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Fresh start 


Rebuilding east 
German industry 

Raise Tf 



Uganda 


Overcoming a 
grim legacy 

Suntey, Pages 27-30 





TOMORROWS 

Weekend FT 

Insurance industry’ 
in the dock 


FINANCIAL TIMES 


v . 


'Sii-siviess- Nevvaoar^ 


FRIDAY JUNE 10 ,1994 






h: 

& £ 







■S4.H 


4902 


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PepsiCo shares 
fall as Cott sparks 
US cola price war 

Shares to PepsiCo, US maker of soft drink 
Pepsi-Cola, lost 9 per cent of their value by midses- 
skm after the company said acda price war had 
broben out in its domestic market PepsiCo warned 
that second quarter profits would be flat because 
of inroads into the US cola market by Cott fast- 
growing Canadian maker of low-cost store-branded 
drinks and food. Cott recentlysparked a row 
in Britain by supplying J. Sainsbury, the country's 
biggest retailer, with a store-branded cola that 
kK>ks and tastes similar to Coca-Cola but sells 
atabout half the price. Page 17 

Suspected IRA guerrillas 
cleared by German court 

A court in DQsseJdorf acquitted three suspected 
Irish Republican Army guerrillas of killing a 
British army officer, but said it was convinced 
they were IRA members. Paul Hughes, Donna 
Maguire and Sean Hick, had been charged with 
the 1990 shooting of -Major Michael Dflkm-Lee 
in front of his wife at their Dortmund home. 

NUdcef readies Ugliest level In turn years 

E conomic optimism 
continued to sweep 
the Tokyo stock market 
yesterday, with the 
third day of rising 
prices pushing it to 
the highest point since 
March 1992. The rise 
in the Nikkei Average, 
by 140-84 points to 
21,402.78. reinforces 
. Its break this week 

.98... - thmn gh Hip fwVmfmri 

barrier of 21, OOO and leaves it nearly 23 per cent 
ahead of the level at the turn of the year. Page 17 

North Korea warns South of devastation: 

North Korea’s foreign wife later gfm Yong-nam 
threatened the South with devastation if war 
broke out, while rrhma again rejected efforts 
&y South Korea to persuade it to support sanctions 
: against the North over nuclear inspections. Page 8 

Banqoo Indosuoz: A UK subsidiary of the 
fjaris- based merchant bank last year created an 
account for a fictitious $100m deposit for the Cen- 
tral Bank of Kenya (CBS) which was used by 
the CBK to conceal aforeign exchange fraud 
from international creditors. Page 16 

Salinas nay stand for WTO; President Carlos 
Saffriac rif WrpflldgH ng joining (h« ran* . 

to become head of the Worid Trade Organisation, 
due to succeed the General Agreement on Tariffs 
and Trade next year. Page 16; Observer, Page 15 

Lonrtn, UK-based conglomerate, is planning 
to double the size of its African mining interests 
in a iteal expected to be announced within the 
next year. Page 17; Lex, Page 16 

Bonn forecasts rise In growth rate: The 

German government forecast a recovery in eco- 
nbmic growth SniS^tJS per cent in 1994 to £5 
^ per cent in 1995, and ah average growth rate of 
3 per cent a year. from I995-98. Page 2 

^ to Moscow: Nato 

in^tbat would reflect 
its ’statite as the most powerful nation in Europe 
. effort to secupe Its participation in the Part- 

S'lf Jjerahip for Peace military programme. Page 3 

\ 0 .. yttSomder pressure on Bosnia: Hie US 

■ V'j' ^ v^toitostration casw under increasing pressure 
Z-'Z OvuE Bosnia when the House of Representatives 
voted to require the US to stop enforcing a United 
' -Nations anns embargo and. to supply weapons 
to'the Bosnian Moslem government Page 5 

ruling watoomod: The Cheltenham & 

7% Gloucester Building Society closed its doors to 
cuttomfir deposits in the wake of the High 
barring the terms of Lloyds Bank’s 
cash bid. Page 17; Editorial Com- 

^ujen^Page 15 

is poised to announce a significant 
L^^;-r^dxpansionof its UK car manufacturing operations 
" ' Swindoq in south-west England, which could 
f^i^iHcrease capacity by up to 50 per cent Page 16 

'.for' Independent Bank of England: 

inconting ck^ttity umnaging director of the 
Monetary JFtmii Stanley Fischer. 
krifecaHed fijr the Bank of England to be given 
;^jd^odeDce. Page 9 

Colombia qualm toll may top 1,000: More 
‘ k ' 1,000 people may have died in Monday’s 

earthquake and m udslides which devastated 
remote Paez valley south-west of Bogota, 
v-a government official said. 



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By David Marsh, European Editor, 
in London 

Mr GOnter Rexrodt. the German 
economics minister, yesterday appeared 
to cast doubt on the Maastricht time- 
table for economic and monetary onion 
by saying that a single European cur- 
rency might take until 2001 to realise. 

Speaking in London, Mr Rexrodt 
stressed that individual European econo- 
mies had to show “more convergence" 


before Emu would be feasible. 

“From the German side we are keep- 
ing the goal of a common currency. But 
we vrill not get excited if it takes five, 
six or seven years," he said. The Maas- 
tricht treaty lays down 1987 and 1999 as 
the earliest and latest possible dates for 
introduction of Emu. 

Chancellor Helmut Kohl and Mr Hans 
Tietmeyer, the Bundesbank president, 
have both emphasised recently that 
maintaini n g currency stability is more 


timetable 


important than sticking rigidly to the 
Maastricht timetable. 

However, Mr Rexrodt is the first 
senior member of the German economic 
policy establishment, to say publicly that 
Emu could be delayed until the next 
century. He made the comments at a 
conference on investment in Germany 
organised by the German-British Cham- 
ber of Commerce. 

Both Mr Rexrodt and Mr Michael 
Heselttoe, the UK trade and industry 


secretary, who also spoke at the confer- 
ence. underlined the importance of fur- 
ther measures to free European busi- 
nesses from unnecessary regulation. 

However, the two minis ters admitted 
that Britain and Germany had made lit- 
tle progress on setting up an Anglo-Ger- 
man panel of business experts to review 
EU legislation. The initiative was 
announced when the two ministers met 
in London on April 27. but Mr Rexrodt 
said the two sides were still exploring 


the “structure" of such a body. Mr 
Heselttoe said the delay was partly due 
to the intervening six weeks of cam- 
paigning for the European elections. 

The two ministers showed divergence 
on the importance ol the European 
social chapter, from which the UK won 
an opt-out in the Maastricht treaty. 

Mr Heseltine claimed that Britain was 
attracting investment from Germany 

Continued on Page 16 


UK Conservatives fear disaster ■ Dutch Christian Democrats hope to gain lead 


Record low 
Netherlands 
turnout in 
Euro poll 


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By Our Foreign Staff 

Elections to the European 
Parliament began yesterday with 
a record low turnout in the 
Netherlands and the ruling Con- 
servative party in the UK bracing 
itself for disaster. 

In the Netherlands, tradition- 
ally one of the most pro-Euro- 
pean electorates in the EU. voter 
turnout slumped to 32 per cent 
indicating that the Christian 
Democrats of outgoing prime 
minister Mr Ruud Lubbers had 
recovered the lead they lost in a 
general election last month. 

Voting was somewhat stronger 
than expected to Denmark, how- 
ever, with the country’s two 
main anti-European movements, 
the People’s Movement Against 
the EU and the June Movement 
making the strongest gains, 
according to unofficial television 
exit polls. 

Preliminary forecasts by Dutch 
television showed that the Chris- 
tian Democrats stood to win 11 
seats in the European Parlia- 
ment, three seats ahead of 
Labour, which is now the largest 
party to the national parliament 

For the Christian Democrats, 
the results would mean a gain of 
one seat to the European Parlia- 
ment while Labour's representa- 
tion would be unchanged. 

The low Dutch turnout com- 
pared badly with the 47 per cent 
at the last European election in 
1989. This time, the biggest win- 
ner appears to have been D66. a 
left-of-centre party that won four 
seats, and just one five years ago. 
The Liberals seemed set to cap- 


ture five seats, an increase of 
two. Direct comparison between 
the 1989 and 1994 elections is 
complicated by an expansion to 
the number of Dutch seats to 31 
from 25. 

A low turnout traditionally 
helps the Christian Democrats 
and hurts Labour. Another factor 
may have been the appeal to vot- 
ers by Mr Lubbers, who is fight- 
ing an uphill battle to become 
president of the European Com- 
mission. 

Official results of the election 
are not due to be published until 
Sunday night. In Denmark, the 
two anti-European movements 
together boosted their share of 
the vote to 26.1 per cent from 1R9 
per cent to 1989. That would give 
them five of Denmark's 16 seats 
in the European Parliament, 
against the four they now have. 

The strongly pro-union Liberal 
party went ahead to 19.5 per cent 
from 16.6 per cent, much less 
than the party was expected to 
win. 

The Social Democratic party, 
which dominates the present 
coalition government, saw its 
vote fall to 18.3 per cent from 23 £ 
per cent in the last Euro vote. 

The Conservative party, also 
strongly pro-European, went 
ahead to 14.1 per cent from 13.2 
per cent 

Mr Hans Rn g ell , Conservative 
party leader, commenting on the 
provisional result of the election 
last night, said he was deeply 
concerned because the anti- 

Con tinned on Page 16 
Joe Rogaly, Page 14 



Paddy Ashdown, leader of the UK liberal Democrat party, strolls to register his European election vote at the village polling station to 
Norton sub Hamdon, west England. The turnout for the poll in Britain was predicted to be low. 


Rtduni Austin 


US business investment set to rise 8. 



By Michael Prowse 
in Washington 

US businesses plan to increase 
spending on plant and equipment 
by 89 per cent in real terms this 
year after an 8.6 per cent increase 
last year, the Commerce Depart- 
ment said yesterday. 

The official survey of invest- 
ment intentions supports anec- 
dotal evidence that US business 
confidence has risen to the point 
where many companies are plan- 
ning to build new plants or 
extend old facilities. 

Since existing capacity is 
largely utilised, investment in 
new capacity Is widely seen as a 
prerequisite for continued nan-in- 
flationary growth. 

The survey follows reports of a 
slight weakening to retail spend- 
ing and home sales in recent 
weeks, partly as a result of 
increases in short and long-term 


interest rates since February. 

Yesterday’s survey, however, 
indicates only a marginal scaling 
back of capital spending plans 
from earlier this year, suggesting 
that the tighter monetary policy 
is not deterring productive 
investment significantly. 

Rather than losing momentum, 
the US recovery thus seems to be 
entering a phase in which busi- 
ness investment and exports take 
up the running from personal 
consumption and housing. 

The survey also points to 
encouraging inflation trends in 


capital goods. The average price 
of plant and equipment is expec- 
ted to fell by 0.6 per cent this 
year. The projected increase in 
cash spending on plant and 
equipment, at per cent, is thus 
slightly lower than the expected 
real increase. 

The report shows 
across-the-board strength to capi- 
tal spending, with declines this 
year in only a few sectors. 

The outlook is most buoyant in 
manufactured durable goods, 
where investment is expected to 
rise 10.6 per cent to cash terms 


this year. The strongest indus- 
tries are blast furnaces and steel- 
works (up 37.5 per cent from 
1993), motor vehicles (up 28.3 per 
cent) and electrical machinery 
(up 12.1 per cent). Figures for 
individual sectors are not 
adjusted for inflation. 

Manufacturers of non-durable 
goods, by contrast are planning 
to increase capital spending by 
only 3.7 per cent from 1993. Rela- 
tively strong sectors include rub- 
ber (up 9.3 per cent), chemicals 
(7.9 per cent) and textiles (7.4 per 
cent.) 


Germany warned by US 
over VW espionage case 


Ely Quentin Peel in Bonn and 
Christopher Parkes in Frankfurt 

The Volkswagen-General Motors 
Industrial espionage case could 
harm relations between the US 
and German; if the Justice 
Department does not receive help 


There was no evidence of any 


The risk depended on the 


His remarks were the first pub- 


It is believed US investigators 
9 asked for, but have been 
far refused access to. 


evidence accumulated by Ger- 
man prosecutors. 

They are probing allegations 
that former GM director. Mr Jos£ 
Ignacio Ldpez de Arriortua, stole 
industrial secrets from the US 
group and took them with him 
when he joined VW last year. Mr 
L6pez and VW have denied the 
allegations. 

The Federal Bureau of Investi- 
gation started an independent 
probe of the circumstances, 
shortly after the White House 
made plain that President Bill 
Clinton considered industrial 
espionage a particular threat to 
US economic interests. 

Mr Clinton is due in Germany 
on an official visit early next 
month. 

Until yesterday Justice Depart- 
ment and other US government 
officials have consistently 
refused to comment on their 
investigation, which is believed 
to be based on suspicions that 
GM corporate property was 
moved illegally across state 
boundaries, to contravention of 
federal mail and telecommunica- 


tions laws. 

Mr Brown, who met Mr Gunter 
Rexrodt, the Bonn economics 
minister, in Paris on Wednesday, 
was speaking after meeting US 
and German business and politi- 
cal officials. Mr David Herman, 
Opel chairman, GM’s German 
subsidiary, was among the 
guests. 

Mr Rexrodt was briefly 
embroiled in the case last year, 
when be was unwillingly drawn 
into the fray as a potential medi- 
ator between the two vehicle 
groups. 

German investigators came 
under heavy political fire 
recently when Mr Gerhard Schro- 
der, prime minister of VWs 
home state, Lower Saxony, called 
for the case to be dosed. 

He suggested the investigation 
was biased and based partly on 
evidence acquired by private 
detectives, hired by Opel lawyers, 
who used deceptive methods. 

His allegations were promptly 
rejected by the most senior prose- 
cuting official in Opel’s base. 
Hesse. 


Euopean Nmn 
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UK News 

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©THE FINANCIAL TIMES LIMITED 1994 NO 32.389 Week No 23 LONDON ■ PARIS ■ FRANKFURT • NEW YORK ■ TOKYO 



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FINANCIAL TIMES FRIDAY JUNE W I9»t 


NEWS: EUROPE 


Bonn projects increasing rate of growth 


Germany 

PuMic sector debt as a % of GOP 



1994 92 S3 34 95 98 97 98 
SourcacOECO - 1 r ora rntt 1 


By Quentin Peel In Bonn 

The German government 
yesterday forecast a recovery 
in economic growth from L5 
per cent this year to 2£ per 
cent in 1995, ami an average 
growth rate of 3 per cent per 
year from 1995-98. figures from 
the German finance minist ry 
suggest that in spite of a soar- 
ing debt burden, fuelled by bor- 
rowing for unification, the 
country wifi comply by 1998 
with the main convergence cri- 
teria for European economic 
and monetary union. 

It forecasts an Inflation rate 


below 2 per cent in 1995, deficit 
spending as a proportion of 
gross domestic product 
reduced from the current <L5 
per cent to just 0.5 per cent by 
1998, and overall government 
debt (in spite of a surge to 62 
per cent in 1995) falling back to 
57 Jj per cent of GDP by 1998. 

The limit set in the Maas- 
tricht treaty for public sector 
debt as a proportion of GDP is 
60 per rant , and *ha firMroy 
ministry forecast suggests that 
may only just be achieved by 
1997, the first possible date for 
a move to monetary union. 

In five-year forecast figures 


submitted yesterday to the 
finance planning committee, 
involving both federal and 
state governments, the finance 
ministry suggests that strict 
spending control would reduce 
the current DM69bn budget 
deficit to DM25bn by 1998. 

The growth figures were 
presented by Mr Johann 
Eekhoff, the state secretary in 
the economics ministry, who 
warned that, nevertheless, 
average unemployment this 
year would rise by some 
400,000 over the level of 1993, 
and only be cut by some 5(yK» 
in 1995. 


The figures were sharply 
criticised by finance ministers 
from several Social Democrat- 
ruled states as little more than 
wishful thinking. They failed 
to provide adequate finances to 
subsidise the continuing heavy 
cost of unemployment an the 
federal budget, and they exag- 
gerated the likely revenues 
from future privatisation 
plans , the ministers said. 

Mr Theo Waigel. the finance 
minister, insists that he will 
cut the present budget defic it 
after 1995, from a level of 
DM69bn this year and next, to 
DM60bn in 1996, DM40bn in 


Union threatens strike after collapse of benefits talks with management 

German telecoms sell-off in balance 


By Michael Lhtdemann bi Bonn 

Hopes that Germany's largest 
privatisation can go ahead 
nwrt year hung in the balance 
last night after talks between 
the manngwnunt and vrmnriw of 

the postal and telecommunica- 
tions services collapsed. 

The two sides broke off early 
yesterday after a third day of 
talks , trading bitter accusa- 
tions. The 570, 000-strong Ger- 
man Postal Union (DPG) said it 
would call out 11,000 workers 
across the country to press 
home its demands that the 
management of the three com- 
panies guarantee workers' ben- 
efits after privatisation. 

The present state-owned 
postal and telec omm lminaHnns 
leviathan, which employs 


around 670,000 people, is to be 
broken up into three services 
by January 1, 1995 according to 
a government plan. 

However, privatisation 
means the government must 
change the constitution, an 
exercise requiring a two-thirds 
majority in the Bundestag, or 
lower house of parliament, and 
the support of the opposition 
Social Democratic party which 
is dose to the DPG union. 

The vote must take place 
before June 29 if privatisation 
is to go ahead at the start of 
next year and a number of SPD 
po liticians have warned that 
support will not be forthcom- 
ing unless management and 
unions can reach agreement. 

"If anyone imagines the SPD 
will back the change in the 


constitution while strikes are 
going an, they have lost touch 
with reality.” said Mr Arne 
Bflmsem, the SPD telecommu- 
nications spokesman. 

The management of the 
three companies, meanwhile, 
fears it win be unable to com- 
pete internationally if it is sad- 
dled with a catalogue of work- 
ers’ benefits which ftminde the 
right to a cold drink if the tem- 
perature rises above 26 degrees 
Celsius, money for new shoes 
which postmen wear out on 
letter rounds and subsidised 
holidays abroad. 

"The self-appointed represen- 
tatives of the workforce obvi- 
ously consider cold drinks and 
holidays on the Cdte d’Azur 
more important than secure 
workplaces,” said Mr Helmut 


Bicke, the Telekom fthirf exec- 
utive. 

Mr Rod! Vetter, a spokesman 
for the DPG union, said the 
strikes would continue until 
the management presented 
proposals "which are negotia- 
ble". 

He also dismissed charges 
that union was HwnsmfHng 

benefits which were outdated. 
"Ail large enterprises offer 
their workforce similar bene- 
fits ” he said. “We just don't 
see why our members have to 
give up their benefits just so 
that the companies can be 
floated.” 

In the first stage of privatisa- 
tion the government will 
remain the sole shareholder. 
Deutsche Telekom, which will 
take over the telecommumca- 


VW close to deal with Madrid on aid 


By Christopher Parkas 
in Frankfurt and 
David White bi Madrid 

Volkswagen and the Madrid 
government yesterday came 
dose to an agreement in nego- 
tiations over state aid for Seat, 
the German vehicle group's 
crippled Spanish subsidiary. 

Further talks are sch ed uled 
next week and VW said a deal 


Business 
in the 
fast lane 



could be expected not long 
after that 

According to a joint state- 
ment from Mr Fer dinand 
Pi Brh, VW chairman, ami Mr 
Juan Manuel Eguiagaray, the 
Spanish industry minister, the 
two agreed that there should 
be no direct subsidies from the 
Spanish government for redun- 
dancies. Help would come 
instead in the form of support 
for technological projects. 

VW initially sought an injec- 
tion of Dm820m (£328m) from 
Spanish central and regional 
authorities to cover 4,600 fur- 
ther job cuts at Seat, reducing 
the company's workforce to 
9,500. Other multinational 
motor companies manufactur- 
ing in Spain reacted sharply 
against the prospect of special 
conditions for Seat 

The statement made clear 
that state aid would be tied to 
"certain commitments” from 


VW and from Seat itself. It also 
said an agreement would be 
aimed at "keeping the basic 
dements of Seat as a company 
with its own capability for 
competing in the global mar- 
ket". 

The uncertain scale of Mad- 
rid’s flnan rial commitment is 
crucial to VWs bid to plug the 
hole in VW group finances 
which is threatening for the 
second year in succession to 
sink hopes of breaking even. 

Seat lost DML8bn (£720m) in 
1993, was DM35Qm in the red in 
the first quarter of this year, 
and is heading for a further 
full-year deficit of DMlbn, 
according to company officials. 
Tte result would be even 
worse if VW had to bear the 
full restructuring costs. 

Yesterday’s talks were also 
attended by mr Gerhard Schro- 
der premier of the state of 
Lower Saxony, which is VWs 


main shareholder, and senior 
officials of Catalonia's re gional 
government. The two-hour 
meeting marked the start of 
substantive negotiations fol- 
lowing a bout of shadow-box- 
ing interspersed with implicit 
and explicit threats from 
VW. 

These ranged from veiled 
hints that Seat might be 
declared insolvent, to dearer 
warnings that the company 
could lose its independence. 
Since the unexpected discovery 
of last year's losses and the 
sacking of the former chair- 
man last September, Seat has 
already lost much of its inde- 
pendence. 

hi return for emergency cash 
injections, Volkswagen has 
taken control of Seat's Pam- 
plona factory «nri financial ser- 
vices division. The Zona 
Franca plant in Barcelona - 
subject of the current negotfa- 


New row in prospect over EU’s 
proposals for waste recycling 


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bi Luxembourg 

The 18-month row over the 
anarchy in Europe’s divergent 
regulations for recycling waste 
packaging is threatening to 
reignite following a new block 
yesterday on a common Euro- 
pean Union law which should 
already have been agreed. 

The long-stalled waste pack- 
aging directive was agree! in 
principle last December, 
against German, Dutch and 
Danish objections that its tar- 
gets for the recovery and 
recycling of packaging were 
not stringent enough. 

Passage of the directive is a 
litmus test of the Twelve's abil- 
ity to reconcile their environ- 
mental ambitions without dis- 
torting competition in the 
single market. 

A year ago, France threat- 
ened to ban imports of German 
packaging waste, and six other 
states complained their own 
recycling industries were being 


buried under the volume of 
waste G ermany was sending to 
its neighbours for processing. 

Before this, Germany, tired 
of waiting for legislation at EU 
level, had set itself ambitious 
recycling targets it did not, and 
still does not, have the 
installed capacity to meet Fur- 
thermore, it lma undercut its 
partners by subsidising the 
waste it exports. Hie UK com- 
plained last year that its 
imports of plastic waste had 
rocketed by 450 per cent in 
1992 against the previous year, 
entering In some cases with 
German subsidies of £200 per 
tonne. 

Although last December's 
deal was brokered by the Bel- 
gian EU presidency, it is. ironi- 
cally, Belgium which has now 
gone over to the German side. 
Along with the Netherlands 
and Denmark, it constituted a 
blocking minority at a meeting 
in Luxembourg of EU environ- 
ment ministers which the 
"green” northern trio could not 


muster an their own. 

If Belgium cannot be budged 
in negotiations at senior offi- 
cial level in the next few days, 
lengthy negotiations with the 
new European parliament have 
to begin. Moreover, from July 
when Germany assumes the 
EU presidency, it would fall to 
Mr Klaus TQpfer - Bonn’s envi- 
ronment mVnWpr and unrepen- 
tant architect of the stricter 
and contested German legisla- 
tion - to act as conciliator. 

The targets Mr Topfer thinks 
too low require a minimum of 
50 per cent anrl maximum of 65 
per cent of packaging waste to 
be recovered within five years 
of the directive coming into 
effect Within that a minimum 
of 25 per cent and maximum of 
45 per cent would have to be 
recycled. 

The centre of the new row is 
a new two-part amendment 
from the Europ ean parliament 
saying that 

the EU can use “economic 
instruments” (including taxes) 


to further the recycling effort 
but that these should not dis- 
tort competition or the free 
movement of goods. 

The caveat worries the Bel- 
gians. High waste packaging 
recycling standards and 
"green” taxes put in place in 
the past few years by the Flem- 
ish regional authorities could 
face legal challenge Belgium 
fears, even though a little- 
tested EU treaty article does 
allow hi ghw standards on pub- 
lic health and envir onme ntal 
grounds even when there are 
competition side-effects. Bel- 
gium believes it needs to regis- 
ter its opposition now, to stand 
a chance in the European 
Court later if the Flemish stan- 
dards are ever ^upng wi. 

The fact that the parlia- 
ment’s amendments include 
possible fiscal intervention in 
recycling (mcinding tax incen- 
tives) has also worried the UK 
government, which is firmly 
opposed to EU-wide taxes on 
the environment. 


1997, and DM25bn in 1998. He 
said he could do so by strict 
spending control, and not by 
increased taxation. 

Mr Heinz Schleusser. the 
finance minister of North 
Hhine-Westphalia, said the fig- 
ures were far too optimistic. 
"They are simply misleading 
the public, " he said. "Neither 
the states nor local authorities 
can plan seriously on the basis 
of these figures.” 

Nominal spending growth by 
all p» h l ir bodies, including the 
federal government, the 16 
states, and local authorities, 
will be limited to just 3 per 


cent a year over tbe next five 
years, the finance pl anning 
committee agreed last night 

Mr Waigel warned that the 
situation of public finances 
would remain “very tense" 
until 1998. 

In particular, the figures 
have yet to include any allow- 
ance for the gradual introduc- 
tion of an increased basic tax 
threshold from 1996, as ordered 
by the federal constitutional 
court The court has c al led for 
the basic tax-free allowance to 
provide a guaranteed subsis- 
tence level for the lowest 
income-earners. 


tions sector, has said it wants 
to be floated by January 1, 1996 
- the earliest legally permissi- 
ble date - in order to raise 
badly-needed capital 

Postdienst, the postal ser- 
vices, and Postbank, the bank- 
ing aim, are also to be priva- 
tised as soon as possible. 

Aside from the talks between 
managemen t and unions to set- 
tle the question of benefits, 
parliament must deride before 
the Kid of the month how to 
cover pensions payments 
worth about DMlOObn (£40bn) 
after the companies have been 
privatised. 

A further DMl6bn must be 
found to fond future liabilities 
of two in-house health insur- 
ance funds which will cease to 
exist after privatisation. 



turns - is to be dosed, leaving 
Seat with just one works, a 
new plant at MartorelL 

More recently VW has 
suggested that research and 
design might be taken over by 
tire German parent, effectively 
leaving Seat stripped down toa 
manufacturing and distribu- 
tion operation. 

Last month German execu- 
tives with close links to Mr 
Pfoch were installed in central 
board and management posi- 
tions, although. Spaniard Mr 
Joan Llorens remained as 

Yesterday’s progress fol- 
lowed encouraging hints from 
Mr Felipe Gonzfilez, the Span- 
ish prime minister, after he 
discussed the issue at a meet- 
ing last weekend with Chancel- 
lor Helmut KohL Spain was 
prepared to accept "certain 
responsibilities,” Mr Ganz&lez 
said. 


Esko Abo: fearful EU entry timetable could be upset 

Finland heads 
for icy waters 
over EU entry 


By Hugh Camegy in 
Stockholm 

Finland’s plans to enter the 
European Union on January 1 
next year could be upset if the 
centre-right coalition loses a 
parliamentary no-confidence 
vote scheduled for next 
Wednesday, Mr Esko Aho, the 
prime minis ter, declared yes- 
terday. 

ms comments came amidst 
growing tensions within the 
government over EU issues 
and were a clear attempt to 
head off threats by some mem- 
bers of coalition parties to vote 
against the government on 
Wednesday. 

Finland is dne to enter tbe 
EU next year along with Aus- 
tria, Norway and Sweden if the 
country votes to join in a refer- 
endum set for October. But Mr 
Abo said that if the coalition 
fell the timetable for member- 
ship would be delayed. “I pre- 
dict this wifi mean Finland 
cannot become a member at 
the samp timp as the other Efta 
(European Free Trade Area) 
countries that have applied for 
membership,” be said. 

Most observers expect the 
coalition will narrowly survive 
the no-confidence vote. But tbe 
rows over tbe EU that have 
broken out within and between 
the government parties have 
threatened to undermine the 
campaign for a Yes vote in 
October. Finland is the only 
one of the three Nordic coun- 
tries where the Yes side holds 
a lead over the No campaign. 

The main dispute within the 
government is between Mr 
Aho’s rurally-based Centre 
party and the Conservative 
party. Mr Perth Salolamen, tbe 
trade minister and a key figure 
in Finland’s accession negotia- 
tions with the EU earlier this 
year, has resigned as Conserva- 
tive party leader in protest at 
his failure to win Centre party 
approval for tax cuts as a price 
for Conservative approval of a 
FM4bn (£483m) package of aid 
to help farmers adjust to EU 
prices. 

The anti-EU Finnish Chris- 
tian Party has threatened to 
leave the coalition and Mr 


Swiss set for 
vote on talks 
with Union 

Swiss voters are likely to be 
asked in the next four years 
whether their government 
should discuss membership 
of the European Union, Reuter 
reports from Berne. 

A statement from the 
Federal Chancellery yesterday 
said 101,337 legal signatures 
- more than the required 
minimum of 100,000 - had 
backed a proposal for a 
referendum on the issue. 

Unless the proposal is 
withdrawn, the government 
is now obliged to hold a vote 
before January 20, 1998. 

Proponents of a referendum 
want the Swiss government 
to break off afi negotiations 
with tbe European Union on 
fotnre membership and begin 
discussions only with explicit 
approval of voters. 

The proposal was launched 
by members of the right-wing 
political parties Swiss 
Democrats and the League 
of Ticino. 

Switzerland voted in 
December 1992 to reject 
membership of the European 
Economic Area, but the Berne 
government continues to 
support Ep membership. 

Aho’s position is made more 
difficult by the strong current 
of anti-EU fitting in his own 
party. He badly needs the farm 
support package to help him 
win the official backing of the 
Centre party for EU member- 
ship in a party congress on the 
issue due next week. 

In Sweden, meanwhile, an 
opinion poll carried out by the 
government’s statistics bureau 
showed opposition to the EU 
slipping, but still holding a 
clear lead over the Yes cam- 
paign. The No camp slid by 4£ 
percentage points to 40 per 
cent since a similar poll last 
November, while support rose 
by 4Jj per cent to 30.5 per cent, 
with the rest undecided. 


Turkish TV companies put future in the frame 

A new licensing system is set to shape the industry for the next decade, writes John Murray Brown 

T urkey's television Indus- in April - under which the picture, when in fact what they However the issue of Kurd- But many officials concede tion will rationalise the m 

try is on best behaviour, council is likely to limit the were seeing was the frame of a ish-language broadcasts, once the companies brought it on ber of terrestrial channel* ' 

with companies today number of licences, there are moving film”. mooted by the prime minister, themselves. In a conservative council win be entrusted 



T urkey’s television indus- 
try is on best behaviour, 
with companies today 
making initial applications to 
the newly formed High Broad- 
casting Council for licences the 
allocations of which will shape 
the industry for the coming 
decade. 

Invitations to tender will be 
announced in August and will 
be awaited with interest by 
both domestic and foreign 
investors in what has been one 
of the country's most dynamic 
sectors. 

The current economic trou- 
bles, with the lira haring lost 
50 per cent of its value against 
the dollar, have dampened 
investor enthusiasm through- 
out the economy. But in tbe 
new broadcasting regime - leg- 
islation for which was passed 


in April -under which the 
council is likely to limit the 
number of licences, there are 
expected to be fewer compa- 
nies competing for the same 
amount of advertising reve- 
nues. This wifi strengthen the 
finances of companies operat- 
ing in the sector. 

What is more, with the 
launch of Turkey's own satel- 
lite later this year and the 
planned privatisation of the 
state telecom company -which 
win open the way for innova- 
tions SUCh as Video on demand 
- the opportunities are huge. 

Some in the industry wonder 
whether the new legislation 
will keep pace with the 
changes in technology. Mr 
Nuri Colakoglu, head of Show, 
the largest private station, says 
the law set out to "create a still 


picture, when in fact what they 
were seeing was the frame of a 
moving film”. 

The legislation provides a 
timely measure of official 
thinking an a range of vexed 
issues, from the Kurdish rebel- 
lion. the role of religious broad- 
casting in a Moslem country 
with a devoutly secular consti- 
tution, and the challenge to the 
state posed by the accumula- 
tion of media power, as wen as 
the technological challenge. 

“It's as good as the French or 
German legislation,” says 
Sedat Orsel formerly deputy 
director of state television, 
now head of Eko television, a 
pay channel in which Koc 
Holding, Turkey’s largest man- 
ufacturing company is in col- 
laboration with Canal-Plus and 
Time Warner. 


However the issue of Kurd- 
ish-language broadcasts, once 
mooted by the prime minister, 
Mrs Tansu Qfller, as a way to 
win over moderate Kurds, has 
been left for another day. After 
criticism from right-wingers 
such as her own True Path 
party deputy Mr Co$kun Kirca, 
the final draft stipulated only 
the use of foreign languages 
“which have contributed to the 
universal cultural and scien- 
tific works” -a phrase which 
Kurdish nationalists wQl take 
as doubl y wounding. 

Politicians such as Mr Ulus 
Gnrkan, a member of the par- 
liamentary drafting commis- 
sion, complain that the law is 
too restrictive, particularly the 
powers it gives the prime min- 
ister to stop broadcasts deemed 
against the “public interest”. 


But many officials concede 
tibe companies brought it on 
themselves. In a conservative 
society, much of the program- 
ming has often stretched the 
bounds of public tolerance. 

A lot is at stake for the tele- 
vision companies, not feast an 
advertising market worth 
$300m in 1993 and tbe chance 
to beam to a growing and 
young population where con- 
sumer choice Is just taking off. 

T he new law is broadly In 
line with other Euro- 
pean practice In areas 
such as cross shareholding, 
advertising restrictions and 
broader public morality issues 
such as violence and pornogra- 
phy. 

Foreign equity will be lim- 
ited to 20 per cent The legisla- 


tion will rationalise the num- 
ber Of terrestrial nhannela The 
council wifi be entrusted to 
draft rules for cable and satel- 
lite transmission. The re-trans- 
mission of foreign programmes 
will no longer be allowed, with 
a waiver for one-off events 
such as foreign football 

matr.hes 

Turkish companies advertis- 
ing on foreign satellite chan- 
nels will not be able to set off 
their advertising costs against 
tax. Cost - in this ray*, of the 
satellite dish -is seen as the 
best constraint on the growth 
of foreign broadcasts. 

The big companies have 
complained that the rules an 
ownership are too onerous. But 
Mr Gurhan says "the restric- 
tions are essential if Turkey is 
to have a free press". 


Balsam 
creditors 
face big 
write-off 

By DavM Wader In Frankfurt 

Bankers to Balsam, the 
sports-surfaces company 
plunged into crisis this week 
after its four-man board was 
arrested on suspicion of fraud, 
believe the bulk of their 
DMl.6bn (S950m) direct and 
indirect exposure to tbe Biele- 
feld-based company wifi have 
to be written off. 

Although the total is large, 
only one bank has an exposure 
of more than DMlOOm, it 
emerged at the first meeting of 
bank creditors in Wiesbaden 
on Wednesday night. This is 
BfG Bank. Credit Lyonnais' 
German subsidiary, which has 
a total of DM1 13m at risk to 
Balsam and to Procedo, the fac- 
toring company at the heart of 
the alleged fraud. 

According to Frankfort 
bonkers, three banks have an 
exposure of DMSQm - 
BHF-Bank, Bayerische Verehaa- 
bank and Landeshank Rheta- 
land Pfalz - while Deutsche 
Bank, Westdeutsche Landes- 
bank, Norddeutsche Lande*- 
bank, Landes bank Hessen- 
Thuringia and other banks 
each have around DMBQm at 
risk. Dresdner Bank and Com- 
merzbank arc believed to be 
owed DM50m each. 

Wednesday's meeting . of 
creditors focused primarily on 
the fate of Procedo, Germany's _ 
largest factoring company. Pro- 
cedo Is Balsam's largest direct, 
creditor and banks' oredlt 
exposure to the stricken Bal- 
sam is largely indirect, via Pre- 
cede. Talks are due to resume 
on Monday. 

