely-departed Bruce, died 
from what should have been a fake 


bullet; but the gun had a fragment 
of metal still lodged In its barrel. 
Lee was rushed to hospital; and 
soon after that, be was being 
rusted into hoped-for legend. 

The ffhn will make no one immor- 
tal. Set in a nameless inner city on 
Halloween night, it looks like Deli- 
catessen crossed with The Munsters. 
Events veer between the banal and 
the incomprehensible. And with 
Lee’s role padded out with stunt 
double shots and hide-and-seek 
shadow play, Michael Wincott's 
gravel-voiced smoothie of a villain 
walks into the clear patches of light 
and steals the film. 


I wish someone had stolen Patrick 
Keiller's London. This feature- 
length essay on the city is diffi- 
dently tweaked towards fiction by a 
narrator's overvoice. While the 
static images click past like a lan- 
tern slide lecture - the famous 
buildings, rotting f a ct ories , glinting 
riverways - Paul Scofield’s name- 
less T describes a series of explor- 
atory walks taken with gay friend 
and omniscient London expert 
“Robinson.” 

The script has an appealing stock 
of comic ironies and literary allu- 
sions: Rimbaud, Baudelaire, Defoe. 
But they are regularly rolled over 


by the film’s political agenda, cater- 
pillar-treading through racism, 
Thatcherism, homelessness and all 
the other too familiarly crushable 
targets of Nineties enlightenment. 

In Custody is better, but oiily just 
The directing debut of producer 
Ismael Merchant, its tale of an age- 
ing Urdu poet (Shashi Kapoor) deal- 
ing with life. age. wives and - worst 
of all - interviewers has some of 
the lapidary grace of confrere 
James Ivory. I only wish it had 
some pace too. Like so many post- 
Satyajit Ray Indian films it suffers 
from that ruthless syndrome: sub- 
continental drift 



■ GENOA 

Teafcro Carlo Felice Leoncavallo’s 
operetta La reglnetta deDe rose 
opens on Toes, conducted by 
Gianandrea Gavazzeni and staged 
by FHippo Crivefli, with cast headed 
by Denla Gavazzeni Mazzoia and 
Luca Canon ici. Repeated June 16, 
19, 21, 22, 25, 26, 28 (010-589329) 


'^■pfiENS; •• 

Megafon Tonight, Sat. Michel 
Rareon conducts Orchestra du 
Oapftotetie Touiouse in works by 
Bejificfcand Bizet Sun: concert 
performance qt Lee Troyans, with 
CaBt kicAjdtng HiWegard Behrens, 
laeteteVem^ and Chris Merritt 
NekfcWacfcAthws State Orchestra 
plays Barber, Grieg and Wolf 
p&72&2332m -722 5511) 


MAQGK>?MUStCALE 
f'tex^aicfeiiconducts a free 
: tonignt at Basilica 

^^Crocia^Sforffa TomaBsi, winner 

’ ofjha-.1992-Si iJ n ste ln Piano 
Op mpkltlon , t givas a recital 

fra Teatro Communate. 


music by Marcello 
Raflftfand.do Kondo, opens on Mon 
eh Tasto della Pergola with cast 
tested by-Ounfa Vejzovfc end EUse 
Boss. 1 A Mag^oDanza triple bin, 
.featuring choreographies by Paco 
Dedna. Payi Tsyfor and Anthony 
Tudor, opens next Wed In the Teatro 


■ LONDON 

THEATRE 

• The Queen and I: Max 
Stafford-Clark’s new company, Out 
of Joint gives the premiere of Sue 
Townsend's stage version of her 
bestsefllng novel, which places the 
Royal FamHy on a housing estate. 
Pam Fanis plays the Queen. Now 
in previews, (mans on Sat (Royal 
Court 071-730 1745) 

• Sweet Bird of Youth: Richard 
£yre*s new production of Tennessee 
WHliams’1959 drama about a 
Hollywood drifter who returns to 
his hometown to encounter the 
vengeful father of a girt he (Nice 
seduced. Cast includes Clare 
Higgins and Richard Pasco. 

Previews begin tomorrow In the 
Lyttelton, opens next Thurs (National 
071-928 2252) 

• ■ Hamlet: Tim Pigott-Smlth directs 
New Shakespeare Company’s 
production in Regent’s Park, with 
the youthful Damian Lewis In the 
title rote- Previews from Mon, opens 
next Wed, and continuing in 
repertory with A Midsummer Night’s 
Dream directed by Deborah Paige 
(Open Air 071-488 2431) 

• Perictes: Douglas Hodge stars 


■ . ; • ,._v_ 

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r,TvM ft. ft* 1 ^ 


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Torvill and Dean in Xef s Face the Mnsic and Dance’ 


Communate. The festival runs tifl 
July 1 (055-277 9236) 


Face the music and skate 


Dance/Clement Crisp 

The Washington Ballet 


W hen Torvill and Dean 
are competing, as 
everybody knows, 
their artistry tran- 
scends competition. When they are 
giving professional performances, 
however, you realise that competi- 
tion is what they most need. For it 
is competition, ironically, that 
brings out their best artistry. 

Some half-dozen of the duets they 
have created for competition are 
classics - potently expressive 
images of male-femal e partnership 
on a level rare in any art, and 
unique in their genre. And they 
themselves are a rare partnership. 
What a curious partnership, though 
- for they are only int e r e stin g when 
together. Astaire and Rogers, Fon- 
teyn and Nureyev, Sibley and Dow- 
ell were all supreme soloists too, 
who could sustain major careers 
apart from each otter. Not so Tor- 
vill and Dean - who, apart from 
each other even far a minute or 
two. are unremarkable either as 
personalities or as ice dancers. 
Their new world tour gives them 
very little solo exposure, but just 
enough - in a Beatles anthology. 
Paperback Sixties - to prove this. 

And they are not an invariably 
thrilling partnership; the duet that 
finally brings them together at the 
climax of this Beatles collection is 
fairly blah. You cannot even say (as 
Katherine Hepburn said of Astaire 
and Rogers) that she gives him sex 
while he gives her class. 

The Midas touch that sometimes 
turns these two pleasant but unin- 
spiring individuals into a joint icon 
of the sublime Is the tight specifica- 
tions of competitive ice dancing: 
never more than a yard apart from 
each other; no flamboyantly high 


lifts; a steady supply of virtuosity 
amid a non-stop flowing legato jour- 
ney around the ice . . . It is now 
more than 12 years since Torvill 
and Dean first took those challeng- 
ing limitations and turned them 
into a transporting image of the 
inseparability of man and woman. 

If there is just one thing that sets 
them apart from other ice partner- 
ships, it is musicality. (Why is this 
so rare on ice?) As the climax of 
another big ensemble piece to 
music from Orff's Carmxna Burana, 
they dance a duet “In Trutma." Not 

Can Torvill and 
Dean go beyond 
the competition 
stakes? asks 

A last air Macaulay 


on their best level throughout hut 
with some long and hearts topping 
phrases wedded to the flow and 
peaks of phrases in the music. At 
one peak. Dean holds her high, and 
her gesture into the air above 
exactly hits its climax with the 
music, and then, while the same 
phrase continues. Dean lowers her 
and holds her, immobile and hori- 
zontal. like a steel bar across his 
chest; and the phrase contains other 
marvels too. 

The choreography is credited to 
TorviLL Dean, and Andris Toppe. 
Nineteen other skaters are 
involved, in solos, duets and larger 
ensembles. The mood keeps chang- 
ing from comedy to virtuosity to 
lyricism; a Strictly Skating medley 


makes some OK jokes about the 
usual tackiness of ballroom forms 
on ice in very Strictly Ballroom 
vein; and the evening's programme 
is a passable mix of showbiz and 
acrobatics. The naffest excess of ice 
dance are avoided; but its rare 
potential for poetry is only present 
in the T & D duets. 

But there are too many jokes 
about competition marks, too many 
references to competition triumphs. 
Years ago, John Curry swept 
straight out of competition format 
to prove himself a major lyricist on 
ice, and built up a company of like- 
minded skaters. Can Torvill and 
Dean go beyond their competition 
successes? The pattern of their 
career - and the fact that all their 
best numbers have been made for 
competition - suggests not 

This programme begins with the 
Bolen, includes History of Love and 
a medley of Bamum . the Paso 
Doble, and Mack and Mabel, and 
ends with Let's Face the Music and 
Dance. 

Musicality apart, Torvill and 
Dean are an outstanding choreo- 
graphic example of male-female 
cooperation. Whether in the sweep- 
ing tragic glory of Bolero or the 
chugging robust vivacity of Mack 
and Mabel, you can see how often 
Torvill propels Dean as well as vice 
versa. Often they become intricately 
interdependent. In one phrase of 
Bolero she arches back over his 
body, facing up to the ceiling, and 
yet it is her feet, lightly running on 
point, that are propelling them 
both. Breathtaking, no matter how 
often you see it. and seriously 
moving. 


At Wembley Arena until June 22 


E nter, blowing its own trum- 
pet rather too loudly - 
“twenty-two beautifully 
trained dancers; one of the 
most exciting and imaginative rep- 
ertories of any ballet company per- 
forming today” - the Washington 
Ballet What I saw at its London 
debut on Tuesday night was a small 
ensemble, whose women have a 
decent academic style, trapped in 
ballets which leave no clicte unex- 
plored and are an invitation to 
immediate flight from the theatre. 

The evening began with a new 
work by Graham Lustig. the 
troupe's resident choreographer. 
Hearts of Light is set to Tippett’s 
Corelli fantasy, music which I find 
daustrophobically busy, as if one 
were trapped in a small room with 
an over-vivacious companion. Lus- 
tig, always sensitive to his scores, 
has produced dances of a kind gen- 
erally called “lyrical" - the girls 
wear drifting skirts - and has 
sought to match every convolution 
of the music. The result is carefully 
crafted but relentlessly active, and 
nothing is helped by imprisoning 
the dance in a black surround. Six 
girls dash and drift Three men are 
in attendance, lifting and being ear- 
nest like well-mannered furniture 
removers. It lasts forever. 

Things thereafter rushed into 
Gadarene decline. There was no 
point because no illustrative vital- 
ity, in Christopher Doyle’s Ne me 
quitte pas, where Doyle, in shirt and 
trousers, gloomed after Francoise 
Thouveny in a little black dress, 
while a tiresome song by Jacques 
Brel took its course. It was followed 
by Quartet No.2 in which Nils 


Chris te nailed some angst on to 
Shostakovich’s second string quar- 
tet This is music too serious to be 
maltreated as a guide to despair 
from Mittel-Europa. Chris te is a fol- 
lower of Jiri Kylian, and the piece is 
another of those “Bad news from 
the Old Country” exercises in which 
giris in dull dresses have hell with 
their men friends. At the end, the 
four members of the cast, having 
suffered all over the stage, stand in 
a blaze of light as if awaiting a 
firing-squad. The marksmen would 
do better to draw a bead on Christe. 

Last and by every means least. In 
the Glow of the Night by Choo San 
Goh. I have reported over the years 
on Choo’s creations, which never 
struck me as being choreography. 
Lake the ten dollar Patek Philippe 
watches you find in the Orient they 
bear a slight resemblance to the 
real thing, but they don’t work. 
Choo was for some years the cre- 
ative force for the Washington Bal- 
let - which explains a thing or two 
- and In the Glow of the Night is 
dreadful on all counts. Three move- 
ments from Martinu's first sym- 
phony. pink and blue leotards, 
pointless activity, are the ingredi- 
ents. The lighting changes on an 
amorphous backdrop, but nothing 
changes in the trumpery steppings 
and emotings that occupy the cast 
rodomontade and witless posturings 
are their lot. Worse, the dance 
makes its performers look inept: 
seven men slog through academic 
steps; the women seem prissy. It is 
no advertisement for the company's 
hopes or attainments. 


Sadler’s Wells until June 14 


in the National’s new production 
of Shakespeare's magical epic 
directed by Phyfltda Lloyd. In 
repertory at the Ofivter with Alan 
Bennett’s acclaimed stage 
adaptation of Kenneth Grahame's 
novel The Wind in the Willows 
(National 071-928 2252) 

• King tear. Robert Stephens 
plays Lear In a transfer from 
Stratford of Adrian Noble’s 1993 
RSC production (Barbican 071-638 
6891) 

• Dead Funny: Terry Johnson’s 
new comedy of sexual impotence 
has nudity, swearing, tension and 
bite. With Zoe Wanamaker and 
David Haig (Vaudeville 071-836 
9987) 

OPERA/DANCE 

Covent Garden The Royal Opera 
has a final performance of Mos6 
in Egitto on Sat and a new 
production of Aida opening next 
Thurs with a cast headed by Cheryl 
Studer and Dennis O'Neffl. The 
Royal Ballet has Anthony Dowell's 
staging of the Baryshnikov 
production of Don Quixote, starring 
Sylvie Guiltem/Viviana Duarte (IB 
Jisie 25). Ashtey Page’s new ballet 
Fearful Symmetries, set to musk: 
by John Adams, receives its world 
premiere on June 18 as part of a 
mixed bill (071-240 1066) 

CoEseum ENO's new production 
of Jen ufa, conducted by Sian 
Edwards rad staged by Lucy Bailey, 
opened last night with cast headed 
by Susan Buflock, Josephine 
Barstow and Kim Begley. Repertory 
also includes Cosi fan tutte past 
performance tonight) and Peter 
Grimes, Labobeme is revived on 
June 18 and the season runs till 
July 2 (071-836 3161) 


Sadler's WeHs Washington Ballet 
Is in residence till Sat with works 
by Nils Christe, Monica Levy and 
Coo-San Goh (071-278 8916) 

CONCERTS 

South Bank Centre Tonight, Sat 
John Blot Gardiner conducts 
semi-staged performances of Don 
Giovanni, with cast including Rodney 
Gilfry, Luba Orgonasova and ELrlan 
James. Tomorrow: Rafael FrOhbeck 
de Burgos conducts Ptilih armor la 
Orchestra In works by Glinka. 
Tchaikovsky and Rimsky- Korsakov, 
with piano soloist Horacio Gutierrez. 
Sun: Orffs Carmina Burana. Wed: 
Young Musicians Symphony 
Orchestra and Chorus in works by 
Walton and Holst June 17: Mauririo 
Foffini (071-928 8800) 

Barbican Tonight Kent Nagano 
conducts LSO in works by James 
His, Mozart and Stravinsky, with 
soloists Viktoria Midlova and Yuri 
BashmeL Tomorrow: Yuri 
Temirkanov conducts RPO in 
Strauss, Mozart and Rakhmaninov, 
with violin soloist Zno Vinnikov. 

Sun: Nagano comfocts LSO in 
Ravel, Berlioz rad Stravinsky, with 
virta soloist Yuri Bash met Tues: 
Howard Shelley rad Michael Roll 
open a cycle of Beethoven piano 
concertos with London Mozart 
Players. Wed: Icelandic Choir in 
Bach's B miner Mass. June 17: 
Felicity Lott and Ann Murray 
(071-638 8891) 


■ MADRID 

Auffitorio Naciona! de Musics The 
Spanish National Orchestra’s season 
ends tomorrow. Sat and Sun with 
Beethoven's Ninth Symphony 


conducted by Aldo Ceccato (01-337 
0100 ) 

Teatro Lirico La Zarzuela The next 
production rs Wozzeck, opening 
on June 20 in a production featuring 
An(a SHja and Graham Clark (01-429 
8225) 


■ MILAN 

Teatro alia Scata Tonight Sat, next 
Mon, Wed, Fri: Riccardo Mutl 
conducts Gilbert Deflo's production 
of Rigoletto, with casts including 
Leo Nucd, Roberto Alagna rad Ruth 
Ann Swenson. Tomorrow: Giuseppe 
Sinopoli conducts final performance 
of Luca Ronconi's production of 
Bektra. Sun: Orchestra Fitermonica 
della Scala. Tues: Mutl conducts 
first of three concerts in a Varese 
Festival. The other concerts, on 
June 21 and 23, are conducted by 
Riccardo Chailly and Pierre Boulez 
(02-7200 3744) 


■ SPOLETO 

This year's festival runs from June 
22 to July 10. Highlights include 
a staging of Wozzeck by 
avant-garde German producer 
Gunter Kramer and a Poulenc 
double-bin pairing his surreal opera 
Les mameiies de Tirteias with a 
reconstruction of Nijinska's original 
choreography of Les Biches. The 
dance programme is heeded by 
Martha Graham Dance Company 
and Roland Petit's Ballet National 
de Marseille. The drama programme 
includes the St Petersburg Maly 
Theatre production of 
Claustrophobia and an 
ItaliarManguage staging of Arthur 
Miller’s The Last Yankee (Tickets 
can be bought at Teatro Olimpico 


in Rome 06-323 4890 or Teatro 
Nuovo in Spoleto 0743-40265) 


■ TURIN 

Teatro Regio La Cenererrtoia opens 
on Tues in a production conducted 
by Bruno Cam panel la and staged 
by Roberto Di Simone, with a cast 
headed by Jennifer Larmore/ 
Susanna Mantzer, Rockwell Blake 
and Michele Pertusi. Repeated June 
16. 18. 19. 21, 23, 25, 26, 28, 30 
(011-881 5214) 


■ VENICE 

Teatro La Fen ice Tonight Michael 
Boder conducts first night of a 
dodW e-bill pairing Busoni's Turandot 
with Stravinsky's Persephone. The 
staging is by Fabrizio Clerici and 
Enrico D’Assla. and the cast 
includes Sabine Hass. Paul 
Frey and Fanny Ardant 
Repeated June 11, 13, 15. 17, 19 
(041-521 0161) 


■ VERONA 

Arena The season runs from Jiiy 
8 to September 3, and includes 
performances of Norma, OteUo, La 
boheme, Aida and Nabucco. Placido 
Domingo will sing foe title role in 
OteUo on August 5 and in a special 
gala on August 9 (Booking by letter 
Ente Lirico Arena di Verona. Piazza 
Bra 28. 37100 Verona. Booking by 
telephone or in person: Servizio 
Blglletteria, Via Dietro Anfiteatro 
6/B. Tel 045-596517 Fax 045-801 
3287) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 


• 







FINANCIAL TIMES THURSDAY JUNE 9 1*994 


14 


In the long run, 
Keynes is still dead 



BOOK 

REVIEW 


Unlike a starry- 
eyed reviewer 
for The Econo- 
mist. I feel no 
urge to nomi- 
nate Paul 
Krugman for a 
Nobel prize. 

TCni gmfln ^ a 

rare gift for conveying complex 
ideas in simple, entertaining 
prose. But Us central argu- 
ment - that a revived version 
of Keynesian theory has super- 
seded conservative economics 
- is too wrongheaded to 
deserve support 
The best parts of the book 
deal with new the ories. The 
chapter on “QWERTY” eco- 
nomics is vintage Kingman. 
The top line of keys on a type- 
writer, he notes, reads QWER- 
TYUIOP. This choice is not 
particularly easy on the fin- 
gers. It just happened to be 
chosen by the first makers of 
typewriters. But since typists 
learned their trade on 
QWERTY machines, future 
manufacturers had to cater to 
their needs. As a result an inef- 
ficient keyboard design quickly 
became “locked in”. 

Krugman believes the struc- 
ture of modem economies is 
heavily influenced by such 
accidents of history; just as a 
wise bureaucrat could, in prin- 
ciple, have stipulated a more 
efficient keyboard so, today, 
judicious industrial interven- 
tion could improve on unfet- 
tered market outcomes. 

He also recounts the sup- 
posed death blow to conserva- 
tive macroeconomics dealt by 
George Akerlof, a Berkeley 
economist Akerlof pointed out 
that most economists assume 
people are totally rational But 
in the real world it is irrational 
to be perfectly rational because 
you would spend forever col- 
lecting the information needed 
for an efficient decision. Most 
people are thus slightly irratio- 
nal. But the collective results 
of slight irrationality can be 
devastating. For example 
slight deviations from rational- 
ity might lead workers to 
refuse even small wage cuts. 
But if everybody refuses to 
adjust, the result is high unem- 
ployment and widespread eco- 
nomic dislocation - so mething 
nobody wanted. 

The root argument here is 
that the cumulative result of 
individually sensible decisions 
can be serious inefficiencies 


PEDDLING 

PROSPERITY 

By Paid K i ngman 

W W Norton. $22, 303 pages 

and, occasionally, disasters 
such as the Great Depression. 

To tCr ngman and friends, SUCh 

reasoning provides a powerful 
theoretical justification for 
government intervention - 
both to prevent or ameliorate 
recessions and to improve 
industrial structure. 

While admiring Krugman’s 
style of argument, I find the 
book neither consistent nor, 
ultimately, convincing. Just 
consider the plot. Krugman 
spends the best part of a 
decade poking holes in the 
classical theory of free trade, 
gaining in the process a repu- 
tation as one of leading “new 
Keynesians”. The general 
tenor of his work inspires 
future policy makers such as 
Laura D 'Andrea Tyson, the 
White House chief economist, 
and Robert Reich, the labor 
secretary. Once in power they 
try to Implement more inter- 
ventionist policies. Now Krug- 
man pulls away the rug, 
declaring that he always 
believed that free trade, in 
practice, was the right 
approach: Clinton officials 
have just failed to grasp the 
subtleties of his argument. 
Isn't this a bit rich? 

There is an ugly twist to the 
story. Kr ugman is not content 
to attack the arguments of 
“policy entrepreneurs" - his 
pejorative term for Reich and 
other supposedly shallow 
thinkers. Hie is an unabashed 
“credentlalist” - a snooty pro- 
fessor who believes that only 
people with the right paper 
qualifications deserve to be 
taken seriously. He pulls aca- 
demic rank on Reich, telling 
readers that, he has no formal 
training in economics and was 
only a lecturer at Harvard. 
Krugman, of course, is a full 
professor at MIT. 

In a similar vein, he attacks 
Robert Bartley, editor of the 
Wall Street Journal, and a ped- 
dler of a different kind of pros- 
perity in the early 1980s. 
Instead of confining himself to 
an economic critique of Bar- 
tley’s tax-cutting philosophy, 
he relates how Bartley “began 
work as a reporter at the age of 
22”. How absurd. In other 


words, -to pay him any atten- 
tion; he does not even have a 
graduate degree. 

More important, Krugman 
exaggerates the significance of 
the revival of Keynesian theo- 
ries. We have already seen that 
he violently opposes any 
attempt to draw practical pol- 
icy conclusions from QWERTY 
economics - perhaps because 
he knows that “government 
failure” is usually a more seri- 
ous problem “market fail- 
ure” The only moral he draws 
from the new Keynesian mac- 
roeconomics of Akerlof and 
others is that central banks 
must lower interest rates dur- 
ing recessions. Big news. 
Would Alan Greenspan, the 
Federal Reserve chan-irian, 
a lifelong conservative, dis- 


1 would hate readers to gain 
Hin impression ♦'-hat, gw intellec- 
tual revolution has occurred in 
which Krugman and friends 
have vanquished the argu- 
ments of conser vatives such as 
Milton Friedman. It just is not 
true. iwdpod l the striking thing 
is how much conservative eco- 
nomics Krugman now accepts. 

In 1968 Friedman argued that 
there was no long-run trade off 
between infla tion and unem- 
ployment. Attempts to main- 
tain unemployment below a 
“natural rate" would simply 
lead to accelerating inflation. 
The argument was rejected by 
most academics, including 
Krugman's mentors - the lead- 
ing Keynesians at Harvard and 
MTT. The economic misery of 
the 1970s was largely caused by 
policy makers' vain attempts 
to refute Friedman’s logic. 

Now Krugman, the new 
Keynesian, describes Fried- 
man’s argument as “one of the 
decisive intellectual achieve- 
ments of postwar economics”. 
He also accepts that inflati on 
is essentially a monetary phe- 
nomenon, that fiscal fineiun- 
ing does not work, that high 
taxes destroy incentives, that 
government regulations under- 
mine business, and that trade 
should not be managed. 

How peculiar then that he 
should write so contemptu- 
ously of the “moral and intel- 
lectual decline of conservative 
economics". If this is decline, 
perhaps we should have more 
of it 


Michael Prowse 


B ritain Hri< c nmmw jj 

suffering from a sur- 
feit of anniversaries. 
• One of the grandest is 
the 300th anniversary of the 
Bank of England. Central 
bankers have always been lav- 
ish in mutual appreciation, 

ISO other central bank gover- 
nors are in London for the 
occasion. They have been 
entertained at Buckingham 
Palace and attended a closed 
concert at the Barbican, where 
they heard Walton's Belshaz- 
zar’s Feast : a feast which was 
interrupted by the appearance 
on the wall of the mysterious 
words “Mene, Mene, Tekel” 
and “Parsin” which foretold 
the destruction of Babylon. 
They pay for it all today by 
participating in an academic 
conference on central hanking. 

The Bank of England is not 
quite the oldest central bank. 
The Sverige Riksbank was 
founded 26 years earlier in 
1668. The Bank of England was 
the government's bank from 
the beginning, as it was estab- 
lished to raise £L2m for Wil- 
liam of Orange, whose main 
interest in the Rn giigh thro ne 
was in the funds it could pro- 
vide for his native country's 
war against France. 

What gives central banks 
their unique function is their 
monopoly of the note issue and 
their role of lender of last 
resort to the commercial 
banks. The Bank of En gland 
was not a real central bank in 
its earlier years. It did not 
acquire a lull monopoly of the 
note issue until Robert Feel’s 
Bank Charter Act of 1844. and 
did not take on full lander of 
least resort obligations until 
the Overend, Gurney crash in 
the late 1860s. 

The most famous governor 
the Bank has ever had was 
Montagu Norman, who both 
reigned and ruled from 1920 to 
1944. Norman became a bate 
noire in political circles, as he 
was blamed for forcing Win- 
ston Churchill to return to 
gold in 1925 at the 1914 parity, 
and for resistance to Keynes's 
anti-Depression policies. 

There was no way the Rank 
could have avoided postwar 
nationalisation. But the Rank 
wasted a golden opportunity in 
tile prp- natinnaHgatinn dlSCUS- 
slans, when it had a chance to 
seek clearly defined responsi- 
bilities, but confined its atten- 
tion to the narrow question of 
statutory powers over other 
banks. As early as 1945, the 
governor of the Rank of Can- 
ada, Graham Towers, wrote to 
Lord Keynes: “The half-way 
arrangement under which the 
central bank is neither a 
department of government 
pure and simple, nor directly 


Quite simply the Royal Oak. 


m 

illlDEMARS PlGUFT 

The master watchmaker. 


For inlbrnmkm and canJoRue, pleas*: virile u* 
A>xknnn> Plfimrt & Cn? S A . I3-IH U- Drassuo, Sn-tnofriand. 
1H. 41 21 8*5 49 31 Fas -II 21 «U5 *2 U 



Economic Viewpoint 

The zenith of the 
central banks 

By Samuel Brittan 



Sir John Honhlon (left), the Bank's first governor in 1694, and Montagu Norman, the most famous 


responsible to the public for its 
actions, may contain the worst 
elements of both worlds.” 

There was then a long post- 
war period when fiscal and 
even incomes policy had prece- 
dence over monetary policy. 
Even when the latter came 
bads: into favour, central bank- 
ers were hamstrung by official 
insistence that they stick to 
monetary rules by which they 
were unconvinced. 

Central bankers are now, 
however, at a peak of prestige, 
having benefited from the 
widespread loss of forth in gov- 
ernments. The last word in 
mainstream economic wisdom 
is that it Is credibility, rather 
than targets, that matter; and 
this is brat achieved by leaving 
central hanks independent of 
government control to achieve 
price stability by methods of 
their own choice. But, like Bel- 
shazzar, they will be hard 
pressed to sustain their present 
eminence. Although, they have 
gained in relation to govern- 
ments, they have lost in rela- 
tion to markets. 

How do central banks intend 
to carry out their monetary 
responsibilities? Michael 
Prowse explained in the Finan- 
cial Times an Monday that the 


Fed operates according to two 
unpublished rules: it will raise 
short-term interest rates if real 
economic growth appears 
likely to exceed the annual 2% 
to 3 per cent it regards as sus- 
tainable; and it will also raise 
them if inflation shows any 
sign of rising above the current 
level erf just under 3 per cent 
Mervyn King of the Bank of 
England has explained explic- 
itly that the Bank's policy is 
based on a projection of where 

Central bankers 
seem grave-faced, 
concerned with so # 
much more than * 
interest rates 

the inflation rate will be in two 
years. Meanwhile, the Bundes- 
bank sticks to targets for a 
wide measure of money, but is 
prepared to override them. 

These guidelines may be bet- 
ter than the political instincts 
of governments; but can we be 
at all confident that they win 
stabilise either the financial 
system or the economy? 
Indeed, central banks seem 
more mid more to follow the 


lead given by bond markets 
rather than take the initiative. 

Indeed, some analysts are 
suggesting that the whole 
development of central bank- 
ing has been a mistake. There 
was always a free banking 
school that queried the central 
h ank monopoly of the note 
issue. This has been joined in 
mod e m times by advocates of 
currency competition, not only 
between national currencies, 
but between private enterprise 
ones as well. “Why should 
banking be treated differently 
from any other industry?” has 
been theory. 

Until recently I had been put 
off the free banking movement 
because its members had no 
reply to two questions: 

• What prevents the competi- 
tive supply of money today, 
given that the official restric- 
tions apply only to notes and 
coin, and that the overwhelm- 
ing part of the money supply 
consists of deposits and finan- 
cial liabilities of various kinds? 

• How can the unregulated 
banks, say of Scotland in the 
early 19th century whose expe- 
rience is so frequently cited, 
really have been competitive 
suppliers of money when their 
notes were convertible into 


gold and silver, which were 
then seen as true currency? 

I have, however, at last dis- 
covered an economist, David 
Glasner*. who feces these ques- 
tions head on, without a trace 
of the crankiness which often 
affects writers of this schooL 
The author's answer to the 
first question is to accept that 
financial markets can and do 
create many different kinds of 
money, even though that 
money is denominated in 
terms of the coin of the realm. 
He cites the development of 
the Euro-currency markets as 
an outstanding example. His 
argument with the central 
banks is that these develop- 
mftwts should be accepted, not 
fought Canute-like. 

But in contrast to many free 
bankers, he accepts that there 
must be a stable uon-lnflatfon- 
ary form of base currency into 
which reputable bankers 
should be prepared ultimately 
to convert their deposits. He 
proposes, following many turn- 
of-the-century economists such 
as Alfred Marshall and Irving 
Fisher, an adjusted Gold Stan- 
dard whereby government cur- 
rency becomes once more con- 
vertible into gold, but at 
varying rates calculated to sta- 
bilise the general price level 

O bviously the idea 
needs more analy- 
sis. Meanwhile the 
heretics provide per- 
suasive critiques of the habit 
of monetary authorities of 
underwriting bank deposits, 
whether through credit insur- 
ance or bailing out individual 
banks like Continental Illinois, 
and extracting a quid pro quo 
in the shape of banking super- 
vision. It Is this combination 
which enables central bankers 
to go around as grave-faced 
financial overseers concerned 
with so much more than the 
mere interest rate decisions 
that engage their economists. 

A free banking perspective 
has the advantage of ending 
the artificial distinction 
between discussions about 
monetary policy conducted as 
in church and real world bank- 
ers’ concerns about where to 
extend operations and where to 
contract them. The heretical 
insight is that, given the right 
institutional structure, bank- 
ing can be treated like any 
other industry and the amount 
of deposit money and other 
finanriai liabilities left to ordi- 
nary competitive forces. If we 
rely too much on the central 
bankers' discretion, we will 
find that our emperors are 
without any dothes. 

"Free Banking and Monetary 
Reform, Cambridge, 1989 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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

R&D the victim of high dividend policies 


From DrJ B Muloey. 

Sir, Lord Hanson objects to 
Treasury financial secretary 
Stephen Dorrell's querying 
City practices, and in particu- 
lar defends the insistence on 
consistently high dividends in 
bad times as well as good 
(“Hanson angered by Dorrell 
query over ‘too high’ divi- 
dends”, June 4/5). But no one 
who has read the evidence 
presented to the House of Com- 
mons committee on trade and 
industry inquiry into the com- 
petitiveness of UK manufactur- 
ing industry can seriously 
doubt the City’s negative Influ- 
ence on the level of Industrial 


investment in the UK com- 
pared to that in our main com- 
petitor nations. 

The gfltet on management is 
rather to require internal rates 
of return two to three times 
higher than the nominal inter- 
est rate or unrealistically short 
pay-back periods, to avoid risk- 
ing the value of dividends. 

The City view that if UK 
industry Is not investing in 
R&D It must be because man- 
agement sees no opportunities 
must leave research directors 
gaping, and our foreign com- 
petitors laughing. 

A survey by KPMG Peat 
Marwick of nearly 700 com- 


pany directors revealed that 
the most difficult aspect of per- 
forming R&D was finding the 
money. Managing directors of 
companies listed on the Stock 
Exchange were almost at one 
(82 per cent) in saying the City 
does not understand R&D 
investment requirements. If 
nothing worse, there is a mani- 
fest breakdown of comprehen- 
sion at the critical interface 
between industry and the 
financial sector. Stephen Dor- 
rell should be thanked for 
h rin g in g these issues into the 
open. Here is where the coun- 
try should be looking to under- 
stand the failure to “realise the 


potential” of an outstanding 
tradition of research in science 
and technology. 

Yet last year’s white papei 
on science and technology in 
the cause of “wealth creation" 
(which only two out of 14 City 
analysts interviewed by KPMG 
knew about) ignores these 
problems, while introducing a 
more dirigiste approach to 
management of research that 
could threaten the vitality and 
originality of the science base. 
J H Mulvey, 
executive secretary , 

The Save British Science 


Box 241, Oxford, OX1 3QQ 


Statistics tell nothing 
about individual poor 


From Mr Paid Ashton. 

Sir. Following publication of 
the Institute for Fiscal Studies 
report on the distribution of 
incomes, you comment in your 
editorial (“More unequal than 
others”. June 3) that "the evi- 
dence that the poorest in soci- 
ety are not benefiting from the 
economic growth enjoyed by 
the majority is mounting”. 

However, what the BPS fig- 
ures show, very clearly, is just 
how misleading some statistics 
can be. 

It needs to be pointed out 
that the figures tell us nothing 
about how individuals fared 
over any of the time periods 
studied in the report 


Its data contained no infor- 
mation about how individuals, 
or households, who appeared 
in the “poor” category in one 
year progressed in subsequent 
years. A different group of peo- 
ple appeared in each of the 
years under investigation. 

This rather limits the useful- 
ness of the findings when it 
cranes to policy implications, 
especially when we note that 
the level of state benefits for 
the poorest has increased by 49 
per cent in real terms between 
1961 and 1991. 

Paul Ashton, 

37 Benbow Avenue, 

Eastbourne, 

W Sussex BN23 S EB 


OECD employment plan 
called into question 


From Mr Denis MacShane MP. 

Sir, You report that the 
OECD has revised its growth 
forecast for Germany for 1994 
upward from 0.8 per cent to L8 
per cent (“Retreat by bunds 
drags European prices lower”, 
June 8). These figures may 
appear trifling but they repre- 
sent huge sums of money. 
Instead of adding fl2bn to its 
gross domestic product - the 
OECD's original estimate - the 
Paris statisticians now say 
$2Sbn of extra wealth will be 
created in Germany. 

There are three important 
conclusions that can be drawn 
from this. First, what other 
economic organisation gets its 


forecast wrong by mon 
100 per cent? Second, 1 
this impressive Gi 
growth squared with 
plaints that Germany h 
highest social costs, h 
wages, and most po’ 
unions and works coun' 
the world? Third, shot 
take much notice of the 
plan for employment wl 
largely based on theor 
deregulation, lower wagi 
longer work hours whlct 
only increased povert; 
social division when app 
the UK and US in recent 
Denis MacShane, 

Souse of Commons, 
London SWLA QAA 


Commission’s aim on contracting out is clarification 


From Mr David Lea. 

Sir, In his article, “Govern- 
ment near victory on contract- 
ing-out reform" (May 31), 
David Goodhart seems to have 
swallowed a heavy dose of 
Department of Employment 
propaganda in arguing that the 
UK government is “near vic- 
tory” in securing the exclusion 
of contracting out from the EU 
Acquired Rights directive 
(Tape). Although the govern- 
ment has been lobbying vigor- 
ously in Brussels for an 
amendment to this effect, the 
revisions proposed by the Com- 
mission are not geared to any 
such objective. 

Indeed, the Commission’s 
purpose in revising the 1977 
directive is not to reduce the 
protections that it provides. 


but to clarify Its operation. The 
new definition of a transfer set 
out in Article 1 does not 
exclude contracting out It sim- 
ply codifies recent decisions of ' 
the European Court of Justice 
In the leading cases of Sophie 
Redmond, Spijkers, and 
Schmidt, among others. In 
each of those cases the ECJ 
explained that the key test of 
whether a transfer hnd taken 
place was whether an eco- 
nomic entity which had 
retained its identity had been 
transferred. Identical words 
are to be found in . the new 
Article 1 erf the 1977 directive. 

It is also worth noting that 
both the Trades Union Con- 
gress and the Confederation of 
British Industry have been 
consulted on the most recent 


proposal from the Commission 
through their European organi- 
sations. the ETUC and UNICE. 
We would not have been happy 
with a text which reduced the 
existing protections, and in my 
view there is nothing in the 
new Article 1 which will cause 
difficulties for the trade union 
movement The revision does 
have several farther stages to 
go through before it is finally 
adopted, and it therefore seems 
premature to suggest that 
the government is “near 
victory". 

Far from indicating that the 
EU “is moving to accommodate 
the UK's deregulatory 
approach" the proposed revi- 
sion of the directive demon- 
strates the Commission’s deter- 
mination to defend high 


sfondards of social pi 
against sustained idc 
assault Nor is it the c 
the amended direct! 

assist the govern rr 

national leveL The con 
surrounding the applic 
the directive and Tup* 
compulsory competit 
dering and market 
looks set to continue. V 
with each new decisia 
UK courts and the E 
beco ming clearer thi 
forms of competition l 
services are caught 1 
Tupe and the directive 
David Lea, 

assistant general secret 
Trades Union Congress, 
Congress Bouse, 

Great Russell Street, 
London WC1B3LS 


’I 






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FINANCIAL TIMES THURSDAY JUNE 9 1994 


FINANCIAL TIMES 

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

v Thursday June 9 1994 



hi theory the elections to the 
European parliament today and 
on Sunday should.be taken more 
seriously thafo; previous such bal- 
lots. The assembly at Strasbourg 
is not ah impotent talking-shop. It 
has the power to amend European 
Union legislation. 

The Maastricht treaty wmMfos it 
to veto some proposals, accept or 
refect the nominations for the new 
European Commission doe to take 
office in 1595. and check the. 
union’s budget it should be able 
to influence a broad range of EU 
policies, including foreign rela- 
tions'. Some of its elected members 
may become rapporteurs on 
important Union directives. As 
such, they arguably have more 
power than most backbenchers in 
pattmal parliaments. Lobbyists 
and pressure groups have discov- 
ered this. Consequently, they 
devote increasing attention and 
expenditure to influencing MEPs. ' 
The public, perhaps influenced 
by tBft media, remains largely 
unmoved Voter. participation this 
weekend is expected to be low, on 
average below 50 per cent in coun- 
tries where voting is not obliga- 
tory. The turnout in Britain tn 
1989 was only 38 per emit It would 
hot be surprising if the figure this 
amp is even lower. Few of those 
who vote will do so primarily for 
the ostensible purpose of this 
weekend’s' election, namely to 
dunse a representative to send to 
the European Parliament Most 
are MMy to use the opportunity 
to express dissatisfaction with 
their national governments. 

Opportunity 
hi Br itain, the Conservative par- 
ty’s nationalistic rhetoric may be 
in time with the sentiments of 
many of its traditional supporters, 
but the expectation is that large 
numbers of them will stay at 
home anyway. Everyone can see 
how divided the government is in 
its approach to tha EU. Besides, 
the opportunity to” deliver a pro- 
test to an admiedstadion that poll- 
ing suggests is more unpopular 


pean parKament is likely to be dis- 
proportionately well represented 


It is not dear that this will mean 
much to the European electorate. 
In Germany, where the turnout 
was 62.4 per cent in 1989, both the 
Christian Democrats and the oppo- 
; sition Social Democrats have cam- 
paigned on national issues such as 
unemployment ' and crime 
although these have been given a 
European Savour. In France (1989 
turnout 48.7 per cent) participa- 
tion is also expected to be lower 
tins year. A lacklustre campaign 
is primarily interesting as a guide 
to the likely outcome of next 
year’s presidential election. Anti- 
Maastricht parties may, however, 
do relatively well in both coon- 
tries. A small but disturbing 
minority may support parties of 
the far right, notably in France 
Germany Italy. 

Accountability 

Thjs anticipated of fervour 
for the European parliament may 
disappoint its members, but the 
voters know what they are doing. 
The Strasbourg assembly does not 
have the foil power to grant or 
withhold tmatirm , or pass legisla- 
tion. Such prerogatives are still 
held by the national states. The 
European Commission is an exec- 
utive of sorts, but it is not demo- 
cratically accountable. It is not 
dependent on a majority in the 
partiamant for day-to-day decision- 
making, as are tha of the 

12 member gnv gmmenfai its pow- 
ers, while not negligible, do not 
»iwn to the electors to relate to 
their bread-and-butter concerns. 

Since the foil of Hrmnumi™ in 
1989 Europe has entered a period 
of uncertainty. The evolution 
implicit in the Maastricht treaty is 
no longer regarded as desirable, by 
all member states. Putative new 
members of the union are under- 
standably hew taut, as the Aus- 
trians may show in their referen- 
dum on Sunday. The farther 
evolution qf the EU will be pur- 
sued, if at all, at v ariable speeds 
aiwmtiiig to - national dreum- 


than any in -po st-1945 history . stance. The shape of that evohi- 
seems too tempting 'to ims& .This . tion .is . no longer predictable, 
is why.L*bo«r hratfimiato the EU npder r 


domestic, not EU-. issues and the 
Liberal Democrats have not 
flaunted their Europeanism. 

Britain has stuck to first-past- 
the-post rather than a propor- 
tional voting system. In conse- 
quence, the left bloc in the Euro- 


stand this. Their response is natu- 
rally .to focus on their national 
interests. Voting for a distant and 
Incomprehensible parliament 
towards the end of a deeply-felt 
recession Is therefore bound to be 
patchy. 


Questions for 
the bankers 


The collection of central bankers 
present in London to celebrate the 
tercentenary of the Bank of 
England have never enjoyed 
greater independent authority 
over monetary policy. But power 
brings vexatious responsibility 
and important questions remain 
to be solved. 

Abandonment of the gold stan- 
dard was largely explained by a 
belief that monetary policy should 
help secure full employment. 
Unfortunately, the Bretton Woods 
monetary system jjroved inade- 
quate to . curb the consequent 
impulse towards over-expansion- 
ary monetary policy. Where the 
system failed, experience suc- 
ceeded. Events in the 1970s justi- 
fied the fundamental notion of the 
monetarist counter-revolution, - 
which was that a monetary expan- 
sion would, tn the long run, lead 
only to higher inflation. 

Enter, then, the* modem inde- 
pendent central bank, with its 
clear mandate to secure price sta- 
bility. That bad been the mission 
of the Bundesbank, , whose estab- 
lishment reflected both, the anti- 
Keynesian ^ views of German 
policymakers and. the country's 
catastrophic monetary experience. 
Its example has been increasingly 
imitated throughout ihe world. 
With tie UK government’s explicit 
inflation target, '-the inflation 
report, the publication of minutes 
of the meetings between the chan- 
cellor of the exchequer and the 
governor of the Rank of England 
and the latter's increasingly out- 
spoken comments, even the Old 
is on a looser chain. 

Extraordinary freedom 

In the absence of exchange rate . 

or monetary targets, central banka 
have extraordinary freedom in 
deciding how to achieve their 
objectives and even to. define the 
precise criteria by which they are 
to be judged. Even where banks 
are art formally independent, as 
in the UK,- -the disappearance of 
exchange controls gives them 
great leverage over government. 
Their power to publish is also 
P°*er to destroy government 
credibility. 

The case for. such enhanced cen- 
tal bank autonomy is overwhelm- 
tog. People make financial deed- 
®tons that ore., much longer term 
tiian fe any parliament To do so 
mfely and efficiently, they must 


have confidence in the monetary 
framework. Even though this case 
for independence is widely con- 
ceded, the debate over central 
banking is for from ova:. At least 
four big questions remain. 

The first is how best to combine 
inde pendence with accountability. 
The New Zealand example, with 
its precise 9-2 per cent target for 
inflation, looks attractive. It forces 
the central bank to be more 
explicit about its views, thereby 
increasing confidence in markets. 

Target zones 
The second is how to link cur- 
rencies. At present, major curren- 
cies are in a lightly managed float 
against one another. It is easy to 
accept that it might be better in 
an ideal world for there bo be a 
world currency, as under the gold 
standard. That is politically infea- 
sible. Yet it is uncertain whether a 
more managed float, such as one 
involving “targe t zones”, would be 
an improvement 
The third is how to manage 
increasingly complex and inter- 
linked global financial markets. 
The prohlem of derivatives is on 
everyone’s lips. There is also 
growing concern at the persistent 
tendency of the markets to bubble 
and collapse, transmitting the ill- 
effects worldwide. 

Finally, there is the issue of 
banking supervision. Again the 
innovator, the. Reserve Bank of 
New Zealand, bos decided to hand 
this job over to the markets, by 
insisting that all information be 
made public. The advantages of 
such a shift or. alternatively, of 
separating central b anking from 
supervision seem evident. Only 
thus would it be difficult for 
depositors, seeking compensation, 
to argue that central bankers are 
to blame for bank faflures- 
Answering these questions will 
not be easy. Internationally, cen- 
tral bankers will have to manage 
an ever higher degree of coopera- 
tion, given the increasing integra- 
tion of financial markets. Domesti- 
cally, they will be blamed when 
things go wrong and will be 
tempted to hide themselves 
behind a veil of secrecy. But they 
can achieve what they want only 
if they say what they are doing 
and why. Theirs Is a game of cred- 
ibility and confidence. It must, 
correspondingly, be played with 
consistency and clarity. 


A senior aide to Mr 
Mikhail Gorbachev, for- 
mer president of the 
Soviet Union, once made 
a prophetic warning to 
the west “We will do something 
terrible to you. We will take away 
yottr enemy.” 

Those words will haunt the for- 
eign ministers of Nato’s 16 members 
as they convene today in Istanbul, 
to be joined tomorrow by their 
counterparts from the former War- 
saw Pact The stakes are high. If 
Nato and Russia can bridge their 
substantial differences over new 
security arrangements in Europe 
and beyond, this could pave the 
way for a breakthrough in the 
broader relationship between Rus- 
sia and the west It could be sealed 
perhaps with a triumphant appear- 
ance for Russia’s President Boris 
Yeltsin at the Group of Seven sum- 
mit in Naples next month. Ideally. 
Russia would like the group to be 
rechristened the Group of Eight, 
but the best it can hope for is par- 
ticipation in the group's political - 
not economic - discussions. 

In the foce of Russia’s aspirations, 
alliance members will be trying to 
balance their attempts at accom- 
moding Mr Yeltsin with the need to 
reassure Moscow’s former “satel- 
lles”, the Poles. Czechs and Hungar- 
ians, that Russia would not have a 
veto over policy. 

These would be hard tasks for the 
affiance even if members were dear 
about their common purpose. But 
as the Russians are keenly aware, 
Nato now iar*<» the consolidating 
influence of a good, old-fashioned 
enemy. Bereft of a communist foe, 
the alliance has been grooming 
itself to act as an all-purpose multi- 
national taskforce, ready to move 
on the instructions of other interna- 
tional bodies, such as the United 
Nations or the 53-nation Conference 
on Security and Co-operation in 
Europe. Yet the experience of Bos- 
nia - where Nato polices the sea 
and air. while the UN operates on 
the ground - has shown how 
acutely uncomfortable the alliance 
feels about acting as servant rather 
than master. 

Such uncertainty is haunting 
Nato at a time when Russia's lead- 
ership has presented it with a for- 
eign policy stance both ambitious 
and shrewdly judged. While some of 
Russia's ideas sound for-fetched to 
western ears, Nato defence minis- 
ters were nevertheless dazed by the 
skill of the diplomatic assault 
mounted in Brussels two weeks ago 
by General Pavel Grachev. 

They a rough ida» of what he 
was going to say. First, he would 
si g n al flrihprpnnp to the Partnership 
for Peace, a military co-operation 
programme designed by Nato that 
involves joint wcrriMs and the pos- 
sibility (for some countries, at least) 
of eventual full membership. He 
.would also demand a special rela- 


Nato's relationship with Russia is proving unexpectedly 
difficult for the west to define, says Bruce Clark 

Old enemies make 


tricky Mends 


Kbtedinkiiiia circles of security 


.•Ctettd* 

ous.:- 



• Albania 

• Estonia 

Malta 

O Armenia 

• Georgia 

Monaco 

• Azerbaijan 

• Hungary 

San Marino 

• Belarus 

• Kazakhstan 

Slovenia 

• Bulgaria 

0 Kyrgyzstan ' 

Sweden 

•Czech Rep 

• Latvia 

SwRzerfancl 

h. ' ' 

• Lithuania 

Vatican C8y 


® Finland 
O Former Yugoslav^? 

RapubBc Of 

Macedonia*'”-^. 1 '*'" 

’*v 

© Former 

YugosteJ^*'/ 

MW 





©Moldova 
©Poland 

• Romania 

• Russia 
•Slovakia 

• tstfSastan 

• Turkmenistan 

• Ukraine 
•Uzbekistan 

Austria t . 

8o8nta ^ erc ®9^/ W tert, Treaty 

— Orgatfeafloa 

WElfc MriBti European Un 
CSCE; Conference on Seart, 

and Cooperation In Europe 
EU; Ewopran Union 

• Ueotoshlp d North flttrtc Co-opeafion Carol 
© Associate nmn&er ofttfiJ 

• Observer at North Mantle Co-cpcraUon Court 
O Observer mwaj 
© Observer in CSCE 
© Part m a a bna swspanded 


tionship between Nato and R ussia. 

The ministers had their answer 
ready: no to a formal treaty sepa- 
rate from PEP; yes to a political 
statement that would stroke the 
Muscovite ego by acknowledging 
Russia’s importance, and yes to a 
dialogue at Nato’s discretion. 

Gen Grachev lightened a tense 
atmosphere by telling the waiting 
ministers that, of course, Russia 
would join PFP. Bat the next day, 
he put forward a list of proposals so 
tough far- reaching that few lis- 
teners immediately understood 
them. These included: 

• the creation of a Eurasian secu- 
rity order whose apex would be 
formed not by Nato, but by the 
CSCE; 

• the subordination to the CSCE of 
all other security organisations: 
Nato, the Western European Union 
and the Commonwealth of Indepen- 
dent States (CIS), which comprises 
12 ex-Soviet republics; 

• if the CSCE provided political 
and dt plnrnaHr, leadership, then its 
“milit ary arm” might be provided 
by the North Atlantic Co-operation 


Council, which consists of Nato. the 
former Warsaw Pact and the former 
Soviet republics; 

• an “effective mec hanism of con- 
sultation” between Russia and Nato 
“on the whole range of European 
and world security issues, which 
could function both in emergencies 
and on a regular basis” - in other 
words, whenever Russia wanted. 

To cap it all, Gen Grachev pro- 
duced eight pages of “parameters” 
which would gover n Russia’s partic- 
ipation in PFP and which, on 
inspection, look like the precondi- 
tions which Nato had vowed never 
to consider. 

While consideration of Russia's 
parameters can itself be viewed as a 
concession by Nato, the alliance 
does not have the slightest inten- 
tion of submitting itself to the 
CSCE or to an effective Russian 
veto over its actions. In any case. 
Hip CSCE bag neither the finvnrial 
nor the administrative resources to 
become the policeman of Eurasia. 

When the Russians arrive tomor- 
row, however, it should become 
dearer to what extent compromise 


binges on the unrealistic institu- 
tional changes outlined by Gen 
Grachev. i.ike the general’s verbal 
pronouncements, the points are an 
artful “mixture of the constructive, 
the negotiable and the outrageous”, 
according to a Nato official. There 
are imaginative ideas about mili- 
tary co-operation; requests for a dia- 
logue on nuclear safety and non- 
proliferation; and fresh demands for 
Nato to become the junior branch of 
the CSCE. 

But discernible through the 
high-flown Russian rhetoric is a 
more realistic agenda, reflecting the 
“bottom-line” aspirations or both 
sides. Moscow wants freedom of 
action in the steadily reintegrating 
CIS; Nato wants the samp freedom 
plus legal and diplo mat ic imprima- 
tur in as wide an area as possible. 

Neither side is happy to give the 
other carte blanche, and each would 
ideally like to retain some say over 
the behaviour of the other. But the 
two sides' aspirations are not so 
contradictory as to rule out the pos- 
sibility of compromise; and if sudi a 
compromise on freedom of action is 


to be struck, then some body with 
roughly the same membership as 
the CSCE would be needed to regu- 
late it. 

Hie initial Nato reaction to Rus- 
sian proposals for a triad based on 
the CSCE (or something like it). 
Nato and the CIS will almost cer- 
tainly be a chorus of denunciation. 
But as Russian strategists are 
aware, each member of the chorus 
will be singing a somewhat differ- 
ent tune. 

Some of the strongest opposition 
to any real upgrading of the CSCE 
will come from the US. which is 
already unhappy about the loss of 
sovereignty it suffers when working 
through the United Nations and has 
no stomach for involvement with 
another unwieldy institution. 

But Germany has shown greater 
sympathy for a limited increase in 
the CSCE's remit. Days before Gen 
Grachev arrived in Brussels, the 
German government floated propos- 
als - designed in part to satisfy 
Russian concerns - that would 
increase the CSCE's authority to 
intervene in conflicts, if necessary 
without the consent of the warring 
parties. 

B y putting forward the 
CIS as one of the pillars 
of a new security 
arrangement, Moscow is 
effectively asking for 
western recognition of its Influence 
In the three republics of trans-Cau- 
casia and the five of Central Asia. 
If. in return for such acknowledge- 
ment. Russia is prepared to guaran- 
tee restraint in its behaviour on its 
western borders, it would be a 
tempting deal for Germany, which 
is acutely worried about the secu- 
rity of Us central European neigh- 
bours. 

For most other Nato countries, 
hesitation over endorsing Russian 
tactics in the CIS - which have 
included intervention in the suppos- 
edly “internal” conflicts of its 
neighbours - is tempered by the 
thought that almost anything is 
preferable to chaos. 

However, one alliance member is 
definitely not prepared to cede all 
influence over the southern repub- 
lics of the CIS to Russia - and that 
is Turkey. There is undisguised dis- 
may among the hosts today at the 
prospect of tolerating Russian hege- 
mony over parts of the world which 
until recently were viewed as ripe 
for incorporation into the cultural 
and economic orbit of Turkey. 

Russian tactics in the republics to 
Its south have included frequent 
recourse to the imperialist principle 
of divide-and-rule - supporting one 
side and th en the other, and occa- 
sionally both simultaneously - in 
the internecine conflicts of places 
liifp- Georgia and Taj ikistan. Unless 
the Nato ministers are careful, they 
could find the “divide-and-rule*' 
principle being turned on them. 


Channel shoppers’ storm in pint pot 


UK brewers are at 
odds with the gov- 
ernment. The issue 
is the difference 
between UK and 
F rench excis e levels 
Prwr>MA r - the brewers 

PE VrrTX? lL 816 cr y“g “foul”. 
— •LiBiL — They complain that 
the disparity between the two coun- 
tries’ duty levels is leading to a 
flood erf beer imports from France 
into the UK which is damaging the 
brewing industry. They want to see 
UK duty halved. But have they and 
the Brewers and Licensed Retailers' 
Association got it right? 

New evidence continues to 
emerge to cad: doubt on the extent 
of their claims. While UK consum- 
ers are clearly exploiting lower 
F rench beer prices, lack of official 
data has created controversy about 
the impact of the single market. 

No-one disputes that duty on beer 
in the UK is among the highest in 
Europe - nearly 30p a pint com- 
pared with 4p in France, while the 
recommended EU level is 8p. In 
1992, the UK industry and the Brew- 
ers’ Society (now the BLRA), pre- 
dicted that the new “personal 


import allowance” of 110 litres of 
beer - introduced in January 1993 
to comply with EU requirements - 
would encourage cross-Channel 
shoppers to enjoy the lower beer 
prices on the Continent 

The BLRA carried out its own 
survey during 1993 and in its find- 
ings, published in February, 
claimed that personal imports in 
1993 were around L9m hectolitres of 
beer, or 330m pints. This would 
equal around 15 per cent of the UK 
take-home trade. 

TTie survey was swiftly endorsed 
by leading brewers. Although 
undoubtedly extensive and based on 
observation at ports as well as con- 
sumer research, important primary 
evidence suggests personal imports 
were probably no more than half 
this leveL The difference matters, 
because if the industry is to con- 
vince government it must approach 
the problem with defensible data. 

The UK government has produced 
figures for receipts from beer duty 
in 1993 showing there was actually 
an increase, from £2J39bn in 1992 to 
£2.41bn. UK consumption of beer 
per head is 100 litres a year, wen 
above the EU average of 82 litres 


but below the most recent “high” of 
120 litres. And the underlying trend 
is long-term decline, due to factors 
such as the growth of alternative 
drinks and demographic shifts. The 
view that an increase in consump- 
tion would compensate for a duty 
reduction is unrealistic. Denmark 
reduced beer duty by more than 30 
per cent from 1991-1993, yet the mar- 
ket has remained flat 


To convince the 
government, the UK 
beer industry 
must produce 
defensible data 


According to Stats MR, a retail 
audit company, UK take-home beer 
market volumes grew by about 2 
per cent in 1993. Yet, according to 
the BLRA survey, this sector ought 
to have declined, perhaps by at 
least 5 per cent. Nor is there evi- 
dence that on-premises beer sales 
fell by more than 4 per cent 
In France, a sharp rise in sales, to 
reflect a supposedly dramatic 


increase in personal imports to the 
UK. would have been expected. Yet, 
according to data from the Associa- 
tion des Brasseurs de France (the 
French equivalent of the BLRA). 
beer consumption actually fell from 
23m hectolitres to 22.6m in 1993. 
These figures include all beer sold 
in France and therefore cover beer 
purchased in the Calais hypermar- 
kets by cross-Channel shoppers. 

The decline of the French market 
in 1993 clearly does not credibly 
accommodate the 1.9m hectolitres 
of UK personal imports. Total beer 
sales in 1993 in continental EU and 
Efta countries were down around 3 
per cent It is unlikely that domestic 
demand in France was down by 
more than 5 per cent This suggests 
personal imports from France into 
the UK in 1993 were actually around 
800,000 hectolitres, perhaps lm at 
most, depending on the 1992 level. 
Senior sources within the French 
brewing industry endorse both this 
view of their domestic market 
development in 1993 and the level of 
cross-channel shopping. 

Cross-channel passenger loadings 
lend further circumstantial evi- 
dence. According to the ferry opera- 


tors. there were 3m vehicle journeys 
in 1993, or 15m return trips. Even 
the lower estimate for personal 
imports still equals around 60 litres 
per return trip, while the BLRA sur- 
vey would imply that every vehicle 
took a full allowance. Total passen- 
ger journeys were much higher, at 
85m return trips, but this would 
include coach loads of school chil- 
dren. and foot passengers unable to 
transport more than a fraction of 
their allowance - 110 litres is, after 
all, a lot of beer. 

The current situation is, of 
course, a damaging short-term prob- 
lem. The new allowances are open 
to abuse, but Customs and Excise 
are alert to the problem. If the UK 
brewing industry, supported by 
defensible data, were to call for a 
more measured approach to reduc- 
ing duty to recommended EU levels, 
it is more likely to be heeded. 

Ian Pressnell 


The author is director, Plato Logic, a 
management consultancy specialis- 
ing m the drinks industry 



Observer 


Citizen Spiers 
joins up 

■ At last the UK Citizen’s Charter 
panel recruits someone with 
experience at the sharp end. John 
Spiers has joined in order to focus 
the panel’s mind on standards in 
the National Health Service. 

Spiers also happens to be 
riiairman of the Brighton Health 
Care Trust, which achieved 
notoriety in April for Its novel 
approach to reducing hospital 
waiting lists - refusing 
physiotherapy to chronically sick 
patients aged over 65. A copy of 
a letter outlining the policy found 
its way into the hands of the BBC. 

Quids as a flash. Spiers denied 
that the policy involved 
‘•discrimination” but was simply 
“targeting” resources, thus 
demonstrating the sort of PR skills 
now required of the new breed of 
NHS managers. Targeting is no 
donht a firm fixture in the NHS 
lexicon of useful jargon. 

Still, Spiers did partially redeem 
himself, by exposing the rotten 
conditions in his trust's h o s p i t als. 
Arriving la a wheelchair at the 
Royal Sussex County hospital in 
Brighton, Spiers posed as a patient 
needing assistance. 

A series of inexcusable mishaps 
culminated in an exchange with 
a surly porter who was not wearing 
a name badge. 

When Spiers pointed out that 
name badges were obligatory under 


the Patient’s Charter, the porter 
told him to “f*** oST. Which 
apparently is not in the said 
lexicon. 


Spin tried 

■ Absurd but true. Dutch 
newspapers are now carrying 
advertisements from Unilever 
proclaiming that Lever Nederland 
is “100 per cent behind” its newest 
product Omo Power, a brand of 
soap powder. 

Inspired by the dirty laundry 
being publicly washed by its 
arch-rival Procter & Gamble, 
Unilever is thus now in the 
ridiculous position of paying good 
money in order to tell consumers 
that it likes its own product 


Starry-eyed 

■ How nice to see market forces 
finally at work in that previously 
tightly state-controlled sector, the 
former Soviet space industry. 

Colonel Talgat Mosabayev, a 
would-be cosmonaut. Is being 
squabbled over by Russia and 
Kazakhstan; both want him as their 
interplanetary representative. 
Russia says he either Dies for 
Russia or Kazakhstan win be 
charged 310m a week while he Is 
in space, the going rate for 
“foreigners” aboard Russian 
spacecraft 

Mosabayev was a Soviet citizen 
until 1991. And although an ethnic 



Irish jokes? 1 

Ifaralth , he r emaine d In R ussia 

as an officer with the Russian air 
force; he holds a Russian residency 
permit; and works at the Russian 
cosmonaut training centre. 

Due to blast off in early July, 
in theory he should stay in oibit 
for four months - m eaning his 
flight would cost more than 
Kazakhstan's entire space budget 


Nummer ein 

■ To marts today’s Bank of England 
central banking symposium. 
Observer offers 10 things you 
always wanted to know about one 
of the world's most secretive clubs. 


There are 170 members of the 
species; Sweden’s Riksbank is the 
oldest; there are over half a million 
central bankers of whom 100500 
work for the People's Bank of 
China; the Solomon Islands has 
the smallest central bank; over 
half of all central banks are under 
40 years old; Britain is the only 
country where the governor 
traditionally gets a life peerage; 
state-owned central banks perform 
less well than those partly owned 
by the private sector; the 
Bundesbank, Bank of France and 
Bank of Italy each cost almost as 
much to run as the US Federal 
Reserve System; the Bank of 
Rn giand is much cheaper to run 
and increased its pre-tax profits 
to £l20m last yean but its record 
of keeping a check on inflation is 
less impressive. Central Banking 
magazine, source of most of the 
above stats, calculates that Britain 
comes 55th out of 110 countries 
surveyed and is wedged between 
Barbados and the Central African 
Republic. No surprise which is 
number one - the Bundesbank. 


Truth or dare? 

■ Best quote of a 
less-than-inspirational European 
election campaign in the UK came 
on its closing day. care of Charles 
Kennedy. The youthful Liberal 
Democrat president summoned 
up the phantom of Abraham 
Lincoln, with the comment that 
in politics it is much easier to tell 


the truth - that way you don't have 
nearly as much to remember. Why 
didn’t Kennedy think of tha t 
on the first day of the 
campaign? 


Cracking score 

■ A chance to win a methuselah 
of Veuve Clicquot Contestants 
must predict the difference between 
the number of first -class runs 
scored by Warwickshire batsman 
Brian Lara this s umm er and the 
Footsie close on Monday, September 
19 - the final day of the En glish 
cricket season. Lara's aggregate 
currently stands at 1.176, with the 
FTSE 100 Index hovering around 
3,000. 

To assist those not in possession 
of a recent Wisden, Denis Compton 
holds the record of 3516 runs scored 
in 1947, while Jimmy Cook's 1991 
tally of 2,755 is the highest since 
the number of championship games 
was reduced in 1969. The Footsie's 
record close was set this year at 
3,5205. Answer by mail or fax to 
071 873 3926 - not telephone please 
- by Friday June 17. In the case 
erf a tie the winner will be picked 
by Simon Rostron, the City PR man 
who is putting up the prize. 


Resistance man 

• London bar-fly overheard: “Of 
course the Allies would never have 
won in Normandy without the help 
of the French renaissance.” 





1 


16 



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\ HEXONICS 


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FINANCIAL TIMES 

‘Thursday June 9 1994 



S Korea could join in 1996, say ministers 

OECD summit agrees 
new membership talks 


By Peter Norman, Economics 

Editor, n Paris 

Ministers from the 25 nations of 
the Organisation for Economic 
Co-operation and Development 
yesterday moved towards 
expanding the Paris-based body 
by approving negotiations on 
OECD membership with South 
Korea and four east European 
countries. 

A statement issued after the 
OECD’s two-day annual ministe- 
rial meeting held oat the pros- 
pect of Korea's becoming a mem- 
ber by the end of 1396 and called 
for “an early start” for negotia- 
tions on membership with the 
Czech Republic, Hungary, Poland 
and Slovakia. 

As a further indication of the 
OECD's increasingly outward- 
looking nature in the post-cold 
war world, the organisation and 
the Russian government agreed 
to step up the flow of economic 
assistance from the OECD to 
Russia. 

Under the terms of a joint dec- 


laration on co-operation, the 
OECD will develop a policy dia- 
logue with Russia, assisting the 
design and implementation of 
economic reforms aimed at help- 
ing Russia to build a market- 
based economy. 

This year's ministerial meeting 
was notable for the participation 
of Mexico, which joined the 
o rganis ation a few weeks ago as 
its first new member for more 
than two decades. In their state- 
ment after the meeting, ministers 
said that marked “the beginning 
of a new phase in the OECD's 
development”. 

The four former communist 
east European countries have 
applied formally to join the 
organisation. 

South Korea, which already 
participates in many - of the 
OECD’s committees and activi- 
ties, intends to apply for m emb er- 
ship this year, with a view to 
joining in 1996. The OECD will 
examine the terms of Korea’s 
membership as soon as Seoul is 
ready to do so. 


Separate negotiations with 
each of the four European appli- 
cants might begin soon. 

Bulgaria, Romania and Slo- 
venia have also asked the OECD 
for policy advice, and tbe organi- 
sation may help the Baltic states. 
The OECD intends to explore pos- 
sibilities for co-operation with 
China and maintain its policy 
dialogue with the fast-growing, 
newly industrialising countries of 
Asia and Latin America. 

Yesterday, Mr Jean-Claude 
Paye, OECD secretary-general, 
suggested that Russia might one 
day become an OECD member. 
Mr Warren Christopher, US sec- 
retary of state, also urged Rus- 
sia’s integration with the west; it 
was “the best investment we can 
make in our security and in the 
security of all the peoples of 
Europe". 

The Paris-based body is to 
carry out a comprehensive sur- 
vey of the Russian economy and 
offer advice on economic 
restructuring and reform of Rus- 
sia’s tax and statistical systems. 


Japanese budget agreement 
opens way to pact talks 


By Wiliam Dawkins in Tokyo 

The lower house of the Japanese 
parliament last night agreed the 
nation's Y73,0Q0bn ($694bn) bud- 
get for the current year, two 
months late because of political 

infig h t in g 

This will come as a relief to the 
business community, and enables 
the embattled minority govern- 
ment of Mr Tsutomu Hata to 
open talks on a pact with the 
opposition Social Democratic 
party, in an attempt to ding to 
power. 

The two main opposition 
groups, the Liberal Democratic 
party and the SDP, had declared 
a political amnesty until passage 
of the budget, after the SDP left 
the government seven weeks ago. 

Until recently, the two groups 
had planned to call a no-confi- 
dence vote against the govern- 
ment soon after tbe budget’s pas- 
sage. But the SDP has hinted 
over the past week that it might 


rejoin the coalition. It wants Mr 
Hata to resign and resubmit him- 
self as prime minister to atone 
for the formation in April of a 
centre-right group, called Kaishin 
(Innovation}, which, appeared to 
exclude the SDP from policy- 
making and prompted its mem- 
bers to walk out 

Mr Wataru Kubo, SDP secre- 
tary general, has said the party 
would also insist that Japan 
should refuse to take sanctions 
against North Korea outside the 
aegis of the United Nations. Tbe 
socialists also wish to discuss tax 
reform, where they oppose gov- 
ernment plans for an increase in 
consumption tax. 

Negotiations between the coali- 
tion and the SDP are expected to 
begin in the next week. SDP offi- 
cials believe that rejoining the 
coalition may be the party’s only 
chance of returning to govern- 
ment, say political analysts in 
Tokyo. The socialists were in 
opposition for 47 years until join- 


ing the coalition last August 
under Mr Morihiro Hosokawa, 

then pr imp minister . 

The budget now goes to the 
upper house for debate until the 
end of June, a formality- While 
the budget calls for only a 23 per 
cent rise in general spending, the 
smallest increase for six years, 
the delay has prevented the gov- 
ernment from proposing addi- 
tional expenditure. 

Last night’s accord was, how- 
ever, earlier than many had 
expected because of an agree- 
ment between the minority coali- 
tion and the opposition to delay 
calling Mr Hosokawa to testify 
before parliament on allegations 
of financial impropriety. 

He resigned in April after the 
LDP blocked the budget in order 
to apply pressure on Mr Hoso- 
kawa to disprove allegations that 
he had illicitly received cash 
from a trucking company and 
tried to conceal a share sale for 
tax reasons. 


Hewlett-Packard in link with Intel 


Continued from Page 1 

applications such as multimedia 
and three-dimensional graphics. 

By combining the speed and 
power of HP’s Rise technology 
with Intel's high-volume manu- 
facturing capabilities and the 
established software bases of 
both, Intel and HP's collabora- 
tion may reinforce the compa- 
nies' strong market positions, 
analysts said. 

The outcome, however, will 


depend upon the ability of the 
companies to cooperate. HP and 
Intel are two of the most success- 
fill and established companies in 
Silicon Valley. However, they 
have different cultures and tittle 
history of joint projects. 

The partnership mirrors the 
microprocessor alliance formed 
in 1991 by IBM, Apple Computer 
and Motorola to develop Pow- 
erPC microprocessors, upon 
which Apple has based its latest 
Macintosh computers and which 


IBM plans to use in a broad 
range of products. 

PowerPC as well as Rise micro- 
processors from Digital Equip- 
ment and Sun Microsystems rep- 
resent a challenge to Intel’s 
domination of the microproces- 
sor market. The partnership 
with HP is seen as Intel’s move 
to address that 

Competitors noted that Intel 
and HP do not expect to see 
finite results from their partner- 
ship until the end of the decade. 


Berlusconi 
announces 
laws to 
boost jobs 
market 

By Robert Graham in Rome 

Italy's rightwing Berlusconi 
government last night announced 
its first major policy initiative, 
introducing legislation to boost 
employment through tax incen- 
tives and by reducing rigidities in 
the labour market. 

At the same time, share owner- 
ship was encouraged by the 
introduction of a withholding tax 
of 12.5 per cent, which will 
replace a more complex assess- 
ment structure. C ompanies were 
also encouraged to list on the 
stock market by giving a tax 
break on the cost of listing. 

The employment measures are 
in line with the guidelines 
released this week by the OECD 
and mark a break with long- 
standing job protection practices. 
But they are also intended to 
underline that the Mr Silvio Ber- 
lusconi’s government is “busi- 
ness friendly". 

They centre on a mix of tax 
breaks, simplifying the tax struc- 
ture and financial incentives to 
create jobs. Next week, the gov- 
ernment is expected to announce 
an easing of restrictions on youth 
and temporary employment 

Trade unions have been con- 
sulted about the measures but 
have raised serious objections 
over lowering tbe minimum wage 
for youth employment and tbe 
government’s clear desire to 
introduce part-time jobs. 

But the government has argued 
that longstanding rigidities in the 
labour market are a principle 
cause of Italy’s 30 per cent youth 
unemployment. Officials have 
also told the unions that Italy 
lags well behind the rest of 
Europe in the use of part-time 
workers. 

During his election campaig n, 
Mr Berlusconi promised if elected 
prime minister to create a milli on 
jobs. He has since played down 
this commitment but says that 
some 300,000 new jobs can be 
found this year. 

A major innovation is a tax 
rebate of up to 25 per cent of 
salary for any business that hires 
for “an indeterminate period” 
someone who is unemployed, or a 
first-time job seeker, or handi- 


incentives are also made 
available for people starting up 
companies or raising their invest- 
ment. First time entrepreneurs 
up to 30 years old, or those cur- 
rently unemployed, will have a 
tax holiday fox their first six 
months in business. Taxes will 
also encourage profits to be rein- 
vested. 

The measures to boost share 
ownership mark an important 
departure. Until now shares have 
bad to be declared in income tax 
forms and have been assessed as 
part of a person’s overall income 
and taxed accordingly. Now 
shareholders will pay a single 
125 per cent tax - the same as 
that on government bonds - 
deducted anonymously at source. 


FT WEATHER GUIDE 


Europe today 

Rain cloud and thunder showers wiH form 
near a boundary sep a rating cooler air in 
western Europe from warm conditions in 
the east Heaviest rain wiO foil in the eastern 
Alps, Poland, and the Baltic States. Cloud 
with outbreaks at rain wift flow towards 
Belgium and north-western France. 

Further west, conditions wiH be cloudy and 
unseasonably cool in the Netherlands, 
western Germany and eastern France. 
Strong north-east erty winds will blow In the 
French Alps and along the French Riviera. 
Southern Europe will be dry and sunny 
except for northern Italy where showers are 
possible. Scattered showers wifl also form 
near the Black Sea, while conditions in 
Greece wfll be sunny. 

Fhro-day forecast 

Unsettled conditions wfll persist over 
Scancfinavta. Cool and unstable sir will 
spread over north- western Europe with 
showers in the Low Countries and 
Germany, especially on Friday. Showers 
win fan in the Mediterranean near Italy. 
Elsewhere in southern countries conditions 
will retrain sunny. 


TODAY'S TEMPERATURES 



Situations: 12 OUT. Tempamturaa mmtnum far cfcy. Farecaatg ty Mateo Consult of the Afatfwrt a nt fe 

Rangoon 



Maiamun 

Begng 

fair 

31 

Caracas 

cloudy 

26 

Faro 

sun 

29 


Celsius 

Belfast 

rain 

18 

GanSfl 

cloudy 

17 

Frankfort 

rafen 

20 

Abu Dhabi 

for 

43 

Belgrade 

sun 

30 

Casablanca 

fair 

27 

Geneva 

sun 

15 

Accra 

show 

31 

Benin 

rain 

15 

Chicago 

cloudy 

2 S 

Gibraltar 

Mr 

24 

Algiers 

sun 

28 

Bermuda 

cloudy 

29 

Cologne 

Mr 

18 

Glasgow 

ran 

14 

Amsterdam 

cloudy 

14 

Bogota 

rain 

18 

Dakar 

sun 

27 

Hambvg 

fair 

18 

Athens 

sun 

28 

Bombay 

rain 

32 

Dates 

sun 

35 

HefaMd 

Mr 

19 

Atlanta 

thund 

32 

Brussels 

cloudy 

16 

Delhi 

fair 

43 

Hong Kong 

rain 

29 

B.Aira 

Mr 

13 

Budapest 

Mr 

29 

Dubai 

fas’ 

39 

Honolulu 

douKly 

31 

BJtam 

Mr 

17 

Ghagen 

show 

17 

Dublin 

Mr 

18 

Istanbul 

Mr 

23 

Bangkok 

ttiund 

34 

Cairo 

sun 

32 

Dubrovnik 

fair 

28 

Jakarta 

Mr 

31 

Banxiorta 

sun 

24 

Cape Town 

fair 

17 

Edinburgh 

drzd 

17 

Jersey 

fair 

15 


Frankfurt. 

^ ^ Your hub in the heart of Europe 

^ Lufthansa 

German Airlines 


Karachi 
Kuwait 
L Angolas 

Las Patras 

Lima 

Lisbon 

London 

Lucboug 

Lyon 

Madeira 


Mr 

sun 

sun 

Hr 

sun 

Mr 

Hr 

Mr 

sun 

fair 


44 Naples 
33 Nassau 
28 Now York 
20 Nk» 

32 Mooeda 
18 Oslo 

17 Pate 

18 Path 
25 Prague 


sun 
Mr 
Mr 
cloudy 
Mr 
* fat 
Mr 
cloudy 
shower 
Mr 
Mr 
15*1 

far 

sun 

Mr 

sun 

sun 

Mr 

Mr 

cloudy 

Mr 

thund 


31 
27 

27 Rid 
14 Ram 

32 S. Fraco 

12 Seoul 

24 Singapore 

33 Stockholm 
21 Strasbourg 
21 Sydney 

23 Tangier 
14 Tei Aviv 

25 Tokyo 

27 Toronto 

31 Vancouver 

28 Venice 

24 Vienna 

32 Warsaw 

21 Washington 
20 WBttigton 
14 IMranfeeg 

13 Zurich 


rain 

Mr 

cfaudy 

shower 


30 
10 
28 
26 
fair 24 


Mr 

Mr 

rain 

Mr 

fair 

windy 

sun 

Mr 

sun 


27 
32 
14 
18 
16 

28 
28 
23 
22 

Mr 20 
rain 23 


rain 

thund 

aim 

cloudy 

raki 

cloudy 


21 

28 

28 

13 

23 

17 


THE LEX COLUMN 

Crude logic 


The flaws In Enterprise's industrial 
case for acquiring Lasmo have not 
been removed by its latest document 
The weakest argument is that there 
would be savings from joint use of 
infrastructure. Enterprise argues that 
the profitability of future develop- 
ments would be enhanced by cheap 
access to Lasmo ’s pipelines in Liver- 
pool Bay and elsewhere. The snag is 
sot simply that access on noncom- 
mercial terms would be impossible 
given that other companies also own 
stakes ta the infrastructure. Even it it 
were possible, enhanced profitability 
of Enterprise’s developments would 
merely be matched by reduced profit- 
ability of Lasmo 's infrastructure. 

Another Enterprise argument - that 
its eTqwrtifig in three^timesisianal sur- 
veys could be applied to Lasmo - is 
hardly better. Lasmo has been using 
3-D technology for over a decade. That 
leaves Enterprise’s criticism of Las- 
mo ’s slow development of its Indone- 
sian interests as the company’s most 
persuasive argument But even here, 
the case is not clear-cut. Lasmo ’s 
Sanga Sanga concession is fairly 
mature and so unlikely to yield vast 
new treasures. 

Enterprise should reconsider its 
strategy of trying to join tbe big boys’ 
game. An alternative would be to 
return to its roots as an exploration 
company by splitting itself into two. 
One half could contain most of its 
current production assets as well as 
group debt This company would pay 
investors handsome dividends and 
gradually liquidate itself. Tie other 
half would focus on exploration apd 
would offer investors the hope of capi- 
tal gains- Enterprise once toyed with 
this idea. When reminded of it today, 
tbe company says it was only joking. 

Northern Foods 

In the long run tbe migration of 
shoppers to large supermarkets should 
work in Northern Foods’ favour. Its 
position as a supplier of own-label 
foods to the likes of Marks and Spen- 
cer and Sainsbury is a strength. Yet 
problems arise when this migration 
becomes a stampede. Last year’s price 
war among supermarket gfants drew 
customers away from local stores in 
droves. Doorstep mint deliveries fell 
by 12 per cent Since these outlets 
account for a large slice of Northern’s 
bumness, profits across the group 
barely grew. 

For all its efforts to rationalise dis- 
tribution to smaller stores and fran- 
chise milk rounds, this year will be 


FT-SE index: 3038.2 (+33.4) 


Northern Foods 



1990 91 

Source: FTGrapftte . 

equally tough if food prices continue 
to felL In addition to declining vol- 
umes on the non-supermarket side, 
Northern will have to fight its comer 
on margins with the supermarkets 
themselves. Grabbing a decent share 
of the wholesale milk market once it is 
open to competition would help 
cement Northern’s position in this 
area. But the immediate impact on 
profits is unlikely to be great 

While tbe earnings outlook is dull. 
Northern continues to generate cash. 
F inancing modest acquisitions would 
present no problem even though capi- 
tal spending is running well ahead of 
depredation. Yet for the moment the 
equity market is more interested in 
recovery stories than other virtues. 
Urn shares stand at little more than 
half 1991’s rights {nice. If the equity 
market is not prepared to value folly a 
cash generative and strategically well- 
positioned company, others in the food 
industry may be tempted to step in. 

London International 

Mr Nick Hodges of London Interna- 
tional is almost certainly right to 
claim that the group bad to dispose of 
its photo-processing business if it was 
not to mid up disposing of itself But 
the restructuring announced yester- 
day is not necessarily the end of the 
story. Even after the rights issue, 
gearing wfll be nearly 80 per cent and 
LIG has little chance of trading its 
way out of debt It will have to sell 
some more peripheral businesses, but 
to avoid earnings dilution It will have 
to find buyers willing to pay reason- 
ably foil prices. 

LIG’s other task is to raise the 
return on its condom business which 


had a disappointing year thanks to a 
catalogue of difficulties such as des- 
tocking by Italian pharmacies. It Is 
unlikely to meet its target of a 15 per 
cent margin for a year or two, but 
there is a chance its new polyurethane 
t-ondo 1 " could unlock both higher .mar- 
gins and increasing market share. In 
that case LIG should easily manage 
swing s of around 8p by 1996*97 and 
its shares look good value at yester- 
day’s closing ex-rights price of 80p, 

Eq uall y, if the current management 
foils short of its margin target, tbe 
strength of LJG’s Durex brand and its 
surgical gloves business may tempt 
someone else to have a go. The photo- 
processing business was a trap for any 
unwary predator. Now it is gone. Us 
is more vulnerable. Based on the cur- 
rent market valuation and including 
debt, LIG would still be worth only 
around 1.2 times soles after tbe 
restructuring. That looks affordable 
even to a predator willing to pay a 
substantial premium for control. 

Lloyds/C&G 

Yesterday’s High Court judgment 
puts a formidable obstacle in the nay 
of Lloyds Bank's bid for Cheltenham & 
Gloucester. Though ordinary deposi- 
tors can receive bonus payments 
regardless of their length of member- 
ship, share account holders of less 
than two years’ standing cannot 
Without their vote the requisite major- 
ity would almost certainly be unat- 
tainable. Since the two parties remain 
confident or their legal ground, the 
obvious route Is to appeal. It is diffi- 
cult to conceive of alternative induce- 
ments, especially since the judgment 
mate no distinction between cash and 
paper. 

The new uncertainty threatens the 5 
per cent out-performance of Lloyds’ 
shares against the sector since the 
deal was announced. After its abortive 
bid for Midland, Lloyds cannot let 
C&G slip through its fingers without 
being thrown right back into a strate- 
gic impasse. The tragedy for the bank 
is that die judgment appears to rest on 
a quirk in the wording of the law. 
More generally it is a forceful 
reminder that the playing field is 
uneven. These problems do not arise 
in cases where building societies are 
transforming themselves into banks. 
Yet that creates just as much risk of 
deposits switching from society to 
society in search of inducements. 
There is ever more urgent need for foil 
public debate before the law is 
redrafted. 


This announcement appears as a matter of record only. 



RUGBY FOOTBALL UNION 


£34,000,000 

9 Year Fixed Rate Term Loan 


To finance the construction and fitting out of the 
West Stand, Twickenham 


Agent Bank 

Robert Fleming & Co . Limited 


Funds provided by 

National Westminster Bank Pic Robert Fleming # Co. Limited 


Legal Advisers to the Banks 

Stephenson Harwood 


Issued by Robert F\emmg&Co Umited, a member trflheLoadm Stock EjxhaftgtondThc Securities and Futures Authority Limued. 



0l Se 


r-.*s 






, ;-r .1 ' 

irfi’ ' ■ 


c J-S’.ij - • 




Jii x-i .-t = 


<«r\-jrs .tt-sasjj • 






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K' 




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17 






Networking? 
NetWare 4, 


course. 


Vr : ;S> 


IN BRIEF 


■ iv, 

• !l. -V 
* I • " 


■!‘si V‘ - 

1 t 


Daimler-Benz to 
raise DM3bn 


- T; w 


J.V 

‘ •: H- l; : ; J i9 


1 "U v 


a: v> ; ‘-'!u . 

. * *».ri- v ' 


. Shareholders in DaimLer-Ben^tiie German 
cars-to^erospace group, win beoffered shares 
, in tbe rights issue at DM640 a share, a discount 
of 20 per cent to last mgh£s closing: price of 
DM80150: The issue will raise just under DM3bn 
- (SUSbn>for Daimler-Benz, wiairiwg it the 
' rights issue by a German company. Page is 




•• 'IV 


"■■I! v "'*t 

■ f. 1,1 'V 




* ;vt; 




Sumitomo details non-pT f otming loans 

Siimitouio Life Insurance Corporation, Japan’s 
third largest life insurer, has indicated that about 
half of fee Yl,400bn ( yia ^ hn) it bas advanced 
in loons may be non-performing. The news comes 
as company 'sources say feat the chairman wiH 
resign. Page 20 ... 




• ■ ■ . -- .. 


.M- .. ; ‘ * 

. I-Jl ; 


Battle for RWE heats up 

Ji strafe for effective control of RWE, Germany’s 
largest utSEtygroip, could intensify after the 
, appohdment today of a new chairman. Mr Dietmar 
gafanfe. chairman of RWB Energie, a subsidiary 
of the group, wffl succeed Mr Friedhelm Gieske, 
who will fonnaHy retire next January. Page 20 


5 H 


FoRf alnas fora tiny niche 

Ford,' the US carmaker. has approved fee develop- 
ment ofa new small car aimed at taking it into 
a segment of the European market below the 


* •: • iL-c:- 


Entorprtse details logic for Lasmo 

Enterprise OH bas- written to shareholders in 
rival UK explorer Lasmo setting out the logic 
- behind its bid. The document comes two days 
before Laszno is expected .announce an independent 

valuation of its assets. Page 22; Lex, Page 1G 


Hambies lifts payout on 44% rise 

T fomhrf H?, thfr ITT? hank and financial 

services group; has announced a 44 per cent rise 
in pretax profits to ESO^m C$137m) far the year 
ended March 31, 19^,' after a sharp drop in loan 
loss provisions au^impraveimnt in the retail 
financial services cBvisjon. 


Racal promises Improvement 

Racal Electronics, the UK data communications, 
radio and network sertfee^gro^ has.ieported .- ■ 
an expeded&ll infaH-year pre-fcix profits - from 
£47.7m to 52R4m($39An} - butpromised “a very 
substantial’' improvement this- year. Page 23 


Qr oon cor o increasop 15% 

Greencore, the Irish sugar, malting and and milling 
group, reported a IS per cent rise in pre-tax profits. 
Page 25 ■■ 


Companies ftn this Issue 


MO' 


TVrepnjng Furniture 
. Alexander & Aiex'der 
Anderaan 
AngtoUrfted 
Agent. 

BSck 

British Coal 
Caledonian Mining. 

• Capa 
Chemring 
Chiysafia 
Dafty Mai Trust 
. Dafcrtsr-Bora 
Davenport Vomon 

Bdridge Pope 

Bectrocompononts 
Enl . 

Enterprise Oil 
Ernst &YotJig 
Euro Disney 
Evans HaWnw 
FbnJ Motor 
FramBngton 

Greencore 
Hattax - 
Helene . 

Heron Int erna tional 
IBM 


: 25 tnvasco 
« Kone . 

17 ug .; : 

- 23 Lasmo 

22 Llrt Broadcasting 

23 McCaw CeHutar 
25 Meyer 

25 NTT . 

24 Nations Mutual 
24 Northern Foods 
24 Orkla 

22 Peretorp 

18 Premier 
24 RWE 

24 Racal Bedronfcs 
22 Reggie 
18 Rembrandt 
22 SME 

T7 Scottish Hydo-Bec 
17 Skanska 

24 Standard life 
20 Sumtomo Ufa 

22 Tl Group. 

25 Touche Roas 

23 Ttygg-Hansa 
23 Tumpyta 

17 UAL 

18 WadcSngton (J) 


Market Statistics 


fAnmel raparti . 2828 

Benchmarfc Govt bonds 21 
Bond ftOffes and epfiors 21 
Bond prices and yWds ^ 21 - 

fiHBBBdMBS prices 2i 

DMdmds amomcod, UK ' . 22 
BIS currency 34 

Eurobond prices .. . 21 

fitod interest Indices 21 

FT-A World tafcas Bacfcj’qoe 
FT Gold Mtoes hdex Back Pago 
FTflSMMnB bond s» : . 21 

FT-SEAcbnrinfocScM 27 


njfHv) ffiXoaiQO ** 

G8ts prices 21 

Ltf!a aqutty options Back rage 
London dare sendee 28-28 

London trad optioos BsckPage 

Uareged ftmds sendee 30-34 
Money mariots 34 

Not MI bond tauas 21 

Recent issues, UK 27 

Short-tom M rates 34 

US krisrest retas 21 

WOrid Slock Motes 35 


Chief price changes yesterday 


. nuMowirm ' 

Mboa . 

649 .-.+. a - • 

■ DLW 

496' + 13 ■ 


1715.+ as 

CM 

605 > - 2W 

'"»*■» - - 

' fetastei 

855 18 

. taot 

780 - 15 


. Omm • 

358 - M 

Rntnuar 

» - ft 

UteDev .. 

» - 2ft 

MhU . 

mH - .-eft 

-UcmTodi 

■3214 - IK 

fensWj 

41H 2 K 

****** 


.Haw 

“ _• 

■- annhrew 

8S7 • + 30 


STAR Cot SSB + 12 

srsanoa mo + a 

Sub dm * 7 


fioqpM 644 - 16 

IpfrDtne. 551 - 13 

TUNOffea} 


fetter M 743 + 19 

Cataae 646 + 18 

OBonVUt M0 + 23 

TtaHa Mach 878 + 22 

WfcttaBK 538 + 23 


883 - 20 


NmYetk prion «t ia*Uov 


Mfoow 


.472- + « 
•25 Bfo. 238.-+. 33 
gflWA 1213 + 33 
THT + 45 

. fatimSM am +. « 
Woeorsi 487 +' « 
tm. * 12 

w£3 * ® 

gyW 459 + 18 

jyy n 07 * -17 

-348 + 10 


SODOWinrio 585 + 20 


Man 180 - 14 

CriRm 365 - 40 

CbBBrtjg 312 - 12 

EomtiiHav W - - W 

Hanbrot 3 (S - 8 

Maren 71 - 8 

tcndanM SOW - 8ft 

OBI 3Z - 5 


FINANCIAL TIMES 


COMPANIES & MARKETS 



Conference calls: 

Ihe key to improved 
business communications. 
For the best service call... 


©THE FINANCIAL TIMES LIMITED 1994 


Thursday June 9 1994 


0800 70 70 70 


Investors may block UAL plan 


By Richard Tomkins in New York 


EiiTsiMfogs back bats profit. 

Enl. fee Italian state oil rmir^yn, smnnpg 
into profit m 18B3 after ia -mmitlm rt wri TT i rhir in g 
JlrFraucuBeruabd, chief executive, anticipated 
a further strengthening cf Eni’s profits during 
the current year. Page 18 

UN Broadcasting to spin off TV station 

LIN Broadcasting, the cellular telephone company 
in which McCaw fMhriar Co mmnnicattons owns 
a 52 per cent stake, is to spin off UN Television, 
its TV station business^ to shareholders in a tax-free 
distribution of shares. Page 19 


United Airlines, the biggest 
carrier in the US, faces the threat 
of a shareholder revolt over its 
plans to give employees a 55 per 
cent controlling stake in the com- 
pany in exchange for labour con- 
cessions. 

One of the company’s biggest 
institutional investors, Penn- 
sylvania-based Vanguard/Wind- 
sor Ponds, yesterday said fee 
proposal was against sharehold- 
ers 5 interests and it would vote 
against it The fund speaks for 


nearly 10 per cent of United’s 
shares. 

A defeat of the employee own- 
ership plan would be devastating 
for United. The airline’s strategy 
for fi ghting hark a gatoat competi- 
tion from low-cost carriers such 
as Southwest Airlines depends on 
the labour concession^ it will pro- 
duce. 

If fee plan collapses, United is 
likely to axe hundreds of unprof- 
itable short-haul domestic routes 
aid start contracting out services 
such as catering and mainte- 
nance. The heavy job losses that 


would result could provoke a 
head-on confrontation wife fee 
airline's powerful labour unions. 

Under the plan drawn up last 
year, employees were to swap 
S4.9bn worth of labour conces- 
sions over the next 12 years for 
between 53 and 63 per cent of 
United’s shares, depending on 
how the share price performed. 

United said the plan was the 
best hope for the airline’s fixture, 
but some shareholders were con- 
cerned that if employees gained 
control of the company, they 
would pat their own interests 


ahead of other shareholders. 

That concern grew when 
United gave in to pressure from 
the pilots' imlnn last mni}th and 
lifted the employees* initial stake 
to 55 per cent to compensate 
thf-m for a d p * > V' np in th p share 
price. Vanguard/Windsor Funds 
said yesterday the move was “fee 
last straw”. 

Other big shareholders in fee 
company - Alliance Capital Man- 
agement. Fidelity Investments 
and Sanford C. Bernstein - 
declined to say which way they 
would vote. Alliance, which bolds 


a 12 per cent stake, has previ- 
ously tacked the plan, but Van- 
guard/Windsor’s move could 
encourage others to revolt 

A gtreHar move by sharehold- 
ers in Kmart, the US discount 
store group, resulted in defeat for 

mana g pment when it put a reor- 
ganisation to the vote last week. 

United said yesterday it firmly 
believed fee transaction was in 
shareholders' best interests- The 
plan, awaiting approval by the 
Securities and Exchange Com- 
mission. is expected to go the 
vote this month or early in July. 


Companies 
win time 
on share 


options 


By Richard Waters in New York 


■ FFrl3bn restructuring agreed 

Euro Disney 
prices rights 
issue at FFrlO 


Falls in attendances and customer spending 


The rescued and one of the rescuers 




By Afice Rawsthom In Paris 


Boro Disney, the leisure group, 
has secured shareholders’ agree- 
ment for a FFriabn ($L3bn) emer- 
gency financial restructuring 

: par-feag g and announced ri ataflg of 
FFrebn rights Issue offering 
| seven new shares at FFrlO each 

for every tWO wI«Hng shame 

The company’s share price Sell 
FFr3.50 to FFr33 immediately 

after the arninimrpnian f which 

was accompanied by news of a 
decline in attendance aTiri expen- 
diture at the Euro Disneyland 
theme park in the first half of fee 
year. The shares recovered to 
close 90 centimes down at 
FFr35.60. 

The rights issue, which marked 
the final stage cf Euro Disney’s 
intricate rescue negotiations, was 
priced at the upper end of expec- 
tations. Observers had antici- 
pated a price qf between FFr5 


and FFrlO until last week’s deal 
when Prince al-Waleel bin Talal, 
the Saudi investor, offered to sub- 
underwrite the issue. 

"Prince al-Waleed’s arrival an 
the score must have made Euro 
Disney mare confident in its pric- 
ing," said Ms Rebecca Winning- 
ton-Ingram, analyst at Morgan 
Stanley. 

The size of fee prince's even- 
tual stake will be determined by 
investors’ response to the rights 
issue. He has offered to buy any 
surplus shares left after the issue 
and is entitled to acquire up to 13 
per cent from Walt -Disney, the 
US group which owns 49 per cent 
of Euro Disney. However, his 
eventual stake must be under 
24J> per remli 

Euro Disney, which last month 
reported a reduced net loss of 
FFTL06bn for the six months to 
March 31, from FFr434hn, yester- 
day ca utioned that trading condi- 



Enro Dtoray Share Mee <Ff4) 

37 — : 






r **.:• , K.*V 





'\SM%P*®rk*HpiOfls.. : 
■ looking ttifcittkjced loss 





SmrrrrlWmfiTrm 


Prince ai-Wafoed bin Tab* 
promised cash iqjoctionaa June 1 


tions had been difficult so far 
this year. 

Mr Philippe Bonrguignon, 
chairman, said the group antici- 
pate a reduced loss for the second 
half . However last year’s 
FFr5 Jhn net loss was inflated by 
restructuring costs. Attendance 
at EuroDisneyland fell 6 per cent 


to 31-hn in the first half of this 
financial year and expenditure 
per guest was 7 per cent lower at 
FFr229. 

The declines reflected the pres- 
sures of the European recession 
and the French franc’s strength 
against the pound, lire and 
peseta. These problems have per- 


sisted into fee second half. 

Euro Disney does not expect to 
move back into profit at least 
until 199596. This prompted the 
Commission des Operations de 
Bourse, fee French stock market 
watchdog, to include a routine 
warning in the rights issue pro- 
spectus. 


US investor group selected to buy Heron 


By Maggie Urry hi London and 
Richard Waters m New York 


A group of investors led by Mr 
Steven Green, the US business- 
man, was yesterday selected by 
Heron International as fee pre- 
ferred buyer of Mr Gerald Eon- 
son's property comply. The bid 
from HNV Acquisition would 
give Mr Eonson and fee Heron 
management team a continuing 
role. 

Mr Green, chairman cf Astrum 
International, fee US company 


which owns the Samsonite brand, 
and of Aubumdale Properties, 
said yesterday that he planned to 
retain the group's assets and to 
develop it into a larger European 
property company. 

HNV is a limited partnership 
and includes as investors Mr 
Eupert Murdoch, chairman of 
News International, Mr Terry 
Semel, chairman of Warner 
Brothers, Mr Craig McCaw, chair- 
man of McCaw Cellular Commu- 
nications, and trusts of Mr Mich- 
ael baton ’s family. 


Mr Green invested in Heron 
bonds a year ago. He believes 
Heron's problems stem not from 
its selection of properties but 
from the impact of recession an 
asset values. 

“The exact role that Mr Eonson 
and his team would play is not 
structured, but 1 would hope we 
will have an opportunity to deal 
wife them and to use their know- 
ledge and their expertise on these 
assets. I would look to a relation- 
ship that would be longer than 
an interim basis," he said. 


Heron had been in talks with a 
short list of six bidders, but fee 
offer from Mr Green's group was 
understood to be the highest 
Although yet to be finalised, 
the offer from HNV will enable 
lenders to the Heron group to 
convert their debt into equity. A 
cash alternative will give an exit 
for other lenders, and HNV will 
take a majority of the equity. 

Lenders expect to receive offers 
reflecting the last prices at which 
fee group's debt and equity 
traded. That would give holders 


of senior debt around 45p in the 
pound. 

Heron is reckoned to have 
asset backing of 70p in the pound 
for its £300m ($450m) of senior 
debt, although in a receivership 
senior lenders might expect to 
get 30p. Junior bondholders 
might expect to be offered around 
6p in the pound, while equity 
holders have seen their shares 
quoted at around l%p. 

HNV is being advised by Swiss 
Bank Corporation, while Heron’s 
adviser is UBS. 


US companies have gained a 
breathing space in their tight 
against proposed rales which 
would force them to take execu- 
tives' stock options as b cost 
against profits. 

The planned accounting rules 
have provoked a tierce reaction 
from politicians and the Ameri- 
can Stock Exchange, as well as 
from small and fast-growing 
companies. 

Under a draft issued for com- 
ment last summer, the Financial 
Accounting Standards Board 
proposed that the cost of stock 
options granted to executives 
should be taken as an expense 
against profits, and that compa- 
nies should disclose more infor- 
mation about fee options. Part of 
the changes were originally 
intended to come into force at 
fee end of this year. 

In a statement yesterday 
apparently attended to molltfy 
opponents, Mr Dennis Berisford, 
chairman of fee FASB, said: “All 
the provisions of the exposure 
draft, including expense recogni- 
tion and measurement, will be 
reconsidered by fee board.” 

Smaller companies have 
objected that because they are 
unable to match fee large sala- 
ries and cash bonuses paid by 
large companies, they seek to 
attract talented executives by 
issuing options- These give the 
bolder fee opportunity to make 
big capital gains. If taken as an 
expense, these would add sub- 
stantially to the reported costs of 
many US companies. 

Earlier this week, fee Ameri- 
can Stock Exchange pnblished 
the results of a survey of compa- 
nies. Some 75 per cent said the 
rales would harm their balance 
sheets and 40 per cent said they 
would be forced to restrict or dis- 
continue their stock option 
plans. 

“A lot of oar companies are 
small, growth companies who 
use stock options as a way to 
attract talent,” the exchange 
said. 

Ms Diana Willis, FASB project 
manager for the stock option 
rales, said yesterday that fee 
delay did not imply that fee 
board was backtracking on the 
original proposals. The board 
always reconsidered all rales 
after receiving comments from 
interested parties, and the com- 
plexity of the project accounted 
for fee delay. 

The reconsideration of the 
draft rules was “not expected to 
be completed before the first 
quarter of 1995”. fee board said. 


Andrew Jack looks at annual fee income and 
the rise and rise of a humble junior 

Andersen ascends the 


This announcement appears as a matter of record only 


UK accountancy ladder 


T here is one clear trend 
feat stands out in fee 
an nnai fee tncome results 
of the UK’s largest accountancy 
firms published this week: fee 
ascendimcy of Andersen. 

Two years ago, A&dersen - 
com prising Arthur Andersen and 
Andersen Consulting - was a 
humble junior, a dear number 
six among the “Big Six” firms 
with income of £331m ($500m\ In 
its latest results for fee year to 
March 31 it has jumped to num- 
ber three at £434m. 

The leap up the league table is 
nothing new. Ten years ago 
Andersen was merely the ninth 
largest firm in the UK. While 
most of its rivals have reported 
absolute declines or modest 
growth during the recessionary 
last three years, it has continued 
to report double-digit increases. 

At fee other end of fee scale, 
the latest fee income figures do 
not look impressive for Touche 
Ross. Ernst & Young was edged 
down to fourth place by Ander- 
sen, in turn pushing down Price 
Waterhouse to fifth. Both 
reported modest growth. 

But Touche did more than sun- 
ply slide down because of pres- 
sure from above. It reported an 
absolute decline in fee income of 
OB per cent to £333m. The result 
says much about the end of the 
counter-cyclical income fee firms 
have generated from insolvency 
work during fee recession. 

In fee briefest of the state- 
ments from the six firms when 
they published thetr results on 
Monday, Mr John Roques, 
Touche's senior partner, said 
simply: “I am phased feat we 
have approximately main ta ine d 
revalues during the last y ear.” 
Mr George Westropp, a partner 


with fee firm, says fee decline is 
a readjustment following the 
enormous growth goerated by a 
number of insolvency assign- 
ments: notably the administra- 
tion of Polly Peck International 
and the liquidation of the Bank 
of Credit and Commerce Interna- 
tional. The big fees cm these jobs 
have now ended, and there is lit- 
tle prospect of anything filling 
fee gaps. 

“BCCI was the largest profes- 
sional assignment anywhere in 
the world ever.” he says. The 
most recent report last month 


Rivals claim 
Andersen is in 
a different 
market 


showed it had generated £!20m 
for Touche, much of which was 
not shown as insolvency income 
but spread across its accounting 
and nrai milti ng divisions. 

Of course, what the fee income 
figures leave unanswered is fee 
underlying profitability of fee 
firms. At a dinner for finance 
directors hosted fay Arthur 
Andersen last month* one guest 
got short shrift when he 
suggested feat as a purchaser 
interested in fee health of his 
suppliers, be should be able to 
eramftiB the firm's accounts. 

The response from fee Ander- 
sen partner - echoed by all his 
counterparts at the other firms - 
was that accountancy practices 
are p a rtnerships, and are there- 
fore not bound by the legal 


requirements of companies to 
make t . hi$ Tnfnrmatinn public. 

So while Touche Ross may 
seem to have suffered on its top 
line, the bottom line may well 
remain healthy. Certainly the 
firm bas cat overheads substan- 
tially, and its revenues per part- 
ner place it second in the league 
after Andersen at £973J)00. “Prof- 
its are consistent," is all Mr Wes- 
tropp will say. 

However, in a profession domi- 
nated by firms with their origins 
in the UK, Andersen has 
achieved a remarkable feat. It 
was a usurper, founded in 1913 in 
Chicago by a former Price Water- 
house trainee. It began from 
scratch in the UK only In 1956. 

Much of its more recent growth 
has been on fee back of Andersen 
Consulting, fee firm’s computer 
services and facilities manage- 
ment arm. That has led to snip- 
ing from some rival firms, which 
claim Andersen is in a differe nt 
market, invalidating comparisons 
of the figures. 

“Methinks they protest too 
much.” says Mr Keith Burgess, 
head of Andersen's consulting 
arm. “We are in the business of 
providing professional services to 
our clients. Anybody who 
believes that what firms deliv- 
ered 50 years ago is still right 
today may help ex plain one of 
the reasons for UK’s economic 
decline.” 

One thing seems certain: 
Andersen’s UK ambitious are not 
yet complete. The firm is cur- 
rently in negotiations wife most 
of the regional partnerships 
within BDO Binder Hamlyn, fee 
eighth largest firm, for a merger 
to be ratified in July. Adding in 
that income, Andersen is likely 
to become number two next year. 


£65 million Management Buyout of 


lilll Thorn 

■llll SECURITY 


from THORN EMI PLC 


Equity underwritten by: 


Hambro European Ventures Hambro Group Investments 
Hambros Unquoted Growth Fund (HUGs) 


Senior Debt and working capital facilities provided by: 


Midland Bank pic 


' Mezzanine Finance arranged by: 


Intermediate Capital Group PLC 


Management advised by: 


Livingstone Fisher pic 


Transaction structured and led by: 


HAMBRO EUROPEAN VENTURES LIMITED 


41 Tower Hill London EC3N 4HA 

Hambro European Ventures Limited is a Member of IMRO 
June tm 









18 


FINANCIAL TIMES THURSDAY JUNE S >1994 


INTERNATIONAL COMPANIES AND FINANCE 


Daimler-Benz sets rights 
issue price at DM640 


By David Waller in Frankfurt 

Shareholders in Daimler-Benz 
will be offered shares in the 
long-awaited rights issue at 
DM640 a share, a discount of 20 
per cent to last night's dosing 
price of DM8OL50, the German 
cars-to-aerospace group 
announced yesterday. 

The issue will raise just 
under DM3bn ($1.8bn) for 
Daimler-Benz, making it the 
biggest rights issue by a Ger- 
man company. The subscrip- 
tion period for the new shares 
will he from June 20 to July 5. 

The global co-ordinator to 
the issue is to be Deutsche 
Bank the largest shareholder 
in Daimler with a 24.4 per cent 


stake. Senior underwriters are 
Dresdner Bank and Commerz- 
bank, with Goldman Saehs and 
Merrill Lynch. 

Daimler said rights not 
taken up by agisting share- 
holders would he placed with 
international investors. Daim- 
ler is the only German com- 
pany to have a fall listing fra* 
its shares on the New York 
Stock Exchange. Mr Gerhard 
Liener, Daimler finance direc- 
tor, has said he wants to use 
the issue to raise the percent- 
age of Daimler shares owned 
by US investors, from the cur- 
rent 7 per cent 

It is understood that Deut- 
sche Bank will maintain its 
shareholding at its current 


level by taking up its rights to 
new shares. 

Other large shareholders 
include the government of 
Kuwait, which is thought 

likely to maintain its 14 per 
cent stake, and Stella, a hold- 
ing company owned by large 
Ge rman industrial «nH finan- 
cial companies which owns 
12_6 per cent. 

Daimler said the cash pro- 
ceeds of the issue would be 
used for general corporate pur- 
poses, developing its operating 
activities and financing work- 
ing capital requirements. 

Daimler reported losses of 
DMl.8bn last year, but is 
expected to return to the black 
this year. 


Kone advances despite sales fall 


By Christopher Brovim-Humes 
ki Stockholm 

Profits at Kone, the F innis h 
elevators group, rose 15.6 per 
cent in the first four months as 
lower financing costs offset a 
sharp drop in sales and slug- 
gish markets. 

The results, showing profits 
after financial items rising to 
FM74m ($13.4m) from FM64m. 
reflect the impact of the 
group’s refocusing programme 
and weak demand in Europe, 
which accounts for 80 per cent 
of turnover. New elevator 
deliveries were lower than a 
year ago and maintenance 


b usiness was static. 

The group said there was no 
sign of a revival in European 
elevator demand. It looked for 
growth from non-European 
markets and a steady develop- 
ment of maintjjnanftft anrl mod- 
ernisation business. 

Disposals and the difficult 
elevator market explain the 30 
per cent drop in sales to 
FM2.5bn from FM3.6bn. The 
company has sold MacGregor- 
Navire, a supplier of shipboard 
cargo hanriirng equi pmen t, and 
Kone Cranes, as part of a focus 
on its main lift operations. 
Operating profits sank to 
FM85m from FM123m. 


The disposals helped cut 
interest-bearing net debt to 
FM500m at the end of April 
from FMlbn at the end of 1993, 
reducing financing costs to 
FM2Qm from FMTOm. The com- 
pany wants to sell its remain- 
ing non-core activities and last 
week announced plans to 
divest Kone Wood, a supplier 
of wood-handling equipment 
Rone’s majority owner, the 
Herlin family, last month 
rejected an offer from Ger- 
many’s Thyssen group for its 
entire shareholding. The fam- 
ily controls about 40 per cent 
of Kane's capital and 70 per 
cent of the votes. 


Swedish insurer turns in 15% rise 


By Christopher Brown-Humes 
in Stockholm 

Trygg-Hansa SPP, the Swedish 
insurer, recorded a SKrfiOOm 
($75.9m) operating profit in the 
first four months of the year, 
up 15 per cent from a year ago. 

The performance continues 
the 1993 recovery, when the 
group achieved a SKrL72bn 
operating profit after a 
SKr5-2bn deficit a year earlier. 

However, the group sus- 
tained heavy losses after 
investing in Gota AB, two col- 
lapsed credit insurers, and 
Home Holdings, file US Insur- 
ance group. 

• Perstorp, the Swedish speci- 


ality chemicals and plastics 
group, advanced 83 per cent in 
the eight months to April 1994. 
Profits after financial items 
rose to SKr385m ($48. 7m) from 
SKr210m in the same period a 
year ago, writes Hugh Carnegy 
in Stockholm. 

The company said it expec- 
ted full-year profits to reach 
SKrQ00m-SKr550m. an improve- 
ment of about 70 per cent over 
its last September-August fis- 
cal year. Hie large profits 
increase was achieved despite 
a comparatively modest 18 per 
cent rise in sales to SKr6.76bn, 
compared with SKr5.7bn. 

Perstorp said it had been hit 
by increases in raw material 


prices which it had been 
unable to pass on. Neverthe- 
less, rationalisation daring the 
previous year had yielded 
higher margins which, com- 
bined with penetration of new 
markets and the introduction 
of products, had boosted 
profits. 

Perstorp said its three big- 
gest divisions - surface materi- 
als, components and speciality 
chemicals — had achieved the 
biggest sales and earnings 
increases in the company. 

It added that its Biotec divi- 
sion had opened sales offices in 
the Ukraine and China where 
the big agriculture industries 
offered attractive markets. 


Skanska 
acquisitions 
double US 
presence 

By Hugh Carnegy 
m Stockholm 

Skanska, the Swedish 
construction and real estate 
group, has acquired Beers 
Construction Company, a lead- 
ing bniltfing company in the 
south-east US, and CPI, a tech- 
nical company based near New 
York. The acquisitions will 
double die size of Skanska's 
US operations. 

The announcement comes 
within a week of a declaration 
by Mr Melker Schfiriing, chief 
executive, that Skanska 
intended to increase its non- 
Swedish operations to about 
40 per cent of group revenue 
following a slump in its home 
market ?ghich led to losses in 
1992. Last year, foreign busi- 
ness accounted for 23 per cart 
of the group’s SKr28.9bn 
($3.7bn) sales. 

Skanska did not ritarins* the 
price of Beers and CPL 

"Skanska Is already a mar- 
ket leader in the New York 
area," Mr SchSrling said. 
“With file acquisition of Beers 
we now hold a similar position 
in the growth areas of the 
south-east. By purchasing CPI 
we are simultaneously supple- 
menting our resources with 
increased technical compe- 
tence, making ns a full-service 
organisation in the US.* 

Beers specialises in building 
hospitals, schools, industrial 
buddings and sports facilities. 


UK food price 
war warning 

Northern Foods, the UK dairy 
and foods manufacturer, said 
yesterday that the Call in UK 
food prices - caused by the 
supermarket price war - was 
set to continue, writes Tony 
Jackson in London. 

Mr Christopher Haskins, 
chairman, reporting a small 
improvement in full-year pre- 
tax profits to £!57.2m 
(8236.5m), said: “In file short 
term, I can see no let-up in 
price deflation. I suspect low 
inflation will be an element in 
die food industry for the fore- 
seeable future.” 

Lex. Page 16 


SME ahead at L131bn for year 


By Andrew MB 
in Milan 

SME, the Italian retail and 
catering group which the gov- 
ernment is trying to privatise, 
increased group net profits last 
year to L131.6bn (S8L3m) from 
L127_2bn. 

Iri, fin* Ita li an state holding 
company, owns 62 per cent of 
SME. 

Iri has already sold off its 
interests in the group's food 
activities, 'including its main 


subsidiary Cirio Bertolli De 
Rica (CBD), but has yet to find 
buyers for its GS supermarket 
c hain its fast-food and 
motorway restaurants. 

In the last few weeks, Mr 
Sergio Cragnotti, the contro- 
versial Dalian financier, has 
taken control of CBD from 
Fisvi, the Apulia farm co- 
operative. 

Excluding food activities, 
SMB’s turnover increased from 
L3£24bn to L4,067bn. Retailing 
sales improved by 6 per cent to 


L2,782bn, and there was a 9 per 
rent increase in restaurant and 
catering turnover to Ll,2lQbn. 

The parent company pushed 
up profits to L13L9bn, against 
L93.2bn. to propose an 
unchanged dividend of LUQ a 
share. 

The company said that the 
increase in parent company 
profit was due to a strong 
increase in operating profits, 
anti unspecified extraordinary 
gains from the sale of smaller 
subsidiaries. 


Net cash increased by 
L42.Gbn to Ll32.6hn. 

A consortium headed by 
Rinascente, the Italian retail 
chain, is reported to be favour- 
ite to buy the GS chain. 

However, there Is specula- 
tion about the future of the 
motorway and fast-food restau- 
rants. Candidates as diverse as 
McDonalds, the US feat-food 
group, and Forte, the UK caters 
ing and hotels company, could 
be interested, it has been 
suggested. 


Eni savours the taste of freedom 

Franco Bemabe outlines plans to Robert Graham and Andrew Hill 


E ni, the Italian state oil 
concern, swung back 
into profit in 1993 after 
18 months of restructuring. 

The switch to last year's 
L419bn ($258m) profit from a 
1992 Loss of L815bn was due to 
an improved industrial perfor- 
mance, cost savings and asset 
sales of Ll,700bn. 

Mr Franco Bemabe, chief 
executive, said he anticipated a 
further strengthening of Eni’s 
profits during the year. The 
group was on course for priva- 
tisation but the decision on 
how to proceed with the sen-off 
was in the hands of the Berlus- 
coni government, be added. 

These are the first ftxll year's 
accounts under Mr Bemab&'s 
manag e ment He has been at 
the helm during an exception- 
ally difficult period when Eni’s 
activities have been placed 
under the microscope by anti- 
corruption magistrates. 

Last year saw the arrest on 
corruption charges of Mr Gab- 
riele Cagliari, EnTs ehairmar^ 
who committed suicide in 
prison, as well as the chief 
executives of all the main oper- 
ating companies - Nuovo 
Pignone (gas turbines), Agip 
(oil and gas exploration/pro- 
duction), Saipem (pipelines) 
and Snam (gas marketing/dis- 
tribution). 

Mr Bemabe observed drily: 
“One of the reasons why we 
have been able to achieve bet- 
ter results is that we have been 
able to operate without politi- 
cal interference. We have been 
able to manage our business 
on commercial criteria.” 

In spite of difficult condi- 
tions and lower crude oil 
prices, gross earnings rose 8 
per cent to a record L53,000bn 


from L49,8Q0bn. Operating prof- 
its rose to LU^OObn from 
L9800bn. . 

A strong energy sector, 
which accounts for 90 per cent 
of activity, helped offset prob- 
lems in Eni’s chemicals and 
the heavily loss-making fertil- 
iser operations. Mr Bemabe 
said much attention was 
devoted to s limming down 
Eni’s base, chemicals and fertil- 
isers operations last year. 

The Inher itance left by the 
costly merging of Eni’s chemi- 
cals interests with those of Fer- 
ruzzi-Montedlson in the now 
defunct- Enimont, t ransf ormed 
into Rnirhem, had to be dealt 
with. “We closed five large 
agro-chemical plants [in Italy]: 
and we halved capacity, con- 
centrating on plants at Ferrara 
and Ravenna," he said. 

Restructuring of chemicals 
and fertilisers accounted for 
the bulk of the Ll,400bn 
extraordinary costs (against 
the 1992 LL200bn, adjusted fin: 
comparison). Much of the 

re mainder covered closure of 

Eni’s non-ferrous metals 
operations in Sardinia. The 
main cost item was payments 
for redundancy and early 
retirement 

Eni’s payroll dropped during 
the year to 106,000 from 124,000 
and this year will fell to about 
95,000. 

The principal among 59 asset 
sales was that of Nuovo Pig- 
none to General Electric, with 
Eni retaining a 20 per cent 
stake. Mr Bernabfr estimated 
asset sales would raise 
L5£00bn between 199396 with 
Ll.OOObn expected this year. 
This income has helped cover 
restructuring costs and hold 
down net debt ■ 


Eni 


Lira bn 


1903 

1992 

Turnover 

53.0 

49.8 

Gross operating 



margin 

115 

9.8 

Amortisation 

6.4 

6.4 

Financial charges 

2.5 

2.6 

Extraordinary coots 

1.4 

1.2 

Net results 

419 

(815) 

Investment 

10.4 

10.7 

Net flnandai debt 

28.9 

28.4 

Employees (DOO) 

106.4 1240 


Mr Beroabfe is particularly 
ple ased that net debt has fallen 
by LSOObn to L28£00bn after 
having risen by almost one 
third between 1989-92. “We are 
now one year ahead of tire 
agreements with the EU which 
envisaged a ceiling being fixed 
on debt at the level pertaining 
at the end of 1994.” 

M r BemabS has been 
weeding out the 
least efficient subsid- 
iaries. As a result, 33 busi- 
nesses have been closed in 
Italy and 40 overseas. Capital 
spending has been trimmed 
(L10,400bn against L10,700bn) 
with more emphasis on essen- 
tial projects such as doubling 
the capacity of the pipeline 
bringing Algerian gas via Tuni- 
sia under the Mediterranean. 

Savings have been achieved 
by renegotiating some of Eni’s 
overseas oil and gas operating 
contracts, notably in Egypt 
and Libya. Eni is concentrating 
energy strategy on exploration 
and production in China (espe- 
cially the Tarim basin) and 
central Asian areas of the for- 
mer Soviet Union, where the 
group has long cultivated good 
political contacts. 


Eni only became a public 
joint stock company, with the 
Treasury as sole shareholder, 
in August 1992. But since then 
Mr Bernabd bas divided Eni 
into three groups - energy, 
grouped round Agip; chemi- 
cals; and other activities. “My 
aim was to reduce Eni from 
being a loose conglomerate to 
concentrate on its core activity 
of energy,” he said. 

This has almost been 
achieved. Rothschilds recently 
completed a pre-privatisation 
valuation of the group. Mr Bar- 
«nh tV declined to sa; where this 
placed Eni among the intern* 
tional oil majors; but he admit- 
ted hydrocarbons reserves had 
traditionally been valued very 
conservatively and that Eni 
has an optimal 60/40 mix of oil- 
togas production. 

Both the Amato and CUunpl 
governments pledged to float 
Agip, as the initiation of EnTs 
privatisation, but this never 
materialised. Since Agip is the 
core operating company, Eni 
as the holding company has 
been fighting a discreet battle 
to ensure it does not end up aa 
an empty shell. The precise 
fete of Eni as a holding com- 
pany remains unclear and Mr 
Bemabe is enigmatic on the 
issue, clearly anxious to avoid 
prejudicing the Berlusconi gov- 
ernment’s opinion. 

The impression remains that 
Mr Bemabe is keen to save 
under the new government and 
that decisions on privatisation 
will wait until after the sale of 
IN A, the state insurance group 
which is to be privatised at the 
end of this month, and Stet, 
the telecoms holding company 
which could be sold in the 
autumn. 


a]) BANK 

' / GESELLSCHAFT 
yj\ BERLIN 

BankgeseUschalt Berlin AktiengeseUscbaft 

Newsletter to our shareholders 

As part of the formation of the bank holding group “Bankgesellschafl: 
Berlin AG" a new capital increase through non-cash and cash contribu- 
tions is planned for the second half of June 1994. This capital increase is 
not primarily intended as an acquisition of additional capital resources. It 
is actually part of the holding formation process, aimed at increasing the 
participation of Bankgesellschafl Berlin in Landesbank Berlin from 68.11% 
to 75% through a non-cash contribution to the holding by the State of 
Berlin in the form of the Landesbank Berlin 1993 net income. The State of 
Berlin is prepared to carry out the non-cash contribution at a price of 
DM 584 per share. This subscription price resulted from an evaluation 
made during die holding formation process and is therefore independent 
of current market conditions. To avoid any exclusion of shareholders’ 
proportional subscription rights, we are offering a cash capital increase at 
a ratio of 23 for 1. The offering price is DM 384 per share. We can not 
exclude the possibility, however, that at the time of official trading, the 
subscription rights might have no theoretical value and, in this case, for 
this reason no official quotation would take place. 

The secondary cash capital increase will take place in the form of an “open 
capital increase”. The total value or the capital increase will depend on the 
actual exercise of the subscription rights by the shareholders. As a rule, in 
the case of a capital increase, new but unsubscribed shares are taken over 
by the bank syndicate, that is they are always issued. Ln the case or an 
“open capital increase" no shares are issued unless they are directly 
subscribed by current shareholders. Considering the extremely favourable 
total amount of capital and reserves available to Bankgesellschafl Berlin, 
compared to both national and international standards, we do not necess- 
arily need the funds generated by the current capital increase. We would 
like to offer you, our minority shareholders, as we did for the State of 
Berlin, the possibility to subscribe new shares, in order to maintain the 
participation of minority shareholders in Bankgesellschafl Berlin, and to 
safeguard your interests. 

Our banking group and its profitability have developed as planned during 
the current period. We are convinced that the successful developments of 
Bankgesellschafl Berlin will also be of benefit to our shareholders. 


Berlin, June 1994 

Bankgesellschafl Berlin AG 
The Board of Management 


W 7 BANK 

N f GESELLSCHAFT 
yh BERLIN 

Bankgesellschafl Berlin AktiengesellschaJft 

Subscription Offer for New Shares 

On the basts or the authorization in $ 5 section 2 of our company’s statute (authorized capital), die 
Board or Management, in agreement with the Supervisor; Board, has resolved to increase the share 
capital or DM 1,042,184,400-- by non-cash and cash contributions by up to DM 46,370,600.- to up to 
DM 1,088,555,000-- by issuing new shares of DM 50 nominal value each made out to bearer. The 
new shares are entitled lo full dividends for the 1994 fiscal year. A value up to nominal DM 352,100.- 
of new shares is excluded from the shareholders’ subscription rights. The maximum value exclud- 
ed will be determined by the market price. 

Our principal shareholder, the Stale of Berlin, has acquired, out of a total offering of DM 46,570,600.- 
DM 30,943,100.- of the new shares in exchange Tor non-cash contributions. Up to DM 15,427,500.- 
or the new shares will be offered to our shareholders through a bonking syndicate under the lead 
management of Deutsche Bank AG - with exception of the Jjiate of Berlin - at a ratio of 23 Tor 1 with 
a subscription price or DM 384.- for each share or DM 50 nominal value. The total value of the capi- 
tal increase will depend on the scale or exercise of the subscripdon rights by the shareholders. 

We recommend that our shareholders exercise their subscription rights and, in order to avoid exclu- 
sion from participation, should do so in the period 

friun June 16 up lo, and including June 30, 1994 
by submission or the coupon no. 15 of the old Berliner Bank AG shares 

a) at the bank offices or Bankgesellschaft Berlin or at the branches or the Berliner Bank AG or of 
the Landesbank Berlin - GLrozentrale - 

b) at any of the following bank offices during customary office hours: 


Deutsche Bank AG 

Baden- Wflmembergiscfie Bank AG 

Bayeriscbe Hypotheken- und Wechsel-Bank AG 

Baycrische Vere iris bank AG 

Berliner Handels- und Frankfurter Bank 

Commerzbank AG 

Delbrtick & Co. 


DG BANK Deutsche Genossenschaftsbank 
Dresdner Bank AG 

Norddeutsche Landesbank GLrozentrale 
SaL Oppenheim |r. & Cie. KG a A 
Trlnkaus & Burkhardt KGaA 
Verelns- und Westbank AG 
M. M. Warburg & CO 


According to the subscription ratio, one new share of DM 50 nominal value may be subscribed at an 
issue price of DM 384.- each Tor 23 old common shares. The subscription rights associated with the 
old shares will be traded and olTiciaJly quoted on the stock exchanges of Berlin, DOsaeldorf and 
Frankfurt/Main bum June 16 up to, and including, June 28, 1994. The subscription agents are 
prepared to arrange, as far as possible. Tor the purchase and sale of subscription rights on such nock 
exchanges. 

The Issue price is due Tor payment upon subscription, at the latest, however, on June 30, 1994. 
Normal banking commission will be charged Tor subscription, unless the subscription right Is exer- 
cised by the subscriber against the presentation or the afore mentioned dividend coupon during 
customary office hours at the counter of one of the subscription agents’ offices. 

The new shares (German security code no. 802 323) will be made available lo the shareholders 
through a collective securitiy account on the basis of an omnibus share certificate held by Berliner 
Kassenverein, a branch of Deutscher Kasseoverein AG. The new share certificates will be made 
available on request after the Annual General Meeting in 1994. No claims Tor the issue or Individu- 
al certificates may be lodged prior to that dale. 