The state prosecutor in Btete- 
feld said earlier this week that 
the four Balsam directors had 
been arrested on suspicion of 
forging documentation to sup- 
port applications for factoring 
agreements. Factoring compa- 
nies advance cash to their cus- 
tomers against the security of 
unpaid invoices, taking a com- 
mission for the service pro- 
vided and. assuming responsi- 
bility for collecting their 
customers' outstanding receiv- 
ables. 

The state prosecutor said the 
Balsam directors had over a 
period of years forged letters 
from a US accounting firm pur 
parting to verify the scale of 
large invoices which were sub- 
sequently the subject of factor- 
ing agreements with Prooedo. 
The invoices were either ficti- 
tious or grossly inflated, the 
Bielefeld prosecutors' office 
revealed, and the money raised 
an the invoices was used by 
the company to speculate in 
currency and other financial 
markets. 

It is not yet clear how much 
of the money obtained by Bal- 
sam from Procedo relates to 
genuine invoices, pending an 
investigation by an indepen- 
dent firm of accountants. 
When discussions resume on 
Monday talks will focus on a 
possible plan to rescue Pro- 
cedo. Bankers said they hoped 
AKV Allgememe Kreditversl- 
cherung, the Mainz-based 
insurance company which 
owns 50 per cent of Procedo, 
would inject cash to refinance 
Procedo. 

The affair has raised ques- 
tions about German corporate - 
governance s imilar to those 
provoked by the near collapse 1 
of the MetallgeseUschaft indus- 
trial group earlier this year 
and the failure of the Jttrgen 
Schneider property group. 

Deutsche Bank and Dresdner 
Bank, Germany’s two biggest 
banks, have traditionally been 
close to Balsam. The two were 
indirect shareholders in the' 
company and hM planned to • 
bring it to the stock-market in 

the late 1980s. As in the 
Schneider and Metallgesells- 
chaft cases, the close involve- 
ment of Germany’s leading 
financial Institu tions failed to 
prevent the debacle. Tbe rote 
of the auditors to Procedo and 
Balsam is also likely to costs 
under discussion. 

THE FINANCIAL TIMES 

Finandal Tun (Earoj*) 
Gam.. Nfodangnphb 3. 60318 Fnskfei 
“ Main. G ennany. Tctepboae ++« 69 15A 
MO, F u +*49 0 5964481, Tdcx 416l«. 
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With eta J. Bribocl, CuGu A. Kennsrd « 
Gn=6«ftjffilirer and iq London 6y David 
O.M. Bdl md Ahn C Mfflcr. Prince DVM 
Druck-yertneb and Marketing QnbH. 

Admiral-Roscndaht- Sira sic £u 65263 
Neu-Isuburg (owned by HSrriwI 
larernatywah ISSN: ISSN 01747363 
RopCttuitte Editor. Richard LomboL On Tbe 
Financial Time* Limited, 
Number One SouUntatit Bridoc. I"** SB 
?HU UK. Shareholder! of flcTmoSnimB 
(Europe) GmbH are; Tbs Financial Tiara 
l Europe) Ltd, London and P.T. (OrawV 
Advertising) Ltd, Unfa. Sbrehokfcr of Ita 
above marooned two companies le Tbe 
£■““»* Limited. Number One 

Southwark Bridge, London SEI 9HL TO o 
Company a mcorporataJ under the law of 
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FRANCE 

-Pi"®* P Good. 168 Rbb dc 


ifunJ 


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NEWS: EUROPE 


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EUROPEAN NEWS DIGEST '.. . 






A Swiss btoariwganaa has told French and Swiss newspapers 
fbatha administered- for Qroupe Schnelder'a "slush -fond” of 


which Mr Wdifir Pmean-Valenrienne, president of the French 
grcrap cbarged^rtth hand, may have lmown nnthin^ . jh thtwr - 
tfffiws pdhMffig'vestadav with Paris Match ma gagina find fihq 
Nonveau Quotidien de Lausanne. Mr Luc Jacquier said he 
managed a Swiss trust, company called Finamines. This was 
set W fa the .Bajgian Enapain groim - itself late- absorbed in 
Schneider to help ran' its mlnlngr interests In Zaire after the 
liter’s iafatendence In I960 from BflghmL Fbiaminp«i in tnrn 
"had relations with -the Panamanian hnhwny companies of 
Mitnico ahd. J IWmicd I " accordiaff'tb Mr Jacqtrier, and these 
two pcmpazues received a considerable amo unt of money from 
fte jffleOs to the -TPid-lPSOs. For tax reasons, Mr Jacquier sa W 
the edsteiice of. ftfitraco and Tramico was kept secret from 
shereholders^rCdBbel and Cofi mines, in which Schneider had 
a feifceL Jffiflority^shardroldere in Cofajel and Cofisdnes said 
Schneider, had not given them good enough terms In buying 
fhem-opt in' 1992.TThis eventually launched the Belgian judi- 
cial inquiry which in turn tanded Mr Pineau-Valencieime in 
jaiL. Mr Pineau-Valenaenne was . eventually released on 
FFriam =(£290,000) baiL Mr Jacquier's reported comments 
would: appear to point the finger 1 at Mr Jean Verdoot, who 
Schneidar’s intereas in Be!^tnn ; until his death in 
an air crash two years ago. 

David 8ucfyh,;Pariz 



President Boris Yeltsin's 
spokesman yesterday 
described- as a "fabrication 
and a lie"- press reports that 
the Russian leader might 
sack prime minister Victor 
CSiemoniyrdin; who is recov- 
ering from a kidney com- 
plaint. Komsomol skay a 

Piavda newspaper yestaday 
qnpted “informed sources” as 
saying ; that' Mr Yeltsin 
wanted to replace him with 
Mr Yuri Skokov (pictured 
left), a presidential crony 
with links to the defence 
industry and TiartTHna Rus- 
sian' politics. This latest 
report may well reflect genu- 
ine anger by the defence 
lobby at the government and 
lower chamber of parlia- 
qu^sjufiisal to grant it extra spending in the 1994 budget. 
lej/faSimWm, Moscow . 

^zech fugitive stays put 

Mr^Wkfor Kozeoy, the Czech financier being investigated by 
prosecutors over Ms role in a blackmail scandal, yesterday 
denied wtongdoing but said he would not return to Prague 
f^tn self4in|ysed exile abroad until lie was allo wed “to pursue 
my job in parce/’-Mir' Kozeny, who went to Switzerland in 
Mardi during the trial of a Secret Service agent he had 
accused of blackmail said it was “simply impossible” to man- 
age his Harvard group of investment funds while “being 
branded a criminal/ 5 Vincent Boland, Prague 

Lisbon ‘fastest growiiig city’ 

Lisbon is set to te the fastest-growing European city in the 
next four years, closely followed by Dublin, Hamburg, Athens 
and Ulle, 1 according to new tJK economic study. 

The report, by- Cambridge Econmnefilcs, predicts Stuttgart 
will see fiie slowest rate (rf economic growth- Stuttgart’s econ- 
omy is precficteiHd'e^knd by only LI per cent a year, while 
Lisbon is expected to gxpw.by 3.6 per cent a year. London win 
grow 2 j 3 par cent a year. vrith ftois’ growth rate of L8 per 
cent. ■ 

European Regional Prospects; Cambridge Econometrics. 
Gwent Garden, Cambrid^-OK EcuJOO 
GSEarr ; . - 

fPolahd expdits 5% growth 

The Polish government tha oountry’s economy to grow 
anaverage-OfS peromt’a year until 1997.and inflation, now 30 
par' beat annually, to felH» single figures by then, according 
.to a Pten presented topaxhament yesterday- The plan foresees 
tBoemjdoymeiit fofiing frbm 16 per cent to 14 per cent in the 
period. But Mr Grzegotz Kolodko, deputy premier in chaxge of 
tlto economy, warned -of inflationary dmigera as. industrial 
dmrest alfocteri sevtoal major enterprises. Yesterday over 
2(1000 -workers at the gtant Huta Katowice steelworks contin- 
nfld a nineday-kmg sfrike in aipport of wage demands while 
the Italuin-owngdHuta Lndr.htni Warszawa steelworks in War- 
saw sawit$ 2,000 enqd^yees owupy' the plant to back a 30 per 
cant ™gft riffE A^rnyil iThristripher BobbiskL Warsaw 

Wsh heiallh insurance move 

"Private" insurance in Zteland will be opened up to 
■compriitioa but mw entrants wfll be prevented from “cfcerry- 
low-risk sector of the market, accon fing to gov- 
rinaetor proposals , pubhshed fids wedL An EU directive on 
into force next month, and the pro- 
. posals 1 are 'ibtoaded to enaire Ireland’s compliance with the 
h}irtot!ve-in.^he health insurance sector, by allowing other EU 
groups temnar -the Irish mariteL 
!T5ra Cb^e, : :Ito&So " 

Eeor^Sfe -watch r - 


,fC' 



fiscal revenue rises 

Fiscal revenue in Portugal 
5 ; ’ rose 26J8 per cent in the first 

f-*=.= --v - •: - v ava months of 1994, compared 

wifii the same period in 1993, 
to Esl < 306bn (£i.07bn), the 
finance ministry said yester- 
day. The increase of 
Es276^bn is already more 
than the EsMObn in tax reve- 
nue growth that the govern- 
ment budgeted for the whole 
of 1994. A per 1 cent 
increase in. government 
expenditure from January to 
May was also well within 
budget, the ministry said. The 
revenue rise reflects Improve- 
ment in tax collection, partic- 
; v-s-;:- ^ • r - . ufcariy of VAT, after virtual 

frtoalofotimiQf feff 'fev machine last year. Indirect taxation 
”^w:3SS per cent over the first five months to 
®S82?j$bn,' ."Onitrol bW spending is largely attributable to a 
i ^tefrdf-only ifi per bent in public administrative sector wages 
' qumter of 1994. Portugal's budget deficit tor 

malts, fen 26.1 p» CKit, compared with the 
swJtojwteSf^sfcyem^te Ss2gSl2hn. Peier Wise, Lisbon 
■-^c^bcfr'^^easonally Adjusted Industrial production index 
ns&.ftsiper ctet ln March from the previous month to an 
fcrias lfcvtel of the National Statistics institute (IN SEE) 



, V iV -Iv - 

|.« — Ji -t • r. - ' — > " -• 


-conatuiter spending in the first quarter of 1994 
rajwed’a^itte^cSjS per cent year-on-year rise, largely due to a 
jim^lh^eteipurchaseSi'.tte Central Bureau of Statistics 
unsQsgt yfcsterday. 


^jafrfin«* : estimated operating losses rose fraction- 

ttresam (£L48hn> from «2^m in 1992, the 
Abimea saM. 






Nato offers Russia a special relationship 


% Bruce CUulc In Istanbul 

Nato yesterday held out an 
olive branch to Moscow by 
promising it a relationship that 
would reflect Russia's status as 
the most powerful nation in 
Europe. 

Diplomats said the message, 
contained in a communique by 
Nato foreign ministers and a 
series of verbal statements by 
senior Alliance figures, shnnM 
be enough to persuade Russia 
to join Partnership For Peace, 
the military co-operation pro- 
gramme, in the near future. 

Mr Andrei Kozyrev, Russian 
foreign minister, will deliver 
an Initial response to the ini- 


tiative when he and his coun- 
terparts from other east Euro- 
pean nations arrive in Istanbul 
today. - 

The Nato ministers hope Mr 
Kozyrev will join PFP, in 
which 20 other eastern central 
European countries have 
agreed to participate, in time 
for next month’s summit of the 
Group of Seven. 

Ideally, the question of 
Nato’s relations with Russia 
would be settled before the 
European Union summit in 
Corfu later this month, which 
is expected to set the seal on 
enhanced Russia-EU ties. 

Mr Sergio Balzino, Nato's 
acting secretary-general, told 


the meeting: "Russia will 
remain the most powerful 
nation in Europe; its active 
participation in building a new 
security architecture in Europe 
is vital”. 

The ministers called for an 
"extensive and far-reaching” 
role for Russia within PFP, a 
programme envisaging 
exchange of military knowhow, 
co-operation over peace-keep- 
ing, and the possibility of full 
Nato membership. 

In a significant concession to 
Russian aspirations, they also 
called for relations with 
Moscow to be developed “in 
appropriate areas" outside 
PFP, 


Diplomats ■Mirf ibis implied 
acceptance of Russia's wish for 
an upgraded dialogue on mat- 
ters such as nuclear safety and 
non-proliferation. 

The ministers stopped short 
of using the words "special 
relationship’* to avoid offend- 
ing Moscow’s former satellite 
nations. 

They also avoided giving any 
satisfaction to Russian 
demands for broader institu- 
tional changes in Europe, 
which at their most extreme 
called for Nato's subordination 
to the Conference on Security 
and Cooperation in Europe. 

Diplomats pointed to one 
behind-the-scenes development 


which, although in theory 
quite separate from yesterday's 
deliberations in Istanbul, 
should give Moscow consider- 
able cause for satisfaction. 

Long-running talks within 
the CSCE on setting up a set of 
principles to govern peace- 
keeping was making good 
progress and could soon yield a 
formal agreement, they said. 

Russia wants to secure West- 
ern acknowledgment of its 
“peace-keeping” role in the 
southern republics of the for- 
mer Soviet Union. 

The Nato ministers wel- 
comed the announcement of a 
one-month ceasefire in Bosnia 
and pledged to work quickly 


for broader agreement on the 
republic's future. 

Mr Alain Juppe, French for- 
eign minister, said the contact 
group on Bosnia, including the 
US, Russia, Britain and Ger- 
many, should within ID days 
have prepared a map providing 
for a territorial division of Bos- 
nia which the parties would be 
urged to accept. 

"Severe pressure" would be 
put on any party blocking 
moves to a long-term settle- 
ment. 

If a settlement won general 
acceptance, he was confident 
the US would make good on its 
promise to provide peacekeep- 
ing forces. 


Swiss likely to shun peacekeeping in poll 


Ry tar Rodger bi Zurich 

The Swiss, who pride themselves an 
being the world's great peacemakers, 
look set on Sunday to prohibit then- 
soldiers from participating in UN 
peacekeeping activities. 

Polls indicate a close overall result 
in Sunday's referendum on whether 
to allow the Swiss Army to contrib- 
ute troops to the UN’s blue helmet 
corps in the world’s trouble spots. 
That means the requirement for 
majorities to be achieved in over Half 
the country’s 23 cantons will almost 
certainly not be satisfied. 

Other decisions by the Swiss in 


recent years to eschew international 
involvem en t have so Ear produced no 
noticeable negative consequences for 
the country. But signs exist that a No 
vote In this case would poison ties 
with neighbouring countries. 

Last week, Mr Matthias Wlssmann, 
German transport minister, said the 
vote had no direct relation to Euro- 
pean transport talks jolted by a Swiss 
referendum decision in February to 
prohibit all lorry transit traffic from 
the Alps from 2004. 

Hie connection was “more atmo- 
spheric,” Mr Wlssmann said. With a 
"yes” vote, Switzerland would signal 
it sought not only advantages from 


international relations but also to 
carry the burdens. That message has 
been submerged in a campaign where 
opponents are appealing to arrogance 
and narrow-mindedness. 

Supplying bine helmet troops 
would compromise the country’s trea- 
sured neutrality, said Mr Christoph 
B1 ocher, the charismatic right-wing 
politician-industrialist who has suc- 
cessfully led campaigns in recent 
years to keep Switzerland out of the 
UN and the European Economic Area. 

The feet that Sweden, Finland, Aus- 
tria and other neutral countries can 
reconcile their status with supplying 
blue helmets is brushed aside. “Swit- 


zerland is the only long-standing 
armed neutral," Mr Blocher replies. 

He and other opponents charge that 
Swiss blue helmets would be con- 
trolled by the UN Security Council, 
and thus would be creatures of the 
policies of the big powers that con- 
trol the council. The Swiss govern- 
ment insists it would retain the 
power to decide on participation of 
Swiss troops in any given situation. 

Opponents point to the failure of 
the blue helmets to prevent the 
slaughter in Yugoslavia, claiming 
they are a waste of money and an 
unnecessary risk to soldiers’ lives. 
Their advertising posters feature an 


illustration of eroding Swiss soldiers' 
gravestones In some distant desert. 

They say Switzerland already ful- 
fils Its international responsibilities 
by contributing to many UN agencies 
and other humanitarian organisa- 
tions. 

The government, with wide support 
in parliament and business circles, 
agrees Switzerland can be proud of 
its humanitarian efforts, but it must 
also share the responsibility for the 
increasing need for international 
peacekeepers. 

It says participation in the corps 
would be voluntary, They would not 
be sent to active combat zones. 


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FINANCIAL TIMES FRIDAY JUNE 10 1994 


NEWS: EUROPE 


Sunday’s European vote is critical for fate of Socialist government, writes David White 

Gonzalez waits for the judgment of Spanish 



EUROPEAN 

ELECTIONS 

Jim 8 and 12 


If the opinion 
polls are right, 
Sunday’s Euro- 
pean parlia- 
ment ballot 
win give the 
conservatives 
of Spain’s Pop- 
ular party 
their first vic- 
tory In a 
nationwide 
election since 
General Fran- 
co's death in 
1975 and the 
restoration of democracy. How 
much damage the governing 
Socialists sustain in the after- 
math of recent corruption 
affair s will crucially affect the 
fate of Mr Felipe Gonz&lez's 
government, re-elected a year 
ago for a fourth term. 

Mr Gonzdlez's vital ally, 
Catalonia's regional president, 
Mr Jordi Pujol, has promised 
continued backing irrespective 
of who wins on Sunday - 
“unless something spectacular 
happens”. Mr Pujol’s Conver- 
gdncia 1 Unid party has just 
enough deputies in the 
national parliament to make a 
combined majority with the 
Socialists and shore up the 
government 


For the moment, this 
arrangement is convenient for 
Mr PijjoL He gains leverage in 
Madrid, and may see the 
Socialists as less of a danger to 
him in Catalonia while they 
hold power nationally than 
they would be in opposition. 
Also, he could not easily 
switch allegiance to the Popu- 
lar party, which has queered 
its pitch in Catalonia my mak- 
ing a fuss over the language 
issue. 

However, many of his party’s 
grass-root supporters fall to 
understand why they should 
help a discredited government 
in Madrid. The more the gov- 
ernment's credibility is under- 
mined - either by further dis- 
closures or by a heavy defeat 
on Sunday - the more fragile 
this informal alliance will 
become. 

Opinion polls have been 
remarkably consistent. The 
Socialists, fi ghting for the cen- 
tre ground with both the PP 
mainstream regional par- 
ties, are generally given only 
about 31 per cent of the vote, 
compared with almost 39 per 
cent in last year's general elec- 
tion and 40 per cent in the 1989 
European election. The PP 
comes ahead of this in all the 



Ah’ Felipe Gonzdlez: how much damage his Socialist party sustains in the European parliament 
elections will cnaaally affect his g ov e r n ments life expect a n cy aw 


polls, mostly in a range of 
between 37 and 40 per cent, 
improving on its score last 
year of just under 35 per cent 
This would give the conserva- 
tives 26 or 27 seats compared 
with the 15 they won in 1989. 
The Socialists would lose up to 
six of their 27 seats. 

The Communist-led United 
Left is predicted to show 
strong gainB with up to 15 per 
cent of the vote. 

With the same consistency. 


the Socialists are seen losing 
ground in their stronghold 
region of Andalucia, where 
regional elections are being 
held on the same day - main- 
taining their lead but losing 
their outright majority, and 
therefore probably being forced 
to seek an alliance with the 
United Left. 

Mr Jose Maria Aznar, the PP 
leader frustrated in his bid fin- 
power last year by a margin of 
lm votes, believes his party 


could finish 2m votes ahead - 
pnri within the ne x t year win a 
general election. 

But there are dangers in 
drawing too many conclusions 
from the polls. Firstly, Sun- 
day’s vote cannot necessarily 
be translated into a likely gen- 
eral election result. Many 
observers see it as a cost-free 
way for voters to punish the 
government The "useful vote", 
which last year enabled the 
Socialists to pick up part of the 


United Left's electorate to 
stave off a right-wing victory, 
does not apply. 

Secondly, pre-election polls 
in Spain are often misleading. 
Mr Fernando Morin, the 68- 
year-old former foreign minis- 
ter who heads the list of Social- 
ist candidates, says there has 
always been a “hidden vote”. 
In previous elections, this has 
involved supporters of the tra- 
ditional right who were reluc- 
tant to declare their sympa- 
thies to pollsters. This time, he 
says, the same may apply to 
Socialist supporters. 

The professorial Mr Marita, 
whose signature stands on 
Spain’s 1986 European acces- 
sion treaty, leads the personal 
popularity stakes among the 
candidates. He believes the 
Socialists could stOl end nar- 
rowly ahead but says an 
advantage of one or two seats 
for the PP would be an “accept- 
able” result 

Predictably, Socialist politi- 
cians have a gain conjured up 
the spectre of the authoritarian 
right Mr Aznar has tried to 
remove his reformed PP from 
any associations with Fran- 
coism, which put a ceiling cm 
the party’s vote-winning poten- 
tial when it was under the 


leadership of Mr Manuel Fraga, 
former information minister 
under the Franco regime. How- 
ever, some close collaborators 
of Mr Fraga still figure on the 
pp *»*■ 

A star young PP candidate, 
Ms Mercedes de la Merced, pro- 
vided a godsend for the other 
parties by speaking favourably 
of Franco as “a person who 
cared about the weaker clas- 
ses” and who “built a whole lot 
of houses for the poor”. 

Up to eight of Spain's 39 lists 
of candidates - almost twice 
the number in France - stand 
a chanre of returning an MEP. 
Less likely contenders include 
the traditionalist Car list Com- 
munion. two Falangist parties 
the Spanish branch of 
Hunting, Fishing, Nature and 
Tradition, whose candidates 
include a bullfighter. 

Businessman Jose Marfa 
Ruiz-Mateos, who helped stave 
off trial on falsification charges 
by getting elected on his own 
ticket last time, is standing 
a gain His posters show him in 
a hard-hat with the slogan 
“Spain for the Spaniards, work 
for everyone." But the omens 
are not good. The football club 
he bought has just been rele- 
gated to the second division. 


Contented Luxembourgers look for more of the same 


L uxembourg comes across as a 
tonic for a Europe fed up with 
recession. Dripping with pros- 
perity after an almost unbroken 10- 
year cycle of growth, with unem- 
ployment a quarter of the EU aver- 
age, the tiny Grand Duchy, exploit- 
ing its niche at the coufimction of 
France, Germany and Belgium, out- 
wardly looks very self-satisfied 
indeed. 

Proud of its role as one of the six 
original founders of the Euro-club, 
its people's commitment to Europe is 
not in doubt But nor is it any longer 
unquestioning. 

Turnout in the June 12 elections to 
the European Parliament will be 
deceptively high at nearly 90 per 
cent As in Belgium, voting is com- 
pulsory, and uniquely. Euro-polls 
coincide with national elections. 

In the latter, the coalition between 
the Christian Socialist and Socialist 
parties, in power since 1984, is expec- 
ted to be returned, with a modest 
bruising from the liberals of the 


David Gardner finds the prosperous Grand Duchy, one of the six founder 
members of the Euro-club, upbeat on the question of European integration 


Democratic Party, more Greens 
alongside tbpm i and perhaps a first 
seat for Luxembourg's small but 
threatening far Right 

At European level, where Luxem- 
bourg has a generous 6 seats In 
Strasbourg for its 400,000 people 
against, for instance, Germany's 99 
seats for 81m inhabitants, the exist- 
ing configuration should also bold 
steady. The Christian Socialists have 
three MEPs, the Socialists two, and 
the liberals one - although the 
newly wwiffafl Greens might just win 
one seat. 

Green MP Jup Weber, standing for 
Strasbourg where he already advises 
Green MEPs on forestry conserva- 
tion. sums up the views not only of a 
small party but a small country 
when he says of the European Par- 
liament that "it is a fantastic instru- 


ment for networking." 

But behind this placid exterior the 
Luxembourgers worry a bit more 
about Europe's direction. “Luxem- 
bourgers know that we need Europe, 
especially after the last war," says 
Mr Francois BUtgen, the Christian 
Socialist chief whip. “The question is 
what sort of Europe we want" 

The trauma of the second world 
war is scarred deeply in Luxem- 
bourg, which suffered proportion- 
ately the highest losses on the allied 
side except the Soviet Union. The 
post-war embrace of European inte- 
gration was and is seen as its guar- 
antee of peace and sovereignty. 

But there are now undercurrents 
of concern about issues such as 
European citizenship and voting 
rights for foreigners; frnpat* of the 
Stogie Market' perceived threats to 


Luxembourg’s thriving financial cen- 
tre; and fears that the EITs 1996 con- 
stitutional review could downgrade 
the rights of small member states. 

Maastricht allows foreigners to 
vote to European, and eventually, 
local elections. In Luxembourg, one 
third of the population and half the 
workforce is foreign. 

The government therefore won a 
derogation requiring five years' resi- 
dence before eligibility to vote, and 
10 years before eligibility for office. 
This mostly deprived xenophobes of 
their market, and in practice only 
6,000 foreigners have registered to 
vote. 

In Dudelange, a neat industrial 
town of 16,000 near the French bor- 
der, Mr Mars di Bartolomeo, the 
Socialist mayor and former parlia- 
mentary chief whip - himself the 


grandson of Italian immigrants - 
argues that Luxembourg is a living 
example of integrating Europe's peo- 
ples. “You have the Europe of the 
institutions and you have the lived, 
practical Europe” he says. “That’s 
what you see around you here, and 
we’re proud of it" 

But many Luxembourgers are less 
enchanted with the border-free Sto- 
gie Market, sold as a way of expand- 
ing into a hinterland of 10m. But 
bordering areas are more down-at- 
heel, and it is foreign companies 
moving into Luxembourg which are 
getting the best end of the deal, put- 
ting pressure on the Grand Duchy's 
mostly small- to medium-size indus- 
tries. 

European harmonisation, more- 
over. could dose the loopholes that 
enabled Luxembourg to become a 


tax haven and satellite broadcasting 
centre. “Our partners tend to think 
we became rich essentially at their 
expense, by exploiting loopholes,” 
acknowledges Paul Helmtoger, dep- 
uty mayor of Luxembourg city 
standing for the Democrats for both 
parliaments. With decisions of this 
magnitude increasingly taken at EU 
level, “it is not surprising that peo- 
ple are questioning the wisdom of 
dismantling the nation-stater Mr 
Helmtoger says. 

The Democrats, traditionally the 
party of Europe, which provided 
Gaston Thorn as Commission presi- 
dent in the early 1980s, have 
sprouted an influential Euro-scepti- 
cal wing to reflect this. And all the 
main parties are determined to pre- 
serve Luxembourg’s position to the 
1996 review of power -sharing and 
decision-making in the Union. 

“Our position is that we need 
Europe, but that too much Europe 
could be harmful for a tfoy country," 
says Mr di Bartolomeo. 


Europoll 

campaign 

soundbites 


“If there is an electoral 
disaster, there will have to 
be seme hard thought.” - 
Felipe Gonz&lez, Spanish 
prime minister. 

"Italy counts for little hi 
Europe at the moment. It 
has to count for more." - 
Forza Italian candidate 
Francesco Bow. 

"We cannot pick and 
choose to which continent 
we belong." - Douglas 
Hurd, UK foreign secretory. 

"An Anglo-Saxon billion- 
aire with the bulk of kU 
fortune invested to the IB," 
• Dominique Baudla. leader 
of the French UDF-RFR list, 
on Sir James Goldsmith, the 
tycoon running on anti- 
Maastricht ticket 

“They are trying to use 
the date to destroy the 
whole idea. I will not play 
along with that” - Chan- 
cellor Helmut Kohl, on Brit- 
ish Euro-sceptics stressing 
the importance of the Maas- 
tricht convergence criteria 
for Emu. 

"No, no. no and no 
again!” - Danish People’s 
Movement Against the EU. 

"It is now dear that John 
Major is a junkie booked on 
Tory central office lies.” - 
Jack Cunningham, Labour’s 
shadow foreign secretary. 

"We would rather be 
open to the world than 
turned to on ourselves." - 
Slogan of Germany's Green 
party. 

"Our aims go beyond 
Maastricht: monetary, 

union and a free market are 
not enough." - fanner 
Christian Democrat Mario 
Segni who helped trigger 
electoral reform in Italy. 

"The government has an 
archaic vision of Europe. 
They think Europe is 
abroad.” - Josu Jon Imaz, 
Basque Nationalist Party 
candidate. 

"Europe Yes, Portugal 
For Ever." - Slogan of Por- 
tugal's governing Social 
Democratic party and the 
right-wing CDS-PP, 

"Europe No, Portugal 
Never" - sell-out satirical 
review now showing In Lis- 
bon. 


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FINANCIAL TIMES FRIDAY JUNE 10 1994 


Committees of Senate and 
House) to study reform bills 


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By Qeofse Graham 
4n Washington ■ . 

The Ui5 Congress has at. last 
started to make some proce- 
dural progress in its efforts to 
draft healthcare legislation, 
;but consensus on How -to 
1 reform the system is as fax 
•away as ever.. 

, Senator ; 1 Daniel Patrick 

[Moymhan^ chairman of the 
’Senate finance committee, yes- 
•terday presented his 'committee ‘ 
members with a ' proposal 
rcfosely modelled on President 
Bill Clinton’s reform plan, 
while the House of Representa- 
tives ways and means commit- 
tee, which -handles tax issues, 
is ex pected ' to start next week 
on linefry-Ene consideration of 
a bill proposed by its new 
Congressman Sam 
Gibbons of Florida. ‘ 

: The Senate labour commit- 
tee, -chaired by 'Senator Ted 
Kennedy, was meanwhile 
expected by last night to 
. become the first of the five big 
congressional committees with 
jurisdiction direr healthcare to 
, complete its work on a bill that 
also bears a close resemblance 
. to tiie-CZiDtonplan. : : 

JSven their proponents do not 
surest that any of these ver- 
* sums is close to being , the sort 
of magic compromise that 
- oguld pass both the House and 
’.the Senate. ; 

i “The important thing is that 
; Re main committees get bills 
-raarked up. then we can slug it. 

! mit on . the floor," an ^adminis- 
tration official said. 

: .Hr Kennedy has achieved 
progress, winning unani- 
mous votes- on a handful of 


measures that could form part 
of. the final bilL On most mea- 
sures, however, his committee, 
regarded as more left-wing 
than the Senate as a whole, 
has split along party lines. 

The only Republican to vote 
consistently with the Demo- 
crats was Senator James Jef- 
fords of Vermont, who is gener- 
ally far more left-wing than 
most centrist Democrats. 

Mr Moynihan, meanwhile, 
has failed after weeks of nego- 
tiations to come up with the 
Republican support that he has 
said is essential for the passage 
of healthcare reform. 

H2s proposal broadly follows 
the Clinton p lan , int-lndlng M y? 
requirement that employers 
pay 80 per cent of the cost of 
health insurance for their 
employees, though it adds sub- 
sidies for small businesses and 
eliminates the compulsory 
insurance-buying alliances in 
the White House version. 

But congressional healthcare 
experts said yesterday that Mr 
Moynihan's purpose was to 
prove to the White House that 
its scheme is" truly dead, by 
demonstrating how little sup- 
port it gets hi his committee. 

Other centrist senators are 
working cm proposals aimed at 
finessing the controversial 
employer mandate while still 
reaching universal coverage. 

Among these ideas is a “hard 
trigger”, in which the 
employer mandate would only 
come into effect i£ after a spec- 
ified number of years, market 
reforms in a voluntary system 
have not resulted in 85 per 
cent of currently unins ured 
workers obtaining coverage. 


v ’- tot .• T 


Price-fixing in 
plastics admitted 


!W'" ' • . -?3 

r - 



By Jeremy Kahn • - 

in Washington 

The US Justice Department 
said yesterday it had cracked a 
price-fixing conspiracy .among 
three plastic cutlery manufac- 
turers that controlled over 90 
per cent of the SlQGm-ityeariBS 
market • . • > . .* '. ' V . • V v'.V 
Following- joint- raids by the 
Federal Bureau. dl'Inve^tiga-V 
dons and •the Royal- Canadian 
Mounted Pqlice/thetiepart-\ 
raent charged that executives 
at Minnesotahased Plastics 
Inc, Pennsylvania-based Polar 
Plastics and : Massachusetts- 
based Comet Products had 
agreed m secret telephone con- 
versations and meetings to 
drive up prices on disposable 
cups and .glasses from. Decem- 
ber 1991 to December 1992. 

. The three companies have all 
agreed to plead guilty and will 
collectively pay over- $8.36m 
(ttJSTm) iti Goes- Four corpo- 


rate executives charged indi- 
vidually in the case also agreed 
‘to guilty pleas and face poten- 
. tial imprisonment and hun- 
dreds of thousands of dollars in 
fines under US anti-trust and 
' wire fraud laws. 

“This is the kind of interna- 
tional eo-pperation that is 
-urgently needed in an age of 
’ shrinking borders and faterna- 
. tonal anti-trust conspiracies,” 
Ms . Janet Reno, US attorney 
general, said of the combined 
US-Canadian raids that led to 
-the indictments. 

The administration has been 
attempting to bolster anti-trust 
. operations. - 

Two of the executives 
.charged, Mr Robert Westbrook 
and Mr Warren White, presi- 
dent and vice-president of Plas- 
tics Inc respectively, are 
accused of defrauding Delta 
Airlines and Bunzl. both of 
which use large quantities of 
plastic dinnerware. 


Bosnia pressure 
on Clinton grows 


‘ J-T. 1 ■ • • ' 


u 


0 


By-George Graham 

The ITC administration came 
under incieasfhg pressure over 
Bosnia yesterday when the 
Houseaf Representatives voted 
tOTequtro the us to stop enfor- 
cing the United Nations arms 
embargo' against the former 
Yugosiavta . and to supply 
weapqhs-to the Bosnian Mos- 
lem govercnneit 
’ ..The vote; by 244 to 178, does 
not have the force of law but 
will complicate the -administra- 
tion's: efforts, in partnership 
with its European allies and 
Russia to bring the .warring 
parties to a peace settlement 
Congressman Lee Hamilton, 
Chairman of the House foreign 
affairs committee',, warned it 
would; merely aggravate the 
conflict to Bosnia. - - 
""First tof all, itis going to 
Intensify, the war “ he said, 
adding that the vote would 
also lead to the withdrawal of 
UN; troops, the breakdown of 
ho tt am t arian operations and 
tbe.emioftim^ace process. 

Congressman Jerauld Nadler 
countered; that the embargo 
“the handmaid of geno- 
cide’’. ■ . : 

fresideiit BiiL Clinton has 
said he favour* Hfting the arms 
^nbargOTim. Bosnia but does 
bot wmit to act unilaterally, in 
defiance at tits wfehes of the 
European countries which 
®ake qp fte:- bulk of the UN 
In Bosnia. 
Senior .administration offi- 


cials lobbied members yester- 
day morning to vote against 
the measure, which they feared 
would complicate their efforts 
to persuade the Bosnian Mos- 
lem government to accept a 
“reasonable solution". 

The US has in recent weeks 
moved closer to the views of 
France and the UK on the need 
to apply pressure on the Bos- 
nian Moslems. Officials have 
indicated that they would be 
ready to consider removing 
some economic sanctions 
against Serbia if the Bosnian 
Moslem government rejected 
the peace proposals on which 
the US is working with Europe. 

Yesterday’s resolution, spon- 
sored by Congressmen Frank 
McCloskey of Indiana and Ben- 
jamin Gilman of New York, 
requires the president to “ter- 
minate the US arms embargo 
of the government of Bosnia 
and Hercegovina upon receipt 
from that government of a 
request for assistance in exer- 
cising its right of self-defence". 

It authorises the president to 
provide “appropriate military 
assistance'* and authorises the 
transfer of up to $200m (£i3Sm) 
of military equipment and 
training services to the Bos- 
nian government 

Although the Senate has 
passed a similar resolution, its 
language was different, and 
identical versions would have 
to be passed in both chambers 
before the measure could 
become law. 


NEWS: THE AMERICAS 

Chile targets roads as the route to growth 

David Pilling reports on the awarding of concessions to upgrade rundown infrastructure 


M r Ricardo Lagos does 
not believe in mira- 
cles. “Behind the 
Asian miracle, there are two 
principal factors," says Chile’s 
recently appointed public 
works minister. “A radical 
reform of the educational sys- 
tem and a spectacular pro- 
gramme of infrastructure.” 