An application for the trading or the new shares on the stock exchange in Berlin, DOsseldorf and 
Frankfurt/Main will be made as soon as the completion of the capital increase will be entered in 
the Register of Companies. Trading in officially quoted new shares is scheduled to commence on 
June 21, 1994. 


Berlin, June 1994 


TTie Board of Management 


FAR-EAST EQUITY MANAGEMENT COMPANY SA. 

SodW Anoayiae 
(hi Bqofalaikoa] 

3b. Bmdtvani da Print* Hart, L-1724 Laxcmbsaig 
R.C. Lw™bwn*B No. 31S12 


AVIS AUX PORTEURS DE PARTS 


jq.iggcJOcM.k-3jiuo.iaw. 

Ls Condi tfAd mip t m adon dc Far-Eafl Eqouy M i nagnw M Company SLA, Sod M dc 
Oesron do Foods Common de Pbccmenl hra mbc nr gcoa FAR-EAST EQUITY FUND, • 
cUdd£Ie3jdn de axme tm 1 fiMfivisioa ei de procAlet i h Kqaididoa At fomh pridlt 

Canf n r m fmcM i r*rtjcto 21(3) de la loi Lnxtmbcmrgeooie da 30 man 1988 relative an 
o q a nfc m M dB p la nviirm oitkaaLItaimrioiiateadadMpMasooiioietdteJpwtirdeocjom. 
La Suddc de Gcskm. Par -East Equity M a rngrmco i Company SA. ioKmcnh emum e 
UQUIDATEUR cl b liqnidaiion se tea urns tonne (fane repartition cn ESPECES de faaif 
dm da foartt.au panto dc parti dcduqacparndpanl A ptitir da 20jmllcs 194s, 

Let pwnttnts tjul n’annrat pas ttd rtdamfo lo 31 aott 1994 . b date dc b ctfltnre de k 
liquidation, taunt (faposfo auprfo de b Cairn dcs Qaaipaina i Luxembourg » profit 
des lyaate-draJl, jusqrt la date dc prescriplioa. 

Certffid tocirt ct coofoame 
ftp-Easi Equity Management Company SA 


Uqirictatcur 


United Overseas Bank 
(Uzxefflbourgj SA 
Basque Ddpomairc 


F. Chamxi 
Afinnt»i»— — Tin 


G. Lcvicux 
AdmbtbracBr 


SGA SOCIETE GENERAJLE ACCEPTANCE N.V. 
FRF 300,000,000 

TME FLOORED BONDS DUE JUNE 15, 2000 

Notice is hereby given to the Bondholders that, 
pursuant to the Terms and Conditions of the Bonds 
Condition 4. "Interest", 

the rate of interest applicable to the period from 
June 15, 1993 to June 15, 1994 is 7.50 %. 

This rate of interest has been determinated 
according to the Condition 4. (ii), i.e.The Bonds bear 
interest at a rate which is the higher of Annual 
Average of TME - 0-10%or ‘7JS&k per annum", 
(Annual Average of TME for the above mentioned 

^ _ period being 6.4608%). 

Therefore, the interest payable against surrender of 

coupon nr 2 will be: FRF 750,00 per Bond in the 
denomination of FflF 10,000. 

THE PRINCIPAL PAYING AGENT SOGENAL 
_ . SOCIETE GENERALE GROUP 
15, Avenue Emile Reuter - LUXEMBOURG 


£ 22 , 000,000 


NO RTHERN ROCK 

. == BUILDING SOCIETY SSS= 

Subordinated Floating Rate Notes due 2002 

hi accordance with the provisions of the Notes, notice is hereby 
given that for the Interest Period from June 7, 1 994 to December 7, 

1994 the Notes will cany an Intereat Rale of 6.7375% per annum. 

The interest payable on the relevant Interest payment dale, 
December 7, 1994 wffl be E1.688.99 per £50,000 Note and 
£16,889.90 per £600,000 Note. 

By: The Chase Manhattan Bank, NJL 
London, Agent Bank 
June 9, 1994 


o 


CHASE 


"GM-S- Fu tn rcView 


jjj We ire urgently seeking commercial 

i ' aVid ic investment pr o pert i es upwards of 
LAURIE WJSmfyfMww funds and ovoseas 

dients. Please forward details to: 

leu 871 TO JW . _ — n- 

fee 071 *99 £279 Ru±ild TOft G«an 


WANTED 

URGENTLY 

UK 

Commercial 

Property 



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FUTURES £■ OFTIONS BROKEN 


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TRIP 


BUSINESSES TOR SALE 


Appear In the Fmancial Times 
on Tuesdays, Fridays and Saturdays. 

For further Info r mation or to advertise in this 
section please contact 
Keri Loynton on 071 873 4780 
or 

Melanie MBeeon 071 873 3308 


EXECUTION DML- 


FINANCIAL TIMES 


3 










■ *acrw 


19 


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: • HWAW1AL TIMES THURSDAY JUNE 9 1994 


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INTERNATIONAL COMPANIES AND FINANCE 


UN Broadcasting to spin Brazil cases 
off TV station business onmutual 


By Martin Dickson 

frl Now York 


UN Broadcasting, the reflnlar 
telephone company In which 
McCaw Cellular Communica- 
tions owns a 52 per cent stake, 
is to spin off UN Talevieion, its 
TV. station business, to share- 
holders in a tax-free distribu- 
tion of shares. 

The company also 
announced .an agreement to 
buy' WTNH-TV, .an affiliate of 
tbeABC network in. Connecti- 
cut, from Cook Inlet Commmd- 
cations fornbout $320m. in cash 
and UL5 per cent of UN Televi- 
san . common «han »g. 

The two moves, expected to 
be completed by the end of this 
year, will ideate a publicly- 


quoted .company which owns 
seven television stations affili- 
ated to the three big US broad- 
casting networks. 

Public shareholders would 
own 42 per cent of UN Televi- 
sion and McCaw would hold 46 
per cent 

The business had pro forma 
1993 revenues af.$160m and 
broadcasting cashflow of $80m. 
•Cities served by its stations 
include Dallas, Texas, Indian- 
apolis, Indiana and Norfolk. 
Virginia.' 

Mr Craig McCaw, chairman 
of both McCaw Cellular and. 
UN. Broadcasting, televi- 
sion and cellular were two fun- 
damentally different busi- 
nesses and should be managed 
separately. 


“We believe the spin-off 
enables UN Television to con- 
tinue to do acquisitions like 
WTNH-TV, and feel there is a 
substantial opportunity for an 
independent, highly-focused 
television business to grow 
rapidly,” he said. 

AT&T, the largest US 
long-distance telephone group, 
has agreed to buy ' McCaw, the 
nation's largest cellular tele- 
phone company, for $l2bn. The 
deal, however, Is still subject 
to a prolonged regulatory 
review. 

If that deal goes through, 
man; analysts expect AT&T to 
buy out minority shareholders 
in LIN Broadcasting to 
strengthen its market position 
in cellular. 


equity funds 


US funds buy paper mill debt 


By Bernard Simon m Toronto 


Several US investment funds 
have emerged as the biggest 
creditors of tire troubled Gold 
River newsprint mill in British 
Columbia, after buying more 
than half-, of - its C$230m 
{US$166.6m)defcrt at a deep dis- 
count 

The involvement of the US 
funds - so-called, “vulture 
foods", because , they seek to 
profit from distressed busi- 
nesses - has made the future 
of thfr mill even more uncer- 

btTii- 

Golit River is one of the most 
modem paper mills In the 
. world. It has been mothballed 
since Christmas, when its 
banters tumed=down a pro- 
posal by its biggest share- 
holder, AvenOT (formerly Cana- 
dian Pacific Forest Products) 
for short-term funding. 


An official at Odyssey Part- 
ners of New York, one of the 
US funds, said the mill was “an 
excellent piece of equipment” 
with . “a lot of value”. He . 
declined to give details of 
Odyssey's intentions, but indi- 
cated that some developments 
were likely within the next few 
weeks.. 

Mr David Toole, Avenor's 
chief finawriai officer, said the 
company had so far had no 
contact with Its new creditors. 
It is drawing up proposals 
aimed at restarting the mfn 
These include securing cheaper 
ami more reliable wood sup- 
plies. 

Avenor .wrote off its entire 
C$147m investment in Gold 
River last year. Its eight part- 
ners fnriimtA publishers in the 
US, UK, Japan and Singapore. 

The bank lenders are under- 
stood to have received between 


IS and 30 cents per dollar of 
face value for their loans. A 
leading member of the bank 
group said: “When the ‘vulture 
capitalists’ get involved and 
you lose the majority of the 
bank syndicate, it gets to be 
too much trouble.” 

Ranire which have sold their 
loans include Toronto-Domin- 
ion, Union Bank of Switzer- 
land, and Royal Bank of Can- 
ada. TD has been replaced as 
leade r of the creditor group by 
Coopers & Lybrand, the inter- 
national a ccpnnfawf* 

The removal of Gold 
River's annual output of 
230,000 tonnes from the market 
helped other North American 
newsprint producers impose a 
6 per cent to 7 per cent price 
rise earlier this year. The pro- 
ducers hope to push through a 
second, similar increase in 
August 


Orkla suffers 
fall in spite of 
improved sales 


NTT, Silicon in multimedia link 


By Louise Kahoe 


Nippon ' Telegraph, and 
Telephones is planning a trial 
of interactive multimedia ser- 
vices in Japan using technol- 
ogy supplied by Silicon Graph- 
ics, the US computer 
. manufacturer. 

The planned system will Hnlc 

consumers, businesses, and 
government ministries to. new 


lrinda of information services 
and computing power, the Jap- 
anese telecommunications 
group said. 

“The in te racti v e multimedia 
services system, in combina- 
tion with the fibre-optic digital 
network being introduced by 
NTT, will serve the expanding 
..needs of a wide range of 
users,” said Mr Masashi 
Kajima, president of NTT. 


The companies said they had 
reached a preliminary agree- 
ment for Sfflcon to supply com- 
puters and software for the 
project, which will be the first 
trial of interactive multimedia 
services in Asia. 

Several trials are already 
under way, or planned. In the 
US. SOiconis providing similar 
technology for a Time Warner 
interactive TV trial this year. 


OrUa, the diversified 
Norwegian group, reports a 
dip in pre-tax profits for fin 
first four months, fa) NKr299m 
($54. 4m) from NKrSOSm in the 
same period last year, writes 
Karen Fossli in Oslo. The tell 
came in spite of a NKrDQ&n 
rise in sales, to NKr6.4bn. 

The beverage division was 
the weakest performer, with 
an operating loss of NKr32m 
against a profit of NKrlOm. 

A fall in group operating 
.profit, from to NKr288m from 
NKr32lm, was blamed on 
expansion and re stru c turi ng. 


DGZ's concentration on its core busi- 
nesses again generated good results in 1 993. 
After completing its temporary central bank 
role for eastern Germany's Sparkassen, DGZ 
returned fully to its specialized wholesale 


To fund its growing lending operations - 
especially the financing of international 
public-sector infrastructure projects - the 
bank again strengthened its refinancing 
capacity. Resourcefulness, customized 


FOCUS ON CORE ACTIVITIES 
PRODUCES SOLID RESULTS 


i < 

t :i • ... .( ; 


banking activities: lending, money market 
, operations, forex transactions, and securities 
trading. 

■ A central institution of German/s Savings 
Banks Organization,, the country's largest 
banking sector, DGZ expanded business with 
■its domestic and international clientele of 
corporations, banks, institutional investors, 
"as well , as governments and public-sector 
'entities. - 


counselling, and rapid decision-making are 
hallmarks of DGZ service. 

As part of its highly focused service 
potential, DGZ provides comprehensive 
Eurobanking facilities through branches in 
Berlin and Luxembourg as well as a subsidiary 
in Luxembourg. Results achieved so far in 
1994 point to another successful year. 

The 1 993 annual report is available upon 
request. 


Financial Highlights (DM million) 

1993 

DGZ 

1992 

DGZ 

1&93 

DGZ 

Group 

Tote! Assets 

81.316 

85,287 

88373 

..Due from Banks ’ 

34*280 

34,829 

37,720 

■' Receivables horn Non-Bank Clients . 

27.486 

26,965 

30,598 

1 Debentures and Bonds 

15,289 

22,371 

16,166 

fixed Assets 

248 

250 

137 

. Deposits by Banks 

39303 

48,858 

43,065 

. Deposits by Non-Bank Clients 

10358 

9,358 

13,838 

Own Debentures in Ckai^tton 

29,644 

25,231 

29,791 

' Profit Participation Certificates. SwrehoWers’ Loans, Capital and Reserves 

1,535 

1,401 

1.637 

Commission income 

341 

332 

412 

Personnel and erther Expenses - 

116 

102 

128 

Taxes' 

40 

58 

56 


39 

36 

45/48 



Deutsche Girozentrale 
Deutsche Kommunalbank- 


Frankfurt/ Berlin 


Broking tough man rejoins the fray 

The new Alexander & Alexander chief speaks to Richard Waters 

M r Frank Zarb has gest, has languished in recent Ale»«*der&AtexaM»®r tin as a highly ^ashite tnves 
been here before - a years, as the company has ' . . ' decision t ^ t “ v ® s 

broking firm with a been battered by a succession Share pneotti *2Mm in A&A already took 


Brazil’s Securities and 
Exchange Commission (CVM) 
has moved closer to the mod- 
ernisation of its stock 
exchanges by allowing non- 
ftnandal institutions to form 
and manage mutual equity 
funds, Reuter reports from S3o 
Paulo. 

CVM president Mr Thomas 
Tosta de Sa said: “We want to 
make the rules flexible for the 
stock market in Brazil." He 
said the measure would be 
come into effect over the next 
few days. 

"The CVBTs board of direc- 
tors will approve the measure 
today. It' will be effective as 
soot as the board’s decision is 
published in the government’s 
official gazette,” Mr Tosta de 
Sa said. 

Hie said consultant firms, as 
well as individuals, would be 
allowed to form and manage 
their own equity funds. 

According to current stock 
market rules, only financial 
institutions are allowed to 
open stock funds in Brazil. 
CVM officials said, however, 
that stock custody and distri- 
bution roles would remain 
unchanged. 

“An Individual will be 
allowed to open an equity 
fund, but he still needs a 

frnanrial hw ltt i rti rm to provide 
the custody and distri bu tion of 
the shares for him," Mr Tosta 
de Sa said. 


M r Frank Zarb has 
been here before - a 
broking firm with a 
long and venerable history, but 
losing ground to competitors 
and with little control over its 
costs. And It is part of an 
industry without a tradition of 
strong management, where 
poorly performing firms are 
quicker to blame market condi- 
tions than their own shortcom- 
ings. 

In 1988, it was stockbroking. 
This week, it is insurance brok- 
ing. 

Mr Zarb - once head of the 
Smith Barney stockbroking 
firm - emerged late on Tues- 
day as chairman, chief execu- 
tive and president of Alexan- 
der & Alexander, the US-based 
insurance broker. 

For the 59-year-old native of 
Brooklyn, it will be a challeng- 
ing end to a long and varied 
career. Once a senior partner 
at Lazard Fr&res in New York, 
and a former energy adviser to 
President Gerald Ford, much of 
Mr Zarb's career has been 
spent in the stockbroking 
industry, where he has gained 
a reputation as a tough operat- 
ing manager. 

Hired in 1383 by Mr Sanford 
Weill, bead of Primerica (now 
renamed Travelers), Mr Zarb 
was behind a turaround at 
Smith Barney - though much 
of the recovery was due to the 
improvement in the stockbrok- 
ing market after its post-crash 
lull in the late 1980s. 

Investors will be hoping he 
can work the same magic on 
Alexander & Alexander. The 
share price of the insurance 
broker, the world’s second big- 


gest, Has languished in recent 
years, as the company has 
been battered by a succession 
of one-off charges, high costs 
and a weak property/casualty 
insurance market 

Last year, it revealed its con- 
sulting business Had been over- 
stating its income by failing to 
allow sufficiently for foes that 
would not be recovered. 

The year before, it took a 
$l45m after-tax charge for lia- 
bilities taken on when it 
acquired the Sphere Drake 
insurance company during the 
1980& 

Alexander & Alexander ma y 
have come to look acci- 
dent-prone in recent years, bat 
its troubles can be traced back 
to the early 1980s, when it first 
embarked on an tntemgtinnai 
acquisition spree, buying 
Alexander Howden in 
the UK and Reed Stenhouse in 
Canada. 

“They grew too test," says 
one person close to the com- 
pany. “They developed a cer- 
tain amount of feudalism- dif- 
ferent parts worked in 
different directions." One 
result was a lack of control 
over costs. The company was 
also rocked during the 1980s by 
fraud-related losses at Alexan- 
der Howden, the Lloyd’s 
broker. 

By January, the depth of the 
problems became clear. Mr 
Tinsely Irvin was replaced as 
chairman. At the same time, 
J. P. Morgan and CS First Bos- 
ton were hired to find a way of 
buttressing the company's 

firm news 

It slipped into loss in the 
first quarter, losing $15m. By 


Share price (S) 
30 - 



Souca FT Graphto .. 


the end of March it was in 
breach of the terms of a bank- 
ing facility, further limiting its 
financial flexibility. 

Options considered in recent 
months have included an out- 
right sale of the company, the 
riig pngal of some of its busi- 
nesses, and raising additional 
equity capital. 

“Frankly, our goal is to pre- 
serve the independence of this 
fine franchise." said Mr Robert 
Boni, who has served as 
interim chairman since Janu- 
ary. “We strongly believe there 
are great opportunities here to 
restore it to its rightful place 
in the industry." 


H elp finally came from 
Mr Maurice Green- 
burg, a renowned fig- 
ure in the US property/casu- 
alty insurance industry. As 
head of American Interna- 
tional Group (AIG), Mr Green- 
burg has established a reputa- 


tion as a highly astute inves- 
tor. His decision to invest 
{200m in A&A already looks 
well-timed. The terms, which 
allow AIG to covert its holding 
into non-voting shares at $17, 
were agreed In mid-May, when 
A&A's share price touched bot- 
tom at around $14. Yesterday, 
the shares were trading at 
$17%. 

With the breathing space 
granted by the AIG invest- 
ment, what can Mr Zarb do to 
turn A&A around? 

It seems a fair bet that cut- 
ting operating costs will be 
high on his list. “I don't want 
to be pious,” he says, “but in 
financial services businesses, 
you have to run your business 
so you do well in bad markets. 
And if you do that, you’re 
going to do terrific in a good 
market. That is exactly how we 
ran Smith Barney." 

Mr Boni goes further. “Too 
much of the brokerage indus- 
try excused itself in the past 
for its deteriorating margins.” 
he says. Now, the pressure is 
on to find better and more effi- 
cient ways of conducting busi- 
ness. 

New technology, better train- 
ing, re-engineering of processes 
- all those things will lead to 
much improved productivity in 
the industry, he says. 

And for A&A brokers who 
fear that they will be 
harangued endlessly by Mr 
Zarb for not matching up to 
Smith Barney, there is hope - 
the new chairman promises 
he will refrain from making 
too many comparisons with 
the stockbroker he once 
headed. 


IBM seeks lifting of decree 


Surge at network 
equipment group 


By Lousto Kehoe 
in San Francisco 


IBM wants to persuade the US 
courts to lift restrictions on its 
computer services business, 
imposed in a 1956 anti-trust 
consent decree. The decree 
forces IBM to separate its US 
“outsourcing” business, which 
manages computer centres on 
behalf of customers, from other 
operations. 

IBM lawyers this week dis- 
cussed the decree with a New 
York Federal judge, but have 
not filed any motions with the 


court The decree arose from a 
1952 government complaint 
alleging IBM had monopolised 
the market for tabulating 
machines, the precursor to the 
electronic computer. 

The terms of the decree 
include orders that IBM must 
operate its “service bureaux” 
business as a separate wholly- 
owned subsidiary, which must 
pay for IBM computer equip- 
ment and software on the same 
terms as its competitors in the 
service business. 

The decree also restricts IBM 
in its sales of used computer 


equipment It may only acquire 
used computers when they are 
traded in or exchanged for 
credit on new equipment. It 
must then go through a 60-day 
listing and remarketing proce- 
dure before it can sell the 
equipment 

“We think the decree oper- 
ates to the disadvantage of cus- 
tomers by artificially raising 
our costs and preventing us 
from passing on to our custom- 
ers the benefits of our inte- 
grated operations in market- 
ing, services, manufacturing 
and development" IBM said. 


Newbridge Networks, the 
Canadian supplier of 
high-speed data networking 
equipment, reports fourth- 
quarter net profits of C$47 
(US$34 .3m), or 59 cents a share, 
up 85 per cent from C$25 .5m. or 
32 cents a year earlier. 
Revenues were C$164m, up 63 
per cent, writes Robert 
Gfbbens in Montreal. 

For the year ended April, net 
profit was C$157 Am, or C$1.98 
a share, against C$6Qm, or 81 
cents, a year earlier. Annual 
sales were 80 per cent higher at 
C$552m. 


IMI THE BANK FOR INVESTMENT IN ITALY 




Combines operational expertise with financial 
strength, to provide both corporate and private 
clients with a full range of investment services. 


Consolidated Highlights 
at December 31, 1993 

(Lire billions) 



1993 

1992 

% 

Loans and Advances 

62,699 

51,915 

+203 

Total Assets 

77,671 

65,477 

+ 18.6 

Shareholders’ Equity 

7,159 

6,040 

+183 

Net Income 

512 

443 

+ 15.6 


The contents of this statement, for which the Directors of IMI are solely responsible, 
have been approved for the purpose of Section 5.7 of the Financial Services Act 1986 
by Price Waterhouse Smj. as an authorised person. 


The English version of the 1993 Annual Report, including US GAAP reconciliation, 
will be available upon request from the Head Office of IMI 5-p.A. at the end of June. 


5.p.A. 


ISTITUTO MOBILIARE ITALIANO 

Head Office in Rome - Vtale dell’Arie, 25 (Italy) - teL (39-6) 59.591 


Tribunal or Rome n. 10945/91 - Inscribed in the Official Regfcuerof Banks. Also inscribed in the 
Official Register of Banking Groups as Parent Company of the IMI Banking Group. 


bMBBfaM 10. D-fi)3n m Man. W,; KW K93-4 Ml Hm fcWw 4Baa SO. 0-10244 tnk. Trt.: (301 «28M. fix: (M) 42BS 270; Umatauq Bran*. 

H5 fjulmrt l-2«S Uurtmsfl. W (SS2) te GSB rtWT. OBI Wennkml SA. 16. Books an) hurt, 1-140 towbow* Id. 13521 462471-1, Fax. QHJ 462*0 



20 


LEGAL NOTICES 


FINANCIAL TIMES THURSDAY JUNE 9 19S>4 

INTERNATIONAL COMPANIES AND FINANCE 


THE INSOLVENCY ACT 1986 

IN TOE SIGH COURT OP JUSTICE NO, 11325 OF 1991 

IN BANKRUPTCY 

fcE: MICHAEL ROTHSCHILD 

Also known as: 

MICHAEL HAMMOND 
JOHN HARRI5 
JOHN FULTON 
JOHN ROBERTS 

(A PROPERTY DEVELOPER) 

In accordance with rule 6.124 of the Insolvency Rules 1 986 notice is 
hereby given that Ipe Jacob and Neil Hunter Cooper of Robson 
Rhodes, 186 City Road, London EC1V 2NU were appointed joint 
trustees of the estate of the above named debtor on 6 July 1993. 

NOTICE IS HEREBY GIVEN thar the creditors of the above named 
debtor are required on or before the 30th day of June 1 994 to send 
their names and addresses, with particulars of their debts and claims 
to the undersigned Ipe Jacob and Neil Hunter Cooper of Robson 
Rhodes, the joint trustees, and if so required by notice in writing from 
the joint trustees either personally or by their solicitors, to attend at the 
offices of the joint trustees and prove their debts or claims at such time 
and place as shall be specified in such notice and in default thereof they 
will be excluded from the benefit of any distribution made before such 
debts are proven. 

Dated this 3rd day of June 1994 

IPE JACOB and NEIL HUNTER COOPER Joint Trustees 


CONTRACTS & TENDERS 


"TAIWAN SUPPLY BUREAU" 
TENDER ANNOUNCEMENT 

BUYER: TAIWAN RAIL WAY ADMINISTRATION (TRA) 
PURCHASING AGENT: TAIWAN SUPPLY BUREAU (TSB) 
3. KAI FENG STREET, 1ST SBC. 

TAIPEI, TAIWAN, R.O.C. 

TEU (02) 3U08L4 FAX: (02) 3610995 


INVITATION NO; 


TENDER 


OPENING DATEJ OFSUPUES 


DESCXPTION 


Q'TY/UNIT 
/ CAR 


TSB-9432-L30 


9:30 A.M. 
JUNE 30, 1994 


L DIESEL MULTIPLE 
UNIT (DMU) 

IL DIESEL 
RAILCAR iDRC) 


10 UNITS 
(30 CARS) 
36 CARS 


For farther details, please refer to che tender Invitation. The tender 
Invitation is waiting to be taken back (fee USD340) and welcome to 
partic i pate. 


COMPANY NOTICES 

no Advertise FopR 
LEGAL 2VOT1CE5 

Quebec Central 

Ran way Company 

Capital Stock 

In preparation lor the payment of Ibe 
half-yearly dividend due My 15 1 994 on 
the above stock, the transfer books will 
be dosed at 3 JO pjn. on June 21 1994 
and wilt be re-opened on July 1 1994. 

D.R. Keast 

Assistant Secretary 

62-65 Trafalgar Square, 

London WC2N5DY 

June 8 1994 

Please contact 

Tina Me Gorman 

on 

071 873 4842 

Fax: 071 873 3064 


Sumitomo Life details level 
of its non-performing loans 


By Gerard Baker In Tokyo 

Sumitomo Life Insurance 
Corporation, Japan's third 
largest life insurer, has indi- 
cated that about half of the 
Yl,400bn ($i3.2bn) it has 
advanced in loans may be non- 
performing. The news comes as 
company sources say that its 
chairman will resign, the latest 
victim of the country's eco- 
nomic downturn. 

The sources said that Mr 
Yasuhiko Uewama would step 
down, probably today, in 
acknowledgment of his own 
responsibility for the compa- 
ny’s performance in the last 
few years. 

Sumitomo, which has total 
assets of Y20.000bn, has a huge 
exposure to bad debts incurred 


By Judy Dempsey hi Berlin 

A struggle for effective control 
Of RWE, Ge rmany 's largest 
utility group, could intensify 
after the appointment today of 
3 new chairman 

Mr Dietmar Kuhnt, i^wirman 
of RWE Energie, a subsidiary 
of the group, will succeed Mr 
Friedhelm desks, who will for- 
mally retire next January. 

Mr Kuhnt will inherit an 
anachronistic voting system 
which gives Germany’s 64 
municipalities voting powers 
disproportionate to the size of 
their holdings. 

The municipalities account 
for 58^ per cent of the total 
votes, but hold 29.3 per cent of 
the share capital. 


By Nikfd Taft hi Sydney 

National Mutual, the second 
largest life office in Australia, 
yesterday announced that its 
profits after tax in the six 
months to end-March fell to 
A$20£m (US$15. lm), compared 
with A$1 12.1m a year earlier. 

The company said that per- 
formance in the second quarter 
had suffered from volatility in 
world equity and currency 
markets and the upward trend 


by its six affiliated non-bank 

financial insHtntlnns 

In the late 1980s, spurred by 
soaring asset prices in Japan's 
booming financial markets, 
Sumitomo Life, under % per- 
sonal direction of Mr Uewama, 
advanced Yl,400bn in. Inana to 
the affiliates, mainly wwfgagp 
and lending companies. 

The finmpany baa fniticateH 

that around half of the total 
loans advanced are now non- 
performing, a staggeringly 
high total even, by the stan- 
dards of Japan’s recent finan- 
cial excesses. 

AD of Japan’s leading life 
insurers, which are due to 
report their annual results 
today, have been severely hit 
in recent years by falling asset 


redly supported a group of pri- 
vate investors who in 1992 had 
attempted, but faded, to abol- 
ish the majority voting powers 
of the municipalities. 

“If we want to become a 
truly International company, 
then we must have a share 
holding and voting system 
which complements our inter- 
national activities,” one RWE 
shareholder said. Nearly 84 per 
cent of RWE's capital stock Is 
German-held, and leys than io 
per cent is held by foreign 
investors. 

The municipalities have 
since resisted change and are 
reported to have opposed Mr 
Gieske’s initial support of Mr 
Hans-Peter Keitel, the 46-year- 

old chairman of Wnchtiof ftlft 

construction division of RWE, 


in long-term interest rates. 
Unrealised investment losses 
in the period total A$S0.1m. 

The company is currently a 
mutual but has mooted the 
possibility of changing itself 
intn a shareholder-owned com- 
pany at same stage. 

• G.E. Crane, the New South 
Wales-based metal fabrication 
and plumbing supplies group, 
said yesterday that it was buy- 
ing the MIco Wakefield group 
of companies in New Zealand 


eral have seen their profits 

Herftna by mor e than 20 per 
cant between 1991 and 1993; in 
Sumitomo's case , the figure is 
SO per emit. 

In the next three years, 
Sumitomo plans to write off at 
least Y400bn of the problem 
loans, a charge that trill fur- 
ther hit earnings. 

Mr Uewama’s resignation is 
expec ted to be approved at a 
directors’ meeting on July 5. 
when the current vice-chair- 
man, Mr Tadaoki TTaragra»>ri 
will assume the chairmanship. 
The new boss win immediately 
fed the cost of the company’s 

difficulties. Sumitomo tiff bas 

docidod to cut the remunera- 
tion of its directors, efimmat- 


on the grounds that Mr Keitel 
might try to reform the voting 

s y s te m , while Mr Rxthwt would 

prefer consensus. 

Even tJinng h Mr fliwskg will 
no longer be board chairman 
after next January, the munici- 
palities are aiming to end bis 
Influence over RWE by trying 
to block his nomination to the 
supervisory board.. 

The municipalities hold five 
of the 19 seats on the supervi- 
sory board. The board win 
meet next October to deride if 
it win recommend Mr Gieske’s 
appointment to RWE’s «wimii 
general meeting in December. 
Even if it does, the municipali- 
ties' majority vote could pre- 
vail, which would postpone 
any fundamental change in 
RWE's voting structure. 


for NZ$5425m (US$323m). 

The New Zealand company 
has 28 brandies, employs 400 
people and has animal sales of 
about NZS140m a year. 

• Bridge Oil, the Australian 
oil and gas group which is fac- 
ing an uns olicited A$294m 
(US$21 6m) hid from Parker & 
Parsley, the Texan ofl Indepen- 
dent, revealed yesterday that it 
was - in talks with' other poten- 
tial purchasers. P&Fs offer is 
worth 70 cents a share. 


Ford plans 
to develop 
new range 
of small car 

By Kflvin Done, 

Motor Industry Correspondent 

Ford, the US carmaker, has 
approved the development of a 
new small car aimed at taking 
it into a segment of the Euro- 
pean market below the super- 
mini class in w hich it s ells its 

smallest car, tike Ford Fiesta. t 

The co m p any said yesterday 
that a decision on a produc- 
tion location had not been 
reached, but ft Is probable that 
the new car will be produced 
at Ford’s plant in Valencia, 
Spain. 

Along with its rival volume 
carmakers, Ford has been 
intensively studying the poten- 
tial of the so-called “sub-B” 
segment of the European car 
market beneath the B-class 
supermini such as the Opel/ 
Vauxhall Corsa, the Ford 
Fiesta, the Ronanit Clio and 
the Nissan Mlcra. 

At present this segment is 
dominated by Fiat of Italy 
with its Fiat Cinquecento, pro- 
duced in Poland for west Euro- 
pean markets. 

Ford showed a concept study 
for a “snb-B” car, called the 
Ka, at the Geneva motor show 
in Mlairli. 

Mr Alex Trotman, Ford 

chairman awl chlaf yfPfnti w. 

said in an interview with 
Automotive News, the US 
motor industry magazine, that 
the new car range would be 
launched in the next two to 
three years. 

Other volume carmakers, 
such as General Motors (Opel 
in continental Europe and 
Vauxhall in the UK) and 
Volkswagen, are expected to 
follow Ford into the emerging 
“sub-B" segment of the mar- 
ket 

Ford says its new small car 
must be capable of carrying 
four adults as well as some 
luggage. 

Volkswagen has also 
announced plans for a cheap 
small car to be sold for less 
than DM15,000 ($9,375) from 
1996. It wlD be shorter than 
the new Polo supermini to be 
introduced later this year, but 
it will share many of the 
Polo’s basic components. . 

Ford’s “sub-B” car is expeor 
ted to be derived foam a short- 
ened Fiesta chassis platform. 


values, such as equities. Sev- 


ing bonuses gne reducing sala- 
ries by as much as 10 per cent 


Battle for RWE set to intensify 


Mr Gieske hud already indi- 

Volatile markets hit National Mutual 


Premier rises 11% 
despite tough year 


By Mark Suzman 
In Johannesburg 

Premier, the South African 
food, retail and pharmaceutical 
retail group, reported an 11 per 
rent rise in attributable earn- 
ings to R259.Hn ($72m) for the 
year to April. 

Trading profit rose 45 per 
cent to R634-7m from R43A9m 
and after-tax profit increased 
33 per cent to R4163m from 
R314£m. 

Group turnover jumped to 
R14.4ba from RKLlibn, a gain 
of 42 per cent, but the figures 
are not directly comparable as 
several subsidiaries have been 
consolidated for the first time. 

A final dividend of 6-5 cents 
h as been declared, bringing the 
total for the year to 105 cents, 
a rise of 12 per cent on last 
year's 9.4 cents. 

Mr Peter Wrighton, outgoing 
executive chairman, noted that 
the results had been achieved 
during one of the most difficult 
years in the group’s history 
given the political and 
socio-economic turmoil in the 
nm-up to Apnl's national elec- 
tions. 


He noted the food and retail 
sector had been under strain 
because of the poor trading 
environment 

However, Mr Wrighton sin- 
gled out the group’s pharma- 
ceutical interests, which had 
increased its share of turnover 
to R2Jbn, or 14 per cent an file 
year from RQ.5bn, or 5 per cent, 
for a •'magnificent" perfor- 
mance. 

Mr Wrighton said negotia- 
tions were under way wffh sev- 
eral international groups on 
ties and he expected & deal to 
be reached with one or more.of 
them “within the year*. 

He expressed confidence in 
Premier’s future, noting that 
the company was well placed 
to toko advantage of the new 
government’s planned recon- 
struction and development pro- 
gramme. 

Mr Wrighton will step down 
at the end of the year. 

His replacement as chairman 
will be Mr Doug Band, for- 
merly chairman of Argos 
group. Mr Gordon Utian. tin 
deputy managing director, has 
been promoted to managing 
director. 


Net income increases 
at SA conglomerate 


By Mark Suzman 

Rembrandt, the South African 
tobacco-based conglomerate, 
managed to shake off the previ- 
ous year’s static performance 
to report a 10.3 per cent 
advance in attributable earn- 
ings, to 200.9 cents a share 
from 182.1 cents, for the 12 
months to March. 

Net income before tax rose 
6.4 per cent to Rl.3bn ($361m) 
from RL25bn, As a result of a 
cut in corporate tax the com- 
pany paid slightly less tax of 
R4 08.8m. compared with 
R478.lm, while net income 
after tax rose 193 per cent to 
RS216m from R774.7m. 

The company is one of South 
Africa’s largest and most con- 
sistently successful conglomer- 
ates. It is controlled by the 
Rupert family, which also con- 
trols Swiss-based tobacco and 
luxury goods company Riche- 
mont 

The group’s final dividend is 


26.4 cents a share, bringing tbs 
total for the year to 43.44 cents, 
up from 3&2 cents a share. 

Rembrandt, which did not 
release a breakdown or perfor- 
mance by units, dominates the 
local tobacco industry with a 
market share of around 80 per 
cent This sector normally con- 
tributes about 40 per cent to 
Rembrandt’s bottom line. 

Growth is expected to con- 
tinue next year, but analysts 
warn that a possible increase 
in excise duties and other 
tobacco taxes may hurt the 
company. 

Following the unbundling of 
Gen cor last year, and Rem- 
brandt’s decision to exchange 
shares in Genbel for further 
shares in Malbak, Rembrandt 
has declared its interests in the 
unbundled companies to be: 
Gencor, I&8 per cent; Engen. 
6 l8 per cent; Sand, 5.1 per cent; 
and Malbak, 7 per cent Only 
the Gencor interests have been 
accounted in the results. 


CRC SGS Societe Generate de 
^ Surveillance Holding S.A. 

8, rue des Aipes - 121 1 Genhve 1 

PAYMENT OF DIVIDEND 

Notice is hereby given to shareholders that following a resolution passed at the Annual General 
Meeting of the Company held on 8th June. 1994, a dividend (or the year 1993 wiH be paid as follows : 

CHF 9.20 gross lor each registered share of CHF 20 nominal value 
(reference number 249 745) 

i.e CHF 5.98 net per share, after deduction of Swiss federal withholding tax of 35%. and 


CHF 46 gross for each bearer share of CHF 100 nominal value (reference number 249 746) 

CHF 48 gross for each bon de joutssance category A without nominal value 
(reference number 249 733) 

ie. CHF 29.90 nst per bearer share or bon dejouissance. after deduction of Swiss federal 

withholding tax of 35% 

Rsgfstorsd shares 

The dividend will be paid, free of charge, an 13th June, 1994, directly to the shareholders on record. 

Boos do Jouissaneo and boaror shares 

The dividend will be paid, free of charge, as of 13th June, 1994, upon presentation of coupon No 29 
(bearer shares) and of coupon No 15 (bans de joutssance) to any branch in Switzerland of Union 
Bank of Switzerland, Pictet & Cie. Bank Julius Bar & Co. SA. Bank Saras in & Cie. Bank J. Vontobei 6 
Co. S A sid Bordier & Cie. or at the registered office of the Company. 

Shareholders are reminded that. In accordance with the Statutes of the Company, arty dividend not 
claimed within 5 years of its due date, becomes statute-barred in favour of the Company (i.e. as of 
10th Jme.1994 for bons de jouissaneo coupon No 9). 

Geneva, ath June. 1994. On behalf of the Board of Directors 

The Chairman 
Elisabeth SAUNA AMORINI 


uRBan CReaTionBS 

Creation of Earth Friendly Cities Part II \ 

Ifedmotogies to Revitalire and '■*>. 
Create Envmmjmeat (Sties " 


This exhibition considers the creation of “earth friendly cities” 
and the maintenance of the environment from a 
global perspective through the pooling of advances In various 
development technologies and the examination 
of their application to dty development. 

It seeks the exchange of technology and information with a 
view to enriching and revitalizing urban life through 
the application of these technologies. 


Thame ActhriHMs 

Lectures by experts an urban 
development and urban problems. 


January 27 (W)~ 30 (Mon), 1995 

Loc uti on: 

TtUqsj international 
Trade far Grounds 

Organisms 

Urban Mrastrucfire & kchnotogy 
PramoBon Cornea l Uiban Design 
Center 

Sca l e 

Appro. 600 booths 


fehnfcai tours to Inspect modem 
urban development projects. 
E xhfcHa C um po attlmu 
Erniromnem Base Zona, 
Environment (Sty Zone; 
Enwonment Software Zone, 
Emtanrant Map Zone, 
Environment Technology Zone, 
General Zone. 


LONDON 

RECENT 

ISSUES 

Newly Issued shares appear 

far approxima te ly two to six 
weeks in the London Recent 
Issues table. At the end of this 
period, a stock is normaty 
moved to the appropriate 
category of the London Share 
Service If the company so 
requests. 

In the ftiB weekday editions of 
the FT, pubftshed on Tuesday 
to Friday mornings, the table 
appears on the half page of 
London Market Statistics that 
also incJudos the FT-Actuaries 
Rxed Interest Intflces and 
London traded options prices. 

On Saturday ft appears on the 
UK Company News page, and i 
on Mondays on the 
Currencies. Money & Capital 
Markets page. 


Those who wish to have further information 
(brochure), please contact: 


WOOLWICH 
- Building Society - 

5100,000,000 
Floating rate notes 
due 1996 

Notice if hereby ' given rhtg the 
notea mitt bear interest at 
5.337596 per annum from 
7 June 1394 to 7 September 
1994. Interest payable on 
7 September 1994 aiO amount 
to SI34S3 per 510.000 note 
and 51.34534 per SI 00,000 
note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


SBAB 


UX $200,000,000 
Floating Bate Note* doe 1995 
In accordance with the provision* of 
the Notes, notice is hereby given 
that die Rate of Interest Tor the 
month period ending 8th 
iber, 1994 has t ' ‘ 


— i been fixed at 

4.625% per annum- The interest 
accruing for such three month 
period wQTbe U.S. 5118.19 per U.S. 
SI0JXJ0 Note and UA SUO-Wper 
"U.S. J 1 00 .000 Note against pres- 
entation of Coapoo Number 9. 
Uafoa Bank of Swfizerlaad 
London Brandt Agent Bank 
6di Jnae.1994 


ra BankAIn•rica 
Corporation 

US 5500.000,000 
Hosting Rate Notes 
Due September C3B 

For the period tram Jane 9, 1994 to 
September 9, 1994 ibe Notes will 
cany an inters me of 49375% 
per imun with an Woes amount 
or US SQ6.B per US SOOTO 
principal amount of Notes payable 
on September 9. 1994. 

tak of America NT ASA. Dk 
lanfea -Asm Bank UI 


Leveraged Sf' 1 




MeesPteoon 
Bdkln 55, l 
Tel. * Jt 


Oh btMM 

USf 60.43 

Used an the 
Amsterdam 
Stock Exchange 


Man a gement 


114I0. 



On Tuesday, June 14 the Financial Times will publish a special supplement on 
the outcome of the European parliament elections. 

This authoritative guide will include a comprehensive round-up of the voting and 
analyse how the results could affect the political outlook of the European Union. 

There will also be a revealing look at the successful candidates - the men and 
women who will wield the power in the new parliamentary line-up. 


For more information about subscribing to the Financial Times, call +49 69 156 650. 


































2 ! 



•Sii 



‘\ f 
•Jit i 




'*<lr 


lj. 


l.i-... 


mcreas, 

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FINANCIAL. TIMES THURSDAY JUNE 9 1994 


INTERNATIONAL CAPITAL MARKETS 


Treasuries regain stride after inflation assurance 


By Trank MeGurty In New York 
and Graham Bowtey in London 

US Treasury bonds regained 
their stride. yesterday morning 
after the chairman of the Fed. 
aral Reserve said that inflation 
was showing no signs of accel- 
eration. . ‘ 

By midday, the benchmark 
30 -year government bond was 
£ higher at 88ft. with the yield 
shppmg to 722 per cent At the 
short end, the two-year note 
was * better at 100%, to yield 
5.721 percent 

After a brief downturn the' 
previous, .session,, -bonds 
resumed their advance across 
the board. Yesterday, the cata- 
lyst was remarks by Ur Alan 
Greenspan .In- London. The 
head, of the central bank 
declined to make any specific 
forecast on inflation but said 
“the numbers were clearly 
resteaJnaT.. 


ffls comments brought a wel- 
come response from the Trea- 
sury market, which marked up 
the juice of bonds across the 
board in early activity. 
Towards mid-morning, how- 

GOVERNMENT 

BONDS 

ever, traders were distracted 
by renewed weakness in the 
dollar. 

The US currency suffered a 
further setback against the yen 
in the foreign exchange mar- 
kets after Mr Ron Brown, the 
commerce secretary, said the 
US would ' not rule oat trade 
sanctions against Japan, 
although Washington had no 
immediate plans to use Hw»m. 
As a result, bonds trimmed 
their gains, but soon stabilised 
and began inching forward 
again. 


■ The strength of US bonds 
helped push German govern- 
ment bond prices higher. 

However, further comments 
from Mr Hans TJetmeyer, pres- 
ident of the Bundesbank, and 
data showing a slightly higher- 
than-expected rise in German 
manufacturing orders In April 
later unnerved the market and 
limited further advances. 

Mr Tietmeyer said that the 
German economy was “at the 
first stage of recovery” and he 
expected it to grow further. 

“Bonds rose quickly in early 
trading, testing important tech- 
nical levels," said Mr Peter 
Kerger, head of futures and 
options at NatWest Markets in 
Frankfurt. 

He said that the bund future 
on DTB, the German futures 
and options exchange, was 
trading above its counterpart 
on Liffe, “which is a rare 
occurrence”. He added: “People 


were taking up positive posi- 
tions which earlier they had 
liquidated.” 

But analysts said that retail 
investors had still not folly 
regained their confidence and 
that selling was still taking 
place. The September German 
bund fiiture on Liffe ended up 
0.63 point at 92A3. 

■ A stronger tone emerged in 
the UK government bond mar- 
ket yesterday despite data 
showing a surge in manufac- 
turing output 

Manufacturing output rose 
by 1 J. per cent in April, almost 
double the consensus forecast 
of 0.5 per cent But analysts 
said that the underlying trend 
remained favourable. 

Mr Simpn Briscoe, UK econo- 
mist at S.G. Warburg, pointed 
to the 1.7 per cent rise 
in enginMrirtg output which 
he said angured well for 


investment and exports. 

Mr Peter Fellner. gilt strate- 
gist at NatWest Markets, said: 
“It has been a better day but 
the market is still nervous and 
volatile. The general feel In the 
Interna tional bond market has 
improved and this has fed 
through to gilts." 

Mr Briscoe said gflts started 
the day higher, “due to the fact 
that on reflection the sell-off 
yesterday looked unjustified 
and the UK market was weak 
in isolation. They then climbed 
higher with strength in conti- 
nental markets.” 

Analysts reported overnight 
buying from investors in east 
Asia and buying at lower lev- 
els yesterday across an maturi- 
ties. 'Hie long gfit future was 
up lA point at lOlfi in late 
trade. 

■ French government bonds 
moved higher yesterday, due 


mainly to the strength in Ger- 
man and US markets. 

Analysts said the cut of five 
basis points in the Bundes- 
bank’s securities repurchase 
rate to 5.10 per cent provided 
some relief Although it was 
largely in line with expecta- 
tions. there had been some 
concern that the German cen- 
tral bank might set a fixed-rate 
repo. 

Support was also provided by 
remarks made yesterday by Mr 
Jean-Claude Trichet, the 
French central bank governor. 
He said: “Inflation is under 
control, thanks to the vigilance 
of monetary policy and eco- 
nomic fundamentals in 
France.” 

Mr Sanjay Joshi, economist 
at Daiwa Europe, said: “The 
spread between Germany and 
France has widened and this 
has tempted buyers back into 
the mar ket " 


Ontario’s $lbn global offering meets strong demand 


By Conner M Bdd oft nann 

The Province of Ontario’s $ibn 
of 10 -year bonds - its first 
global offrrfag in the current 
fiscal year - was' launched yes- 
terday and znet with strong 
demand, syndicate officials 
said. 

Offering an indicated yield 
spread over US Treasuries of 
67-70 basis points, the bonds 
were seed to. offer good value 
and the lead managers 
reported strong from 

i i ri wmi H ninal investors. 

“It . was . very encouraging 
that wia saw not only American 
.fait also a good hid 
from European and Far East- 
on institutions,” said (me syn- 
dicate manager. The deal, led 
by Joint bookrunners Goldman 
Sofas and Salomon Brothers, 
wIU b» priced today. Dealers 
expect the yield spread to he at 
tee lower end of tire indicated 
range. 

.Also in the US dollar sector. 


Wal-Mart Stores launched a 
successful issue of $250m five- 
year bonds via Goldman Sachs. 
The deal met with strong 
demand from retail investors, 
traders said. 

“It’s one of those great retail- 
driven blow-out deals,” said a 

INTERNATIONAL 

BONDS 

syndicate manages: at annHuw 
house. “We would have loved 
to have led it,” he added. 

Priced to yield 32 basis 
points over Treasuries at the 
fixed re-offer, the spread tight- 
ened in after the issue was 
freed to trade and ended the 
day at 30 basis points over 
Treasuries on the hid price; 

In the D-Mark sector, 
DMSOOm of 7% per cent five- 
year bonds tor the Bank of 
China got off to a slow start 
Lead manager Commerzbank 
said it was confident the paper 


would get placed over time, 
aided by the fact that a double 
taxation agreement between 
Germany and China enables 
some investors subject to 
German taxation to increase 
their after-tax yield by an 
additional 15 per amt of the 
nominal cou p on. 

However, officials at other 
b anks were more sceptical, 
arguing that the deal's 
105-basis-point yield pick-up 
over bunds at the price to 
investors was unlikely to 
attract retail damand 
. Undaunted by the recent 
slew of issuance in the 
Canadian dollar sector, three 
more borrowers tapped that 
market, all in the four-year 
sector: Commerzbank Overseas 
Finance issued C$150m of 
bonds via IBJ International, 
Electricity de France 
launched C$l25m of paper via 
Paribas Capital Markets, and 
the Belgian savings bank 
ASLK-CGER issued C$75m of 


bonds via Wood Gundy. 

The Canadian Mortgage and 
Housing Corporation is about 
to add to supply in the 
Canadian dollar sector, after 

anwnnnftTng yesterday that it 

plans to issue a global bond 


soon. Dealers said that the deal 
could emerge as early as today 
if market conditions remained 
stable, and were calling for a 
Ctlbn five-year global offering 
from the government- 
guaranteed unit, which sold its 


first CSlbn global bond last 
November. 

Meanwhile, the European 
Investment Bank was said to 
be taking bids for a 3500m deal 
which could also be launched 
today, traders said. 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Maturity 

Fees 

Spread 

Book runner 

Borrower 

US DOLLARS 

m. 

% 



% 

bp 


Provtnoa at Ontario 

Ibn 

W# 

WR 

Jun2004 

096R 

(nj (7%%-04] aSaEtfaASatomon Brothers 

Wal-Mart Stores 

250 

6976 

99.75ft 

Jua1S99 

0l30R 

*32 MttK-On Goldman Suha tntL 

Carp. Andtaa de Famentwt 

125 

69 

90925R 

Jun.1999 

0.40R 

- 

Ooktroan Sacha{5tagapare] 

D-MARKS 








Bank of China 

300 

7.1 25 

10 n ^425 

JUL1989 

2.50 

- 

Canvmnheidt 

CANADIAN BOULAfS 

15D 

&2S 

9995R 

JuLIBOB 

CL22SR 

+25 (d) 

IBJ tatamaUonal 

Bectridtri da France 

125 

625 

99.92R 

JU.109B 

0l225R 

+14 » 

Paribes Capital Moikots 

AaBt-Cgar tfleo 

75 

8.25 

99.76R 

JUL1898 

6225R 

+20 (d) 

Wood Qialdy 

ITALIAN LIRE 

Peugeot Ffaanoa lnU4N 

lOObn 

1090 

100.70 

JuLIBBB 

1975 

_ 

Cracteo ttabno 

AUSTRALIAN DOLLARS 
Auanritan tad. Dav*mant Corp. 

100 

675 

100.15 

JUL2004 

2.125 


HamOna Bonk 

Export Fta. & bwaanca Carp. 

75 

7.00 

10197 

Aug. 1996 

125 

- 

Commonwealth BkAusfnHa 


Onto lama and non-eailabto unless Mated. The yWd spread (over relevant gov e rnment bond) at launch to a^ipftod by the toad 
manager, ^floating rate note; PSemt-ennual capm. Ft fixed ra-aflsr price: fees era shown at the re-offer level, a} Priced today at 
87-rabp over Treasuries 14 3-mth Ubor +%%. q) Long 1st coupon, d) Over Merpotatad yield. 4 (MW on 17/7/B6 and annually 
thereafter at par. 


US broker in $33m 
compensation move 


By Frank MeGurty in New York 

PaineWebber. one of the 
largest US brokerage houses, is 
hairing the highly unusual step 
of compensating investors in a 
government-bond fund for 
losses suffered in recent weeks. 

The firm is to pay $33m to 
buy back high-risk classes of 
mortgage-backed securities 
held fay its Short-Term US Gov- 
ernment Fund. The fund, 
which has about Slbn in 
assets, is managed by Mitchell 
Hutchins Asset Management, a 
PaineWebber subsidiary. 

Removing the securities 
from the fund's portfolio would 
diminish the potential for 
future volatility and reduced 
liquidity, PaineWebber said. 

The plan would help offset a 
sharp deterioration in the 
mutual fund's value since US 
interest rates began to rise in 
early February. In the past two 
months alone, its net asset 
value dropped 11 cents to 32.30, 
or about 43 per cent. 

Much of the downturn 
reflected the poor performance 


of the securities in question, 
known as collateralised mort- 
gage obligations. Such deriva- 
tives, which are linked to pay- 
ments on underlying pools of 
mortgages, have come under 
increasing pressure in an 
atmosphere of climbing rates. 

The firm said the securities, 
mostly acquired over the last 
year, contributed to 6 cents of 
the total decline in the fund's 
net asset value since late April. 
It said it would inject enough 
cash into the fund to make up 
the mortgage- related losses. 

PaineWebber is taking the 
steps as part of an agreement 
in principle to settle a class 
action suit filed by some of the 
fund’s investors. 

Although the fund was not 
prohibited from including 
mortgage-backed securities, 
the prospectus made dear its 
managers would eschew such 
volatile financial instruments. 

As part of the settlement, 
PaineWebber would also make 
direct payments to investors 
who redeemed their shares 
after April 28. 


Sao Paulo blows whistle 
early for the World Cup 


By Angus Foster in S80 Paulo 

The adage that football comes 
before business in Brazil was 
proven again yesterday when 
the S3o Paulo stock exchange 
announced changes to trading 
hours during the World Cup. 

On the three days later this 
month when Brazil is playing, 
the exchange will sacrifice its 
lunch break in order to stop 
work two hours earlier than 
normal, at 2 AQpm local time. 

“Since the games start at 
5pm, people will have time to 
finish their duties and still 
watch the matches," said Mr 
Flavio GuimarSes, exchange 
s pokesman. 


About 100 of the exchange's 
500 staff will remain on duty 
during the games to man vital 
services. Stockbroking firms 
are expected to follow the 
exchange's lead and allow 
workers to stop work early. 

Football, Brazil's national 
passion, often interrupts com- 
merce but it Is the first time 
for 20 years that the exchange 
has altered its trading routine 
to accommodate it 

If the team progresses to the 
later rounds, the exchange 
may extend the Idea. Accord- 
ing to one broker, the closer 
Brazil gets to the final, the less 
chHTiffP there is of persuading 
people to remain at work. 


WORLD BOND PRICES 




GOVERNMENT BONDS 

- Red 

Coupon ■ Date Price 


Day'll Week Month 

change Yield ago ago 


' Btogfcm 
Canada* 
Denrearic 


QenTMny 


NaOiaitonda 

Spain 

UKQSte 


USTraanuy ’ 


9900 

09/04 1063000 


684 

waa 

678 

7250 

0404 968000 

+6870 

797 

622 

748 

6500 

084H . 862500 

+6050 

- 658 

685 

649 

7.000 

12AM B6050Q 

+6350 

799 

639 

792 

6000 

OGAM 1049000 

+6130 

698 

680 

61B 

£500 

04AM . 879200 

+6820 

797 

7.48 

695 

6750 

0604. B66B0O; 

+6000 

695 

.794 

684 

-‘6600 

01AM 919500 

+6330 

9907 

1607 

606 

4900 

oasa 1061800 

.. — 

399 

629 

629 

4.100 

12A73 961170 

■ioore 

493 

4.17 

694 

6790. 

01AM 919900 

+6580 

791 

790 ■ 

670 

10900 

10AJ3 1069500 

+6250 

698 

1602 

998 

6000 

06/99 . 91-18 

+13/32 

603 

646 

791 

6750 

11/04 80-02 

+34/32 

633 

679 

621 

aooo 

10/09 104-29 • 

+38/32 

640 

677 

833 

7JO0 

05AM 102-15 

+8/32 

830 

732 

794 

6250 

08/23 88-04 

+5/32 

793 

748 

793 

6000 

04AM . 879200 

+6720 

- 790 

796 

797 


rVtofc 

jv4Mx*ftia tecst US 
,'UKto ttvto, atom to 

US JffnSREST RATES 


YMdc Load marine rtentenl 
cret pfafate tor uu n Hto wto 

3oarc*r IMS M a urtto rt 


Lntttan 


— 7% fen nwft — 

la B% Itoremorflu 

,, , 4jl SfaraMB — 

MMiSHimriHL. - . Oremn— 


Ttaniy BOk and Bond YWfa 
<02 ftwjaar. 


4.13 fern yam. 
L2i Fhfljrer.- 
-un Vh/m 
£09 30-yrer 


5J4 

bub 

64 7 
un 
TJ» 


BOND FUTURn AND OPTIONS 


■ »WTI0IIM.raiBiCHB0tmHmg«8{MAnn 


' - Open Sett price Change Hgh Low Eat wL Open W. 
Jan Itr.lS - .11744 +tL84 118.18 117.08 2B4JJ74 84,008 

Sqp "HMD ...11M8-- 40.84 /117424 . 118.14 5*044 71,418 

Dae VlteM :.--UM0 *4M» 11WJ0. 11&32 1.788 8«7D 

■ LOWQTEftM BOND OPTIONS frSATTF) .. ' 


-y- " ik y 

T 4w4U9 - 
1 Sap-' ‘ 

'--'tao ■ 

JU ' •' 

- pure 

Sep 

. 198- 

■ 

' - 

099 

198 

190 

- 1.73 


1.10 

191 

- 664 

130 

.198 

198 

237 

625 

677 - 

. ■ 

298 

- 

: -.-OIO 

- 090 

. . - • • 

-. 



Die 


B*.ui«£iCtt»aragi ; pm* mjot. . Pewa* d** m* w. Orta 378,184 Put* asoim. 


■ NOTIONAL OBRMAW BOND FUTURES (UFFg* DM25Q.OOO IQOtfM oMOOW 

' Opan Satt price Change High Low Eat w4 Open WL 
>SLU fi£83 : .. +09* 8615 

: 9&BCr ' 


• Deo: 


8250. 


<088 saoo 


82.00 


1371 SO 131074 

201 804 


■ BtlWDFUTUBBBOPPOMftftJFFQ 06425&000 potato oM00% 


Strike 


CALLS 


pure 


Jtace. 


•A4B-. 

.'S«P 

- Deo 

-99 

Aug 

SN> 

Dec 

-two 

094=: 

T98 . 

195 

19* 

091 

096 

■ 192 

194 

mtt 

' -686 

4.T0 - 

197 

•198 - 

072 

1.17 

144 

298 

9SBB 


: OAF 

-.'t+wl 

197 

- 190 

142 

1J0 

297 


Eta. wt tcteCcWaJsate^Pwi wire. n ario u a tfc/a opan «, (tola 1878QB Poet tmur 

MarnbMiJMaDiuiirTiaw ocmmahtovt. bond 
• pOBQftJFpg- Ca42SOnOO IQOtha <* 100M 


'Open 'Sea price' Change 
0828 0420 


Hgh 


Low 


Eat vol Open tat 
0 78 


UK GILTS PRICES 


Italy 

■ NOTIONAL rTAUAN OOVT. BOND (017) FUTURES 
(LIFFE* Up 200m lOOtha of 10094 


Open Sett price Change Hgh Low EaL vol Open Int 
Sap • 108.70 107.17 4U57 10752 10a48 42062 80108 

Dec 10645 108.12 MUSL 108.15 10555 52 SO 

■ ITALIAN OOVT. BOND (BTPJ FUTURES OPTIONS (LtfFQ UraZOOrn lOOtha of 100M 


SMto 

Price 

• • Sap 

■ CALLS - 

Dec 

Sap 

■ pure 

-Dec 

W700 

229 

2.78 

2.12 

398 

10780 

. . 293 

296 

236 

394 

10800 

190 

236 

293 

434 


Ejt VOL toad, Calla 1008 Ms 643. ftowtoua Om/* opw Int. Cote 18448 fern 10898 


Spain 

■ NCmONAL Sf*AW8H BOND FUTURES (MEFF) 



Open 

Sed price 

Change 

High 

Low 

EaL wL 

Open tat 

Jun 

86 B0 

9495 

+628 

9490 

9399 

44,135 

94485 

Sap 

9625 

8635 

+620 

8395 

9614 

16359 

44986 

UK 








■ NOTIONAL UK OtT FUTURES (UFFQ* 250,000 32nda of 10091 



Opan 

Settprioa 

Change 

>«* 

Low 

E8L vol 

Opan tat 

Jun 

102-01 

102-31 

+1-07 

103-09 

102-01 

2805 

19008 

Sop 

100-19 

101-84 

+1-00 

102-09 

100-12 

94711 

113162 

■ LONG (MLT HJTUREB OPTIONS (LM£) £50900 84the of 100% 


Strtto 



, — 






Sap 

Dec 


Sap 


Dec 

Plica 

101 


2-48 

3-14 


2-01 


3-30 

102 


2-1S 

2-49 


Ml 


4-01 

103 


1-51 

2-23 


3-03 


4-39 


EaL ML totol, Cate 8290 ftm 1437. Piwkwa dwto opan hs, (tote 43174 nn 27422 


Ecu 

■ ECU BOND FUTURES (MATF) 


Open Sett price Change Hgh Low Est- voL Open Int 
84498 84. BO +0>t8 88.10 84.18 2^17 54178 

83.8Z 84.12 4048 84^0 8*50 1^43 2.958 


Jun 

Sap 

US 

■ US TREASURY BOND FUTWES (C8T) SIOfrOOQ 32nda of 100% 


Jui 

Sep. 

Dec 


Opan Latest Change Hgh Low Eat wL Open tat 

105-28 108-17 aO-19 108-21 106-28 17,347 110321 

104-30 105-21 40-21 10S34 104-29 337S04 277,746 

104-12 105-01 40-21 105-05 104-12 2.912 3.357 


■ NOTIONAL LONG TERM JAPAJME8C OOVT. BOND FUTURE 

(UFFE) YIQOm lOOtha of 100% 

Open Ctaoe Change Hoh Low Est wM Open tat 
Sap 1D8SQ - - 11049 10&90 27 79 0 

■ LWE uuw recte ndad on APT. Al Open karat Baa- an far pwrieue (fan. 


4d„ • — 199* — 

M. Pita* *»- Wto tear 


„riafa_ 

H ted Rka£4-w- 


_YWfl_ —1004 _ 

(l) B Prices *«P» Uw 




fey fttoataa town few) 

«u» " - too 
gaiSjpomt™ — asp . 4.9o wh 
«88 an win 

-OB 6.14 1«* 

EttSpc tea 188 4M 98% 

W7 uv-.mH 
Btenatcciaafft — ; iiji tir im 

-IfeclOM ; USB Ml T11B 

WaJCIMtt — — 1&27 670 IMS 
1U7 673 lllfe 

gwfeeneSj- — rm 7.w wfe 
1LM- 7J3 USB 

671 7.44 W7*» 

•SSSMIHD 880 7JB HKB 

a4S 7X4 ia>» 
,r «* 79* I05i£ 
J*»7Jl««aitL*- 740 798 8JU 

797 B6K 
; — : UTS" 8.18 HU 
025 60S 12BU 

g*Ute 1 M 0 — loss 821 USB 

. - 994 &13lOB&al 


— W2A 

— MHB 
-A kbB 

— - WH 

H 117, 

*A WL 

4* 117» 

+A rUA 

sa 

U4A 
4 11M 
4d.]Sip 
** T14g 
mA 

4d 102 
4* 131a& 
4* 14DA 

S I2S1 
1I6A 


.—.I'*** S**wii« . 

., : v 

. r ‘ TtoWa. 

, ,'.‘L 


16BS *» MBt 
US 628 HMH 
a« #ib 
648 897 IBS* 
•• - - - 100* 
8M 894 
W90 flJlttOBul 
994 657 107r 
795 892 
737 US 
415 891 
625 647 



T0PC200S— — — 
100 mail I>ape 8001-4 — 

101H Mno3^pDm4 

10TH C w a wtte i0ttfc2OIM— . 
TOfi 1teaa8%(K3mtt — 

GW9>ZPC3«> 

WB mas T2 1 ape20G3-3— 

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771* 8 pc 2002 -att 

J7?2 tasiitemw— 

mu few Hut 2007# 

^ W^eW-fl 

iS TTwtpoJBtott 

10B& 

101B 

lira . 


S3* 

Ttoa*6l/*pe20lD 

1J5A COW Bp* U1 2011 

Tnteflpcanztt r 

^ ma*3bpeB»-iatf- 
TtoaUpeSOttl*— - 

Htfc2fil2-13J* 

TmaB^riKifiiftt — 

Esi) T2pc 13-17 

«w 

107* 

BO 

mn 

1M 

101 s * teteted. 

110H Omrii**. 

104U 

dm Cew3>2pevi«L 

Tun 3pC66ffi - ■■■■ i 

io»l eanaliS’tw 

94* HareJ'iK 


4**06. 



« 


VoCm—d 559» 

*01 0TL5 

ra fpm 

T*tt__fl85N 
•06 «99 l3 




827 

838 

set* 

+% 

1154 

792 

623 

82 

+% 

884 

U4 

unorani 

+1i 

12 BU 

652 

628 


+U 

127% 

737 

613 

75% 

+1% 

93% 

898 

632 

KA 

+1* 

117B 

613 

627 

95i 

+H 

114% 

897 

628 

«4% 

+14 

128% 

990 

651 

132% 

+1% 

158% 


SltfcIB. 

2hpc-M. 

197-71 

4 s a«* , 30«r — (196.1) — — . 

PwapeohiB real ra d a m pdo n mam pipjacted toamon of fl) IPS 
and CQ BN. <b) Htprea In pannihaaaa ahow HP1 baeo far 
tadaring 9 a 8 north* prior to fcsuej and have bean sauted a 

rated rabaafag at API to 100 to Jafluay 1967'. Comantan factor 
3A45. RPI far Saptambar 1883; 14U and tor Apr* 1994: 144JL 

Other Phfd Interest 


890 

835 

ftW 

8SS 

M8 

894 


- «h 

- 41H 

- 37H 

- 35* 


4* aft 
“k 54« 
4* 71 

-* 44% 
•» 38% 
-* 37% 


S3 

78* 

101 * 

101 * 

72* 


91* AMMO Dor 11% 2010— 
SB9 Man OwURritt 2009— 
127% Sinn 11%ge 2012— 

WWCteS%pCTO 

BpeClPlWe — 

ISpC V7-2 

HMnOiabacUpcZSIl. 

leads U%pc 2008 

UnrporiSJgpelmd 

4*M icc^eWlM — 

ara Nandretorn%ao2D07- 
35% UK.Wr.3pcV. 

34% NtedsAaQ - 

28% 4%pcll— 

2933 unite; StaWjpc an 



FT-ACTUAMES FIXED IffTEREST INDICES 

Price Indloae Wad D«/s Tug Accrued xd ad|. 

UK GMa Jaw 8 change 36 Jma 7 Merest ytd 


• Low coupon yield Madam cation yield High coupon yield — 

June 8 June 7 Yr. ago June 8 Jino 7 Yr. ago June 8 June 7 Y7. ego 


1 

Up to 5 yean (24) 

12297 

+618 

12233 

627 

4.53 

5 yre 

609 

617 7.12 

630 

630 7^3 642 650 

7A4 

2 

5-15 years (22) 

14198 

+673 

14037 

263 

506 

15 yre 

633 

644 799 

646 

8J58 B37 676 8JJ0 

661 

3 

Over 15 years (B) 

15657 

+1J0S 

156.83 

631 

625 

20 yra 

631 

838 621 

646 

658 648 659 Bj89 

668 

4 

faradeamahtes (8) 

17656 

-630 

17809 

1.30 

638 

Irrod-t 

643 

640 656 




5 

Al stocks (81) 

13609 

+660 

13632 

628 

624 



-• — inflation 6% • 


-—tofletton 10% 


Indait-lnliad 







June 8 June 7 Yr. ego 

June 8 June 7 Yr. ago 


6 

Up to 5 yens (2) 

18669 

+611 

1B5A8 

nog 

2 53 

Up to 5 yre 


674 3 78 

698 

678 681 225 


7 

Over 5 years ( 11 ) 

174.67 

+639 

17490 

1.36 

1.69 

Over G yre 


3.77 680 

3.57 

659 662 339 


a 

AS stocks (13) 

174^3 

+638 

17431 

131 

1.77 




5 year yield—- — - 

, 

15 year yUd 2S year ytefc 



Debentures and Loana 


9 Dabs & Loans (76) 12698 

Awnage gnaa radanpdan yteto era rinen 


44L63 128.30 2.08 

teoxe. Capon B entla: Lobe 0K-7WH; 


527 9JSA 9.71 292 9.47 9.57 

MariWR BH-IOMt; Hplc 11« IM am. t Flat yWd. ytd Year to mm. 


9-35 9.42 a47 930 


QILT EDGED ACTIWIY INDICES 

June 7 June 8 June 3 


June 2 June 1 


FT FIXED INTEREST INDICES 

June 8 Jurw 7 June 8 June 3 Jitae 2 Yr ago Hgh* Low* 

OMt Sece. (UK) 92J62 92.62 33.13 92.92 92JB 9&32 107 jD 4 91.04 Qftt Edged bargakn 619 92-B 114.7 1103 1004 

Find Inter eat 11023 11078 110.71 10645 109.12 IIOM 133.87 10012 6-day average 1000 1006 BOB 1Q2J 105.7 

* te 1894. (tevamnaia Bawatoaa M^i alnca oanpa at ta x 12740 prt/afl). la» 4fti8 PW78L Ffaad intawM Mtfi ataea oonp te du n. 18867 Bfl/MH . low afta (8ri/7B) . Baala 100: Sowaiat K Secundaa ifiW 
2B and Ftxad Marael 1828. SE acthfer Maaa rabaaad 1074 


toauad BU Otter Chg. Yield 


FT/iSMA INTERNATIONAL BOND SERVICE 


I tatenftm bond! tor aHch tare la an adequate aacbrefcay martaat Lataat prioaa at 7M0 pan an June 8 

towed Bd Otter Chg. YWd toauad BM Oter Chg. YWd 


05 DOLLAR STRAIGHTS 

NfaeyMDsaauyBlitS 1000 98% 

Mteto fewtnoa 7% 08 WOO 102% 

AmWa8% DO 4D0 KS% 


Ba* af Tokyo B% 96 . 

Bdgtom5%03 

BRS7%B7 

BneriiGUsOta 

CanadtBSB 


□WHO Kong Fin 5% 68 . 

China 8% 04 

Comd Baopa B 96 

CtotftFnfarB%» 

0annrit5%98 


East Japan FtohaY 8% Ot . 

BCSC8%8B : 

ffiC 8% 98 

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22 


FINANCIAL TIMES THURSDAY JUNE 9 1994 


COMPANY NEWS: UK 


Enterprise elaborates 
on logic in Lasmo bid 


By Peggy HoUinger 

Enterprise Oil yesterday 
sought to meet criticisms ova: 
its £L3bn bid for rival explorer 
Lasmo with a letter to the tar* 
get* s shareholders setting out 
the logic behind both a take- 
over and the unusually struc- 
tured all-paper offer. 

It comes just two days before 
Lasmo is expected to announce 
an Independent valuation of its 
own assets as its final shot in 
the bid battle. Under takeover 
rules, Tasnin may release no 
new information after Friday. 

The valuation has been done 
by DeGolyer & McNaugfaton, a 
leading US petroleum consul- 
tant It is likely to show a net 
asset value per share of sub- 
stantially more than the offer 
value of I26p based on last 
night’s 137p close for Lasmo 
and 391p for Enterprise. 

Enterprise's commercial 
argument, meanwhile, is based 
on the assumption that the 
risk and reward profile of 


exploration/productloEL compa- 
nies must be smoothed out to 
ensure a steady return to 
shareholders. 

By combining the two com- 
panies, shareholders would see 
benefits from complementary 
assets in the North Sea and 
abroad; greater recovery from 
the maturing North Sea 
through, joint geological know- 
ledge; an increased potential to 
swap assets; accelerated exploi- 
tation of assets in south east 
Asia; and a strong balance 
sheet 

Enterprise also argues that 
the enlarged company would 
have improved chances of prof- 
itable exploration through the 
use of Lasmo's facilities in 
Liverpool Bay. 

Enterprise sought to dear up 
questions over its complicated 
all paper offer - which com- 
prises 27 A shares with limited 
dividend rights and 12 war- 
rants for every 80 Lasmo 
shares. The offer included 
tradeable warrants, the group 


said, to reflect the difference 
in dividends between the A 
shares and the Enterprise ordi- 
nary shares". 

Lasmo rejected Enterprise’s 
commercial arguments as 
flawed. H I think their state- 
ment that we have complemen- 
tary assets means we have dif- 
ferent assets," said Mr Joe 
Daxhy, chief executive. 

Lasmo sa id Enterprise was 
also wrong in claiming it could 
benefit from Lasmo's Liverpool 
Bay infrastructure. “They 
would have the same access 
and pay the same tariffs 
whether or not they owned 
Lasmo. How is value added 
here?" asked Mr Rudolf 
Agnew, chairman. 

Tifl.vmo challenged Enterprise 
to follow its example in valu- 
ing the assets behind the all- 
paper bid. “We have come up 
with a value for our paper. The 
only way they can prove their 
offer is fair value is if they do 
the same," an adviser 
See Lex 


Strong UK sales growth as 
Electrocomponents rises 40% 


By Paul Taylor 

Strong UK sales growth helped Electro- 
components. the electronic, electrical and 
mechanical components distribution group, 
report a 40 per cent increase in pre-tax profits 
for the year to March 8L 
Profits were £72.7m, against £5L9m after net 
losses of £Tm on disposals. Earnings per share 
were 225p (I9.3p) and a proposed final dividend 
of 7p makes a total of &5p (79p). The shares 
dosed 12p higher at 487p- 
Sir Keith Bright, who steps down after five 
years as chairman next month, said the results 
reflected “the start of the climb out of recession 
in Australia, Ireland and particularly the UK” 
Turnover increased by 29 percent to £3965m 
(2387.5m). Excluding the effect of the disposal of 
the Iossmaking Bfisco businesses the previous 
year, turnover grew by 14 per cent and operat- 
ing profits increased by 18 per cent to £69.9m 
(260.1m). 

Sales in RS Components’ UK division 
increased by 1&2 per cent to £279.6p as the 
group extended its catalogue range and boosted 
market share. 

RS International's sales grew by 35 per cent to 


£799m despite the difficult trading conditions 
and showed a profit underlining the progress 
made by the group’s expanded continental Euro- 
pean operations. Sales at Pact International fell 
by 3 per cent to £37m giving a £300,000 loss. 

The strong cash generation of the RS business 
in the UK resulted in a £20.6m increase in net 
cash to £57.4m over the year. 

• COMMENT 

The results were slightly ahead of expectations 
and serve to highlight the strong performance of 
the core distribution business in the UK and the 
success of the group's focused strategy. The 
push into overseas markets is continuing with a 
new joint venture in India and the strengthen- 
ing of distribution partnerships in Europe, the 
middle east and east Asia. This overseas expan- 
sion, particularly the start-up operations in 
Europe, should drive earnings forward weQ into 
the next decade. Meanwhile the cash balances 
will he used to support organic growth includ- 
ing a £35m investment over the next two years 
in a new warehouse in Nuneaton. This year 
pre-tax profits of about 283m look possible prod- 
ucing earnings of 26p and putting the shares cm 
a deserved multiple of 18.7. 


Private 
broadcaster 
bids for 
Chiltern 

By Raymond Snoddy 

CLT, one of Europe's largest 
private broadcasters, 
yesterday made its first big 
push into the UK market with 
a recommended offer for 
Ghfltera, the commercial radio 
company, tn a deal that values 
the company at £169m. 
Chilton’s shares dosed 33p 
higher at 238p yesterday. 

Since the closure of Radio 
Luxembourg CLT has had 
tittle official presence in foe 
UK although it owns 80 per 
cent of Atlantic 252 which 
transmits from Ireland to 
more than 66 per cent of the 
UK population. 

Lnxmnbourg-based CLT, 
which manages 13 radio 
stations and eight television 
stations in continental Europe 
has been trying to get Into 
the UK for some time. 

In the year ending 
September 30 Chiltern, which 
broadcasts in foe northern 
Home Counties showed losses 
of £246,000 on a turnover of 
25.8m, and yesterday 
announced a pre-tax profit 
of £10.000 on a turnover of 
£2.7m for the six months to 
the end of March. 

CLT is offering 242p In cash, 
representing a premium of 
189 per cent over foe Chiltem 
price at tiw close of business 
on June 7. Holders of 15.35 
per cent have agreed to accept 
the offer. 

The Dally Mall and General 
Trust which last week bought 
a package of radio stocks. 
Including an 185 per emit 
stake in Chfltem, was last 
night reviewing its position. 

Apart from its local licences 
Chiltern has a 25 per cent 
stake in Network News (Radio) 
which provides a 24-hour radio 
news service to both local 
stations and Virgin Radio. It 
also won the Sevan Estuary 
licence, one of five new 
regional commercial stations 
which launch In September. 

For CLT the Chiltem 
purchase,if it goes ahead, 
would fill in luge stretches 
of the UK not reached by 
Atlantic 252. 


Invesco to launch Japanese investment trust 


By Bethan Hutton 

Invesco has announced plans for a 
Japanese investment trust, the third new 
trust to be launched in the sector this 
year. The Invesco Japan Discovery Trust 
will aim for long-term capital growth by 
concentrating on smaller companies. 


The Japanese investment trust sector 
has been attracting substantial Inflows of 
new money tills year. Fidelity Japanese 
Values, a smaller companies trust, raised 
2105m, and a conversion share issue by 
Fleming Japanese pulled in 2160m. Schro- 
ders has so far raised 288m for its 
Japan Growth fund, the public offer 


for which closes at the end of the month. 

Invesco already runs two Japanese unit 
trusts, and will draw on the experience of 
its existing Toky abased fund managers 
for the new trust Shares will be issued at 
100p, with one warrant attached to every 
five shares. The public offer opens on July 
14 and closes an July 29. 


Racal dives but bullish on outlook 


By Paul Taylor 

Racal Electronics, the data 
communications, radio and 
network services group, yester- 
day reported an expected sharp 
decline in full year pre-tax 
profits, but promised “a very 
substantial" Improvement in 
performance this year. 

The bullish about 

the outlook prompted a lOp 
rise in the share price to 248p. 

Racal also announced the 
sale of the remainder of the 
Racal-Redac computer-aided 
design business to Japan's 
Zuken for £13m in cash. 

Pre-tax profits for the year to 
March 31 fell by 44.7 per cent, 
from £47. 7m to 226.4m, after 
219.6m of previously disclosed 
losses on the disposal or clo- 
sure of operations and acquisi- 


tion goodwill written off. 

Earning s per share tell- to 
5A7p (10.24p) and a proposed 
final dividend of 2L75p makes 
an unchanged 4J2SP total. 

Turnover from continuing 
operations slipped to £887m 
(£908 .9m) and discontinued 
operations contributed a fur- 
ther £29 .lm (£38m). Trading 
profits from continuing 
operations declined to £50.1m 
(£S45m). 

Sir Ernest Harrison, chair- 
man, said the data communica- 
tions business had been badly 
affected by the recession in 
continental Europe and by the 
late availability of new prod- 
ucts from the US operations. 
Data communications' operat- 
ing profits fell to 23.4 9m 
(2DL6m) on turnover of £3739ia 
(£370-6m). 


However, Sir Ernest pre- 
dicted that recent events In the 
division, i "Ending the appoint- 
ment of Mr Martin Richardson 
to takfr charge of the business, 
would improve results. 

Specifically, he forecast that 
In the current year the data 
communications division 
would achieve profit margins 
of "well over 5 per cent on 
sales of over 2400m,” and he 
q aM margins the following 
year should increase to more 
than 7.5 per cent with further 
revenue growth. 

“With this significantly 
Mghw profit contribution from 
data c omm unications coupled 
with Improved performances 
by radio communications, spe- 
cialised businesses and defence 
radar and avionics, the results 
for the year 1994-95 win show a 


very substantial improve- 
ment." 

• COMMENT 

Once again Racal Is promising 
jam tomorrow. Delivering on 
the promises depends mostly 
on revitalising the core data 
communications business. Mr 
Richardson plans to cull the 
product line and Identified 
210m of savings. Meanwhile, 
the networks businesses win 
benefit from the National Lot- 
tery traffic even though the 
real gains from being pert -iff 
the Camelot consortium will 
not come through until 199546. 
Racal should report pre-tax 
profits of about £70m this year, 
equivalent to earnings of about 
159p. After yesterday’s rise the 
stock is trading on a prospec- 
tive p/e of 15.6. Hold. 


Daily Mail Trust rises 14% to £24 


By Raymond Snoddy 

The Daily Mail and General 
Trust, yesterday produced pre- 
tax profits 14 per Qftnf 1 highwr 
at £24m and made an upbeat 
forecast that It was responding 
well to “the general improve- 
ment in the economy and In 
ttw advertising maitoifci in par- 
ticular." 

Trading profits for the half 
year to April 3 increased by 
£69m to £435m before excep- 
tional items. Turnover rose to 
£368-3m (£329. lm), with the 
group’s three- main newspa- 
pers, the Dally Mad, Mad on 
Sunday the Evening Stan- 
dard - all with new supple- 
ments - performing well. 


mainly because of increasing 
advertising revenues. 

The Evening Standard's 
important classified business 
grew by 15 per cent 
Northdiffe Newspapers, the 
company’s regional group, also 
increased profits, although the 
revenue increase was not con- 
sistent across the country. 

Mr Derek Terrington, pub- 
lishing analyst at stockbrokers 
Kleinwort Benson said yester- 
day: "Essentially this was a 
good trading performance on a 
rising advertising market" 
Earnings per share rose from 
12J.P to 13p or from 169p to 
2L2p adjusted before excep- 
ttonais. 

The interim dividend has 


Argent ends 
first day at 
premium of 4% 

Shares in Argent, the property 
investor and developer which 
camn to the market in a plac- 
ing and intermediaries offer, 
went to a 4 per cent premium 
on their first day of trading. 
The turnover yesterday was 
L57m shares. 

The shares dosed at 266p 
yesterday, compared with the 
offer price of 255p. Schraders 
sponsored the issue of 13.7m 
shares, which represents 25 per 
rent- of the enlarged share capi- 
tal 

The flotation raised a net 
227.1m for the company, which 
it will use to take advantage of 
additional investment and 
development opportunities. 
Warburg Pincns, the US ven- 
ture capitalists, sold 2.2m 
shares, reducing its bolding to 
49.8 per cent of the company’s 
share capitaL 


Framlington 
seeks $50m for 
N Africa fund 

Framlington, the fund 
manager, is seeking to raise 
up to $S0m (233.3m) for an 
institutional fund investing in 
Morocco and Tunisia. 

The Framlington Maghreb 
fund, to be listed in Dublin, is 
being marketed throughout 
Europe and the US and wQl 
close at the end of June. 

Framlington and Banque 
Commerdale da Maroc, Moroc- 
co’s largest private bank, are 
partners in the venture, and 
the International Finance €or- 
poration is also expected to 
take a stake. 

At least two-thirds of the 
capital will be Invested in 
Morocco, with the balance in 
Tunisia. The focus is on com- 
panies quoted on local stock 
markets with about 25 per 
cent of the capital earmarked 
for pre-Qotatkni finance. 


been increased by ll per cent 
to 4p (3.6P). 

The strong performance in 
the core newspaper business 
was not generally mirrored in 
the company's other media 
activities. 

As already announced, the 
DMGT faces an up to £20m 
share for the full year of losses 
from Whittle Communications 
and Whittle Schools In the US. 
One Whittle television network 
has bad to be closed down and 
there are considerable develop- 
ment costs at Medical News 
Network. A total of £ 13.2m will 
be charged in the accounts. 

Development costs will also 
be incurred setting up Channel 
One, a new television channel 
aimed at the cable television 
market in London. 

The company said yesterday 
that the early losses "should 
not exceed £40m in total” - 
£L0m lower than earlier specu- 
lation. 

The shares rose 33p yester- 


day to close at £i2J$p. 

• COMMENT 

The company's main newspa- 
per businesses continue to 
forge ahead underpinned by a 
commendable commitment to 
invest in editorial- The ques- 
tions begin to arise when the 
company strays away from 
print into the electronic media. 
It was involved in the success- 
ful - and profitable - teletext 
franchise bid, but has tended 
to come second in a number of 
commercial radio and televi- 
sion contests. The losses at 
Whittle flow from a move from 
print to electronic ommunka- 
tion. The cable channel Is 
dearly a long-term venture 
that will hit short-term results. 
Analysts are looking for about 
285m before exceptionals for 
foe full year and a bit over 
2100m for next year. Next 
year’s forecast of 65p earnings 
per share would give a 50 per 
cent premium to the market 


DIVIDENDS ANNOUNCED 




Correa - 

Total 

Total 

Current 

Oats of 

ponding 

for 

loaf 

payment 

payment 

dMdantf 

year 

year 


Alreprung Finn fin 

3.1 

July 29 

2.925- 

4.8 

45* 

BRck ini 

i5t 

Sept 7 

35 

- 

105 


65 

duly 19 

65 

115 

11.5 

Capa ,fln 

8 

Aug 5 

7.75 

11 

10.75 

Chaining trrt 

3-2 

July 29 

3 

- 

9 

DaBy Mai & Gen bit 

4 

July 15 

35- 

- 

149* 

Davenport VmoiuJM 

05t 

Aug 2 

15 

re 

45 

Eklridge Pops § bit 

1.5 

July 30 

1.4 

re 

355 

Gactrocompa fin 

7 

Sept 5 

5.9 

95 

7.9 

French (Thomas) Int 

1.45 

Aug 26 

1.45 

- 

3.625 

Qarimora Shared fin 

2.4 

- 

- 

45 

- 

Oreeocore ....Jnt 

3.7^. 

'Aug 29 

35 

- 

89 

Hambros fin 

105 

Aug 22 

9.8 

15 

14 

London Intnt — fin 

nfl 

- 

055 

mi 

9.45 

MefvOe Street Cn 

2.7 

Aug 26 

25 

45 

4 

Meyer Intnl fin 

fl.6t 

Sept 2 

55 

109 

10 

Northern Food* fln 

55 

Sept 16 

5 

as 

8.4 

Racal Bees — —fln 

2.75 

Aug 24 

2.75 

455 

455 

Scottish Hydro fln 

A 08- 

Oct 3 

7.78 

12,64 

11.38 

Wadcflngton (J) —fln 

4.7 

Aug 10 

45 

85 

79 


DMdends shown pence per share net except whore otherwise stated. fOn 
Increased capital. §USM stock. 'Acgustsd for scrip. Jrirish ponce. 



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In the recent Computer 
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FINANCIAL TIMES 


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FINANCIAL TIMES THURSDAY. JUNE 9 1994 


23 


COMPANY NEWS: UK 




.»C 

R ' 1 ’- ,,<: fc > •> 

I !;i. I'll- *J. 

■•'-II n« . .(Hi • 

' ■ > { i ,r-. ■*•" V,' 


* 

Safest currently 13% ahead and benefits of cost cuts coming through 

rises to £42m 




" ,l ‘“MLv.'r'fcOi By Peggy Homngw 




11 

oir t'.. u 

JJr-.f 

it.,' 

c %t «i .w t 

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‘‘•■■ii v: 




to 

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2 1 1 - i . / 

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•comment"' 


Fears that the UK economy 
might be overheating were dis- 
missed yesterday by Meyer 
International, the timber, and 
building products group, which 
said It had perceived only mod- 
est and steady growth over the 
last year. 

Mr John' Dobby, who took 
over as chief ex e cut i ve follow- 
ing the departure of Mr Rich- 
ard Jewson in.SesJtsnber, said 
he had sate no . evidence of 
inflation getting out erf control 
“We are seeing a steady recov- 
ery and the pace of that recov- 
ery is not. accelerating," he 


Sales were running 13 per 
cent ahead trf last year, against 
a 9 per cent- increase for -the 
whole trf 1998. Yet they were 
$hit substantially lower than 


the peeks of the 1560s, 

Mr Dobby was speaking at 
the announcement of the 
results for the year ended 
March 31 1394. which showed a 
better-than-Bipected profits 
improvement from £14.4m to 
££L6 ul 

Salas were 10 per cant higher 
at £L2bn. 

- - Benefits were being seen, 
from two years of cost-catting, 
following the ill-fated move 

trrtn plimrtrinp and haatfng in 

the late 1980s. 

. With costs across the group 
rising 6 per cant compared 
with the 10 per cent sales 
Increase, much of the turnover 
improvement had dropped 
stxaigfat'to profits. 

The UK builders merchant 
business, Jewson, improved 
operating profits by 78 per cent 
on an 8 per inwwMip in 


sales to £425m. Sales on a Hke- 
for-liie basis rose by 9 per 
cent, including a 4 per cent 
price increase. 

Forest products benefited 
from a 10 per cent Tnrraagp in 
softwood prices over the year. 
Profits rose by 68 per cent to 
£l&£m on sales 21 per cent 
higher at £388Jim. 

Tim Dutch business retained 
operating profits of FI 36.7m, 47 
per cent ahead of last year. 

Meyer's debt as a proportion 
of shareholders’ funds Ml from 
SO per cent to 19 per cent, 
largely because of the £7Qm 
cash call last year. 

The final dividend, cut from 
l&5p last year, was increased 
by 18 per cent to 6Jp, for a 
total l£5 per cent up at 10.8p. 
Earnings more than doubled 
from ltup to 24p. 

Also announced was the 


appointment of Mr Richard 
Miles, ex-md of Steetley. as a 
nonexecutive director. 

• COMMENT 

Meyer is doing everything pos- 
sible to regain the investment 
community’s favour. It stresses 
caution and is focusing on 
organic growth. Yet it remains 
shadowed by its former ambi- 
tions. News that Meyer is 
thinking about returning to 
plumbing and heating, albeit 
more cautiously through spe- 
cialist counters in its branches, 
left many fooling somewhat 
stunned. The economic recov- 
ery will give great momentum 
to profltf but, in the longer 
term, t his is more of manage- 
ment play. Given its recent his- 
tory, the jury is still out. Fore- 
casts are for £57m, with a 
prospective p/e of 14 times. 


111. . . ‘ 

i! ■ ,i 
■t 'A .* .... 

■: "" iCt, 

“I It; t 

n > 

!|.U U " I- r .i* ‘ 

»l. s i • • . 

... . ... . . 

•i. 

-i . •• -ri.» 

...... > 

; - rff" 

* JM ft 


LIG’s £175m loss part of 
a "sorry set of numbers’ 




. By Maggie Uriy. 

Even its sew finance d ir ect o r, 
Mr James Tyrrell, could oily 
describe London International 
(Strap's results for the year to 
Mir th. 31, Wfaich ac M Tnpgi rt aH 
Us. £ll5JSm rights issue, as a 
"sorry” set of numbers. 

He said he had prepared the 
results ; on a conservative 
basis, for instance writing off 
costs previously ! deferred or 
capitalised, and switching, the 
Indian, joint ve n t u re, in wfaich 
UG has a; 42.7 per «mt stake, 
from a subsidiary to an associ- 
ate. ' 

Group turnover Ml 4.7 per 
cent to £396.6m(£416m) as 
beatifaand personal protects 
.-teles felL Operating profits 
were £40m lower, at £7^m 
before exceptional losses. 
These included £39.9m of oper- 
ating exceptio n al losses costs 
of surplus . pro p e r ty , and .a . 
£137. 4m re structu ring charge 
which includes a- £9L4m loss 
on the sale of the photo-pro- 
cessing division. 


Interest charges Ml slightly 
to £14^m (£15m), timnfc* to 
lower interest rates and In 
spite of a more than £40m rise 
in debt to £16&taL 

That left the pre-tax loss at 
£175. lm (profit £27.8m). How- 
ever, after a tax credit of 
£200,000 and a minorities 
credit, of £1.2m, the transfer 
from reserves was £173. 7m 
'(retained. profit £2L8m). The 
loss per share was 10££3p 
(earnings lL12p). 

Mr Tyrrell said the sale of 
ColonrCare had been nnusu- 
ally complex. UG had origi- 
nally received an attracti v e 

iiffer fr om y art Aiwpy i ftin gnm|i 

but the interests of the small 
number of large players in the 
industry had prevented fids 
succeeding. ■ ‘ 

The sale to the MBO does 
not cover the 267 mini-labs in 
Boots stores, but UG was 
dose to seffing these to two 
parties, Mr Tyrrell said. 

In the latest financial year 
ColonrCare lost £l3.2m 
tfite) before exceptional 


costs and interest. 

The health and personal 
products division, including 
condoms, surgical gloves, 
household and industrial 
gloves and toiletries, suffered 
a drop in pre-exceptional oper- 
ating profits from £5 1.4m to 
£20.7m. This was partly due to 
a change to a smoother pat- 
ten of promotions, but also 
reflected problems in Italy, 
cost increases exceeding price 
rises, and a lack of one-off 
gains in the previous year. 

The deficit on the profit and 
loss account hit the balance 
sheet, cutting net assets from 
£121 Jm to a deficit of £lQ.7m, 
after crediting reserves with 
£47 An of goodwill previously 
written off. 

Mr Tyrrell said that after 
the rights issue, debt would 
fall immediately to £53 An, 
5119 per fflwt of the 
shareholders funds. However, 
cash costs of the restructuring 
would increase debt once more 
to an Indicated £82. lm, giving 
gearing of 78.6 par cent 


Standard Life 
exercises 
Halifax option 

By Norma Cohen, 

In vest men ts Corresp on dent 

Standard Life, the Edin- 
burgh-based life insurance 
company, s«id yesterday that it 
had exercised its option to buy 
the joint venture investment 
company it bad formed with 
HaKfag R niiding Society. 

Halifax last year made a 
decision to end its tied rela- 
tionship with Standard Life 

Imripr which it sold S tandar d 
Ufa’s retail financial products 
exclusively. 

That agreement formally 

PPmpq to an and in Januar y 

1995, but Standard Life said it 
was making the announcement 
of the purchase now “to allay 
any uncertainty among ' exist- 
ing and new investors about 
the ongoing investment man- 
agement of their savings." 

The joint venture company, 
which manages the investment 
of two unit trusts - income 
Advantage and Global Advan- 
tage - has 68,000 customers 
and funds of more than taum 


Acquisition 
helps Blick 
rise 14% 
to £4.98m 

By David BtodnmB 

The £57.6m acquisition last 
October of Time and Security 
from Mercury CommuB icgt- 
ions helped Bliek, the 
COnmi UllScat lOB S ey tem i s and 
time products company, lift 
interim profits by 14 per 
.emit and turnover by 4$ pa* 
cent 

Pre-tax profits rose from 
£4J57m to £4J8m in the six 
months to March, while 
turnover increased from 
flSJhn to £24m. Operati n g 
profits were SI per cent ahead 
at £5 .34m. 

The company attributed 
£5An of the increase in 
turnover to tbe acquisition, 
and 10 per cent to organic 
growth. 

Mr SeottrGaD. m * mn g in C 
director, said Blick had 
produced a strong cashflow 
following a cleverly structured 
acquisition, wbkh was on 
course. During the half year 
the group paid back £14m of 
hank debt incurred in the 
purchase, reducing gearing 
from 167 per cent to 81 per 
cent 

He described the current 
level of business as 
encouraging, with a high level 
of customer confidence in the 
market 

The Time division, 
responsible for clocking in 
equipment, car parks and time 
control software systems, 
showed strong growth and 
good margins. 

Operating profit rose from 
£L26m to £2.42m on turnover 
up from £8. 78m to £9.24m. 

The Communications 
division, where margins are 
more co mp e titi ve, increased 
turnover from £9J>2m to 
£14Jm, and profits from 
£2£2m to £232m. 

Net interest payable rose 

to £359,000 compared with 

interest receivable last time 
of £293,000: 

Earnings per share 
increased to 12£4p from 
12.42p. The int e rim dividend 
is 35p (33p). 


Exceptional leave Anglo 
United £75m in the red 


By Simon Davtos 

Losses at Anglo United, the 
heavily indebted owner of the 
Coalite smokeless fuel busi- 
ness. rose from £30 .5m to 
£7A&n pretax In the year to 
end-March, but the bulk of the 
deficit arose from the sale of 
the Chantogtons Fuel business 
in March. 

The company showed a mar- 
ginal improvement in its oper- 
ating performance, and Mr 

Harold Cottam, chairman, said 

Anglo United was exploring 
the possibility of bidding far 
parts of the British Coal priva- 
tisation. 

It is interested in Coal Prod- 
ucts. a manufacturer of smoke- 
less fuel, and British Fuels, a 
distributor of coal, gas and oil, 
which both complement Anglo 
United’s existing business. 
However, these acquisitions 
would be contingent upon fur- 
ther financial restructuring. 

Mr Cottam said: “We believe 
that Anglo’s period of retrench- 
ment is now over." It has 
almost completed a p rogr a mme 


of asset disposals, following a 
debt for equity snap with its 
leading bankers. 

Net debt has been reduced 
by gwjfrn to £96.1m, but the 
company faas an additional 
£24.9m in convertible loan 
Stock and £56m in deep dis- 
count loan notes. About £103m 
of its hank debt is repayable in 
March 1996 making further 
restructuring inevitable. 

Turnover was £518.5m 
(£544. 7m) and operating profits 
before exceptional items 
amounted to mJm (£20J3m). 
The company suffered £lL9m 
of exceptional losses, primarily 
related to the closure of one of 
Coalite’s two production 
plants , in Ghimethorpe. 

The sale of Charrlngtons 
resulted in a book profit £14m, 
but it took a £75.7m excep- 
tional loss from goodwill previ- 
ously written off. 

Interest costs fop 28 per cent 
to BM-Sm, due to the impact of 
disposals, and Mr Cottam was 
confident that operating profit 
would exceed interest pay- 
ments in the current year. 


Losses amounted to 8.3p (8.9p>. 

Staff levels have been 
reduced from 3,000 to below 
1.800, and with reduced costs, 
Anglo United increased profits 
from smokeless fuels despite a 
4.5 per cent fall in domestic 
sates. However, earnings from 
Coalite Chemicals felL 

• COMMENT 

At its peak, in 1990-1991, Anglo 
United made profits of more 
than £15m, but with its current 
structure, such levels are no 
longer attainable. It should 
achieve a marginal profit for 
the current year, but future 
earnings growth is restricted 
by the shrinking Coalite mar- 
ket. Having swept the decks, 
the management wants to sail 
forth and explore opportunities 
for capitalising on its exper- 
tise. If it succeeds, sharehold- 
ers face significant dilution 
from another debt-for-equity 
swap. If it fails, tbe company 
retains a substantially nega- 
tive value. Either way. the 
odds seem stacked against the 
equity shareholder. 


Helene rights to help fund 
£10m Reggie acquisition 


By Caroline Southey 

Helene, the fashion wear 
manufacturer and distributor, 
yesterday announced a £&9m 
ri ghts issue to help fund tha 
£l0m proposed acquisition of 
Reggie, a supplier of women’s 
outerwear. 

Some 41.8m ordinary shares 
are to be issued at 24p on a 
l-for-3 basis. 

The initial co pflirieratiQ n Of 
£4J>m for Reggie will be satis- 
fied by gg-Qm in fash and loan 
notes and the bplanna by the 
issue of 6m shares to Reggie’s 
vendors. 

The farther £5 .5m will be 
payable so long as Reggie’s 
aggregate pre-tax profits for 
the two financial years to 
December 31 1995 exceed £4m. 


Reggie, which last year 
reported pre-tax profits of 
£1.56m on turnover of £16. 4m, 
primarily supplies large high 
street retailers with its own-de- 
signed women’s coats, jackets 
and separates. 

Helene reported pretax prof- 
its of £4.51m in 1993 on turn- 
over of £10L6m, 56 per cent of 
which was generated by wom- 
en’s wear. 

Mr Norman Fetterman, 
Helene managing director, «mtd 
Reggie operated in markets 
complementary to those of 
Helene and that the acquisition 
would “strengthen our position 
as a key supplier to mqjor high 
street retailers and mail-order 
companies." 

The Helene board said it 
hoped to raise a total of £143m, 


£6.4m of which would be used 
to meet the cash element and 
part of the loan note element 
of the acquisition and £8.5m as 
additional working capital. 

Mr Fetterman said a larger 
capital base was needed to 
expand tbe company at a time 
when retailers were beginning 
to do business with key suppli- 
ers only. 

Apart from the rights issue, 
the board proposed that an 
additional £6m would be raised 
by the subscription of 24.3m 
ordinary Helene shares (about 
12J per cent of the enlarged 
ordinary share capital) by 
Causeway Smaller Quoted 
Companies Fund. 

The rights issue has been 
fully underwritten by Samuel 
Montagu. 


a - ... 


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% ^ 


DOING BUSINESS 
IN RUSSIA? 

Saw time, effort and mosey at the start 

AH fore^n companies wishing to conduct 
business in Russia need to 'register there. In 
Moscow, registration ts bandied by the Moscow 
Registration Chamber. Fortunately, this process 
-can be relatively quick and easy, thanks to 
Financial Izvestia which is now offering the 
Moscow Registration Chamber’s own Guide to 
Registering Companies in Moscow. Written in 
English and in collaboration with the 
international law firm, Salans Hertzfeld & 
Heflbronn, this invaluable Guide 

ft Enables you to select die most suitable legal 
structure foran enterprise 
■ Supplies checklists so you avoid common 
- mistakes vfceo ^registering 


to obtain, the relevant authorisations 
Lists addiesses and contact details of key 
agencies inMoseow 

:Muc& of this inform ation is simply unavailable 
else where andwiD be of real practical everyday 
useto anypne intending to do business in Russia, 
asy&H as legal; financial, accounting and other 
a&visbis. . - 


to xrfderyour copy, see below. 


FINANCIAL IZVESTIA 


Tmanrial Izvestia bu weekly business newspaper, 
prod u ced by thcFmaadal limes in partnership with 
Izvestia, Russia's leading qualify daffy. 

TWbMAirBBncl*IIi*eidi by FT BmIms BvaqxiMi Ud. BAgbURd Office 

; Kontxr Ou Saam*mk UdtpJUaukB SSI 9 HU BciMcRd IB SqM I*d 9KBM. 


REGISTERING COMPANIES IN MOSCOW 

-W:+44(a)2W«I2«3 

SSSroSgS ^ te:+«(«)2WMJ8n 

lUroZteTnsn . 5*« 

MnWjte MtateteM -MS (V) 71 7992N2 


NAME 


TITLE 


CCMMNY 


ADDRESS 


POSTCODE 




COUNTRY 


We 


ROte 


CTC3Z3 


03 


mnssm 


SUMENT fkm 'wan dwpuneni taaaaeatm^ay orfa. frioe ioebsia p Ay, 
WMIAanirite . 

□ ladmcRyAniBihwhtaft/IWI. .... — 

Awa *■■!•« 1.1 in FT Biaraoihito TW je ll , 

D q □ SC □ M 

CTT I I I 3 I T 


i n i i m 


CARD EXPIKY sms 


BSMOKte:; 


DATE. 


■fcTOnalar 


3 ~aa i i i i i iii cd 


RfUMW. 




This announcement appeals or a matter of reran/ anJr- 


$ 

June 1994 A 



E D & F Man Limited 


US$180,000,000 
3 year Revolving Credit Facility 


US$180,000,000 
5 year Revolving Credit Facility 


Arranged by 


Arranged by 


ABN AMRO Bank N.V. 


Nat West Capital Markets Limited 


Chase Securities, Inc. 


Soriete Generate, London BnnJi 


Lead managed by 

ABN AMRO Bank N.V. 

Banquc Indosuce 

Bayerisdie Vrrcinsbank Aktiengescllschalt 
NationsBank 

Union Bank of Switzerland 


Lead managed by 


National Westminster Bank Me 
Banque Nationale dc Paris p.l.c. 
BHF-BANK, l^ndsn Bmxh 
The Norincbukin Bank 


Barclays Bank PLC 
Chemical Bank 


The Chase Manhattan Bank, N.A. 
Sodccc GeneraJc, hndon Rnuk 


Co-lead managed by 


Bank of America NT & SA 


Lloyds Bank Pic 


Bancs di Roma, unfea bmu^ 

Banquc Fran^aisc d^i Comm erce Exterieur 
Crcdit Agricolc, u»*» tad 
Tbe First National Bank o£ Chicago 
ING Bank 

Rabobank Nederland, UBteBnnk 

Swiss Bank Corporation 


Co-lead managed by 

Banca CRT SpA , L«a«, Etaodi 
Union Eun^icnne de C1C, London 

Credit Lyonnais 

Hill Samuel Bank Limited 
MccsPicrson N.V. 
The Sakura Bank, Limited 
Vfcitpac Banking Corporation 


Facility Agent 
ABN AMR0 Bank N.V. 


Managed by 

ABN AMRO Bank N.V. Australia and New Zealand Banking Group Ltd. 

The Mitsubidu Trust & Banking Corporation National Westminster Bank Pic 

Robohank Nederland, imfeaBmA 


Facility Agent 

The Chase Manhattan Bank, N.A. 



NttV 












24 


FINANCIAL TIMES THURSDAYJUNE 9 JS 9 ^ 


COMPANY NEWS: UK 


Evans Halshaw acquires 
Davenport for £33m and 
makes £29m cash call 


By Paul Cim aa crip h t , Mkfiands 
Correspondent 

Evans Halshaw, Solihull-based 
motor distributor, has made a 
recommended £32fen offer for 
Davenport Vernon, the motor 
dealer, and is raising £29m via 
a 3-fbr-io rights issue priced at 
425p. 

Tlie merger of Davenport’s 28 
dealerships with, the Evans' 58 
represents a farther consolida- 
tion in the motor distribution 
sector and comes two weeks 
after BSG International bid 
£2Qm for Jessups. 

Some 50.5 per cent of the 
Davenport equity has been 
committed to Evans which is 
offering 100 new shares for 
every 288 Davenport shares or 
a cash alternative cf 155p. The 
share offer values each Daven- 
port share at I72p, which is a 
premium of 52 per cent over 
the overnight price. 

At yesterday's dose Daven- 
port was op 45p at 158p while 
Evans fell 31p to 484p. 

The proceeds of the rights - 
underwritten by Kleinwort 
Benson - will fund the cadi 
alternative and, unless there is 


unexpected reluctance to 
accept Evans paper, also pay 
for the S7m acquisition of a 
private motor dealing com- 
pany, the future of which is 
subject to negotiations. 

Evans has made no secret of 
its desire for acquisitions and 
has had a lengthy courtship 
with Davenport 

"We’ve had close connec- 
tions for three years and have 
had discussions on a number 
of occasions,” said Mr Geoff 
Dale, Evans chairman- 

Davenport had a rights issue 
last year but a profits warning 
last March indicated a weaken- 
ing fjwami-ial pt yritinn »nd thi« 

opened the way for the offer. 

Yesterday the company 
announced pre-tax profits of 
£4TSfi00 for the six months to 
March 31 on a turnover of 
£88m 

It is paying an fntarfm divi- 
dend of o.5p. 

Evans expects to be able to 
extract higher performance 
and wider margins from the 
Davenport chain of dealer- 
ships. Its dealerships in coun- 
ties on foe north-west side of 
London complement Evans’ 


geographical strength in the 
Midlands and south-east 
England. 

Evans yesterday forecast an 
interim dividend of 5p for 1994. 
TVs represents an increase cf 
about 15 per cent over last year 
and it is intended that it will 
be 33 per cent of flue total 

Klein wort Benson acted for 
Evans in the takeover and Nat- 
West Securities for Davenport 


Evans Halshaw shareholders 
can thank institutional reluc- 
tance to buy motor distributor 
shares and market fatigue with, 
capital raising for an advanta- 
geously priced rights. The 
shares anyway have came off 
their high p oint for the year 
Just as profits are set to jump 
sharply. The combined Evans 
Halshaw-Davenport Vernon 

group should lrialrfl CTSm pre- 
tax this year and that would 
give earnings an the enlarged 
capital of about 35p a share. 
That would put the new shares 
on a prospective multiple of 
just over 12, which should not 
be a very severe test of loyal- 
ty. 


Advance 
to £12.7m 
for Cape 

By Peggy KoOnger 

Cape, the building products 
and industrial services group 
controlled by Charter Consoli- 
dated, announced a 7 per cent 
increase in pre-tax profit s to 
£12. 7m for the year to March 
3L This was in spite of a 6 per 
cent drop in sales to £230m. 

The profits rise was achie- 
ved against the background of 
a modestly <nw«i«hig demand 
for building products in the 
UK and continental Europe, 
the group said. Cape was less 
optimistic for its industrial 
businesses, where the outlook 
in the UK was uncertain. 

Operating profits in the 
architectural and building 
products dfrisUm rose by 44 
per cent 1 to £9-4m on sales 
£200,000 higher at £7L7m. The 
return was helped by the elim- 
ination of losses in the ceiling 
business and higher marr ghre 

for Industrial and insulation 
products. 

The industrial services divi- 
sion fell by 9 per cent to £6.1m 
on sales down 8 per cent to 

The proposed final dividend 
is 8p (7.7Sp) for a total 2 per 
cent ahead at lip (I0.?5p). 
Earnings-were 15.8p (1-L9p). 


Scots Hydro seeks southern growth 


By David LasceBes, 

Resources Editor 

Scottish Hydro-Electric, the 
power company, is holding dis- 
cussions about acquiring 
power stations from National 
Power and PowerGeu. 

Mr Roger Young, Hydro chief 
executive, said his company 
wanted to "push hard into 
En glan d" using the strong 
cash flow from its operations 
north of the border. But it was 
too early to say what the 
outcome of the talks would 
be. 

The two English generators 
are required, under an agree- 
ment with the electricity 
regulator, to sell plant and 
reduce their generating capac- 
ity. 

Hydro-Electric also 
announced a 12 per cent 


increase in pre-tax p r ofi t s to 
£1642m (£L46.4m) for the year 
to Match 31 flggtsfcnd by atrang 
growth in electricity sales. 
Turnover advanced by 10 per 
cent from £717.8m to 
£792.4ttL 

Mr Young said that the rise 
was also helped by last year’s 
expensive redemption of gov- 
ernment debt, and fluct uations 
in output from the hydro-elec- 
tric iwBtaTiqtinTHf due to wide 
variations In rainfall 

A final di vidend of &£8p is 
proposed, making a total for 
the year of 12.64p (1138p), an 
increase of 11 per cent. Mr 
Young said the company aimed 
to stick to its target of 6-8 per 
cent real annual dividend 
growth nn hi the end of next 
year. 

Increases after that would 
depend an the outcome of the 


current regulatory reviews. 

Earnings per share were 
3L7p (27.6p). 

Total volume of electricity 
sold rose 22 per cod, helped toy 
a doubling of salsa to Sniwah 
Power as it took its share from 
the Peterhead power station, 
now r unning on Miller gas 
from the North Sea. 

Sales of electricity in 

En gland and Wales were Up 9-2 
per cent at 2147.5m. equivalent 
to about a fifth of 
turnover. 

Hydro-Electric already M a 
share in one power ntatirm in 
operation sooth of tire border - 
at Dover - and two more are 
due to come on stream at Sella- 
field and Keadby. 


To its credit, Hydro-Electric 
was keen to emphasise the 


exceptional nature of the 15 
per cent rise in post-tax earn- 
ings. Even so. the underlying 
rate was based on solid growth 
both in its home market in 
north Scotland, and in England 
and Wales where the c om p any 
has set iti sights for long-term 
g ro wt h. rii infi i nmH mi that dis- 
cussions are taking place with 
the Rn giwii generat or s under- 
lines Hydro's determination to 
expand south of the border, 
but no one expects any quick 
deals. The longer term pros- 
pects depend on Prof Little- 
child’s distribution review, 
though only 20 per < y pt of its 
profits are affected as against 
80 per cent at the regional dis- 
tribution companies. Hoare 
Govett has Hydro on a prospec- 
tive yield of 4.7 per cent, which 
is a 10 per cent premium to the 
market as a whole. 


Eldridge Pope trebled 
to £0.6m in first half 


By Reg Vaughan 

Eldridge Pope, Dorchester- 
based brewer, retailer and 
wine shipper, is keeping up 
the pace of profit expansion in 
the first half of 1993-94 with a 
trebled pre-tax figure and Mr 
Christopher Pope, chairman, 
said that the main benefits of 
the recent Carlsberg-Tetley 
trading alliance were yet to 
come. 

Profits for the half year to 
March 31 rose from £203,000 to 
£806,000 pre-tax after a sharp 
drop in net Interest payable to 
£570,000 (£895,000). 

For the year to September 
1993 pre-tax profits doubled to 
£1.76m. 

The USM-traded company, 
whose beer brands include 
Thomas Hardy Country and 


Royal Oak, recently intro- 
duced. a brew called SD (Dor- 
chester D-Day Bitter). 

Turnover declined to £17.3m 
(£20. 5m), reflecting the 'sale of 
the beer wholesaling business 
to Carisberg. 

Trading profits rose to 
£L31m (£l-24m) representing 
an Increase from 6.1 per cent 
to 7.6 per cent in the mar- 
gin. 

Mr Jeremy Pope, managing 
director, said the £5m net from 
tiie Carisberg deal was a *war 
chest* waiting to be used. He 
said that a number of opportu- 
nities were being pursued but 
the board was “setting a strin- 
gent hurdle race." 

Earnings per share rose 
from o.86p to 2.3p and the 
interim dividend is increased 
to L5p (L4p). 


Quarterly changes to 
the UK Series of the 
FT-SE Actuaries 


The FT-SE Actuaries UK 
Indices Committee yesterday 
issued the following statement 
The Committee has approved 
the following quarterly 
changes to the UK'Series of the 
FT-SE Actuaries Share Indices, 
to take effect from Monday 
June 20 1994. 

FT-SE 100. For inclusion: 
GKN. For exclusion: Tarmac. 

FT-SE Mid 250 and FT-SE 
Actuaries 350. For toduaion: 
C api t a l Shopping Centres, Mer- 
cury European Privatisation 
Investment Trust, House of 
Fraser, Bearer Homes, Babcock 
International Group. 

For exclusion: Scottish Tele- 
vision, Meggitt, Buhner (HP) 
Holdings, Frogmore Estates, 


AngHan Group. 

FT-SE Small Cap and FT-SE 
Actuaries All-Share. The fol- 
lowing new issues will be 
in cl ude d from Monday June 20 
1994: ChdsfieM, Alpha Airports 
Group, CeDtech Group. 

Companies promoted from 
the FT-SE MM 250 to the FT-SE 
100 will he replaced in the 
FT-SE Mid 250 by those compa- 
nies excluded from the FT-SE 
100. 

Companies excluded from 
the FT-SE Ifld 250/FT-SE Actu- 
aries 250 will be included in 
the FT-SE SmallCap. 

The FT-SE Actuaries 350 
Industry Baskets will be 
adjusted to reflect these 
ch an ges. 


Provisions peg Waddington to £8m 

... _ a. r ("Font and nresachool tovs fra 


By David BteckweX 

A provision of £7 An to settle a 
US antitrust investigation beM 
back profits at John Wadding- 
ton, the packaging, printing 
and games company. 

A further provision of £34hn, 
including £2.1.m of goodwill 
wr i tte n b a ck, on the disposal at 
a labels business left pretax 
profits for the year to April 2 
at £8.07m on £336.lm turnover. 

This compares with £8.05m 
on turnover of £22.1 .6m last 
year, when there was an excep- 
tional charge of efcn 

Profits from continuing 
operations before exceptfonals 
were 5 per cent ahead from 
£20.4m to vftv on turnover 
of£220.3m (£190 An). 

Earnings per share were 
4£3p C3.1Sp). A final dividend 
of 4.7p (43p) is proposed, bring- 
ing the total for the year to 


8£p (7.9p). Mr Geoff Gibson, 
finance director, said that the 
dividend was almost twice cov- 
ered by earnings per share of 
lS.69p (l3.7lp) before excep- 
tional ftem*- 

nnripr the antitrust investi- 
gation into two of its food ser- 
vices companies the group has 
made a plea bargain, agreeing 
to a fine of US$42m (EL&n). 
The board expects the frill pro- 
vision of £7.4m to cover the 
ensuing civil claims and 
legal expenses. 

The core packaging business 
raised turnover from £119 Am 
to £M5JSn, and operating prof- 
its fr om gra ft™ to £14Am. Mar- 
gins were just less titan 10 per 
cent. 

The strongest growth in the 
packaging sector came from 
the food services division, 
which sells to US catering com- 
panies. Turnover rose from 


£28m to £45.4m, although prof- 
its of £5.4m <£3.7m) included 
£500.000 of exchange transla- 
tion gain. 

The ■ carton business 
unproved turnover from 
£283hn to £35.7m, reflecting 
greater volumes freon blue chip 
customers such as Birds Eye, 
Cadbury, and Colgate. 

Mr Gibson said the group 
would this year invest £5m in a 
new production line at the 
Leeds factory, which would 
OTpiTiri capacity from the start 
of next year. 

The specialist printing divi- 
sion reported opmating profits 
down from £4.lm to £3.7m on 
turnover of £4fi.6m (£4S.4m). 

Both turnover and profit in 
the gawwc division were flat at 
£25 An and £3.4m respectively. 
The group is introducing two 
new ranges of toys - radio con- 
trolled cars from Japan and 


infant and pre-school toys from 
the US - which It espectowJU 
provide incremental business 
through its existing distribu- 
tion outlets. 

• COMMENT 

Take out the excepttooals and 
this looks a reasonable set of 
results, particularly if you 
believe the £7.4m provision for 
the US antitrust investigation 
is sufficient The Investigation 
appears to have done no dam- 
age to the expanding food ser- 
vices division. The group has 
also sm i strong growth In the 
UK cartons sector, where its 
margins of 132 per cart are 
among the best Pencilled In 
profits of about £22m would 
give a multiple of about 12. 
This is a worthwhile discount 
to the sector - providing than 
are no more exceptional 
charges. 


Chemring at £2.85m after exceptional 


By CaroCne Southey 

Chemring, the maker of antimissile rhafT, 
distress rockets and waterproof clothes, 
yesterday reported reduced profits in the 

bit months to April i_ 

The pre-tax figure fell by Z3 per emit to 
CTASm (raggm) on increased turnover of 
£24m (fin -3m) . 

. Operating profits rose by 5.3 per cent 
from £2 56m to £3.l2m after a £173,000 
charge this time for 70 redundancies, 
mainly at Pains- Wessex, the distress sig- 
nals maker. 


The pre-tax figure was struck after 
losses at associated undertakings of 
£100,000 (£57,000) and set interest charges 
of £161,000 (credit £19,000) because of 
changes in the Minis try of Defence order 
methods which increased pressure on the 
company's cashflow. Net borrowings stood 
at £i -Sm at the half year. 

Mr Philip TCTH-ngtnn, rhaVrmnn, said that 
overall the company was performing well 
and had maintained margins. He said the 
redundancy costs were a one-off and that 
the work-in-progress pressure should 
improve in the second halt. 


Business from commercial markets had 
been maintained but orders from the 
markets, which a ccou nt for S3 per 
i-ont of chemring’s business, were taking 
im gpr to come through. 

UK turnover was up 15 per cent at 
£10.4m (£9.otm) while exports rose 113 per 
cent to £13.Gai <£12£m). with better sales 
in east Asia, the US and South America. 

The interim dividend has been lifted by 
8 per cent to 3.24p, compared with 3p 
from Mining s per share which fell from 
9.69p to 9.35P basic or to 9.15p (9.49p) frilly 
diluted. 


A metamorphosis at Chrysalis 

Raymond Snoddy on the group’s move into TV and film production 


C hrysalis, Mr Chris 
Wright's music and 
enter tainm ent group, is 
in die middle of a metamorpho- 
sis designed to turn it into a 
major producer of television 
programmes and films. 

Over the past 12 months, the 
group has quietly put together 
a raft of nine independent pro- 
duction companies, incl uding 
two eTisting in-house divisions 
covering everything from 
drama arid comedy to arts and 
sport 

At the same time, Chrysalis, 
where Mr David Puttoam. the 
film producer, is now a nan-ex- 
ecutive director, has been mak- 
ing film development deals 
with a number of UK directors 
and producers, including Mr 
Gary Sinyor, director of Leon 
the Pig Farmer. 

Mr Michael Pils worth, the 
former managing director of 
SelecTV who now heads the 
visual witotoinriwnt diwistim, 
says the aim is to develop a 
range of production companies 
in tiie manner of record labels 
- usually by taking 50 per cant 



Chris Wright prepared to reduce Us stake if the price is right 


Chrysalis has bought into 
companies such as: Watch- 
maker Productions, a vehicle 
for Mr Clive James and mem- 
bers of his team at the BBC; 
Bentley Productions, which 

has made d ramas such as War. 

nesiing Peacocks; and Assem- 
bly, a company specialising in 
stand-up comedy. 

•T hat is the and of the buy- 
ing. We have spent a total , 
mrJodfng prov ision of wishing 
capital, of fan,” says Mr Pfl- 
sworth, who believes that 
access to scarce talent is the 
key to making money to the 


coming era of pay television. 

Chrysalis 1 new move into 
feature involves a *imfiar 
strategy of backing a roster of 
British independents, includ- 
ing Mr John Goldstone, the 
producer of comedy films such 
as the Monty Python movies. 

There have also been 
detailed discussions with Mr 
Richard Hah na* and Mr Stefan 
Schwartz of Gruber Bros, the 
makers of Soft Top, Bard 
Shoulder, and Mr Jeremy Bolt 
and Mr Paul Anderson of 
Impact Pictures, who mafo the 
soon-to-bfrrateased Shopping. 

Chrysalis has agreed to' 
invest £4Sx over the next three 
years to fund the development 
of new British films, but is 
now looking for a 50-50 partner 


to help take the initiative 
forward. Both independent 
television and film production 
are enormously competitive 
and films can also be vary 
risky. 

T he rapid changes at 
Chrysalis have taken 
place against a back- 
ground of financial difficulty, 
to the year to August 1993 the 
company reported pre-tax 
losses of £14Km on turnover of 
£59m, largely because of prob- 
lems at MAM, its amusement 
Ttigrfifrna company which 
now been disposed cf. 

Interim results due todaywill 
give the first official clue on 
how well the restructuring is 
going. All the signs are that 


the losses have been greatly 
reduced and that the company 
is now heading towards 
break-even. 

Beside the small but profit- 
able record import-export busi- 
ness, the plan is to have three 
pmtTi divisions. As well as 
visual entertainment, the com- 
pany will concentrate on com- 
mercial radio and music pub- 
lishing. 

The first wholly owned 
Chrysalis radio station. Heart 
FM, the new regional station 
for the West Midlands, goes on 
air in September. It will offer 
“soft adult contemporary 
music*' aimed at the 25 to 44- 
year-old market. Chrysalis 
hopes to take the format to 
London and is applying for one 
of two new FM frequencies - 
although the competition will 
be fierce. 

On top of its music publish- 
ing activities, Mr Wright, who 
sold Chrysalis Records to 
Thom EMI for |l50m (ElOOm) 
to two tranches, has launched 
the Echo label to fry to build 
up his record business again. 

Last year Ferny Canyon, part 
of Fujisankei of Japan paid 
317.5m for a 25 per cent state. 
“It {Chrysalis Records] took 20 
years to build last time. I thi nk 
it could probably take 20 
again," says Mr Wright of 
Echo, which so far has released 
only 1,000 copies of went by a 
band called Zu. 

Although Mr Wright is as 
committed to Chrysalis as 
ever, he says he is not deter 
mined to hold on to his 51 per 
cent control. If the price was 
right, he says, he would be pre- 
pared to sell 15 to 16 per emit 
of the company. 


<5* 



NEW ISSUE June 7. 1994 


FannieMae 

*800,00(1000 
7.55% Debentures 

Dated June 10. 1994 Due June 10, 2004 

interest payable on December 10, 1 994 and semiannually thereafter. 

Series SM-2004-F Cusip No. 31 359C AS4 
Callable on or after June 1 0, 1 999 

Price 99.859375% 

TYwdebortwectf June 10,2004 are redeemable on or after June 10 1899. The 

debentures are redeern^eln wholQ or In part at the qpOon of twOorporaflon at aiyttne 

(and torn tone to tote) on or after the Initial redemption dale at a redemption price at 100% 

rftre princ^ amount redaerneA tea aixnadir^reg thereon to the ^cfredOTpfloa 

The debenture are the cfaflgefara of ihe Federal NadonalfttertgaaeAaaocMon, a corporation 



contained In Section 
U.&G 1716«seq.). 


of Ihe Federal Notarial Mortgage Aasocfalion Charter Act (1 2 


The debentures, together wflh any Merest thereon, are not guaranteed by the Unfed Swbs 

anddo nM a dttlci- d«galkin of the United Stow or of agerey or h8tniTMnt^ 

Thereof oner then PanrtB Mae. 

Uwototlng a mafateftefgdw^NaBonal Mortgage A s socia te Bi iw gh to Sartor Wee 
Pnwiderit end Treasurer wfih the assistance of a natnmkte Safing Quup at recognized 
oealera in securities. 


m 


Debentures vA be auataffe In fiwfr&flyfemi only. 
There uffl be no detattvaaecurifieB offered. 


Linda K. Knight 

Settlor Vic* President 
and Treasurer 


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Powerline 


Rrst International Raiding Co. 

Floating Rate Notes 

Pursuant k> Ihe tatanture deled as of 
June 3, 1993 among the Issuer, 
Stats Street Bank and Treat 
Conpany as fiwtoe, and Finoidal 
Security Assurance Inc. as the 
(rawer, notice is hereby given that 
for the Interest Accrual period from 
Jure 3, 1994 to September 5, 1994, 
the applicable Note Interest Rales 
ere: far tiie Notes due 1996. 5X179%; 
far tin Notes due 1996, 5.175% and 
far tin Notes dba 2000, 5525%. 



GT EUROPE FUND 

Sod&£ d’hnrestiesemaat ft Capital Variable 
69, route d’Esch, Luxembourg 
R.C. Luxembourg B-2U08 

Notice is hereby given to tbe shareholders, that the 

ANNUAL GENERAL MEETING 

of shareholders of GT EUROPE FUND win be held at the offices of Banque Ixueroaxkmale a 
Luxembourg, Socidtfi Anonyme, 69, route d'Esch, L-1470 Luxembourg, on Friday. 17* June. 
1994 at 1 UX) a.m. with the following agenda : " 

1. To hear and accept the Reports o£ 

a) the Directors 

b) the Auditor. 