The feet that infrastructure 
is now the responsibility of 
such a high-profile minister - 
Mr Lagos is one of Chile’s best- 
known politicians - tnri 1 «?tPR 
the new administration’s 
desire to follow Asia’s lead by 
upgrading and expanding a 
largely dilapidated transport 
network. Chile's road system, 
for example, has been starved 
of resources for decades and 
has hardly altered since the 
1970s, though traffic flows have 
quadrupled. 

Mr Christopher Brown, exec- 
utive director of the Chilean- 
British chamber of commerce, 
says rundown infrastructure 
could start to hamper growth. 
Unless action is taken, he says, 
“export bottlenecks will 
emerge, and we just won’t be 
able to get the products to the 
boats on time”. 

Chile, which has grown by 
an average 6 per cent a year 
over the past decade, is depen- 
dent on trade, exporting nearly 
a third of its gross domestic 


product. Mr Lagos agrees with 
Mr Brown's verdict He pro- 
poses to double annual spend- 
ing on infrastructure to $L5bn 
(£lbn) within four years, both 
to improve export competitive- 
ness and to help the adminis- 
tration’s broader aims of eradi- 
cating extreme poverty. 

Mr Lagos says a total of 
$33bn needs to be invested by 
2010 and that new ways, 
including an ample role for pri- 
vate sector financing, must be 
found to pay for public works. 

Projects buflt under conces- 
sion, legislation for which was 
approved during the previous 
administration of President 
Patricio Aylwin, will play an 
important role, he says. The 
first such project - the $25m El 
Melon tunnel to the north of 
Santiago - is being built by 
Endesa, an energy holding 
company. Mr Lagos hopes to 
sign concessions for road pro- 
jects worth glXOm this year 
and for $220m in 1995. 

Mr Alejandro Fernandez, 
bead of studies at independent 
economics consultant Gem- 
ines, supports concessions in 
theory, but says the new law is 
“clumsy and bureaucratic". 

Mr Lagos concedes that legis- 
lation is “in need of perfec- 
tion", for example by exempt- 
ing tolls from value-added t«T. 
He does not believe, however, 


that concessionaires should 
enjoy full ownership rights, 
favouring Instead the eventual 
transfer of projects to the state. 
Tasc, a Santiago-based think- 
tank, has argued that this 
mechanism may act as a disin- 
centive to adequate project 
Investment 

Again Mr Lagos concedes 
that the build-operate-transfer 
arrangement can make it diffi- 
cult for concessionaires to 
secure financing since hanks 
often require as collateral the 
project itself, not just the 
rights over its use. He believes 
lending institutions need to 
change their attitude in this 
respect. 

To help concessionaires, he 
says, the state is willing to sub- 
sidise certain projects. It will, 
for example, provide a &L2m 
subsidy to concessionaires 
building the road to the 
southern city of Concepcidn, 
the centre of the forestry 
industry. 

Mr Lagos hopes Chile will 
soon be able build an annual 
$300m-worth of infrastructure 
under concession; private ana , 
lysts estimate that $2bn could 
be raised over the next five 
years. He says Mexico’s ambi- 
tious - but not always success- 
ful - attempt to involve the 
private sector in infrastructure 
has persuaded Chile to move 


^ PERU ■“ - . BRAZIL 

1 BOLIVIA 


PARAGUAY 


i. — £ 

<»• 7 




ARGENTINA 



l^cJVjSenUago 

Si 

: : .v z~ * - r . oe£AN‘ ■ . ■ 

yy-r*.w»v i "j.;: 

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0 ^ ' 1 1 Km t 


“more slowly, hut more 
surely". 

Chile’s private pension funds 
(AFPs), now worth $17bn, are 
another potential source of 
finance. 

Legislation passed earlier 
this year allows AFPs to invest 
part of their portfolio in proj- 
ect-funding bonds and Mr Julio 
Bustamante, chief AFP regula- 
tor, believes they could soon be 
providing 40 per cent of the 
private infrastructure capital. 
Some analysts say, however. 


that risk-rating requirements 
will oblige them to proceed 
more slowly. 

The government also wants 
private sector involvement in 
the rti lapidated railway system, 
part of which is due to be pri- 
vatised later this year. Ten 
companies, including Renfe of 
Spain and Railtex of the US, 
have prequalified for the sale 
of 51 per cent of Fepasa, the 
railway cargo division. 

A number of Chilean forestry 
exporters, seeking cheap 
access to the coast, are also 
interested. 

Chile’s ports, which handle 
nearly 95 per cent of exports, 
are split between the public 
and private sectors. Although 
efficient by Latin American 
standards, analysts say they 
fall far short of south-east 
Asian or European levels. Mr 
Lagos says he has no ideologi- 
cal objection to port privatisa- 
tions. though he does not 
believe this should be an end 
in itself. 

Looking to the next century, 
Mr Lagos shares with many 
other analysts a vision of Chile 
as South America’s gateway to 
Asia. “Brazilian industrialists 
in Sao Paulo would find it 
much cheaper to be two days’ 
lorry drive from Iqulque or 
Antofagasta (northern Chilean 
ports') than to have to take a 


boat around Cape Horn or 
through the Panama Canal to 
get to Japan or China," be 
says. 

To exploit Its 3.000-mlle 
coastline to the full, Chile 
would need drastically to 
improve its links with Bolivia 
and Argentina. A tarmac road 
from Arica to the Bolivian bor- 
der is due to open this year 
and plans have been 
announced for the possible 
construction of a sub- Andean 
tunnel to Argentina. 

Mr Lagos wants u more 
overland passes to Argentina - 
in winter it is often impossible 
to drive between the two coun- 
tries - while Mr Fernandez 
believes roads dedicated purely 
to international cargo should 
be built. 

Mr Lagos is not daunted by 
the task. As global trade 
expands and as Latin Ameri- 
can nations such as Argentina 
and Brazil begin to realise 
their export potential, he 
believes Chile will be in a 
unique position to act as entre- 
pot port. 

“I am convinced that our 
geographical location, looking 
out on the Pacific, is a resource 
that we have to exploit The 
republic of Venice in the 15th 
century had one great advan- 
tage - its location. That is Chi- 
le's greatest asset too." 


L 


t is comforting to entrust one’s assets to a Geneva private banker. 


■■ •• ••• 



Geneva is a leading 
financial centre known far 
international banking 
expertise and , 
for 200 years, its private 
bankers have focused on 
asset management. 
They like to establish 
durable person-to-person 
relationships and their close 
involvement in investment 
decisions is profoundly 
reassuring to their clients. 



Geneva's Private Bankers 

Liberty - Independence • Responsibility 


In Geneva: 

BORDIER & Cie - DARIER HENTSCH & Cie - LOMBARD ODIER & Ge - AHRABAUD & Cie - PICTET & Cie 

(1844) (1796) (1798) (1819) (1805) 

ad Its Assd KnpM UJL Lintod, Babaof BffiO 


t. . ; • _ ; _ . 

'• ‘ —V -N '* '\'A '♦ ‘ 

. 6 ’ : 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


NEWS: WORLD TRADE 


Telecoms joint venture to provide D&B data services 


Eunetcom wins $200m deal 


By Andrew Monte in London 


The telecommunications joint 
venture between the French 
and German state operators 
has won a $2G0m contract to 
provide international data ser- 
vices to Dun & Bradstreet, the 
US information and business 
services group. 

Eunetcom, the Franco-Ger- 
man joint venture, wffl provide 
all of D&B's worldwide data 

r rtmTminirsrtinm; needs, taking 

responsibility for an existing 
network covering 30 countries, 
run by more than 150 staff. 

The contract, Eunetcom’ s 
most significant advance so far 
in the market for “outsourc- 
ing” the telecoms needs of mul- 
tinationals, comes amid negoti- 
ations between the Franco- 
German alliance and Sprint, 
the third-largest US long dis- 
tance operator, about the for- 
mation Of a larger allianrtt. 


Mr Ronald Brown, the US secretary of commerce, yesterday 
defended the aggressive export promotion stance of the TJS 
administration and promised to continue vigorous lobbying for 
US companies seeking international contracts, writes Quentin 
Peel in Dflsseldorf. He said the recent US success in winning two 
molti-billkm-dollar aerospace and telecomrmm nations contracts 
in Saudi Arabia was proof that the policy was effective. 

Mr Brown yesterday re-opened the US consulate general in 
Dflsseldorf and said this was part of a push to raise US exposure 
in Germany, and support exports, particularly of medJtaumsized 
US companies. Earlier, he had talks with Mr Wolfgang BOtsch. 
the German minister for posts and telecommunications , and 
urged rapid liberalisation of the German telecoms market to 
give US suppliers greater access. 


Eunetcom is believed to have 
won the D&B contract against 
strong competition from Brit- 
ish Telecommunications and 
MCI, the second largest US 
telecoms operator. 

BT and MCI forged a SSJSbn. 
alliance last year geared to the 
outsourcing market, estimated 
by analysts to be worth at least 
Slbn a year in Europe. 


France Telecom and Deut- 
sche Telekom launched Eunet- 
com last September, and have 
since announced an Eculbn 
($l.2bn) alliance to integrate 
fully their data communica- 
tions services. 

Mr Claude Olier, Eunetcom 
chief executive, said: “This 
proves that Eunetcom is set to 
play a big role in the interna- 


Minister’s remarks irk Malaysia 


By Kieran Cooke 
h Kuala Lumpur 


Malaysia is seeking 
clarification from the British 
government over remarks by 
Mr Richard Needham, the UK 
trade minister, suggesting that 
calls in Britain for retaliation 
against Malaysia might grow 
unless Kuala Lumpur lifts a 
ban on giving contracts to UK 
companies. 

Visiting Malaysia this week, 
Mr Needham said he felt the 
ban, imposed at the end of Feb- 
ruary, would be lifted “within 


six weeks”. However, he said 
that as long as the ban was in 
force there was a chance that 
calls for some sort of retalia- 
tory action would increase. 

Mr Abu Hassan Omar, the 
acting Malaysian foreign min- 
ister, said Malaysia hoped for a 
quick response on the issue 
from the British government 
While the reaction of the 
Malaysian government to Mr 
Needham's remarks haa been 
muted, the government-influ- 
enced local media have sought 
to interpret the comments as a 
slight to the government 


Mr Needham has played a 
central role in trying to per- 
suade the Malaysians to lift the 
ban, imposed after a report in 
the London Sunday Times 
alleged that a British company 
had been involved in negotia- 
tions to oiler bribes to Dr 
Mahathir Mohamad, the prime 
minister. 

• Malaysia says It will invest 
M$624m ($240m) in a $U>bn 
joint venture to make car 
engines and components in 
China. Hie flnnniTnrpm g nt fol- 
lows the signing of a memoran- 
dum of understanding between 


Malaysian, Japanese and Chi- 
nese companies in Beijing last 
month, Malaysia says Mitsubi- 
shi Motors of Japan wfll be 
investing $340m in the project 
while a Chinese consortium of 
three state-controlled compa- 
nies will invest 5900m. 

The Malaysian investment 
win be made by Kharanah, a 
new state investment com- 
pany, and p ri va te sector com- 
panies. The Chinese companies 
involved are the China North 
Industrial Group, China Aero- 
space Corp. and Aviation 
Industries of China- 


US studies Tokyo development aid 


By Mfcftfyo Nafcamoto in Tokyo 


The US is targeting Japanese 
overseas development aid as 
another channe l for increasing 
US exports, according to a top 
US trade offlriaL 
In a break from conven- 
tional US trade policy, the 
Commerce Department is 
“looking into how US firms 
can get a larger share of 
[Japan's aid] financing”, Mr 
Jeffrey Garten, under-secre- 


tary of commerce for interna- 
tional trade, said yesterday. 

Japanese overseas develop- 
ment add, much of which goes 
into infrastructure invest- 
ment, amounts to about siObn 
a year, he said. 

Of that, Japanese companies 
win about 30 per cent of con- 
tracts while US companies 
were receiving only about 5 
per cent, according to Com- 
merce Department estimates, 
“We have to take another look 


at who is receiving what," Mr 
Garten noted. While no target 
is being discussed for the US 
share of Japan's ODA alloca- 
tion, Mr Garten went on to say 
that “we think there Is great 
room for US firms to expand 
their share”. 

He also underlined that Jap- 
anese aid was untied and that 
tiie task facing US authorities 
was to spread information on 
Japanese ODA among US com- 
panies and ou how to go about 


winning contracts. “Many, 
many US firms don’t even 
know of the existence of this 
money," Mr Garten said. 

Competition to win con- 
tracts involving Japanese aid 
would most certainly inten- 
sify, particularly from Europe. 

Separately, Mr Garten also 
emphasised US interest in 
increasing exports to Japan in 
tiie field of information tech- 
nology, where tiie US has a 
leading edge. 



Reich 


tional outsourcing market we 
are not going to leave it to 
AT&T and BT.” He added that 
up to 25 other contracts were 
in various stages of tendering, 
and that the saving on offer to 
companies outsourcing their 
telecoms was “between 10 and 
20 per cent of their current 
mr. 

Eunetcom’S opponents in the 
test emerging global struggle 
for multinationals’ telecoms 
business are AT&T, the US 
operator, the BT-MCI alliance, 
and Unisource, a joint venture 
between the Swedish, Swiss 
and Dutch state operators. 

Unisource is working with 
AT&T in one significant Euro- 
pean contract, and analysts 
believe a full alliance may be 
In the offing. An announce- 
ment by Sprint about its rela- 
tions with France Telecom and 
Deutsche Telekom is expected 
within the next 10 days. 


warns on 
rights of 
workers 


By Finances WHSams in Geneva 


In the clearest statement yet of 
Washington’s position on 
worker rights and trade, Mr 
Robert Reich, US labour secre- 
tary, yesterday said trade sanc- 
tions should be Just one option 
in a “menu” of possible inter- 
national responses to rights 
abuses. 

Mr Reich, addressing the 
annual conference of the Inter- 
national Labour Organisation, 
also drew a firm distinction 
between a few “absolute stan- 
dards” which all countries 
should respect and other 
labour standards which could 
be expected to improve with 
rising levels of development 

The US fed a campaign 
by industrialised nations for 
the links between “internation- 
ally-recognised labour stan- 
dards” and trade to go era the 
agenda for future trade talks. 
This continues to be resisted 
by many developing countries, 
which fear concern over 
worker rights is a pretext for 
putting up trade barriers 
against low-wage nations. 

Mr Reich outlined “a short 
list” of core labour standards, 
including prison and slave 
labour, some forms of child 
labour such as work by very 
young children, and restric- 
tions cm trade union organisa- 
tion and collective bargaining. 
“Some labour practices simply 
place countries outside the 
community of civilised 
nations," he said 

Beyond that core, the inter- 
national community could not 
dictate working hours, mini- 
mum wages, benefits, or health 
and safety standards which 
matched those of the rich 
industrial nations. However, it 
did have a legitimate interest 
in seeing standards rise with 
development Countries with 
rising Irving standards offered 
growing markets for other 
countries' exports, he said. 

One test of whether labour 
standards were improving as 
economies grew richer was the 
existence of democratic institu- 
tions. Where these were lack- 
ing, a worsening of the posi- 
tion of low-wage workers, and 
a widening of the income gap 
between rich and poor, would 



NEWS IN BRIEF 


Singapore grants 
second mobile 
cellular licence 


Bridp absolute standards 


suggest deliberate suppression 
of worker rights “to serve nar- 
row commercial interests”. 

However, Mr Reich did not 
. see trade sanctions as the inev- 
itable response to abuses. He 
said trade itself could be a cat- 
alyst for progressive change. 
Other remedies could include 
technical assistance to help 
raise standards, worldwide 
publicity for abuses and exclu- 
sion from international grant 
and loan programmes. 

International intervention 

phnplri alsn be “authorised ftnri 

implemented multilaterally” if 
possible and aimed at bringing 
about change in offending 
nations. 


Mercedes’ Romanian venture 


Mercedes-Benz of Germany is to set up a joint ve nture m 
Romania to make car interior parts. Auto Rom, its representative, 
said yesterday, Virginia Marsh writes from Bucharest. 

Mercedes, part of the Daimler-Benz group, plans to begin pro. 
duction of wooden and aluminium fittings at a new plant near 
Brasov in central Romania early nest year. Auto Rom said. Initial 
invest men t in the venture, which will create 500 jobs, is esti- 
mated at DM20m Annual turnover is expected to be 

around DMGOm. Auto Rom said Mercedes would consider moving 
more production to Romania if the venture proved successful. 


Japanese software decision 


OECD Export Credit Rates 


THE Oigj a rtsa lton for Economic 
Co ope rati o n sad Development 


•s rates 1%) for offidaBy-sap- 
portad export cr a dR a for 4 mm 
15 to Jtfly 14 1994 (May 15 
1994 - Jam 14 1994 in brack- 
et* 


D-Mark 

ECU 

French franc 
Guilder 
up to 5 years 
5 to &5 years 
more than AS years 
Itafian Bra 

Van 

^ 

Stuffing 
Swiss banc 
US dollar lor Croats 
up to 5 years 
5 to 83 years 
more than 55 years 


7J32 (7.12) 
757 (7JM) 
7.53 (7.35) 


7.20 (&S 5 ) 
7 JO { 7 . 45 } 

ass (8.1a) 

9-00 (580) 
420 (420) 
10.11 (8l72) 
958 (B51) 
&S2 (5.76) 


Cambodia to liberalise 


754 (09S) 
7.78 [7.SQ 

am (7.80) 


Than mm an jmmcm awttt/ or m Aw- 
cal Truss, nomaMy tn 0» mtkOa of tha montfi. 

A pimkai rt US par canr (a B (w oddad to 
Be mar nm Wwn Oov a <*4 M»«at nm 
of nor »• 6ma tar man rfwt ISO dam. 

SOR-txwttf ms a! -rarest »re (t* mm hr 
as c u rm unx nr tra panod tarn Jammy IS *» 
Mr M 1994. gm GOR-traad am m * to MS 
par cm Bnpto i Urn pnu o na mm at S.SS par 
cat*. Tha SO/Hmod mm *0 again changa on 
Mr is isu 


Mexican development deal 



Ll 




* 




rainforests arc 
being destroyed at 
the rate of thousands of 
trees a minute, how can planting -f® ^ 
just a handful of seedlings make a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems facing people 
that can force them to chop down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga, Zaire, for example, ear 
papaya and mangoes from WWF trees. And rather than 
having to sell timber to buy other food, they can now 
sell the surplus fruit their nursery produces. 

Where trees are chopped down for firewood, 
WWF and the local people can protect them by planting 
fist- growing varieties to form a renewable foci source. 

This is particularly valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods take 
two hundred years co mature. The Markhamia bleu 
trees planted by WWF and local villages can be 
harvested within five or six years of planting. 

Where trees are chopped down co be used for 
construction, as in Panama and Pakistan, we supply 
other species that are last-growing and easily replaced. 

These tree nurseries arc just part of the work we 
do with the people of the tropical forests. 

WWF sponsois students from developing countries 
on an agroforestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 






help is given, 
soil is exhausted 
very quickly by “slash 
and burn" farming methods. 
New tracts of tropical forest would then have 
to be cleared every two or three years. 

This unnecessary destruction can be prevented by 
combining modern techniques with traditional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La P/anada, Colombia, our experimental tami 
demonstrates how these techniques can be used to 
grow a family's food on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworkers arc now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is that the use of 
natural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995, and for there to be nu 
net deforestation by the end of the century. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
this generation does not continue to steal nature’s 
capital from the next. It could be with a donation, 
or. appropriately enough, a legacy. 


€ 


WWF WortiWifefimJ For Nature 

((muni* •Eortd woau, Fimd ) 

international Secretariat. 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 



•1 iL« W ' 


Singapore yesterday confirmed its intention to begin liberalising 
its telecommunications services by granting a second licence to 
operate mobile cellular services in 1997. writes Andrew Adonis. 

Mr Mah Bow Tan, Singapore’s ownmunications minister, said 
the move reflected Singapore’s “pro-competition" stance, and its 
determination to make the country a telecoms hub for Asia. 

However, Singapore's fixed-wire network will remain a monop- 
oly for Singapore Telecom for another 13 years, and analysts 
doubted the value of the mobile cellular contract on its own, 
Singapore already has one of the world's highest levels of 
cellular p ho 11 ** usage per head - fW cellular subscribers per IOC 
people - and the new operator will not be able to launch a 
network for another three years. 


The Japanese authorities have decided not to sanction certain 
types of reverse en gineering whereby software programmes are 
decompiled so that their contents can be analysed and recompiled 
in different form, writes Mlchiyo Nakamoto In Tokyo. 

A report by the Agency of Cultural Affairs decided not to 
include a recommendation endorsing reverse engineering. The 
decision follows a formal US complaint last year over the Japa- 
nese move to recommend le galisin g software decompilation sod 
is likely to ease tension with the US over intellectual property 
rights. In reverse engineering, the binary code of a software 
programme is translated into readable form and then recompiled 
iwtn & new programme slightly different from the original. 

The process enables companies to pirate software programmes 
of others but is also useful to ensure that new software pro- 
grammes are compatible with existing systems. 


i* 


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T-“ i; ' -v 


Cambodia is planning to introduce a new “liberal” investment 
law, which is aimed at attracting foreign companies into specific 
sectors of the country's economy, agencies report from Canberra. 

Mr 1th Vichit, secretary-general of the National Investment 
Committee, said priority investment areas would be in the rural 
and export sectors and in industries with high job creation. The 
central authorities would try to decentralise industry to provin- 
cial areas, and had started planning foreign investment zones, 
particularly for light industries. 


A £5Qm (575m) contract to build a 30-storey hotel and office 
complex to the centre of Mexico City has been awarded to a joint 
venture between Tr afalg ar House, the large British construction 
and engineering group, and Grupo Sitra, the Mexican contractor, 
writes Andrew Taylor in London. 

About two thirds of the development will be occupied by a 
360-bedroom Hilton Hotel, which is expected to open in 1997. 


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: INTERNATIONAL 


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Southern 

African 

leaders 

reassure 

investors 


By Mftric Suzman, 

PatoWaldme brand 
Mchaol Holman to Cape Town 

South; African President 
Nelson Mandela and other 
' southern African leaders yes- 
terday urged ' foreign busi- 
nesses to invest in the region 
and pledged to woafe quickly 
towards a regional, free trade 
treaty and common market 

Speaking: to several hundred 
business leaders from around 
the world at a meeting, of the 
World Economic Forum in 
Cape Town, President Mandela 
declared South Africa's sup- 
port for the creation of fine 
trade agreement between east- 
ern* and. southern; African 
states and said he hoped an 
African i. eomm on market 
would. be established “fax the 
near future”. 

Presid ent Joaqnim Cbissano 
of Mozaminqiu, .President Rob- 
ert Mugabe ol Zimbabwe and 
President AH Eassan Mwinyl 
of Tanzania, who also 
addressed the summit as part 
of- a panel, .made similar com- 
mitments. They., said the 
demise of apartheid in South 
Africa meant that, for the first 
time, frontline states were 
aide to emter.'into a co-opera- 
tive ; relationship with their - 
giant neighbour to the south. 

Over the past, few months 
there has been widespread 
debate over future' economic 
plans for the southern African 
region, with most neighbour- 
ing countries eager to encour- 
age the export of South Afri- 
can shills and investments but 


What world donors did not 



Zimbabwe's President Robert Mugabe deft) meets President Mandpia Jn Cape Town yesterday ap 


fearful the country might use 
its power to gain regional 
domination. 

The meeting appeared to 
indicate a desire on both tides 
to approach the issue cau- 
tiously, while hi g hli g hting to 
the rest of the world that most 
countries in the region were 
now politically stable and sup- 
portive of free market polities. 


Hr Mandela’s speech open- 
ing the two-day meeting, was 
clearly designed to reassure 
potential investors about the 
new government’s commit- 
ment to a stable, free market 
economy. 

He pledged his gov e rn m ent 
would not pursue any policies 
that might “upset market bal- 
ance and undermine fiscal sta- 


NEWS IN BRIEF 




incut Jo, 




Palestinians seek 
emergency funds 

Cash-strapped- Palestinians yesterday urged international aid 
donors to release funds, to pay for the embryonic self-government 
in Jericho and the Gaza Ship, Julian Ozanne reports from Jeru- 
salem. 

Mr Nfrfrtf ;^>nTAg ttni3n **mfriicfaf° fftf- planning and 

economic cooperation* met World Bank and donors in Paris to 
plead for a quick cashJnJectiom, amid mounting concerns about a 
looming financial crisis. 

Palestinians say that unless donors disburse aid within days, 
the Palestinian administration will be unable to meet June sala- 
ries for pol tomTim and cpril servants 
Mr Slfo’affijirasteifcd the Paris meetings with a $382m (£254m) 
annual .spending budget' for the Palestinian National Authority. 
The Palestinians hope to raise ffawim from bn« and customs and 
want donors to meet the 8177m deficit 

Turkey wins UN backing 
to lift Iran sanctions 


Turkey has won backing from the Oft for a one-off lifting of 
sanctions against Baghdad , to allow the release of some 12m 
bands' of oil static -in Turkey's twin pipeline to the Mediterra- 
nean, John Murray Brown writes Cram Istanbul. 

Mr Douglas Hurd, UK foreign secretary, told his Turkish' coun- 
terpart, Mr Hikmet Cetin, in Istanbul yestorday that the UN 
Security Ccamdl would tack Turkey’s proposal for the flushing of 
the twin pipeline, dosed since sanctions were imposed on Bagh- 
dad in AugUst 1990. • 

China exports grow 
faster than imports 


grow fostw than imports in the first five months 
year, raising prospects of balanced trade this year after last 
year's $12m (£8bn) deficit, Tony Walker writes from Beijing. 

-Exports grew 24.1 pa- cent to May against 18.1 per cent growth 
irL-froporfo. Exports for the five months readied $37.49bn and 
tegawts. $39J2 SIm, but customs reported foster export growth in 
May; China’s foreign trade deficit to May reached $3..79bn against 
Jahnlor the same period in 1993. 


extends sales 
tax to cover more items 

^®stah". Jast night extended an existing general sales tax to 
tXger npJto 279items, including many consumer goods, in the 
co&ptry'sannual budget, Farhan Bokhari reports from Islam a- 
J^Ttehewtax will exclude food, medicines and some clothing, 
witja IS per cent .tax will be applied on shoes, tyres, cement, glass 
ahd'-steti; goods. Factories with annual turnover of Rs500,000 
$$$00) must now pay the tax. before goods are sold to retailers. 




- Implications of 

OECD JOBS STUDY 


u v 


- i Co nferen ce t>n Full Employment hi Europe 

iseyveflyn, tjtod, Private Office of Sccrctaij--<3cncral 
v^vOECD ^hsSotdy report) 

jf/fy&bjitrGilbert, D&ectoi; Employment Affairs, OBI 
JfijjwSiifiNMib'Ml EU Coordinalor. TGWU 
‘iperno- }hmn<Bw, DG V, European Commission 

for Employment Research 

Smith, Deputy Director, Institute Tor Fiscal Studies 
" Director, Policy Studies Institute 

'/bidreir G&ifcffe. Scnior Economic Adviser, Scottish Office 
yfart Vogler-LuiMg, Head of Department, IFO, Munich 
Oainnan, Netherlands Economic Institute 

7-S Jaiy i594, Robinson College, Cambridge, UK 

Contact Cambridge Econometrics today: 
td+44<0)223 460760, fax +44 (0)223 464378 


Contact 
made with 
Moslem 
kidnappers 

By Alexander NicoO, 

Asia Editor 

Indian authorities have 
established indirect contact 
with the group of Moslem mili- 
tants holding two Britons in 
Indian-held Kashmir. 

Mr David Housego, a Delhi- 
based businessman whose 16- 
year-old son Kim is one of the 
captives, said yesterday the 
contact was informal and ten- 
tative. He was cautious about 
rumours circulating in Kash- 
mir of their impending 
release. 

Police believed a doctor bad 
attended to the other captive, 
Mr David Mackie, 36, a video 
director, who had a knee 
injury. 

“What the authorities hope 
is that once they begin to 
establish contact, they will 
have a better idea of their 
location and can begin nego- 
tiations,” said Mr Housego, a 
former New Delhi correspon- 
dent of the Financial Times 
who has considerable experi- 
ence of Kashmir. 

It seemed the captors were 
repeating their demand for 
three jailed guerrilla leaders 
to be freed. A note left on 
Tuesday had sought their 
release, but the Harkat-nl- An- 
sar militant group later issued 
statements saying the kidnap- 
pers aimed only to draw atten- 
tion to ti nman rights abuses in 
Kashmir. 

Speaking by telephone from 
Srinagar, Mr Housego said the 
militants seemed likely to take 
their lead from gronps in 
Pakistan and from Mr Gnl- 
bnddm Hekmatyar, the guer- 
rilla leader who is prime min- 
ister of Afghanistan. The 
captors were mostly Pathans. 

Mr Housego said statements 
by the Pakistani government 
and militant groups based in 
Pakistan, urging the release of 
the Britons, had helped. 

Mr and Mrs Housego and 
their son were robbed by gun- 
men while trekking southeast 
of Srinagar on Monday. They 
were taken to a guest house 
where Hr and Mrs Mackie 
were being held. During Mon- 
day night, their captors 
abducted Kim Housego and Mr 
Mackie. 

It was thought in Srinagar 
that Indian troops would seek 
to avoid intervention by large 
units, winch could alarm the 
captors into a gun-battle. Ear- 
lier this year, an Endian army 
officer kidnapped by Harkat- 
ul -Ansar was killed in a 
shoot-out when the Indian 
army attacked their hideout. 

Mr Housego appealed for the 
help of Moslem guerrilla lead- 
ers in securing the release of 
the captives. “I do not see how 
kidnapping a boy of 16 serves 
the cause of Islam or of Kash- 
miris,'* he wrote in a letter to 
Mr Syed Salahuddin, leader of 
Kashmir's fundamentalist 
Hizh-nl Mujahideen group. 


MUty". 

President Mandela also 
insisted the govern m ent would 
not consider nationalising 
industries, although it was 
still a strategy that could be 
used at “appropriate time” 
such as after a war. However 
be was vehemently opposed to 
any farther privatisation of 
state corporations. 


know about Kenya frauds 


By Lasfle Crawford, James 
Handing and Michael Holman 

W hen international 
creditors pledged 
$850m to Kenya’s 
economic recovery programme 
last November, they did so in 
the knowledge that newly-ap- 
pointed reformers in the 
fi n an c e ministry and the cen- 
tral bank were committed to 
cleaning up Kenya's finanrial 
system. What they did not 
know was the scale and sys- 
tematic nature of corruption at 
the Central Bank of Kenya. 

What began in 1991 as the 
crude falsification of export 
invoices to benefit from gov- 
ernment export incentive 
schemes, escalated over the 
next two years into a series of 
financial frauds, estimated to 
have cost Kenya f430m, accord- 
ing to unpublished nfRHai esti- 
mates - equivalent to 10 per 
cent of the country's annnpl 
gross domestic product 
The fi nancial irregularities 
drew in CBK officials, Kenyan 
businessmen, senior politicians 
and ultimately two interna- 
tional banks. The scams are 
understood to have fuelled 
already excessive money sup- 
ply and inflation, increased the 
government's domestic debt, 
and contributed to the devalua- 
tion of the Kenyan shilling by 
47 per cent in 1993. 

Although the irregularities 
were unravelled by auditors 
working at tire request of tire 
International Monetary Fund, 
a frill account of their findings 
was never passed on to donors. 
Documents obtained by the 
Financial Times, recent com- 
ments of Mr Mi rah Cheserem, 
the new CBK governor, and 
the arrest last week of a lead- 
ing Kenyan businessman and 


four former CBK officials are 
helping to bring the details of 
the fraud to UghL 

In 1S9I. Goldenberg Interna- 
tional. a Nairobi trading com- 
pany, owned by Mr Kamlesh 
Pattni, a Kenyan businessman 
and also owner of Exchange 
Bank, was granted sole rights 
by the finance ministry to 
export diam ond jewellery and 
gold from Kenya. The company 
claimed to be exporting, but 
there was no evidence of this 
in customs statistics, although 
it earned $45m from the gov- 
ernment’s export incentive 
scheme. Kenya’s auditor gen- 
eral noted in his 1993 report 
that the export compensation 
had been paid irregularly. 

Mr Pattni and others went 
on to tap the CBK’s pre-ship 
ment finance facility, a source 
of credit so widely abused that 
it was closed at the insistence 
of the IMF in March 1933. 

But there were other scams 
at the CBK that profited sev- 
eral of Kenya’s commercial 
banks. 

According to an IMF report, 
domestic banks obtained irreg- 
ular access to CBK credit by 
holding large overdrafts with 
the CBK and persistent defi- 
ciencies in meeting statutory 
cash ratios. 

The CBK is investigating the 
theft and possible forgery of 
some $200m of Foreign 
Exchange Certificates - bearer 
bonds which entitled the 
holder to hard currency at a 
time when dollars were still 
rationed in Kenya. 

In addition, the IMF report 
says domestic banks, is for- 
ward contracts with the CBK. 
received advances in local cur- 
rency, but delayed the delivery 
of foreign exchange or 
defaulted on payment outright. 


Mr Pattni's Exchange Bank 
defaulted on its contract by 
which it had obtained 
KShS^bn in April 1993 against 
the future repayment of 8210m. 

At that time, the irregular 
outstanding credit at its peak 
was estimated to be as much 
as KSh24bn. 

To erase liabilities incurred 
by the forex fraud, CBK offi- 
cials devised fictitious deposits 
of hard currency in two UK 
accounts to make it look as 
though the CBK'S foreign 
exchange reserves were greater 
than they were. 

According to Mr Francois 

Vikar, co mmuni cations direc- 
tor at Banque Indosuez in 
Paris, Mr SAl Taheri, forma- 
deputy chairman and chief 
executive officer of Exchange 
Bank, introduced CBK officials 
to Indosuez Aval, a UK subsid- 
iary of Banque Indosuez. 

T he cod tract establishing 
the account for a ficti- 
tious deposit was signed 
on June 10 by Indosuez Aval's 
chief executive, Mr D. I. Guild 
and Mr Job Kiiach, head of the 
CBK’s foreign department and 
Mr Michael Wanjihia, chief for- 
eign exchange dealer. 

Mr Vikar insists that Indo- 
suez Aval “in no way know- 
ingly participated” in the con- 
cealment of financial 
regularities. 

He says: “To make things 
look absolutely normal” , Indo- 
suez Aval made interest pay- 
ments on the fictitious deposits 
using moneys made available 
from a CBK advance. 

Certainly Indosuez Aval 
knew that the CBK wanted “to 
make itself look as good as pos- 
sible . . . before the visit of IMF 
officials”. 

Mr Vikar acknowledges that 


Indosuez Aval was “doing win- 
dow-dressing”. But it was “not 
doing hanky-panky”. 

The cover-up came to light, 
however, when the CBK was 
asked why it did not meet its 
foreign debt obligations when 
it had significant cash reserves 
abroad. The accounts were 
then closed. 

A full chronicle of the irregu- 
larities was presented in July 
to reformist finance minister 
Musalia Mudavadi in a report 
prepared by an independent 
team lead by Price Water- 
house. the accountants. Mr 
Mudavadi responded to its 
findings by ordering the clo- 
sure of Exchange Bank, Pan 
African Rank and Post Rank 
Credit In the same week. Mr 
Eric Kotut, the CBK governor, 
resigned, but denied any 
wrong-doing. 

In an attempt to recover 
some of the moneys the CBK 
has seized several of Mr Patt- 
ni's assets, including the five- 
star Grand Regency Hotel in 
the centre of Nairobi. 

Last week, Mr Pattni was 
charged in a Nairobi court 
with stealing a total of 
KSh9.9bn from the CBK. along 
with four former CBK officials 
Including Mr Kilach and Mr 
Wanjihia. 

The frill explanation of irreg- 
ularities in Kenya’s banking 
sector was shown to the IMF. 
International donors, including 
the World Bank, however, have 
not seen the auditors’ report 

At a conference on Kenya's 
aid chaired by the World Bank 
in Paris in November donors 
and lending institutions 
endorsed the Kenyan govern- 
ment reforms by ending a two- 
year freeze on aid with a 
pledge of over more than 
$850m. 