2. To approve the Report of foe Directors for the year ended 3 1st December, 1993 including the 
Statement of Net Assets as at 31st December, 1993 and Statement of Operations for the year 

ended 31st December 1993. 1 

3. To discharge the Board of Directors and the Auditor with respect of their pcrfonnance of 
duties for the period ended 31st December. 1993. 

4. To elect the Directors to serve until the next Annual General Meeting of Shareholders 

5. To elect as Auditor to serve until the next Annual General Meeting of Shareholders -Coopers 
'& Lybrand S.C. 

6. Tq declare a dividend in respect of the year ended 3 1st December, 1993. 

7. To approve the payment of Directors' fees. 

8. Any other business. 

9. Adjournment 

The shareholders are advised that no quorum is required for foe items on the agenda of the 
Annual General Meeting and that decisions will be taken on a simple majority of tbe shares 
present or represented at tbe meeting. 

Id Older to take part at the meeting Of I7th June, die owners of bearer shares will have to deposit 
their shares five clear days before the meeting with the registered office of the company or with 
Banque Internationale ft Luxembourg, 69. route d’Esch, L-1470 Luxembourg. 

THE BOARD OF DIRECTORS 


DO YOU WANT TO KNOW A SECRET? 

The IDS, Gem Semlnw afl show joj hoe tbs motats FEAU.V work. The amsztag 
tradhg BcM^ss oMto legendey WJ). Gam cai tacraasa jrar press and contain yw 
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LOW COST ' 

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FINANCIAL TIMES THURSDAY JUNE 9 1994 


COMPANY NEWS: UK AND IRELAND 


j • ; "■.* ■ 

* * • 

t. 



interest costs 
Greencore rise 


ByTbn Coonoin Dubfirr 


Greencore Group,, the Irish 
sugar, malting and milling 
group, achieved a is per cent 
increase in pre-tax prints to 
imsm {£19. 03m) for the half 
year ended April L 

The improvement reflected a 
54 "per cent redncution in net 
interest, charges to 122.95m, 
-which Mr Kevin O’Sullivan, 
finance director, said had been 
achieved through strong cash 
flow, lower" working capital 
requirements: and lower' Irish 
short-term interest rates. - 

Turnover foB from I£m54m 
to Ipmzuri, a decline of 4.6 
per cent, wMe operating prof- 
its slipped 6 per cent to I£20.6m 
partly because of poor weather 
conditions in the spring which- 
affected demand for products 
from the company's agribusi- 
ness division; and. diffic ult 
trading conditions in the malt- 
ing business which saw operat- 
ing profits in- the TnutHng antj 
flour division fall by 19.5 per 
cen£toI£4m. 

Mr Gerry Murphy,, chief 
executive, said, the company's 
sugar and flour businesses 


woe performing strongly, with 
sates and operating profits up 
. .-in the core Irish market How- 
ever, he saw no improvement 
in the market for malt “for 12 
to 18 months"; 

He firmly defended last 
month's decision to acquire 
HDM. a Belgian malting com- 
pany for 122.6m, saying that it 
had “state-of-the-art*’ facilities 
which would require no addi- 
tional capital investment and 
which , had been bought at a 
knock-down value. 

The two plants have a coni' 
biued 1004)00 tonne capacity a 
year which Mr Murphy said 
would be brought on line “as 
market conditions permit", 
starting with the Benelux 
countries. 

Greencore also announced 
that it was increasing its stake 
in Rears, a UK bakery associ- 
ate, from 30 per cent to 50 per 
cent for a consideration of 
Tram 

Mr Murphy said the two 
Investments would have a “sig- 
nificant impact” on the group's 
business by 1995-96. Further 
acquisitions in the mining and 
malting divisions were under 


review in the EU, central 
Europe and North America. 

At the half year end gearing 
stood at 41 per cent (77 per 
cent) and was expected to drop 
to 15 per cent by the end of the 
financial year. 

Mr Murphy said Greencore 
had the fmanniai strength to 
borrow up to I£100m to fund 
further acquisitions. 

Earnings per Share merged 
at lSJJp fl7p) and the interim 
dividend is being lifted to 3.7p 
<Wp>. 

• COMMENT 

The half-year downturn in 
operating profits looks largely 
seasonal and should not dis- 
guise the strong cash flow 
which is producing healthy 
earnings growth and a solid 
balance sheet This is a good 
platform from the manage- 
ment's expansion pbn$ »nrf 
eamtng g par share for the full 
year of 37p, up 6p, is now eas- 
ily within reach, giving a pro- 
spective p/e of 9.6. This is 
lower than some other large 
stocks In the sector yet Green- 
core’s potential for growth is 
somewhat higher than (heir's. 


Turnpyke in 
black for 
second half 

Turnpyke Group, the spring 
manufacturer and property 
company formerly known as 
WB Industries, re po rted pre^ 
tax profits of £107,000 in the 
second half of the 1908 year. 

However, It was not ewiwigh 
to overcome first half losses 
leaving 1 a. pre-tax deficit - Tor 
the year cat from £795,000 to 
£68,000. Turnover was down at 
£2. 45m, against £6.99m, which 
included £4£4m from discon- 
tinued activities. 

West Bromwich Spring was 
rike main contributor to the 
improvement and in the first 
" five months of .the present 
year it is sUghfiy ahead of its 
budgeted profit. 

Mr Eric Caters chairman, 
said Turnpyke would now be 
concentrating more on the 
property ridh. . 

Interest -'had' "been- shown in 
its Sheffield properties and 
terms had been agreed for 'the 
side off the site but he was not 
sure when: completion would 
take place. 

Losses per share were Ijlp 
(12J38p). 


Upholstery side 
hits Airsprung 


By Roland Adb u r g tiam. Wales 
OTd West Correspondent 

Pre-tax profits at Airsprung 
Furniture Group dipped 
slightly from £5-96m to £5£lm 
in the year to March 31 after 
problems in its upholstery 
division including a large bad 
debt 

- The Wiltshire-based com- 
pany, the second largest UK 
bed manufacturer after Silent- 
night, described the results “as 
less than satisfactory”. Turn- 
over rose by 1L4 per cent to 
£73. lm (£65.6m) generating 
operating profits of £5.77m 
(£5.76m). 

A month ago Airsprung 
wanted that, its pre-tax result 
would be below market expec- 
tations. ;The upholstery ttivi- 
sian increased turnover by 20 
per ce&bQt Bymacks, its main 
subsidiary, performed poorly 
;aud Inctttred the' bad debt bf 
about £250,000. 

■' An investigation revealed 
■ ‘managiPTnpTii: weaknesses, the 
company, said, and action had 
been taken. 


Airsprung said its bed divi- 
-mon performed well with sales 
up 39 per cent in a very com- 
petitive market and a satisfac- 
tory increase in profits. “The 
pressure on margins has been 
pretty acute but we've come 
out fairly unscathed.” said Mr 
John Pierce, chief executive. 

Its pine furniture division 
increased turnover by nearly 
16 per cent and he saw much 
scope for expansion. 

Mr Pierce said there was lit- 
tle sign that the UK recovery 
had reached the furnit ure mar- 
ket “We've had to struggle far 
every increase in turnover 
with no help from the econ- 
omy." He added: “However, we 
are that the group is 

in a position to take profitable 
advantage of any upturn in 
demand." 

" "The: company intended to 
increase capital expenditure 
. thfcyear to £2.1nL " * 

.' A proposed final dividend of 
3. Ip gives a total for the year of 
48p (4J5p adjusted), covered 33 
times by earnings per share of 
16p (15.7p). 


Caledonian 

Mining 

reveals 

interest 

Minis ters rejected the advice 
of Caledonian Mining , among 
others, that British Coal 
should he privatised as a 
single entity. But that has not 
stopped the company, a 
mining equipment 
tnann fa rft n y*', haring a look 

at what Is on offer, mites 
Michael Smith. 

Newark-based Caledonian 
has qualified to hid for three 
regions where opencast 
operations rathe* than deep 
mines predominate: north-east 
gn ghmd, Scotland and sooth 
Wales. 

Mr Colin rhnftman 

and owner, concedes that his 
company, which tarns over 
about £40m a year, Is likely 
to be awwi g the smallest of 

ftia i-nm pnntag 

a bid. 

However, he says that 
turnover has grown by about 
SO percent annually since he 
sat it up 32 years ago, except 
at the time of the 1984-85 
miners’ strike. 

Unlike several of the 
companies considering bids 
for regions, Caledonian is 
debt-free. Mr MacLeod says 
he already has Hank harking 
for a bid if he proceeds. 

Caledonian operates only 
one pit, a small drift mine 
near Aber ga venny, in Wales. 
However it has long 
experience working under 
contract for British Coal 
stoking shafts and driving 
tunnels. 

"Ex tr ac tin g coal is the easy 
bit,” he says. 

Manufacturing colliery 
arches and supports for mines 
and dvil engineering projects 
is among the company’s other 
main businesses. 

In a submission to the 
government last year, 
Caledonian argued strongly 
a gainst breaking up British 
CoaL “It is doubtful if a coal 
industry could survive if it 
was split into a number of 
comparatively small units aD 
competing in a market place 
dominated by two principal 
customers.” 

This is a reference to 
National Power and 
PowerGen, the main 
electricity generators in 
England and Wales. 

If successful, Caledonian 
intends to offer employees 
shares in the company. It 
would seek “modem” working 
practices and a no-strike 
agreement. 


Management digs in for north 

Two executives are considering making bids. Michael Smith reports 


T hey cannot both fulfil 
their ambitions, but 
British Coal executives 
Mr Bob Sid dall and Mr Alan 
Houghton, will take some per- 
suading before they give np 
the fight 

Mr Siddall and Mr Ho ughton, 
directors of Coal's opencast 
operations and northern group 
respectively, are leading two of 
three management buy-out 
teams considering bids for 
British Coal assets. 

The snag is that both want 
the central north region; Mr 
Siddall as part of a portfolio of 
three regions comprising the 
whole of England; Mr 
Houghton as a stand-alone 
compan y. 

A third manflgfrwiflMf, fawm is 
led by Mr Bryan Riddleston, 
who wants the south Wales 
region. As regional director for 
the south Wales opencast 
operations, he already runs 
what is on offer. 

His problem is that south 
Wales is thought to be one of 
the more popular regions in 
the privatisation. But at least 
there is no internal rival to 
divide the loyalties of manag- 
ers and employees. 

Senior British Coal execu- 
tives believe Mr Siddall and Mr 
Houghton should reach a deal 
and join forces. Some doubt 
the wisdom of either making a 
bid. After all, none of the five 
executive board members have 
thrown their hats info the ring 
in spite of the promise of funds 
from government to help man- 
agements wishing to stage a 
buy-out 

A year or two ago. Mr Ray 
Proctor and Mr Andrew Hor- 
sier, now finanro and commer- 
cial directors respectively, 
appeared obvious candidates to 
be MBO leaders. 

Both are in their 40s, both 
are widely respected within the 
industry and both have chowm 
to steer through the privatisa- 
tion of British Coal as employ- 
ees of the seller, the govern- 
ment rather than resign and 
take the opportunity to become 
buyers. 

Neither will disclose their 
reasons but it is common 
knowledge that British Coal 
tried hard to persuade the gov- 
ernment to privatise British 
Coal as one entity. 

Following their failure to 
win the argument Mr Neil 
Clarke, British Coal chairman, 
has warned repeatedly that- 
there could be casualties after 
privatisation as companies 
compete with each other in 
buyers’ markets. 

Mr Siddall’s team, which also 



Colleagues turned competitors? Left to right, Bryan Rkidleston, Alan Houghton and Bob Siddall 


includes Mr David Brewer. 
British Coal’s head of finance, 
is aiming to keep at least the 
largest part of the corporation 
in one piece. 

“You need critical mass to 


r ** 


BRITISH COAL: 
THE BIDDERS 


manage t he environmental and 
mining risks in this type of 
business,” said Mr Siddall. 

If his English Coal company 
were to bid successfully for all 
three English regions, it would 
take control of 15 of British 
Coal's 16 deep pits mines still 
in operation. 

Mr Siddall’s company is also 
considering bids for five of the 
six pits which have been closed 
by British Coal in recent 
months and w hich are being 
offered as stand-alone pits. 

Such ambition is perhaps 
natural in the son of Sir Nor- 
man Siddall, who was consid- 
ered one of the coal industry’s 
more effective leaders in a 
career which culminated in the 
chairmanship of the National 
Coal Board, British Coal’s pre- 
decessor, in 1932-83. 

Mr Bob Siddall, now 49, 
joined the Industry 28 years 


ago after studying mining engi- 
neering at Nottingham Univer- 
sity. 

Within three years he was an 
assistant pit manager and his 
subsequent career has Included 
spells as director of north and 
south Yorkshire. He was 
appointed opencast director 
last September. 

He is said to be keen on peo- 
ple management skills. His 
peers and seniors consider him 
a good mining engineer who 
has yet to prove himself as a 
top flight manager. 

The number crunching role 
would be provided by Mr 
Brewer, 47. who started at Brit- 
ish Coal as a management 
trainee and was appointed 
head of finance in 1993. He is 
hi ghl y regarded. 

Mr Houghton, whose com- 
pany is called Northern Coal, 
and Mr SiHriall are said to have 
an uneasy relationship- 

Mr Houghton, 56. made it to 
regional director from humble 
origins, having started as a 
miner at 15 in Lancashire. He 
became a pit deputy eight 
years later and an undennana- 
ger within another five. 

His subsequent career has 
included spells as ehipf mining 
engineer in south Midlands 
and director of the Selby 
group. He became northern 
director last September. 

He is known for his colourful 
language. "He seems to have 
been trying to curb his reputa- 
tion for effing and blinding 


recently but he is still known 
as an arse kicking engineer.” 
said a colleague. 

Critics see him as aggressive 
and dogmatic. Supporters say 
that that helps him to get 
things done. "He fights his cor- 
ner." said one. “He has kept 
pits open that others would 
have given up on." 

In south Wales, Mr Riddles- 
ton is an enthusiast for the 
product, mainly high quality 
anthracite or "black diamonds" 
as he calls it In his six years 
output has almost doubled. 

Mr Riddleston, 46, is a chem- 
istry graduate of Wadham Col- 
lege, Oxford. He joined the 
industry's operational research 
establishment in 1970 but later 
switched to accountancy 
within British Cral. 

He is admired by some of 
British Coal's senior executives 
but not by all the people who 
work for him. Neither Mr Peter 
Weavers, his projects develop- 
ment manager, nor Mr John 
Wooliscroft. operations man- 
ager, have joined the bid team. 

However Mr Riddleston 's 
company, Celtic Energy, has 
attracted Mr Mark Thomas and 
Mr Eric Blank, regional 
accountant and marketing spe- ' 
rialist respectively. "It is the 
strongest team to win.” he 
says. 

These are the last articles m 
the series. Previous features 
appeared on May 30. June l. 
June i June 3. June 7 and June 
& 


UK ECONOMIC INDICATORS 


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THE 1994 OFFSHORE FUNDS CONFERENCE 

29 & 30 June 1994. London 

Topics . ^ Institutional investment in offshore products 

-. : •> Retail j flir s - is quality of regulation a key issue? ' 

■ ■ - ^ New products and innovation in of&hore funds 

❖ The use of derivatives 

; 9 Taxation - property funds, derivatives and hedge funds, emerging market funds 

❖ Rationalisation of domicile 

: ^ investment environment for fond managers in South Africa 
' 4 ■ Asia Pacific - the market of the future? 

^ New Investment opportunities in Latin America 
U.S. Investments Offebore- 

From speakers: 

The Bafik of Buttotfkid iinktaera & Paines ❖ GAM ❖ Gartmcwe O ChaitcsSdrwab 
■ ' James Opel Asia ❖ Chase Manhattan ❖ S G Warburg ■$- NatWest Markets 

B aftmc In ter nationale kLaxombmitg SA ? Henderson Unit Trust Management Maitland & Co 
Foreign &-Cdfamal Emerging Markets ❖ Bank of America <■ Rothschild Asset Management ❖ 
hueumional Financial Services, Mauritius ❖ Bermuda Monetary Authority ❖ 

- - . _ Sponsored by The Bank of Butterfield and Unklaters& Paines 

Arranged by Cndogan Financial 

• rtr fiuiber Information contact Cadogan Financial, 14 Buckingham Street, London WC2N &>F, 

Tefc +44(0)71 925 lOOOFax: 444(0)71 S307402 


The 1994 OlBhore Funds Confcrence 



GT INVESTIMENT FUND 

Soctete d’lnvestissement & Capital Variable 
59, route d’Esch, Luxembourg 
R.C. Luxembourg B-7443 

Notice is hereby given to the shareholders, that the 

ANNUAL GENERAL MEETING 

of shareholders of GT INVESTMENT FUND will be held at the offices of Banquc 
Internationale h Lu x embourg, Socftte Anonyme, 69, route d’Esch, L-1470 Luxembourg, 
on Friday. !7th June, 1994 at 10.00 a.m. with the following agenda : 

1. To hear and accept the Reports of: 

a) the Directors 

b) the Auditor. 

2. To approve the Report of the Directors for the year ended 3 1st December. 1993 
including the Statement of Net Assets as at 3 1st December, 1993 and Statement of 
Operations for the year ended 31st December 1993. 

3. To discharge the Board Of Directors and the Auditor with respect of their performance 
of duties for the period ended 31st December. 1993. 

4. To elect the Directors to serve until the next Annual General Meeting of Shareholders. 

5. To elect as Auditor to serve until the next Annual General Meeting of Shareholders : 
Coopers & Lybnuid S.C. 

6. To declare a dividend in respect of the year ended 31st December, 1993. 

7. To approve the payment of Directors' foes. 

8. Any other business. 

9. Adjournment 

The shareholders arc advised that no quorum is required for the items on the agenda of the 
Annual General Meeting and (hat decisions will be taken on a simple majority of the shares 
present or represented at the meeting 

In order to take part at the meeting of 17di June, the owners of bearer shares will have to 
deposit their shares five dear days before the meeting with one of the following banks who arc 
authorized to receive the shares on deposit 

-Baycrische Vcrcinsbank A.G., K&dinal-Paulhnbcr-Stra&c I , D-80333 MOnchcn 
-Credit Industrie! ct Commercial, 66, rue dc la Victoirc, F-75009 Paris 
-Banque Internationale k Luxembourg, X boulevard Royal, L-2953 Luxembourg 

THE BOARD OF DIRECTORS 


Notice to Bondholders 


< 8 > 

Daechang Industrial Co., Ltd. 

( htcurpouaed m die Republic of Korea with InniteJ {utility ) 
{thu “Ci’mp.iny"') 


US. $15,000,000 

0.125 per cent. Convertible Bonds 2008 
(ihe “Bonds"! 

NOTICE lii HEREBY GIVEN i„ ilw huUmveTihe P-n.bih.ii ihc JUird 
nf Directors -ji thi> Company by ■■ resolution .Lite! (OtU Miy, 1**04 
authorised ihc usui' ot ilomisric convertible Hindu of \K«i nj 300.000.000 
»n kkh M.ik 1994. 


rm&ictnr to rite piuvaums nf the Tnisf IX 1 . 1 I mnistiinrlnji the Knuds, 
the Gmvciwn (’rice r4 the Bund* has hern iidjinred In hi) Wihi 2(.tf6ti 
to \Wmi 21.481 cOectivv ISrli May, 1994 .is :i result «»f the J, humic 
C onvertible Bond taiuc. 

Daechang Industrial Co., Ltd. 


Sdi June, 1994 



Die Financial Tima? reaches 75* of die Professional Investment 
Community in Europe, more than any other European publication, and 
36% of the Professional Investment Community in Asia.* 

■ fH <«h is nw* to hftmM odora ty rnnut to 0 » sm riw aMotc 

flScte Andrew* (Hong Korw IHond Itatoy (London) Tb Hrat (New Yorh) 

ret 1852) 888 2883 Tel: (71) 873 4110 Tol. (232) 752 4500 

fite (882)837 1213 Fwc (71) 873 3595 fisc (212) 319 0704 


FT Surveys 


* Steta: p " t iSinltoH 

ft— I Ww Mii A WM 




FINANCIAL TIMES THURSDAY JUNE 9 1994 


COMMODITIES AND AGRICULTURE 


Bulls return to London’s 
copper and coffee markets 


By Our C o mnwcfiBas Staff 


The copper and coffee markets, 
pacemakers in the recent com- 
modities bull run, were back In 
favour again yesterday. 

The London Metal 
Exchange's fla gship contract 
opened just above $2,300 a 
tnrmt« for thvaft mo nth s deliv- 
ery, before surging to a 
17-month high of $2^77 as spec- 
ulative money piled back into 
the market It closed a few dol- 
lars off the top at $£375.50 a 
tonne, up $105 on the day. 

Although Investment fund 
buyers played a big part in 


recent weeks, copper’s perfor- 
mance was underpinned by 
growing physical demand, 
which had been reflected in 23 
successive fells in LME ware- 
house stocks, dealers told the 
Reuters news agency. 

Coffee prices soared again as 
the market threw off Us recent 
bout of profit-taking. The Sep- 
tember futures contract at the 
London Commodity Exchange 
rose by $91 a toons to $2,115 a 
tonne with the New York mar- 
ket staging a big increase at 
the opening of trading. 

Traders were jumpy about 
reports of cooler weather in 


Brazil as a frost could affect 
the almost-mature beans, 
although this was not seen as a 
major threat In addition a 
oneday port strike in Santos, a 
big Brazilian coffee shipment 
point gave the market the jit- 
ters and helped to push prices 
higher. 

“There is still considerable 
upside potential in this mar- 
ket We’ve just, had a respite 
and I behove we will go on to 
challenge and go through the 
recent highs,” said Mr Bill 
O'Neill, soft commodities ana- 
lyst at Merrill Lynch in New 
York. 


Danish farmers long for free competition 

Price cuts would be acceptable if they applied to everyone, writes Deborah Hargreaves 

M r Niels Rovsing, a 
large pig producer in 
the Danish village of 


‘Green’ alliance comes to aid 
of Australia’s degraded land 


By Deborah Hargreaves 


Australian fanners are being 
encouraged to tackle some of 
the huge environmental prob- 
lems facing their country's 
agricultural industry through 
a series of local initiatives 
called Landcare. 

Mr Andrew Campbell a for- 
mer Landcare co-ordinator, 
told a seminar in London yes- 
terday organised by the Sus- 
tainable Agriculture, Food and 
Environment Alliance, that 
Landcare had attracted more 
than a third of Australian 
farmers with 2,000 groups 
set-up nationwide. 

European farming methods 
in Australia have caused many 
Of the enviro nment al problems 
as they are unsuited to the 
continent’s fragile soils and 
unpredictable rainfall. Land 
degradation such as salinity, 
erosion and soil structure 
decline affects over half of the 
nation's farmland at a cost of 
more than Af2.5bn a year, 
according to Safe. 

Landcare groups consist of 
farmers, environmentalists, 
teachers and local people, pro- 
viding a useful social role as 
well as tackling environmental 
problems. 


Australian wheat production is expected to fall in 1994-95, 
because of the lack of rainfall in major growing areas, writes 
Nikki Tait In Sydney. 

Australian Wheat Forecasters estimated yesterday that output 
in 1994-95 would reach about 16.7m tonnes, compared with 
17.52m tonnes in the previous season. Sowing has progressed 
slowly because of the conditions, with no wheat growing areas 
being sown early, and only some areas In Western Australia 
being sown in sufficient time to allow for a long growing season. 
The lack of rainfall has been particularly severe in parts of 
Queensland. 


M r Niels Rovsing, a 
large pig producer in 
the Danish village of 
Balle, complains that low pork 
prices are making it hard for 
him to make a living. But he 
would be happier with lower 
prices If everyone in the Euro- 
pean Union experienced them. 

“We need to go towards 
world prices, but eve ry thne 
we get dose to them other pro- 
ducers scream for subsidies 
from their governments," he 
complains. 

Danish producers are angry 
at reports that the French gov- 
ernment has been paying out 
aid for its pig producers who 
are also suffering from EtJ 
overcapacity. The European 
Commission is investigating 
the alleged subsidies after com- 
plaints from British farmers. 

Pig prices are not supported 
by the EU, but exports outside 
of the union receive a refund 
to compensate for high inter- 
nal grain prices. Mr Rovsing 
would like to see everyone 
competing on the world mar- 
ket, which would help to elimi- 
nate roughly 3 to 4 per cent 
overproduction In the EU. 

He reckons that about 5 per 
cent of Danish producers went 
out of business over the pest 



occupiers and prevent large 
corporations from buying agri- 
cultural holdings. 

Mr Niels Peter Skrubbel- 
traog, chief adviser at the Dan- 
ish Agricultural Advisory Ser- 
vice, believes that, although 
the number of forms Is likely 
to «*>»*»* in the next 6 years, 
holdings will not necessarily 
get much larger. “Da ni s h form- 
ers will not survive by getting 
bigger, but by making quality 
products and that is easier to 
do with smaller farms,” he 


Low pork prices are estimated to have driven 5 per cent of 
Danish producers out of business over the past two years 


two years, when pork prices 
dropped from Dkr 13-40 (£L36) 
to DkzS.40 a kilogram. But 

rpmg trying farmprs are iraUte ly 
to increase their production to 
fill the gap. 

A Danish law limi ts stocking 
density so that shiny can be 
disposed c£. If they do not have 
enough land, formers they 
most be able to show contracts 
for disposal by selling the 
slurry to their neighbours. 
This rule limits the size of 
herds on most holdings. 


Mr Rovsing grows winter 
barley, wheat and oilseed rape 
on his 65 hectares of gently 
rolling fa rmland. He uses some 
of his grain to feed his 6,400 
piglets and 280 sows which are 
kept Indoors all year round. 


T he numb er of Mr RovS- 
ing's pigs makes him a 
large producer by Dan- 
ish standards. Farming Is 
intensive, but most holdings 
remain family concents. Land 
ownership laws favour Owner- 


Estimates put the number of 
Danish forms at 56,000 in 2000 
compared with 72,000 today 
with the number of full-time 
formers halving from 35,000. 

Dairy farms are likely to 
Increase in size as technology 
makes it easier for formers to 
deal with more animals. Mr 
Skrubbeltrang believes. But 
even the expected increase in 
the average number of cows 
horn 34 to 60 by 2000 would 
still leave Danish dairy 
operations fairly small by UK 
standards. 

“One of the big challenges 
for Danish fanners is to 
increase production with the 
same cost base, making them 
more efficient. That is the way 


Mr David Clark, who farms 
250 hectares of grassland in 
South-eastern Victoria, runs 
one group which includes 120 
forms and covers 40,000 hect- 
ares. 

“In the past five years we’ve 
dramatically changed 40 to 50 
per cent of the landscape in 
our area, but it will take 30 
years to solve the big prob- 
lems,” Mr Clark $aid 

Around 2 per cent of the land 
in Victoria is covered with salt 
and cannot be formed. At the 
same time, erosion of the land 
into huge gullies extending 
over 500km. “Most fanners 
don't like to see their land like 
this - they can’t produce on it 
and don’t want to live with it 
tike this," Mr dark stressed. 

His group has begun to 
attract urban dwellers who are 


keen to get to know the coun- 
tryside as well as local resi- 
dents in a forum that promotes 
understanding of the farming 
community. 

Since Australian agriculture 
is not subsidised, the Landcare 
programme only has govern- 
ment funding of A$40m a year 
for setting up groups and pro- 
viding demonstration projects. 
Fanners do not receive aid for 
environmental measures. 

One of the strengths of the 
Landcare movement is its local 
focus - groups concentrate on 
local issues and solutions that 
are relevant in that particular 
area. Different groups are 
interested in varying issues. 

The most important role of 
Landcare according to Mr 
Clark is that it’s “making form- 
ers environmentalists”. 


Bangladesh sets out to streamline jute industry 

Reazuddin Ahmed reports on a World Bank-backed restructuring programme 


B angladesh's jute indus- 
try, once the glory of 
the country’s economy 
but more” recently a morass of 
bad debts, over-manning and 
decrepit equipment, has 
embarked on its biggest-ever 
restructuring programme. 

With the help of a US$250m 
loan from the World Bank, the 
government has in the past 
year started cutting labour and 
closing redundant mills. 
Already some 12,000 workers 
have gone with generous 
retirement pay and a further 

8,000 are to leave in the next 
few months. 

But there are doubts about 
whether the ruling party can 
complete the programme for 


fear of generating a political 
backlash. With a general elec- 
tion due in early 1996, or 
before, Mrs Khaleda 25a, the 
prime minister, is already 
under pressure to avoid elec- 
toraUy-unpopular moves. 

The scheme will ease the 
government’s burden of financ- 
ing the state-owned industry, 
which has accumulated losses 
since 1972 of 50bn taka 
(US$lbn). Streamlining the 
industry will also reduce costs 
for the surviving mills, enhanc- 
ing their ability to compete 
successfully in world markets 
both in traditional goods such 
as matting and new products 
such as jute-based paper and 
reinforcing material for dams. 


The restructuring pro- 
gramme indhdes privatisation 
of 18 jute milk and the closing 
of nine others to bring the 
number of looms down from 

25.000 to 19,000. The govern- 
ment estimates that Bangla- 
desh can sell 450,000 tonnes of 
jute goods annually, which can 
be produced with 13,000 loams. 
Four jute mills have already 
closed. Nine ate to be priva- 
tised by the end of 1395 and the 
remaining nine by December 
1996. The government will 
retain only two jute mills 
which are probably too big to 
be taken over by the private 
sector. 

The restructuring pro- 
gramme provides financial sup- 


port to the jute mills so that 
one-third of the debts can be 
written off and two thirds will 
be repaid over 15 years after a 
three year moratorium. The 
outstanding loan will bear only 
3 per cent interest, 2 per cent 
below the country’s bank rate. 
The h anks will also, finance 
exports for the next three 
years. 

Jute accounts for 12 per cent 
of Bangladesh's gross domestic 
product and 20 per cent of 
exports. About 5m people out 
of 118m are dependent on jute 
production and processing. 

Once called the golden fibre, 
jute declined after the national- 
isation of the industry in 1972, 
partly through inefficient oper- 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 


Precious Metals continued 

■ GOLD COMEX (loo Thy oz; t/troy oz.) 


GRAINS AND OIL SEEDS 

■ WtgAT LCE (E par tonna) 


SOFTS 

W COCOA LQE (g/tonwe} 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME f40LOOOfeC ContoAboJ 


CROSSWORD 

No.8, 475. Set by. ADAMANT 


Ckae 
Previous 
HgMo* 
AM Official 
Kerb done 
Open InL 


Mod Metal Trading) 


SOU 

noy»‘ 


Upon 


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DWs • 

Upon 


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Day* 


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PURITY B par tonne] 


prica ctaaga 


low tat VaL 


P»fca 

ctMnga fflgb LOW 

kt 

M 


pdn i 

dwoga 

Mgh 

law tat 

M 




Jh 

381 J 

+00 

382.4 

3810 1068 458 

Jaa 

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+970 1iai5 10800 

283 

58 

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981 

+15 

983 

968 17033 

820 

Jm 

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3 Orths 

M 

3827 

+98 

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8800 

-915 8609 0005 

460 

1 

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1003 

+15 

1006 

093 18099 1378 

fete 

13605-10 

1378-80 

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384,1 

+410 

3553 

3104 70,783 21.482 

Haw 

9970 

-0.10 9905 9965 

*074 

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Om 

1023 

+12 

1027 

1014 2*478 

850 

ON 

13495-40 

1273-35 

Oct 

387.1 

+95 

3875 

3885 5,163 565 

Jaa 

101 A0 

915 10155 1OTA0 

iSo 

64 

mar 

1044 

+11 

1048 

1035 27749 

452 

Dae 

13470 

1384/1375 

DOC 

3902 

+95 

3810 

3894 24057 1084 

■or 

10290 

-925 103.15 103.15 

361 

6 

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1057 

+13 

1057 

1051 10423 

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1347-75 

13785-7.0 

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-005 10455 10455 

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1378-8 

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138016 2S089 

Total 



4047 

252 

Tatte 




10385 3544 

Total 

257018 

37,757 


■ PLATINUM NYMEX (50 Troy 0Z4 S/troy azj 

■ WHEAT CRT (50OObu nrtn: concs/BOb biahaS 

■ COCOA CSCE (10 tannaa; Wtonna^ 


■ U 


Silt tojn t,- ' .. . Oya ■ 
price dungs Hgb Law . tat 
-*■ 64.100 +1-600 64.160 62.300 10022 

tag sues +1.500 61325 82.150 30,241 

Oct 67.550 +1.475 67575 65550 14,424 

One 68X90 +1.2 25 68225 87.400 10282 

Fab 68550 +1200 70250 68.450 8620 

Apr nan +ixbo 71.450 osjbo %S 80 

IMd 78272 

■ UVE HOGS CME ( 4 ftOOOtaC CantsAba) 


■ At-UMPIBJM ALLOY (S par tonne) 


Ctosa 
fteteoua 
HbMow 
AM Official 
K«U don 
Opart M. 

Ttfs* (tody turtmar 
■ LEAP (S per tonne) 


1370-80 1370-75 

1362-6 1360-6 

1373/1373 
1370-5 1308-72 

1372-6 

3.402 

748 


Ohm 

Pmtous 

WgMaw 

AM OfBcW 
Kart) ctosa 
Open Ini. 

Total daily turnover 
■ NtCKBL {Sparta 
Ctoea 

Previous 
Wgh/tow 
AM Official 
Kerb don 
Opan InL 

Total dafly turnover 


6380-00 Q475-90 

6210-20 8300-10 

6320 65000400 

6325-30 8410-20 

8498-500 

58,022 

14,907 


M 4003 +2.1 4015 3005 14.132 1.427 

Od 4003 +13 4035 402.0 5278 333 

Jh 4045 +24 4065 4065 1.113 2 

Aft 4068 +24 - - 1,065 1 

W Z1560 1,784 

■ PALLADIUM NYMEX (TOO Thy ax; SAroy eg.) 

JOB 137.45 +215 13825 13550 106 28 

Sag 13BJBS +215 13825 13525 3548 138 

Doc 13855 +210 13550 13550 771 37 

taw 13855 +210 6 6 

IMS 4231 298 

■ SAVER COMEX (100 Troy «l; C<nts/troy ozj 

Jm 534.1 +43 - 4 3 

Jd 5355 +43 5320 6335 70571 16538 

Mg 53SA +53 

Sag 540.1 +53 5435 5380 14511 1588 

Dec 547.4 +23 5495 5455 16,486 1556 

JOB 5481 +53 - - 32 - 

TMd 12*446 172X7 


339/0 

+3/8 

342/0 

336/2120046 41075 

M 

1341 

+23 

13*5 

1304 23024 6712 

Jm 

345/0 

+3 « 

34774 

340/B 50020 16020 

Sop 

1370 

+22 

1375 

1333 23038 4073 

Jd 

356/4 

+4/4 

358/4 

3517* 70050 24,425 

DCC 

1407 

+24 

1410 

1370 8079 1,112 

tag 

asm 

+5ffl 

361/0 

354/4 8165 770 

tear 

1437 

+24 

1440 

1397 8044 877 

Oct 

343/8 

+4/0 

- 

- an 

tear 

1459 

+24 

- 

- 2009 240 

Dae 

33MB 

+8/2 

332/0 

327/0 1010 55 

Jd 

1478 

+24 

- 

- 2045 40 

Fab 




25I01B 83058 

TaM 




78,13113053 

Total 


■ TWI (S par toons) 

Ctosa 

5805-6 

508000 

Plateaus 

5515-25 

SS05000 

HJgh/tow 

5575 

3605/5650 

AM Official 

6STO-6 

5650-60 

Kart ctosa 


5690-700 

Opan tot 

18022 


Total daily turnover 

5.396 


■ 23HC, apooW Mflh prtKla (S par tonna) 

Ctoea 

967-8 

082-3 

Previous 

950-1 

975410 

HQMtaw 

B520 

OQ8/97& 

AM Official 

952-20 

077-70 

Kub dam 


983-4 

Opan tot 

103.449 


Taw dafly bnwiver 

■ OOPPQL grada A 

18,017 
(Spar lama) 


Oon 

2370-1 

2373-8 

Previous 

2259-61 

2270-1 

HgMow 

2342 

2377/2300 

AM OffidW 

2340-400 

2340-9 

Kocb ctosa 


2376-8 

Opan hit 

210011 


Total dflOy hanovor 

93.060 


■ LME AM OMctel E/S rate: 1-5101 


LME Closing E/S rata: 10085 



ENERGY 

■ CRUDE Ofl, NVMEX (42500 IIS qb*s. t/bairel) 

Latest Bsrte Ogre 


■ MAIZE CST P500burdn;car«n756t>buaheO 

Jd Z71/4 +3/4 27310 266/5467,110 98505 

tap 265/4 +3/2 287/2 2BU0188.175 31,385 

Ooc 257/4 +3/8 2S9M 253/2*40325156.170 

Mar 284/0 +3/4 285/8 280/2 32530 1.400 

ta*f 2800 +4/2 2B9/B 264/4 7,230 720 

M 269/4 +3* 271/0 265/4 14560 1.230 

Total 1,211 ■ 291500 

■ BARLEY LCE (Epor tonne) 

Sap 6&2D 4m 9058 88.40 168 5 

Ite* 9930 +008 - 322 

Jm 10QJ5 - - - 28 

Mar 10X50 +050 17 

Mot 104.00 4 

Tatel 538 6 

■ SOrABEAI«Cgr(5500buiite8«»aaffi(lteh8l)aO 


■ COCOA QCCO) (SPRVtonna) 


Jm 48575 -1.100 46500 45200 3,187 1354 

Jd 48350 -0550 40600 46030 10384 2502 

tag 45575 -0475 40200 40425 7537 X512 

Oct 43575 +0-100 43525 43050 4323 409 

Dae 44355 -0025 44300 41600 3510 170 

Fob 44.100 -0525 44,100 42050 732 36 

Told 30031 7510 

■ PORK HEUJB8 CME (4Q0OOfae; cwit«/0») 


10 fey wags WA 

■ CQfTHB LCE (S/tarme) 


2147 

+98 

2182 

20m 11720 101 8 

2114 

+90 

2129 

2054 10052 2,163 

2093 

+95 

2100 

2924 

8073 

539 

2005 

+100 

2117 

2008 

8033 

204 

2034 

+90 

2050 

1970 

zm 

107 

2028 

+94 

2030 

1987 

126 

7 


40.100 -0523 41.125 38500 4724 1578 

39.426 -0.750 40750 38.750 3,440 920 

47550 -0450 46500 47550 447 82 

475S0 - 47.150 47550 38 2 

48500 -1.200 - 48500 32 2 

491500 - 40500 12 2 

*.702 2590 


Jd 1754 +059 1750 1758 80522 82056 

fed 1759 +053 17.43 1750 72522 33,148 

Ste 1750 - 1753 1753 40552 10553 

Oct 17.10 -051 17.13 1058 28/271 3586 

tew 1756 -007 1704 1659 17077 2,165 

Sac 1750 4UH 1752 1050 31,779 5,181 

TMd 427006126539 

■ crude on. FE {S/twre4 


967/6 +7/2 672/4 0600 242,785 62075 

685ffi +6/2 672/D 699/4 87506 21575 

650/4 +4/4 asm B48A 48066 7,160 

63*4 +3/8 648/4 688/0 287,700 12&105 

646/2 +45 661/4 842/0 26086 2565 

648/0 +3/2 655/4 646/4 2&39S 2040 

733060229000 


MW 202S +«4 2030 1967 12S 7 

TMd 44096 4586 

■ COFFEE *C* CSCE (37JS00bK cantatas) 

Jd 12755 +550 13050 12150 17072 6505 

Sip 126.10 +6.15 12750 12000 17057 3J28 

DOB 12X90 +5.10 124.10 11606 12000 1071 

dor 120.15 +3L00 12150 11035 7,142 676 

May 118,75 +2.75 12150 11850 008 61 

Jd 11650 +203 11900 115.75 103 69 

ToW 5509711020 


LONDON TRADED OPTIONS 

Stritea price S tonne — Odi— — Puts — 


■ ALUMINIUM 

(99.796) LME 

1325 

1376 _____ 

142S 


Aug Nov Aug Nov 

68 104 19 31 

38 78 4Q 60 

19 61 70 78 



■ COFREE (KXfl (US centafrpund) 


d SOYABEAN OH. C8T (6O0OOtos: csrttaAb) 


price data Mp Im d w 

1S53 -0.11 1558 16-73 57038 19508 

1553 +001 1650 1301 44,117 6060 

1608 +057 1652 1557 16075 3092 

15-75 +001 1808 16.73 0.710 435 

1673 - 1678 1558 5520 357 

15.73 +001 15.73 1555 6.492 329 

1440BI 24,199 


2755 +008 2706 27.16 24077 10,050 

27-48 +009 2708 27.18 14,782 6013 

2708 +005 27.48 2708 11080 1038 

26-77 +0.13 2755 2653 7,769 240 

2807 +O0S 2660 28.17 21,161 2061 

2605 +002 2646 26.05 2JB87 64 

sum 19002 


Jm 7 Prica Pew. <tajr 

COOpL dafer 11257 11107 

15 day wwoga 118.77 11002 

■ No7 PRBMWJM RAW SUQAH LCE (Oentaflba) 


-Jd 12.75 +008 1247 1006 2791 405 

Oct 1206 +0.16 - 1096 

Jon 1102 - 

tear 12.16 +006 60 

Total 3947 406 


■ HEATING Od. HTMEX (42000 115 gate; C/US gate) 


JMt 

1931 

+12 

1940 

1900 26076 

8005 

■ WWTE SUQAH LCE (S/tama) 



Mte 

loan 

+2.1 

m2 

1910 17,141 

3,183 

fete 

36450 

+700 35400 34700 13086 2063 

SIP 

102.1 

+17 

1014 

1900 10025 

638 

Oct 

33400 

+5J0 33400 32900 

8.798 

1077 

od 

1902 

+10 

1910 

1650 5073 

224 

Doc 

32900 

+5.10 32200 32100 

741 

143 

OM 

169.1 

+17 

190.7 

1870 170S2 

2069 

■far 

32370 

+400 32200 31900 

2036 

32 

JH 

1890 

+10 

tea? 

1880 1013 

78 

May 

32270 

+300 31900 31900 

205 

4 

Total 




91001 13081 

fete 

321.70 

-020 32100 32100 

235 

40 

■ POTATOES LCE (SVtoma) 



Total_ 



25033 3079 


(Grado A) LME Aflg 

2300 117 

23S0 87 

2400 82 

■ COFFSLCE Jd 

2100 93 

2160 86 

2200. 46 

■ COCOA LCE Jd 

980 34 

975 17 

1000 — 7 

■ OflBfT CRUDE IPE Jd 

1550 43 

1600 9 

iceo 1 


Aug Nov 
39 81 

58 106 

83 133 

Jd Sop 
48 192 

69 222 

98 254 

Jd Sep 
3 28 

11 38 

28 50 

JuJ Aug 
7 40 

20 52 

55 85 


LONDON SPOT MARKETS 

■ CRUDE 08. FOB Oper tareKM) +or 


Spot 10070 3 *01*10048 « *8*10038 9 mttKIJDIB 

■ MOH CHAPE COPPER (COMEX) 

Itelfll 0p» 


100A5 +200 106.45 10750 1070 637 

10805 +175 10900 10705 34014 3004 

10600 +150 - - 570 88 

10805 +155 10930 10700 11008 4040 

10775 +105 - - 272 49 

10705 +1.85 - 202 

30047 11027 


plea donga Mgt> 
Jd 48.10 -937 4855 

ta| 4655 -928 47.10 

Sap 4755 -926 4005 

Oct 4850 -931 4905 

Rov 4955 -910 8910 

Doc 6970 -926 8150 

TMd 

■ QAS Oft. IPE (Stoma) 


Low tat 

4550 37083 
4600 17020 
4705 12002 
48.80 8.117 
49.75 5,060 
5945 14022 
121053 


80* 900 


■ SUGAR *11* CSCE (112,OOJbB; cantartba) 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(PI 4 C 68 snapBad Dy W M Bdfaohfcfl 


GeMffreyOL) 

Ctosa 
OpainQ 
Morning Itx 
ABwnow fix 
Da/sHfah 
Day’S LAW 
Pradoua dose 


$ pries 
3810098200 
36050-381,20 
38100 
381.46 

382.70-383.10 

380.60- 38100 

378.60- 37900 



tat 1 

Oaf 


Opm 



pteta 

ctaW 

■* 

Iwa H 

M 

JH 

14175 

-275 

148.00 

143.75 IS. 736 

6,735 

M 

14600 

-175 14700 14500 28038 

9726 

Ate 

14775 

-200 

14900 

14700 10838 

2294 1 

tap 

149J5 

•225 15100 143.75 8083 

1205 

Od 

152.75 

-200 

18375 

15200 7096 

995 

Nov 

15475 

-ZOO 15500 

15425 5057 

562 

Total 




90971 23028 

■ NATURAL QAS NVWEX (10000 DMta; feawAuJ 


fated 

9*1*1 


Opan 



felea 

ctaaga 

Hob 

Low tot 

Vd 

M 

2045 +0023 

2050 

2022 2022S 15023 

Ate 

2.116 NL011 

Z125 

2095 13039 

4.473 

tap 

2.150 +0015 

2150 

2135 12275 

1039 

Od 

urn +0015 

2.100 

2180 9008 

872 

Mav 

2230 +0000 

2250 

2245 10067 

411 

Ooc 

2051 +0005 

2355 

2345 14099 

1,192 


AW 

1390 

4*2 

1300 

1310 

70S 

143 

tear 

1400 

- 

- 

- 

- 

- 

JM 

1070 

- 

- 

- 

- 

w 

Data 





701 

143 

■ FHBQHT (EBFraO LCE ($1Q/1ncJox poW) 


JH 

1288 

+3 

1290 

1285 

599 

25 

04 

1220 

+30 

1&0 

1195 

828 

65 

fete 

1221 

+18 

1220 

1205 

389 

51 

Od 

1298 

+10 

1295 

1290 

213 

13 

JH 

1318 

+10 

1319 

1315 

83 

4 

AW 

1340 

+1 

- 

- 

to 

- 

Total 

□dm 

too 



2081 

155 

BR 

1318 

1278 






ta 1946 +932 1259 12.12 4973210050 
Oct 1944 +923 1202 1121 58.456 9243 

War 1202 +913 1203 1158 24548 1.403 

May 1104 +910 1104 1155 3071 24 

Jd 1101 +910 1157 1157 1,476 

Oct 11-78 +006 1150 1150 687 

Told 13911620020 

■ COTTON NVCE {5O0OOtoa; oortta/ha) 

Jd 7955 -1.46 8985 7830 17001 2789 

Bet 7950 *103 77.40 7841 6.492 589 

Doe 75.13 -057 7970 7801 25042 2005 

tear 78.10 -05s 7955 7900 3036 295 

■q 7852 -978 7705 7952 1045 103 

Jd 7705 -953 77 A0 77.15 404 92 

Total M M 

■ ORANGE JUICE MYCE ClfiJUOOba; canta/lba) 


Dubd S1406908W -9085 

Brent Blend (datatfl $16.76-6.78 -913 

Brent Bond yd) $1658-501 -910 

W.T1 (1pm esl) $1757-759w +007 

■ OIL PRODUCTS NWEprampt dftvary CF (bonm) 


Ptwdum Gastena 
QasOO 
Heavy Pud « 

Naphtha 
Jd Rid 

Awofeun Apa Cirirli 
m OTHER 


$184-185 -2 

$146-148 -20 

$84-86 
$154-166 
$199-159 '2 


ACROSS 

1 Search diligently for soldiers 
going back to war (6) 

4 It produces a limp fielder (5-3) 
9 Ernest, we hear, was out- 
voted about the university (6) 

10 Rocky can't go round the 
street (8) 

lz Copper has unusual poison (0) 

12 Tells secrets In a second if 
tortured (3) 

13 Mother was foolish to come 
back (3) 

14 Some hair on top of the 
garage (4-2) 

-17 A noted individual (7) 

21 Without petrol a gasket has to 
let out the boiler TO 

23 Set to flghtmine (3) 

26 Put off meeting a professional 
person of dubious reputation 
TO 

27 Sat round blushing nnH 
looked straight ahead (6) 

28 Register a demand for bread 
at the start (4-4) 

29 New fashion force (0) 

30 Yet making a comeback pos- 
sesses the virtue of boldness 

31 In satellite TV the local is not 
well covered TO 


6 Traitor, if you start to sign 
the treaty (6) 

7 Left one Vo offer nothing- on 
impulse (6) 

8 Agrees to develop a fat.... (6) 
12 — that will care about ofl 

emulsified In energy unit (7) 

15 Quiet work of modem music 

16 Question a second head 
keeper (3) 

18 Having accepted former con- 
sumption, took the prescribed 
course (8) 

19 Main creature might knock 


put poor ogre inside TO 

20 Inclination of a number to 
deny being cold-hearted TO 

22 Rum ghost (6) 

23 Lose out In very short mea- 
sure to a believer (6) 

24 Come together with trick dog 
TO 

25 Even a chicken will draw tbs 
note up (6) 

Solution 8,474 


M 

9500 

+170 

9800 

9300 

9019 IJ74 

tap 

9805 

+100 

10000 

9805 

6075 

832 

tew 

9905 

+170 

9905 

9700 

1030 

166 

Jm 

10075 

+0.10 10100 

9900 

2021 

74 

■ar 

10106 

-046 

10170 

10100 

1,117 

21 

"at 

10400 

- 

10400 

10300 

30 

4 

IMS 





22011 2284 


L oco Ufa Moon Sold LandtogRetea 

1 month — — € months , 

2 mo nth s 4XJS 12 months 


Total 

■ UNLEADED GASOUNE 

hthbc {42000 us unite; oUSgtaj 


SfarerR* 

prtrey ot 

US cn aqufe. 

Spot 

35305 

53200 

3 months 

357 55 

53800 

8 mourns 

36100 

544,70 

1 yaw 

374.15 

581.70 

Qold Cains 

$ prica 

£ wtfv, 

Knigerrenri 

387-390 

256-259 

MapfaLoof 

392.15-38400 

• 

Now Sovereign 

91-84 

6003 



Utoot 

Oaf 



Opm 



print ctcrega 

HVi 

Law 

H 

W 

Jd 

5075 

-000 

5100 

5039 43,140 25050 

fete 

5085 

•008 

51.15 

5005 23748 

8038 

$ta 

sa45 

■0.16 


5000 10020 

1015 

Oct 

48.00 

-037 

4800 

48,40 

4025 

1,148 

Iter 

<773 

-012 

47J5 

<770 

3088 

60< 

Dec 

61.75 

-027 

5100 

5130 

2,727 

409 

Total 





98,188 38088 


Liverpool- No spot or shipmant salac were 
recotfed for the week ended 8 June, agaftnt 
407 tomes h fee previous week. Activity was 
aa wrety restrained and business was on nar- 
row Snoa. Cost at m ootton deterred users 
tram Increasing ihatr puttasas. 


VOLUME DATA 

Open Interest and votome data shown far 
contracts boded on COMEX. NYMEX, COT, 
NYCE, CUE, CSCE and PE Crude Ol are on* 
day in arrears. 


INDICES 

■ HEUTmstBBaa: WjMWOg 

JonS tan 7 month ago yoerago 
19798 19572 1907.1 18591 

M CTO Ruftoos IBeea 4/8/86=101$ 

•ton 7 JwiS month ago ysar ago 
32808 22984 22*04 20506 


Gold (per troy ruja 
SOrer (par buy oetf 
Platinum (per my 024 
Pasadum (per troy os.) 
Copper (US prod} 

Load [USprodJ 

Tin (Kuoia Lumpur) 

Tfci (Now Yortfl 
Zinc (US Prime WJ 
Cattle (tvo wdtfVjT 

Shaap 0 n yffl Or* 
W8» ffee yrakM 
Loa day sugar (raw) 
Lon, day auger (wt^ 
Tata & Lyle export 

BarteyiEng, fee4 
Mfeaa A/S No3 Yeflon) 
Wheat (US Oadt North) 
Rubber (Jul)Y 
Rubber (feteJV 
RubtMdKLRSSNol JrJ) 
Coconut Ol OPMOS 
Patm OB (Mfeay^S 
Copra piofi 
Soyabeans (US) 

Cotton Outlook A Index 
Woo&ops (B4s Super) 


DOWN 

1 WlUi Pg^^U i have some after- 

2 Stray Irishman about to make 
a statement (8) 

3 Sign or old Boh replacing 
maiden on the tank ® 

s Bine sounding transport (g) 


uidQaDiSBaBEQaEB 
o 13 pj u n 
m n r* n S QUQQHDDQB 
n S B 0 ra q n 
aagOtaiilQ QD0BDBn 
3, LI Q m o 

asarna □□asaanoo 
^13 ID LI □ m q 
QDO 0g0iij|j Q HOQDB 
a n 13 n n 
R a Q a aaa aHnaaciB 

uusnnnromra 

agaaBaQnninnrariri^ 


ipwtomateataMMOMlppaiotaoooenlA. 

r m uoteydan MMafea- * OWO« * Jun/W. w 

JuL f London PtiyMcd 9 CJF RotMrdam. 5 Bta» mtata* 
don. 4> Shttp (Lha wdflht priced. - Ctwgo 00 weak. 



'0** * 


they need to operate in the 
more competitive world after 
the Gatt agreement," Mr 
Skrubbeltrang explains. 

Mr Jens Jakob Jakotero, a 
dairy former with 112 cows, 
expects milk prices to be 
reduced to world levels in the 
mud: five to 10 years. He thinks 
Danish farmers will remain 
competitive as long as feed 
prices are lower, 

“I am optimistic; I’ve just 
spent Dkr25m on building new 
barns, I expect my am to take 
over from me and have a 
future in farming, " Mr Jakob* 
sen stresses- But his sm will 
have to pay for Mr Jakobsen’s 
form at a price only slightly 
below the commercial value. 
Danish law does not allow 
formers to bequeath their hold- 
ings to their offspring. This 
can build up large debts in the 
business which some formers 
believe restrict their room (be 
manoeuvre. 

The strong co-operative 
movement In Danish agricul- 
ture enables most formers to 
have a marketing edge that 
would be lost to them alone. 
Fanners will be looking to the 
coops to keep carving a mar- 
ket for them in the new com-, 
petitive world of Gatt. 


I’radiflS 

boost tor 

, Bocal 


ation and partly through the 
growing popularity of nylon 
and other synthetic materials. 

Annual world production of 
jute has remained static at 
3.1m tonnes over the Inst two 
decades. About 320,000 tonnes 
a year are exported by the 
producing countries - Bangla- 
desh. India, China, Thailand 
and Nepal. Bangladesh, the 
biggest exporter, supplies 

480,000 tonnes and India 215,000 
tonnes. 

Worries about the environ- 
ment have opened up opportu- 
nities for promoting jute aS a 
green blodegradeable product 
But the demand for new prod- 
ucts is in its infancy and prices 
remain low. 




- . 1 * 






j 







27 



'—I. 


i: 

li. .. 




■ill 

■ ■a 

( * *’* 


FPS^CIALTtMKS THURSDAY JUNE 9 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A AU-Sharo lnd«* 


Equities turn higher following production data 


l -i. . 

’ v+vi , ; 

■'!_ ' (Fn ** 

. , "* * 'o 


By Terry Byiand, 

UK Sfcx* Mortal BdBtor 

A welcome return of institutional 
buyers for UK equities yesterday 
broke the. fog: jam of poor trading 1 
vohmw.Whldi bad kept share prices 
subdued in fire two preceding ses- 
sions. A vigorous response to a 
strong rise in industrial production ' 
in April raised hopes that share 
prices are poised to “growth in the 
economy, in. company profits and in 
dividends”, to quote one Tfiaffing 

market strategist 

The -revival of optimism was also 
buttressed by. assurances from Mr 
John Major, the prime minister, 
that any control of. dividends has 
beeh finnly ruled out/ thro remov- 
ing one of the stock market's roost 
Mgntitanrt. causes for concern. How- 
ever. polling for the European par- 


liamentary electrons takes place in 
the . UK today, bringing the likeli- 
hood of a drubbing for Britain's 
Conservative party. 

The FT-SE Index closed 33.4 
higher at 3.03&2, having touched 
3,843.2 earlier. The advance was 
underlined by a return, for most of 
the session, to premiums in the 
Footsie stock ****» futures which 
have been at a discount for several 
sessions. Strength in UK govern- 
ment bonds, in spile of the strong 
production data, encouraged equi- 
ties. Confidence spread across the 
full range of the stock market lift- 
ing the FT-SE Mid 250 Index by 23.2 
points to 8£00.& 

The market opened lower and it 
seemed at first that the Footsie 
3,000 marie was about to be tested, 
again. The abrupt upswing, in both' 
equities and bonds, came following 


fanwwt DeaSag DMn 

■f%re Drexmc 

mr ta 

Art B 

Art 20 

Cafa Pictaredaire. 

Jlrt 2 

Jun 10 

An 30 

Last oeadepe 

Jnl 

Jin 17 

JU 1 

Aoonait ta 

Jun T3 

An 27 

AJ 11 

i 

may fare 

r*»cu Mn Are 


ing a gain of 38.4 at its mid-session 


the news that April industrial pro- 
duction had risen by L6 per nent 
for an annualised gain of 5J> per 
cent; the UK Treasury later added 
that manufacturing output for the 
three months to April stood at a 

three year high. 

Confidence was further encour- 
aged by good trading statements 
foam among others, Meyer Interna- 
tional and Northern Foods. The 
market made steady progress, show- 


Seaq volume was very thin in the 
first hour but gathered pace signifi- 
cantly during the session. The final 
volume total of 59i.7m shares 
showed a gain of 10 per cent over 
the figure for the previous day. 
Traders were confident that the 
value of retail business, which will 
be disclosed today, will show 
improvement from the still dismal 
£336m recorded on Tuesday. 

“A very positive day for equities," 
commented Mr Ian Harnett at 
Strauss Turnbull, “with clear sie** 9 
that the market will now be driven 
by earnings and dividend growth." 
At KMnwort Benson Securities, Mr 
Edmond Warner said that Mr 
Major’s assurance on dividend pol- 
icy was “very important Probably 
worth 75 to 100 points on the Foot- 


sie". Mr Major's comments were 
regarded as a si gntfinqn t committal 
to the City of London and to the 
financial markets. Criticism of divi- 
dend-paying policies at British com- 
panies has been a restraining factor 
on the stock market over the past 

mnntfi 

Background fectore across Europe 
were also favourable to equities. 
The modest reduction in money 
market repo rates in Germany was 
no surprise, bat favourable eora- 
■ meats from both French and Ger- 
man central bankers also helped 
sen timent A slight softening in the 
US dollar at the close chastened 
London. 

• Ike FT-SE Actuaries Committee 
yesterday announced that GKN will 
join the list of FT-SE 100 Index 
components with effect from June 
20, replacing Tarmac. 



Eqirfty Shares Traded 

ewtafag:' 

Mra-nytria* tutoress and wombs tarmer 

: 


■ Key Indicators 

Indices and ratios 

FT-SE 100 30384 -*33.4 

FT-SE MH 250 3600.8 *234 

FT-SE- A 350 1S38.8 +154 

FT-SE-A Ail-Share 1528.04 +1344 

FT-SE-A Al-Share yield a 85 (349) 

Best performing sec t o r s 

1 Tobacco +3.4 

2 Extractive Inds +2.1 

3 Engineering. Vehicles +1.9 

4 Bectronlc A Eiee Eqpt +1.9 

5 Telecommunications +1.8 



19M 


FT OnSnay index 24114 +29.B 

FT-SE-A Non fins p/e 19.45 P9-25) 

FT-SE 1 00 Fut Jim 3033.0 +37.0 

10 yr Gilt yield 8.47 P-62) 

Long glti/eqidty ytd raOo: 243 (243) 

Worst p erforming sectors 

1 OB. Integrated 

2 Healthcare -04 


..-0.5 


3 Other Services & Bans 

4 FT-SE SmaJICap ax IT . 

5 FT-SE SmaUCnp 


..-04 


..- 0.1 


tM'ihi’.nie 


.* 

, 1 _ -Cl/-.. 

■ tt.,r!,! '• 

' r. ,-ii. ,4-" 

;S1I 

“V; 

■*-*= • ** : "... ..V,. v ; 
'' ■ : 

■ r.:f. v * 


WORD 


‘.i I |M \\f 


Trading 
boost for 
Racal 


Electronics group Racal was 
the market’s most heavily 
traded stock and one of its best 
performers after the group 
accompanied its preliminary 
figures- with an optimistic 
statement on future prospects. 

The- company's profits were 
affected by a near £20m write- 
down due to disposals and clo- 
sure costs. But analysts and 
dealers focused on the compa- 


ny's optimism for the current 
year, particularly on profit 
margins, and- a raft of profits 
upgrades are expected. 

Racal shares raced up to 251p 
as the market digested the 
good news from the analysts 
meeting; but subsequently 
came off their best to close a 
net 10 up at 248p. Turnov e r of 
11m shares was -the highest 
single-day's business in the 
stock since it’s participation in 
Camelot the consortium which 
won the race to control the 
UK's National Lottery. 

Lasmo poised 

- The Enterprise Oil bid for 
Lasmo entered a crucial phase 


EQUITY FUTURES AND OPTIONS TRADING 


Some confidence returned to 
equity derivatives, wRh several 
fargeHseate buyers pepping 
up the Session, Christine 
Buckley writes. . 


The buyers, thought by 
some market watchers to be 
US-based, operated through 
the independent traders 
defivering a few large orders 


■ FT-8E.XWWPEX fUTUHBB (UFT^ 226 par Mlixtatpofa (APT) 

.' Open Son price Chongs Hghl ' La * ■ . &t vd Open tat 
juv 3003 ld amo +37.0 'Somo 2992.0 21207 4325s 

Sep 30f4i5 - . 30469 +37.0 30579 30059 4154 ' 17788 

Dac : 30869. 30549 +37.0 3085.0 : . 30S5.0 ’ 50 2S2 

, m ft-se mp a> amexfimmBBiMffg eiopm-tu wm point 

Jun 3SKLO .35810 +25.Q 35850 3BBSJ0 . 124 3812 

.Sap 38000 38000 *200 38000 38000 124 - 1295 

M FT-SE MP 250 WOCX FUTURES (0MJQE10 par 69 tadta port ' 

- • . • ” jri 


2830 2900 . 2080 " - 3000 • 3050 3100 3180 3300 

c p e p c p • c ■ p ' o " p - e p . c p c p 

Jto W 1 -HD 3h M 8*z 51 17*2 *Zfc 7 -71- l- 123 V 172 

M mh 14 199% 2T.Cffb33** 87.50*2 » 73 38 103 22*2 139 *2 100*2 

AUQ 22 1 ft 183*2 42*2 t2K a H5b 75*2 afe 9BV B 125 46 158% 31 1M 

Sap 2J7 45*2 aWY S3 .-.Ilf. 71*2 134_ 90108*2 111 » 

Diet ’‘234V B8 - ■ 178*2127^-^ — 

am V90 Ws 1?J08 Vi-'." , 1 

■ a«ogrriBTT-«E - 

2678 '.ages - 'am 8025 mm 3t2S • sits azss 
job 111 2*2 :111*2.-4 0*2 11*2 N 2B*2 14 56*2 5*a 95*2 1*2 142 *2 112*2 
M 177^15*2137*2 25 W1*z38*2 T1 .B 47*2 84*2 29*2 116*2 17 153*2 • 195 

Aq '• ‘ - 1S4*247*2 IB . *1+ 5S*a 137 2B*z2D6* 2 

Sap . . •• IW 60*2 - 111*2 88 . 71 1» 38 216*2 

Dact 217*2 137% 12V ' T« T79 74 240 


. - 138 57% 167 42 202% 
1S%174: ■ 81% 231% 


■ eURQgTYLE FT-SE W2S0 8g*EXQPTltnig>MlJQel0 par Mkniax point 

^V_. .8800' • 3560 3908 . 3850- *700 3780 3000 3860 

: JB *f .10 84 .23.38 45 
■0» V PatiO umum ptaWieaB m Man it 430m. 


i'T - SE Actush 


as the market braced itself for 
Lasmo’s final defence docu- 
ment, expected possibly today, 
which w£D inrinrig a net 
valuation by independent oil 
consultants DeGdyer and Mac- 
Naughtoto- 

Dealers said the market indi- 
cated Enterprise's bid would 
f ail , hence the rise in Enter- 
prise shares, which rallied 12 
to 391p on keen turnover of lm. 
Lasmo, meanwhile, hardened 
114 to 137p with turnover 
increasing significantly to 
reach ssiw shares. 