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8 



Keating ‘tried 
to influence 
Fairfax press’ 


By NfkKf Tatt m Sydney 

An Australian parliamentary 
inquiry has found Mr Paul 
Keating, the country's prime 
minister, attempted “improp- 
erly to influence the political 
coverage of Fairfax newspa- 
pers” by offering Mr Conrad 
Black, the Canadian media 
tycoon, “the prospect of 
increased investment in Fair- 
fax in return for balanced cov- 
erage". 

It also put forward some 
strong recommendations 
regarding the country's For- 
eign Investment Review Board, 
which decides whether foreign 
investment is contrary to the 
national interest, and the 
guidelines to which FIRB 
works. 

In particular, it has accused 
FIRB of being "excessively 
secretive" and unaccountable, 
and recommended it be 
replaced by a new statutory 
authority, responsible for 
a dminis tering foreign invest- 
ment policies in "non-key” 
industry sectors. 

In sectors such as the media, 
the responsibility would fall 
directly to the Treasurer, who 
would make decisions on 
“national interest" grounds, 
but be required to publish the 
reasoning for each decision. 
The Senate committee was set 
up last year, to study circum- 
stances surrounding Mr 
Black’s acquisition of Fairfax 
in 199L Fairfax publishes three 
of Australia’s top daily papers: 
the Sydney Morning Herald, 
Melbourne Age and Financial 
Review. 

The company had gone into 
receivership, triggering a bat- 
tle for its ownership. This was 
won by Mr Black's Tourang 
consortium, though his British- 
based Telegraph group's hold- 
ing was initially pegged at 15 
per cant. This was lifted to 25 
per cent after the 1993 election, 
which Mr Keating’s Labor 
Party won. 

The trigger-points for the 
inquiry were a disclosure in Mr 
Black's autobiography that, 
before the election, Mr Keating 
said an increase in the Tele- 



Keating: trigger-points 


graph’s holding would be 
entertained if Fairfax’s cover- 
age was “balanced”; the prime 
minister’s own admission that 
he told Mr Black that if he 
“barracked for the (opposition) 
coalition... than there’s no way 
you would qualify as the kind 
of owner we would like"; and 
long-running dissatisfaction 
with FIRB procedures. 

The inquiry's conclusions on 
the Black-Keating affair was 
based on a majority opinion, 
written by five opposition and 
minor party senators on the 
nine-person committee. The 
four Labor Party members of 
the inquiry dissented, saying 
the investigation had been a 
blatant political exercise. 

Yesterday. Mr- Michael 
Lavarch, Australia's attorney- 
general, and one of the small 
number of senior government 
figures oat overseas at present, 
also claimed that its conclu- 
sions were flawed. 

"The finding against the 
prime minister appears to be 
based on a jaundiced view of 
one remark," he saicLMr Keat- 
ing had declined to appear 
before the committee. The 
majority and minority reports 
suggested changes to foreign 
investment decisions, to make 
the process more open, though 
the latter favoured retaining 
FIRB. The findings are 
unlikely to have direct political 
consequences for Mr Keating. 



FtNANCIAL TIMES FRIDAY JUNfc II) 1994 

NEWS: INTERNATIONAL . 


Japan’s past precedes emperor’s US visit 


Ambiguity over war record surrounds 
imperial tour, writes William Dawkins 



Akihito plants rice: amvnal temporal duty for mystical figure 


E mperor Akihito of Japan 
starts his first imperial 
visit to the US today 
with a mixture of friendship 
and sad wartime memories on 

his mlwri 

The emperor’s 17-day tour 
will end with a poignant 
reminder of Japan’s ambiguous 
feelings over its wartime 
record. In this there is a paral- 
lel with Germany’s uncomfort- 
able complexes over the recent 
D-Day landing celebrations. 
For Japan the equivalent will 

emtio trarior the spotlight 

year, the 50th anniversary of 
the end of the Pacific 
war. 

As the Normandy surf erases 
die tracks of Europe's D-Day 
celebrations, Emperor Akihito 
will stop in Hawaii on his way 
home to lay a wreath at the US 
natip na? m emo rial cemetery of 
the Pacific, the Punch BowL 
The emperor's gesture, to the 
sadness erf some in Washing- 
ton, faUa short of the Japanese 
government’s original plan for 
him to visit the USS Arizona 
memorial in Pearl Harbour, a 
battleship sunk by the Japa- 
nese attack on. December 7 
1941. That idea was dropped 
because of fierce objections 
from Japanese right-wing poli- 
ticians and commentators, 
many of whom believe the 1941 
attack was unavoidable, maybe 
even justified. 

Officially. Che emperor is so 
mystically elevated that he 
must get less involved in tem- 
poral affairs than his high pro- 


file counterparts in the British 
or Spanish royal families. 

So he politely declined last 
week to comment cm whether 
or not the Pearl Harbour 
attack could be justified, 
beyond saying that the war lay 
heavy on his heart. "It is very 
important to understand his- 
torical truths correctly, but 
because of my position, I must 
refrain from touching on 
land of subject," he said. 

Yet at the same time. 
Emperor Akihito has deliber- 
ately descended just a little 
closer to earth than his father, 
Hirahi to, a marts of the gradual 
evolution of the world’s oldest 
unbroken imperial dynasty. 

Emperor Akihito was the 
first to ascend the Chrysanthe- 
mum throne, in 1989. as a 
human symbol of the state, 
rather than a god. His father, 
Hirdhito was born the Son of 
Heaven, but was obliged by the 
US occupiers after the war to 
renounce his divinity. 

A s such. Emperor Akih- 
ito appears to be trying 
to play a subtle, yet 
emotive role in shaping 
Japan’s attempt publicly to 
come to terms with its wartime 
past, the prerequisite for suc- 
cess in its campaign to become 
a frilly fledged member of the 
international community. 

In this, the Em p ero r is in 
tune with a gathering mood of 
wartime regret in mainstream 
japan , in lhte with his tradi- 
tional role of embodying the 


national spirit Former prime 
minister Mr MoriMro Hoso- 
kawa’s unprecedentedly 
explicit apologies over Japan’s 
wartime record and the recent 
re-writing of school textbooks 
to include more detail of that 
record are the latest signs of 
this 

While feelings of atonement 
are on the rise, there is cer- 
tainly no i^nrtimnn view OH W2T 

history, one of the several 
areas in which fault lines are 
appearing in Japan’s famous 
consensus. 

There is a dangerous natio n- 
alist minority, as shown by the 
recent gun attack against Mr 
Hosokawa by a right-wing pro- 
testor. angered at his wartime 
apologies. The denial two 
mnnfhg ago by a justice minis- 
ter that an infamous wartime 
atrocity never happened, dam- 
aged Tokyo's increasingly vital 
Asian relations. The minis ter 
resigned, but the suspicions 
he aroused will be hard to 
soothe. 

To same, the significance of 
Emperor Akihito* s role as a 
public figure is ambiguous, as 
shown by the response of Mr 
Shintaro Ishihara, a right-wing 
member of the opposition lib- 
eral Democratic party, to the 
aborted Pearl Harbour visit 

“1 have never heard of a US 
president visiting the memo- 
rial hall in Hiroshima," he 
said, drawing a temporal com- 
parison. Yet Mr Ishihara a 
moment later elevated 
Emperor Akihito to semi-divin- 


ity. “The emperor is the only 
priest king in the world. I 
think it is good for the emperor 
to be mysticaL If the emperor 


is not mystical, he will no lon- 
ger be eternal," he argues. 

The emperor has in the first 
five years of his reign worked 


hard to contribute, as a globe 
trotting ambassador, to 
japan's temporal interests. He 
has already visited the US 
twice in his official capacity as 
Crown Prince. His father mate 
the trip once. 

Two years ago. Emperor 
Akihito became the first Japa- 
nese emperor to visit China, so 
helping to clear the way for 
closer economic and diplomatic 
links. At the time, he plea s ed 
the Chinese government by 
saying he “deeply deplored” 
the suffering caused during the 
Japanese occupation. He 
stopped short of apologising. 

Earlier this year. Emperor 
Akihito and Empress Michfiso 
paid the first imperial visit to 
the war memorial of I wo Ana, 
a small Pacific island where 
many thousands of US and 
Japanese were killed. He 
carefully referred, at the 
time, to the dead of both 
sides. 

Akihito hopes that the US 
visit will, as the one to China 
did, bring closer Ues. Of course 
he refrains from noting that 
his US tour is most timely, just 
as a growing number of senior 
Tokyo government officials are 
getting anxious that the strain 
in trade relations might spin 
over into political and security 
relations. 

Accordingly, the imperial 
couple have accepted a punish- 
ing schedule, including 11 
cities, starting in Atlanta 
today. They proceed to Wash- 
ington tomorrow, where they 
will be the guests of honour on 
Monday at the first frill state 
dinne r of BDl Clinton’s presi- 
dency, a protocol compliment 
that will not be lost on Japan's 
humble emperor. 



# 




China stands firm against N Korean sanctions 


By Tony Waflcer In Be$ng 
and Reuter in Kiev 

China yesterday again rejected efforts 
by South Korea to persuade It to sup- 
port sanctions against the north 
because of Pyongyang’s refusal to 
open its nuclear sites to inspection. 

At the same time Mr trim Yong- 
nam. North Korea’s foreign minister, 
threatened the south with devastation 
if war broke out between the two 
countries. 

“They should remember that if they 
blindly follow the policies of the 


United States as to sanctions and 
finally start a war. then in the end 
South Korea will be devastated," Mr 
Kim told Reuters at the end of a visit 
to Ukraine. “We have the strength to 
protect ourselves from sanctions and 
it is unbelievably powerful. . . I would 
like to peacefully advise those who 
want to start a war in Korea," he said. 

In Beijing, Mr Shen Guofang, Chi- 
nese Foreign Ministry spokesman, 
said “sanctums would only serve to 
push the opposing sides into confron- 
tation with one another and result in 
a situation no one would like to see”. 


The foreign ministry official was 
speaking just hours after Mr Han 
Sung-joo, South Korea’s foreign minis- 
ter, visited Beijing seeking Chinese 
co-operation in a sanctions threat 
against Pyongyang. 

China, as a permanent member of 
the United Nations Security Council, 
has veto power over a sanctions reso- 
lution. Beijing is arguing more is 

needed for dialogue, but recognises 
that time is running short. 

China ban ham sending miTpd sig- 
nals on the North Korean issue. At 
the weekend, a Bering-funded Hong 


Kong newspaper raised the spectre of 
sanctions in a prominent article 
unlikely to have been published with- 
out official encouragement 

But in Beijing this week, Chinese 
officials have been at pains to empha- 
sise the importance of relations with 
Pyongyang. President Jiang Semin 
told tile visiting North Korean Chief 
of Army General Staff that strength- 
ening Sino-Korean relations was Chi- 
na's “firm policy*. 

Western officials say China is 
engaged in a delicate manoeuvre 
aimed at defusing the crisis over 


North Korea’s apparent diversion of 
weapons-grade plutonium and pres- 
erving its relationship with its neigh- 
bour and Korean-war partner. 

The US, supported by South Korea 
and Japan, plans to ask the Security 
Council to approve a programme of 
phased sanctions to force North Korea 
to comply with international demands 
for access to its reactors and waste 
storage areas. 

Beijing tears sanctions would fur- 
ther isolate North Korea and make its 
reclusive regime even less predict- 
able. 


^ * 

u *> n 





I f 



9 



FINANCIAL TIMES FRIDAY JUNE 10 1994 


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ictioii 


Call for independent 






fly PhfflpGogsan, ’ 

Economics Correspondent 

The incoming deputy 
managing director of the Inter- 
national Monetary Fund, Mr 
Stanley Fischer, has called for 
the Bank of England to be 
given independence. 

In a paper prepared for .the 
Bank’s tercentenary, Mr 
Fischer condudes: “On her 
300th birthday, it is time for 
the Old Lady fetf Ttoeadneedle 
Street, the bank] to be allowed 
to take on tfa* lespo msihiliti ee 
Of indepemferae.’’ Last month, 
it was. announced that Mr 
Fischer, an economist at the 
Massachusetts Institute of 
Technology. wooH replace Mr 
Bichard Erb as the IMF’s dep- 
uty managing director. 

In a kfflg papa-; Mr Fischer 
points to. empirical studies 
which have shown that coun- 
tries with independent c en tr al 
hanfcg have been more success- 
ful at controlling inflatioxu 
‘The relationship between 
inflat ion and central bank 
independence' is attributable 
plainly to the central bank's 
ability to use its policy instru- 
ments freely and to the pres- 
ence of a price stability grad.’' 

Mr Fischer suggests that the 
Bank's mandate .should be to 
achieve price stability “by 
which is meant a.low - 1 per 
cent to 3- per cent - average 
rate of . inflation." 1 - Qualifica- 
tions to the mandate should be 
included to allow the, Bank 'to 
fnfep account of the shortterm 
trade-off between inflation and 
unemployment. 

The Bank governor should 
be made responsible for meet- 
ing the targets and should tes- 
tify to public twice, a year to a 
Ab use of Commons, wwnni^^ 
Mr Fischer argues that the 



. •*wCk- .■ 




V 


John Major described inflation as “a form of theft practised by 
government on the people” yesterday at a symposium to cele- 
brate the Bank of England's 300th anniversary. Eddie George, 
governor of the Bank, (left) was bolstered by a report arguing 
for the Bank to be given independence 


government should have the 
right to overrule the Bank, but 
only . by a public directive, 
airvTjg the Bn<« of the Canadian 
system. However, such a pub- 
lic move might lead to the gov- 
ernor's resignation. 

Proposals to make the Bank 

Of RnglBiiii inde p endent have 

been backed by former chan- 
cellors, Mr Nigel, now Lord 


Lawson and Mr Norman Lam- 
ont Mr Eddie George, governor 
of the Bank of England, has 

argued that gr an t in g inde pen- 
dence to the Bank would be 
the most likely way of achiev- 
ing long-term sustainable 
growth with low inflation, but 

this ennid only ha ppen if ther e 

was a public consensus on the 

need for -mdependenee 


NEWS: UK 


Mass-market route for 



The Canberra: P&O will be offering cruises at pre-1989 prices 


Industry 
chief warns 
on wage 
inflation 

By Use Wood, 

Labour Staff 

One of the most strongly 
worded warnings abont the 
potential danger to recovery 
from wage inflation was deliv- 
ered yesterday by Sir Bryan 
Nicholson, president of the 
Confederation of British Indus- 
try employers’ association. 

“We have a bleak history of 
making competitive gains and 
then throwing them away 
needlessly. I am determined 
that this time, we shall not 

gnatffr defeat from the jaws of 

victory," he told West Mid- 
lands businessmen. 

Sir Bryan highlighted sus- 
tainable non-inflationary 
growth as one of the three 
major priorities during Ms two- 
year term as CBI president 
Others were improving the 
competitiveness of industry 
and the creation of a deregu- 
lated business-friendly Europe. 
He singled out the City as 
warding particular restraint 
over inflationary pay deals. 

Recent labour market statis- 
tics hail disturbed his peace cf 
mind. “Thanks to growth in 
average MTtiinp in manufac- 
turing of 4.75 per cent over the 
year to Marr»h and slower pro- 
ductivity growth of just 2.6 per 
cent, unit labour costs in man- 
ufacturing are increasing a gain 
at two per cent a year. That 
would have been a very 
respectable performance just a 
tew years ago. 

“But our competitors have 
re-grouped and are achieving 
better results which we must 
inatrTi Unit labour costs are 
now failing by 2 per cent a 
year in Germany and 3 per 
amt in the US.” 


By Michael Skapmker, Leisure 
todustries Correspondent 

The cruise industry, a 
traditional preserve of the rich 
and retired, yesterday declared 
itself open to the mass market 
when p&o Cruises cut its 1995 
prices - in some cases to below 
their 1989 levels. 

Next Wednesday, Airtours, 
the determinedly mass-market 
package tour operator, 
announces plans for its first 
cruise ship which will begin 
sailing in 1995. Airtours yester- 
day pledged to “revolutionise 
the market" with its prices. Mr 
Hugh Collinson, managing 
director, said: “You’ve seen 
nothing yet This is a different 
end of the market to where 
cruising lias been before.” 

P&O says the UK cruise 
market is growing at twice the 
rate of the overall foreign holi- 
day market Mr David Dingle, 
P&O Cruises m a rke tin g direc- 
tor, forecasts the number of 
UK cruise customers will grow 
from the current 250,000 a year 
to 700.000 by the year 2000. 

P&O’s price reductions have 


By Andrew Taylor, 

Construction Correspondent 

The names of the consortia 
shortlisted to bid for the £2.7bn 
high-speed rail link between 
London and the diawnri tun- 
nel are expected to be 
announced in the next few 
days. 

Officials yesterday were still 
negotiating over the member- 
ship of some of the consortia 
but the nhnaim bids, barring 
any last minute hitches, are 
expected to include: 

• EuroRail, the only all-Brit- 
ish bid involving a joint van- 


been made possible by the 
planned launch next April of 
Oriana, its new £200m cruise 
liner, which is being bnilt in 
Germany. The introduction of 
the Oriana. which will carry 
nearly 2,000 passengers, will 
allow P&O to offer cheaper 
cruises on its older sMp6, the 
Canberra and the Sea Princess. 

The Canberra will offer nine- 


ture between BICC, Trafalgar 
House and GEC. The bid is 
supported by bankers NatWest 
and HongKang and Shanghai 
Banking Corporation. 

0 London & Continental Rail- 
ways involving UK consulting 
engineers Ove Arup and Sir 
William Halcrow, Bechtel, the 
large US construction group; 
Sofrerail French consultants; 
National Express the UK coach 
company and UK cement 
group Blue Circle. 

• A consortium led by Hoch- 
tief, a German construction 
group supported by Costain a 
UK construction and engineer- 


day cruises next year from £575 
- £10 cheaper than in 1988. A 
12-day Mediterranean cruise 
for two adults and two teenage 
children will cost £2£77, which 

is £640 cheaper than this year. 

Airtours announced last 
April that it was buying a 752- 
berth ship from Cluster Cruise 
of Norway for £16m, including 
refurbishment costs. The stop 


ing group: Nishimatsu Con- 
struction. of Japan; Siemens 
and Siemens Transport 
Systems of Germany and 
Westinghouse. the large US 
pn gineeri n g group. 

It was unclear last night 
whether a fourth consortium 
involving UK construction 
companies John Mowlem and 
Taylor Woodrow and Philipp 
Holzmann a German cons tr ue- 
tion company would also be 
in c l uded on the shortlist. This 
consortium includes Transurb 
Consultants of Belgium and 
WS Atkins, the UK consulting 
engineers. 


cruises 


will offer Mediterranean and 
Canary Island cruises. 

Mr Dingle said P&O's price 
reductions were planned before 
Airtours announced its pur- 
chase. He said P&O welcomed 
Airtours’ cruising debut. 
“What Airtours are good at Is 
diking to a slightly younger, 
more down-market group of 
customers. They will put cruis- 
ing in people’s minds." Mr Col- 
linson countered: “I don’t 
think we should confuse the 
new cruise market with a poor, 
down-beat product'’ 

The cruise industry says the 
traditional view of cruising as 
being over-priced and for the 
elderly is already out of date. 
But Mr Peter Shanks, commer- 
cial director of Thomas Cook, 
which claims to be the UK’s 
biggest cruise retailer, said he 
has customers who have been 
booking the same cabin on the 
Canberra for 25 years. 

Mr Shanks said that the UK 
market bad enormous scope 
for growth. Cruises represent 
only 2.7 per cent of overseas 
holidays from the UK. In the 
US, the figure is 60 per cent 


The contract to build and 
run the the 68- mile link will 
combine private and public- 
sector finan ce under the gov- 
ernment's private finan ce ini- 
tiative. The contract is expec- 
ted to be awarded early next 
year. The size of the public sec- 
tor contribution is likely to be 
an important factor in deter- 
mining the w inning bid. 

The scale of the contract, 
together with the lack of 
domestic expertise In operating 
privately financed large trans- 
port systems, has attracted 
wide international interest In 
the project 


Channel rail link shortlist soon 


if. ,:• 




Britain in brief 


•!«2 






i 



Home Office 
accused o ver 
asylum-seekers 

The Home Office has been 
accused of covering up injuries 
sustained by detainees during 
a riot at a detention centre . . 
for people seeking political 
asylum last Sunday night 
The Oxford-based Campaign 
to Close Campsfiddltiie. centre 
near Oxford) said it had 
evidence to show that “at feast 
eight people” were removed 
in four ambulances pins an 
“unknown number" to three 
more. The Home Office said 
only four people were injured. 
After tiie riot the. government 
said the trouble had been 
stirred by demonstrators 
outside the fame. i '- 


of Oxford Trade Union 
CoundL said the riot had been 

provoked by “the removal, 
without warning or T 
justification* of an Algerian 
citizen for summary . 
deportation the next day from 
Gatwidt. 


Tax office; 
errors soar 

Half a milMon UK taxpayers 
received incorrect ass e s sment s 
because of Mahd Revenue 
errors last year, acrording to 
a highly critical National Andit 
Office report :v 
Ten pa cent ofseff-anployed 
and 7 per cent of those use the 
psy-as-yoo-earn system woe . 
the victims of inland Revenue - 

miactfcuiatiom, .the flwdtng s 

revealed. The also highlighted 
that the Revenue was failing 
to meet its own published 
targets to reply to taxpayers’ 
queries within 28 days. 

Tha dtedosura s eo m** 
taxpayers are preparing to 
submit annual tax returns, 
which must be completed by 
the end of October to avoid 

incurring penalties. • 

The report stores that about 
35m of thean income tax 
payers who receive \ . 
assessments have the demand 
revised at least once each year 
because th&Efivame is 
attempting to fevy too modi 
tax. The rep ort note s that 
errors areas Uhdy to be. 
discovered by taxpayers or 
their advisers as they are by 


BBC threatens 
action on strike 

Ibe BBC has decided to take 


staff if programmes continue 


week. The corporation said 
it would also run a : 
management-led broadcasting 
wrvice with the possible 


use of freelance labour. 

The decision was taken on 
the eve of yesterday’s second 
24-honr strike. The covera g e 
of polling in the European 
elections and in five UK 
by-elections was affected by 
the (tisruptkm, as were World 
Service programmes. 

Ihe dispute is ova- the 
introduction af new 
perfonnanc&relatedpay 
piu ynmlii and an dmwnt of 
ha r ga tiling nn 

conditions at the BBC. Unions 
will announce today how they 
plan to disrupt Sunday’s' 
broadcasts. 

If Sunday’s dispute goes 
ahead then all BBC staff wfll 
receive a letter at tonne on 
Mon*! 1 ? morning warning 
them that the management 
wfll start suspending staff if 
fhrther action is taken. Such 
action is currently planned 
for next Tuesday and Friday. 


Performance 
pay resisted 

Two of the most powerful 
. health service unions will meet 
next week to discuss a joint 
campaign against the 
introduction of 
performance-related pay, the 
Bimnfli consultants’ conference 
of the British Medical 
Association was told yesterday. 
The BMA, which represents 
80,000 doctors and surgeons, 
will join the SOO.OOOstron g 
Royal College of Nursing to 
opposing the plans, which the 
BMA said were “so dangerous, 
that it is our duty to strongly 
resist them”. 

Easing of drug 
laws ruled out 

Mr Michael Howard has ruled 
out the legalisation of any 
banned drug on the grounds 
that such a move would lead 
to a rise in 'addiction. 

The tonne secretary told a 
police conference that the 
maintenance of international 
solidarity against drug misuse 
was vital. He also ruled out 
the decrimtoalisation of drugs. 
To not enforce certain laws 
while leaving them on the 
statute book risked bringing 
“the whole of the criminal law 
into disrepute,” he said. 

Els remarks came just a day 
after both Mr Raymond 
Kendal], secretary general of 
Interpol, ami Mr Keith 
Henawell, chief constable of 
West Yorkshire police, backed 
decrimtoalisation as a means 
of tackling the drug problem. 

German fund 
buys City HQ 

The UK headquarters of 
Touche Ross, the accountancy 
firm, has been sold by PosTel, 
the UK’s largest pension fund, 
to Despa Fonds, a German 
fond for £65.7m, reflecting an 
initial yield cf 7B per cent The 
acquisition of the 170.000 si 
ft HH1 House in the City of 
London is the first overseas 
purchase by Despa Foods, 
which is one of tire largest 
Goman investment ftu&. 


Industrial 
research boost 

University research which is 
directly relevant to comme r ce 
and industry is to receive 
more fonding, under new 
gove rn ment plans. 

The quangos which control 
fonding for univ ers i ties said 
they wanted to address 

rarmplafnta by wtipifl VPTS Hurt 

Amdlng was skewed towards 

nnaitainfo rptparrll. 
Vwpili wnpnfei that university 
departments submit only 
j nHidiri academic research 
will be dropped. Now patents, 
and the results of industrial 
research undertaken for 
companies, will be judged on 
the «Mnp basis. 


London link 
hopes revived 

London Transport, a backer 
of the £2bn CrossRail project 
to build an underground rail 
link between east and west 
London, said it was confident 
the venture could be revived. 

. CrossRail was refected last 
month by the parliamentary 
committee studying the 
proposal under the Co mmon s 
private bill procedure. London 
Transport, co-promoter of the 
six-mile Hr>k with British Rail, 
believes it will find enough 
backing in parliament fix' a 
motion to said the proposal 
back to the committee. 


Milk jobs cut 

Dairy Crest, the milk 
processing and dairy products 
arm of the Milk Marketing 
Board, plans to cut VL5 per 
cent of its workforce or 600 
jobs by the end of the year 
in response to increasingly 
competitive market 
etmebtioos. Datzy Crest is 
bring spun off from the milk 
board when Britain’s £3£bn 
milk market is liberalised on 
November L 


Bootlegger 

jailed 

A truck driver who admitted 
six charges of cross-Channel 

bootlegging has been jailed 

for ISO days. Jdagistrates heard 
that Peter Robots, 41, had 
brought in rt a very large 
quantity” of wine, spirits, beer, 
tobacco and cigarettes by ferry 
on a number of occasions. He 
chested Customs out of more 
than £10.000. 


Record for 
French ewers 

'A pair of Louis XVI 
ormolu-mounted Chinese 
porcelain ewers supplied to 
Marie-Antotnette for the 
Cabinet Interieur de la Seine 
at Versailles fetched 
£1,046^00 at Christie’s 
yesterday, a record for any 
French decorative work of art. 
The auction of French art. 
raised a total of £6,143,420 
with 96 per cent sold. 



t 









10 





TECHNOLOGY 


Increasingly sophisticated aircraft simulators are becoming 
more like the real thing, reports Bernard Simnn 


Flights of fancy 
put safety first 



Happy tendings: pitots um CAE Seetronics' Boeing 777 flight sfcnutator to arrive at and depart from the world’s afcports without leaving the ground 


F lying conditions 
around Seattle were 
far from ideal on the 
last day of May. The 
area was blanketed with stow 
and a strong wind was gusting 
as the pilot fined up his Boeing 
T77 for a tricky laniftryg at the 
aircraft maker's airfield on the 
outskirts of the city. 

The aircraft descended 
steadily towards the parallel 
beads of runway fights blink- 
ing in the distance. But just 
before touchdown, green-grey 
patches of Ice became visible 
cm the tarmac. Some of the air- 
craft's tyres felled to grip the 
surface The nose lurched from 
side to side as the pilot strug- 
gled to bring the aircraft to an 
unsteady stop. 

This story has some obvious 
flaws. The eharwys of finding 
snow in Seattle on May 31 are 
almost zero. What is more, the 
twin-engined Boeing 777 has 
yet to fly. Its maiden flight is 
expected to take place within 
the next few days, with cus- 
tomer deliveries due to start 
only In May 1995. But Boeing's 
test-pilots have been notching 
up flying hours on the 777 for 
thfi past six months thanks to 
a simulator at CAE Electron- 
ics’ factory in Montreal. 

Without leaving the ground, 
the pilots have flown in and 
out of airports around the 
world, experiencing the sights, 
sounds and turbulence of 
snowstorms, thunderstorms, 
air pockets and almost every 
other flying condition. 

CAE Electronics, a division 
of CAE of Toronto, claims a 50 
per cent share of the world 
market for aircraft simulators, 
including 10 of the 13 orders 
placed so far for Boeing 777 
devices. The other three 777 
orders have gone to CAE's 
main rival. Rediffusion, a UK- 
based division of Thomson, the 
French electronics group. 

like the aircraft they repro- 
duce, simulators have grown 
increasingly sophisticated. 
Pilots’ experience an a simula- 
tor now helps decide which 
systems and instruments are 
installed in a new aircraft "We 


fly our simulators before Boe- 
ing flies its planes,” says 
Adrian Gale, CAE Electronics’ 
marketing director. "Well pick 
up bugs on an avionics sweep 
before Boeing does.” 

But the technological 
advances have one drawback: 
as the simulator experience 
gets closer to the real thing, so 
does its price. One of CAE's 
full-flight simulators currently 
costs about C$15m (£7 2m) to 
520m. 

As a result, airlines are turn- 
ing to simplified versions, 
known as flight training 


devices (FTDs). These recreate 
specific parts of an aircraft's 
system without the frills and 
thrills of a real flight. For 
instance, maintenance system 
trainers, entnprigmg 1 Tittlp mti f p 
than two chairs, two computer 
screens and a console, repro- 
duce only those instruments 
needed for engineers to diag- 
nose an aircraft's inner work- 
ings from the cockpit. 

Full-flight simulators, which 
look like windowless space 
capsules, do much more than 
reproduce an aarcraffa cockpit 
and instruments. Hydraulical- 


ly-powered struts which form 
the base of the simulator can 
propel the bulbous module in 
six directions, inelndfag a 
pitch and roll of up to 30°. 

Simulator makers go to 
extraordinary leng ths to make 
fli ght! on their machines a s 
dose to the real thing as possi- 
ble. One of CAE’s helicopter 
simulators is fitted with a 
shaking pilot’s seat as well as 
Hw normal banking, pitching 
and rolling mprthflnferiis By 
pumping air into cushions 
behind and underneath a 
fighter pilot’s seat CAE mim- 


ics the G-forces felt in steep 
rifanhs and tight turns. Take- 
offs and landings feature 
appropriate real-time bumps 

and ang ina s mmds. 

The biggest advance in 
recent years, however, has 
been in the computer-gener- 
ated visual systems which proj- 
ect images of airports, land- 
marks, scenery and weather 
conditions likely to be encoun- 
tered during a flight 

The latest version of CAE’s 
Maxvue visual system, 
installed in the 777, has five 
separate channels giving a 



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New to™ • ttrembog ■ Ocafca - Paw ■ FSo do Jnn ■ Santiago ■ San Frandsca ■ S4o Paito ■ Seoul ■ SfOTgh® - Singapore ■ Samgort - Taoei ■ Tehran ■ Tokyo ■ Toronto - Vancouver ■ Vienna 

MwAv d MCI. SW M on Lorxfcn Stt* EcdMigB 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


total horizontal field of vision 
of 210° and a vertical field of 
40*. The pilot and co-pilot can 
thus see troe-to-life images out 
of all the cockpit windows. 
When taxiing, for instance, 
the? can see another aircraft 

approaching from the side. The 

vertical view allows than to 
see slightly above and below 
the plane, which is especially 
useful in Kanirf n ^ manoeuvres. 
CAE has fitted its helicopter 
simulators with two extra 
channels to give a straight- 
down view. 

CAE has developed visual- 
system. databases for almost 40 
airports around the world. 
Each one, taking up 5 giga- 
bytes of disk storage, repro- 
duces the topography and land- 
marks within a 15-mile radius 
of the airport and. In much 
greater detail, its runways and 
terminal buildings. 

The database is compiled 
from digitised satellite and 
aerial photos and maps. These 
are augmented with on-the- 
spot observations by the soft- 
ware experts who design the 
system and suggestions from 
the pilots who will use it Few 
de tails have been forgotten. 
The wind sock at the grid of 
the runway in Hong Kong hfl- 
fows in the same direction as 
the wind registered on the 
cockpit instruments. The 
rotors of a hovering helicopter 
chum up the sea below. 

But computer-generated 
scenery has its limitations. 
CAE has yet to master 
three-dimensional Imaging, 
and the sharpness of the pic- 
tures does not match the 
human eyg. Although the num- 
ber of polygons (or shapes) 
which can be fitted on each 
nhawnal has jumped from 1,000 
to about 5^00 in the past three 
or four years, this is still not 
enough to cover every detail. 

Customers thus have to 
make choices. The criterion, 
often a subjective one, is what 
is of most importance to the 
pilot. As the Boeing 777 
descends over Seattle, the 
city's Space Needle tower and 
the main highways are clearly 
visible from the cockpit But 
there are no cars on the roads. 
The scene may be surreal, but 
it is a comforting reminder 
t-hat no matter how bad the 
weather conditions outside, 
tins flight will be landing 
safely. 


Worth Watching ■ Clive Cookson 



Rich pickings in 
rare elements 

Bare earth dements have 

always been at the obscure 

aid of the chemicals 
industry. They are expensive 
to produce and have few 
tiiscernable large-scale 
applications. But French 
company RWme-PouIenc, 
which has long championed 
their use, has developed a 
rare earth compound, cerium 
sulphide, as a pigment for 
plastics, Daniel Green writes. 

The three-year 
development programme was 
aimed at finding an 
alternative to cadmium 
sulphide, which Is tainted 
by concerns over the toxicity 
of cadmiu m. The company 
is using cerium because tire 
sulphide, like that for 
fladmimn, is red. In various 
mixtures it can be made to 
show a variety of shades 
from mange to crimson. 

Bhdne-Poulenc: France, 1 
476810 74. 


Consensus at the 
Science Museum 

The general public normally 
plays little part in the 
development of science and 
technology policy. In an 
attempt to show that lay 
people can become more 
involved, the Science 

jtfi ffwiTP in r rmrim i q 
n rpnfalnp a O rnKMim s 
Conference, in which a panel 
of non-scientists will produce 
a report on the future of 
plant biotechnology. 

Over the next two months, 
the museum will select 16 
people with the widest 
possible range of 
professional and social 


backgrounds, by advertising 
through local newspapers 
and radio stations. The panel 
will meet over two weekends, 
to define the issues and 
debate the risks and benefits 
of using plants in new ways 
in agriculture, food. Industry 

and medicine. Then, at the 
conference itself in 
November, it will 
cross-flaesiion expert 
witnesses and hold a public 
debate, before preparing the 
final Consensus Report 

The concept of a lay 
consensus conference 
originated in the US and has 
been developed further in 
the Netherlands and 
Denmark. The Biotechnology 
and Biological Sciences 
Research Council, which is 
funding the Science Museum 
conference, says it will be 
the first UK example. 

Science Museum' UK 071 

93S 8241- 


LOW prices for 
colour LCDs 

Boyers of notebook 
computers now expect colour 
liquid crystal displays. The 
l eadi ng technology - active 

Thin Film Transistor {TFT) 

- gives excellent 
perfor man ce but at a high 
price: TFT displays cost at 
least *1200 (£800) each, even 
when ordered in large 
numbers. Electronics 
companies are therefore 
racing to develop cheaper 
LCDs without sacrificing too 
much contrast and speed. 

Hitachi of Japan has a 
range of new displays, based 
on the passive Super Twisted 
Nematic technology used 
conventionally for 
monochrome LCDs. Their 
contrast ratio Is only 25:1, 
co mpare d with almost 100:1 
for TFT. and their response 
time is 0.27 sec rather than 
0.05 sec. But the company 
says this performance is 
more than adequate for 
applications where a low 
price is paramount Hitachi’s 
new displays cost about $600 
each for bulk orders. 

Hitachi' Japan, 03 3218 1111. 





9 


Census on CD-Rom 


T o those who fill out the 
forms, censuses are a 
chore. To those process- 
ing fhfc information, they are a 
rich source of information 
about how people live and 
work. 

But to commercial users of 
the data, the 10-yearfy census 
counts can be an aid to higher 
profits and lower costs. Super- 
markets can work out where to 
put new branches, companies 
can assess which areas should 
produce the best response to 
direct marketing campaigns 
and public authorities can 
decide where to site hospitals, 
old people's homes or council 
housing. 