The latest fall in crude ml 
prices, to below the $16 a bar- 
rel mark, unsettled the oil sec- 
tor, where BP fell 3 to 377p 
after heavy turnover of 9.4m 


on the June contract on the 
FT-SE 100. 

For the first time in recent 
sessions Jiaie traded at a 
premium to cash for large 
stretches of the day. The 
contract had started on a 
healthy note - opening just 
one point short of the cash 
index. June has suffered poor 
fortunes in recent days, usuaDy 
trading at a substantial 
discount to cash. 

Volume jumped to 21,207 
contracts reflecting the arrival 
of buying interest. 

But derivatives traders ware 
reluctant to speak of a 
sustained rally, suspecting that 
Investors remained nervous. 

The contract closed at 
3,032, six points behind cash 
after haring traded in a bend 
of over 50 points. •' •- 

Traded options were also 
more enflvaoed at 31,418 tats 
with index options again the 
biggest feature, accounting 
for more than half of the trade. 

A calendar spread was said 
to have been conducted in 
National Power with 500 June 
puts sold and 500 September 
puts bought 

British Gas was the most 
heavily traded of the stock 
options at 1,770 lots. 


shares and Shel l to 698p 
on 4Am traded. 

Oil analysis were not unduly 
bearish of the oil sector. 
“Most of the downside pressure 
has already been exerted,” said 
one. 

Standard Chartered contin- 
ued to outpace the rest of the 
banks sector with the market 
the shares higher 
again ahead of a series of US 
presentations from Morgan 
Stanley, the US investment 
bank. At the close Standard 
shares were another 9 high e r 
at 27lp after exceptionally 
heavy turnover of 7.7m shares. 

News from the court hearing 
on the Lloyds Rank merger 
with the Cheltenham & 


TRADING VOLUME 


■ Major Stocks Yesterday 
* vu. Clnfc« 


ASCMOtavt 
Mibrn NMkmr 
Mart Afar 


AMC-BlFm 

KfUt 


un 

SS\ 

♦1*4 

L_l 

428 

*11 

■LI 

55 


5,700 

687 

-e 

855 

490 


200 

SSO 


\emn 

238 

*3 

£E8 

274 


480 

631 

♦7*2 

1AOO 

231 

♦a 

TA00 

841 

-7 

3600 

441 

+14 


HCC 

BOCf 


art 

erwPfaj 

BTRt 

MtofScoMf 


BtoCkctot 


Boost 


Bfim AlMHiT 

BMMlQWt 

BrtWl Lord 

BrttshSMt 

Bfa 

Btvmdb Cassoft 
Burton 

C**>4Wtat ' ' 

Cmfcnt 
CmUoi Conns, t 

SSXit 

Coofcaon 

CoorBsi<*rt 

sreu * 


1400 T22*i 

an doe 

m 723 
MOO 377 

no £06 

4JOO 377 
1.400 2SS 
0^00 360 

2^00 Wb 

5,700 540 

1^00 321 

1JOO 232 
300 303 

2400 533 

un 444 
1300 470 

aan aoo 

laOOO 277*2 
310 384 

MOO 130*2 
405 




&»Chfa( 
Entop’ * 
Bsaai 
M 

■ 

i4 CD1.LT. 


Om AccJOwt 

■si Baa. t 


rareoT 
On. Act 
Qanmi 

Oknof 


412 

aim 
2400 
2A0O 
• 41 

un 

1500 

ISO 

urn 

407 

091 

ISO 

1400 

488 

210 

322 

1.400 

1,000 

5S3 

1J00 

4200 

1A00 

1X00 

>nm 


857 

SO 

456 . 

<72 

207 

322 


581 

230 

517 

410 

BBS 

188 

802 

3B1 

372 

301 

MO 

179 

145 

141 


44 

10 

-9 

*7 

♦»% 

40 

42 

44 

48 

42 

46 

44 

410 

48 

*2 

+7 

44*9 


-2 

«% 

♦10 

♦15 

-1 

+w 

43 

44 

41 
4? 
48 

415 

42 

♦12 

♦2 

♦« 

+12 

-1 

44 

♦1 

42 

44 

47 
♦«% 

48 


Gloucester Building Society 
was Dot known during market 
hours. Uoyds dosed the ses- 
sion 7 higher at 57lp with mar- 
ketmakers saying that a rejec- 
tion of the proposed merger 
could lead to seve r e dowwnside 
pressure on Uoyds shares. 

Abbey National, up 11 at 
428p at the close and whose 
shares were badly affected by 
the Lloyds/C & G merger pros- 
posals as the market focused 
on increased competition in 
the mortgage market, were 
expected to rise sharply in the 
event the merger was blocked. 
TSB jumped 9 to 219p as a 
number of short market posi- 
tions were squeezed. 

Pre liminar y figures from 
Hambros, the merchant hank, 
were initially well received and 
in line with market forecasts 
but Hamtfros shares, which 
touched 317p Immediately fol- 
lowing the results, subse- 
quently dipped to dose 8 down 
at 30Sp as institutions switched 
into S.G. Warburg. The latter 
raced up 14 to 729p. Klein wort 
Benson shares were unaffected 
and edged up 3 to 458p. 

London International Group 
fen 8% to 90V>p as the c ompany 
announced pre-tax losses of 
£174.9m and a one-for-one 
rights issue. 

The rights issue, which is at 
a price of 70p, had been well- 
flagged and the market had 
been braced for the figures. 

Although the share price 
receded there was some opti- 
mism surrounding the stock, 
sparked by the belief that the 
company was finally putting 
its troubles behind it and had 
turned a comer. “There are 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS (M). 

BANKS 99 MttubfcM TW. 3 Bk. Mtai Tat A Bk, 
SunWkanoTB 6 Bk. TctaL Vfanda To. & Bk. 
BUBJDOtQ A CMSTIW ft) Shttea, 

(1) 


( 1 ) 

6 ELECT BQUP g) gMUITTniHO p) Kob» 
8tfa. IMMK. EXTRACTIVE BOS n FOOO 
MANUF (1> TnMO. tibufUNCE (1) Anfacan 
fa. BWESTMENT TRUSTS » MBNA 0Q 
CWnRfaUNDMBOfa OR. 
EXPLORATION A PROD fO Ann Envoy, 
Cwronai Ol PBOP C RTT CU Plop- 
PBtnMtOX REEABER8, Q9S1AL (I) Hum 
of Fraser. SUPPORT 8SMS (E MiU, Hewt* 
WhKkio. Manpo—r . TEXTILES 8 APPAREL. (1) 
Tomr. AMERICANS 0 
ICWUHNStTM). 

0B.T8 a BANKS (Q An0o kfa Dafafa. 
BUUXNO A CNSTRN (B) BUM MAILS 8 
MCHTS CD PMvtm Dn Vfamvs, 
CHBMCAL2 p) Scapa. DBTRlBUrORS |Q 
cwryne. INafa n i. OwaaffB) —US M 
BECX1WC A ELECT EQLIP W BCC Cfa Fh 
Bdi 2D20. BoMtan BiNfa 1ML Vofa 
I fM) EXTRACTIVE INDS M 
’ (1) AdMdb 8 Hukfam. OAS 
I fO OMdt. MALTH CAREH 
, London kwi, Unapl Chug. WMBMMfa 
lllHhf»HOUOB«OLPOOOO»WJ«v. 
RKmn, INSURANCE n HW9I |C£J, SkmSa 
fa. StugB, MVECTMBtT TRUSTS (1T1 
BMESnBfr COMPAMES {2} UFE 

m W-w+c. MEDIA R Aveiicn. 
r. More OTWfa ScoOMi TV. SatacTV, 
LSnCHAKT BANKS n Ffaabree. Da Cn». Pit, 
OR. EXFLORATXM 8 PBOO (9) CopBX Ffa 
Hfay 01 & (fa VMfa OTHER FBiANCUU. 0) 
OVISt SSWS A BUBN8 d COps Rtnge, 
Qvml Motors UN. Bacftm. 
P H ARMACE U TlCALa W QAO Mh i fa Mefafa 
Nyoonfa \ Da W, Prereuo fa PWINQ. 
MPfRRRNCNan JpfaPocMr, RPC, 
P HO P BII T fM| RETMLBA BENBUL P) 
Afaon. MMh M. Soofays fa Cfai A. 
SPHTB.MKSA CBGtt (I) Grand MgL. 
SUPPORT SOWS rt DmR Service. Hofenre 
PrnN OR a n, MNm CXS ML topaetkm. TEXIRES 
8 APPAREL H AUfa Ufa> Wfa Shfa 

UlA l T O n TfU Air London A8 BJM C A I M n» 
CANADIANS ft 

good prospects for recovery. 
There is the feeling that this 
year has been a watershed for 
LIG," said Mr Nigel Barnes at 
Hoare GovetL- Turnover was 
above average at 2.5m. 

A settlement of £115m in the 


procedings brought by helicop- 
ter group Westland against the 
Arab Organisation for Indus- 
trialisation in France helped 
Westland's parent GKN rise 12 
to 60%. Volume in the stock - 
which is to be included in the 
FT-SE 100 as a replacement for 
Tarmac - was 2.4m- 

Results in line with market 
expectations saw Northern 
Foods gain 4 to 2l2p. Pre-tax 
profits for the year ended 
March 31 rose to £157J2m com- 
pared with £15&2m a year ago. 
Food manufacturing analysts 
downgraded their forecasts for 
the current year, mainly 
because of restructuring provi- 
sions. 

Dealers said BZW had joined 
Strauss and Warburg in recom- 
mending Cadbnry Schweppes, 
the shares scoring a sharp rise 
of 15 to 472p on turnover of 

9 fim 

There was improved buis- 
ness in the food retailers with 
Sainsbury gaining 9 to 393p on 
4m traded, still boosted by the 
Yamaichi recommendation and 
Argyll ahead 3 at 236p on 4.7m. 
Kwik Save climbed 12 to 554p, 
while Iceland put an 5 to 143p. 

The stares sector was largely 
subdued with dealers reporting 
little buying activity. BOX, the 
furniture group, was helped by 
a UBS buy recommendation, 
the shares g»tnirig 2 to 158p. 
Boots was said to be given a 
push by Smith New Court, and 
the shines added 10 to 533p. 
Elsewhere, WH Smith saw its 
recent run crane to an end as 
the shares drifted back 3 to 
494p, similarly Kingfisher’s . 
recent bounce lost momentum, 
and the shares retreated 2 to 


528p. 

A recommended offer for 
Chiltern Radio, at 242p a 
share, sent the shares leaping 
33 to 238p. Metro Radio, up li 
at 374p, and Scottish, ahead 20 
at 585p, also excited interest 

Property company Argent 
Group made a successful mar- 
ket debut, being placed at 255p 
and ending the day at 286p. 

A top of the range dividend 
from Meyer International saw 
the timber group's shares 
advance 18 to 453p. Amec were 
6 firmer at ll6p after the opti- 
mistic comments at the annual 
meeting. 

A presentation by Guinness, 
said to be with James CapeL 
helped the shares add 9 to 
477p. 

Axnersh&m, the chemicals 
group, continued to reflect the 
excellent figures released on 
Tuesday and subsequent prof- 
its upgrades, the shares dosing 
17 higher at 988p. 

Shareholders at the Euro 
Disney agm were told that its 
FFrtfbn rights issue would be 
priced at around lQFr per share 
and would be launched shortly. 
The shares slid 10 to 405p. The 
company also cautioned that 
attendances far the second half 
of this year could be lower 
than the period in the previous 
year, although forecast that 
losses in the same period 
would be lower. 

MARKET REPORTERS; 
Steve Thompson, 

Christine Buckley, 

Christopher Price. 


Other statistics. Rags 21 


LONDON EQUITIES 


L1FFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


DpHot 


— cm pns — 

Jtf Oct Jm Jd Oct Jwi 


Opflan 


tMym 540 Wti S3 - tSK 16% - 


Ml — Pats 

teg Nov Fttb Aug tor ft» 


British Finds . 


rS671 


589 12H 27 - 30 40M - 


•> : .■ 

An S 

Don's 

chofot Jun 7 Am 6 An 3 

Year 

ego 

Dtv. 

yMd% 

Earn. 

P/E Xd ac|. 
t«1o ytd 

Total 

Rstum 


FMC100 

•• 30312 

+1.1 300AB 3009.4 29973 

28818 

4.06 

182 

17/48 4163 

1134,36 

OMrareaef 

HS8C C76p 9l 

FT-86 Md 280 - 

.. 30018 

+06 8577.6 3871/4 35573 

3213.4 

144 

5.58 

21.46 4483 

1324.31 

Ham u— on 

FME MU 2BQ:«K imr Tnrets .. 

...3607.1 

+07 3S83J. ’3677J1 3682J2 

32318 

317 

110 

2005 4480 

132280 

Hunt 

FT-SE-A 350 -I 

16316 

+1j0 16213 15225 1S16J 

1431.6 

182 


1128 2133 

117183 

Here 

FT-SEBDSKsp 

18642S 

-Ol 1887J7I 187128 1871.30 183175 

100 

423 

29J8 2087 

143240 

Htatam 

FT-SE .tlrwsTrii « bw Threta - 

- 184020 

-12 104188 184133 1850.15 164115 

117 

4.68 

2187 21/48 

1417.12 

Rfl 

FT^S&A ALWHWtE , 

182834 

♦08 1514/10 161138 180186 1417.63 

185 

138 

1178 22.77 

118728 


N FT-SE Actuaries Al&Sbare 

V . " . . . . 






JotmcnlM 

• • . • . • * • . 

. 

D^a . - 

ta 

Oh. . 

Esm 

P/E Xfl t*|_ 

Total - 


* • . 

Jun 8 

chosM Jun 7 Axil Jun3 

*0° 

ytetdH 

ytekflt 

ratio ytd 

Retun 

Larifarefest 


2300 
4500 
KB 
&000 
zm 

4J00 

anm 

18 

7J00 251*2 
2JS» 178 
324 294 

am iB7 

887 317 

MOO 817 
5BB 481 


477 

722 

354 


.10 . 

12 Extradthre L 

16.08, WaoMadn..^ . .. 

J£.Q«B4gsBetoo a . i». ? < y i ) 


BOnACTiONttS) 


2581.67 

38&UJ3 

2512JB8 


♦0.1 257848 299L9e 2SB5nS 223050 
♦e.1 378X06 S73tn« 371882 308080 i 
-05 252*39 2S4L10 2SS2.79 21 82^0; 
»1 S 183038 187048 taBftflS 1974^40' 


3.82 <56 27.62 37.88 102&90 

3.43 823 2328 432B 1064/47 

326 4.71 2828 40/43 101828 

320 123 80JOT 1S22 106928 


LagMAOmrett 


1200 528 


3200 

74S 

1200 

477 

1200 

1200 

3200 


20 e» swNUFAcmjnatspesi 1007.75 

21 Suliano * Constfi*cttof<J1) ... 120824 

22 Bridb* Malta 1 & Morehgpn 10 «l70 

22 OwnMUOD ’ - 244827 

24 OwaHadMuBMaiaftq 190124 

25 BoctlOrtc'S Sort Eqoh£34) 204084 

2B a^raWtnatTI) 186023 

27 BrgnewSio. VMotaafl^ 228327 

28 PiMeO. P«P<r & PckgtZT) 278127 

~ ‘ 1723^4 


♦07 198322 198724 198029 179820 
«02 1205.12 120327 120228 108200 
♦02 192328 101420 198828 170420 
♦02 2437.16 243128 2445.13 220120 
♦02 198720 200724 201025185820 
♦12 200227 2010.64 199328 2023.00 
♦02 184022 184029 1623.75 156020 
♦T2229H88 225721 222922 1803.40 
+0.7 278224 2742:78 273829 29992D 
+02 171828 172128 172326 1783J0 


178 

4.47 

2727 

2929 

1005.71 

London Beet 

8*8 

2A00 

585 

138% 

no 

4JJ3 

3205 

15.62 

83781 

Lucas 

1,300 

WO 

3.70 

181 

3327 

3023 

904.70 

ST* 


429 

158 

179 

196 

3238 

4232 

107489 

4.S7 

421 

2028 

3ft AA 

100114 

MartreABrenreft 

MdredaBecL 
Morrioon (Wta) 

NaStatBafaf 

1500 

405*1 

181 

225 

156 

137 

486 

225 

1117 

3122 

61.48 

1108 

2122 

3288 

97186 

104170 

109786 

778 

ia 

1.400 

1600 

S08 
121 
21 2 
473 

100 

119 

»» 

3783 

1085.73 

Nrefaei Pwrert 

1A00 

428 

AJOT 

6.82 

2215 

2946 

968.62 

to® Wsst wuerf 

1200 

477 



30 CON8U8BR 00008(98) 

263120 

+1.1 260780 281102 282137 286140 

4/44 

7.79 

1485 

5158 

89119 


. 91 faewertafl?) 

2184.14 

+08 217140 217143 2201 871 07200 

482 

7.73 

1589 

3116 

971.44 


32 Spkta, Wnas 1 OdsctfftQ 

286086 

+15 284121 285787 2891 80 278E80 

387 

185 

17/41 

5178 

95106 


33 Fdotf MSmfabturersPQ 

222288 

+18 2107.76 218287 219124 223120 

480 

no 

14.41 

42.75 

92438 


34. Household OoodeCl^ . . .. 

247179 

+04 2405.12 2451 JS5 246198 229080 

3/55 

7.43 

1117 

4174 

88188 


38 Htath Cara(20) 

1687.08 

-08 1092.18 108886 1684/41 108880 

133 

100 

19.74 

19.00 

96828 


37 PtHnsaoeudctaftlj . 

270685 

+08 288105 2899/51 289194 292680 

4.73 

111 

1430 

4780 

84194 


38 TpUscboM 

369989 

+14 357785 389153 358988 3718A0 

170 

981 

1140 10285 

82382 


40 amwc c a p gci . 

41 CtetrtJUtWBfJI) , 

42 Laiarir & HoMa03) 

43 Medtat39} 

.44 Matas, VoedtU) r 
45 Rtataa GfaKUj 
48 Support earvic*a(4($ 
.49 TreR^jonfiaj - 
_ 51 OtfwSarvlcw 3i 


1987/41 +1.0 1948.40 194423 193828 1807.70 329 626 20.14 2325 95628 

2633.91 +02 281026 2820LB5 281424 2626.40 &13 526 18L73 35.04 97129 

211420 +02 209427210327209426161420 3M 422 25/73 1942 102925 

303121 +12 296424 297728 2S6623 2945.70 2.14 429 2326 3525 104521 

159821 +12157421 19B62Q 157223 199920 327 940 1326 25.16 94620 
1887.17 +021677.17168424106475149420 3.02 844 19.17 2429 09621 
160247 +02 159722 159341 159925 143960 221 5TB 2027 13.75 96492 

235721 +02233949 235328233324211420 325 4.70 2321 15.14 90944 

118827 -0l 3 118925 119023 119222 122320 421 220 80J0t 521 100424 


'.eflTUnUIBESjM 

e.Sadifc*flB - v% - 

6+ are.EHmauBonw.'- 

:^ssrrf. : 

222185 

211146 

184174 

199088 

170114 

+1.3 2198JJ7 2187.40 217587 210730 
+1.1 209088 208134207236 176880 
+1.6 182088 17B4.74 1743L82 1941/00 
+13 1056/20 196433 104180 196080 
-0.1 170*82 171177 171728 1634 10 

438 

436 

140 

4.15 

535 

832 

11.69 

* 

782 

143B 

14.61 2032 
1044 2437 
X 5143 
1538 039 
7.93 19.72 

03957 

8S116 

84439 

82107 

IDIIW 

’• "-to tietoWHWiCMLMBaa 

184143 

+08 483187 163175 183182 1S378B 

387 

IlM 

1145 2110 

115032 

. jn- nMAHCUEsKoai r , 

■ »:88nfa0« 
vT^jMnmeflT} •* v 
;«ri».A8*wincsM ; 
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' #. Otter JtancWg4y 
-N PnreemtJBI . 

217153 

3814.07 

126784 

Till 

284102 

161168 

1537.72 

+13 214981 214945212118 2005.70 
+1.7 270731278739 273431 246960 
+G8 125787 125633 123488 133530 
+13 230106 229119 228388 265180 
+05 2831.10 283126 280232 252B80 
+0.1 1611-65 179685 179169 1461.10 
. 1537.43 184129 156118 1407.40. 

4.14 

185 

539 

580 

152 

174 

335 

119 

124 

1188 

7.76 

11-35 

783 

433 

1481 44.73 
14.11 5937 
182 2144 
1582 6136 
1081 44/45 
1634 2587 
3080 2330 

65235 

833.42 

85170 

80987 

849/32 

65172 

87220 

® twESfiwamnuBT8ft» 

278296 

+15 275031 274738 274131 231730 

122 

187 

54.13 27.42 

tOO OB 

te.Fna&A MJUSHMqBaq 

152104 

+09 1514,10 151588 150988 141733 

186 

-589 

1178 22.77 

118788 

N t^ gjflNiDMB 

.Op«t 100 

KUO 

1130 1230 tiUO 1430 

1530 

mo HsftMay tewu* 



1.100 

3.7D0 

S3* 

1600 

UOQ 

MOD 

3600 

3.+00 

2D4 

aann 

12/000 

2,100 

1.700 

1200 

MOO 

893 

2.SD 

MOO 

4200 

2.100 


3400 335 

£600 345 

3200 120 

MOO 179 
E68 32B 

1200 500 


7400 161*< 
4700 


SmW P»iLtn Utaf 1,100 359 


Smeiafefa 
SaMheni Beetf 
SeaOi VWn BdqL 
SeaxWMtWtSr 
Souh Wool Bact 
SouEiemWMar 
Standod ChartrLf 


+11 
♦a 

♦C 
♦1 

+1 
+1 
♦1 
*7 
*2 
-a 

594 +12 

IB «2*a 

840 +3 

T4» 

4*0 *2 

353 +3 

571 +7 

137 +Tb 

+8 
-1 


♦S 

+s 

-1 

-8 

♦12 

+4 

+3 

+17 

♦W 

-1 

ta 

*e 

* 

♦18 

♦w 

<3 

+2 

♦IS 

♦15 


♦13 

♦5 

* 

♦1 


387 

587 

620 

813 

Z10 

487 

IB 

415 


1345 


Afar* 

220 

17 

23% 

27% 

7% 

12 

16% 

C235 ) 

-240 

5% 

14 

18 

» 

23% 

20 

ASOA 

SO 

8 

9 

11 

1% 

3% 

4% 

raj 

GO 

Z% 

4% 

8 

6% 

9 

10% 

BrttAfaore 

i 380 

31 

41 

48 

6% 

14 

19 

r388 ) 

390 

13 

25 

39% 

21 

28% 

34 

SMB 6faA 

390 

13% 

39 

37 

15 

25 

32% 

n at \ 

420 

e% 

17 

25 

34% 

44% 

50% 

Booh 

500 

43 

53% 

63 

5% 

12% 

19 

CS33) 

550 

12 

28% 

30% 

26% 

35 

42% 

BP 

360 

27% 

38 

42 

8 

14% 

18% 

r377 > 

390 

10 

20% 

27 

2DK 

28 

33 

BfaOSH 

130 

13 

17% 

2S% 

4 

7 

9% 

H38 1 

140 

7 

12% 

18 

a 

12 

14 

fian 

800 

36 

48 

57% 

BH 

17 

30 

r*2i ) 

SO 

11% 

23% 

32% 

30% 

44 

58% 

tta&Bi 

450 

«H 


_ 

18% 

_ 

_ 

(*454 ) 

473 

8% 

_ 

- 

34% 

- 

- 


500 

31 

4B% 

55% 

11 ' 

20% 

Z7% 

rsiej 

550 

8 

22 

31% 

39% 

48% 

» 

cmsita 

SO 

Z7% 

35% 

47 

12% 

20 

29 

r») 

000 

7% 

14%: 

24% 

45 

a 

60 

D 

600 

42 

57% 

72 

18% 34% ' 

45% 

(V2D) 

850 

IB: 

33%. 

*% 

43% 1 

52% 

72 


500 

41 i 

52% 1 

33% 

7% 

IB 

28 

P527 ) 

550 

;m 

31% 

38' 

33% 

42 

51% 

laud Sear 

GOO 

48 

W 1 

5B% 

4 

12 

15% 

rS39) 

850 

15 : 

30%: 

17% 

22%: 

32% 

36 

Hata 6 S 

390 

25: 

35% 

42 

e 

n» 

15% 

f« 5) 

<20 

s; 

*0% 

27 

21 

2B 

SO 

fanhst 

480 

27: 

36% 47% 

11% 

23 : 

Z7% 

T472) 

500 

8% ' 

18% 

29: 

34% 40% 

50 

SBU»T 

360 

18 

32 38% 

13 

23 

29 

r393 J 

420 

7% 18% 26% 

33 36% 

46 

She* Tara, 

B50 

57 

08 72% 

3% ■ 

14% 

IBM 

rwB) 

700 ; 

30% 

33 41% 

19 32%! 

37% 

Sbrebeuee 

200 

19 

» 

28 

4% 

8% 

12 

P274 J 

220 

8% 

13 17% 

15 ' 

ISM 22% 

Tufager 

79 

8 


_ 

3% 

_ 

_ 

C83) 

sa 

4% 

— 

— 

8 

— 

— 

(Mew 

1000 

38 60% 76% 21% 32% 

41 

HOOT) 

1060 

14 36% 51% 

51 60% 

67 

Zaaoca 

SSO j 

B% 

as 

78 

5 

10 

24 

r«6) 

700 32% 

37 * 


23 33% 48% 

ota* 


fag i 

tar 

ftb . 

fag 1 

dn 

Fed 

tand Uet 

420 21% 38% 

42 ' 

16% 23% 

30 

r«Bi 

400 

6% 18% 24% 

43 

48 

54 

ladarota 

140 a% 

30 

32 

3 

5% 

7 

n»i 

180 

12 18% 21% 10% 

14 15% 

UMBtafc 

300 

34 

43 

40 

4 10% 

14 

H25 1 

330 14% 

29 

29 15% 

25 

2B 

opare 


Jre ! 

ta ■ 

Me . 

Jm ! 

fa> 1 

3ee 

Raore 

140 

7 

17 

21 

2% 10% 

15 

H44I 

IS 

1 

8% 1ZM 17% 

23 

27 

Oplan 

1 

fag i 

tor 1 

A* fag 1 

ta 1 

Fab 


llni 

rai) 

133010 

r*38» 
Uni Mi 
P“) 
P&O 

r«a2) 


240 18% 23 25% 4% 912% 

280 7% 12% 18 14 19 22% 
134 1318% - 8% 13 - 
154 5% 7% - 22 24% - 
IBOftH IS 21 9 16% T9% 

200 4% 10% 13% 23% 30 32% 


Other Rxed tnterBst 

Mineral Extraction 

General MareXacturara . 

Consumer Gc 


P175 ) 


PM) 
mz 
r«i ) 


rsi9> 
Ron !■ 
rw> 

Tom 

rz* z> 


850 a 
700 18 
100 19% 
180 8 
300 16 
330 8 

850 a 
900 a 
500 a 

550 t3H 
2E0 a 
280 11 


55 83% 21% 42 48 
31% 42 50% 73 78 
27 3 4% 8 11 

14 W 13% 17% 21% 
25% 32 B 17% 19% 
13 18% a 35% 37% 
61 78 28 48% 55 
aS5%59% 77 a 
52 a 12% a 3i 
27% 35% 39% 54% 5B% 
VS 9 19 19% 
19% 25% 20% 30 30% 


kwaatmort Hu 
Others 


Maas 

FSSs 

Stare 

60 

6 

6 

3 

0 

12 

SS 

50 

96 

182 

134 

347 

63 

34 

94 

133 

90 

286 

26 

9 

11 

94 

55 

225 

1® 

27 

275 

32 

54 

47 


Totals 


816 


469 


1399 


Dfa tend on 8oae cempantea Bfad on fa London Share Seivfa 


TRADITIONAL OPTIONS 

RrstDaoOngs 
LastOaSngB 


May 23 Last Declarations 
hare 10 For settlement 


SopLI 
Sept. 12 


200 19 25% » 6% 8% 13 
228 8 14 tt 15 28% 23 
500 34% a 61 16% 27% 35 


Cals Altai Lataura, Cone. Much, Nairn Rea, Tapnal Dine.. TUHow 08 Puts & 
Cate BhrefaM Toys, Qtaao, TUIore 08. 

LONDON RECENT ISSUES: EQUITIES 


n-ffiieo- ■ -soom aoiai 

fr-S6 MM 250 _ -35792 35B15 36BL2. 

FT-SBAJSO. . --1S214- 1S?4n 1S2B.1 


3037 jj 3839.1 30409 3042J 3039» 30308 30432 30036 

3587.6 3583.0 389&0 3587.8 .35808 38000 38008 3578.6 

1534.8 1538.1 1537.0 1638.1 1S87/0 1S308 15302 1S21D 


**» ft Fri* «0+«oh MHpre Uw&SSfa 

■ FT-$E Actuarial 3 S 0 Musby baton 

Open 


Cloea P1WIOU8 Change 


mao tun iLfla 13X0 1400 iaj» imp 

* CnBWn -11400 11402 1134.9 11304 11401 t14« 11417 11412 11418 1141B 11314 +12 

Ftamartdr: .28512 28SL8 28716 28713 25715 2877.8 2BB22 26816 26713 26616 +207 

17D&8 17013 1694.7 1897.2 16872 '1597.4 18911' 1697J 16992 1700.6 17015 -13 

■ 29Q7.1 28114 28172 23418 28405 2844.1 28412 28404 22&\A 28417 2801.4 *47.3 

% octad B aeadv taire. Laos of cnn6nma are srataie tan Vic Flretal limes 
AfaMreOtres bawre 8»fa sMch cerere s reree el Meannic end papartfaed pretata 


hta.H»IT.9g WO the FT8E8M 350 ff^fttartreSa eMfaF r^ta^ Mfay 

♦ffa WHIttiBOWi*— OtarehfcelMaiiaencifaFT-SEAMre taAMta aMrela 
re re* arehMlare el AfaMae end fa taafaeltareifre lafars Mrf onMnta. 

» taMNb el Mand IMad T8B4. 0 Tire Ram Tlmre IWad Wfa ^'^rererred. 
mrta ol fa Lretan 3reA bdrep) and Un nrnotai Three LkntatTTie FT-SE Artartre Stam 
ar fan 80 ere not taren. t Vhkae ere nagrefa 




6M 478 

77S 584 +IT 

1SZ BSD +3 

5S5 SOS 

18 587 -T 

ID 331 ^ 

7 joo m re 

273 214*2 -2*1 

1,600 918 +7 

987 223 +3 

1,100 380 <8 

1500 219 4 

1900 1ST 

1.300 41E 42 

974 147 -1 

2.700 212 +1>a 

ZBUO 478*2 +2 

891 T078 

4600 277 

4200 a 


aooo 1006 

1600 375 

274 BM 
OM 519 
SB 779 

1/400 as 
482 008 

337 917 

587 529 

1.100 345 

1,600 150 

808 165 

BBS 773 
295 579 

MOO <83 

1,000 085 


♦11 

-a 

♦4 

420 


Mta 480 37 57 7023% 41 49 
r470] 500 2BH 39% 32 48% 63 71 
BAT tads 420 32% 42% 51% 13 21% 24% 
rca ) 480 '12 a a 37 44% 47% 

BTB 360 29% 37 43% EM 14 17 
r380) 390122(28 19% 832 

MTBna 380 » 29% 33% 12 16 22% 
r*77 J 390 7% U 19 30% 33% 39% 
CaSwySth 480 27% S3 47% 11% 2123% 
T471 ) 500 9% ti 28% M% 44 45 

tetoaSK BOO S 40 9 33 *3% 33% 
r®2 J BSD 9 22% S3 71 79 05 
MSB 460 30 a 60 9 17 21% 

r«8 J 500 8% 19% 29% 31 38% 44% 
GBC 3D0 14% 2! 24% 11% « W 
(VOS) 330 3 6% 12 34 36 38% 


fST8 ) 

550 

12 29% 

38 46% S 

63 

laaue 

And 

MU. 



Cram 






Wro 

325 28% 37 

- S 11% 

- 

price paid 

cap 

IBM 

price 


Net 

□tv. 

&3 

P/E 

P3*5) 

354 

12 ZD 

- 17% 23% 

' 

P 

*4* 

(Bit} 


Um Stock 

P 

+/- 

■ Cto. 

cm. ytd 

net 

Opta 


Ad Dot Are Ad Oct Jm 

255 

FJ». 

1410 

267 

258 Argent 

100 Automodva Frees 

268 


_ 


_ 

_ 

BW 

000 

30 70 81% 14% 20 

34 

100 

FJ>. 

44.1 

108 

100 


LN49 

09 

4.6 

359 

rw>> 

950 

Zl 43 

54 39 50% 58% 

- 

FJ>. 

241 J) 

81 

73 CAMAS 

79 

-1 

utO.75 

0.7 

59 

379 

MreW 

460 

23 80% 

33 18 25 

32 

— 

FP. 

1089 

112 

108 CLS 

108 


- 

. 

— 

- 

(-470) 

500 

5 M 

17 <8% 50% 57% 

— 

FJ». 

129 

148 

125 Capita 

139 

+3 

LNX3 

19 

39 

212 





1143 

FP. 

119 

IS 

143 Cassai 

IS 

♦2 

W3.9 

_ 

32 

109 

Ogdon 


.am sip uec jun sap uec 

- 

FP. 

Ml? 

30 

35*2 CHme Comma- 

38 



_ 



fade y M89 

420 12% 2B% 37% 4 19 24% 

4250 

FP. 

1702 

249 

228 DCC 

228 


LQ34% 

39 

39 

119 

r«»> 

480 

1 t2% 29% 34% 43% 

48 

no 

FP. 

419 

120 

110 DRS Data & Roe 

115 


LN29 

1.1 

39 

27.4 

30 

2% 5 

• 1 3 

4 

130 

FP. 

411 

137 

133 Derby 

IS 


W11 

29 

29 

111 

P32 ) 

33 

1 3 

4 4% ffi 

7% 

- 

FP. 

779 

93 

90 naming infan 

92 


- 

- 

- 

- 

Bardfa 

550 

8% 31% 44% 8 31% 

37 

- 

FP. 

890 

SO 

42 Do Warrants 

48 


- 

- 

- 

- 

(■550 ) 

000 

1 13 24% 52 84% 08% 

• 

FP. 

- 

37*1 

35 GoveB Bbi 9 Wt 

36 


- 

— 

- 

- 




i® 

FP. 

519 

105 

93 Heefihcfd 

84 

+1 

WN49 

19 

59 

113 

BAN tarda 

2H0 14% Z7 

3* 2 1Z% 17% 

225 

FP. 

1019 

229 

225 Intermafate 

229 

♦2 

LN9LB 

2.1 

54 

10 

r» i 

300 

3 18% 

24 12 23 28% 

- 

F.P. 

_ 

77 

85 JF Rfanta 

77 

♦3 





Brtdfc Gas 

250 19% 27% 

30 1 7 12% 

5 

FP. 

420 

6*2 

5 Kays Food 

5*1 


_ 

_ 

_ 


(*277 ) 

280 

4% 16 

19 0% 15 

23 

130 

FP. 

844 

138 

115 KaBer 

115 


WNQ4.7 

29 

4.1 

139 

Dttfre 

180 

11 18% 

24 2 12% 

15 

160 

FP. 

574 

IS 

159 Lombard fa. 

161 


WN7.7 

12 

69 

99 

n«) 

200 

1% 9 

15 14% 24% 

27 

200 

FP. 

1584 

222 

200 {London CUss 

221 


W1192 

19 

17 

119 


100 

9 17 

21 1% 7% 

8% 

- 

FP. 

359 

15 

13*1 My Khida Town 

14*2 

**4 

_ 

_ 

_ 

_ 

HKdOM 

106 

FP. 

479 

113 

IS MaMtnrW 

IS 


R398 

29 

49 

139 

P0B) 

180 

1 8 

12 15% 19 

21 

12 0 

FP. 

344 

130 125*2 Noreor 

128 

-2 

W496 

IS 

49 

109 

Loffdo 

140 

4 13% 

18 4% 14 

17 

- 

FP. 

2659 

131 

118 Redraw 

120 

♦1 

WN2.7 

29 

20 

152 

H40) 

100 

1 6% 18% 21% 27% 

30 


FP. 

817 

82 

91 Scuddar Latin 

91 






tat FOrnr 

420 10% 31% 39% 5% 21 

2B 

- 

FP. 

116 

44 

43 Do Wfa 

44 


- 

- 

— 

- 

r«5> 

400 

1 14 22% 37 44% 

49 


FP. 

299 

133 

19 Spedafty Shops 

131 


12.4 

- 

29 

— 

Sad Parer 

330 

T8 29% 34% 2 17% 

22 

100 

FP. 

FP. 

589 

564 

100 

100 

SB 7R Eure Gam C 
82*2 TR tap lm C 

98 

82*2 


- 

- 

- 

- 

C344 ) 

Sears 

300 

120 

14 Zfa 1H% 34 37 

3 1 Tf 3 8 10% 

150 

FP. 

419 

IS 

154 Vymra 

IS 


1444 

12 

34 

159 


f120> 
Forte 
r235 » 


130 1 5 711% 14 10 

220 TB 78 38% 1 0 11% 

240 3% 16% 19% 7% 17 21% 


RIGHTS OFFERS 


nai 

Than B0 
n077J 
TSB 
(■2*9 I 

Tenure 

r=*) 


f5S3) 

man 


IX 23% 
IS 5 
1050 34 
MOO 1% 
200 21 
220 6% 
220 8 
240 1 

550 t3 
800 1% 


09 92% 
49% « 
27 31% 
14% 20% 
T7% 23 

8% 14 
43% B% 
22 X 
Del Jm 


1 - - 
3% - - 

S 52 67 
23% 51% 95% 
1 8% B% 
5 15% 10% 
2% 12% 15% 
16 25 a 
9 35 45% 
50 85% 75 
Jri Oct Jsi 


6ta0 500 50 70 7B 7 24% 32 

r&45) S&OSH 41 50 26 50% 50 

HSBCTSpK 700 52 78% 93% 2£% 49 50% 

f722) 730 a 52 » 51% 74% X 

RUM 475 37% 48 - 11 19% - 

(*497 ) 500 a 34% 48% 21% 31% 40 

Opftm Asf Mw fm fug ta ftp 

WeflfaB in 15 22% X 7 1315% 
P86) 200 8 18% 17 18 2S 27% 

* Ltndvljtng eeeuty pdea. PranRare shown are 
baaad on ctahe efa prices. 

Jww B, Tcfa rXrtfa.UL 8S,t03 CaK 1&0OB 

mre; 70.194 


Issue 

price 

P 

Amount 

P»W 

«*> 

Latest 

Renun. 

dree 

1864 

H&i Low Stock 

Ctoreng 

price 

P 

♦Or 

105 

HR 

8/7 

21 pni 

18pm Btagdm Wfa 

21pm 


52 

M 

23/7 

4pm 

Ihpm {Corp. Sendees. 

2*2pn* 


120 

Nl 

vr 

26pm 

16*B»n Dawson HI 

19pm 

+2 

180 

rre 

son 

23pm 

8pm Dbaxi Motors 

8pm 

-a 

20S 

M 

— 

85pm 

36pm Eurotunnel 

56pm 

-i 

185 

» 

11/7 

25pm 

11pm Haafam 

11pm 

•2 

105 

Ml 

20/7 

Hon 

lpm Higgs 8 HD 

1pm 


230 

M 

“ 

34pm 

23pm Jsrvla Porter 

23pm 

-1 

ZDS 

FB 

18/7 

23fan 

18pm McAIptna (A| 

16pm 

-1 

80 

r* 

47 

11pm 

3pm Mean 

3pm 

-2 

24 

Nl 

re 

12pm 

10pm Unit 

12pm 


125 

ra 

4/7 

23pm 

i6pm vrn 

10pm 



♦18 

♦T 

♦14 

<0 

-0 

♦6 

-4 

-8 

-3 

-3. 

♦e 

-i 

♦12 


4.19 

422 

491 

492 

495 

4.13 

492 

3.43 

593 

162 

5.61 

5. 62 

5.61 

595 

176 

392 

1194 

1994 

1998 

1995 

1114 

2491 

3343 

1159 

1997 

1168 

19.72 

1999 

18.71 

2240 

3080 

19.18 


FT GOLD MINES INDEX 


Jm %c* 
7 oe day 


tar tan ttr 82 ’ 
age mu % M* 


Baaed m hndoB retare fa > adeota of irerior 
aaeretas dafa ttasutfi fa 8EAO ayflUm 
jielrtfa uwKJQpm. Ttaae of one W near 
mom are naatad dona, t faaefas n FT-SE 
100 indre conmuni 


BOM tan taaffl 

160117 

+18 

166451 19(122 175794 

222 

238746 1SZUB 

■ faofatafatas 

mea pq 

265991 

+38 

SB2.11 265176 231847 

592 

344CLE0 190223 

fattabfaR 

252397 

-1.1 

S517B 2821.45 2035.11 

295 

301399 1903.18 

Nan /neriea (IT) 

158798 

+02 

158490 1802.18 1S5555 

171 

2B3U51SU0 


FINANCIAL TIMES EQUITY INDICES 

June 8 Jure 7 June fl June 3 Jure 2 Vr ago -High “Low 

OrtSnary Share 2411.9 23811 2387.6 23713 2384J 22405 27116 23212 
Oil dv. yMd 
Earn. ytd. »1Ui 
WE ratio rat 
WE rUo nfl 

Tor 1884. OrArey Stare hder a bee compfaurc Hdi zrtu 3KBJ9H far 484 TOGMO 
FT CrtSnaty 9hree ndre bree dale 1/7QG. 

Ordkisiy Sham houfy odaooes 

Open 9u00 1100 Itao lino lira UJP HOP HOP Htfi Low 
23831 2387.0 2390/4 2405.6 24091 24129 24117 2A12.T 2412.7 2414J) W9n '» 
Jews Jw7 June fl Jtw3 June 2 Yr 


Cowitmc the Ffanoaj TVnea Urreted 1884. 

pgure* in brectaa ahrer iMefa of enrepan fa Beat* US DsBn Bare Vafas ioooloo 3OT3BZ. 
Predanaser Geu Mkiea Mrec Jure a 21M ; drega: «46 psfafa Ye* w: 1704 1 PsnU 

Lisret pricaa Hniareretaea tor ms edSon. 


SEAQ bargains 22J73 21 233 22,112 

Equtty lumowr (Enjr - 988JJ 764.1 

Equtty Bagfawt - 24JB8 24.102 

Shares traded (mOt - 418J 34in 

t r« l ra*4i haaiiBU turem red oarara h anmre : 


31^82 26,144 21043 

12433 1161.6 1484.4 

31508 30.073 32,97$ 

8010 619.1 613/4 







































































JFINANCxAjL XiMJES THlJRSDA Y JUNE 9 1994 


LONDON SHARE SERVICE 


yu 


M 

HE 

48 

• 

S3 

m 

XS 

IU 

13 

210 

03 

24 

25 

- 

IK1 

- 

U 

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32 


















































































































































































































CURRENCIES AND MONEY 


FI NANCIAL TIMES THURSDAY JUNK ■> 1994 

MONEY MARKET FUNDS 


MARKETS REPORT 


POUND SPOT FQRV/ARI 


POUND 


Brown scares dollar 


Comments from Mr Ron 
Brown, the US commerce sec- 
retary, livened an otherwise 
quiet day on the foreign 
exchanges yesterday, write 
Philip Gawith and Motoko 
Rich. 

Speaking in Paris, Mr Brown 
told reporters that there was a 
“serious problem” in the bilat- 
eral relationship between the 
US and Japan. His remarks 
caused the dollar to fall by 
nearly 60 basis points against 
the yen. to Y103.60, and by 
about 30 basis points against 
the D-Mark, to DM1.6680. 

rt later recovered to close in 
London at Y1Q4.030 and 
DM1.6698. On Tuesday it closed 
at Y105J235 and DML66S5. 

In the UK sterling finished 
virtually unchanged at 
DM2£163 against the D-Mark 
from DM2.5159 as European 
election worries offset a strong 
set of production figures. 

Elsewhere concerns about a 
possible “no” vote in Sunday’s 
Austrian referendum, on join- 
ing the European Union, 
weighed on the Swedish krona. 
Sweden is also hoping to join 
theEU. 

In Germany the Rnnri«hari}r 
cut the repo rate by five basis 
points to 5J.0 per cent, while 
the Belgian central bank low- 
ered Its central rate to 5.10 per 
cent. 

■ Although the dollar finished 
the day firm, the market’s skit- 
tish response to Mr Brown’s 
comments showed residual 
nervousness about the US cur- 
rency. Coming the day after a 
combative statement from Mr 
Mickey Kantor, the US trade 
representative, it aroused fears 
that the Administr ation mi ght 

not have fnHy shakgn off its 
“dollar debasement” policy. 

Mr Peter Luxton, economist 
at Barclays, said the officials’ 
comments reminded the mar- 
kets they had overestimated 
the “apparent relaxed attitude” 
Of the US adminis tration on 
trade with Japan. “The mar- 
kets got over euphoric over the 
past couple of weeks,” he said. 
“But the super 301 locomotive 
Is still rolling slowly through 
and everything is not all 
hunky donr.” 

Supporting a bearish case for 
the dollar were reports that 
most Japanese traders who 
attended last week’s Forex 84 


$w<x&sfi Krona 

Against the DM (SK/ perDM) 
4.50 r~*' — 


4M -r- 



Jan .1084 

ScucacFTjQrqaNto 

■ Po u nd in Now York 


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— LrtMt— 

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£(pOt 

12095 

12065 

1 rath 

1J50BB 

12088 

3mft 

12072 

15072 

1* 

12912 

12014 


conference in London were 
gloomy on dollar/yen. Mr 
David Sumners, a managing 
director at Morgan Stanley in 
London, said there was a feel- 
ing that Japanese exporters 
still had lots of dollars to sell, 
that short term speculators 
woe all long dollars, and that 
the trade surplus would not 
disappear in a hurry. 

But Ms Jane Edwards, Inter- 
national economist at Tubman 
Brothers in London, said reel 
interest rate differentials 
between the dollar and the 
D-Mark could offer support to 
the US currency in coming 
weeks. She said there were 
increasing stories of money 
flowing out of European bonds 
into US Treasury bands, and 
this capital inflow should lend 
support to file dollar. 

Underpinning these flows Is 
the fact that Treasury bond 
yields remain fairly hi g h, while 
2nd quarter data on the 
rirnnanri side suggests the US 
economy might be slowing 
towards a nan-inflationary rate 
of growth, If this is correct, US 
bond yields could fall and this 
would encourage a capital 
Inflow. 

■ In Europe the main focus of 
attention was the upcoming 
Austrian referendum. Concern 
that the Austrians mi ght vote 
no has caused the Swedish 
krona to weaken recently. Yes- 
terday, however, the Swedish 
currency finished virtually 
unchflng pfl against the D-Mark 


at SKr4.754 from SKrf.755- 

Mr Tony Norfield, UK trea- 
sury economist at ABN-AMRO, 
said the referendum should 
have “very little direct implica- 
tions” on the European cur- 
rency markets. 

But Mr Luxton said fears of a 
“no" vote in Austria were 
already making the Swedish 
krona vulnerable. He added 
that in anticipation of poor 
Swedish inflation figures 
released today, the markets 
bad “geared up for a bit erf a 
sell off in the Swedish krona”. 

To some extent, though, the 
markets were knocking on an 
open door. The krona was 
already weak on market fears 
that the government, faced 
with an election in September, 
would not be able to apply the 
requisite mix of fiscal and 
monetary policies. 

Analysts say a fiscal tighten- 
ing is necessary to curb the 10 
per cent budget deficit, but this 
needs to be accompanied by 
lower interest rates if the 
recovery is not be snuffed out 
The government, however, 
finds itself boxed in because it 
is difficult to cut rates against 
the backdrop of a weakening 
currency. 

Ms Edwards co mme nts: “I 
don’t see a way out that is 
under the control of the 
Swedes at the moment.” 

■ The futures markets were 
calmer after their recent gyra- 
tions. The December short ster- 
ling contract traded 29,000 lots 
to finish at 93.79 from 93.78. 
The December euromark con- 
tract closed at 9181 from 94.73. 

German call money rates 
eased to 5.05/5.15 per cent from 
5.10/5.20 per cent after the 
repo. Traders are not, however, 
expecting any shift in official 
rates at today’s Bundesbank 

qQipiril wipgHng 

In the UK money markets 
the Bank of England provided 
£357m liquidity to file ««■*** 
after forecasting a shortage of 
£350m. The overnight rate 
moved between 4 per cent and 
5% per cent 


£ S 

ISUU-19B.44S I03J30 - 103780 
2B2&00 - 203500 174400 - 175000 
0X485 • 04500 02977-029(5 

841372 - 3431017 220000 - 227800 
292057 - 292058 193000- 194201 
55270 - SJ5SO 10716 - 3J37SS 


Jun 8 

flnninn 

Europe 



Aiatta 

(Sch) 

172000 

Odgkjn 

C8R) 

51.7934 

Deranrafc 

(DKrl 

96330 

Rriend 

CFM) 

arret 7 

FfBflCfl 

m 

05758 

Germny 

(DM) 

26183 

Greece 

(l» 

375.771 

Ireland 

P? 

1.0246 

Wy 

(U 

243964 

Luxantoowg 

(LFd 

51.7934 

Nathertands 

(H) 

26204 

Norway 

£NK«) 

106972 

Portugal 

(Ea) 

281X85 

Spain 

(Pt+ri 

205270 

Sweden 

(SKr) 

112668 

SwtowUrel 

(Sft) 

2.1309 

UK 

CEJ 

- 

Ecu 


16035 

son 

OT 


Amarieaa 

Argentina 

(Peari 

16051 

Brad 

(Cr) 

308260 

Canada 

cm 

22725 


+00271 984 
+00174 543 
-00138 281 
-00149 162 
-00015 687 
+00004 151 
+0003 420 
- 236 
♦078 827 
+00174 543 
+00008 187 
-00007 909 
+0004 277 
-0075 788 
+00006 689 
-00023 294 


■ 176 17.7190 

- 324 510520 I 

■ 410 96579 

-371 &3S2Q 

814 OS808 

■ 175 20234 

• 121 378.121 : 

256 10256 

■ 140 244406 < 

■ 324 510520 ! 

- 220 

-034 109169 
702 262012! 
161 208/410 : 

762 120090 
324 2.1349 


03 170968 
02 510284 
-10 90542 

-00 &S848 
-ai 20163 

-00 1.0263 

-20 2435.49 
02 510284 
02 20206 
OO 100041 
-46 264 385 
-20 20707 
-20 120248 
OO 2.1266 


02 

-03 51.6534 03 

-OO 96552 -02 

-OO 05637 ai 

OO 20001 06 

-4X7 10281 -OO 

-26 249369 -26 
-03 51.6S34 03 

OO 20014 07 

-03 100952 OO 
-46 

-07 21004 -20 

-10 12.1226 -16 

OO 2.1024 16 


-043 16061 16091 16047 -1.! 16007 09 16014 02 


Money Market 
Trust Funds 

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Mexico (New Peso) 50515 +00151 423-807 6.0607 56423 


16070 


- 065 - 075 1.5126 15065 16061 0.7 16048 06 1X965 06 


Ausbte (AS) 

Hang Kong (HKS) 
Ma (Rs) 

Jspm (VJ 

Malaysia 9*5) 

New Zealand (NZS) 
PMpptnM (Peso) 
SaucS Arabia (SR) 


S Africa (Cool) (R) 
SA4rtcafl=fev) Oft 

South Kama (Won} 
Taiwan (R) 

Thailand (St) 

fSOR me tor Jun 7^ BUAx 
bra are fcnpted by cmi 1 
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536 - 563 
471 -663 
514-940 
646 - 801 
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494 - 539 
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36240 36021 - - - 

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416055 406750 - - - - - - 

56722 56494 - - - 

26171 26072 - - - - 

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72333 7.1860 - - - - - 

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408300 407923 - - - 

38.1330 376939 - - • - - 

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DOLLAR SPOT FORWARD AGAINST THE DOLLAT 


Ooaing 

itrtd-pckrt 


Ctunga BktfoOar 
on day spread 


Day*a mid 
high tow 


Austria 

{Set* 

11.7505 

Bdghan 

(BFr) 

34-3685 

Danmark 

OOKrJ 

a 

Finland 

0=M) 

xww 

France 

(ffi) 

56906 

Germany 

w 

16688 

Greece 

(Dr) 

240360 

Intend 

PQ 

1X709 

ftriy 

W 

161960 

Luxembourg 

(t-Pri 

346888 

Netherianda 

(H) 

16715 

n 

raGUrriy 

W) 

72311 

Portugal 

^a) 

173600 

Spain 

(P«*J 

138675 

Sweden 

BKr) 

76407 

Swttrertand 

(8 ft) 

1X140 

UK 

W 

16070 

Ecu 


1.1582 

SOR 

_ 

1X0777 

Americas 

Argentine 

(Paso) 

06S88 

Brad 

fO) 

2045.88 

Canada 

(ca 

16753 

Mexico (New Peso! 

13520 

USA 


- 

n„ |||. Tlitililtra «■- - « r* fl — 

1 ■UUUMKJuia LBWWilf 

Australa 

(AS) 

16638 

Hong Kang 

(HKS) 

T.7317 

India 

(Rs) 

316688 

Japan 

(Y) 

104630 

Mriaygia 

(MS) 

26907 

New Zealand 

(N2S) 

16931 

Phappbws 

(Peso) 

272000 

Said Arabia 

(SR) 

3-7503 

Stogapcre 

(SS) 

16320 

S Africa (CorruJ 

1 (R) 

36215 

S Africa (Fb*) 

tP> 

4.7800 

South Korea 

(Won) 

806.150 

Taiwan 

US) 

27.0806 

Dieted 

PO 

252300 


+0618 480 ■ 
+06115 540 
-06091 225 
-06099 202 
-0601 885 
+06003 895 
+0.4 200 

- 699 
+06 690 

+06116 540 
+06005 710 ■ 
-06004 293 
+06 400 
-065 600 ■ 
+06004 380 
-0.0015 135 

- 065 
+0.0002 558 


530 11.7530 
830 346940 
280 66319 

304 56354 

925 56925 

700 1.8705 

500 249600 : 
718 1X770 

990 181960 
830 346940: 
720 16720 

328 7.2350 

800 173660 
750 138.750 
444 76892 

146 1X145 

075 16125 

565 1.1693 


On* m onth Threa rnontha On* yaar J.P Morgan 
Rata MPA Rata KPA Rata MPA tndax 


-OX 116883 
-06 34X585 
-1.8 86791 

-0.7 56578 

-1.1 5688 

-06 1.6684 

-36 25365 
16 1X596 

-36 1663 65 
-06 34X585 
-06 1.8680 
-06 76073 
-76 18165 

-3X 140.125 
-2.4 86807 

-0.1 1X038 

06 1X965 
16 1.1642 


MM That Bank Ud 

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MahwortBaidW BWmiam 
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KLCA.CCXSOO'1 I 4 9.11751 U3l 0*f 

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nuMariHumuptK , aanuurt 

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PO Bat te. Mx am BBP , 0804 253881 

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MCA. 1 

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+06006 987-988 06988 06981 

+3568 565 - 566 2045.70 20+566 
+0.004 750-756 16762 16720 16771 

+061 470-570 36570 36450 3353 


4X0 9*1 aw I 
4* 900 I +07 1 


-16 16806 -16 16957 -16 
-OX 36548 -06 36822 -06 


190R IM> far Jiai T. BHMer *an 
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+0.0018 831 - B41 16641 16583 

+0603 312 - 322 T.7322 7.7290 

-06012 650 • 72S 316725 316850 
-1605 960 - 000 104.410 103650 
-0604 902 - 912 26000 26880 

+06035 920-941 16956 16909 

+065 000-000 27.4000 286000 
-0.0002 500 - 505 17505 36500 

-06008 315 - 325 16327 16300 

-0.0003 200-230 36230 36133 

-0617 700 - 900 4.7950 4.7700 

-065 100 - 200 808.400 808.100 
-0 607 775-640 27.1085 276775 
-061 200-400 256400 256100 
i In 9m Ooler 8pot tat* thn. «4y dn MM 
l IK. Maid a ECU « *otad h US emwiey: . 


-03 1664 -01 16677 -03 896 

0.1 7.7337 -ai 7J479 -02 

-3.1 316838 -26 - 

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36 26797 1.7 26107 -08 

-16 16898 -16 1.7213 -1.7 

-02 3.7329 -03 3.7658 -04 

06 1631 03 1633 -0-1 

-5.1 3.68S3 -46 3.742 -36 

-86 46725 -7.7 

-46 812.65 -02 831.15 -8.1 

-09 27.1408 -09 - 

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i Doaeg Mom Jun T. Baaa aw y 190*100 


GBMaHaMHt 

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SjirtS. 380 248 1 9M « 

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00*0- 950 *13 UD YMrty 

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c5fw£t79.«e 480 130 +* mo# 

rijefra^’r” Ho in 22 tab 

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2* 

180 

118 

07l-at8400a 
1*[ Ub 
4*| Mi 
+31 Mb 

TrediB Bank ole 
29-33 pikeerawatel 
WHOOHiMratoi 

OpraSEKirawo. 

ILBirtai 

UN 

1828 

1-09 

* » 

Mk 

tiftAtlOOOOO*^ 

UTS 

2Z5 

244 

104 

130 

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UjCTnratUfnttta 

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Maadak Bank HnMo SohMon Ico 

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nuno-EziooB lira ub an) » 

maoo. cm. aaa ..] xn ui 1 ml * 

etooxoo-cmno— I a* ta I ml Or 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


nuoo-BOtanaica.ioJa sob 
tMjooo-tao«ae«n-lT* so 
09*0- I ta l 7* 0+4 

OnBad OonMna Itat Ud 
nianmwoar 


3*2 0 Mr 

\n aw 

A30 MM 


0273 +4720 

2*8 or 
ion nr 

1803 W 
3832 or 
AMI or 


,071-298 OWR 
882 3-MI 


.1 *78 ml AM I OT 


EMS EUROPEAN CURRENCY UNIT RATES 


Jun 8 

BFr 

DKr 

FFr 

DM 

l£ 

L 

n 

NKr 

Es 

Pti 

8Xr 

SRr 

£ 

CB 

B 

Y 

Ecu 

Belgian 

0R) 

100 

1869 

I860 

4698 

1977 

4709 

5.446 

2193 

504.7 

3976 

8899 

4.113 

1931 

4901 

2910 

3029 

2616 

Denmark 

PKi) 

6267 

10 

8.721 

2659 

1941 

2480 

2988 

1197 

2866 

2094 

12.16 

2.188 

1917 

2.107 

1633 

169X 

1625 

France 

(FFr) 

60X0 

11.47 

10 

2934 

1.194 

2844 

3269 

12.70 

3046 

2401 

1396 

2X54 

1.168 

2X18 

1-737 

182.7 

1620 

Germany 

PM) 

2056 

3608 

3X08 

1 

0X07 

968X 

1.121 

4628 

1039 

8164 

4.754 

0847 

0397 

0824 

0599 

0228 

0518 

toriend 

m 

5050 

9603 

8674 

2X57 

1 

2382 

2.754 

1083 

2556 

201.1 

11.88 

2980 

0977 

2923 

1X72 

1539 

1272 

Italy 

« 

2.123 

0403 

0662 

0103 

0942 

10Q. 

0118 

0X48 

1072 

8X42 

0490 

0087 

0941 

njQ«H; 

OflU? 

6X25 

0953 

Natheriande 

(R) 

1867 

3X87 

3-041 

0692 

0383 

8849 

1 

3682 

82.70 

7391 

4241 

0755 

0656 

0735 

0534 

5567 

0X82 

Norway 

(NKr) 

4768 

9029 

7674 

2610 

0980 

2240 

2690 

10 

2400 

1801 

1098 

1966 

0918 

1903 

1684 

1439 

1.197 

Portugal 

PD 

1961 

3.762 

3280 

0983 

0682 

933.1 

1679 

4.186 

100. 

78.77 

4675 

0616 

0383 

0793 

0677 

5995 

0X88 

Spain 

(Pri) 

25.15 

4.778 

4.186 

1222 

0X97 

1188 

1670 

5289 

1279 

100 

5609 

1934 

0X86 

1906 

0732 

7010 

0633 

Hamden 

(SKr) 

4360 

8222 

7.170 

2.104 

oan 

2039 

2668 

&108 

2186 

1722 

10 

1.781 

0836 

1.732 

1280 

1319 

1989 

Switzerland 

(SR) 

2461 

4616 

4628 

1.181 

0X81 

1148 

1624 

5.113 

122.7 

9867 

6618 

1 

0488 

0973 

0708 

7367 

0812 

UK 

« 

81.79 

9633 

8675 

2618 

1924 

2439 

2620 

1069 

281.4 

205.9 

1198 

2.130 

1 

2972 

1607 

1607 

1603 

Canada 

ICS) 

2000 

4.748 

+139 

1214 

0X94 

1177 

1681 

5258 

1282 

9037 

6.772 

1928 

0X83 

1 

0727 

7563 

0629 

US 

(S) 3467 

8625 

5690 

1.870 

0679 

1618 

1671 

7228 

1736 

1306 

7938 

1X13 

0084 

1-375 

1 

1049 

0686 

Japrai 

PO 

3305 

82.75 

64.72 

1006 

6635 

10580 

1890 

8960 

1688 

1314 

7032 

1369 

6LSB2 

1322 

9617 

1000 

8616 

Ecu 


39.78 

7648 

8681 

1931 

0786 

1872 

2.164 

8658 

2006 

1S89 

9.179 

1635 

0787 

1690 

1.157 

1203 

1 


JlHll 

Ecu can. 

Rate 

Change 

94+/- from 


rate 

against Ecu 

on day 

can. rata 

(rated 

0608828 

0787443 

+000125 

-262 

Mattarianda 

219672 

216738. 

-000102 

-164 

Balgtan 

402123 

aamw 

-09009 

-191 

Garmmw 

194964 

193386 

-090048 

-082 

Franca 

653883 

669302 

-09008 

063 

Denmark 

7X3879 

768728 

-000143 

1.75 

Spain 

154250 

158602 

+01 

275 

Portugal 

192654 

201956 

+0845 

425 

NON ERM kStiBERS 




•ranee 

254613 

288688 

+0587 

822 

My 

1793.19 

187591 

+3 

+61 

UK 

0788749 
i era by tote 

0768452 
gpaan Coraetert 

-0000357 

ai Cbnanetai 

-233 

ire In descend: 


* spread Otv. 