*Tt’s a big market place," 
says Susan Squires, product 
development director of Cap- 


scan, a London-based company 
specialising in address and 
census data. Advances in com- 
puter power mtan census datq 
can now be used more compre- 
hensively and rapidly than 
before. 

Next week, Capscan 
launches a CD-Rom containing 
all foe 1991 statistics, broken 
down into about 150,000 small 
areas (each containing 200 
households). 

By compressing the data. 
Capscan can make available 
this information which was 
stored on 200 magnetic tapes. It 
takes account of 9,000 vari- 
ables. derived from cross-refer- 
encing answers to questions on 
such matters as accommoda- 
tion. family, cars and occupa- 
tional status; they show how 


each area breaks down demo- 
graphically. 

The data excludes names, 
addresses or incomes, and the 
published information is 
altered minutely to prevent 
identification. Even so. It is a 
potential gold-mine for busi- 
nesses wanting to know more 
abort their market place. Cap- 
scan’s CD-Born, called Cenario, 
allows users to obtain easy 
access to this data on desktop 
computers and link it to maps 
and postcodes. 

“Our objective is to demys- 
tify access to the census," says 
Squires. The CD costs £3,000 
but Capscan charges extra for 
data beyond the first of its 
three access levels. 


Andrew Fisher 


Over the last 89 years BEN — Motor 
and Allied Trades Benevolent Fund 
has cared for tens of thousands of 
people. Not just direct employees 
and pensioners of our industry, but 
their dependants too. young and old 
alike. 

During that time there have been 
many changes. Different companies 
have come and gone, unions evolved 
beyond recognition and the welfare - 
state has been in continual flux. 

But one thing has remained 
constant — the care and attention 


BEN has given to those who look to 
as for support, whether it be 
emotional or financial (including 
residential and musing care). 

So why the BENelephsat? It’s a 
symbol of our memory: how we 
never forget those who worked in our 
industries, and will always 
remember that many people will 
need our help in the future. 

Now that’s worth shouting about. 


If you would like more news about BEN, 
please call us on 0344 20191. 


Time for this 


little elephant 
to blow its own 


trumpet 



Ben 

MOTOR AND ALUED TRADES BENEVOLENT FUND 

Lynwood - Sunninghill • Ascot - Berkshire SL5 OAJ 
Tel: 0344 20191 • Fax: 0344 22042 

Registered Charity No: 297877 


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- FINANCIAL TIMES FRIDAY JUNE 10 1994 1 1 

■:; MANAGEMENT 



Rapid transformation: Jenoptars original plant in the south of ofd east Germany and (right) its rabidt headquarters 

Fresh beginning 
beyond the Elbe 

Judy Dempsey examines the methods used by three 
companies investing in eastern Germany 


P otts show tbe public to be 
hypocritical and 
cotrtradicioty in their, 
opinions. • 

In that possibly portentous BBC 
mini-saga To Play the fflu, the 
fictional Prime Minister’s 
rathertoo-sesy '‘adviser* pointed 
out tfeatby sabtle wording of 
opinion-poll questions, one canid ' 
could always obtain the results 
one wanted. 

Managers increasingly 
commissioB climate and culture 
surveys that require employees 
to agree or disagree with various 
statements about their perception 
of the company. Can these 
questions be skilfully wonted to 
give the answers they want to 
bear? And how do employees react 
when they can “see through” the 
motives of the questionnaire and . 
don't agree with its point of view? 

Consider opinion polls about 
tax. Almost everyone believes 
they are being overtaxed and that 
taxation should be reduced; but 
at the same time everyone wants 
more money spent on health, 

education and crime prevention. 

One could argue that these ideas 
are not immmpatibte. For 
instance, the government could 
increase indirect taxation as 
opposed to income tax, to ndse 
revome while leaving people more 
discretion to spend as they wish. 

Or me conld argue that “the 
rich!* should be heavily tayed, 
bat not oneself. This - . 
**p<rtitic&of-envy” thinking is very 
popular in Britain because 
whoever you are, yon never 
include yourself among these to 
be taxed more highly. 

Bnt alas the great British pubhc 
- or any public for that matter 
- art not so sophisticated. Various 
studies have shown that in 
opinion surveys people are 
contradictory. For example, an 
American polling company 
reported that 63 per cent of people 
agreed with the view that? “When 
12,000 air-traffic, controllers are . 
witting to sacrifice their careers 
and economic security .and. even 
go to jadl. there must be some 
legitimate reasons for going on 
strike". 

The same poQ found that 69 
per cent supported the opinion 
that: “Since every a ir - traffic 


to fire them.” Obviously, a lot 
of people must have agreed with . 
both statements, reveaUng 
nothing about whether they 
supported the strike. 

The writing of opinion items, 
then, is itself highly political and 
it is not good science. So some 
psychologists hsnte.ciast about 
for other approaches. One solution 
was to reduce the item down to 


Catch-phrases 
are the best clue 
to what people 
really think, says 

Adrian Fumham 

A better 
type of 
opinion 
survey 

its central core, adopting a 

familiar catch-phrase to represent 

the Issue, and reserving all 

evaluation for the response 
alternatives. The formula “X is 
a good/bad tiling considering T 
and TP (agree or disagree?) was 
replaced by the simpler formula: 
“‘X* (good or bad?)". This, they 
believed, would tap immediate 
emotional reactions to 
controversial issues, and would 
be closer to actual behavioural 
dispositions. 

The technique is to abandon 
the propositional form of an item, 

The writing of 
opinion items 
is highly 
political and 
not good science 

and instead simply present a list 
of brief labels or "catch-phrases” 

representing various f amiliar and 
co n t ro versial issues. 

It is assumed that, in the course 
of previous conversation and 
argument concerning these issues, 
the respondent has already placed 
himseif/herself in relation to the 
general population, and is able 
to indicate his/her “position” 
immediately and simply. 


two judges to assess whether they 
are, on balance, “for” “uncertain’, 
or “ against” . And the 
essay-writer also to complete the 
catchphrase poQ. The results are 
nearly identical, saving time and 
effort in the lengthier approach. 
The former demands that the 
interviewee provide instant 
appraisal of complex and 
authoritatively warded statements 


Of opinion: the latter Is believed 
to tap immediate emotional 
reactions to controversial issues 
and is closer to actual behaviour 
dispositions. 

Furthermore, this technique 
overcomes many of the problems 
of grammatical confusion and 
social desirability. Why not try 
it and see? I have constructed a 
simple economic beliefs scale: 

Which of the folio wing do yon 
favour or believe in? Circle Yes 
or No. If absolutely uncertain, 
circle the question sunk. There 
are no right or wrong answers. 
Do not discuss them: just give 
your first reaction. 

1 Nationalisation. YES NO ? 

2 Self-sufficiency. YES NO ? 

3 Socialism. YES NO ? 

4 Free market YES NO ? 

5 Trade unions. YES NO ? 

6 Saving. YES NO ? 

7 Closed shops. YES NO ? 

8 Monetarism. YES NO ? 

9 Import controls. YES NO ? 

10 Privatisation. YES NO ? 

11 Strikes. YES NO ? 

12 Informal black economy. 

YES NO ? 

13 Inheritance tax. YES NO ? 

14 Insurance schemes. 

YES NO ? 

16 Council housing. YES NO ? 

16 Private schools. YES NO ? 

17 Child benefits. YES NO ? 

18 Profit YES NO ? 

13 Wealth tax. YES NO ? 

20 Public spending cuts. 

YES NO ? 

Scoring: 

Odd items score Yes (3) ? (2) No 
<l) 

Even items score Yes (1) ? (2) No 
(3) 

Score 51 to 70 - yon are what my 
tether would call a “dangerous 
pinko”. 

Score 20 to 30 - you are what my 
students would call an “economic 
fascist". 

Score 31 to 40 - yon are probably 
a member of the entrepreneurial 
neo- right 

Score 41 to 50 - you are probably 
a sup p o r te r of the new 
post-Khutock Labour party. 

Pedants, pollsters and 
politicians would probably object 
to this method. But pundits and 
the public would welcome it 
because of its simplicity. Opinion 
polling is not “rocket-stience”, 
but it is a lot better than reading 
the tea-leaves, or worse, 
horoscopes. They do have then- 
uses and much of the media are 
addicted to them. The 
catch-phrase method may indeed 
be superior to and ampler than 
our more established methods. 

The author is professor of 
psychology at University College 
London. 


“ By the time the Americans. British 
and French arrived fin Berlin in 
July 19451 more than 90 per cent of 
Berlin's heavy industry had been 
spirited away [to Russial Ironically, 
this eventually worked bt favour of 
west Berlin’s industries; when they 
came to start up again, they all had 
to be re-equipped with modem, 
brand-new machinery. " 

- Berlin : The Biography of a City, by 
Anthony Bead and David Fisher. 

N early 50 years later, east- 
ern Germany is going 
through a similar experi- 
ence. But in place of the 
devastation of war, investors face 
an uncompetitive and often obso- 
lete, industrial base, whose markets 
were dependent on eastern Europe 
and the former Soviet Union. 

The chemicals group BASF, the 

optical business Jenoptik, and the 

electronics company Siemens have 
risen to this awesome management 
challenge. 

AH have been attracted by gener- 
ous investment grants or subsidies 
from the eastern German states, all 
have parent companies wining to 
invest in the long term, and all 
found a sVfflwd anH adap ta ble work 
force in eastern Germany. But, 
despite these similarities, the three 
companies have gone about their 
investments in very different ways. 

BASF bought a plant direct from 
the Treuhand privatisation agency, 
and is investing DM1 .3 bn (£520m) in 
the enterprise at Schwarz- 
heide, in the eastern state of Bran- 
denburg. Jenoptik, once part of the 
Carl Zeiss optical enterprise, and 
still under the state of Thuringia, 
has razed all the old buildings at 
Jena in the sooth of the old east 
Germany and is starting afresh 
with a DM3.6bn modernisation pro- 
gramme. Meanwhile, Siemens 
bought a greenfield site last Decem- 
ber and this week began work on its 
new plant, part of what will ulti- 
mately be a DM2.7bn investment 
BASF’s advantage was that the 
old Eombinat SYS pb^miraig plant 
was in relatively good condition and 
haH a sound infrastructure. “It baa 
direct links to a natural gas net- 
work, so energy costs are low; it has 
an excellent sewage plant - one of 
the tew modern on e s in the farmer 
GDR; and it is located on the main 
motorway, less than nnp and a hair 
hours from Berlin," says Hans-Her- 

mann T tohmal BASF’S chairman in 

Schwarzbeide. 

BASF was also attracted by a 
looser regulatory climate and faster 

ilflri giftfi-malring structure than In 
the west of the country. Further- 
more, it acquired more capacity. “It 
is very difficult to obtain fUs Wnfl 
of space - 24Qha - in western Ger- 
many, let alone acquiring the plan- 
ning permission and regulations,” 
Dehmel explained. The government 
of Brandenburg granted planning 
per mission within two months. “It 


would normally have taken about 
18 months in west Germany,” says 
Marc Vogel, BASF’s spokesman at 
Schwarzheide. 

By early this year, BASF had 
already invested DM800m, of which 
DM200m was spent installing sev- 
eral new production lines. These 
included a water-borne coatings 
tine, a non-solvent product spread 
over paint used primarily by the car 
industry. 

Nearly four years since acquiring 
Schwarzheide, Dehmel reflects on 
the decision to invest in eastern 
Germany. “I think productivity is 
still too low." he says. On some 
lines productivity is about 60 per 
cent erf west German levels, partly 
because of the recession, and also 
because BASF is committed to 
employing 2.150 full-time staff, 300 
apprentices and 1,000 subcontrac- 
tors. Officials at the plant reckon 
they need just 2450. 

At Jena, before 1989. 30.000 people 
worked in the Carl Zeiss plant, 
which had run up losses of more 
than DMlbn. Today, the Jenoptik 
workforce has been cut to 1.250 
employees after a programme of 
early retirement, redundancy pay- 
ments, and financial support for 
would-be small entrepreneurs. 

In the past two years Uwe 
Reinert, a consultant from Hanover 


and now manager of Jenoptik. has 
transformed the company from an 
outdated defence-based enterprise 
to one based on four production 
lines. These include a microfabrica- 
tion division, providing high-perfor- 
mance equipment for microsystems 
engineering and semiconductor fab- 
rication: medical engineering; envi- 
ronmental engineering: and auto- 
mation engineering, which provides 
optical equipment for quality con- 
trol and inspection. 

Reinert then set about providing 
self-contained and gmall micro-chip 
units to companies that do not have 
their own chip production facilities. 

S iemens, meanwhile, needed no 
introduction to eastern Ger- 
many. Since unification, it has 
set up 11 production plants and ser- 
vice facilities, employing more than 
16.000 people throughout the five 
eastern states. 

But it wanted production and 
research under one roof. Eastern 
Germany's capacity and reservoir of 
skilled electronic engineers made it 
a suitable location. 

Last December the company 
announced its decision to invest 
DM2.4bn in building a microchip 
factory in Dresden on a greenfield 
site. Scheduled to be on line by 
1996, it will manufacture 64-megabit 


and 256-megabit memory chips. 

Volkhart Matthaeus, finance 
director of Siemens' semiconductor 
group, says there was a need to 
establish a core development centre 
in Germany itself. “Through this 
operation in Dresden, we will be 
able to carry out joint research 
projects [with other companies], 
some of which will be funded by 
the German government," he 
explains. 

Siemens could have gone to east- 
ern Europe, or south-east Asia, 
where labour costs are cheaper. But 
Matthaeus says the company chose 
the eastern German route for sev- 
eral reasons. "In eastern Europe, 
you need investment partners, 
regional funding, and an environ- 
ment in which your partners are 
prepared to invest with you. These 
conditions, at least for us, do not 
exist,” he explains. That view is 
shared by BASF and Jenoptik. 

As for south-east Asia, there are 
some logistical disadvantages. "Any 
product re-imported by us into the 
European Union Incurs a 14 per 
cent tax. That’s a significant 
amoun t Also, the computer indus- 
try costs money. You can find 
cheaper labour in the region but 
you have to build an infrastructure 
in a quality-minded environment.” 
he adds. 


It is easy to demonstrate. Ask 
controller took an oath not to a group to write 5,000-word essays 

strike. President Reagan was right on capital punishment and have 


BUSINESSES FOR SALE 


Eastern Counties Farmers pic 


The joint Administrative Receivers offer for sale 
as going concerns the businesses and assets of 
- Eastern Counties Farmers pic and A.B. 
(Handling) Limited comprising: 

■ SEED AND. PULSE PROCESSING PLANT 

Freehold property of 60,000 sq.ft on 3.2 acre site 
with various production buildings, integral offices 
- and its own weighbridge. 

Modern Pulse Plant BS5750 approved for human 
pujse consumption and an operating capacity of 
up to 10,000 tonnes per season. 

Separate cereal and herbage seed plant with an 
' operating capacity of .up to 10,000 tonnes per 
season. 

Skilled workforce. 

■ FERTILIZER BLENDING AND BAGGING PLANT 

' Excellently situated quayside freehold property of 
57,000 square feet on Ipswich Docks. 

Current turnover £3 million. gross profit £0.4 
.million. 

Market leader, fn East Anglia with Its "Cropyield” 

'.label 

Skilled workforce. 


■ FARM SUPPLIES RETAILING 

Current turnover £1.87 million, gross profit 
£0.33 million. 

Established customer base and mailorder 
business. 

Two freehold and one leasehold retail outlets in 
East Anglia. 

■ FREEHOLD PROPERTIES 

Various freehold properties including: 

A modern office block of 14,000 square feet and 
small warehouse, fronting the A45 near Bury SL 
Edmunds. 

Showroom and workshop complex at Marsham 
in Norfolk. 

■ OTHER ASSETS 

Substantial database of seed, fertilizer, feed, 
crop protection chemical and other agriproduct 
customers 

Stocks of agricultural machine parts. 

For further information contact the 
Joint Administrative Receiver, Howard Evans 
KPMG Peat Marwick, 37 Hills Road, Cambridge 
C82 1XL Tel: 0223 6669a Fax: 0223 460701. 


mm 


Corporate Recovery 



FOR SALE 
IN MONACO 

Top dass shop in the 
main street 
(Buflcfing + Trade) 

if Interested fax for dotes* 
32-2/646.03.05 


RECEIVERSHIPS LIQUIDATIONS 


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For further information please fax to: +49 30 - 43 90 29 99 
(attention: Mr. Claudio Wleland)- 


A Investment in Germany A Investment in Germany A Investment in Germany A 



BLAIRGOWRIE, 

PERTHSHIRE 




The Joftn Recetocs, Franc sun and lan Rankin at Coopers & 
Lybnnd, 6toaow. <Ar tor sals to business aid assets of ns well 
Known stationery conpany. 

Principal Iw iro of me bostons toctwte: 

• wsl BstobUwd tmisnioifsltxonds Include Wavsrfoy 
and Rhapsody 

• toehold property approx 51000 sq ft in 3.1 acres 

• stony customer base 

• fflcc«8nl produd range hi gJB and atofionwy mortal 
- projected turnover In 19S4aI£15m. 

For further iirfixtixfion and on appoHrHiflt to vfow, canted 
bn Ronton or Dare* fowyft at Coopers & LytJfand,KWyre House, 
209 Wed George Sheet Btasgow 62 2LW. 

Telephone: (041)248 2844. 


/ 


SMALL PROFITABLE 535 QUOTED 
PROPERTY COMPANY FOR SALE OR 
MERGER WITH LARGER PROPERTY 
OR OTHER INTERESTS. 

Write to Box B2894, Financial Times, 

One Southwark Bridge, London SE1 9HL. 


LEGAL NOTICES 


No.0V284<iri9M 

(74 THE HIGH COORT OF JUSTICE IN ENGLAND 
CHANCERY DIVISION 

IN THE MATTER OV NRG VICTORY REINSURANCE LIMITED 


IN THE MATTER OF EMTLOYDtS REASSURANCE LIMITED 


IN THE MATTER OF THE INSURANCE COMPANIES ACT !«2 
NOTICE IS HBREBY GIVEN a hum was aa Ihe 24(b day of Mr, l*W pnm u Ha Mqjoly'i 
B)Sk Conn of Jmritr by Ac above aimed NRG Victor Kcmuiraacc Loaned fbnrimfla called 
•NRGtilm: 

I. The S — rtmm marr Sccboo 49 of iRc Irairancc C g e tpomo Aa a Ktxmc provihglor 

ttc nmafato die above naned Engtay u i R ea aaiMict United flmAaItaoBtd*ERl.*)cltt* 
box ttnn irtamncr bonm earned on by NEC m (be Unite! KJapfam (bd mff iadadtag 

Imn cental os jhnwgh NR GS branch to Singapore; aod 

1 Aa Qaio-nuhflg aodBify pwim m mmwl i w wit tfa md imafer undo Scaiwi SO of ibe 

mid Act. Copies of ihe PWJHoo.die Scheme, repoiu by tie Appointed Actoare of NRG mid tbe 
Appooled Ainu; oT ERL aid a report by no Lvfcjiendeoi Acnaiy in pusnoncc of die nil 
Seaton 49 maj te vtpeesa! M <bc office rtNRO X Castle HOT Avene. FolLcaooc. Krol CT20 
TTF aod Peraofcca Hooae. 1SS-1S7 Miaarins. London £C3N 1BU, ibeoffierc* ERL«7iV 
IMpalUme. London BC3M 8AAuMSo<K(c«|iHouae.rN«dhihRa>lQKHmtBm. 
doaseaterebac GLSU 3BD, tbe offices erf OiSon] (Amec a 200 AMengarScnH. London 
EClA4Dndlhe<rfIIa3of SlMglecuDd B4afW3S Bwaghall Sued. London EC2V 3DB 

ladgnlnr a periodical ibjr* front Ac peMkatioa 

afttn Noirfi. 

Tbe Pruooe is directed to be heard tebre ■ Juige of the Chancery Draioa at the Royal Qmra of 
Jnxtteo, The Stand, London WC2A 2LL on Monday Ihe l&h Ay of Jnly 1994 and any povon, 
indndieg any em ploy ee of the aid compana who claim to be advetxly affected by Or Scheme may 
iff ui at Ac time of heating in pawn at by Q ua rt Any p ci aon who ittnh » to appeal and (By 
pcrfkrbaldcr of the uid o o mpanka who ifhimla (rant the Sdiemr bm does bm famed *a to appear 
iDOnfal grve art lea ttaa ? ck=n tbyv pnm mlkr la writing of neb ndejmna or ddeem aod die irmsamt 
therefor u the mfienots oomed bekr. 

Copies of dm doauncas specified atovr will be lumped by «di salnafrcr hr any peons mqmripf 
fat put to as Outer sanctioning tbe Scheme. 

Dared the 27A day of May IM4 
Oifford Cbanor 

200 Alien©* Son, Loudon EClA 4U 
SefidtomforNRC Vkbny Rdamranee limited 


7X> Advertise your legal notices 

Please contact Tina MeGoiman 
on 071 873 4842 Fax: 071 873 3064 









12 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


BUSINESSES FOR SALE 


STATE PROPERTY AGENCY 


CALL FOR TENDERS 

The State Property Agency announces 

a one-round, public tender to sell the state-owned shares in the 
INVESTOR Holding R6szv6nyt£reasdg 

(INVESTOR Holding Co. Ltd.). 

We inform the interested parties that the issued capital of the INVESTOR 
Holding RL is HUF 2,925,000,000, of which the Caller will sell 23 per cent 
Bids can be submitted for a block of shares in the par value of HUF 
672,000,000 which represents 23 per cent of the issued capital. 

The block of shares can be purchased for cash, compensation notes and 
using E-crediL 

The bids have to be forwarded to the given address in five copies in a 
sealed envelope without naming the sender and with the original copy 
indicated. 

The bidders have to undertake to keep their bids valid for 90 days. 

The deadline of submitting the bids is July 27, 1994, from 12.00 to 14.00. 
The bids have to be submitted at the State Property Agency, room 804. 
(1133 Budapest Pozsonyi tit 56.). 

The State Property Agency reserves the right to qualify the tender as 
invalid. 

The condition of submitting the bids is the purchase of the tender material, 
which also includes the detailed Call for Tenders, for HUF 30,000, at the 
Secretariat of the Directorate of the INVESTOR Holding Rt (Budapest, 
XIII. Pann6nia u. 11.) or at the Customer Service Office of the State 
Property Agency (Budapest, XIII. Pozsonyi tit 56.), on working days, after 
signing a statement of secrecy. 

Further information is available at the INVESTOR Holding Rt., at the 
Secretariat of dr. Gabor Botir, deputy general director (Budapest XIII. 
Panntinia u. 11)., phone: 36/1/ -112-9460., -132- 6770, -132-9560. 

INVEST IN HUNGARY • A SAFE EXPANSION 


LEGAL 

NOTICES 


N0.«B3nori9M 

IN THE HIGH COCOT 

OF JUSTICE 
CHANCERY DmsiON 

IN THE MATTER OF 
CSSOT LYONNAIS 
(INVESTMENT) LIMITED 
«ad- 

IN TBK SCATTER OF 
THE COMPANIES ACT 1985 

NOTICE IS HEREBY GIVEN Hal ■ retitka 
»» prenatal k> Her Majesty* Ktyi Ctwt of 
Jffldcc. Ckuco} DnWan an TO May mt lot 
dM cwfiauttan of 0 * ratacnoa of tfag dart 
capital at ike above turned cornu* br 
UAmUXK. 

AND NOTICE is tanker given (bat the said 
Petition is directed to be beard before 
Kr Regwnu BocUcy m tbe Rojnl Gam of 
JkSllcc Strud. London WC3A ZLL op 
Wabeedey the 22nl day adan 19M, 

Aay Creditor or Shareholder otf Ike Mid 
Conpii, desfctag a appose the tmktagaf ai 
Oixfcr for Ac CGnOmmsm oTtk aid bMh 

of dK datapet sbeksid appner u htatd 
Ike bearing ta perwm or by Omract lor Am 
peqwe. 

A am at dw aid ftwiga eriB be fenced 10 

nay penes repairing the Mae by Ik 
nad crim m iuocd 5ollomj oo payment of tbo 
PtyHnl Qiygy Cmtwriwf. 

Dral the I(U day of Jute 1991 

CXJTK3SD CHANCE 
2nQ Aidengue Sum 
London EC1A 4D 

HrfJtWC 

Sotirima to the Gmpoy 


IN THE MATTER OF 
VECOM LOOTED 

sad 

IN THE MATTER OF 
THE CYPEDS COMPANIES LAW CAP lU 
Notjoe is hereby given rial tag arrSutt al the 



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LEGAL NOTICE 


NOTICE OF APPOINTMENT Of 
ADMINISTRATIVE RECOVER 

RESORT HOTELS PLC 
R tgiim e d iwi b u: '1769788 
Trading name Resort Hotel, Pie. Name of 
business: Ope mi leg and managing hotels. 
resMaruu »nd public homci. Trade 
classification: 47, Dale of appointment of 
admalmativc receneo: 1 June 1994. Name of 
peraon appointing tkc ndalniatrative 
recei*eni;Natioaai Wcxui inter Book Pic. 
AJL Btanm and Mflbjnial Aitail ubttJri TC 
Rteewcn (office hakkranahcni 0462 and S3 18) 
Baton Hodfc.1 Lambeth Pataec Road, 

London SEJ 7EU 


NOTICE OF APPOINTMENT OF 
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COUNTY RESORT (pnOPERTUSl LTD 
Regbaond manher 2793010 
Fonnel company namea; Goiddltar No: 270 
Llmiied. Trading names: Country Resort 
(Pmpoties) United OnoMHa. No: 270 
Nature of basinets: Operating and 
hotels, re s tauran ts and public boose*. Trade 
ebuiKiciiion: 47. Date of appointment of 
ad m i n tan j u «e recemea: I lone 1994. Mae af 
person appointing the administrative 
rcoeivtra'J«aiion*l Wniminiutr Bank Pie. 
AJl Bloom and MJL M3bjbmi AtkantstMivc 
Rneebcn raffia bsidm ombea 6402 ami 3318) 
Beckn Hcwe.1 Lambeth Mace Rond, 

Loudon SCI 7EU 


NOTICE W APPOINTMENT OF 
ADMINISTRATIVE RECOVER 
MANDATORY LIMITED 
Regntaed number 2S3993I 
Trading name: Mandatory Limited. Nature at 
hnincsr Opeating and nangging hotels. Trade 
classification: 47. Date ot appointmeni of 
adokusomive moehnxE I hac 1994, Name of 
person appointing Ike adninUiraiive 
nccirentNailoaal WtsimioMa Bank Pie. 
AJL him i«tur atm, saw a.<i..i,,i.i. 
Receives (office holder numbai 6462 and 3318) 
ReOen Hoased Lamkedi Palmte Read. 

Loudon SE1 7EU 


PEOPLE 


Curriculum proves 
vital for Woodhead 


Chris Woodhead is about to 
take on his second Herculean 
educational task in little over a 
year. John Patten, the educa- 
tion. secretary, has nominated 
him for the post of HM Chief 
Inspector of Schools - argu- 
ably the second most powerful 
job in English education. 

The job will require Wood- 
head to run the Office of Stan- 
dards in Education tOfeted), a 
non-ministerial government 
department which has jnst 
started a controversial system 
for inspecting every state 
school at least once every four 
years, using lay inspectors. 

Although his appointment 
starts on September 1, he will 
not be able to give it his undi- 
luted energy until he has fin- 
ished his present job - sum- 
ming down the national 
curriculum for England and 
Wales. 

As chief executive of the 
Schools Curriculum and 
Assessment Authority, it has 
fallen to Woodhead to carry 


out the review which has been 
headed in masterful style by 
Sr Ron Dearing. The task of 
getting large groups of academ- 
ics to agree on lopping a fifth 
of the content from the curric- 
ulum was never going to be 
easy, and some teachers on 
SGAA’s working groups - par- 
ticularly in English and His- 
tory - have publicly dissented 
from final proposals. 

They claim that the authori- 
ty's officials had dominated the 
process. However, the review 
has been completed according 
to timetable, and ministers are 
happy with the way the task 
has . been handled - as Wood- 
head’s appointment demon- 
strates. 

Woodhead’s promotion is tbe 
latest in a startling series. A 
graduate of Bristol and Keele, 
he taught English in secondary 
schools before moving into 
local government In 1982 - not 
usually a springboard for 
advancement in central gov- 
ernment circles. As recently as 



1990, he was deputy chief edu- 
cation officer for Cornwall 
County CoundL 

■ The Economic and Social 
Research Council has a new 
chairman. He is Professor Ron- 
ald Aman n now pro-vice chan- 
cellor of the University of Bir- 
mingham, who will replace 
Professor Howard Newby, who 
is leaving to become vice-chan- 
cellor of the University of 
Southampton. His appointment 
win last for four years, during 
which he will attempt to imple- 
ment William Waldegrave’s 
white paper, which last year 
called for research council 
funding to be directed more 
towards the needs of industry. 


Salomon sends Berens to UK 


Salomon Brothers is sending 
one of its biggest hitters to 
London, as part of its drive to 
raise tbe firm's profile in Euro- 
pean equity markets. Rodney 
Berens, 48, a mem be- of Salo- 
mon Brothers' 12-strong execu- 
tive committee, is currently co- 
bead of the US equity depart- 
ment with Bruce Hackett 
Stephen. Po^brd, chief execu- 
tive officer of Salomon 
Brothers’ European operations, 


is looking forward to working 
with Berens to come up with a 
winning formula to make Salo- 
mon as well known in the equi- 
ties business as it is in fixed-in- 
come and derivatives. 

“It won’t be a bums -on-seats 
strategy,” says Posford. 
Rather, the emphasis wQl be 
on sector-driven research and 
close co-ordination, between 
Salomon’s European 
operations and the US invest- 


ment banking arm. Berens will 
also provide valuable access to 
Salomon's equity salesforce in 
New York, Posford adds. 

Berens is expected to spend a 
good part of each month in 
London over the summer but 
crucial decisions such os his 
children's education are likely 
to delay his transfer until the 
end of the year. Before joining 
Salomon in 1992 in the wake of 
the Treasury scandal, be was 
in charge of global research at 
Morgan Stanley. 


Change of hard hat for Tony Allen 


Tony Allen, former chief 
executive of Berkshire county 
council, is to became the new 
chief executive af the National 
House-Building Council, the 
self-regulatory body of the 
house-building Industry. He 
will succeed Basil Bean who 
retires at the end of September. 

Allen, 54, has been a consul- 
tant on market-testing and the 
management of change in the 
public sector since leaving 
Berkshire at the end of Novem- 
ber. During his tenure, the 
council pioneered contracting- 
out of services to the private 
sector, putting even core activ- 
ities such as planning and 
financial services out to ten- 
der. Since April, he has been 



special adviser to Michael 
Heseltine, Trade and Industry 
secretary, working on contract- 
ing-out and the privatisation of 
the DTTs agencies. 


A solicitor by training. Allen 
has spent most of his working 
life in local government His 
career included spells with 
Coventry, Lewisham and 
Southwark and he was chief 
executive at the London bor- 
ough of Hammwsmith and Ful- 
ham before moving to Berk- 
shire. 

Between 1979 and 1986 he 
was responsible for the organi- 
sation and development of the 
London Youth Games and 
remains a director of London 
Youth Games Limited. He 
chaired the local authorities' 
disaster working party for the 
Department of Health and is a 
member of the British Stan- 
dards Institution. 


Hambro 
breaks links 
in its chain 

Harry HilL 46. formerly joint 
managing director, has moved 
up to become sole group man- 
aging director of Hambro 
Countrywide, the estate agent 
and financial services chain in 
which Hambros has a stake. 

His erstwhile partner os John 
ro An ag in g director, John May, 
39, is transferring within the 
Hambros group, to take up a 
post as deputy chairman and 
managing director of Hambro 
Group Investments. 

The move thus ends a joint 
managerial partnership at 
Hambro Countrywide which 
stretches back to November 
1988. Hambro Countrywide 
returned to profit in Us last 
annual results, reported in 
March this year. The 445- 
strong agency chain Increased 
Us commission income from 
£52. 9m to S&l.-Un. turning a 
1992 loss of El .6m to £l&8m 
profit for the financial year of 
1993. 

Christopher Sporborg; 
Hambro Countrywide's chair- 
man. said yesterday that May’s 
shift of post was entirely 
related to internal restructur- 
ings at the company, which 
had seen the financial prod- 
ucts' division - for which May 
had been responsible - being 
brought under the aegis of the 
agency division, rather more 
the responsibility of Harry HilL 

A key element of MayS> rote 
having so significantly 
changed. Sporborg added that 
“1 did need to have him (May) 
here. Because of the changes at 
Hambro Countrywide. I met 
less resistance than I would 
have had two years ago." 

Sporborg says May will 
remain a non-executive direc- 
tor of Hambro Countrywide, 
and will “chair a strategy com- 
mittee there. I think the move 
strengthens Hambro Insurance 
Services group, without weak- 
ening Hambro Countrywide". 

John Nettleton and Rodney 
Glutton, formerly finance and 
commercial director and 
development and property 
director, respectively, have 
been appointed joint mds of 
WATES CITY OF LONDON 
PROPERTIES. 

Geoff Brice has been 
promoted to director, 
operations & projects at SIR 
ALEXANDER GIBB & 
PARTNERS. Sim Lange is 
appointed director of its Asia 
regional office. 



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TWORKING 



13 




FINANCIAL TIMES FRIDAY JUNE 10 1994 



T he biggest shock at last 
month's Cannes festival, 
apart from the film that 
won the main prize, Pulp 
Fiction, was the film that 
- won no prize at afl. Krzysztof Kies- 
lowski's Three Colours Red, the att- 
ics’ favourite,' was .passed over by 
tbe ruthless Clint Eastwood Gang - 
aka the Cannes jury - thus robbing 
the Polish-bom director of the 
“grand slam 1 * that seemed his for 
the taking after earner prises for 
Blue (Venice) and White (Baton). 

ft was at Berlin, just before he 
won his Best Director Silver Bear, 
that he and l met and talked amM 
an earhar bail of Kieslowski head- 
lines. Had he really decided to stop 
making films,..! ask, through an 
Interpreter.' 

*1 hope! Yes," 

But 'you are the' most aralaimorf 
film-make r in Europe? 

"Maybe it’s best moment because 
of that* - 

. What will you do instead? 
“Nothing special.” ; 
ft is like talking to Leonardo Da 
Vied as he fondles an early pair of 
retirement slippers. Kieslowski’s 
films have been the glory - it often 
seems the sole glory - of European 
cinema since the^ mid-1980s. When A 
Short Film About TSXhng premiered 
in Cannes in 1988; this literally tiny 
feature (70- something minutes) 
raised scalp hairs across the entire 
town. Tbe poetry- of nightmare - a 
vicious murder, a more vicious exe- 
cution, a series of cityscapes shot in 
bilious-yellow or add-blue filters - 
was joined to a forlorn, ironic com- 
passion. i- 

Later works -A Short Film About 
loot. The Double Life Of Verortique 
— took that soul-paring style and 
added bits of comedy and fantasy, 
even mangy lyricism. But a Kies- 
lowski film is « HTT lfmnictelfflMa JX 
is moviedom’s a ns wer to Munch's 
The Scream: a sflant yell offend 
over the death-throes - which soma 
in the director’s view foolishly mis- 
take for Kfe-throes - of Europe at 
the end of tlM miTUmrihrm . 

His latest and threatened last 
work is his Frendi-co-ftmded trilogy 
based on triandeur themes. As in 
Decalogue, bis TV-commissioned 
aeries where each short film was , 
based on one of the ten command- 
ments, Kieslowski Ukes to fool audi- 
ences into expecting neatly-tailored 
thesis movies. But Blue was about 


the “liberty” of ' a woman in shock 
after the death of her husband and 
child in a car crash: and White 
(equality) and Red (fraternity) are 
wry, lateral reflections on the other 
great abstracts in the French revo- 
lutionary triad. 

Kieslowski Insists that the films 
are about people anyway, not soci- 
ety or politics: even though White, 
opening in London today, cocks a 
snook at the new capitalism in East- 
ern Europe, with its tale of a get- 
rich Pole using black market snamc 
to lure bis estranged French wife to 
Warsaw, and Red is set in bureau- 
cratic, icy-hearted Switzerland. 