2X8 -12 

1.48 -19 


por.MC.ii ia w w w.im . . (D+izsWia 
nan I «S -I -I may 

MWar-om n ia g i t »ia ia« 

ii 1 abo ml tin I wa 

in I mla-ta 



J. Homy Scfcrafcr Waga & (to Ltd ___ 

IMClIllullli.U.M.BCTWK ,071-382 8000 

SMcM+ca *000 9*0 I *08 MM £y- 

SUUXMaultan 1 *25 IIS I 4*1 I* Y 

Wsatn Hint lakrost Cfeaqaa Ace 

ta Muniawi, Tbmon Mia , 07322341+1 

bUNi- +75 m *84 08 

t3*0-CM*8 *80 138 *5* 08 

CljOOO-C+988 *23 118 I A* OV 


£230*6+. 

<so*e-ez4UM 

£ia*0-E«UM- 


A23 118 1 A80]B-WII 

900 92S 902 S-Wl 

179 108 I £77 Ml 

UI 1-73 I ZSlHB 

ptaM non xassa 


ta nk eke khir na» 
W.HKRnki 


1 Frsno, NorMagta Knxnr, and I 


; Batfn fta« Ekwto Un 1 


Pkosnapa dmk MW tor Ecw a poaUm dan* dene#* a week cuimcy. Ouwgnn k 
nde between two wnadK On pweantBge (Maranca btaaan tin aeluM mart* and Eea e 
loreewraney. wid On mata n n pw n ta d peraenMao d Had a n e7 the curancy^ whet r 


■ D-MARK Fvnms {MM) CM 125900 per DM 




■ JAM 

BtaBR VW wnms OMM) Yon 126 par Yan 100 




Open 

Latest 

Chengs 

Wflh 

LOW 

Eat voi 

OpentoL 


Open 

Latest 

Change 

Hgh 

Low 

Est VOi 

Open Int 

Jin 

0.0000 

05983 

-00013 

0.6004 

06983 

13X80 

104641 

Jun 

09601 

09694 

-00012 

09823 

09688 

21981 

38234 

Sap 

06993 

06976 

-0.0010 

06002 

06977 

32516 

38672 

Sap 

09685 

09858 

-09010 

OB656 

(LfltUA 

41629 

44,100 

Dec 

08983 

05984 

-00005 

06884 

06883 

378 

506 

Dec 

09790 

09746 

+00013 

09748 

09730 

119 

1257 


C177WBQ Sinfng and laiki Ua n 

■ wunawuawi 


I bom sat «4 imm ctataad by Bn I 
OB E31650 (cent* par pa*d) 


■ BWWBHmiO Hm—SQMMlSft 125600 par 8Fr 


1 WTTWSQMM) CB2600 part 


Jun 

07084 

07078 

+00002 

07091 

07075 

8957 

27,103 

Jun 

16100 

16078 

-00008 

16112 

16078 

4975 

Ssp 

07080 

07080 

+00002 

07090 

07078 

15998 

20.118 

sra> 

16078 

16052 

-00008 

16096 

16048 

10622 

Dec 

07095 

07098 

+00007 

07100 

07095 

104 

424 

Dec 

- 

16044 

+09003 

- 

- 

8* 


Sitae 

Price 

Jim 

- CALLS - 
Juf 

Auo 

Jun 

— PUTS — 

. • J“l 

Aug 

1X28 

018 

895 

002 

- 

. 

092 

1X80 

5.73 

665 

5.78 

- 

018 

018 

1X78 

324 

368 

288 

- 

062 

069 

1600 

085 

168 

208 

092 

225 

1X1 

1625 

- 

0X9 

099 

162 

428 

275 

1680 

- 

' 008 

029 

496 

865 

463 


WORLD INTEREST RATES 


MONEY RATES 

JinaS Over One Threa Stx One 

right month mtha mtha year 

Batgkan fiU SK SH 69 

weak ago 5ft 5K 5* 5i 5ft 

Pnick 5% 61 54 m 5K 

waak ago 58 6* 51 6ft 5H 

oarawv 5.10 5.10 5.05 5.10 5.12 

weak ago 563 5-10 008 565 568 

Irela nd 5tt Si 5} 5% Si 

weak ago 54 6« 54 5ft 8i 

Italy 7U 7U 79 79 61 

wa* ago 7% 7# 73 73* 84 

Nattwri a nda 068 5.09 6.11 5.14 626 

weak ago 5.16 669 5.13 5.13 &16 

ta t to a rta nd 4 +% 4J +4 49 

weak ago 4N 4H 416 4K 414 

US 416 49 4tt 49 54 

weak ago 449 48 4i 49- 54 

Japta 19 24 29 2H m 

waakago 24 24 24 2H 2% 

■ BUBOn FT London 

InbMtank Fbdng - 4| 4| « 64 

wmk ago 44 W 5 64 

USOoBarCDa - 4.15 466 467 561 

waak ago - 4.15 4X6 465 5X3 

SDR Unkad On - 3% 34 3* 4 

weak ago - 3H 34 3K 4 

ECU Lktad Oa add rales: 1 mdc SB 3 mdn: BRc 8 man: sac 1 yw 
mm an e W aad non tor tiara quoted to On otant by few ta Inane 


KUffg-OMUn potots of 10014 


weak ago 
Italy 

wade ago 
Nkthertanda 

weak ago 


616 5V4 54 

54 5K 54 

514 64 54 

54 64 64 

5.10 5.10 8.05 

663 S-10 008 

514 54 54 

54 Si 84 

7U 7* 79 

754 7# 79 

666 5.09 6.11 

5.16 569 5.13 

4 +14 +4 


Open 

Salt price 

Change 

Ugh 

Low 

Est voi 

Open ht 

84.92 

9460 

+002 

9462 

9468 

13983 

134182 

9462 

9497 

+005 

8469 

9491 

39185 

183253 

94.78 

9+81 

+008 

8468 

94J1 

48003 

210459 

9464 

9461 

+006 

9463 

9460 

34454 

206082 


t(UH=g UOOOro potntoof low 


waak ago 49t 4H 

US 414 44 

waak ago 444 44 

Japan ig 24 

waak ago 24 

■ BUBOn FT London 
In terb a nk Fbdng - 44 


414 456 

44 4Vk 

44 44 

24 24 

24 2A 



Open 

Sad price 

Change 

HWi 

Low 

Eat tel 

Open tot 

Jim 

8220 

9219 

•002 

flpgp 

9217 

3416 

29246 

Sap 

82.07 

9297 

+001 

9210 

9200 

5250 

41980 

Dec 

91.78 

9162 

+093 

9166 

91.72 

8701 

50688 

Mar 

91.48 

91X9 

+002 

9162 

91X0 

678 

12483 

■ THR 

M MONTH 

■UROStRB 

■ mAMC nmMS (UFFQ 8Frim ptate cl 100% 


Open 

Sett price 

Change 

HI*. 

Low 

Eat voi 

Open mt 

Jun 

9667 

9669 

+006 

9074 

9665 

1728 

17294 

Sap 

9568 

B&60 

+098 


8055 

3339 

29034 

Dec 

9597 

95X0 

+006 

96X4 

9037 

801 

7775 

Mar 

9522 

9522 

+096 

9025 

9020 

289 

6142 


Pw+oui Omft <toL. Cals 0*8 Put* SX+O . Prw. day* op* hu CM. I 


INTEREST 


LONDON MONEY RATES 

•hat 8 Over- 7 days One Ttry Stx One 

right mxL4 iiioikti nKHtlha nto rrtha year 

Wartjar* Storing Sh-4 4*. 4* 6i - 4fi Sft - 5 U U-6& 6,5,-531 

OaringCOa - Sh-f& 5%-5>* 5H-«J 

ItoMjBh +C-4S 

aw* BB* - - 4%-4» 431-48 

loot authority daps. 4* - 4£ - 4ft 5* - +fl 5%-S W. - 5 A sU - sfi 

Obcount Uafcgt daps 51|-4V +H - 4ii - 


UK ciaartng bat* ten tarring rata 5^+ par cant (tom February 6. 1994 

Up to 1 1-3 3-6 6-9 9-12 

iiwrHb month month* montha inunttw 

Carta of Tax dap. (210060(9 4 A 3% 3ig 

C+rt* ri T«, d* wtoer C100000 k 1 hpo. OapokH MBrttai tor cadi \po. 
ta taadv rat* af riaoaunt +7801 pe. BCGO tad ran 88g. &porr naan*. Mkn «p day Mw 31. 
198+ Aqraed rati ta reded Jm ». 1904 to Jri 38. W+ aOnnnal + MaXTpfe n rikwo n ta tor 
parMtaSOllflMtoUarSI, 198+Sctnnn*IVavi222pc.nakxnH0UTC8eMRBU5>2pc*»n 
June 1,1994 


THE 

MARKETS 
OVE. 




PRECIOUS METALS LATEST 


t Eculm porta of 10094 


InbMtank Fbdng - q 4| 45 (j 

waak ago q W 8 54 

USOoBarCDa - 4.15 466 467 6.21 

waak ago - 4.15 4X8 465 5X3 

SDR Unkad Da - 3% 34 3* 4 

waak ago - 31t 34 3* 4 

ECU Ltaart Oa add rates: 1 mdc SB 3 mdn: M: 8 man: SHc 1 yen: 04. 6 UBOR I 
rata an ottaad rate a tor Mara quoted to On mkkat by tour rataanc e tanka at 11* 
d W- Tin banka art: Barton Tran. Bta or Tokyo, Bracto* and Nadonrt W a. cm. nr. 
>*d rata *ra dn—i ta Bn rtama adc tienay Wkaa. U8 3 COa raid BOR Unkad Dap, 

EURO CURRENCY INTEREST RATES 

Ant 8 Short 7 days Ona Threa Stx 

tut nottca month months montha 

Brtstai tana 5ft - S& SA - S& S 5 . - 5 1 * 5>a - 5H 8ft - 5,1 

Danish Krone 5>4-5 Sit-Sfe B-S* 8l«-5^ #*-* 

D-Maik 3ft -4U B, , a-4H 5ft - «E 5ft - 4U 5ft - +U 

Dutch Gufder 5ft -5ft 5ft -6ft fil,-5A Sh-S& 8l|-5ft 

Franch Franc 5ft - 5ft fift - 5ft 5ft - Sft 5ft - 5ft 5% - 5? 

Portuguare Eat. l& - 13\ is 1 * - 13ft 16 - 14^ 14^ - 12^ 13 - 12 
Spanish Fooata 7*3 - 7ft 7^-7% 7^ -7ft 7fi - 7ft 7ft - 7% 

Storing 4% - 4ft 4fi • 4fi 5 - 4fi Sft - 6ft Sft - 5ft 

3wU 5 Franc 4ft- 4 4ft- 4ft 4ft- 4ft 4,1 -4ft 4,*. -4ft 

Can. DoUr Sft - 6ft 5% - 5ft 5H - W 6-5% 6ft - 6ft 

US Data 4ft -4ft 4ft -4ft 4ft- 4ft 4ft - 4ft 4% - 4ft 

Brin Lira 8ft - 7 7ft -7ft 7ft -7ft 7H-7& 79 - 7tf 

Yen 2,ft-lH 2ft -U! 2ft - iJJ 2ft - 2 2ft - 2ft 

AstonSUng 3% - 3ft 3% -3ft 4£-4A 4ft- 4ft 6ft- Sft 

Start tom <aln an raB tor ttn U9 Beta and Yen, oQnns too day* n cua 






Open 

Salt price 

Change 

Hgh 

Low 

Est voi 

Open bit 

“ 


“ 

Jun 

9493 

9496 

+002 

8496 

9493 

819 

7845 

“ 

“ 


Sop 

9497 

9499 

+006 

9499 

9498 

813 

11960 

- 

- 

— 

Dec 

9362 

8368 

+005 

9368 

9361 

213 

7789 

- 



Mar 

93.70 

9075 

+006 

93.78 

8368 

287 

3297 


iWtjW 0B=F5 C500600 potato of 100M 


: Op. 8 UBOR Intarta* Mng 

1 banka at 11*1 aeah waring 
nri Mtoaartnraar. 

TR Unkad Oapaaba Ota 


59-5H 
8ft - 8 
Sft - 5ft 
6ft * Sft 
6H-SH 

11ft - 10ft 

79-78 

sft-sa 

4ft -4ft 
7-6% 
5*2-5% 
8ft - 8ft 
2ft -2ft 
BH-3B 


3MM)31mpoixaot IHm 



Open 

Lrtaet 

Chratge 

High 

Low 

EsL voi 

Open bit 

Jun 

95X1 

96X2 

+091 

95X4 

9041 

42JB71 

318614 

Sep 

9464 

9462 

+006 

9463 

9464 

806821 

401X18 

Dec 

9421 

9461 

+006 

9463 

942) 

142X82 

398982 


94.75 94.77 

94.40 94.40 

9360 93.79 


■ SHOUT BTBHLHM ornowa 86=Fg £000,000 potota at 100% 


Change 

Hlta 

Low 

Eat voi 

Open Int 

+093 

9478 

9475 

5990 

68388 

+091 

9443 

8438 

8499 

87460 

+091 

9363 

93.72 

29133 

139101 

+091 

93.19 

9395 

8174 

55222 

m tor preriou* d tj. 





■ UB THHBBUHV 1 WIWIHBB QMM) 91m par 10016 


Strte 

mce 

Jun 

— CALLS - 
Sep 

Dae 

Jun 

— PUTS - 
Sop 

Dec 

9478 

0.04 

004 

095 

002 

039 

191 

9600 

0 

091 

002 

063 

Ojbi 

163 

9828 

0 

0 

0 

oxs 

065 

1X6 


LEADING INDICES 


LIVE L1FFE FOOTSIE 


LIVE UFFE LONG GILT 


AU LEADING 
SPOT CURRENCIES 


0839 800 410 


0839 800 412 


0839 35 35 70 


0839 35 35 75 


0839 35 35 15 


Jun 

9562 

9562 

+002 

9663 

9562 

1674 

10669 

Sta 

9034 

9667 

+007 

9567 

9664 

1634 

18677 

Deo 

9481 

9483 

+008 

9483 

9481 

243 

8601 


Ert.rri.Mri. Qto +W? Put# 3377. P ra ri oua <toy-a opan ini. Cato 202038 Puta 1T79Z3 


At Open btaart Oga. ara tor parlow day 
■ DHOUBJIHKOynCtaB ILtfPE) DM1W1 prints nMOMt 


For a dealer pack on all our Premier Financial Services, 
telephone FreeCall 0500 800 456 - 24 hours a day. 


BASE LENDING RATES 


Strike 

Price 

Jin 

Juf 

CALLS - 
Aug 

Sep 

Jut 

Jul 

PUTS 

Aug 

Sep 

9*73 

016 

025 

028 

029 

0 

003 

on 

007 

9600 

0 

009 

012 

014 

0.10 

012 

am 

017 

9525 

0 

0.02 

004 

098 

nas 

030 

032 

034 



Open 

Sett price 

Change 

High 

Low 

&L «S 

Open bit 

Jun 

94X1 

94X6 

♦003 

84X6 

94X1 

9608 

30,191 

Sep 

94X8 

9450 

+006 

9451 

94X5 

18680 

48,790 

Dsa 

9425 

9462 

+007 

9433 

9428 

11,382 

34344 

Mar 

9401 

9408 

+007 

9409 

9400 

5630 

33X48 

■ THROI UOftTH HUmoCXXAH (UFFE)* *1m pcirt* of 100% 




Open 

Sett price 

Change 

Ngh 

Low 

ESL voi 

Open Int 

Jun 

95X2 

95X2 

+001 

95X3 

95X2 

250 

6908 

Sra> 

9486 

9460 

+004 

9492 

8486 

270 

2018 

Deo 

9428 

9428 

+002 

9432 

9428 

148 

1899 

Mar 

9408 

9407 

+001 

9410 

9408 

80 

1098 


BL art. mot. Crile 80» Put* 4+62. Prariaw deyto op* toft Cad* 277407 pun 19WB2 
■ BUBO BIBB FHAHC OPTKtaS flJFFg Sft Ini points of IQQSt 


SHra CALLS PUTS 

Woe An Sep Dec Jun Sop 

9650 020 023 023 001 ai2 

9078 001 .Oil 013 067 028 

9600 0 006 008 061 0X5 

Eat Wt tart. Crt* 0 Pbt* 600. PlWfaw dqto span I*. Crta 610 tai 3749 


Mam & Company — S2S 

PJSed Trust Bank 325 

AB Barit — 323 

OHenyAntachm 625 

BradtofBupda 525 

Banco Otoao Vtaaya- 525 

Bank oi Cyprus S25 

Bonk at Inland 626 

Baric of In* 526 

Bank of Seated 525 

BandoyoSenk 525 

BriBkofMUEaat — 825 
■8njan9dptoy&C&IJd£25 
CL Ba* Nederland 525 

CMbankNA 626 

Qyda ad ria Baric 523 

Tha Cooporita Bank. S2S 

Coufia&Co- 525 

Cradk Lyonnab — — 323 
Cyprus Fopiiar Bra* _323 


% 

DuicanLjnito 525 

Exster Bank tinted— 825 
Ftoantai&OanBra*- 6 
•Rabat Horrtng 8 Co - 625 

Qbritak 526 

•Grim* Mahon 525 

Habto8ra*AG2udch.S20 

•HrartraBar* 525 

HatabteS Gentry Bl 525 

Ml Samuel 625 

C. Hoara & Co— 52$ 

Hongkong & Shanghai 52$ 
Jtan Hodge Bra* ... 82S 
•teepddjOTph&Sans&aS 

UoydoBra* 623 

MotariBra * Ud 525 

MriandBra* S2S 

* Mount Barring 8 

HBI teta ra — 525 

•ftaaBradiara sa 


* Hoduta* Gcrairate 
CMpatitanLMadlana 
tangarteBtiHdai 
a barring Mkrion. 6 
Royal Bk tf Sooted- 525 
•ftnBi & WNiran Sacs . 525 

TSB 525 

•Utad&koWiml— 52 
UnBy Trust Bar* Pic _ S2S 
WteamHust 625 

VVhtewray Latter „ 525 
YorWtaBra* 525 


• Members ot British 
Merchant Banking 5 
Securities Houees 


ananAAAA 


Futures CaH V The City's live Wir® 





35 


FIKANCIAL TIMES THURSDAY JUNE *9 1994 



WORLD STOCK MARKETS 


■ a*. . 





Si 


'3k 1 ® 

. . ■ — 1,000 BOS 2.1 
470 +22 --MB 403 2.1 
*3 "288 171 ZA 
«8 326 1J __ 
+40 m MS 2,7 
'468 +13 000 430 12 — 

wr+wwiMii ijo _ 


— tan 




h.w.i. * < 

' ' * 


1 


■BLfiHBAiDOBBIMa tko 8 / FCS.) 

MM 7.7i taa +to Mao 7.600 a.i 

T SR^SKaBs 

IHHg 
arxisg 
B JWRfi 

is if HHHg 


SooS* . MD 


-E3. 



IMnFr STD 
AWeo 2G72M 
Wdkc 2BOXO 

wnua.z88.io 


+4X010WO 119 — 
+10 1395 1.085 OLB 
+1706^00 5X60 0.7 
+6 2B82HU0 _ 
-IS B24 MS 27 
+440 274207.10 12 
*3 16716060 (J 
+16 1348 MB 5.7 
*«0™ MS S3 

+30 280 100 

+130 626 386 X6 
-2 536 382 52 
I +330 23413010 33 
! +844620370.16 83 

+U B36 7S3 13 
-81309 819 _ 

’ +131,156 880 43 
+230 G043BZ.W — 
+480157.401ZUO 28 
-17 762 Ml 14 
„ 343 770 0.7 
-1033902710 18 
+11 734 B78 33 
+2S 1783 1327 27 
-1 48830 J5B.I0 - 
+1 B00 SIS 21 
+210 61045020 21 
._ 700 610 8L0 
-34 24701831 _ 
+11 TB2 696 27 

z’SiS’f 

+7 377 295 33 
+130 2120 2281 1.1 
+180 214 180 62 
+4J0 3M5D 293.10 33 
+1JQ2MA14U0 28 
— 404 420 33 
-JO BCe 460 58 
+6 800 593 58 
+180 307 23510 15 

♦40 MS 240 14 
-280 335 262 38 


MEhenjtwsuuna/ns.) 


+/- mat um iw wt 


+/- 


2E- 


HW I4» TM M 


♦ /- MU 14+ 


ABNAmr 6280 
AEGON easo 

A&Od 4770 
WZDN 20630 
ABHOpe 7780 
BetaWs 3930 
8WfcM 4480 
CSM B470 
03M 13680X1 
Dacota 19180 
Ban 16730 
FHfltfl 1640 
tenon 100.70 
fflrtW 4080 
Haartu 130 

win 22680 
Hone 321 
■toW* 7280 
HtnD0 7530 
KGCN 3630 
MGDpR 7880 
x ok so 
KLH +0 79 
RW0T 46 
KPKDpfl 4680 
6780 
81 

~ 81 

Ocna- 



Rothc 1 

88 

KM* 1 
Sank* 4780 

(MDp 10260 

«HI 17620 
(toODpfi 5280 
WHDpR 11220 


-80 7170 59.70 47 
+13011D5DS08Q88 
+40 5140 44 — 

-80 229U78D 11 
+20 8840 6080 41 

— 4720 8680 — 

— 52 « 28 

+3)77806380 — 
+80 14BB&S) 1.1 
+.10 206173.70 2.6 

+ 3 1«70 mn 18 
-20 261190 46 

-10150 06 48 

+30 S&00 4110 2.7 
— 80 15MB IQ — 
+50 2(42021 Km 18 

— 33650 284 ID 

+80 784880 11 

+230 9150 6880 28 
-.10 45 3880 11 

-3034.70 7420 03 

— 9080 7880 28 

+80 6470 (OSD 2.0 
-.10 52 44 08 

+120 5720 4750 11 
+1808530 6180 48 
-3010520 61 28 

+.70 8050 6475 - 
-308830 6580 ZB 
+30 9780 40 03 

-1206450 7358 88 
+.10 1ST TI&20 28 
+.19 86 59 53 

-5Q 124011125 28 
--8010550 8850 10 
-80204018528 44 
+.20 60304020 13 

♦220 238 187 11 

♦3 20050 185 2.1 

+.105650 4530 15 
+.701S60WU0 1.4 


nctO' 1.150 
RcMBTI 2800x1 
HEtaOn 6890x1 

— 58587 1080 

— OW» 801 
_ SMHR5 156 

— snazsr 7«s 

— Bntd’C 387b 
718 

1300 
958 
426 

SnBMo 212 

EH 


792 

1353 

na 

1357 


_ StaM 
— UnBKBf 

10M_D_ j 

_ WttMnu 

_ zaire 


-1618401.149 - 
_ uoanico 04 
+60 7270 8.150 07 

— 23001500 22 
-8 1355 770 12 
-3 227 160 12 

+18 888 707 — 

— 42891555 18 
+16 670 603 — 
+401850 1480 28 
+20 1,100 845 18 

+6 531 858 38 
+3 259 180 _ 
-1 815 610 — 

— 770 598 — 
+19 085 735 — 

+4 150S15GS 13 
+14 832 610 ._ 
+215151320 14 


KaniyD 


_ KaifamJ 

— Kunbo 

— Koran 

— ferata 

— nata 
_ ftn 
_ iMoSti 
_ KVBm 
._ KvtMH 

— IWBPa 
UDnCD 

_ ijjTMCr 


z PACIFIC 

“ JAPAN (An 8 /Yen) 


HBOC 

w 

Uantaa 

Maul 

HSMI 


= 5GS 

— MMM 
” AfceB 


~ Amene 

— Much 
~ Amsa 

— MM 

” 5SS“ 


— AS8«S 

- AmMO 



DeaHK(JunB/Ki) 



fc * **V*. 


. ■ V 1 

* IV r 

Hie ^ 

_ ••■+> . 




MPA- : --8 OD 

csr- '& 

-Codon 1700 
06128129800 
Dotted 954 
Dwti* WS 
EM* . 174 

FLSB .. M 

OHM 60S 
bob 229 
«MB 3d 

35* . .1220- 

MOM "' gf 
062 


EoptaA-ESSJOal 

gl 

tUdrt 226 


— 730 505 25 

♦« 2H1 21S 22 

♦14 333 5*7 12 
-100 7.000 5.700 (LB 

+1 880 OBM JtUBB 04 
■+4 1.140 Via 12 
: +10 42T >10 IS 
+23023 162 52 
+10 015 3B7 22 

+2 - 643 445 13 
+0‘. 270- Z16 _. 
+3-425 332 ZD 
^ - 1860 1,140 02 
—385 252 32 
+778321 GD6 06 
—+1S 737 330 "09 
■ — 815 330 07 
- +3 H76 473 0J 
+42 49932032 24 
' +139B4S 300 — 

— 1232-919 12 
+7 267 287 JB 44 


Z Z “WWirwunB/Dm.) 


AK 18980 +JO 19938 153 05 
AOncW 382 — 865 544 £1 

WHO 1220 +60 1448 1 ,120 1 .1 

2447 +20 2811 2287 06 

646 +20 B70 G79 15 

1800 -401.191 897 _ 

am _ iss T8T08 

61880 +4.80303 Z76 28 
495 +1 510 435 1 8 

360 — 438 348 28 

371JJO +4804W80 330 38 
gWOll 42060 -1 S31J042ESD 3.4 

BWIWr 81 Or -T B29 839 15 

-80 57543S50 28 
-15 990 BIB 15 

+1034856 238 12 
-420 6ZB 383 32 
+8 961 730 12 

-IS 1830 1,140 07 
-10 1839 840 1.1 

-650 368 325 32 

Mag - an + 1 - 20 ZflB 230 12 
DLW 496 *13 BOO 46550 04 

Onto*- 80420 +220 91477150 12 
□guem 61020 -120 SOB 443 14 
aw 24750 — 220 2B65B 235 — 

OschBk 73750 —4 987 5D 723.79 i2 

rarnnk 17220+020 188 13228 
Dooflli 586 +8 807 B31 22 

Wpwk 280 -2 310 260 12 

DndBk 37B20 -2 40650 370 32 

GOC 805 +2420 818 486 12 
GrrsTm 27250 +850 307 260 12 - 
OOacti 700 -8 700 300 2.0 

rtonfla 210 +5 245 IDS 3.1 

HotdZra 1880 +10 1.3001.180 09 

HnlaMP eions — 881 802 1 2 

Krta 380 +3 440 382 22 

HflCMf -.IflBS +2618821.040 12 
tftM 351 +S3PJ0 2BUD 22 

900 +5 1.060 - sac 12 

230 -20 253 222 22 
28720 +20 324 2BS 32 
388 +420 433 383 2.1 
14020 +1 169 141 2D — 

mi B2B +6 940 516 2.1 

m : 20920 +550 668 401 28 
KHD 138 +1 1812D 11S.10 — 

K>K»W 15120 -2 179 102.70 32 


(Jim 8 /Kroner) 


cam 

Drain 

EfcWFr 


Sea B8f 

SenboT 

SJOffl 

IMor 

IIMA 

VXNA 


85 

1B0 

1126 

156 

85 

112*1 
320 
10020 
231 ir 
16420 
228 
146 

77 

78 
80 

111 

130 

40 

ea 


+160 112 
-120 TBS 
-JJ6 I960 
-2 Iffl 
-3 114 
+1 140 
-220 396 
♦201155D 
-I 280 
-320 208 
—8 806 

— 16460 

— 91 

-20 91 

+1 97 

-1 122 
-2 181 
— B450 


8120 4.1 

’!§“ 
129 18 
8580 — 
111 19 
320 1.7 
OS 32 
206 12 
101 15 
228 12 
196 28 
- 74 22 
72 28 
72 — 
8620 1 A 
122 22 
SI — 
57 9.1 


bKSi 

m 

CSX 

= 8K 

“ Canon 

— cams 

— CatoC 

— teem 


1880 

600 

1.110 

ijwg 

1.160 

1.720 

685 

1.480 

498 

1730 

5830 

1.170 

l.ieo 

77D 

12B0 

582 

475 

830 

018 

1240 

743 

1300 

1,140 

646 

1.790 


-101.4201^00 — 
+4 612 406 — 
+401800 991 05 
+201800 976 - 
TJTUJ 891 — 
♦101.7301870 _ 
-2 744 503 12 
+501*480 840 _. 
+3 534 402 12 
-30 8200 3.460 .. 
♦20 5230 AfiTO 08 
+1012001830 — 
— 12601.100 — 
—3 BOS 590 12 

— 12901840 — 
+4 585 410 08 
+2 406 380 1.1 

+11 670 250 — 
-» 99B B55 — 
+10 1270 1200 02 
+19 745 415 — 
+8013801410 — 

— 1220 842 38 
♦18 054 438 
♦10 1210 1230 — 


MXBff 


- MtaCC 


— i®coro 


— M>Tr8 


1430 -80 2220 1 

974 +22 096 

770 +4 72S 

884 +4 888 

725 +20 777 
S11 +2 630 

466 +7 477 

1810 +10 1840 1810 — 
602 -3 011 406 _ 

1880 — 2.730 1220 — 

8850 +130 7830 6880 _ 
500 +10 506 375 1 8 
037 -2 889 786 ... 

965 -10 1 860 805 — 

2J4B -60 1800 _ 

730 +1 782 630 

1200 +101230 798 — 

1.140 -10 1 340 988 03 

790 +25 790 El 2 

1180 +1011901380 

568 +2 579 428 

818 +4 071 780 18 

424 +14 424 321 — 

1 J40 — 1850 1.420 TJ 

1850 +20 1850 1,700 - 
1800 +30 1800 1800 - 

1.160 — 1220 990 18 

3840 +150 3,6*0 2.720 — 
938 +30 850 711 .... 
626 +5 834 397 — 

BIB +9 B« 686 
692 — BBS 657 — 

760 +1 750 502 08 

1.770 -20 1840 1860 07 

+19 829 480 — 

584 -2 592. 386 

1,150 +201230 790 as 
1750 +30 3810 2X00 ._ 

1230 _ 12501820 _ 

710 +18 714 520 — 

1260 +10 1200 905 _ 

620 +17 SS3 335 — 

767 +15 793 603 - 

515 -7 633 425 _. 

547 -5 565 394 __ 

963 +8 963 738 - 

907 — 14)10 043 — 

734 +19 734 487 — 

ESO -9 734 560 - 
S20 +0 SJ7 407 — 

416 — 445 310 — 

BIB -11 640 306 — 
1,820 +80 1830 1.140 — 


W30 -10 1340 2800 — 416 UDMxa 1,740 +201210 V450 — 


— cnaaa 

= sxs 


— SMM(Jun8/PB.) 


550 

«a 

941 

1830 

737 

2.700 

1.170 

* 8*0 


871 

eo5 

629 

1.720 

1830 

?rai 

1820 


CEPSA 

tet)l« 

cams 

OrgdCM 

BaoAg 

BUtoBB 


BMRT 

Kate 


fULAAOUunB/Mtal 



-1 164KE5D 13 
+2 178 130 12 
-180. 105 80 — 

-+2046203680 12 
-0 233 17*12 
+.10 IT. +010 J0- — 
+20 6B 45 22 
-S 705 SR 18 
■ - ^132^- 100 r~- 
'-•>.,247 17*12 
+1 250 170 12 
. +2 250 200- — 
+1 • 2B0 180.08: 
- +2-405-087 07 
—20 102 « •_ 

— 104 79 12 

-20 M2- 09 12 

- 12088.10 0.7 

+1 225 160 29 

-jo 31 eo — 
+.102020 1320 


660 12 
890 1 2 
030 12 
362 32 
105 — 


'- 1 — ' W,1 

‘ ' ’’ i 

■' -v is 

. ■ .« 

• •,*• w* 3 b 


• FRANCE (Jin 8 / Rs.) 


AGF 470 -020 87B4C.1D — 

ACOOr 676*1 +23 780 605 IB ■ 

AKJn 003 +70 .095 740 18 

M±f. .830 +11 013 50022 

Att 1,377 +47 1249 1257 15 

VC 1269 +1 1.433 1,102 14 • 

SSN 047. +121802 nS 22 

BM> 263 +32026950 240 +.. 

BncaJr 557 +2) 60S 500 27 

Donoin 3.060.- +M4"3jaO Z.WV 3*0 


Lphtrrfl _ 

Loon 790 +10 850 

as a 2 37S 

LOtlm 18390+120 22050 __ , 

UtftPf 100.50 +120 Zlfl 150 12 
MAH 411 -4 470 378 11 

MAN PT 317 -+1 387 302 17 
Manam. 448 +Z5O48BJS0 387 1.1 
UaonV 600 _ B22 766 _1 

MtaSa 23150 +8 ZB01755O 32 

Muobho 2.900 -90 3^17 1840 (L4 

PWA aUO +220 262 210 — - 
fnwxum 326 +1 53030450 17 

PotcO 780 -15 888 606 09 

n * M 0 " 447 +150 498 427 22 

1WE 451 +25S5D 420 2.7 

HWEPT 36650 -620 424 338 14 
KMoE 1J7S -121^20 1140 02 
Hunts 838 +18 372 306 11 

ftfnraPT 260 +5 267 225 82 

MU 283-10 +20 313 2S3 11 
1261 +0 U*IB 970 15 

.384.50 +120 498 350 12 

70020 +6.107982066150 12 
610 _ 005 810 12 

54A _ 660 460 1.1 

27520 -+20 30023620 12 

Vera 320 -2 380 307 3.1 

Vote 51450*1 +20 532 468 16 
MOW 385 -1 3B7 317 12 

YorWjJ 382 +4 415 37014 

Mat 470 +32051150 441 12 
wr .48420x1 —.10 654 410 02 
VW PI 385*1 +220 443 
Wflfap. 660 
EnfOao 225 


5230 

5210 

3.1TO 

1905 
423S 
15.330 
4250*" 
1226 
1340 
4.700 
11250 
1305 
1210 
1730 
BJ60 
970 
B22 
421D 
1220 
0280' 
5.780*1 
6J60 
12 . 200 
4286 


terto 
Sen B 

TabacA 

Tamm 

Tudor 

Un Fan 

UnFM 

(MB 

WM*n 


70* 

4.100 

1286 

1260 

878 

1.750 

1235 

11 m 

3.460 


-10 8,280 8200 22 
+60 8JW 5^400 — 
+15 3235 2290 5J 
+25 3200 2260 72 
+15 4235 3275 4.1 
♦180 17JW 14.100 16 
*160 6221 4285 02 
-as 1.435 700 200 
+40 3280 1410 32 
-80 427D 3400 18 
+11011480 9220 12 
+5 2JT3 2280 32 
-151J7E12HJ 12 
-20 32801456 22 
+10 8,100 0.140 22 
+1 1,100 066 — 
+7 890 416 109 
-*0 6.140 3200 32 
+20 1210 921 — 
+100 7^80 4.800 22 
—40 7230 3.400 10 
+70 0460 4210 12 
—100 12200 9,710 12 
+40 4200 3280 2.7 
-0 311 102 _ 

— 696 351 72 
+4 SIS 810 6.1 

+50 4.450 3200 52 
-5 1106 1285 33 
+50 1 ,435 BM 12 
+8 738 S7B 82 
+801400 1.416 10+ 
— 1.710 1.150 42 

— 3,7201315 12 
+051480 1260 02 


DbAstq 

DTtwu 

DMtm 


— DemJO 


766 

009 

1230 


— GrCres 1250 


+70 1,380 123) 02 

— 600 316 — 

+8 434 337 12 
+1 6B7 041 — 

+301.440 12*0 05 
+3 737 571 09 
-2022702220 — 

— 1250 1.130 — 

-20 3780 2510 _ 

1240 +1101240 1210 — 

+23 sen aw 02 
♦ 3 MO 706 — 

-12 675 410 — 

+14 636 307 — 

-30 1270 1,420 _ 

-40 1,490 1 250 02 
+10 2260 1.720 — 

-10 1210 1^00 _ 

830 -a 048 660 _. 

1,190 +40 1200 600 — 

830 -10 BIO ESI 

-1 649 415 — 

— 1270 993 — 

+401240 1560 — 

+10 505 346 — 

— 1280 979 — 

-5 M3 B97 02 _ 

+60 1260 951 — — bcMRj 

— 1,710 1.480 —712 MTUy 
+40 12501230 05 
-20 4550 3250 02 

m -1 706 545 OS 

605 — 010 468 — 

12S0 +20 1.370 1.250 — 

1200 -10 1 260 1,720 — 

1.1 ID -10 1,170 993 — 

4.740 +140 4,740 3200 — 

843 +3 690 521 08 

1390 +30 1450 1220 — 

344 +11 553 440 — 

1220 +2022602200 — 

604 -0 713 SOS 12 

-474 +4 474 275 — 

545 — 585 380 — 

83S +171240 719 — 

1290 -30 1270 980 — 

1400 +11016001280 — 

1.150 +50 1,150 841 — 

+16 768 514 _ 

+0 933 787 _ 

-10 1280 1,150 — 


630 +21 848 456 — 

028 +14 030 872 — 

301 — 394 301 — 

1290 —1.420 1.100 D.7 

SS +7 880 73 OJ 

444 -4 450 37B ... 

439 -IT 453 337 _ 

858 -11 879 578 _ 

040 770 0.7 


NTH 


SB? 


423 -3 449 310 — 79.7 TtaOn 

1250 +50 1200 S4S — — TNuLnd 879 

1230 +20 1240 7SO Tim 1200 

2220 +50 1230 1200 02 — TnpnPr 1,490 

731 +0 702 610 ... — Tore* 777 

1270 —1200 059 — — Tafia B42 

1080 -20 1349 1283 0.4 — Tste£C 1.120 

579 +1 824 496 02 — TOlOMa 878 

1590 +30 2200 2200 .... TMOi 838 

4200 +80 4240 3220 — — TiaOl 408 

1.240 +30 1260 B5Q — — TOO IJSfH 

1,100 +201.170 985 — ToyoCn E68 

1/MO +30 1240 1220 ... — TdRAO. 1270 
805 +17 807 386 — — ToyOn 705 

231 — — Twain 071 

605 — — Tovo5A 

525 1.1 — TVWM 

493 _. — ToroTn 

316 — — TuyDTB 1ZS) 


001 

749 

720 

450 


965 


7S4 

722 

474 

910 

973 


711 — — TMfiO 402 

781 OJ — iffiSm 684 

500 — " 


sss* 



— SVBSKiniS/Xranflr) 


AGA A 
ABAB 
Am* A 
Am* 8 
AatraA 


.400 +2 405 

397 +4 479 

802 +1 080 

602 +1 606 

171 +1 TOO 

188 — 194 

98 +1 J0 10850 
95 JO +110060 


-a b» 

-a Z70 220 1.8 


33 a oj 
780 1 A 


z ttAUTtASlB/U^I 


1J57- +30 1,400 T.T11' _ 

BIO • +1914150 - 6434.1 •— 

CapGNll 17450 +4JQ2S0SD 1160) «A.<.+. 
CnMR» 1B1J0 +X40B32S100.1D — =», 
Ofelf 1 200 +8 UBS 1203 32 — 

COMO 16S.10 +4.19 205 146.16 4J _ 
Onora 1.416 +71J701221 JJO. _ 




416 +5 456 .MSI 

CCF . 233.10 . +JM aeO-BO 218 1 J 

OftmF 123* +161J851211 M 

Olya ' 687 _. 856 500 2J - 

Ql-ocf 421 +580 48038810 — — ■ 

CMd 317x1 :: -2 737 606 11 J — 
Onmat 6J10 -40 6,160 5^20 Q.7 — 

ta*«F 702 -3 830 684 — — 

□Nat 423.40 +320 439 301 1J j_ 

OF 039*1 +28 960 760 32 — 

EHwOn 22*4 : -82 1994 1326 IB — 
Era® 770 -10 B40 690 .1J — 

Bftqu 4iai0 +1.60 435UBSI 42 — 

BUCt 359 +1* 392 328 

BSsjn 800 +38 1.127 642 4J> — 

Hfef 920 +14 1,068 060 — — 

eoa® 781 -18 065 740 — — 

* Ex* 720 . -5 030 055 1 J — 

a* 3.450 „ 3,487 1750 16 _ 

file* 1J01 *39 1509 1206 3J. — 

fcnBSCfl 053 — 702 584 23 — 

Mb 35.60 -.90 90.75 20.20 12 ... 

TOO _ 160 -2 1B2 135 &2 — 

ftnew aoo -1 033 eao u — 

.-^®.4J82 +2 CJT20 4.660 1 J ' — 

6TMB4 448 +J0 078 -416 16 

6MU 2.315 ...-2,784 2JXX 0.7 _ 

terart 713 +11 1JB8 B97 0J - 

6M0 564 -* 646 308 20 — 

How 445.10 -1 JO 4TOJW 420 3.7 — 

tart* 568 +0 080 637 15 — 

h*#r 820 . -8 71648t*H> ... 
Ml) 779’ +91 fOt 746 77 — 
taM 37.40 +840 MB S'3J — 
UH 004 +T 570 485 T.1 — 

, S5S. 6*9 +« 709 500 5.4 — 

881 -6 954 727 10 . — 

UlOep 412.40 +04040140 .382 S3 -y- 


-20 0^05 4010 3J . 
-22S&J7S3J10 — ■ 
-20 14601,778 '1.1 
-4 2M - 76 _ 

-2D029JG8 26000 1 A 
+1B01Z4M 1110 _ 
-6 3.100 1J64 1J 
+46 3J3W 1J50 _ 

: -i52ja5ijaz — - 
*131010 USB — 
-40 1020 1140 
+880 13|00 10200 — 
+301S6A1J88 ._ 
-40 7^30 4JT71 IA 
-15 4,6201110 13 
+40 7350 3J7S 17 
-33017JBBlliM 40 
+21J0S iSe 3J 
-3004630037320 — 
-90 4J65 1675- — 
+200 ZB.1D01WH) 1.4 
-a514jO011JBO _ 
-9012100 8J00 — 
+180 17JOO HL07O OB 
— 6.440 47171 10 
-310 1H»0 13.160 — 
-2001070011X10 IJt 
+10 1J49 B70 — 
-40S.1401J16 _ 
-10 8.100 1J10 .. 
+751Sfi 1.970 — 

-20010500 7,900 2J 
-20 5,185 1383 U 
-S1JJ60 409 ._ 

*2> t-8 

+287^00 4.148 — 
„ 4J10 1875 ... 
♦340 1VT0 1800 34 
-18611900 9,201 4 Jt 
+75 1730 1.392 — 
-06O31OTS^OO - 
— ®0 24J02 1A4S7 - 
>10018700 





tsa 

Hffired 

HKom 



+18 
+16 
+3 
-2 

1^ — 10801 .790 Z 

1J« +10 UK) 1.430 .. 

74 8 +2 015 690 

755 +7 78S 623 — 

405 -2 SOT 400 OJ — VMC 

730 +13 744 579 — — 

486 +6 405 412 — — 

1 x 00 + 20 1X30 uan ae _ vum 

1,090 +301,100 065 — — VmtHOT 

6.800 -30 7500 6.150 ... ... VUnKag 

6J70 +170 8^00 4X00 _ YmTrai 

449 -10 482 316 — — YmzSNc 

-20 2 . 0601,810 — _ vnotan 

+70 1040 1230 — — VMS 

— 1.110 937 _ — VMHr 
-1 B02 702 DJ _. VMTffl U20 

+2 820 430 ... _ VtawB 1.100 

_iioo us) as - wBnea ns 

+0 850 628 — — VWreo 718 

-20 lira 1,400 £a Z JSm? 1 ^ 

+1 s = z 2 sr s 

-6 730 484 _ — 

+20 1.290 1.090 OS — 

-S? - «*™ALiA(Jai8/AusS) 

1+20 +401J00U7Qar — 

572 -1 815 441 _ _ 


— SOHO) 2.230 +40 1250 1 J1 0 _. 

— fflTDd 930 _.1J40 840 — 

— su; ij 2 o -to uso i.i*o _ 

... SKMai 1+80 _ 1 J60 1.120 _. 

... 9dU1 6ES -3 838 SOS OJ 

_ SMHi 5*5 +11 561 411 

— GT»0*s 280 -4 301 258 - 

— Shrew GSS +5 700 SDO ._ 

— SUnSNI 588 +4 BZ3 401 _ 

— SftwShS 1.SZ0 _1 J201.110 — 

SkyUr 2X30 -20 1020 1240 — 

— SrrwSdl 770 -4 BOS 700 09 

Sony EJSO +60 6.460 6.490 

— Siafi 800 +4 811 BIB _ 

— SuntBH 7» +15 795 43 ... 

— Sun** 1210 +10129D1JOO __ 

_ Sunten 648 r« 573 432 +. 

_ EinQBB 496 -3 510 *04 _ 

... SumCp 1,100 +30 1.100 837 .... 

SunBe 1J80 +101JB0U80 .... 

.... SunHvy 448 +B 450 380 ... 

— SUHUM <30 +1 453 288 .. 

._ SuiAtar 078 +1 1 J90 051 0.7 

— SUnHB 209 +5 300 252 — 

SurtrtM 990 -4 902 064 _ 

_ Sum* 712 -7 734 011 1 J 

.. Sonittr U40 +101,080 015 .. 

._ SunTTS 1.740 +00 1.740 UBO _. 

— Shunts 801 -3 B15 B74 ... 

_ Surra 1J10 *30 U20 U50 _. 

_ TDX SJ1M +100 5J30 3.780 _ 

_ TNM 703 +0 74S 610 _ 

— TdioRi 1.960 +20 2»0 1,880 1.0 

.. TwBe 68S -4 722 570 _ 

_ Ita^l 837 -3 662 679 0.7 

_ Tmsftt 1X20 -loixaoioro — 

— ivacn 1^10 +20 1J40UB0 — 

_ TttlSN 897 -SIXMO B87 

_ imm 544 -3 507 400 

_ TeMX 770 +1 792 010 09 

_ TaMun 966 -61.100 70£ OJ 

_ TooQob 738 -1 790 666 0.7 — 

... Ttofnna 915 +0 555 3BT 1J _ 

_. Tttarflw B7B -7 770 602 — 

ToflaCp 798 -4 831 870 — — 

-Tori 840 *8 907 533 — — 

T0f» 20.200 +400 21 JOC 1 T^DO _ _ 

— T«*S> 1710 -30 3130 2X60 _ _ 

_. nan 1.410 + 201 X 101.118 — _ 

._ TlaO 407 604 328 _ — 

— ToMco 533 +0 536 416 — 

— TgUoM 1.350 +40 UB0 1.190 06 

+5 567 *21 — 

+301,7201,450 _ _ 

+20 1020 UlO 

_. 1200 1,570 — — 
♦ZD 3J40 3X1S0 — — 
+20 3.460 2.740 _ 

+1 5TO 401 

700 520 — — . 

+30 2,720 1200 _ _ 
-30U90U20 07 _ 
+3 709*50 — 

-6 fCB 807 _. 

-1 73B 60S _ _ 

+70 uaoixao — — 

+2D 1.5001.190 — 

+0 739 57b _ _ 
+13 052 07D _ _ 
-10 1,260 UBO — — 

+22 600 433 — — 
_. 874 000 — — 

_ 414 285 _ 
-1010601.770 
+10 677 421 0.9 — 
-10 1J90 1.430 — 640 
+2 714 SIS — — 
. +12 733 524 _ _ 

3.100 +130 3.300 1680 — — 
2,140 -201180 1,760 _ _ 

498 +12 601 330 — — 

+40 1.270 965 — — 
+3 505 330 — — 
+1 686 432 — — 

+31 570 345 — — 
-4 402 286 — — 
+0 386 272 — — 
+30 1.000 835 — — 
♦10 UX 1,170 1J — 
+80 1.430 930 — — 
♦6 965 820 — — 
+27 907 592 OJ — 
+20 1230 1.900 — ... 
+20 1 J10 1,350 _ _ 
+101,140 800 — — 
-ieij4oi.no _ _ 
+10 2JZ90 1010 OJ — 

— 1,350 1,190 _ - 

+23 538 350 1.0 ... 
+12 040 7Z7OJ50J 
+42 1XJ20 734 ... ... 
+80 1.100 790 ... 

+21 MS BSD — 

+33 710 S23 — — 

— 1XJ70 000 — — 
-20 1.150 921 — — 

+7 72b 442 — — 
+ 19 073 400 .. ... 


Vttmr 952 
Wltag 70S 
BUM 7J2 
VtttfTl 239 
WHnac 4J1X( 
waedn 451 


— BOB 8.10 3X) — 

+.07 a JO 8 J 8 13 — 

+XC 932 7X0 14 .. 

— 256 231 19 

+42 SJ5 448 2.7 

+.11 4J5 330 1J — 

— XJ2 3J2 194 2.0 


- HONS K0B8 (Jun 8 / HX^ 


AmyPr 1040 
BEAM 3075 
CsayP 1120 
CbOtno 3046 
enuon 41 JO 

QAkar 72 

CmER 0J6 
cacP tj tjt+i 
ot» 17 

Warn 1040 


Arrn 

HSBC 


490 

35 

07 


KUI03 1350 


11 
030 
HMJM 4125 
HIM 1540 

wsnHi 1120 


HXA0 
HK Be 


4345 

24.40 


HKLand 21X0 
HOfcA 22.40 
1M 
8.70 

2130 
90S 
58 
31 
16U 


Hywm 


JStra 
KMBu 
UandOr 11.10 

MswWU 24 JO 
RRD«A — - 

SHKPr 


z W 


TVSa 1530 


30.75 
52 
12X0 
SME 5.15 
Sm*D 1120 
SCftUP 4J3 
&*C0 4.17m 
SMraA SB 

8MB 030 
Toma si 
mm 30J0U 

wNocfc ia 

wmoOn 11.79 
11X0 


_ 1540 845 15 04 
_ 50 2080 2X1 252 

_ 1&7D 10X0 34 
_ 52 33 x 3 U — 

-JO 57 37 24 384 

— 01 50 17 B02 

+.10 14 MS — - 

-.10 27 JO I860 1.7 _ 

— iaio taa 34 102 
-10 18J0 1030 OJ — 

_ 845 4.17 24 __ 
-1 45 29 JO 14 — 

+1 131 BO £0 — 

+.10 2140 11 2D 4.2 39 A 

KUO -47.76 34 10.7 

+.10 1030 10.40 OJ 18 
+ JS BJO 5 OS 44 _ 
+.75 60503525 5.1 - 

+.10 242514X0 22 23 X 

— 1540 1040 14 74 

— 54 37.75 Z3 206 

♦ 40 35 JO 2030 3.7 _ 
-20 31.75 19.10 05 — 

— 303 19.40 3.1 244 

+.10 17.70 12 3.1 — 

— 10 JO 6X» 0.1 _ 

+25 42J027J0 11 - 
+.10 332519X30 <X) — 
♦20 13.10 7 BO OJ — 
-JO 84 JO 46.75 0.4 - 
-a 3820 2440 OX — 
+20 25 124024 23X 

+.10 1160 9J0 0 J — 
+J0 42J0 21.10 34 — 

♦ JO 39 30 - 8B.1 

+1 77 48 13 81 J 

+.10 1820 II 14 44 J 
-ID BIS 375 24 164 
-20 15X0 945114 38.1 
+.03 6XS 390 64 — 
+xa 7a 3.73 74 - 
-a 71 SO 24304 
+.10 1120 a 24 147 

— 35.75 23 24 — 

+50 41 2540 12 

-20 22J0 1440 — — 

-.10 16B0 1120 10 — 

+.10 17X0 10.70 7XJ ... 


42950 CAE 
22000 CmjjnBs 
5900 ConOo 
8600 CneFdA 
14650 Cmuor 
14300 C9M)5» 
19300 Cnwco 
71 BOOS Contov 
25*61 CteOec « 
B97S6* Cantac 
500 Coil* 
52072 Coilr* 
17774 CwiWA 
350 CcrUB 
119U teifcr 
33m CanTng 
2101 Mon 
2S26 CWi 
43 CraCoo 
521 20o OnoOG 
13(730 Camnee 
105550 ConlS 
13900 CMC*) 
328(95 CM 
35800 Qwitt 
15900 DenonA 
7100 Oatafl 

290122 IWWI 

395685 DomlnT 
181 okt Danner 


7 +4. 


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24 +1+ 624 24 
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1B5 -5 ISO IBS 
32 -Ik S33 3Z 
32>+ JiCH 224 
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455 -10 405 455 
S54| 523 22b 

3Z4*-1Ht3*l« 32 
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6725 H»*« 


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147175 

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612506 

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315158 

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SOUIH AHDCA (Jun 8 / Rand) 


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-^*SV 


420 


1120 
1430 
1*0 
tePOD 3JCM 
FOB 390 
SbneO 6J0 


+.10 080 390 2.1 
-1 30JO 25 09 
-30 1750 1120 OJ 
-.40 I9J0 1330 03 
-.14 63D 1*0 29 
-.16 095 2.98 OX 
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on day 


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787 

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1100 

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36 


FINANCIAL TIMES THURSDAY JUNEJ^ 1994 


4 pa doss June 8 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


TSM 

HP Lntek 

17% 14% AAR 
16% 13% A LUO* A 
86 87% AMP 
tz% 52% mm 
5 3%ARX 


31% ZS3,AUja 

w% tiHunri 

13% 11% Aepfesu 
31 Z4% ACELM 
12*2 10% ACMSNfcX 108 SL6 
1B% 7%AU«tei OBO 02 
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12 9%A»GK5az 129107 
11% 3% ACM Mm* 126112 
9% IMIlpIr 072 05 


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28% 23 Aturt x 

9% 5% Acta*a 
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B* 46% Ad HfcrQX 
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6% 5Admap 
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97% 40% Aegon ADR 
85% 49% MOL 
34% 25% ABK 
20% 16% Ahum 
4 1%Me*nte 
49% 38% AbftC 
30% 31% Afchrt Frt 
2G 19% Akggi he 
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28% 21% AkTdi 
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21% 17%AIW»»* 035 12 32 
18% 13% Amm 020 12 
25% 19% ABCuB 
21% 17% ADM A 
30% 2S%«t» 

25% 19% AicnM 
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30% 23% AlBOWW 
22% 14 AJbxAI 

24% 17 AMp llM 


W. W Sk On 

Dk 1 MM 93 IN MM 

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0.18 12 » 70 14% 14 14% 

128 2.7 22 188S 84% 83% 63% 

29 4138 97% 57 57% 

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198 58 


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020 21 14 
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rata. hhMM or oh** foMMMU n-fobH umanb. 
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AdoOaS* aa»5521 28% 27 27% -% 

AmanceC 7 699 1l%d10% 10% -A 
A*Lo(fc 8 321 4% 4% 4% +% 

AcftPUyn 7 in 5% 5% 5% +% 

AfoTWL* » 107 14% 14% 14% -% 

Adtaua x 020 19 WO 37% 37 37% +% 

Aflyma* 9 244 13% 12% 13 

A9<wyRe a 3BS 13% 12% 1ft -% 

AqUonEa 010127 73 11% 11% 11% 

A0&J* 020 15 649 23% 3J% 23 +% 

AltoAOR 124 191213 55% 55 K% -% 

AttoCp 36 3167 25% 25% 2% -1% 
AUM 068 1G 143 2% 24% 24% -% 
15 22 ft 8 ft 

AM On) 052 15 19u3ft Sft 37% +% 
MPh 5 630 10% 9% 10 -A 

Aflnapl 160 12 in 14% 13% 1ft +% 

AOdCv on 12 a 14 % m m% +% 

AkwOfiC 022 20 SO 3 03 3 

Ala Gold 006 8 519 I, 7 * 1% 1% 
AMaCo - 299940 32% 30% 30% -ft 

Am Banter *072 8 378 22% 2l!i 22 -% 
AmOyBu 15 5 16 IB IE +% 

Am Moraag a 581 S% 22% 22% +% 

AntlodB 13 458 9% ft ft -% 
Am Satlm 03362 1402 5 4% 4% -% 

AmFitwys 331102 19% 19 1ft 

Anfiltt 050 1&3341 26% 20% 28% -% 
AmkaP 1 879 1 A 1 ij* -A 

AnNtQ x 220 7 11 48 d47 47% -% 

AmPtcrCun 38 6824 22 19% 20% -1% 

Ami* 10 205 13% 12% 12% -% 

Amoon me 16 7871 4S 43% 43% -% 
AmtotJi Cp rrflJK 72 906 10% 15% 15% -1 

AMtfta 4 493 9 08% 6% -% 

Anakolc 18 828 17% 1ft 17% +% 
Analya* 048 14 27 17 18 17 +% 

AnangdAm IBD 14 127 17% 17% 17% +% 
AndrwrCp 21 Z3S4u39% 36% 37% -1% 
AndrasAn 8 190 ift 14% M% 

Apogn Eli 030 25 207 12% 12 12% 

AH’ Bk) 7 596 ft 5% SA 

AnddUa 2730197 44% 39% 40% -3% 
AjWUCx 048 2318544 27% <06 2ft -1% 
Appbbaes 064 40 2588 1B% 15% 15% ■% 
Altxx Dr 024 39 278 18 17% 17% 

Antco 028 22 1325 29% 29 29% -% 

Argonaut 1.16 7 34 28 27% 27% J2 

Armor Alx 0B4 a 155 20% a 2ft -% 

AmaUh 040 17 ID 20 19% 18% +% 

ASK&p 3 1132013% 13 13 -.11 

AspadTU 252911 28% 27% Z7% ft 

AaoocCamm 272 24 26% 24% 24% -A 

AST ten* 921529 16 14% 14% -1% 

Atktisan 15 3 ft 9% 9% 

ABSEAk 062 a 1069 n% 27% 27% -% 

Auto* a48 20 4338 52 49% 50% -1% 

* 13 183 4 3% 3H +,% 

AroMbde are IB 325 8% 8 8 -% 


- B - 

BE) Hx 068 91 9 5% n% S>2 
BoUapU 10 187 13 12 12% -% 

BakvHWt 166 A 0i * 

Baku J an 11 82 18% 18% 18% ft 

BUwaLB 024 3 3 14 14 14 

16 12E 22% 21% 22% ft 

MSuM 044 12 442 1ft 18% 19 +% 

BbdumCp 040 10 16 1ft 18% 18% -% 

BadmuKi 050 13 874u22% 21% 22% +1% 
BaakMton 020 28 24 u34 33% 33% 

Bo* teo 052 16 138 34 33% 33% -% 

IF an 15 434 28% 2ft 2ft 
Boy Wes* an 14 43u25% 24% 2ft ft 
Baylwdu 140 132896 62% 61% 61% -1% 
BB&T Rax 168 0 224 29% 29% 29% ft 

BE Ado 22 73 ft B% ft ft 

BokdlCn 028 34 139u15% 14% ift ft 
Bufotory 18 320 18% 17% 18% ft 

BartteyWR 044 14 20 39% 3ft 39% +% 

BMABp 01212 5 8% 8% ft 

Bllnc 100 221 5% 5 5 

BgBx 01618 312 11% 11% 11% ft 

BtotoyW OH 13 157 12% 11% 12% -% 

Btogan 33 2351 32% 31 31% -% 

Bkxnai 18 5759 9% d9% 9% 

BlackDig 164 11 8 30% 29% 30 

BMC Softer 173243 57% 54% 54% -2% 
Boatmens 124 11 2272 34% 33% 33% ft 
BobEm 827 10 730 21% 21% 21% 

B«* SB 15 153u30% 29% 3ft +% 
Buknd 33813 9% 08% 9 

Boston Bk 076 5 43 32% 31% 31% -% 

BostoaTe 431431 9% 9% ft 

BratyWA on 18 42 47 48 48 

Branco 020 29 398 13 12% 12% 

BnnoS 024161270 7% 7% 7% ft 

BS8Bncp Q7B 9 77 28% 0% 28% +% 

BTSMppg 048 7 77 3% 3 3% ft 


to 5k 

sea nx. e ion upi tnt ua eng 
DbipIMp 062 12 902u2?% 28% 27% +% 
Oed Stops 020 20 63 7, 1 * fi% e% 

DtdcfoEn 032 Q 612 1ft 15 15% +% 

OtkteQa OM 44 IB 31 30 30 -% 

DeUomps 044 11 34 22% 21% 21% ■% 

DU Conor 2728193 28 26% 26% -1% 

OenaOStm 0.10 18 53 15% 15 15 

Ontjdy 33 332 38% 37% 38 

Dap By 160 8 837ii31% 3ft 31% +% 
Drub 020 4 21 8% 8% ft 
DHTatt 17 1295 i£l% Sft 21 A +ft 
DuxeiB an 8 716 18% 1ft 1ft *% 

DIOIMI 14 2383 1ft 14% 1ft +>2 

Mg wen- 7 529 13% 12% 12% ft 

Mo Sound 7 610 1% 1% i% 

ng^rfl 7 35 J% 3% 3*2 ft 

Dmucg 15 27 33 % 32% 32% -% 

DtaeVm 020975 117 10 ft 9% -% 

OKA Rant 21457 4% 4 4% 

DokrGn 020 25 243 25% 25 25 ft 

DorchtOi OBB 14 Z7 13% 13% 13% -% 

MacaCagy 11 830 ft 8 8% -64 

DrossBam If 557 lftd10% 10% -% 

Drey GD 024 2D 715 a% 23% ZJ»> -% 
DmgEnxn OOB 52 611 5% 5ft 
DSBmkh 199 17 957 30% 30% 30% +% 
Durinn 042 12 222 1ft 15% 16% 
DurrRI 030 24 8u33% 32% 32?+ 

DyiUkxO 7 189 2D% 19% 19% ft 


Eagle Fd 
EoadCp 
EateMid 
EO Tel 
Egghead 


EhctfatB 

Baettrs 

Bacon Ass 

EmulraCp 

EnmVntra 

EmtrSn 

Enzonlne 

EtjtkyOl 

EricsnB 

Emu 

EruntSOi 

Exanyte 


ExkkBoc 
Expedllx 010 22 
BxupArw 22 


- E - 

5 21 4% 04% 4% -% 

2 75 A ft 3% -% 

2 30 1% 1% 1% 

018 221753 17% 16% 17 -% 

631289 7% 7% 7% ft 

2 383 2% 2 H 2h 

10 380 10% 1ft 1ft -% 

060 47 IDT 47% 47% 47% -% 

23 6460 20% 19% 19% -1 

M 8 7% 7% 7% +% 

27 1442 6% 08 6% 

40 345 11%011% 11% -68 
75 187 2% 2 S% +% 

2 293 3% 2% 3% +% 

O10 15 9 3% 3% 3% -ie 

048198 3208 4ft 48% 49 -% 

7116 7% 07 7,% -A 

70 14 15% 014% 15% +% 
20 2652 17% 15% 15% -1% 

11 138 8% 7% 8% ft 
16 413 22% 21% 21% -% 

70 ill ft 18% 1ft 
27 13% 13% 13% 


BtfCok 301130 20% 19% 18% ft 

BWOUST 22 164 13% 12% 12% -% 

BurBnm 31 217 ft 8% 8 +% 

BusxkseB 61 7 32% 32% 32% -% 

BUtelUg 5 104 23 22% 23 


- c - 

Cite 186 480 28% 25% 28% ft 

CteatMod 9 116 8% ft ft 
CadScitaps 167 18 81 28% 28% 28% +% 
CktoMCB m lia 22 282 18 18% 1B% 


AMEX COMPOSITE PRICES 


4pmdoaeJuie8 


■ 4441% 11% 11% 
17 .1% 1% 4% 


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Mt* ■ Dk-E 108i Ngh LowOoMCtaa 

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*W 065 * 2*71 
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*WMraA .« 87 
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BWdapi-MBVo 3A, jS . 2H -,V 
3 17 ID 23% S% 22% ft 


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FRG .-21 217081% 21% 21% ft 
M UB 12 3M 7% 7% 7% 
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Mtolto 040,152 18 21% 21 

MAte* 48 47 17% " 

MMA m 39 .300 37' 

Bfoteby JUS 40 11 

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Swan A 16415768 14% 

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081 48 5% 


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CurdncD 030 22 5 18% 16% -18% 

Cunptdnc ■ o 23 % % % 

CtocdRM S 20 7% 7% 7% 

CnooATA 084550 47 16% 18% 11" 

Own C A 048 44 ID 18% 10% 1! 

Crown CB 040 15 42 18% 17% 11 . 

CtddC 053 84 17 1ft 1ft 1ft 
Outarnot* 15 145 2% 2% 2% 


Mb* 

Dtauk 
Dtoonxnun 
Dr*x 048 

Eitmco 


14 290 1% 
30 193 18*: 


30 193 1ft 18 18 

i! s a s s s- 


0« 16 12 16 15% 15 

172375 42 20% a" “ 

Echo Bay 0073541817 10% tt 

fed En Ax 030 10 21 12% 123 

EdfflDte I 11 ft " 

Ban 16 1971 37« 0 

BiqySWT 58 2481 4,% 

10 576 


Minds 064 12*180 34? 

Fta AX 320 18x100 73% 73’ . 

FfltntfK 020 14 2100 11% 11% 11^ 
h*»« 052 77 73i£31% 30% 30j_ 

Ftoatla 29 1038 48% 48% 48% +% 

Fnquancy 2 5 4 4 4ft 



GMFM 


EUdDeid 

Gmmn 

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on 7 16 
072 13 793 
070 34 61 15% 
2 80 % 
32 33 6% 
034 21 102 3% 



IV 5k 

Stack Db. E IBOs fflph LowOoMCtaa 
HesRhCh 4 50 3 02% Sft 

HebUnst 3 313 USA 3% 3% 

Note 013 46 2 10% 18% 10% 

HmsnbnA 15 84 11% 11 11% ft 

CHGUp 1 137 

MranCpx 012 » 50 


to. Corns 


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JkiBaB 

Katana 

WnariiCp 

KfflyBp 

KogrEm 

Ltoargn 
Laser tid 
Lae Rum 
Limmtac 
Lynch Cp 



4 448 4H 
n 825 2ft l 1 
006 18 2704 17% I 1 

41259 ft 5% 6% 
2D 28 13% 13% 13% 
21 17 ft A ft 

a 273 19% 18% 19 

78 zn ft ft ft 

18X100 1% 01> 

IS 329 8 

B 78 If 
1G2 37 
B ID 25 


■tom Co 020 8 



044 27 106 


MsogA 
K5REftd 

NMFta 7 4 3A 3A 3i* -A 

NTTmAx 0563571094 25%II24% 25 -% 
nncanofl 020 lonoo ft ft ft 
racE ia 5 6 6 6 

MR 12 10 8% 8% 8% 

OdefesA 34 135 uft dft 9% 

Ohtai 024152 3» 32% 31% 32 

hfobl 040 86 807 15% 15% 15% ft 


n Sk 

Mo. E not Mgk UwCtasaCbag 

on 47 81 11% 11% 11% 

“ “ ' « . 


FerM 
Pot HttP 
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24 24 


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PtttoyAx OSD 20 243 37 — - 


Ply Gem 

PMC 

PmridaA 


012 

092 

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3S% 37 


S 60 20% 2'.',i 20% 
17 12 15% 15% 15% 
1 210 ij 1A 1 & 


CP 
RtokJBu 



31 2 29% 29% 29% 

3 61 6% 6% 8% 

0 22 1A 01,*. 1ft 

SJWCUp 2.10 10 8 37 36% 37 

ahnllnJon 16 216 17%d17% 17% 
StsriB 004 13 380 12% 12 12% 

HM 21 87 

Tat) Prods 028 53 10 

TteUbta 036 02 B33 42% 41% 41’ 

HwmfldB B9 TO 15% 15% 15 

Them** 30 18 28% 28% 

TaBW 020 21 ' 

TuanOny 

lotos Max *7 812 5§ 5^ . 

TumrBfA 007 68 83 ift ift 18% ft 

TunwflrS 007W5 929 19 18% 18% ft 

UUFUxbA 5 3S, 2% 2% 2% 

UdFouttB 020112 10 2%. 2% 2% 

17 8 ft 6% 6V 

tt 58 28% 28% 28% ft 

10 274 31% 30% 31 ft 

4554 2ft 27% 28% ft 
28 5282011% 11% 11% +% 
an 24 313 28% 2ft 28% 

1.12 20 299 14% 14% 14% ft 
On 13 379u2S% 28% 28% ft 

4 76 4A 4% 4A +& 


Caere Cp 

Ckpen 

Cal Han 

Canftfln 

CandettL 

Cnses 


CUgena 


ft 

-% 


21 549 15% 15% 15% -% 

0 70 2% 2% 2% ft 

10 w .1,5 1,5 t ,5 -,5 

7 812 ft 5% 5% ft 


GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN GERMANY. 

' A sobscripcion hand delivery is available in any one of 112 cities throughout Germany, 
r - ’ ’■ We Will deliver your daily copy of the FT to your home or to your office at no extra charge to you. 

• 5 -.' t . If you would like more information about subscribing please call 

Karl Capp for further details on Frankfurt Tel: 0130 535 f. Fax: 069 5964481. 



118 52S 7% 07 7 

225 8 1411 14 13% 13% -A 

20 881 23% 22 22 -% 

1 1035 1% 1% 1ft +ft 

2 132 3% 3% 3% 

1 133 2ft 2 2 

Cam he 020118 235uB5% 85% 85% ft 
C»mh 2 105 4% 3% 3% 

Cadtaai 012 25 144 46% 46% 48% 

CtetanCm 081 21 5 28% 28 26 ft 

Cascade 060 19 14 21 21 21 +% 

CanyS OW 17 380 12 11% 11% 

4 282 8% 8% 6% 

8 334 19% 18% 19% 

caicp 19 31 12% 12 12 -ft 

Ctfltaffld 77 38 11 10% 10% 

CodtoDT 418439 11% 1ft 10% -% 

CnmHd 1.12 12 813 33% 33% 33% 

CnrlSpr 22 5 11 011 11 -1 

8 7100 4 % 4% 4% 

Otaptal on B 1229 22% a% 22% ft 
QD8 135192 10% 9% 9% ft 

Ctombgo 42 *7 u8% aft ft 
Ctomtai 15 416 1O%01D% 10% -% 
Oranftc 1 280 % d% % 

thaapowr 12 10 3% 3% 3% 

Ct*s&T s 91150 4% 4% 4% ft 
CMmnCp 60 3542 65 62% 62% -1% 

OtoFta 128 12 303 53% 52% 53% ft 

■ Cp 017 301543 32 31% 3fl% ft 

OmoLgc 3225512 33% 2ft 3ft -2% 
CBTefo 128 220 2» 2ft 2ft A 

1232828 24% 22ft 22% -1% 
C&BtoepxlJBIB 34 28% 28% 28% ft 
CtamWr 27 355 7% 7% 7% 

Ofc Dr 43 5 12% 12% 12% 

8T149 4% 4% 4% ft 

CteaCohB in 17 117 28 27% 27% ft 

Ooda&W 122 1947 9% 5% 8% +ft 
CUJaAtam 38 120 10% 10% 1ft ft 
CognexCp 251025 16% 16 18 

Cognos 104 112 11% 11% n% 
Q**Brt 17 77 13% 13 13% 

CDtagen 88 488 21% 21 21% 

Cofedttaax 126 13 86 21 20 21 

CDUGip 080 8 Z7B 24 23% 23% 

Dumb 024 12 313 18% 18% 18% 

CrnotAX 009 181737 18% 17% 18% 

CnottSpX 009 388926 18% 17% 18% 
CwneuniOK 11 514 32% 31% 31% 

Comma 070100 61 18 18 19 

Computes 362 614 11% 10% io% 
ConahkE 54 69 12% 12 12 

Comatadd) 34 880 V. h'o 3% 

CorPto 126 27 314 Aft 39% 39% 
Consfoxn 8 in 7 6% 7 

ConU 1441650261)11% 10% 11 
CantaCU 32 352 17 18% 16% 

DSriDaa 17 32Gull% 11 11% 

CooreA 050 IB 85 18% 18% 18% 

CDpytak 631882 1ft ft 10 

CUttCp 221SK 51% 58% 51 -1% 

Cap Of A 42 473 16 15% 15% ft 

COCtaiBx 002 282496 34% 23% 24% ft 

C^rCaop 02365 1% 1% ift ft 
DOMtes 38 32 6% 6% 6% +% 
Cytogu 43253 ft 5% 51J +ft 


- F - 

FalGrp 11 118 6% 4% 5 

FonCp OW 1? 16 4% 4% 4% +% 

testate 004 53 491 33% 33 33% -ft 

WM 15 4219 2i% 24% 25 

Ftaudcs 3 174 3 % 2% 3 

FVDiThrd 100 16 60 u55 54% 54% -% 

fitly Ofl 7 877 4% 4% 411 +& 

FtogbA 024 0 261 11% 10% IT 

Hana 2915329 25 20% 21*4 -3% 

FatAKram 120 12 1852 35% 35% 35% 

test Are 084 8 870 34% 34% 34% ft 

FatBcOMo in 11 141 25 24 24% 

FstCafflk 080 21 95 24% 24 » 

FKSady 104 11 1321)30% 30 30>2 +% 
FstTem m 10 48t)43% 43% 43% ft 

tetwestn 036 7 495 ft 8% Bi| 
FGtfedMcx are 8 852 22% 22% 3% 
FWkrx 168 11 74 47% 47% 47% ft 
Ftamritt 44 20 7% 7% 7% 
re 25 1281 20% 20% 20% 

RmH 181811 ft 6 ft +% 

FmM 009 151334 5% 5% 5% ft 

FoodLB 009587 715 6 5% 5% +% 

met 10B 10 7 31% 31% 31% +% 

Rndnar 12 15 13%013% 13% -% 
FtweBtaC an 33 1SB6u35% 34% 34% +% 
Factor A 40 191 3% 3% 3% 
FlttRn 104 11 693u29% 28% 29% +% 
Fit Erato 112 38 5 1)27 26% 27 +% 

tel Red 040 8 657 18% 16 ift -ft 

FUHomUx 1.18 11 33321)28% 27% 28% 
Rflarlfi 058 » 128 38 37 37% +% 

FidtaAl 054 11 83u21% 21 21% -% 

fiaon 024 19 173 15014% 14% -% 

tebmdMM 69 ft 5 5 ft 


w sb 

Brat Db. E tab tfifo Lfo txd CM 

- K - 

KSnass OW 12 80 2& 22% 22% -% 
Karan Cp 0« 5 195 9% 9% 9% ft 
KayduiQ) 040 13 525 22 20% 21 ft 

KdfeyOfl 7 1734 7% 6% 7% +% 

MySv 072 22 253 77 2ft 26% % 

KtetaCky Oil IT 137 6% 6% 6% -ft 

Kilted 084 13 23 24% 24 24% +% 

Kramer 14 32 7 7 7 

KLAhStr 499040 41% 37% 37% -ft 

Knmtodge *1399 8% 08 ft +% 

W* IW 1! A K 

Komag lac 180 <029 21% 19% 19% -1% 

KlActoS 9 1594 14% 14% 14% -% 


- L - 

Ladd firm x 0 12 49 78 8% 8% 8% -% 

LanflSh 31 7072 29% 27% 27% -2*4 

Lancasterx 064 20 +514 47% 47 47% -% 

Lana he 096 18 71 18% 18 T8% -% 

LtednfcChh 38 2506 30% 29 29% -A 

Lssptta 10 30 7% ?% 7% ft 

LMtsepe 51 409 6 ft 5% -% 

LaneS 14 2413 ib% ift ift -1% 

Laarsunto 048 16 126 23 22% 22% ft 

LDDS S7 5903 18% 17% IB 

UUCP 0.1 B 2 31 5 5 5 

Leddus 16 1537 13% 12% 13% +% 

Legos Cp 18 4470 31% 29% 30 -1% 

UXyMBc 078 15 531 31 3D*j 3ft +% 

Lie locn 020 16 it 18 17% is 

Uekv 21 134 4% ft 4% 

LfolndA i 028 13 59 15 14% 14% 

LfiBr ircstEKuTCZUlZftiaft +1% 

LmcanT are M an is m% 14% -% 

UndsayMt 14 5 32 31% 32 

UneuTec OW 36 27*0 46% 43% 44% -1% 

LlfoOm 040 18 12 35% 35% 35% -% 

Laewen Gp OOB 27 242 23ii 23% 23% -A 

Lone Star 21 238 7% 6% 7 

LWfiO 4323378 58 54 54 -3% 

LTXCp 21587 ft 2% 2% 

LVW 035 4 279 31% 30% 31% +% 


MO Cm i 005 21 1 1956 24% 24 24% -% 

MS Cart 17 1550 20% 19% 20 ft 

HxMftl DEO 42 61 13% 13% 13^ 

MafeoaGEnn H E 33 32% 33 +% 

UagmaPwr 13 747 3O%029% 29% -% 
Magna Grp 076 12 707 18% 18% 18% 

Mbl But 13 512 8% B ft ft 
UarcamCp 30 250 10% 1D% 10% ft 
13 214 ft 4? a 41® +,'« 

9 38 40 38% 38% 

0 20 1% 1% 1% ft 

19 164 8% 8% 8% -% 

MarahSmKA 044 10 25 10% 10% 10% +% 
MaretoB 000 11 1244 22 21% 21% +% 

10 806 8% 8*z B% ft 

Maxim hi 401364 53% 52 52% -ii 

MBriU Cp 01511 5% 5% 5% -A 

ItoGrntofl 044 13 27 17% 16% 16% 
IfcConoK 048 17 1054 21% 20% 21 ft 

McCmC 48 0691 53% 51% 51% ft 


Stack 

Us. E 

tab 

H«l im Ixa 

tea 

PurtanS 

013 8 

589 20% 3D 20A 

ft 

Pyranta 

11 

488 

7% 7% 7% 

ft 

Oadrolog 

10 

170 

7 ft ft 

■& 

OtemChm DlGS 73 

832 19% 17.99 10% 

ft 

OuttFOod 

020 17 1061 

24 23% 23% 


{kantan 

5314098 14% 13% 1ft 

-A 

QuttBW 

20 

544 14% 13% 14 

ft 

(WCNUMk 

22 

956 

34 33% 33% 

ft 



-R 

m 


Rambow 

12 

281 

14 13% 13% 

*% 


Ratos 


Haymnd 

Rbcgui 

ReLtoA 

Repagai 

Rep teste 

RssrctiM 

teutars 

Ream Inc 
hwF9 
Rooms 
RON gre 


81097 ft ft ft 
3 339 5 4% 4% 

25 4 1ft 1ft 1ft 

321127 35 34 34% 

17 1QQ 1ft 16% 18% 

2 284 4% 4 4 

3% 3% 3»4 

9 8% 8% 


ft 

ft 


ft 


5 178 
15 49 
2W 15 3733 

1 164 ft 5% ft 

060 10 14 35% 35 % 

1.40 22 817 69% 87% 66% 

012 13 36 ft ft ft 

tecnSvSh 056 4 1987 17% 17 17% 

RaosuvUi 015 31901 18% 17% 17% 
Ross Sir 020 11 527 14% 13% 13% 

RmecOMed 25 101 20% 20 20% 


touts 

RPUhc. 

RSFta 

RyoiFn* 


OGB » 253 19% 19 

Ore 20 425 IB 17% 


45 44% 44% +% 


ft 

-% 

ft 

ft 

ft 

ft 

ft 


048 13 410 u?3 21% 22% +1% 
141273 7% 7% 7% +% 


Marine Dr 
UxkdCp 
Marquest 


Med hog 


0 78 J3 % 


- G - 

GlIApp 7 58 4% 3% 3% ft 
G8K Sam x 087 21 134 14% U 14A -A 

Sartos 0 96 3*z 3% 3% +% 

Eknot Rs 10 5 3% 3% 3% 

a* CO 016156 26 ft ft ft 
GedDnd 040 17 640 16% 1ft 18% 
tertyro 18 110 u5 4% 4% ft 

SanakPli 4 954 12% 12 12% ft 

GortraCp 4J30 43 306 25% 25 25% 

Genoshc 133 35 4% 4 4ft 

taEjme 69 919 30 2ft 29% 

anon Gl 040 10 635 17%017% 17% -A 
StMtngSL 012171031 23% 22% 22% ft 
■WIA On 16 99 1ft IB 1ft +% 

GbhBtare II 20 5% 5 5ft 

Goad Goye 172446 13% 12% 13% +% 

teutkPnp on 19 103 s% 21% 22 ft 

GmdnSys 35 580 2% 1% 2% 

Grate 020 74 51 23 22% 22% ft 

Gwen AP OW 11 104 18% 18% 18% +% 


Madeline 016 17 28 13% 13% 13% +% 


ft 
ft 
ft 
•ft 

ID -6% 

ft 
ft 
+1 
ft 
- 1 % 


OnwOiR) 


GmdWn 

cn cup 
tarwarg 


01706 ii ft . 
1 254 3 2% 2% 

6B2 38 13% 13% 13% 
7 4 10*4 1ft 1ft 

51570 9% 9% 9% 


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ft 

ft 

ft 


ft 

ft 

-A 

ft 

ft 

ft 

ft 


ft 

ft 

ft 

ft 

ft 


DSC Ob 
D aRBttUX 013 18 
ru re ftntf - h 


- D - 

1225199 20% 19% 19?i ft 


78 76 76 
9 75 2% 2% 2% 

31 86 7% 7% 7% 
tt 4« 017 1ft 18% ft 


MdtagA 60 18 7 ft Bft -ft 

Htaltaryte 064 B 20 22 21% 22 ft 

Harper Gp 020 14 910 15% 14% 15% +% 
ICO & CD 016 253071 30% 29% 30 ft 
feakmr 183106 19% 19% 19% ft 
Uateere on 21 1579 u13 12% 12% ft 
HeaflhM 9 73 6% ft 6% ft 
them* 14 416 8% 8% 8% 
Hachhgar 016 26 788 18% 15% 15% ft 
fMta| 818 11% 10% 10% ft 

HeknTray 8 248 15% 14% 14% -% 
HarW 072 15 3804 25% 22% 23% -2% 
Hagen Sys 016 30 821 10% 9% 10% +% 
HUoqIc 52 746 12% 11% it% .% 

Home Bert 080 8 24 21% 21 21 -% 

Home 0tC8 072 25 251 u?1 20 20% 

Han tods 044 22 71 3T% 30% 30% -% 
Homteck 15 8276 I4%di2% 13% -% 
HmahRw 044387 160 4 3% 3% 

Hurt JB 020 181832 18%017% 18% -% 
Hurthgtax on 11 817 27% 27% 27% +n 
HotnCo 008 0 15S 2% 02% 2% 
HuWiTaSl 50 1398 32% 30 30% -1% 

HycarSo IB lie 5 4% 4« +A 


IDSys 52 143 ft 8% 8% ft 

DB Comma 2082B57 8 8% 7ft 

5 474 6% 6% 6% -% 
35 388 8 5% 6ft 

4 IBB 5% 5 5 -% 

taped Be 040 37 318ul9% 18% 19% ft 
tod Bum x 1.18 2D 1187 1141 *4 40% 41 +% 

talk* 024219 EG 15% 15% 15% 
HRtS 172018 15 14% 14% 

WBiite 2D12T41 18% 17% 17% -% 

hghsUd 06fi 15 39 11% 10% 10% 

3221548 20 25% 26% -1% 

28 8 11% 11% 11% 

B 55 3 02% 2% -% 

OW 1124913 61% 59V 59% -1% 
8 673 2% 02% 2% 

032 321 6457 19% 018 18% -2% 
21 32 9% 9% ft A 

OW (61222 13% 12% 12% -% 

3 94 9% ft 9% 

7 170 6% 6 6ft 

4 357 12 11% 11% +% 

171435 10 fl% 9% ft 
15 iTBulft 18 18% +V 

0JD6 SO 203 ft 3 3j» 

431 787 ft ft ft ft 
001 15 786 Z7% 25% 27 

1 37 2% 2% 2% 

IS 261 17% 15% 17% 

1.17 38 520B%206%2DB% 


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hSMiyOA 
ktihs 
M Total 
hvacare 
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ft 

ft 

ft 


- J - 

JUSnacfc 151562 13% 12% 13% +% 
■tow he US 171218 11% 11 11% ft 
JLGhd 010 29 O 34% 32% 33% ft 

JotafiUiW 59 9 23% 23% 23% ft 

Janata 10 203 1ft 13% 13% ft 

Jons Mod aio 171027 n% ii it% ft 
JadyoGP 1-20 >1 10Z7 24% 24% 24% ft 
JS8Fh 064 15 180 3% 24% 24*2 

JuaoUg 028 19 206 ift 19 19 -% 

Justh 018 9 420 13 12% 12% 


04 13 293 22% 22 22 

Metarule 024 6 229 5% 4% 4% 
Manta Cp 016 45 20 14% 13% 13% 
Menus 034 198906 10% 010 10 

UmslB 068 II 1701 20% 20*4 20*4 
Mercury G 070 8 252 30% 30 30% 

Motts 128 121288 32% 31% 31% 

Merisel 1040274 10% 00 

Method* A 006 15 165 15*4 14% 15 

UctaetF an 16 408 12% 11% 11% 

■Ad) Matt 200353 443 77% 76% 77% 

McraHM) 8 48 3% 03% 3*2 

Mange 175448 23 21 22% 

Mtaneam 4 119 5*2 5% 5% 

Haprtx 16 204 6% B% B% -% 

Utapafc 3 508 ft 6% 8% ft 

Men 1553X9 53% 51% 52 -1% 

MU AIM 4410247 53% 5ft 50% -2 

Mdbrtic 040 11 54B5 30% 29% 30 ft 

Mfouftah 050 28 29u34% 33% 34% +% 
MtaH OS 191406 27 2ft 26% ft 

Man 1979 25% 24% 25 -% 

Mhrtedi 14 257 It 10% 10% ft 

MatteTU 461905 19 ift 18% 

Modern Cb 020 18 16 7% 7% 7% 

Mortne M 052 19 125 27% 27 27 -% 

Motet 004 791 38*4 35*4 3SA -H 

Mater he 004 281133 38% 37 37% -% 

Moacun 004 13 499 8 7% 7% ft 

MosheeP 038 22 4 30% 30*2 30% ft 

Mr Cotea 17 3176 14% ift ift 

MTS Sys x 056 11 9 28 27% 28 +% 

Mknea 13 245 30% 30 30 

Hycogen 5 225 11% 11 11% +% 


- N- 

NACRe 016132118 31% 30% 30% ft 
task FUST 072 12 40 17% 17% 17% +% 

ItatRza 14 208 8% 8*4 6*4 +% 

Nat Comp* >036 75 294 12% 12 12% ft 

MrsSui 020 21 388 14% 13% 14% ■% 

Mwlgata 12 37 1ft 18 19 ft 

NEC 046103 B2u59% 59% 59% +2 

Nallcar 17 108 27% 27 27 -% 

NatWkGen 23 1623 17% 16% ift ft 
feUAS 94 1091 6% 6% 6% ft 

Maxngw S 3 7% 7% 7% 

Mtrgna 027 20 250 20 ift 20 +% 

MewEBus On 22 335 19% 10 1ft ♦% 

New huge 81635 10% 10% 10% -% 

MngaNat 293*64 421, 38% 36% ft 

NeupriCp 004 13 354 6% 5% 6% 

NoUaDri 2140G5 7% 7 7ft 

NudSUix 056 25 660 56% 55% 56% ft 

MtStrm 040 23 2649 41% 40*2 41 -% 

Nwnan I 13 286 u19 18 18 ft 

N Star IJn 4 575 6% 5% ft 

NurthnTstx 088 14 431 42% 41% 42% 

NWAk 14 1843 14 13% 13% ft 

MMU B82T78T9 18 17 17% ft 

NOWBUS 29B415 3ft J1% 32% -2% 

NSCOUP 8 51 ft d3% 3% 


- o - 

OChadeya 28 102 18 17% 17% ft 

Octal Cun 14 1249 20% 01 8% 19 ft 

OBShrula 14 729 1ft 13% 13% ft 

OgtobnyN On B 7100 25*2 25% 25% 

OrtoCsx 1.46 5 349 28% 27% 28 ft 

OM Kent 1.1 B 11 658 34% 34% 34% ft 

OUNaB 092 18 3 36% d» 38% +% 

Onttmcorp UB 7 262 32% 31% 31% ft 

One Pika 14 137 ia 16% Ift 

saIR SO 420 21% CT 21 

OraetaS 532S66S 37% 35% 3ft 

OrtiSHM 52 229B 21% 20% 20*4 

OrtXfedl 099 22 30 7 % 7% 7% 

QRMStep 9 73 14 13% 13% +% 

DregonMet 031 ID 112 ft 5% 5*4 ft 

ip 6 147 2A 2% 2% 

OBttSA 041 39 879 12%012% 12*4 
Oshkosh T 050 11 56 10% 10% 10% 

OttaTad 1.72 14 21 32*2 32 32% 


- s - 

Sateen UK 8 925 57 56% 56% ft 

Sanderson 030 13 96 17% 17% 17% -% 

ScNrtegrA 030 18 300 25% 25 25 ft 

Sd Med L 7 3627 2B% 27% 27/, -1 A 

SQSvstm 121017 15% 14% 15% ft 
Seta 7 631 7ft 7ft 

ScAexCp ore 7161D 17% ift 16% ft 
Scare Brd 8 4180 8% 7% B% ft 

StaBew 12D 47 Hri 39 3B*4 38% +% 

S'gate 1012418 22 21% 21 A ft 

SB Cp 016 24 245 16% 18 18% +% 

StetesB 036 1 Its 1% 1{* lii -A 

SUacOns 1.17 15 106 25% 24% 25% +% 

Sequrnl 69 3534 14% 14% 1«& ft 

Sequoia 25 295 ft 3% 3% -% 

Sere Tech 12 314 9% 6% S% ft 

SenFtad 22 22 4% 4% 4% -% 

Serensm 15 104 17% 17% 17% 

Staled 084 17 1048 24% 23% 23% +% 
SHLSiatm 3 162 7% 8% 6% 

Sharewood 72 1472 ulB 17 17% +% 
ShoHbUP TO 68 11*4 10*2 11% +% 

StenaOn 161067 19% 18% 19% +% 
SlenaTic 2 13 ft 3% ft ft 

SlgmAlX 033 18 2472 41%d39% 39% ft 
SgnaDa 1 518 8 7% 7% ft 

sacnVBc on 51 405 io% 10% 10% 

StaaiVGp 30 6B3 10% 10% ift ft 

Staptoix 0» 25 4S9 20% 20 20*2 +*2 

Sirtttdd 34 3732 25% 24% 34% +1 

SfoppieB* 686680 27% 25% 26 -2 

Srttwwrf 1 784 5% 4% 5 

SUUX 056 14 1837 20*4 20 20 

SouBttt 088 11 15731)21% 21% 21% ft 

Spiegel A 02D 48 8872 23% 22% 23 ft 

StJudaUd 040 121025 28% 28 3 ft 

SlPteBe 030 10 7U3 21% 21 21% ft 

SkyH 2 514 2% 2% 2% ft 

ks 453339 30 29/2 29% -% 

StaRStr 055 171564 42% 41% 41% ft 

SHMtoo 11 947 17% 18% 18% ft 

SURagk 088 14 42 21% 21 21 ft 

SBtfTac 088 19 455 17 16% 17 

StadyUSA 020 37 104BulD% 10 10A ft 
ShM 135 24 19 10 19 

StraxtoCI 1.18 12 104 2D%019% 20% 
SlrtcdDy 201849 10% 9% TO ft 
Skyfew 02B 22 1805 2fl% 28 28 ft 
5uOwnD 22 68 15*4 14% IS ft 
Sumduntt an 26 111 23 22 23 ft 

SunnUBc 084 14 239 U23 22% 23 

SumnUTe 3B107D 29 27% 28 ft 

SuiSpori 14 180 6*4 5% 5% ft 

StmMc 10Z3BB7 21%019% 19% -ft 

SmtrtTm 29 589u2H*2 28% 28% ft 
SytBBBhc 6219092 u57 53 54% -2% 
SymartfiC 36 2308 13% 13% 13% ft 
Stately are 19 18 19 18% 18% -% 
^nereom 56 15 3A 3A 3,1 ft 

Synergen 2 S3 9% 9 9ft 

SynePe 61 258 15*4 14% 14% ft 

Synoptics 148295 16*2 15% 16 ft 

Syanfiofl 012 17 892 15% 14% 15 ft 

Sysfcfflta 301200 1B% 18% 18% ft 
SyatBmed 251144 6% 5% 8% ft 


1-Cel SC 
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are 191044 31% 31 31% +% 
17 383 13% 13% 13% ft 
TCACBUe 044 27 194 23 22% 22% 

TecMMa 1019125 16*4 015 15% 

TeaxRsahxan 14 TOO 54% 54% 54% 

TUttfc 2 B84 9% 9% 9% 

Taka Sys B 958 15% 14% 14% 

TekOarenA 30719585 22% 21.% 21% 
72218 5% 4% 4% 
2013655 31% 27% 28% -1% 
Teton Cp 001 851965 16% 15% 15% -1% 
Telra Tec 72 39 8 % 8% 8% ft 

TevURiADR 027 25 3568 25*4 2ft 24% 

Three Cun 2914449 43%d40% 41% 

TJW 022 33 849 22% 21% 22 

Totes Mad 2 483 4% 4% 4,®, 

Tokyo Mb 032 39 7 65 65 55 

Tom Brown 831781015% 15% 15% 

To(XW Co 028356 1387 7% 6% 7% +% 

IPIErter 3 453 7% 6% 7% ft 

Tmwh 10 32 10% 19% 10% 

Trererickx TOD 12 443u*3% 42% 43 ft 

Tricar* 9 248 3% 2% 2}J 

Trtatto 51 95 10% 9% 9% ft 

TnraoBXCxUn 10 BB 20 19*2 ZD +% 

Tseng Lab 020 12 328 7% 6% 6% 

TySfWx OOB IB 3453 23A 22% 23 +% 


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IMU) 2 2032 5% 5% 5% 

UCtWsCS 100 13 300 16 15% 15% ft 

US T9 200 12 105 52 51% 51% ft 

Unled St 040 9 254 11 10% 10% ft 

(Mhgx OW 20 427 26% 26 28%+% 

IMtrtn 1.40 22 368 <1% 41 41% 

USBancpx 088 112409 27% 27% 27% ft 
us Energy 27 20 4% 4.1B 4.1B 

U5TCup 1.12 91400 13% 13% 13% +% 
Utah Med 12 255 7% 7 7%+% 

IW Tatar I0zi00u47% 47% 47% +1% 
Udb 18 4 5% 5% 5*4 ft 



- V - 


Paccar 


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PacOiatapxQffi 12 

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Rnhenon 39 1267 16%d15*4 15% 
RgneuCpxOW 27 226 40% 40 40% 


ftnxrtfl 056 231699 34 33% 33% ft 

HaneuS 014 13 87 24% 23% 24% ft 

PtoBFM 5 42 8% 7% 7% 

PDbtt 18 40 6% 8% 8% ft 

Pres Lib OtB 3 268 6% 6% 6% ft 

meat* 1021038 28% 27 Z7% ft 

Rtfoa 2122895 14% 13% 14 ft 

PHtePBt 371510 Sd4% 4% ft 

Prtarart IS noo 9 9 9 

PmflOps 024 22 34 25% X 25 ft 


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Vngiri Call 

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Mentone 

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31 5484 14% 13% 14% 

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VUraB 

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- w- 



WamarEn 010 20 178 27*4 26 26*4 

terrnttcfi 76 298 4A 4% ft 

tesMtaSBOn 7 1678 21% 21% 21% 
WastfedSL an 9 319 22% 22% 22% 
teOshdAl D22 10 172 26% 25% 25% 
Wausau PM 024 16 <20 26%d25% 25% 
WJ-40 OOO 15 531 38%038% 39 
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072 121349 32 31% 31% 

5 306 12% 11% 11% 
1 498 Iftdlft 14% 
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WBteman* 781891 35% 34% 34% 

MtehnLxOa 12 147 14%013% 14 

Mhngtx 040 2< 241 19% 18% 18% 
Group 003 22 419 3A 3% ft 
WytnaihGUia40 4 IBID 6% 6 6 


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ft 

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ft 

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- X - Y - Z - 

am 26 7888 43% 41% 41% -T% 

XuiaCup 2 128 3% 3% 3% 

YbBon 094 26 958 18% 18 18 -% 

rufcteui 45 263 4% 3% 4% 

flttdtoh 1.12 10 31 041^4 40% 41j«8 + 74 


j.fi 





WORLD STOCK MARKETS 


AMERICA 


FINANCIAL TIMES 


Thursday June 9 1994 


EUROPE 


Dow becalmed despite 
new progress by bonds 


Reappraisal of banks helps Frankfurt 


Wall Street 

US share prices gathered no 
forward momentum yesterday 
morning despite renewed prog- 
ress by the bond market, writes 
Frank McCurty In New York. 

By 1 pm, the Dow Jones 
Industrial Average was 3.08 
lower at 3,752.83, while the 
more broadly based Standard 
& Poor’s 500 slipped 0.56 to 
457.65. 

In the secondary markets, 
the American SE composite 
was down a scant 0.82 at 441.67. 
The Nasdaq showed the sharp- 
est decline among the leading 
market Indices, foiling 5.08 to 
734.22 under the weight of 
slumping technology issues. 

Volume ou the NYSE was 
moderate, with 147m shares 
traded by 1pm. Declining 
issues led advances, 1,001 to 
942. 

It was yet another day with- 
out economic guidance from 
Washington, but remarks by 
two senior officials helped Oil 
the void. 

In London, the chairman of 
the Federal Reserve, Mr Alan 
Greenspan, said inflation was 
“clearly restrained”, a com- 
ment which brought a measure 
of cheer and moderate gains to 
the US Treasury market. In 
stocks, however, neither his 
pronouncement nor the 
response it elicited In bonds 
made much of an impact 

However, Mr Ron Brown, the 
commerce secretary, created a 
minor stir. In Paris, he said 
trade sanctions against Japan 
remained an option for Wash- 
ington, al thou gh the adminis- 


tration had no current plans to 
use them. 

His statement triggered a 
fresh decline in the value of 
the dollar against the yen, and 
coincided with a 10-point set- 
back in the Dow industrials by 
llam. But stocks worked their 
way back to just below their 
opening levels as the afternoon 
session commenced. 

Among individual issues, 
Foodmaker led the NYSE's 
most active list, as a block of 
stock worth about 5 per cent of 
the East-food operator was sold. 
Its share price dropped $% to 
$5% soon after the sale, which 
the company said may have 
been Initiated by Tiger Manag- 
ment, a big institutional inves- 
tor. 

In the computer section. 
Compaq was gamering lots of 
unwelcome attention again, 
even though there was no 
fresh news behind the selling. 
The stock draped a further 81% 
to 835%, after shedding $1% the 
previous session. IBM dipped 
$% to $62% and Apple shed $% 
to $27% on the Nasdaq. 

However, it was semiconduc- 
tor stocks which were feeing 
the heaviest pressure on the 
Big Board. Texas Instruments 
lost $2% to $41% and Micron 
Technologies dropped $1% to 
$32%. 

Their setback was linked to 
an announcement by Merisel, a 
computer products wholesaler, 
which warned that its earnings 
outlook had been clouded by 
an expected slowdown in the 
US computer market. The 
stock plunged $6% to $10% on 
the Nasdaq, where it led a 
broad pullback in the technol- 


ogy group. 

Among the more widely held 
issues. Lotus Development fell 
$2% to $55, Oracle receded 
to $36 and Cyrix was marked 
down $1 to $26. 

Canada 

Toronto was lower at noon, the 
TSE-300 composite index losing 
30.87 at 4,24L19 in volume of 
31.1m shares. Declining issues 
outpaced advances by 382 to 
207, with 320 issues unchanged. 

Cott Corp gave op C$3% in 
spite of first-quarter namfapt 
that were double last year's 
leveL Newbridge Networks 
rose C$% to C$55% on solid 
fourth-quarter earnings that 
were in line with expectations. 

Venezuela 

A technical correction wiped 
out a part of the recent strong 
gains on the Caracas stock 
exchange, with the Merinvest 
composite index shedding 3.7 
per cent to 14649. 

The impact of the downturn 
was mixed, with benchmark 
Electricidad de Caracas down 
640 bolivars, less than 2 per 
cent, at 406 bolivars, while 
steel company Sivensa and tex- 
tile group Mantex, both of 
which had performed strongly 
on Tuesday, eased 8 bolivars 
and 3 bolivars to 57 bolivars 
and 30 bolivars respectively. 

Brokers attributed the fells 
to a tw-hnirfli adjustment fol- 
lowing last week’s rally. Vol- 
ume was up from Tuesday’s 
level, with some 2m shares 
chang in g hands in Electricidad 
de Cara cas 


The markets resumed a more 
orderly upward path yesterday, 
torites ( to Ma rkets Staff . 

FRANKFURT recovered from 
the nervousness which affected 
the market on Tuesday as 
investors took the view that 
the sharp fell in hank shares 
had been overdone. 

The Dax Index finished UUO 
up at 2,145.20, but slipped 
slightly in the after market to 
2,143.85. Turnover totalled 
DMSbn. 

Sentiment was also assisted 

by another slight earing of the 

repo rate to 5.10 per cent ahead 
of today's Buba council meet- 
ing, although a cut in interest 
rates today was not expected. 

The bank sector had fallen 
on Tuesday as news broke that 
executives of a manufacturer 
of floors for sports halls had 
been arrested on suspicion of 
fraud involving up to DML6bn. 

Analysts commented that by 
itself the development was not 
particularly serious for the 
creditor hanks since a consor- 
tium of up to 50 were involved, 
with no single bank believed to 
have an exposure in excess of 
DM 100m. However, coming 
soon after the Schneider affair, 
and with rumours that another 
property company might be in 

ASIA PACIFIC 


trouble, the outlook was less 
reassuring, they added. 

Among the banks, Deutsche 
eased DM4 to DM73750, Com- 
merzbank rose DM4.50 to 
DM33050 and Dresdner slipped 
DM2 to DM37650. 

PARIS was driven h ighe r by 
strength in the bond market, 
and the C AC-40 index closed 
the day 23.07 higher at 2JM&81. 
Turnover was FFrtbn. 

Euro Disney came into prom- 
inence agafa as the thezne park 
operator announced tire pric- 
ing for its rights issue at 
FFr10, at the top end of ana- 
lysts’ expectations. However, 
the shares initialy dropped to 
FFr33 before reviving to close 
off 90 centimes at FFr35.60. 

Gfexterale des Eaux went 
against the trend, sliding FFr62 
to FFr2,344 In spite of denying 
rumours that two of its direc- 
tors had be en arrested. 

AMSTERDAM was lifted by 
the generally more positive 
tone on the Continent The 
AEX index closed L22 firmer at 
40650. 

Unilever rose FI 240 to 
FI 19250 as investors returned 
on the buy side following the 
consumer group’s buffeting 
in recent days over a dis- 
pute with Procter & Gamble 


FT-SE Actuaries Share Indices 


JunQ THE EUROPEAN SERIES 

Hoaty Own Open 1030 M-00 1200 IMP °g- 

H-SEBratndtlW 141 1.1 < 141456 W1X21 14I7S3 1*112* 

FT-SE EWDtack an 142423 143*21 1 <35.74 1 437.S5 Wig 143838 143088 143925 

■fin 7 JlB 6 A»3 JWl _ 

FT-SE Ssntnck 100 MOMS MlUf *40US UttW 

FT-SE B Hij k * 200 142020 1433.30 1417.13 I400B7 130363 

Im tan ramws.wtw w - m - «•«* H"** " * M ‘ LM m 


regarding the merits of deter- 
gent products. 

MILAN made early progress, 
in a continuation of Tuesday’s 
rally, before the market ran 
out of Impetus as Investors 
awaited the outcome of the 
Council of Ministers meeting 
to dEmiss measures to boost 
employment, tax relief on 
reinvested profits and an anon- 
ymous, flat rate tax for divi- 
dends. 

The Comit Index registered a 
9.78, or 15 per cent, advance to 
760.44 but the real-time Mibel 
index, 113 ahead at one stage, 
finished 2 easier at 12,078. 

Montedison picked up L16 to 
L1.480, after a high of Ll.510, in 
heavy volume of 52.6m shares 
after the European Union gave 
qualified approval to its plas- 
tics joint venture with Shefl- 

SME, the supermarket and 


restaurant chain, added L78 to 
L3£78 after reporting a 42 per 
cent rise in 1993 net profit 

ZURICH resumed its advance 
and volume picked up as for- 
eign demand increased. The 
SMI index added 210 to pierce 
the psychologically important 
2.800-point level and finish 
at 2501.1- 

Banks encountered some 
profit-taking but still finished 
mostly higher. UBS rose SFM 
to SFrt253 while SBC put on 
SFr6 to SFT426. 

Among chemicals, Sandoz 
rose SFrl8 to SFr745 in 
response to positive analysts' 
comments and Roche added 
SFrSO to SFT6590. 

SMH was marked another 
SFr9 lower to SFrSQl in further 
response to Tuesday's com- 
ments on the outlook. 

MADRID edged marginally 


Nikkei average climbs to set two-year high 


South African equities gain ground on results 


Equities were broadly firmer as the market 
remained hopeful about prospects for gold bul- 
lion and increased foreign interest. 

Industrial shares picked up as the market 
reacted to several results and recent deals, 
while gold counters improved on a higher bul- 
lion price. 

The overall index advanced 64 to 5,582, 
industrials 46 to 6,591 and golds 32 to 2,011. 

De Beers gained R2J5 at R11A50, Anglos R4 
at R231.50 and Remgro 50 cents at R27.75. 


Food group Premier put on 5 cents at R6.45 
on the release of year-end results which saw 
earnings per share lifted by 11 per cent to 31.4 
cents. 

Industrial holding group Rembrandt finned 
50 cents to R27.75 ahead of the release of year- 
end results after the market had dosed. 

Mining house Gencor picked up 50 cents at 
R11.20 after final details were released on Tues- 
day about the deal between Gencor subsidiary 
Samancor and Ugine, of Fiance. 


EMERGING MARKETS: 1FC WEEKLY INVESTABLE PRICE MPKSE8 ■ 

DoHar terms Local cwrency terms 


tlarfrAl 

No. of 

fllnnlrR 

June 3 % Change % Change 

June3 % Charge % Change 

WfllKOI 

sioGia 

M«r» vs 

W8 VII vw 

■ ee r 



Latin America 

(210) 

64024 

-04 

-124 




Aipentina 

(25) 

9S5J7 

AS. 

-24 

532473.62 

+04 

-24 

Brad 

(57) 

261.43 

iOO 

+124 690,640,964.5 

+13.7 

+5795 

ChBe 

(25] 

era. 79 

+4 JJ 

+232 

1,147.98 

+34 

+20A 

Cotom bia' 

ud 

903 ^0 

+087 

+401 

144747 

+07 

+454 

Mexico 

m 

904.40 

-Q2 

-lOI 

149073 

-06 

-34 

PW 

(ii) 

149.85 

-1.5 

+234 

20021 

-14 

+254 

Venezuela* 

(12) 

621.99 

+202 

+5.1 

244144 

+174 

+04.7 

Aeta 

(S5S) 

238J33 

-2.6 

-174 




China* 

(10) 

9034 

-09 

-34.1 

107.61 

-0.9 

-344 

South Korea* 

(156) 

12035 

-22 

+94 

137.09 

-22 

+02 

RSDppInes 

(18) 

305.93 

+4 A 

-102 

391.85 

+34 

-114 

Taiwan. China* 

(90 ) 

132^4 

+05 

-1.7 

134.90 

+44 

+04 

lnda r 

(76) 

12952 

+OQ 

+11.5 

143-67 

+54 

+11.5 

Indorwsla* 

07) 

104.44 

-4.0 

-102 

122.73 

-4.0 

-108 

Malaysia 

(105) 

253.4Q 

-4^ 

-25.3 

24245 

-44 

-201 

Pakistan* 

(15) 

35031 

+oo 

-84 

49448 

+04 

45 

Sri Lanka" 

(5) 

17092 

-1.1 

-02 

190.62 

-08 

-04 

Thafland 

(55) 

383.43 

-2.9 

-19.7 

38345 

-24 

-205 

Euro/Mld East 

(125) 

9055 

-1^ 

-414 




Greece 

£5} 

212.40 

-05 

-07 

359.47 

+08 

-65 

Kunga^ 1 

(5) 

19158 

-2.7 

+154 

23002 

-24 

+174 

Jordan 

(13) 

164.02 

-08 

-0.9 

23018 

-06 

-1.4 

Poland" 

(12) 

659.60 

-94 

-194 

941.84 

-9.7 

-14.7 

Portugal 

(25) 

113.06 

-3.1 

-07 

134.61 

-15 

-25 

Turkey" 

(40) 

77.93 

+1.8 

-634 

1,19070 

+2.4 

-102 

Zimbabwe** 

(5) 

28068 

-09 

+424 

33947 

-15 

+584 

Composite 

(892) 

311.28 

-0.4 

-124 





> iSST;0OKjr IS92. OJrt 5 ISO&MOcc 31 19 SZ&kna 19 K'lWrl OSf; (?y*rt 6 tS3& &Sap 29 199Q; P)Mtr 1 Her; fig 


OK 31 1933 PV Ok 31 !S9£ PS) Ote 31 1932 f!3Mug 4 1982 p+kUyl 1991 


Israel’s equity market has been suffering - since the start of the year it has plunged by 
nearly 50 per cent Over the last week trading has been highly volatile and on Tuesday, 
for instance, the Mlshtanim index sank 5 per cent in the morning sesion before staging 
a technical rally to end a shade higher on the day. Yesterday the market rose 3 per cent 
Brokers attribute the nervousness to a number of factors, including disappointment at 
the slow level of new investment following the Middle East peace accord signed last 
year, disappointing first-quarter results and a financial crisis rocking the country’s 
largest health insurance fond. 

The market is not included in emerging market indices published by the IFC and 
Baring Securities, and is largely dominated by domestic investors. According to 


nearly $51 bn in 1993, np 


Tokyo 

Equities hit their highest level 
in more than two years on 
soaring volume, writes Robert 
Patton in Tokyo. 

The Nikkei 225 average regis- 
tered a low for the day of 
20330.20 in the first few min- 
utes of trading, and then 
climbed to set the session's 
high of 21.273.75 just before 
closing at 21561.95, a 219.24 
net gain and the highest finish 
since March 2, 1992. 

The market shrugged off a 
sharp rise in the yen triggered 
by remarks from Mr Mickey 
Kantor, the US trade represen- 
tative, that raised the threat of 
unilateral trade sanctions 
against Japan. Estimated vol- 
ume nearly doubled to 600m 
shares from Tuesday's 305 m. 
First section gainers led losers 
by 769 to 249. with 163 stocks 
unchanged. 

The capital weighted 300 
index closed 2.54 higher at 
309.85 and the first-section 
Topix Index advanced 16.16 to 
close at 1,697.74. In London the 
ISE/NIkkei 50 index put an L34 
af 1,407.16. 

The late afternoon rally that 
took the market to new highs 
was triggered by life insurers 
and investment trusts, which 
had been on the sidelines for 
weeks. Individual investors 
also began to re-enter the mar- 
ket as it gained strength. High- 
technology and large-capital 
stocks, market favourites on 
Tuesday, rose in active trade. 

Okl Electric, second on the 
most-active list, climbed Y32 to 
Y740, its highest level since 
1991. The company gained 
strength from a report by New 
Japan Securities that forecast 
that Okl’s recurring profit 
would reach Y25bn in the year 
to March 1995. The company 
bad only projected YlObo. 

Fujitsu, the third most active 
stock, gained Y50 at Y1.150, 
while NEC picked up Y30 to 
Y1.240. 

Among other high-technol- 
ogy stocks, Sharp was up Y40 
at Y1.84Q and Matsushita Elec- 
tric Industrial finished Y3Q 
stronger at Y1.900. Heavy elec- 
tricals also gathered buyers. 
Mitsubishi Electric moved 
ahead Y18 to Y710, Hitachi rose 
Y20 to Yl.100 and Toshiba 
gained Y13 at Y842. 

IC manufacturers in the US 
and Japan have been increas- 
ing production capacity for 


advanced microprocessors and 
memory chips. Forecasts that 
Japan’s four leading semicon- 
ductor manufacturing equip- 
ment makers would profit 
strongly from expanded 
demand attracted buying. 
Nikon was up Y30 to Y 1,080, 
Tokyo Electron rose Y20 to 
Y3J80, Koknsai Electric gained 
Y50 at Y2420 and Advantest 
added Y60 at Y3.430. 

Car makers were strong. Fuji 
Heavy Industries, Mazda, and 
Suzuki set new 1994 peaks For 
the second day in a row. Fuji 
moved up Y4 to 474, Mazda 
gained Y5 at Y626, Suzuki 
appreciated Y30 to Y1510 and 
Nissan rose Y20 to Y886. 

In Osaka the OSE average 
reached 23,452.63, up 24952, In 
volume of 89m shares. 

Roundup 

There was no common 
to trading in the Pacific Rim. 

HONG KONG ended firmer 


but trading was cautions as 
the market waited for the gov- 
ernment’s package to cool the 
overheated housing market, 
announced after the market 
closed. The Hang Seng index 
gained 4330 at 9,291.18. 

In the event the package, 
which included a hnn on the 
resale of unfinished flats, was 
not expected to have much 
impact on property or share 
prices. 

Among property issues, 
Cheung Kong was steady at 
HKJ3835, New World Develop- 
ment improved 50 cents to 
HK82550 and Henderson Land 
rose 75 cents to HK$4135. 

SYDNEY was helped higher 
by firmer base metal prices 
and sustained buying in blue 
chips. The All Ordinaries index 
closed with a rise of 9.5 at 
2,039.7. 

In the resource sector, CRA 
jumped 32 cents to A$19.0& its 
offshoot. Coal and Allied Indus- 
tries, announced plans to 


develop Vietnam's coal 
resources. 

SEOUL saw a technical 
rebound after the recent ten- 
sions over North Korea’s 
nuclear programme which took 
the composite index 1 1.30 
higher to 933.02. 

BOMBAY recovered from a 
an early downturn to close 
higher after an unexpected 
announcement of a bonus issue 
by Tata Tea triggered a spate 
of buy orders. The BSE 30- 
share index added 16.08 at 
4,049.74 as Tata Tea surged 
Rsl60, or 23 per cent, to Rs830. 

MANILA’S four-day slide, 
which saw prices decline by 33 
per cent, was reversed by a 
round of bargain hunting, 
pushing the composite index 
2250 higher to 3517.15. 

TAIPEI rose, but dosed off 
the day’s best, in heavy trade 
in response to Tuesday's news 
that Taiwan’s exports hit a 
record high of $85bn in May. 
The weighted index ended 28.73 


up at 6,038.58, after touching 
6.153. in turnover that rose to 
T$833bn from T$6&2bn. 

SINGAPORE shares closed 
fiat in thin dealings, but 
Malay sian-OTC shares were 
hard hit by reports that Prime 
Minister Mahathir has set op a 
committee to look into money 
laundering in Malaysian listed 
companies. The Straits Times 
Industrial index slipped LGG to 
2365.65. 

KUALA LUMPUR drifted 
lower in sluggish trading 
which left the composite index 
down 3.11 at 969.31. 

Among gainers, however, 
was Malakoff, which rose 91 
cents to M$5.45 on reports that 
the company would be 
involved in an independent 
power project in Thailand. 

BANGKOK remained wor- 
ried about political stability, 
sparked by wrangling over con- 
stitutional reform, and the SET 
index lost 1238 at 1,370.41 in 
heavy turnover of BtiO.lbn. 1 



Philippines 

New Issue 
February 1994 



$3bn in 1991 and $33bn in 1 


FT-ACTUARIES WORLD INDICES 


Jointly carnpflod by The Financial TVnao Ltd- Goldman, Socha a Co. and NaiWest Securities Ltd. m conjunction with the Trntituta o 1 Actuaries and the Acuity of Actuaries 
NATIONAL AND 

REGIONAL MARKETS — TUESDAY JUKE 7 1804 MONDAY JUNE 6 1994 DOLLAR MOEX- 



1 


REGIONAL MARKETS 

Figures fri parentheses US 

show number of fries OoUr 

at stock Index 


Australia (6S»_ 17334 

AusMa (17) lease 

Belgium (39) 164.65 

Canada (106) 130.57 

Oenmarft (33) 248.16 


-DOLLAR INDEX ■ 


Finland £3} 

140.90 

Germany (SO— 

16554 

135.86 

Hong Kong (56) 

3*9.68 



Japan (469) 

1 00.31 

M*dao (IS) — 

2135^0 

New Zealand (14) 

89.61 

Sngapore (44). 

341 JO 

South Africa ps) 

Soanl (49 

28821 


LkWKJ Kingdom (20^.. 
USA (510) 

18529 

187.02 

EUftOPe(72fl) ._ 
Nordic (115)— 

164.06 

20359 


Padfle Basin (750) 

Eure-Pacific (1470J 

North America f625) 

Europe Ex. UK pi® 

Pacific 6 l Japan (281) 


_ 16831 
..--18639 
.—18152 
._ 14881 
— 247.SB 


Day’s 

Pound 



Local 

Local 

Grass 

US 

Pouxt 



Local 



Year 

Change 

Sterling 

Yen 

DM 

Currency % efn 

av. 

Dollar 

Staring 

Yen 

OM Currency 62 week 52 week 

ago 

% 

Index 

Indax 

Index 

Index 

on day 

Yield 

Index 

Index 

Index 

Index 

Max 

High 

Low 

(appnsd 

02 

171.03 

115.84 

150.88 

167.44 

0.1 

3.48 

17326 

17028 

115.77 

15087 

16783 

189.16 

130.19 

134.18 

0.7 

165.88 

112.14 

14622 

14005 

ae 

1.11 

16746 

16429 

11182 

14582 

14583 

ire.4i 

14280 

14632 

-06 

1Q1.9B 

108.82 

142.00 

13820 

-02 

386 

165.61 

192.78 

11022 

14383 

14084 

17887 

14202 

14259 

-03 

12046 

8065 

11323 

129.65 

-8.4 

281 

13092 

128.74 

87.18 

11381 

13080 

14681 

121.48 

128^3 

01 

244.15 

16006 

215.39 

22086 

0.1 

124 

24728 

24X78 

186.07 

215.11 

220.42 

275.79 

20788 

21X66 

-14 

13062 

3X73 

12220 

16388 

-1.4 

089 

14X48 

141.08 

9584 

12481 

16684 

156.72 

8X54 

3258 

-06 

16258 

11011 

14328 

147.78 

-06 

3.04 

168.46 

183.70 

11065 

144.45 

148.70 

18587 

14980 

184.98 

-1.1 

133.67 

9028 

11722 

11722 

-1.1 

1.75 

137X2 

136.14 

9182 

11928 

11926 

147JJ7 

10788 

11238 

-1.6 

37153 

252.55 

329.53 

37072 

-12 

3.15 

38526 

37028 

25882 

334.68 

38263 

50888 

271.42 

28937 

05 

17920 

121.16 

15009 

17449 

07 

3.48 

19123 

17023 

12089 

15728 

17X24 

20983 

155.03 

182S5 

24 

87.72 

6921 

7729 

107.77 

28 

1A6 

8822 

6546 

6788 

75.43 

105.05 

87,78 

67.88 

eass 

15 

157.72 

10064 

139.14 

10884 

12 

072 

15X28 

15483 

10589 

13784 

10588 

19091 

12484 

15X78 

OO 

44626 

301.73 

393.70 

45327 

Ol 

1.79 

453.74 

44021 

302.16 

393.78 

45277 

02163 

31251 

337X2 

07 

2100.75 

142028 

185320 

7802.17 

12 

120 

212126 

208084 

1412.47 

184084 

770884 

264788 

1431.17 

145041 

-07 

194.70 

131.64 

171.77 

16009 

-07 

X32 

199.19 

13689 

13285 

17288 

17019 

207.43 

10482 

187*44 

-14 

6049 

4031 

6042 

6045 

-1.1 

323 

7050 

8923 

4095 

61.18 

63.12 

7789 

4657 

4938 

-1.7 

18177 

\2A2S 

! 62.12 

>8324 

-12 

120 

19022 

166.87 

>2684. 

>8480 

16161 

20042 

>5061 

155.12 

0.1 

33038 

227.43 

29078 

24147 

02 

1.76 

341.41 

335.74 

22786 

29628 

24188 

37092 

24246 

267.71 

22 

28X97 

178A8 

23228 

28121 

1.4 

222 

26228 

9SR39 

174.86 

22786 

277 AO 

28028 

175.93 

19X00 

-1.0 

13093 

9481 

123.45 

14722 

-12 

323 

143.61 

14123 

9583 

124.62 

149.18 

165.79 

11883 

12X30 

-1.9 

211.07 

142.71 

18021 

252.18 

-18 

128 

218.73 

215.10 

14686 

18982 

25586 

23186 

16285 

17X99 

00 

157.51 

10620 

13096 

14050 

-Ol 

1.73 

16016 

15780 

10888 

138.99 

14071 

17886 

124.46 

128.26 

-Ol 

16220 

12329 

16063 

19230 

-Ol 

411 

18056 

18250 

12388 

161.05 

>8260 

21486 

>7032 

17X16 

-0.1 

18400 

12441 

16223 

16722 

-Ol 

227 

187^8 

184.15 

124.70 

162.50 

18786 

19684 

17885 

18292 

-03 

161.43 

109.14 

14041 

15447 

-03 

322 

18480 

161.87 

10881 

14284 

15488 

17888 

14158 

14019 

-14 

20020 

13X43 

17071 

307.40 

-1.1 

IM 

20050 

203.07 

13781 

17080 

209.77 

22060 

15582 

165.87 

1.0 

16559 

11126 

146.09 

11020 

09 

124 

16065 

18329 

11098 

14482 

115.16 

17075 

134.79 

16091 

05 

183.70 

11088 

14442 

131.68 

04 

1.86 

16584 

16289 

11081 

143.74 

131.18 

17078 

14188 

151J9 

-01 

18055 

12288 

1W28 

18307 

-0.1 

2.86 

183.78 

18071 

12237 

159^46 

18382 

192.73 

17S87 

17X62 

-04 

14040 

9099 

129.16 

13082 

-OA 

227 

14043 

14696 

9981 

129.87 

137.41 

157j47 

12237 

126.92 

-0.6 

24057 

16488 

21488 

22221 

-06 

227 

24015 

24622 

16082 

21682 

22X63 

29881 

18238 

188.19 

05 

18494 

11182 

14521 

13584 

0.4 

127 

16887 

184.10 

111.12 

14481 

134.49 

17281 

14294 

15238 

03 

18958 

11432 

148.17 

14013 

02 

223 

17125 

16881 

114.11 

148.70 

147.75 

17058 

1SX22 

180.18 

02 

-02 

16071 

17006 

114.74 

121.07 

148.72 

16727 

15028 

175.77 

02 

-02 

1 w 

228 

17229 

182X5 

16984 

17032 

114.60 

121.43 

14984 

15884 

16085 

177.T2 

17888 

19X20 

155.00 

18X72 

101.49 

167.76 

02 

17027 

116.13 

15021 

151.34 

02 

979 

17223 

18078 

11486 

14081 

15181 

17X97 

165.17 

161.01 


World Ex. US (1662) 187.66 

World Ex. UK {1 987), 171.86 . 

World Ex. So. Af. (2113) 172.49 

World fix. Japan (1703) .183.00 


Copyright The ftmdd Tons United OuUuum, SWw and Ca and Notwur Seeutta LMted. 1987 

CnlM chenga irin react WSM MdMwe ICI»JL (NsBwtandd. Contain* cnange aiMt: Nome Chongs: 9M> Romr to More Cap- 6JSA*. Utssi prises wot unMUli far mis mSSsa. 


US$235,000,000 

Universal Robina 
Corporation 

Lead Manager 1 


Hong Kong 

New Issue 
March 1994 

US$31,000,000 

Cheung Tai Hong 
Holdings Ltd. 


Sponsor/ 

Lead Underwriter 



China 

Placement of New Shares 
February 1994 

US$133,000,000 


Guangzhou 
Investment 
Co. Ltd. 

Placing Agent 


Indonesia 

New Issue 
April 1994 

US$29,223,000 
P.T. Bank Mashill 


Lead Underwriter \ 



Opening Asian Finance 
to the World 

Successful investors look to Peregrine to play a leading role in their 
Asian finance planning. In two years Peregrine completed over 185 regional 
equity transactions totalling more than US$14.6 billion. 

With a proven track record and wide range of capabilities and services 
Peregrine stands for outstanding performance in Asia’s financia l markets.' 


Financial Services: 

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Asset Trading, Commodity DaaKng, Invartawil Mdiingmani it 


Peregrine 


hong kong ■ bhjing ■ guangzhou • nanung ■ shanoiai • shenzken * Bangkok • Bombay ■ Hanoi « ho chi mink cm- 

JAKARTA « KUALA LUMPUR ■ MANILA * SOUL * SINGAPORE • YANGON • BRIS BANE • LONDON * NEW YORK 

Bead Qfflat 23/F New World Tower, 10-18 Quest's Rd, C, HtagKong TeL (852) 825 1888 Pmc [852] 845 9411 
European OQkx 23/24 Last Law London EC3RBEB.UK TeL 1071] 383 8888 Fme (071) 283 0728 

Fragrtna Sacotttai (U.K.) Ltd. b a mantis of the SFA. 



higher, although Wall Street’s 
early performance chipped 
away at early gains. The gen- 
eral index rose 1.33 to 324,87, 

Banco Santander rose Ptaiso 
to Pta4.85Q as Merrill Lynch 
raised its near term rating on 
the stock. 

STOCKHOLM turned higher 
in response to declining baud 
and money market yields and 
positive trends in other Euro- 
pean markets. 

The Affarsvarlden index 
picked up 4.7 to 1,469.1. Trad- 
ing activity dropped sharply, 
with turnover down to 
SKrl.6bu from SK&2bu ou 

Tuesday. 

Interest rate sensitive bank 
and insurance stocks ted the 
advance. S-E-Banken Jumped 
SKrS or 3.9 per cent to 
SKrSO.50. 

ATHENS finished uo per 
cent lower in active trade of 
1.6m shares as investors held 
back, awaiting details of the 
government’s plans to pert pri- 
vatise the state telecommuni- 
cations company, OTE, and 
two subsidiaries of the Public 
Oil Corporations. The general 4 
index fell 9.4 to 845.14, 

Written end edited by John Pftt 
and Michael Morgan 


tf C o« -»■ 

gj* e r ' c " 




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cleared N u ‘ 




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