“1 do not believe in society,” he 
. states. “Society is composed of mil- 
lions of individuals and those indi- 
viduals interest me” Didn’t Mrs 
Thatcher once say the same thing? 

Nigel Andrews 
talks to the Polish 
film director 
Krzysztof Kieslowski 


“But for her it had a political 
dimension. That is the difference. In 
her mouth it does not make sense at 
all, because looked at politically 
and socially of course societies 
exist" 

But not, he implies, for the artist 
And for film-makers tbe advantage 
of a Europe now collapsing into 
semi-federalism is that they can 
ignore, such divides as do T- orrom 
between countries and cultures. Co- 
production heaven has arrived, and 
much of Kieslowski’s recent work, 
starting with Veronioue, has been 
made with French actors in French 
affttmg R in t fra French language. 

"ft’s practically impossible to 
understand other countries than 
your own. But if you are talking 
about people, that doesn’t matter. A 
human bring is not a country. For- 
eign actors bring something truth- 
ful about their country into my 
film; they carry that truth inside 
them. So Fm not obliged to smell 
foe air in this other land, because 
the actors know and breathe It..." 

- And in any case the country 
where this director's are 

really set is KLeslowskiland. Like 
Greeneland it has its own moods, 
rules and landscapes: though in typ- 


ical style the director disclaims 
credit for most of the characterising 
devices you quote back at him, from 
his use of filters to his way with 
recurring symbolism. 

“The three films using filters 
(Veromque, Blue, Red) were made 
by the samp director of photogra- 
phy. It was his idea. I just said yes 
or no." And the symbolic motife? 
Like the old person straining to put 
a bottle in a street bottle-bank, a 
vignette that occurs in each of the 
three trilogy films. Or the almost 
sinister use of small animals, like 
the mice in Blue and the fluttering 
pigeons in White. 

The bottle bank scene, he says, is 
about failing powers. “It’s our 
future. Simply, there will come a 
day for each of us when we won’t be 
able to push a bottle ini” And the 
animals? “We had the idea that in 
all three films you would see an 
animal giving birth. We did ft with 
mice in Blue, we wanted to do the 
same with pigeons in White. But it's 
difficult to get pigeons to nest their 
eggs in February. So to get some- 
thing similar, we bad the idea of 
this ‘flattering’ motif. You make 
certain associations with ft.” 

Kieslowski prefers to let his audi- 
ence construe the scenes. He does 
not believe in a single definitive 
Interpretation of a film; he does not 
even believe in a gmg fa defi n i t i ve 
version of any film. 

Having already played with flexi- 
form movies in A Short Film About 
Killing and A Short Film About 
Lotx, each made with two separate 
running times, one for cinemas, one 
for TV, what he would next like is 
for films to be shaped differently for 
every different screening venue. 

“If you're In a big rinama you're 
si tting in a comfortable ffhair and 
the place is full of people. It 
becomes a totally different film 
from the same one you'll see in a 
little village hall with poor screen- 
ing: the Image win be dark, the 
sound not perfect, you'll be almost 
alone. Same reels, different film! 
Because a movie acts in contact 
with you. Are you in a good mood 
or bad? Are you crossing the Atlan- 
tic? Why not introduce those differ- 
ences, or respond to the possibility 
of them, within the film itself?” 

I am fascinated. Can he elaborate? 
No. My time is up. Berlin is a busy 
place, especially for a famous abdi- 
cating film-maker. 


ARTS 



’ ■ Ti-JK 


• r bV- '• 

■■-n 

•”.r Laag 







Atamur Midr 


Kim Begley and. Susan Bullock as Laca and Jenufa 



Kitaj retrosj^ective 


The iriafo summer exhibition at 
foe Tate 'GaHery hi, London la a 
retrospective _pf FLB1 Kitaj, 
0penfogTWxtTtmrsd3y.lt 
compriaos roone than 100 . 
paintings 3 nd drawings, and 
includes the fat substantial 
showing of Kitaj’s paintings of 
foe 1990s* 

Kftri te one of the ou tstan d in g 
figurative printers of 'a generation 
fa British art which includes 
Howard Hodgkin and David 
Hockney. Bom fo Ohio In 1932, 
he served with the US army in ' 
Europe in the mid-1950s, before 
, enroling as a student at the 
Ruakin School gf Art in Oxford. 

He moved m 1859 to the Royal 
Cottage of Aft,«nd since then 
naa food and worked mainly hi 
London. •* 

, f-Ote othw Americans before 
Wnjt Wttj | tea boon influential 
In Britfob art fo pwlicidar, he 
Pfc&wd an important part In the 
[Wgence of interest in the 
nwwhi figure that developed from 
foe fete 1970a.- Marked by a 


striking use of colour and often 
invoking great works of the past, 
1ms images always centre on 
human experience, reflecting 
his view of love, axfle, sex, 
tragedy, comedy, literature and 
politics. Since the 1970s Ms 
paintings have also been 
concerned with his Je wish 
heritage. The exhfoition runstM 
September 4. 

Apart from the Pugin exhibition 
at Ihe Victoria and Albert 
Museum, the other major opening 
in London this month is Bonnard 
at Le Bosquet, at the Hayward 
Gaftery. It brings together some 
80 paintings, watercolours and 
drawings, and traces Bonnard’s 
work on the C6te d'Azur, where 
- In common with many other 
painters - he became fascinated 
with the extraordinary quafity 
of flght. He bought Vffla du 
Bosquet In 1926 and died there 
bi 1947. The exhibition runs from 
June 23 to August 29. 


m EXHIBITIONS GUIDE 
AMSTERDAM 

Van Gogh Museum Van Gogh's 
Self-Portraits: 20 paintings and 
two drawings dating from his stay 
In Paris 1886-7. Bids Oct 9. Da3y 
Rflksmuseum Flowers and Plants: 
flora and fauna in five centuries 
of prints and drawings. Ends July 
31. Closed Mon 
Royal Palace The Fountain of 
Pallas: this impressive marble 
statue, made in 1680 by the 
Amsterdam sculptor Artus Quell ten, 
is on show with related paintings, 
•drawings and terracotta models. 
Ends Aug 28. Daily 


Opera/David Murray 

A ‘Jenufa’ ill served by production 


J anAfiek’s fine, morally pene- 
trating opera Is proof against 
almost anything, and it easily 
survives Lucy Bailey’s ama- 
teurish new production at the 
Coliseum. Jenufa. is the first of his 
mature operas, but the last now to 
enter the English. National Opera 
repertoire, after David Pouzztney’s 
often inspired versions of the other 
six. Luckily ft boasts an excellent 
cast, though they have been given 
precious little help; it will 
undoubtedly run better, or at least 
limp less painfully, when ft has 
been run hi 

Two years ago Miss Bailey 
devised a beautiful, dream-like stag- 
ing for Giorgio BattisteUi’s Teorema 
(after Pasolini's film and novel) 
which was universally admired. Not 
so her production of Paisiello’s 
Barbiere at Wexford last yean and 
now Jenufa - inescapeably natural- 
istic, village -domestic, red-blooded 
- catches her without the elemen- 
tary skill of animating her perform- 
os. They stand, or sit, awkwardly 
ab out. Their Bidiang M are lama, 
under-defined. There is nothing 
for it but to Emote on the spot, 
which they all do to their hopeful 
best 

Even Josephine Barstow's Kostei- 


niSka seems to be trapped in a neck- 
brace throughout, and at her great 
crises she is reduced to repetitive 
arm-twitches. Can this be JanACek’s 
formidable matriarch, whose model 
- as we learn from the ENG pro- 
gramme-book, excellent as usual - 
was a notable singer and dancer 
with “a vital energy, a harmony of 
movement and an elevated bear- 
ing"? The Kostelnicka is not the 
crabbed, hypocritical Kabanicha of 
Katya. When she sings, Mjss Bar- 
stew’s intensity of understanding is 
marvellous, trait the voice has to do 
all the work. 

Susan Bollock’s sweet, touchingly 
gawky Jenufa is in a similar fix, 
rescued by her transparent honesty. 
David Maxwell Anderson’s natural 
assets make him an admirably 
flash, flamboyant, feckless Steva, 
with a big, handsome voice to 
match. Best of all is Kim Begley as 
his half-brother Laca. Mi«n Bailey 
hobbles him, too - but he is visibly, 
sympathetically choked with his 
frustrated love and his strange pri- 
vate anger, and delivers his music 
with seething passion and an 
unyielding grip on its expressive 
sense. 

Shelagh Squires' Grandmother 
Burya wears a gentle dignity that 


makes its own mark, and Arwel 
Huw Morgan's warm, kindly Fore- 
man is faultless. The boy Jano is 
almost completely unintelligible, 
even in his crucial report of tbe 
discovery of the dead baby. Nicho- 
las Folwell’s nice study of the 
Mayor is not parodied; be is more 
fortunate than his wife and daugh- 
ter, whose costumes make them 
instant travesties. 

I n fact Simon Vincenzi’s cos- 
tumes reach their ghastly 
nadir in that final act From 
the random dress of the villag- 
ers at the start, (me supposed that 
he was eschewing anything recog- 
nisahly Czech; but for the wedding 
he descends into queasy, 
milk-and-water ethnic caricature. 
Likewise, the choreographer Leah 
Hausman follows her lively, plausi- 
ble dances for the first act with an 
excessively twee little number for 
the wedding, too mimsy to be ironi- 
cal 

Otherwise, Miss Bailey's handling 
of the village crowds is pure village- 
ball theatre, stiff and limp at once. 
The whole production might be 
regarded as a piece of "conceptual 
art”, in the sense that it doesn't 
look very good, nor interesting, but 


is more or less "explained” by her 
remarks printed in the programme- 
book. 

A large, blank screen overhangs 
the stage, lit in various colours at 
different times: that must be the 
“crushing" sky which symbolises 
Jenufa’s “confined” life. I was less 
sure about the swelling sea of hip- 
high yellow flowers that is the sole 
ornament of Act L The expansion of 
the bleak little cottage room of Act 
2 into an Act 3 space, so as to 
accommodate the wedding guests, 
looks like crude makeshift. 

Young Sian Edwards conducts. 
She is not. of course, Charles 
Mackerras or Bernard Haitink or 
Mark Elder, she brings her own 
eager rush to the score, but one 
misses Jan£&ek's serene warmth 
and breadth (and any intimate 
rapport with the singers). All or this 
noble music amounts to a kind or 
ethical commentary on the action, 
wise, elevated and tender; it is 
always more than mere reflection of 
the characters' transient feelings. 
So far, Miss Edwards makes dis- 
tinctly less of it than that: the 
glorious transforming close sounds 
like no more than strenuous jubila- 
tion. 


BARCELONA 

Museu Picasso The Russian 
Avant-Garde 1905-25. Ends June 
26. Closed Mon (Carrer Montcada 
15*19) 

BASLE 

Museum tor Qegenwartskunst 
The Udo and Anette Brandhorst 
Collection: a selection of works 
by artists active in the 1960s and 
1970s, Including Joseph Beuys, 
Georg BaseUtz, Cy Twombty, 
Sigmar Polks and Richard Long. 
Ends Sep 18. Closed Mon 
Kunstmuseum Jasper Johns: 95 
working proofs donated to the 
museum by the American artist 
Ends Aug 7. Closed Mon 
Antikenmuseum Rediscovering 
FompeL Ends June 26. Closed 
Mon 
BERLIN 

Museum tor Indlsehe Kunst Lost 
Empire of the Silk Road: 87 
watt-preserved pieces of SudcWst 
art from the tenth to 13th centuries. 
Ends July 3. Closed Mon 
BONN 

Kunst- und AusstaUungshaBe 
The Century of the Avant-Garde 
In Centra] and Eastern Europe: 700 
works by 200 pamters and 
sculptors, offering a thematic glide 
to the artistic developments of the 
past century. Ends Oct 16. Closed 
Mon 
ESSEN 

Vffia HOget Paris - Befle Epoqua: 
an evocation of the period from 
1880 to 1910 with paintings, 
drawings, posters, photographs, 
glass and furniture. Ends Nov 13. 
Dally 

FRANKFURT 

Schim Kunsthafle Goethe and 
Art 300 paintings, drawings and 
sculptures ranging from antiquity 


till Goethe’s death in 1832. Ends 
Aug 7. Daily 

Deutsches Arctetekturmuseum 
Modem Architecture in Germany 
1900-1950: Expressionism and 
the Neue Sachlichkert. Ends July 
3. Closed Mon 
LONDON 

National Gaflery From Caspar 
David Friedrich to Ferdinand 
Hodter, A Romantic Tradition - 
Paintings and Drawings from the 
Oskar Reinhart Foundation: 130 
works from one of Europe's finest 
collections of German, Austrian 
and Swiss art of the 19th century, 
ranging from the intensity of the 
Romantic era and the gentle charm 
of Bledermeyer, to the robust art 
of Realist and Symbolist painters 
at the end of the century. Ends 
Sep 4. Daily 

Grosvenor House The flagship 
fair for the British art and antiques 
world runs till June 18, and includes 
paintings, furniture, silver, jewellery 
and other works of art from 
antiquity to toe present day. Among 
the items on show are a pair of 
paintings by Francesco Guardi 
dating from the early 1780s, 
Landseer’s A Highland Glen, an 
Bizabethan walnut three-tier buffet 
and some classic Chinese 16th 
and 17th century Ming furniture 
(tel 071-495 8743 fax 071-495 
8747) 

Accademfa Italians Michelangelo 
- An Invitation to Casa Buonarotti: 
15 drawings, plus letters and 
books. Ends July 24. Daily 
British Museum Indian Paintings 
and Drawings from toe Collection 
of Howard Hodgkin: magnificent 
works from every part of India, 
collected by one of Britafa's most 
original contemporary artists. Ends 


Aug 21. German PrintmaJdng in 
the Age of Goethe: 200 works by 
60 artists ranging from Romantic 
forerunners in the mid-18th century 
to toe Nazarenes. Ends Sep 11. 
Daily 

National Army Museum Rex 
Whistler a tribute to the British 
painter and master draughtsman 
who was killed during the 1944 
Normandy landings. Ends Sep 18. 
Daily 

Eskenazi Yuan and Early Ming 
Blue and White Porcelain: 26 rare 
pieces dating from 1340 to 1435, 
mostly from private collections. 
Ends July 8. Closed Sat and Sun 
(10 Clifford Street W1) 

MADRID 

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

NEW YORK 

Metropoli t an Museum of Art 

Petrus Christus: 22 paintings by 
the 15th century Netherlandish 
master, renowned for the jewet-fike 
luminosity of his work. Ends July 
31. Picasso and the Weeping 
Women: 30 paintings and works 
on paper from the 1930s and 
1940s, when Picasso was obsessed 
by two women In Ws life - 
Marie-Ther&se Walter and Dora 
Maar. Ends Sep 4. The Decorative 
Arts of Frank Lloyd Wright Ends 
Sep 4. Closed Mon 
Museum of Modem Art From 
Manet to Picasso - Masterpieces 
from the David and Peggy 
Rockefeller Collection: among toe 
21 works are C&zanne's Still Life 
with Fruit Dish (1879-80) and 
paintings by Renoir, Signac, 
Pissarro, D4raln and Matisse. Ends 


Sep 6. Closed Wed 
PARIS 

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

Musbe (f Art Modeme de la Vine 
de Paris Dutch Art of the 20th 
Century: toe first part traces 
developments from Van Gogh to 
Mondrian, white the second focuses 
on ten contemporary artists. Ends 
July 17. Closed Mon (11 ave du 
President WBson) 

Hotel de VJfle Nicolas de Stael: 

70 paintings and 40 drawings by 
the Russian-bom, French-trained 
painter who committed suicide in 
1955. Ends June 19. Closed Mon 
(Salle Saint-Jean, 3 rue de Lobau) 
ROME 

Palazzo delle Esposdzkmi Dada 
- The Art of Negation: 300 works. 
Ends June 30. Richard Long: eight 
Installations by the British artist 
Ends June 30. Closed Mon 
San Michele Garden Theatres: 
drawings, engravings and scale 
models showing toe lost baroque 
art of creating theatrical scenery 
using only carefully manicured 
plants and trees. Ends June 26. 
Closed Sun (Via di San Michele) 
Museo del Folklore The Influence 
Of Egypt how toe cult of 
Egyptology influenced film-makers 
and strip-cartoon artists, Including 
Karl Freund (The Mummy with Boris 
Karloff, 1932), Walt Disney 
(Adventure on the Nile) and 
Goscinney and Uderzo (Asterix 
and Cleopatra). All toe decorative 
hieroglyphics are based on toe 
numerous obelisks scattered 
around central Rome. Ends June 
24. Closed Mon (Piazza S. Egidio) 
STOCKHOLM 

National museum Swedish Glass 


Opera 

Sharp little 
shocker 

S ince Peter Maxwell Davies 
wrote The Lighthouse l-l 
years ago, the little opera 
has had many more perfor- 
mances abroad than here. The 
Music Theatre Wales revival, 
brought from Stuttgart and Swan- 
sea to the Queen Elizabeth Hall on 
Tuesday, is not only timely - Max's 
60th birthday is approaching - but 
highly expert and effective, ft goes 
to the Oxford Playhouse this Sun- 
day, and the Cheltenham Everyman 
on July 10: there will be a further 
tour in the autumn. 

The tale was inspired by a real- 
life 1900 mystery, the disappear- 
ance of all three keepers from the 
Flannan Isle lighthouse - leaving 
everything behind in perfect order, 
‘'Marie Ce1esste"-style. In the Davies 
scenario there arc burgeoning psy- 
chological frictions between them, 
shut np together as they are. As 
nerves become rawer, there are 
confessional reminiscences, and 
ultimately an explosive folie a rrois. 

Before this main act, "The Cry of 
the Beast", comes a shorter Pro- 
logue in which the same three sing- 
ers arc impersonal officers giving 
evidence at the later court of 
enquiry (enlivened by stage flash- 
backs). Davies exploits the parallel- 
ism neatly: indeed, the construc- 
tion of the entire piece is notably 
taut and clever, the keepers' war- 
ring characters touched in by eco- 
nomical strokes, the spooky atmo- 
sphere generated by a mere dozen 
players with a kaleidoscopic viiri- 
ety of colour and attack. 

Michael Rafferty conducts with a 
sure hand, and Michael McCarthy's 
production is no less confident. 
Simon Banham’s skeletal light- 
house makes a perfect setting. The 
trio of singer-actors is first-rate: 
Henry Herford as the volatile 
Blazes, hag-ridden by a brutal 
childhood, Philip Creasy's naive 
Sandy, Kelvin Thomas's religious 
nut Arthur. At the climaxes or both 
acts, however, Ace McCarron’s bold 
lighting goes so far over the top 
that many of us shut our eyes tight 
while it lasted - not a dramatic 
effect, just physiological. 

Certainly Maxwell Davies’ score 
enriches the schematic action. It 
focuses it, orders it. lends it a fine 
haunted aura. Whether it deepens it 
is another matter. Significantly, 
each light-keeper’s revelatory 
monologue is set as a parody in 
Max's 1970s vein - a gleefully 
black G. & S. number, a soulful 
Edwardian ballad, a Sally Army 
hymn. His favourite tics of that 
time recur the mistuned upright 
piano, the lightly sinister celesta 
and marimbas, the hyper-vibrato 
solos for mawkish brass. 

By the time the really distressful 
exposures begin, the music is too 
far into Hammer-film horror (long, 
shivery string tremoli, muffled 
threats in the bass, snapping per- 
cussion) to do anything more for 
the individual characters. The net 
effect is of a shaggy-dog story 
recounted as Grand Guignoi. For 
practical reasons, MTW has pre- 
ferred to insert an interval between 
prologue and main act; bnt that 
leaves the opera somewhat over- 
stretched, prompts expectations of 
something more searching than it 
pretends to deliver. 

At a dense, continuous hour-and- 
a-quarter it would display its 
astringent virtues still better. A 
one-acter need not aim at the psy- 
chological depths that an evening’s- 
length opera might explore. There 
are different things to be done on 
the narrower scale: think of what 
Ravel managed with L'Heure espag 
nole, a mere "vaudeville"! In The 
Lighthouse. Maxwell Davies docs 
some of them with such lean, inci- 
sive brilliance that it may prove to 
outlast grander pieces with more 
humane ambitions. 

David Murray 


pre-1900 and Today: an exhibition 
focusing on glass for the table, 
including a late-17to century 
Kungsholm goblet Ends Sep 4. 
Closed Mon 
TREVISO 

Museo Civico Rosalba Camera 
(1675-1757): having started her 
career as a miniaturist in Venice, 
RosaJba soon outstripped her male 
colleagues and - helped by her 
mentor, the British consul Joseph 
Smith - became one ol the most 
sought-after portraitists in the 
courts of western Europe. Ends 
June 30 

Museo Lugi BaHo Arturo Martini 
(1889-1947): 11 works dating from 
the 1930s and 1940s, all on 
mythological subjects, by this most 
distinguished of Italian sculptors 
who was bom in Treviso. Ends 
June 26 
VIENNA 

Museum des 20. Jahrhuiderts 
Picasso: 180 paintings, drawings, 
collages, bronzes and ceramics 
from toe Ludwig collection. Ends 
June 19. Closed Mon 
Kunstferhaus Art and Dictatorship: 
a comparison of Hitler’s, Stalin's 
and Mussolini's Ideas of degenerate 
art. Ends Aug 15. Daily 
WASHINGTON 

National Gallery of Art Willem 
de Kooning's Paintings: 75 works 
by the American abstract 
expressionisL Ends Sep 5. One 
of the jewels of toe permanent 
collection. Jan van Eyck’s 
Annunciation, has returned 
to public view after a 
two-year restoration. Daily 





14 


F1NANC1ALT1MES FRIDAY JUNE I0_1994 


I s Dzerzhinsk, on the out- 
skirts of Nizhny Nov- 
gorod, stands a new-gener- 
ation Russian factory 
fortified in a style reminiscent 
of the old days when the area - 
home to the Soviet Union’s 
T-$4 tank and MiG 29 warplane 
- was closed to foreigners. 

Ringed by a solid 3-metre- 
high concrete wall, electrified 
barbed wire, floodlights, a 
no-go area of raked sand arid a 
further wire fence inside the 
main perimeter, Germany’s 
Wella group goes about its 
day-to-day business: making 
shampoo, conditioner and per- 
manent wave lotion. 

Mr Boris Nemtsov, regional 
governor, is ignoring the elabo- 
rate defences erected to keep 
gangsters away from the Ger- 
man hafrcare group's DM25m 
investment in the Russian 
chemicals industry. He is hold- 
ing forth on the "prejudice” 
disseminated by foreign media. 

“I get a lot of information 
from the outside,” he says in 
perfect English. He sees the 
FT, the Wall Street Journal 
and the Economist He reads 
too much about lawlessness, 
inflation and instability and 
not CTiftMgh about the advan- 
tages for potential investors. 

“You can make profits here 
which you cannot dream of 
where you come from,” he 
says, citing labour costs a 
tenth of those in Germany, and 
clamouring demand for west- 
ern-quality products. 

As for the mafia, Russia is 
no worse than eastern Europe 
or New York: “And the way to 
deal with it is to improve the 
situation in the private sector,” 
he says. “When private banks 
first appeared In Russia they 
were full of corruption and 
crime. But they organised their 
security privately and the 
problem was no longer a prob- 
lem,” he adds. 

Mr Nemtsov, 34, a “conserva- 
tive” favourite of President 
Boris Yeltsin, blessed with 
double-rations of energy and 
charisma, is guest of tumour at 
the official opening of the fac- 
tory, a 50:50 joint venture 
between the German group 
and Caprolactam, a sprawling 
Russian chemicals cnmhinft 
He seems put out that the 
size of the plant does not 
match his view of the market 
potential. He waves his arm 
around the compound where 
the new buildings occupy less 
than 20 per cent of the 50-hect- 
are enclosure and where new 
jobs have been found for just 
130 of Caprolactam's bloated 
workforce of 13,000. “If this fac- 
tory were five times bigger 
Wella could supply the whole 
market," he says. 

The joint venture, known as 


Shampoo and 
set in Russia 

Christopher Parkes on a German 
group’s eastern hair care flair 



Capella, expects to break even 
on sales of DM3Qm-plus in its 
first year. It is considering 
increasing capacity, and plans 
to double turnover by 1996. 
presidential election year in 
Russia. Few are tempted to 
look much further. “We are in 
a country where you cannot do 
much long-term planning,” 
says Mr Peter Zfthlsdorff. 
Wella chairman. “Our only 
navigational aid is the foghorn; 
they haven't got radar yet” 

Wella was first steered 
towards its Russian invest- 
ment three years ago by the 
presence in one of the last 
great potential markets of its 
global rivals in hafrcare: Uni- 
lever, Procter & Gamble and 
L’OrfiaL Wella, which bad hith- 
erto supplied the market 
through exports, also feared 
Russia might be closed to non- 
essential imports. 

It was guided towards Dzer- 
zhinsk by a joint venture advi- 
sory agency set up in 1991 by 
the Nizhny authorities and 
Germany's WestDeutsche Lan- 
desbank shortly after the 
region was declared an experi- 
mental privatisation zone by 
Mr Yeltsin. 

Nizhny’s importance as the 
Soviet weapons smithy meant 
it had above-average (by Soviet 
standards) road and rail links. 
Caprolactam was once sole 


supplier of a wide range of raw 
materials to the entire Soviet 
Union, and is seeking more 
partners such as Wella - Its 
first foreign collaborator - to 
make added-value products 
with more appeal than its pres- 
ent range, which includes lino- 
leum ami plastic funnels. 

Lawlessness plus political 
and economic chads entered 
Wella’s calculations but, Mr 
ZOhlsdorff says, the invest- 
ment was based an business 
realities in the global personal 
products market 

The company's situation in 
Russia is basically no riiffiwqn * 
from its other warfcats- balanc- 
ing risks against opportunities 
and competing against global 
rivals^ “What is going on here 
is the sharing-out of a new 
market,” says Mr ZOhlsdorff. 
“ Tn the long run, not taiHng a 
chance now would involve us 
in greater risks in the fixture.” 

As for the security of his 
investment (Caprolactam pro- 
vided the la-nd and the found- 
ings), Mr ZOhlsdorff seems 
unconcerned. “Our DM25m is 
not exactly peanuts, hut . . 
he says with a wry smile and a 
shrug. The mesaag p is that it is 
an acceptable stake in the light 
of the potential offered by 
150m heads of Russian hair 
and ample evidence that local 
customers will pay for western 


quality despite widespread pov- 
erty. Wdla PEOdUCtS, 
fat Russia for the past 15 years, 
currently sell for about SO per 
cent of German retail prices. 

That is a good enough start 
for him, and he sees Wefla as 
established and sure to gain 
Only the extent of the game 
and their timing is in doubt. 

“There wiQ not be a catastro- 
phe,” lie states. There may be 
years of uncertainty. Growth 
may come in stops and starts 
or not at all for same periods. 
“But long term, [economic 
reform] will go on.” 

Short term, formal distribu- 
tion arrangements appear to be 
a concern because the former 
state-run system has collapsed. 
Wella has tried to overcome 
this by setting up a marketing 
joint venture with Caprolac- 
tam. This Moscow-based com- 
pany, Russwell, already has 
five wholesale di stributors and 
50 S taff building a chain of 
exclusive dealers. 

A t the same tune, the 
group’s Welonda 
shop-fitting subsidiary 
is opening hair salons 
- a key outlet for the Wella 
brand - as quickly as it can 
find joint-venture partners. 
There are now some 150 in 
Russia. The latest is in the 
White House parliament build- 
ing in Moscow, with two more 
planned fin- the capital’s Bol- 
shoi Theatre and GUM depart- 
ment store 

Whatever Mr Nemtsov's res- 
ervations about the scale of the 
new factory, which started pro- 
duction anhrnin, the ven- 
ture has restored Wella’s for- 
tunes in a market where sales 
had virtually evaporated in 
1992. Thanks to Capeila’s out- 
put, bolstered by Imports of 
hair colours and other more 
refined products, Russia is 
again the group’s biggest mar- 
ket in terms of turnover in 
eastern Europe. Wella’s band- 
some margins are bemg recy- 
cled into print and broadcast 
media advertising. 

And Mr Nemtsov, given to 
grand gestures and ambitions 
(“I am governor in Nizhny just 
as President Clinton was gov- 
ernor in Arkansas") does not 
miss the gi gwtffosmge of Wella’s 
initiative. “Did you know how 
foreign investment in Poland 
started? In the same way as 
here, with cosmetics." 

The Capella plant is a small 
but important addition to the 
300-odd joint ventures Mr Rem- 
tsov claims are under way in 
the region. But many more are 
needed if Russia is to make a 
smooth t ransitio n to a market 
economy. “We need any thing , 
any investors, anything that 
makes a profit” 


EXHIBITION 

AIDEMARSPIGIIET 

A Tribute To Horological Excellence 



From the Private Muieum 
Collection. Cold Hunter with 
mature repealer, perpetual 

cuimJar. leap yean and 

moonphasex tpliriecond 
chronaxniph No. 4125 
Aademan Piquet. ItSU 


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

WEDNESDAY 8TH - SATURDAY 18TH JUNE 1994 

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

The complete Audemars Piguet contemporary collection is on view and available for sale 



New Bond Sued, London 
071-493 6767 


Joe Rogaly 

A hole in the middle 



Ask yourself 
the big ques- 
tion. How 
many Kella- 
ways short of a 
party is Mr 
Paddy Ash- 
down? Mr Alec 
Kellaway, you 
will have noticed, was until 
Wednesday the Liberal Demo- 
cratic candidate in the 
Newham North-east by-elec- 
tion. At the last im pute he had 
a fit of conscience and defected 
to Labour. Correction. Not at 
precisely the last minute. The 
Kellaway conscience, it 
appears from various accounts, 
spoke with finality last Sunday 
and the bearer of it four days 
later. Further correction: Mr 
Kellaway. an economist for 10 
years at the Henley Centre for 
forecasting, did not, in his 
view, defect. He “returned 
home” to Labour. That is the 
party from which he had previ- 
ously defected to join the 
Social Democratic party, may 
it rest in peace. 

There is no need to hold up 
your hands in horror to protest 
that this is all very confusing. 
Do not mock. The inference to 
draw from Mr KeDaway’s little 
drama is quite clear. The 
Labour party was rendered 
nndectahle by the sen**™ of 
the early 1980s. In those days 
Labour was loony and left. 
Now K is just about social dem- 
ocratic. It may be ready to wel- 
come the return of many of the 
voters it lost a decade ago. 
That would transform British 
politics. We can be startlingly 
precise about how much room 
exists for such a development 
An entire trio of psephologists 

- Messrs Anthony Heath, 
Roger JoweU and John Curtice 

- has reported in its latest 
study* that 42 per cent of those 
who switched in 1983 from 
Labour to fixe Iiberal-SDP alli- 
ance returned to Labour in 
April 1992. Some 12 per cent of 
respondents to the same ques- 
tionnaire had moved to the 


Conservatives, while 36 per 
cent were still voting Liberal 
Democrat. That is a great 
many Kellaways to play for. 
Mr Ashdown, the third party’s 
Leader, would.be the first to 
recognise this disturbing truth. 

It is possible, indeed likely, 
that Mr Kellaway himself is an 
isolated case. We do not expect 
liberal Democratic candidates 
to leap off the hustings in the 
final hours of all future con- 
tests. Against that, a shadow 
fallen over what should 
have been the happy counting 
of votes cast for those Liberal 
Democrats who did Stay the 
course yesterday. The victors 
in the five by-elections will be 
known this morning. The 
results of the elections to the 
European Par- - 


1 iam ent will 
be announced 
after the week- 
end. A few 
days ago 
Mr Ashdown 
might reason- 
ably have 
expected people 
to be talking 
his party's 
prospects up on 
Monday. Now 
there will be 

doubt. How many Kellaway 
consciences will strike before 
the next general election? 
There is plenty of time for that 
36 per cent to trickle over. The 
government could hang on 
until 1997, if it had to. 

Much depends on the out- 
come of the Labour leadership 
contest that begins this morn- 
ing. If either Mr John Prescott 
or Mrs Margaret Beckett wins 
oontrol of the people's party, 
the Liberal Democrats can 
breathe again. It would not 
surprise me if in those circum- 
stances Mr Kellaway re-Kella- 
wayed. If, however, Mr Tony 
Blair wins, and does so in the 
proper manner. Mr Ashdown 
may have reason to tremble. 
The manner of a Blair victory 
is as important in this reefcon- 


A shadow has 
fallen over what 
should have been 
the happy 
counting of votes 
tor those Lib Dem 
candidates who 
stayed the course 


fog as would be the triumph 
itself. Labour must convince 
the watching public that it is 
ready to welcome alliance 
defectors back. Mr Blair 
entered Parliament in 19S3. 

after the great schism. He has 
no reason to harbour old 
hatreds as, it seems, does his 
lieutenant, Mr Jack Straw. He 
starts off free to deal with the 
Lib Dems, or absorb them. He 
will achieve none of this if he 
wins by pandering to the left of 
his party, or if he kowtows to 
trade union ba ro ns who cannot 
accustom themselves to their 
diminished status in British 
society. 

Those who question the need 
to win converts from other par- 
ties should turn again to 

Messrs Heath. 

JoweU and Cur- 
tice. They dem- 
onstrate that 
even in the 
most propitious 
circumstances 
Labour will 
need a larger 
accretion of 
support than it 
has ever 
achieved at a 
single general 
■rewma election since 
1945 if it is to win an overall 
majority. Destroying the Tory 
majority, and thus creating a 
hung parliament, would be 
easier. Any Labour leader 
would, however, regard that as 
second best It would make it 
necessary to do a post-election 
deal with Mr Ashdown. 

Mr Blair must therefore ask 
himself whether an unprece- 
dentedly large swing to Labour 
is achievable. In a paper pre- 
pared for Kleinwort Benson**, 
Mr Curtice and a colleague, Mr 
Peter Spencer, intimate that it 
might be. They run most con- # 
ventional economic variables 
through their model and 
emerge with what they should 
have called political disaster 
theory. The Conservatives are 
deeply unpopular because of 


the chaos in their party and 
their government that followed 
sterling's sudden ejection fir® 
the exchange rate mechanism 
on Black Wednesday. Labour 
suffered similarly after the 
devaluation of the pound in 
1967 and the payments crisis of 
1976. 

Plainly, political perfor- 
mance does matter. In April 
1992 many of us found it diffi- 
cult to believe that the Conser- 
vatives would win. sines 
Britain was at the bottom of a 
deep recession. In the event, 
persistent mistrust of Labour 
did the trick for the Tories. For 
the past two years the Conser- 
vatives have been carrying on 
like a party on its way out, but 
the government could yet 
improve its performance. 
There is time in which the 
memories of Black Wednesday 
and its aftermath might be 
erased. A period of consolida- 
tion would help. Some people 
think the Tories will win any* 
way. on the ground that the 
public in Britain, as to other 
western countries, is just as 
fed up with the opposition as it 
is with the government Only a 
new lace, like that of Mr Ber- 
lusconi in Italy or Mr Ross 
Perot in the US. could make a 
difference. 

The leadership contest gives 
Labour the chance to present 
the next best thing to a new 
face. A thoroughly modernised 
party, with dear policies and a 
coherent economic strategy is 
also required. If such a pack- 
age is on offer. Mr Ashdown 
could find that this weekend 
marks the apogee or his party’s 
performance. TOfcil modernisa- 
tion is n great deal to ask of 
Labour, but the alternative 
could be a fifth victory for the 
Conservatives. Many or us, 
Tories included, shudder at 
that prospect 

* Labour's Last Chance? Dart- 
mouth Publishing. Gower 
House, Croft Road. Aldershot 
GUI! 3HR. **20 Fenduirth SL 
London EC3P 3DB 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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


Unanimity a 
hindrance 
to OECD 
progress 

From Mr Karl A Ziegler. 

Sir. Your editorial. “Future 
of the OECD" (June 7) compre- 
hensively reviews the group's 
historical evolution and its val- 
ued relevance tn key inter- gov- 
ernmental discussions on a 
wide range of topics. 

However, as it expands to 
include important trading 
nations in eastern Europe, 
south east Asia and Latin 
America, its effectiveness 
should not be hindered by a 
requirement for unanimity in 
voting. 

Such a process has con- 
demned some important UN 
bodies to ineffectiveness, his- 
torically, particularly when 
addressing an individual 
nation’s errant behaviour. A 
lowest common denominator of 
morality, by definition, is usu- 
ally not the best way forward. 

To many businessmen active 
in today’s international mar- 
kets, a recent announcement 
from the OECD must be 
extremely hopeful. The group’s 
24 member states agreed to 
tackle the corrosive problem of 
international bribery, as per 
David Buchan's report “OECD 
members agree action to curb 
bribery of foreign officials” 
(April 30). Full marks to the 
vision of the group's currant 
membership. Few issues 
deserve wider International 
attention. 

The proliferation of bribery 
of decision-makers worldwide 
encourages wrong, uneconomic 
choices while private and pub- 
lic morality suffer, particularly 
among some of the world's 
poorest nations. Responsible 
leadership of companies and 
nations everywhere woold 
strive to set new stan- 
dards for the way the world 
trades. 

Karl A Ziegler, 
director. 

Centre for Accountability 
and Debt Relief , 

6 Bradbrook House, 

Studio Place. 

Kinnerto n Sh eet, 

London SWlX SEL 


Election opportunity wasted 


From Mr J M Harper. 

Sir, The European election 
campaign produced a disturb- 
ing symptom of British insular- 
ity which we ignore at our 
periL 

All the evidence is that the 
European Parliament is rapidly 
becoming an effective force. 
There is a series of really 
important and difficult issues 
of European policy crying out 
for it to address. How is the 
European Union going to han- 
dle foture security problems on 
its doorstep such as Bosnia? 
How protectionist should 
Europe be in the world after 
the General Agreement on Tar- 


iffs and Trade? How is a long- 
run solution to be found to the 
problems of European agricul- 
ture. which constantly clog the 
working of the Union? How 
does the dirigiste concept of 
“trans-European” networks for 
everything from public admin- 
istration through trunk roads 
to telecommunications (the lat- 
ter discussed in your admira- 
ble leader, “Networking 
Europe", of 3 June) ride with 
the ardent free market policies 
of some Commissioners? I am 
sure others could think of 
many similar issues. 

The attitudes of the new 
MEPs and their groupings 


towards these matters may 
turn out to be formative for a 
large part of our future. Yet 
none of them surfaced in the 
European election campaign in 
Britain. To the extent that it 
dealt with European as distinct 
from domestic issues at all, it 
was a colfrsion between “Euro- 
pean" and “Eurosceptic" phi- 
losophies, with the social chap- 
ter as a sort of chopping block. 

An important opportunity to 
influence all our futures has 
simply be«i wasted. 

J M Harper. 

U Lullington Close. 

Seaford. 

E Sussex BN25 4JH 


High price to pay for the right to work 


From Mr J P Read. 

Sir, In his article, “Hand-up, 
not hand-out” (June 7), Joe 
Rogaly says “you have to settle 
for less regulation and less wel- 
fare if you want more people in 
jobs". 

This appears to overlook the 
little matter of money - and it 
is no little matter, not tally to 
the employers and employees 
but to the government If you 
wish to hire a machine you are 
free to do so provided you pay 
17.5 per cent VAT for the privi- 
lege. Hire a human befog cm 
the other hand and the free- 
dom comes at a much higher 
price. Wrapped up in three 
slices comprising Pay as You 
Earn and employee’s and 
employer’s national insurance 
contributions the rates may 


not look too bad. But combine 
them anti express the total tax 
as a percentage of the net wage 
and you have a figure which 
could surely satisfy all but the 
most grasping of tyrants. 

For example, at a nominal 


(or gross) wage of only £15,000 
a year 48.3 per cent of the net 
wage of £11,090 is effectively 
levied by the government as 
taxation, resulting in the 
employer having to pay a total 
of £16^60. 

Is it any wonder that, with 
tax at this sort of level on rela- 
tively low incomes, more and 
more businessmen prefer 
part-time employees, especially 
if they are below the tax 
thresholds? 

Alternatively, to the case of 
goods, arrangements can be 


made to make them abroac 
and, in the case of services, th 
customers can be employee 
free of tax, to serve themselve 
(self-service), or do the worl 
themselves (DIY). 

How can any hand-up, a 
suggested by Rogaly, have an; 
more than a cosmetic effec 
when compared to thi 
“push-down" consequences o 
such onerous tax? After all, wi 
are talking about tens of bil 
lions of pounds that are beinj 
charged for the right to work 
This must have, must it not 
some effect mi the labour mar 
ket, unless 2 and 2 no longei 
make 4? 

J P Read, 

St Anne's, 

8 Turner Drive, 

London NWli $TX 


Obvious solution to choice of new Euro-leader 


From Mr David Eamshcao. 

Sir, It is unfortunate that 
your leader, “How not to pick a 
Euro-leader” (June 8). stops 
short of its logical conclusion. 
While quite rightly criticising 
the current self-interested 
machinations of ED govern- 
ments over the choice of a suc- 
cessor to Jacques Delors, as 
well as the secrecy and horse 
trading involved in making the 
choice and the absence of a 
clear idea of the qualities 
required for the job, your 
leader failed to propose any 
mechanism through which 


these failings could be recti- 
fied, now or to the future. 

The solution is obvious. 
According to the Maastricht 
treaty, the member states are 
required to consult the newly- 
elected European parliament 
on its nomination for Commis- 
sion president However, there 
is now a real possibility that 
the European parliament, at its 
constituent session in July, 
will be faced with the member 
governments having failed to 
make such a nomination. In 
these circumstances it will he 
up to the parliament to fill the 


political vacuum resultfo 
from the (closed) vaciilatior 
of the ElPs governments. 

The parliament could pm 
vide a forum in which the qua 
ities, policy preferences an 
independence of candidate 
would be examined and dii 
cussed, in public. And a choit 
could even be made betwee 
candidates which would reflet 
European public opinion a 
ex pressed in EU-wide election 
only a month previously. 
David Earnshaw 
164 rue Victor Hugo 
Brussels Him Belgium 


No large illegal movement of Bangladeshis 


From Mr Shehabuddm Ahmed. 

Sir, Thank you for your sur- 
vey on Bangladesh (May 9) 
focusing on Bangladesh's 
march towards the 21st cen- 
tury and for Sheila Jones's 
article, “When the Ganges runs 
dry”, on the “lifoand death cri- 
sis” of Bangladesh trying to 
get its share of the Ganges 
water denied it by its big 
neighbour, India, However. I 
would point out one slip to this 
article. 


Without attributing any 
sources, Sheila Jones writes 
that “the only pressure on 
Delhi is the illegal movement 
of about 10m Bangladeshis 
across the border in the past 20 
years”. 

This is not correct. We 
emphatically say that there 
has not been any illegal move- 
ment of people, not to mention 
the huge number of people 
Sheila Jones suggests were 
moving to India to “escape pov- 


erty to Bangladesh”. The uni- 
lateral withdrawal of Ganges 
water by India has brought 
about drought, ecological 
imbalance and demographic 
changes in Bangladesh causing 
misery to millions of 
people. 

Shehabuddm Ahmed, 

Minister (press), 

High Commission for the Peo- 
ple’s Republic of Bangladesh. 

28 Queen Arme's Gate. 

London SW75JA 


No jobs for the 
Don Juans 


From Dr ME H 
Sir, There m 
of beating Doi 
game (“Old set 
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preventing the 
positions of au 
sonable substit 
M E R Robinsc 
ZB Fairfield C/c 
Grope, Wantagt 
Oxfordshire OX 


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FINANCIAL TIMES FRIDAY JUNE IQ 1994 


FINANCIAL TIMES 

Humber One Southwark Bridge, London SEI 9HL 
Tet 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Friday June 10 1994 



point of 



The British ha ve always had an 
exaggerated view of the merits of 
tome ownership. Have they a sim- 
ilarly over-respectful view of 
mutual ownership in the building 
society movement? It is tempting 
to thJnk so after the High Court’s 
decision to throw, obstacles in the 
path of Lloyds Bank's £L8bn offer 
for the Cheltenham & Gloucester 
Building Society, • 

.The 1986 Building Societies Act 
-palms it excep tionally difficult for 
such takeovers, to proceed, even 
when agreed by the respective 
managements.. In. the case of 
Lloyds, the specific stumbling 
block was a provision that prohib- 
ited the payment of cash bonuses 
to investors of lessthan two years' 1 
standing. The purpose of the legis- 
tatlaa was not to block bids, but to 
prevent speculative movements of 
funds from one-society to another 
in anticipation of hiHa. Yet Vice 
Chancellor Sir David NlchoUs 
ruled the bonuses promised to " 
recent investors in Cheltenham & 
Gloucester were, unlawful. The 
question Is whether this legal 
logic makes public policy sense . 
when the Treasury is re vie win g 
bonding society legislation. 

To answer that question 
requires some prior consideration 
of the point of mutuality. This 
form -of ownership developed In 
the 19th century- because it 
enabled people to achieve goals 
that woe not attainable via the 

wurmmrriial hantrmg system at the 

time. Today, with home ownership 
n flCflnwffrtg for around two-thirds 
of the housing stock, the purpose 
Of li t, ■Wi'pg society piflwwmnl. 

Is- largely fulfilled. 

The larger building societies no 
longer behave Him' mutual under- 
takings in relation to their mem- 
bers. They are scarcely distin- 
guishable in their motivation and 
goals from the clearing banks. 
Indeed, some societies have been 
harsher in their, treatment of 


struggling mortgagors than the 
banks. And they sometimes 
appear more Interested in offering 
attractive deals to new customers 
than looking after existing own- 
ers. This narrow pursuit of profit 
is at odds with the concept of 
mutuality; and it remains 
precisely what the profits are far. 

In one sense the societies are 
obeying the logic of the product 
market in which they operate 
Deregulation has given both soci- 
eties and banks the opport u nity to 
engage in licensed poaching on 
each others' territory. Yet if that 
is the case, why maintain an own- 
ership and regulatory ring-fence 
around institutions whose activi- 
ties are converging with the wider 
business of banks? 

One answer might be that in a 
plural system the building societ- 
ies have looked after their deposi- 
tors with more imagination and 
flair than the clearing h»nir« tove 
looked after theirs. The banks 
record does not inspire confidence 


in their ability to rejuvenate the 
more successful building society 
sector. Both operate in imperfect 
markets in corp orate control. Yet 
below the very top level societies 
are subject to greater threat from 
takeover than any hanir ana they 
cannot, under the 1986 Act, take 
over a big clearing bank. 

On balance, it seems sensible to 
continue to make It difficult for 
banks to take over societies and to 
keep the societies from engaging 
in higher-risk lending business 
until they can demonstrate the 
requisite skills. Determined play- 
ers with good lawyers will always 

And a Way to flfttiflimiiTiatn rlaalg 

What cannot make sense is for 
investors who are not entitled to 
receive bemuses to be given votes 
that enable them to block a bid 
that fhn majority desires. This 
calls for legislative change, as 
does the present over-restrictive 
ap p roach to wholesale ftmrffag - 


Social Europe 


Wednesday’s European Court 
judgements, coming on the last 
day of Britain's European election 
campaign, could not have , been 
better timed to provoke maximum 
confusion. In. fact-hone of them 
were unexpected and they are, 
with some; qualifications, to be 
welcomed. The derision to extend 
to employees who are. not In 
unions the right to be consulted in 
cases of redundancy and business 
transfer is overdue. It was a 
Labour government which 
favoured unions when transposing 
into national law the European 
requirement to consult But Con- 
servative governments happily fol- 
lowed suit in European legislation, 
as well as in domestic health and 
safety legislation. 

A statutory right to consultation 
for all employees is, in principle, a 
big step away from the British 
system of industrial relations and 
towards one based bn continental- 
style individual employee rights, 
attain has in fact been heading In 
this continental direction in 
recent years, based on the belief 
that to have workplace rights 
mediated only tty trade unions is 
anachronistic. Moreover, the 
actual effect of the consultation 
ruling on employers is likely to be 
smaH.fi appears that employers 
win not have to establish a pro 
scribed, mechfl oi sm for consulting 
but. rather a procedure, which 
allows a good deal of flexibility. 

The danger is that the govern- 


ment will be tempted to transpose 
a wdnimaHgt i n t e rp ret ation of the 
requirement to consult and so will 
risk opening a fresh wave of Euro- 
litigation. This temptation must 
be avoided. B there is any lesson 
to be drawn from the continuing 
chaos over the Transfer of Under- 
takings (Protection of Employ- 
ment) regulations, it is the impor- 
tance of realism. The government 
has good reason to object to Tope 
. - which excessively protects jobs 
and conditions when businesses 
are transferred - but pretending it 
does not apply in contracting-out 
cases has left contractors as well 
as employees confused and angry. 

The most grotesque misunder- 
standing is to suppose that this 
week’s events undermine Britain’s 
"opt-out" from the Social Chapter. 
In fact, this opt-out relates only to 
future legislation; the matters 
which were the subject of this 
week's court rulings arise from EC 
directives of the 1970s. The opt-out 
may. in any case, become super- 
fluous as the EU moves away from 
an over-detailed and prescriptive 
approach to labour legislation. A 
deregulatory tide is now running 
and even onTupe there is a cur- 
rent in favour of narrowing its 
scope to exclude at least some of 
the activities covered by contract- 
ing out in Britain. That outcome 
has been helped by Britain's con- 
structive lobbying “at the heart of 
Europe”, not by opting out or 
wishful thinking . 


Missing links 


European Union finanw ministers 
were right this week to rebuff a 
European Commission proposal to 
issue "Union bonds” to fund 
investment in large cross-border 
infrastructure -projects. The 
scheme is deeply Sawed. However, 
the debate it has stimulated offers 
an opportunity to explore more 
constructive alternatives. 

Union bonds; and the socalled 
trans-European networks they are 
supposed to flnaue, owe much to 
the desire of Mr 'Jacques Defers, 
the commission president, for a 
grand political initiative to fight 
recession .ami promote European 
integration. But his proposals are 
unlikely to produce these results. 

At a time when national bud- 
gets are under severe strain, and 
fife demands of the public sector 
weigh heavOy on European econo- 
mies, the EU should think care- 
ftiBy before embarking on a large 
amount of hew borrowing. That 
might fuel recent rises in 
Jong-term interest rates and make 
it harder tor private borrowers to 
obtain financing . If the EU needs 
extra funds, they should be sought 
from the. existing lending capacity 
of toe European Investment Bank. 

Nor has Brussels made a con - 
vtodtig case for its proposed infra- 
structure projects.. It says they 
will create cross-border links 
which ntembar.states have had no 
tacenttye- to. provide in the past 
However; Thai confuses cause and 
affect. The priority sectors identi- 


fied by Brussels - telecommunica- 
tions, surface transport and 
energy - have long been domi- 
nated by national monopolies. 
Their myopia, conservatism and 
resistance to competition - not 
market failure or lack of demand 
- are the main reason for Europe’s 
rinfif-ignt cross-border infrastruc- 
ture. 

Too much of the spending envis- 
aged by Mr Defers' plan would be 
channelled through public sector 
bodies. As well as being ineffi- 
cient, that could blunt efforts to 
liberalise and privatise sectors, 
such as telecommunications and 
energy. The EU should instead use 
trans-European networks to sup- 
port those goals by m a xim ising 
the scope for competition and pri- 
vate sector initiatives. These are 
the most cost-effective way to 
identity and achieve worthwhile 
projects. In many promising areas, 
such as advanced information 
highways, Europe’s biggest handi- 
cap is not scarce capital, but over- 
regulation, which has needlessly 
restricted opportunities for private 
investment. The most important 
contribution Brussels can make is 
to keep attacking those obstacles. 

Imaginative and radical policy 
meas ures are needed to ensure 
that trans-European networks are 
driven by the market, not by 
bureaucrats' dreams. That way, 
the idea could breed innovation 
and enterprise, rather than expen- 
sive white elephants. 


Hopes smothered 
in shifting sands 

Jordan’s Ring Hussein outlines to FT writers his 
frustration and fears for the Middle East 


;**£&**:- -' '■ - & 





VoUMf MknTAP 

King Hussein: ’If freedom continues to be denied, then we have problems' 


L ife is HeU. How much 
stress is too much 
stress?" reads the head- 
line over a cartoon in a 
modest office used by 
King Hussein of Jordan. It could 
well provide a motto for a man who 
has survived more than 40 years at 
the centre of a still turbulent Mid- 
dle East 

To what extent that cartoon 
reflects the king’s mood may be a 
matter of debate, but there is no 
doubting tiie depth of his frustra- 
tion, even exasperation, revealed by 
the occasional flash of bitterness 
about political developments in the 
region. A conversation with the 
king offers no trace of euphoria 
about the Middle East peace pro- 
cess, in spite of his assessment that 
it is “Irreversible”, but rather a 
deep disappointment at the opportu- 
nities missed, and some foreboding 
about the future. 

Beneath the diplomatic veneer, it 
also reveals the frustration of a 
man who, for the past four decades, 
has been at the centre of attempts 
to bring about a lasting regional 
peace, but who may be sensing that 
he and Jordan have been edged to 
the periphery of a process which 
could define his country’s future. 

Much of King Hussein’s dismay 
stems from the failure of Arab 
nations to rise above narrow self- 
interest, and his reluctant accep- 
tance that Jordan may eventually 
have no option but to abandon one 
of its most fundamental commit- 
ments: its refusal to sign a separate 
peace deal with Israel. Before Jor- 
dan, Syria, Lebanon and the Pales- 
tinians sat down with Israel at the 
Madrid peace conference in October 
1991, they had agreed that their 
greatest strength lay in unity. They 
were determined to avoid the exam- 
ple of Egypt, which in 1979 signed a 
separate peace with Israel, and not 
allow themselves to be picked off 
individually by Israel. 

“Sadly, that co-ordination has 
been a myth,” said Mug , “partic- 
ularly in regard to our Palestinian 
brethren. I had hoped that there 
would be the kind of coordination 
that would allow us to address 
jointly our problems with Israel. 
This has not happened. As a result 
we are convinced we cannot wait 
any longer. We have to address the 
problems which relate to the inter- 
ests of this country. But at the same 
time we remain ready to address 
any request for help [from the Pal- 
estinians] to the best of our ability.” 

However, the Ung does not know 
what the Palestinians want from 
Jordan, any more than he knew 
that Mr Ya&dr Arafat, the ehatmuni 
of the Palestine liberation Organi- 
sation, was last summer secretly 
negotiating an outline peace agree- 
ment with Israel which miming tori 
on September 13 in a signing cere- 
mony at the White House. The Pal- 
estinian leadership then proceeded 


to provoke the Jordanians farther 
by signing an economic agreement 
with Israel which in some areas 
contradicted (for instance, on bank- 
ing and financial controls in the 
West Bank) a deal already struck 
with the government in Amman. 
“Instead of Jordan having an eco- 
nomic agreement with the Palestin- 
ians, and the Palestinians having 
an agreement with Israel, we are 
now having to discuss the whole 
thing all over again. We could have 
saved time if we had coordinated in 
the Erst place " said Ring Hussein. 

The relationship does not appear 
to have improved since the PLO 
took control of 60 per cent of the 
Gaza Strip and the West Bank town 
of Jericho following the withdrawal 
of Israeli troops last month. The 
king stresses his commitment to 
help the Palestinians, but added, 
sighing: “If there are specifics asked 
of us, we would like to know in 
advance what they are.” For exam- 
ple, if they want help with electric- 
ity distribution, “we are already suf- 
fering a shortage, so if they ask this 
of os we may not be able to 
deliver*’. But the king left the 
impression that he doubted whether 
the PLO leadership knew what it 
wanted - or indeed whether it ade- 
quately represented the aspirations 
of the Gazan anri Jericho Palestin- 
ians it now leads. 

One consequence of the PLO atti- 
tude has been Jordan’s decision to 
resume direct negotiations with 
Israel this week in Washington, for 
the first time since September. 
These should build on an nutima 
peace “agenda” agreed at that time 
which set out territorial, security 
and economic issues to be dis- 
cussed. “We have always sought to 
achieve progress sin ce the ratifica- 
tion of the agenda between Jordan 
and Israel. I am very pleased by the 
fact that we seem to be at the begin- 
ning of the serious work which is 
required by both sides.” 

The key question is how far down 
that road King Hussein will ven- 
ture, »nri whether he migh t be will- 
ing to sign a peace treaty with 
Israel before Syria and Lebanon. 
Alternatively, having already seen 
Egypt ar»ri the PLO abandon a joint 
Arab approach, King Hussein may 
privately fear that Syria could go 
the same way. He senses that sub- 


stantial progress in the Israeli- 
Syrian negotiations may not be long 
delayed, with Mr Warren Christo- 
pher, the US secretary of state, 
likely to resume his shuttle diplo- 
macy soon. “We have our own 
unique problems.” said the king. 
“Syria has its own unique problems. 
I would not say that we know 
exactly what is going on there. Nor 
are we required to provide details of 
what is going on here.” 

It is an answer which leaves all 
Jordanian options open. It also 
underscores King Hussein's fears 
that while Arab governments may 
be on the brink of securing an his- 
toric regional peace, they are failing 
to develop either regional coordina- 
tion or the political systems which 


would put the fruits of peace in the 
hands of their people. “It is a very 
sad phase. It is also very dangerous 
in some respects. It is one which 
causes despair. And the reaction to 
it. the extremism as you see it, is a 
reflection of poor economic condi- 
tions and feelings of utter frustra- 
tion. I will not be very popular for 
saying it, but it is the result of a 
lack of ability to bring about insti- 
tutions which give people a mean- 
ing to their lives, give people the 
right to decide what the future 
should be. In other words, democ- 
racy, freedom and respect for 
human rights. If this mnMnnns to 
be absent, and continues to be 
denied, then we have problems.” 

The king is proud of his own 


15 


response to such fissile political 
sentiments: an evolving democracy 
which last year saw the country’s 
first multi-party election, and one in 
which an Islamic party won seats. 
“AH schools of political thought 
have found a common language and 
a common ground for this country 
to thrive and to continue to develop 
with democracy and with respect to 
the constitution. We hope that oth- 
ers might look at us as something 
that works, not as something that is 
a challenge to them." 

King Hussein watches with par- 
ticular distaste the war in Yemen 
which his personal diplomacy had 
failed to avert. Here, In the king's 
eyes, was a union blessed by the 
Yemenis and bound by a demo- 
cratic election, which is being frag- 
mented not. he says, from within 
but by outside meddling. "There are 
elements that are interested in frag- 
menting this country [Yemeni, and 
this is criminal,” he says, in what 
appeared to be an allusion to Saudi 
Arabia and other Gulf states. King 
Hussein says he has now “with- 
drawn from the scene”. 

H is withdrawal is 
symptomatic of a 
deeper feeling that 
the king's experience 
and advice is being 
ignored among Arab and western 
states. Partly, as he acknowledges, 
this relative Isolation derives from 
Jordan's inability to claw back the 
diplomatic ground it lost as a result 
of the king’s opposition to the war 
against Iraq. Relations with Egypt 
remain cool, and the king was again 
snubbed by King Fahd during a 
recent trip to Saudi Arabia. 

The favour of western allies is 
returning, but slowly. This weekend 
King Hussein will fly to Washing- 
ton to meet President Bill Clinton 
with whom he says a “very good 
friendship” is developing. 

But whatever diplomatic comfort 
the trip will provide, his journey to 
the US might offer a more impor- 
tant cause for personal celebration 
and one that will bring relief in 
■Ior dan. At the start of a 10-day trip. 
King Hussein will learn whether he 
remains clear of the cancer that 
caused the removal of a kidney two 
years ago. “If everything’s all right 
with me I will not have to repeat 
what I have done over the last two 
years with six-monthly tests. Alter 
this test the need probably will be 
for an annual check-up." 

King Hussein’s vigour reinforces 
that optimism. But it is an ill omen 
for the Arab world that its most 
senior statesman and leader can 
summon so little optimism about 
the health of its body politic. 

By Roger Matthews, 
Mark Nicholson and 
James Whittington 


The wrong way to compete 


This week’s report 
by the Organisation 
for Economic 
Co-operation and 
Development on 
unemployment in 

peSSSl ek. seems to 



View 


come ont strongly 
in favour of the UK 
government's economic policy, in 
particular with regard to its Maas- 
tricht opbout of the social chapter. 
The basic message from both runs 
like this: Europe’s labour and social 
costs have become too expensive 
and its labour laws are too inflexi- 
ble. In particular, they give employ- 
ees too many rights and too much 
job protection. 

The UK government would add: 
lucky and successful Britain has no 
such problems and where they arise 
they are attacked vigorously. Hence 
the UK Is first oat of recession and 
has reduced unemployment 

Consider also the following, how- 
even Germany and Switzerland 
have some 80 per cent higher labour 
costs per hour than Britain and 
Spain, about 40 per cent higher than 
Italy and France, and four times the 
labour costs of Portugal. This 


should make Germany very uncom- 
petitive. But no, Germany still has a 
very healthy trade surplus with the 
world and the UK shows a huge 
deficit Germany even has a trading 
surplus with Britain, which has 
been rising again lately at an alarm- 
ing rate. 

Competitiveness depends on capi- 
tal investment, R&D, processes, 
management qualities, work force 
attitude and skills, rather than on 
wage rates - in other words, on 
overall productivity. UK companies 
believe they can compensate for 
their lark of investment by focusing 
on labour costs. They are forced 
into this position often by a harsh 
financial climate. While Japanese 
and German companies pay share- 
holders on average less than 35 per 
cent of profits and US firms pay 53 
per cent, British companies have to 
fork out a huge 70 per cent 

And when all else fails - as it 
always has and will do again - 
there is good old devaluation to 
restore competitiveness for a while. 
But here lies a real reason why the 
UK could not be in the exchange 
rate mechanism or become part of a 
single currency Europe. 


When my company. Junghein- 
rich, set up shop in Britain in 1967. 
the pound stood at DM11.20, import- 
ers had between them less than 10 
per cent of the UK lift truck market 
and a healthy 60 per cent of British 
production went into export. In 1994 
the pound stands at barely DM2£0. 
imports are more than 60 per cent 
of the home market and the last 
remaining British-owned fork truck 


UK companies think 
they can compensate 
for lack of investment 
hy focusing on 
labour costs 


maker. Lancer Boss, has been 
bought out of receivership by its 
German rival, Jungheinrich. 

A link between low wage cost, 
international competitiveness and 
long-term success seems to me at 
best unproven and at worst to be 
more likely the reverse. 

Certainly the industrial world is 
chang in g and it is clear that the 
labour market has to change with 


it Flexible manufacturing, just-in- 
time and lean production offer a 
system that is desirable from a 
micro-economic business viewpoint 
Raw materials and components 
arrive at the factory gates just in 
time and products are no longer 
made for stock. It must be every 
accountant's and production man- 
ager's dream to employ labour in 
the same fashion. It is a quite effec- 
tive system in the upward phase of 
a business cycle. Companies hire 
more quickly, unrestricted by con- 
cerns over possible later redun- 
dancy costs and time-consuming 
sacking procedures. 

But the nightmare comes with 
the downward part of the business 
cycle: redundancies will happen 
just as fast and on an increasing 
scale, leading to macro-economic 
instability and an even crazier roll- 
er-coaster ride. 

Britain's last recession produced 
1.5m unemployed in little more 
than 2/3 years. There is good reason 
to believe the speed with which this 
happened was influenced by the 
above trends. If such trends con- 
tinue, Europe could return to 
macro-economic instability. This 


would be forced by international 
competition, the advance of infor- 
mation technology in production 
processes, and governments’ flight 
into deregulation (under pressure 
from business) in its search for 
ways to combat une m ployment 
The question is how to find a 
workable balance between micro- 
economic need for flexibility and 
stability in the business cycle at the 
macro-economic leveL Germany has 
begun to address its excesses on the 
social front and will also modity 
certain aspects of its over-regulated 
labour market. Britain, coming 
from the completely opposite side, 
needs in many areas more, not less, 
protection and regulation. It should 
try to learn from its European 
neighbours. Being so often in a 
minority of one in Europe does not 
happen by coincidence. It is invari- 
ably a sign of being wrong. 

Robert Bischof 


The author is chairman of Boss 
Group . now pan of Jungheinrich. the 
German fork lift truck maker 


Observer 


Henkel dives 
into soap war 

■ More dirty suds spill over from 
the Unflever-Procter & Gamble soap 
war. Germany’s Henkel group is 
foaming at the mouth, fearful it 
may get washed up in the overflow. 

The detergent and chemicals 
group has shot out a panic press 
release from its DOsseldorf HQ, 
informing the world that “German 
Fersil has nothing to do with 
English Persil Power”. 

Henkel has been swamped with 
queries about whether its Persil 
con tains the magic Unilever 
formula - winch P&G says rots 
fibres. But Henkel launched its 
Persil in Germany back in 1907; 
the brand remains Germany's 
undisputed market leader. 

Unilever has controlled the rights 
to market Persil in Britain and 
France “for decades", says HenkeL 
Everywhere else in Europe, the 
product is a German one. Henkel’s 
statement scrupulously avoided 
taking sides in the slanging match 
between the two AngfoSaxon soap 
giants; just trying to show that 
its hands are dean, presumably. 


Dog bites hack 

■ John Drummond left his dog 
Jamie, a spaniel tied up outside 
the Halifax Building Society in 
Kensington yesterday. On his 
return he found Jamie being 


interviewed by a three-man camera 
crew from the US network, CNN. 

The hacks explained they were 
quizzing the hound on its views 
on the Euroelections because they 
could not find any humans with 
opinions. Jamie “was very 
tight-lipped”, says Drummond. And 
lest you doubt this tale, Jamie’s 
master is head of Integrity Works, 
an ethics consultancy, so he can 
be counted on not to tell fibs. 


Lebensraum 

■ And now, for the Euro-sceptic 
who has not quite everything - 
a lapel badge to commemorate the 
European Union. Supplied by a 
leading German producer of 
“collectibles”, it features a map 
of Europe on a blue background, 
with 13 stars. Is Prussia making 
a bid for independence or what? 


Off the rails 

■ Inter-Rail's full page advert in 
several of Britain's quality dailies 
yesterday gave a fresh meaning 
to the term European Union. It 
showed 12 condoms, looking rather 
like 12 EU “stars”, laid out in a 
circle on a royal blue background. 

The copywriting featured a 
plethora of double entendres - “the 
Inter-Rail pass gives you the 
freedom to go as far as you want 
in Europe” - spuriously tagged 
to this being the EtTs year of 
Europe Against Aids. 



The slogan left something to be 
desired: "Inter-Rail You've got the 
rest of your life to be good." Just 
like the copywriters, when you 
think about it. 


Revving up 

■ Superficially, the first two 
fellows to have thrown their hats 
into the ring for the job of heading 
the new World Trade Organisation 
are like chalk and cheese. 

Rubens Ricupero. Brazil's finance 
minister, is tall lean, soft-spoken. 
He chooses his words carefully. 
Rena to Ruggiero, former Italian 
trade minister turned senior Fiat 
executive, is rotund, ebullient. 


chatty. But they share certain 
features - apart from their initials. 
Both were career diplomats before 
becoming ministers. And it seems 
they share a common ancestral 
abode. Ricupero’s grandparents 

were Italian immig rants from 
Naples, where Ruggiero was bom 
and brought up. Perhaps between 
them they can stitch the job up . . . 


Cast aside 

■ Some British voters yesterday 
experienced the treat of being able 
to cast their vote in luxurious and 
wheelchair-friendly booths rather 
than the traditional plywood 
cubicles. Hie old counters are on 
their last legs anti are gradually 
being replaced. 

No, not another Euro- 
extravagance - the superbooths 
are being paid for by the Home 
Office. 


Spartan welcome 

■ Karolos Papoullos, Greece's 
foreign minister, could be forgiven 
for thinking the Turks are 
deliberately making life 
uncomfortable for him. Arriving 
at Istanbul for yesterday's Nato 
meeting, he told his Turkish hosts 
he wished to pay his respects to 
the Orthodox Patriarch. 

But the police escort apparently 
mistook Fener, the official seat 
of the head of the Eastern Church, 
for Fenerbahce. Only the hasty 

T 


intervention of an alert official 
prevented Papoulios finding himself 
dropped off in a run-down district 
best known for its football club. 


Perfect incoherence 

■ Invisible exports win never be 
quite the same again - Britain bas 
managed to sell its controversial 
new system of vocational 
qualifications to Oman. It’s the 
first time the system - which 
rewards an individual’s ability to 
do a job rather than assessing his 
or her knowledge about a task - 
has been sold lock, stock and barrel. 

The UK’s NVQs have been 
unfavourably compared with their 
Continental counterparts. But John 
Hiller, who helped devise the 
system, says that "the Omanis are 
as realistic as the rest of us . . . they 
recognise that no system is perfect, 
and that there is hardly a country 
in the world with as coherent a 
system. The fact that it isn't perfect 
is less Important than its 
coherence." 


Fit to print 

■ At last a man who knows how 
to assess the true value of the 
fourth estate. Interviewed in last 
night's Evening Standard, Shane 
MacGowan, hell-raising former 
lead singer of Irish rock band The 
Pogues, commented: “I weigh my 
press. I don’t bloody read it. And 
it weighs a good bit" 









16 


FRUEHAUF 

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Carrying the 
nation's goods 


For information call 0362 695353 



FINANCIAL TIMES 

Friday June 10 1994 


COM /£ 


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SELL AND LEASE BACK 
roMTRACT PURCHASE 


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European dealership network may increase by 50 per cent 

Honda poised to boost 
UK carmaking capacity 


By John Griffiths in Tokyo 

Honda is poised to announce a 
significant expansion of its UK 
car manufacturing operations, 
which may increase capacity by 
up to 50 per cent 

The planned expansion of its 
UK plant, on a 370-acre site at 
Swindon in SOUth-West RngTand. 
forms part of a revised Honda 
strategy for Europe in the wake 
of German carmaker BMW’s 
takeover of Honda’s British part- 
ner, Rover Group. 

Under this strategy, Honda will 
also sharply step up its market- 
ing activities in Europe and 
increase the size of its European 
dealership network by about one- 
half between now and the end of 
the decade. Currently it has 1,700 
dealers. 

The Swindon facilities, in 
which Honda has invested £370m 
(5555m) so far. have a declared 
capacity of 100,000 cars a year, 
which is due to be reached next 
year. 

Last year Honda produced 


32^39 cars and 116,035 engines at 
the Swindon plant. Output is 
forecast to rise to 50,000 cars and 

150.000 engines this year, with 
car production set to reach 

100.000 In 1995. 

Under the new strategy Honda 
is expected to move to substan- 
tially higher output well before 
the end of the decade, with the 
prospect of considerably higher 
employment at the Swindon 
plaint than has been indicated to 
date. 

Currently the plant employs 
1,400 people, with a further 600 to 
be added by the time output 
reaches the 100,000-a-year mark. 
The intention to expand is under- 
stood to predate British Aero- 
space’s decision earlier this year 
to sell Rover Group to BMW. 

Initially the deal provoked a 
furious response from Honda. 
However, while Rover and Honda 
are selling back tha sharehold- 
ings they took in each other, 
Honda has agreed to continue 
existing collaboration agree- 
ments. 


Those include replacements for 
the Rover 200/400 series and their 
Honda equivalent, the Concerto, 
which Rover has been budding 
for Honda at Rover's plant at 
Longbridge. Birmingham. 

The replacements - code- 
named Theta by Rover and HH 
by Honda - are due to go on sale 
early next year. But under 
arrangements already agreed 
before the BMW takeover. Rover 
is to build only the Rover-badged 
versions at Longbridge, while 
Honda is to build the HH - 
expected to be called the Civic - 
itself at Swindon. 

To date, Honda has indicated 
its intention to buQd about 50,000 
new Civics annually. Under the 
revised strategy, this figure will 
be much higher. 

Honda is also understood to 
have concluded agreements with 
Peugeot, the French carmaker, 
under which it will use Peugeot 
diesel engines in both the Accord 
and the new Civic In order to 
strengthen its presence in the 
European fleet car market 


Kenyan central bank used 
false account to hide fraud 


By James Harding and Michael 
Holman in London and Leslie 
Crawford In Nairobi 

A UK subsidiary of Banque 
Indosuez, the Paris-based mer- 
chant bank, last year created an 
account for a fictitious $100m 
deposit for the Central Rank of 
Kenya (CBS) which was used by 
the CBK to conceal a foreign 
exchange fraud from interna- 
tional creditors. 

The account was due to dose 
six Tnnnthg later after tin* comple- 
tion of an investigation into mis- 
management at the central bank 
and a meeting of Kenya's aid 
donors chaired by the World 
Bank in November. However, 
Banque Indosuez insists that it 
was unaware of the CBK attempt 
to conceal the fraud. 

CBK closed the account once 
its existence had been uncovered 
by the International Monetary 
Fund, which had been examining 
Kenya's servicing of its foreign 
debt A second account for a ficti- 
tious 5110m, which also artifi- 


cially infla ted Kenya's foreign 
exchange reserves, was uncov- 
ered at a UK subsidiary of 

Mtintlier international hank and 

also dosed. 

In June last year. Banque Indo- 
suez Sogem Aval agreed to make 
a “bo ok entry" to the account of 
CBK for a “notional deposit" of 
5100m although “no transfer of 
funds was involved", according 
to a copy of the contract obtained 
by the Financial Times. 

Mr Franpois VIkar, communi- 
cations director at Banque Indo- 
suez in Paris, acknowledged that 
the CBK approached Indosuez 
Aval “wanting to do window 
dressing before the visit of IMF 
officials”. He explained that in 
order “to make things look abso- 
lutely normal” Indosuez Aval 
made interest payments on the 
fictitious deposits using moneys 
made available from a Central 
Bank advance. 

However, Mr VIkar says that 
the CBK did not identify that a 
fraud was being concealed. 

The creation of fictitious for- 


eign exchange deposits was part 
of an exercise by CBK intended 
to mask funds missing after 
Exchange Rank , a Kenyan com- 
mercial bank, defaulted on a for- 
eign exchange forward contract 
worth KShflJbn. 

Exchange Bank was closed by 
reformist finance minister Musa- 
lia Mudavadi in July last year. 
Exchange Bank's owner, Mr 
Kamlesh Pattni, a Kenyan entre- 
preneur, was arrested last week 
on 22 separate charges of stealing 
from the central hank. Four for- 
mer senior CBK officials, of 
whom two were signatories to 
the Indosuez Aval contract, have 
also been arrested for alleged 
theft from the central bank. 

The new central bank gover- 
nor, Mr Micah Cheserem, 
acknowledged a series of frauds 
earlier this year and is trying to 
recover the funds that were lost 
in the 5210m foreign exchange 
fraud. 

What world donors did not 
know, Page 8 


Bonn’s doubts 


Continued from Page 1 

partly because German compa- 
nies were trying to free them- 
selves from EU social legislation. 
“ German companies are looking 
to invest here to shed themselves 
from the responsibilities of the 
social chapter.” he said. 

Mr Rexrodt took a different 
view, saying that the problem of 
German labour costs and social 
policy rigidities was not linked to 
the social chapter. 


Record low Dutch turnout 


Continued from Page 1 

Europeans could play no con- 
structive role in the European 
Parliament, where Denmark's 
position would therefore be 

weakened. 

The remaining results, accord- 
ing to a Danish Broadcasting 
Company exit poll, were Radical 
Liberal party 6.7 per cent (2.8 per 
cent in 1989). Centre Democrats 
14 (74 per cent), Socialist Peo- 
ple’s party 9.9 per cent (9.1 per 


cent). Christian People's party L4 
per cent (2.7 per cent), and The 
Progress party 2.7 per cent (54 
per cent). 

In the UK, polling was also 
slow in the election for 84 mem- 
bers of an expanded European 
parliament, increasing the pros- 
pects that the Tories will lose up 
to two-thirds of their 32 seats. 

Conservative managers believe 
that a late swing to the party 
could allow it to hold up to 20 
seats. 


Salinas 
may stand 
as world 
trade chief 


By Damian Fraser in Mexico City 
and Guy de JonqsMr— 
m London 

President Carlos Salinas of 
Mexico is considering competing 
to be bead of the World Trade 
Organisation, which is to succeed 
the General Agreement on Tariffs 
and Trade next year. 

A spokesman for Mr Salinas 
said yesterday. “The foreign min- 
istry has recognised the pro- 
nouncements in favour of Presi- 
dent Salinas, and is exploring to 
see whether there is a consensus 
for his candidacy. T Ms does not 
imply a decision hac been taken." 

The Mexican government is 
understood to have taken sound- 
ings at senior level in the US 
State Department awd tfiw office 
of President Bill Clinton's trade 
representative about how Wash- 
ington would respond if Mr Sali- 
nas stood. 

If he did, he would be the most 
heavyweight political figure yet 
to enter the contest The two 
declared candidates so far are Mr 
Renato Ruggiero, an Italian for- 
mer trade minister, and Mr 
Rubens Ricupero, Brazil’s finance 
minister. 

However. Mr Salinas’ entry 
might divide political opinion in 
America and up se t the Bra- 
zilian government 

President Safaiw is obliged to 
stand down as Mexican president 
at the end of his six-year term in 
December, when he would be free 
to assume the WTO post How- 
ever, for dmrwgtir political rea- 
sons. he cannot be seen to cam- 
paign too openly for the job 
before the presidential election in 
late August 

The decision on the WTO lead- 
ership is expected to be taken in 
late autumn, alter consultation 
among Gatt’s members. 

As leader of an important 
emerging economy, who has 
strongly espoused Liberalisation 
and reform. Mr Salinas would be 
likely to exercise wide appeaL 
Although Gett has been headed 
until now by Europeans, most of 
its members are developing coun- 
tries which would like the WTO 
to be headed by one of their own. 

Mr Salinas' interest in the 
WTO post also seems likely to be 
viewed sympathetically by the 
Clinton administration. 

However, support from Wash- 
ington might prove a mixed 
blessing 

There has long been specula- 
tion that Mr Salinas, who is 46, 
would seek a senior international 
poet after leaving the presidency. 

He also appeared to attract 
some support from Mr Pedro 
Solbes, Spain’s finance minister. 

to practice, however, the Span- 
ish government is likely to go 
along with the choice of other 
European Union governments, 
since it wants their support for 
the candidacy of Mr Enrique 
Baron, former speaker of the 
European Parliament, as sec- 
retary-general of the European 
Union. 

At present, Mr Ruggiero is 
clear favourite as the EU candi- 
date for the WTO post 


FT WEATHER GUIDE 


Europe today 

Showers and thunderstorms win occur over 
former Yugoslavia, southern Hungary and 
Austria near a boundary separating cool air in 
the west from warm and humid edr in the 
south-east Scattered showers and thunder 
storms will occur just north of the Black Sea. 
Germany, the Low Countries and northern 
France will be cloudy with outbreaks of rain 
and unseasonably low temperatures. Sumy 
spells are expected Later in western Belgium 
and the Netherlands. Southern Europe will 
stay sunny although Italy may have showers. 
Temperatures will reach tropical values in 
Spain. Scandnavia and Denmark will remain 
unsettled with low temperatures and 
outbreaks of rain, mainly in eastern areas. 

Five-day forecast 

A building ridge 'of high pressure win provide 
calm conditions in western Europe. The 
northern UK and southern Scandinavia will 
stay rather unsettled. Elsewhere, sunny 
periods will prevail along with a warming 
trend in France and the Low Countries. A 
cluster of showers wlH drift from Italy towards 
Greece during next week. Spain will remain 

hot and sunny. 


TODAY’S TEMPERATURES 



Situation at 12 GMT. Ta mp araturea maximum for day. Fetoca&a by Mateo Consult of tha Netherlands 



Maximum 

Beijing 

for 

34 

Caracas 

far 

27 

Faro 

fair 

30 

Madrid 

sur 

31 


Celsius 

Belfast 

ctoudy 

IB 

Cnrcfiff 

fair 

18 

Frafarfixt 

ahower 

17 

Majorca 

fair 

27 

Abu Dhabi 

sun 

37 

Belgrade 

shower 

24 

Casablanca 

ctoudy 

26 

Geneva 

doudy 

17 

Malta 

for 

26 

Accra 

ctoudy 

31 

Braun 

rata 

19 

Chicago 

ctoudy 

26 

Gibraltar 

cloudy 

23 

Manchester 

ctoudy 

15 

Algiers 

fair 

27 

Bermuda 

for 

31 

Cologne 

shower 

15 

Glasgow 

cloudy 

16 

Mania 

ctoudy 

34 

Amsterdam 

Shower 

14 

Bogota 

for 

18 

Dakar 

doudy 

37 

Hamburg 

rain 

14 

Mtfbowne 

(dr 

17 

Athena 

sun 

28 

Bombay 

for 

38 

Dales 

sun 

32 

| IninJnirl 

shower 

18 

Mexico City 

sun 

35 

Atlanta 

doudy 

33 

Brussels 

ahower 

15 

Delhi 

for 

46 

Hong Kong 

rah 

28 

Miami 

for 

33 

B. Ains3 

sun 

26 


shower 

22 

Dubai 

sun 

38 

Honolulu 

fair 

29 

Mien 

shower 

23 

ELham 

fat 

16 

CJagen 

rata 

15 

Dubdn 

ctoudy 

17 

Istanbul 

SIX) 

27 

Montreal 

aun 

25 

Bangkok 

shower 

38 

Cairo 

0X1 

32 

Dubrovnik 

thuid 

26 

Jakarta 

fat 

33 

Moscow 

ttaxxJ 

24 

Barcelona 

sun 

24 

Cape Town 

sun 

25 

Ednburgh 

fob 

17 

Jersey 

fat 

15 

Mixilch 

rain 

17 


cloudy 32 
rah 10 
Cloudy 22 
shower 25 
sun 24 
for 27 
dowdy 32 
shower 
rah 


i a 

16 


fair 16 

tat zr 



Frankfurt. 

Your hub in the heart of Europe 

Lufthansa 

German Airlines 


KeracN 
Kuwait 
L Angeles 
Las Palmas 
Lima 
Lisbon 
London 
LuxJKxag 
Lyon 
Madeira 


3W1 

sin 

aun 

fair 

cloudy 

far 

fair 

rah 

cloudy 

fair 


39 Naples 

25 Nassau 
27 New York 
20 Mob 

34 Mcosla 

18 Oslo 
is Pats 

19 Perth • 

26 Prague 


for 

tat 

sin 

sin 

tat 

fat 

ctoudy 

rah 

rah 


26 Toronto 
31 Vancouver 
20 Venice 
23 Vienna 
30 Warsaw 

20 Washington 
IB WBBngton 
19 Winnipeg 

21 Zixteh 


sun 

shower 


28 

26 


for 24 
rain 23 


shower 

cloudy 


21 

18 


for 18 
fair 28 


cloudy 

du w ro r 


12 

19 


dowdy 15 


THE T.F.X COLUMN 

Cash power 



FOwerGen will have its work cot out 
to invest all the cash generated by its 
core UK generation business. In the 
last financial year, it only avoided a 
cash m qnnfariTi by paying GEC £483m 
upfr o nt for the construction of a new 
gas station. Even then, gearing only 
rose to 15 per cent 

Net rush inflow from the core busi- 
ness, after tax and dividends, will 
average around £200m a year between 
now and the end of the century. 
PowerGen’s plans for deploying this 
rp*h contrast with National Power's. 
While its larger rival has set its sights 
on investing £lbn overseas, Power- 
Gen's international ambitions are 
more modest True, it will build sta- 
tions abroad if the returns are right 
But its main thrust is to expand in the 
UK rtwwrg h buying offshore gas and 
supplying gas via its Kinetica joint 
venture. 

The strategy has merit provided it is 
not carried too far. PowerGen’s exper- 
tise in supplying large electricity con- 
sumers is relevant to Kmetica’s busi- 
ness of supplying large gas consumers. 
It also TnaVes sense for PowerGen to 
own sufficient gas both for its own 
needs and to supply KinpHra But it is 
hard to see the company adding value 
if it extended these activities more 
broadly. There would be little point in 
entering the domestic gas market 
since it has no competence in supply- 
ing small consumers. Equally, Power- 
Gen has no expertise relevant to man- 
aging gas fields. To be fair, the 
company so far shows no signs of 
splashing out in other way. But that 
brings it back to the problem of how 
to spend its cash flow. Unless it can 
find other profitable investments, the 
cash would be better handed back to 
investors. 

Lonrho 

The flotation of Ashanti Goldfields 
has won Lonrho new friends. US 
investors have increased their holding 
to around 20 per cent in recent 
months, apparently on the view that a 
net asset value of l8Tp. per share - 
when adjusted for the market value of 
its Ashanti stake - makes Lonrho 
shares at 134p look cheap. While there 
is some merit in this linn of argument, 
the logic demands that Lonrho man- 
ages its assets more effectively than in 
the past Yesterday’s interim figures 
did not inspire confidence in this 
regard. 

The main disappointment came in 
manufacturing, which swung into loss 
due to problems in areas ranging from 


FT-SE Index; 3Q2B.9 (-9.3) 


PMngton 

Share price relative to tha 
FT-SE-A All-Share Index 

too 



1990 91 

Some FTGnpWt* 

UK construction to textiles in Malawi. 
While progress in hotels and distribu- 
tion is more encouraging, Lonrho's 2 
per cent return on sales outside Africa 
is hardly adequate. The group’s weak 
cash flow also limits its room for man- 
oeuvre. Gearing of around 30 per cent 
is no longer a worry, but interest pay- 
ments of c» m in the first half con- 
tinue to soak up free cash flow. That 
may explain Lonrho’s desire to float 
its African trading activities, which 
would open another avenue for raising 
funds as well as pleasing shareholders 
interested in net asset values. 

Yet the more conventional solution 
to the weak cash position - and the 
one most investors might prefer to see 
- would be to squeeze more profit out 
of the non-African interests. It can 
only be hoped that Lonrho finds a 
chairman capable of balancing the 
deal-making instincts of Messrs Row- 
land and Bock with the wmphftrie on 
linp management of BTR or Hanson. 

Pilkington 

Pilkington's management can rea- 
sonably claim that a turning point has 
been reached in the group's rehabilita- 
tion. Factor in the disposal of fixe insu- 
lation business which camp after the 
year-end and gearing has been 
reduced to 55 per cent. Due to a 
squeeze on working capital and oper- 
ating costs, as well as a one-off tax 
rebate last year, there has also been a 
substantial improvement in operating 
cash flow. Pilkington could thus afford 
both the purchase of Heywood Wil- 
liams and its Stake in Sodetk I talians 
Vetro while still reducing its borrow- 
ing. Now it must turn its attention to 
increasing margins. 


The equity market seems to have 
assumed that the rebound will be both 
easy and automatic as economic noo* 
ery gathers force. At 176p. the shares 
are trading on a historic multiple of 
nearly 90 times pre-exceptiunal earn- 
ings. That would be all right if a quick 
and draynatk- rebound were in sight. 
The reality, however, is likely to be 
more prosaic. Even in the US, where 
capacity use is now around 95 per 
cent, Pilkington's operating margin 
was less than 4 per cent in 199894. 

It may still take years for the group 
margin to reach double digits, espe- 
cially if this does turn out to be a 
recovery in which consumers resist 
price increases. In that case, earning 
growth will disappoint the market - 
as will dividend growth, given the 
need to rebuild cover. Mr Roger Lever- 

ton. chief executive, has done a good 
job restructuring Pilkington, but that 
does not mean he can wort: miracles 

too. 

Sterling 

Judging by its strength in recent 
weeks, sterling has been unmoved by 
Euro-election nerves. After a low 
around DM2.48 three weeks ago. ster- 
ling yesterday rose above DM2.52. its 
highest level since early ApriL In the 
samp period, the trade weighted-index 
has risen nearly a full point to 80.6. 
But this does not mean the currency 
markets have been Ignoring politics; 
rafter that stranger forces have been 
pushing sterling higher. 

Part of fills Is the currency's usual 
tendency to move up in the backwash 
of a higher dollar. More important is 
the growing awareness of the currency 
marVote of the strength of the eco- 
nomic recovery - fuelled in particular 
this week by strong industrial produc- 
tion figures - and the expectation that 
this will lead the authorities to start 
raising interest rates sooner rafter 
than later. Indeed, since the short ster- 
ling futures contract is pricing in a 
half-point rise in base rates by Septem- 
ber, one might have expected ster- 
ling’s recovery to have been even 
more pronounced. That it has only 
risen as far as DM242 suggests a poor 
election showing for the Tories was 
priced into the exchange rate already. 

In that sense, the market has little 
to fear from the result But for staling 
to rise modi further depends first on 
the recovery remaining robust and 
second on the Bank of England's suc- 
cess in using its increased infinpnre to 
ensure that its hard line on inflation 
prevails. 


H 


.ill Samuel Bank 

advised 

The Director General 
of the National Lottery 

on the evaluation of applications for 

The National Lottery Licence 



Hill Samuel 

Bank 

Doing what we do best 

Hill Samuel Bank Limited - 100 Wood Street • London EC2P iaj 
T elephone (71) 600 6000 ■ Fax (71) 920 3800 " 

A member of the Securities Sc Futures Authority ■ A member of the TSB Group 


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Dutch telecoms 
oversubscribed 


Tha partial flotation next weak of K anfafrlifo* 

FTC Nedertan&.the Dutch telecommunications 
and postalcorapany, is nearly three times oversub- 
scribed. Page 18 ' 


Asa in RuaSn move 

Aga, the Swedish industrial gas group, has taken 
a 35 per cent stake in one of Russia’s largest indus- 
trialgasgronps. Page 18 - 




:*u. 


Bhtas-Poolsho assures nymagnnaent 

Rhto&Poufenc, the French dtcmtawiB group, 
said it would not take any steps involving its 
68 per cent interest in US drugs group Shone-Poul- 
enc Rorer without first consulting the company’s 
management Page 19 


YtoWs fall art Japanese Insurers 

Lower interest rides and weak overseas returns 
produced a substantial drop in the investment 
yield at Japan's eight largest life insorance compa- 
nies In the year to the end of MardL Page 20 


■■■ "Sfis ► 


* 1 "iv ;*'■ 


■ •: vr|i ^b. 


POfdngton lifted 57% pre-tax 

The banning of recovery in its markets, cost 
cutting and strong cash flow lifted pre-tax profits 
at Pflktngton, the UK gLassmaker, by 574 per 
cent Page 22 


• '"’ETc.. 


Chnbtrahead 25 % y; 

.Cost cutting at Chubb Security enabled the UK 
etec tronic alarm and locks group to achieve a 
25 per cent increase in pre-tax profits. 


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■* • 

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BrttMi Land stronger ahead 

British Land, the property company headed by 
Mr John Ritblat, announced a 46 per cent rise 
in its net asset value. Page 22 

Judge to decide on Scrabble 

A High Court judge wfll be asked to decide on 
the squabble over Scrabble, the board game which 
is fhamam. target fhr. two US toy groups battling 
for control of JW Spear: Page 23 


Johnson Hatthey falls 11% 

Thecost of disposing ttf its Italian silver business 
h^ped to push 199&94 profits down by 11 per 
edit at Johnson Maithey, the precious metals 
technology group. Page 23 


•• • i’j'^7 

: :• yp 


■' l-£ 


Proteus In talk* ... 

Proteus International, the USM-quoted drug 
designer, is in talks with pharmaceuticals compa- 
nies over development programmes. Page 24 

Roforomhim boostto Aiutriin shares • 

Speculation on the outcome of Sunday’s referendum 
on joining the European Union sent share prices 
m Austria up another 14 per certyestezday for - 
a two-day per cent Back Page 


— Companies In tills Issue 


600 Group 

AeroGtractum 

Aga 

Mr Jamaica 
Mar 

Mcatel AMham 
Alphameric 
AsaW Mutual Uta 
BKZ 

Baltics Insurance 
r BfelolScdtts 
British Land 
Bull 

C&G - 
CE Heath 
Cafiyns • 

Cara UK 
Cathay Inti 
GUyoda Mu&jaf Ufa 
GrysaHs 
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Coca-Cola'. 

M4cN Mutual Life 
Oawbursf . 
Drunmood :■ 
Eunatcom 
BeW Group . 

Wneir. ; . 

Fortin 

France Telecom 

own 

Cteal Southern 
Groups AG :.. 
GtoujraBuQ 
HTV - • 

Hembro Countrywide 

HanSe, Janies 1 
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» J W Spear 
22.iJohnaoq Matthey 

18 Kortnkflha PTT Nad. 

19 Lonrfib • 

- 18 lyonnaiae pea Eaux 
19 Lyons Irish 
a MMf 

2 Q Magnolia Group 
Mattel 


„ Ma9 Mutual Ufa 
™ MeMfe Street 


~z Mercedes 
“ Mitsui Mutual Lite 
• “ NEC . 

- .77 Nippon Life 

23 Northumbrian Water 
23 Osborne S LRUs . . 
. 24 Oxford Instruments 
, 22 PepsiCo 
;; 20 PiUdngton 
_ as. PowarGan 
23 -Premier Land 
~17 Proteus . . 

20 Prudential Corp 

- 22 Reflent Corporation 
." 23 -Reynolds .Metals 


Rhfloe- Poulenc 


24 SaptcM & SaatcH 
to Scapa Group 
” Serrica Cop hVl 
11 Shelton (Martin) 


Suntitomo Life 
** Thomas French - 
18 UnBech 
18 WMGO 
23 western Mining 
12 Wldney 
20 World Fluids 

22 - Yasuda Mutual Life 

23 ZanithData 


Market Statistics 


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Banetiarak Govt banes . 21 
Bond futuraa ted aftions at 
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Comniotfflea pled - r . . 2 B 
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FT 6eM Hb»s index Bock Paga 
FTASUA hB tw*d 8W 21 

FT-SEAaaries Mo«. - 31 


Fordgh aaftange 38 

GRnptlees 21 

Ufle aqalty options Back Page 
Undoo there sanies 32-33 
London ted options Bade Bags 
Managed Junes sendee 34-38 
Money mortals 38 

New Infl bond issues 21 

RecenHmies, UK 31 

Short- tons tnt rain 38 

US ntaretf rates 21 

Rtortd Stock Mariots - 39 


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SMBOpe 23 


FINANCIAL TIMES 


COMPANIES & MARKETS 






©THE FINANCIAL TIMES LIMITED 1994 


Friday June 10 1994 


‘The book is closed on the recession: sentiment 
should be on the upswing for the next year or two’ 

Nikkei at highest 
point for two years 


By WHBam Dawkins in Tokyo 


Morgan, Marsh aim at Insurance* 

J J. Morgan and Marsh & McLennan have raised 
$65Qm for investment In underperforming insurance 
companies and new insurance ventures, including 
Lloyd's of London. Page 21 


Economic optimism continued to 
sweep the Tokyo stock market 
yesterday, with the third day of 
rising prices pushing it to the 
highest point since March 1992. 

The rise in the Nikkei average, 
by 14034 points to 21,402.78, rein- 
forces its break through the tech- 
nical barrier of 21^)00 earlier this 
week and leaves it nearly 23 per 
cent ahead of the level at the 
turn of the year. 

“If there are still any doubters 
at this late stage, this should 
show that the book is closed on 
the recession and that sentiment 
should be on the upswing for the 
next year or two,” said Mr Alan 
Iivsey, equity strategist at Klein- 
' wort Benson in Tokyo. 

This is a rare dose of good 
news for the minority govern- 
ment of Mr Tsutomn Hata , reduc- 
ing the economic pressure on 
him at a time when his hsmdc are 
foil trying to stave off a no-confi- 
dence vote. 


Equity analysts said the rise 
reflects the decision by formerly 
cautious Japanese institutional 
investors to increase their share 
purchases, as shown by a sharp 
rise in volumes. 

Yesterday, 850m shares 
changed hands, evenly spread 
across industrial sectors, more 
than twice last year's dally aver- 
age. 

Japanese institutions, a bsen t in 
the early stages of the market’s 
rise this year, have been encour- 
aged by a recent string of good 
economic indicators, likely to be 
eTt gmfrd today when the ifawir of 
Japan publishes its latest Tankan 
quarterly report on the 
short-term economic outlook. 

Mr Jasper KoH, rihiof economist 

at S.G. Warburg Securities in 
Tokyo, marks Japanese institu- 
tions' change of sentiment from 
last week’s publication of Minis- 
try of International Trade and 
Industry survey, showing that 
companies planned to increase 
capital investment by 1.1 per cent 


UK building society bars 
new deposits after ruling 


By John Gapper, Banking Editor, 
and Ancfrew Jack 


The Cheltenham & Gloucester 
Building Society yesterday 
closed its doors to new customer 
deposits in the wake of the UK 
High Court ruling barring tee 
terms of Lloyds Bank’s £l-8bn 
($2.7bn) cash. bid. 

In what it said was a 
short-term measure to prevent 
people in ignorance attempting 
to make a speculative gain from 
tee Lloyds offer, it barred any 
new customers depositing money 
in any of its four investment 
accounts. It said last night -it 
would not allow new deposits for 
a few days while it examined the 
court’s derision and. to p reve n t 
people “charing a fast tack on 
the wrong basis”. 


The court ruling would not in 
fact allow new depositors to take 
advantage of tee Lloyds offer, 
but the building society believed 
teat some might interpret the 
judgment in this way. 

The action came as Lloyds and 
C&G exec u tives and advisers met 
to consider ways of restructuring 
the offer to bring it within the 
ruling by Sir Donald NichoUs, 
the vice-chancellor. They may 
also appeal. .. . 

Sir Donald ruled on Tuesday 
that Lloyds could not wiaki* cadi 
payments to more than 220,000 
C&G investors who had been 
shareholding members of the 
society for less than two years. 
This would make it hard to 
achieve the necessary majority 
in favour of the deal. 

Lloyds and C&G could instead 


offer preference shares to all 
i .3m C&G shareholders and bor- 
rowers, or offer such shares to 
new members. They are unlikely 
to be allowed to offer shares that 
could be immediately sold. 

Lloyds said yesterday that the 
two groups were unlikely to 
make an early decision, and 
could delay a statement until 
next week. Lloyds’ share price 
closed 5p down at 566p cm wor- 
ries over whether the bank 
would acquire C&G. 

Mr Donald Kirkham, B uilding 
Societies Association chairman, 
said tee association welcomed 
the principle that “you cannot 
join a society one moment and 
then share in the whole value of 
it the next”. 

Now you see it, Page 9; Editorial 
Comment, Page 15 


John Gapper finds relief among bid targets 

High Court judgment lifts 
fear of ‘blackmail’ by banks 


F or the first time since 
Lloyds bid for Cheltenham 
& Gloucester on April 21, a 
feeling of order has been restored 
to the bunding society industry. 

Although several chief execu- 
tives of building societies 
thought that C&G's team of 
advisers and lawyers might find 
a way around the obstacle 
erected by the High Court which 
ruled that the structure of El5bn 
($2.?bn) cash bid was illegal, 
most were convinced that a 
restructured deal would relieve 
pressure to follow suit 
The 1.2m members of C&G who 
would have been eligible for pay- 
ments of at least £500, and up to 
£10,000 each, may not be so 
pleased at the safeguards to 
mutuality being preserved. But 
chief executives of societies were 
breathing a little more easily. 

If Sir Donald Nicholls, the 
vice-chancellor, had ruled in 
favour of the bid, it would have 
placed strong pressure on the 
Treasury to respond by tighten- 
ing the law. But the decision also 
appears to leave tee way clear for 
the government to proceed with 
its review of the 1986 Building 
Societies Act peacefully. 

Mr David O'Brien, chief execu- 
tive of National & Provincial, 
summed up the mood of many 
executives of largo* societies. “It 
leaves us exactly where we were 
before, but it gives us a little 
more confidence that we do not 
have to fight in a legal environ- 
ment with an obvious flaw.” 

Sir Donald's bar on cash pay- 
ments to members of societies 
who have held shareholding 
atrampts for less than two years 
is a large obstacle to banks tak- 
ing over societies. It precludes 
cash from Lloyds' £1.8bn bid 
being paid to 27 per cent of 
C&G’s 825,000 shareholding inves- 
tors. , 

This makes it particularly hard 
for fastgrowing societies to cross 
the voting thresholds for trans- 
ferring to an existing company. 
These require the society to 
achieve not only a 50 per cent 
majority among those eligible to 
vote, but a 75 per cent majority of 
those who actually do vote. 

Even if the 220,000 investors 
debarred for payment did not 
vote, C&G could probably 


achieve this, tat a move among 
them to scupper the d ea l could 
easily succeed. Thus societies 
with similar proportions of new 
members - such as Britannia and 
Woolwich - will also find take- 
overs difficult 

This appears to lessen consid- 
erably the worst fear raised by 
the Lloyds/C&G deal: that it 
would expose other societies to a 
form of blackmail. Although 
boards of soderies have no legal 
obligation to put offers to mem- 
bers, they could be vulnerable to 
a ptiblic debate on an offer. 

Society executives were wor- 
ried that if Lloyds was able to 
distribute such large sums of 
cash to C&G members, their own 
members’ would have their hopes 
raised. This would mean that 
banks could threaten to publish a 
cash offer for a society unless its 


Most societies 
felt yesterday 
that Sir Donald 
had at least 
given them a 
fighting chance 


board agreed to recommend it 

Mr Chris Sharp, managing 
director of Northern Rock, said 
“there may not be the same pres- 
sure” hanging over societies as a 
result of the ruling. It will be 
harder for banks to “excite the 
membership to demand an gen- 
eral meeting to consider the over- 
tures they have made to the soci- 
ety”. 

Yet this conclusion may not be 
clear-cut if C&G members of 
under two years’ standing can be 
given value in some way. The 
only apparently foolproof way of 
doing this is to wait for a change 
in their status by delaying the 
deal, but this would require the 
society to put off new members. 

A simpler step would be to pay 
members of under two years’ 
standing in shares, either ordi- 


nary or preference. Mr John Wri- 
glesworth, building societies ana- 
lyst at UBS, says this is possible 
because Abbey National's share 
distribution for its 1989 flotation 
was ruled legal by courts. 

But there are three difficulties 
with switching from cash to 
shares: 

• One benefit of the deal to 
Lloyds was that it absorbed 
excess capital. A rights issue to 
finance the deal would not allow 
this, and would also dilute exist- 
ing holders. Preference shares 
would be better, but Lloyds 
might want to issue them 
through a subsidiary rather than 
tiie holding company. 

• Any handout of redeemable 
shares easily convertible into 
cash would almost certainly be 
challenged by the Building Soci- 
eties Commission. The best that 
holders could expect would be a 
coupon on the shares and the 
ability to trade them publicly 
after the initial distribution. 

• If preference shares were 
issued, the Abbey National ruling 
suggests that no “priority” could 
be given to new holders. Mr Wri- 
gleswarth says this would force 
C&G to make a flat rate offer to 
all eligible members and deposi- 
tors - rather than varying the 
amounts and paying large deposi- 
tors more. 

Any restructured deal is 
unlikely to be as easy for C&G 
members to understand. This will 
in turn make it easier for other 
building societies to convince 
their members of the benefits of 
mutuality. They argue that not 
having to pay dividends allows 
societies to compete with banks. 

Several building societies also 
believed it would be immoral for 
new members simply to pilfer net 
assets built up over time. “It is 
akfa to joining & tannic club and 
voting to sell the ground under- 
neath to a developer,” said Mr 
Donald Kirkham, chief executive 
of the Woolwich. 

It may be easier for smaller 
regional-based societies to carry 
that case with conviction than 
large societies with millions of 
members which have little obvi- 
ous connection with their roots. 
But most societies felt yesterday i 
that Sir Donald had at least given I 
than a fighting chance. 


■ - 

TELQ482 593828 


The bulls reappear 



si*;? 


in 1991, the first rise for three 
years. 

“Domestic institutions' confi- 
dence in the 1991 economy and 
the prospects for profits recovery 
has increased,” he said. 

Despite the market’s present 
euphoria, analysts are widely 
divided over whether corporate 
Japan really win show an earn- 
ings recovery this year and if so, 
how strong it will be. 

Average pre-tax profits dropped 
just over 16 per «*nt in the year 
to last March, iHp fourth year of 
decline. 

FDr the coming year, Japanese 
analysts tend to be less cheerful 
than foreign-owned ones. Sanyo 
Investment Research, at the pes- 
simistic extreme, forecasts a Z3 
per cent profits decline, while 
KLeinwort Benson is at the top 
end with a forecast of a 20 per 
cent recovery. For this reason, 
share prices might easily fall 
back again in the next few 
months, warned analysts. 

World stock martlets, Back Page 


Nikkei 225 Index fOOO) indices rebaeod 

40 - 200 


35 - — 



160 



60 — 


1988 90 91 82 93 94 1989 90 91 92 

Trading volume Weakly totals futons of shares) 


-J n M- - 

e&L'J.Xil Jdi,. k-. 


I 

91 1 




UUaXjt 

92 1 


Sovcer FT Qraphfte 


Lonrho aims for 
Africa mining deal 


By Peggy HoHmger in London 


Lonrho is planning to double the 
<ri»» of its African mining inter- 
ests in a deal expected to be 
announced within the next year. 

Mr Dieter Bock, joint chief 
executive of the trading conglom- 
erate, said Lonrho had received 
several “offers tram institutions 
to supply funds without raising 
borrowing levels - for instance a 
rights issue”. Mr Bock added that 
Lonrho, which raised £170m 
(J256m) through a rights issue 
just 18 months ago, had no imme- 
diate plans for a cash call 

Analysts were surprised at the 
statement, as they bad not been 
told of the plans at their meeting. 
Prospects of an equity issue were 
greeted with trepidation, given 
Lonrho’s thin dividend cover. 

The proposed deal may centre 
on Lonrho’s platinum operations 
in South Africa, where political 
change is felt to have created 
new opportunities for the group. 
These mines have been the focus 
of speculation about a possible 
deal with Gencor. Combining the 
two companies’ interests, said 
one analyst, would create “the 
world’s biggest force in plati- 


TW annfiroxanem appear* a* a mxHer of record only 



Barclays <k Zoete -Wedd Italy 
advised EHesse SpA od the sale 
of its busraess to Ellesse : 
Internatiotiai SpA, a subsidiary 
of the Pent! and Group pic. 


Adviser 

Bardays de Zoete Wedd 
Corporate Finance Italy 


jmmry 199+ 


6ZW n ihr In tna wa tuntfai£ m of ihr Burlan (jmip 


PepsiCo 
shares fall 
on cola 


price war 


By Richard Tomkins in New York 


num". 

Lonrho would only say it did 
not in tend to cut its 76 per cent 
stake in platinum. 

Mr TTny Rowland, joint chief 
executive, and Mr Bock, who 
fought a protracted battle for 
management control of Lonrho 
earlier this year, sought to pres- 
ent a united front at yesterday’s 
interim results meeting. Never- 
theless, Mr Rowland said Lonrho 
was likely to include its sugar 
business in a float of its African 
interests. Analysts said this had 
been ruled out earlier in tee day 
by Mr Bock. “This could be the 
prelude to another battle, " said 
one. 

The group reported a 45 per 
cent drop in profits to £41m for 
the six months to March 31. on 
sales down 37 per cent at £95 lm. 
The previous year’s profits had 
been inflated by a £53m gain on 
disposals. 

The shares shed 5p to close at 

134%p. 

The dividend was maintained 
at 2p. Earnings fell from 6.4p to 
2£p. although they rose from a 
loss of 0.8p in continuing 
operations. 

Lex. Page IS 


Shares in PepsiCo. US maker of 
the soft drink Pepsi -Co la, lost 9 
per cent of their value by mid- 
session yesterday after the com- 
pany said a cola price war had 
broken out in its domestic mar- 
ket PepsiCo's shares fell 53 V. to 
S31V= while Coca-Cola’s fell to 
41%. 

PepsiCo warned that second- 
quarter profits would be flat 
because of the inroads being 
made into the US cola market by 
Cott. the fast-growing Canadian 
maker of low-cost, store-branded 
drinks and food. 

Cott recently sparked off a row 
In Britain by supplying J- Sains- 
bury, tbe country's biggest 
retailer, with a store-branded 
cola that looks and tastes similar 
to Coca-Cola but sells at about 
half the price. Coca-Cola accused 
Sainsbury's of trying to pass off 
Cott’s product as “the real 

thing". 

PepsiCo’s announcement wor- 
ried investors who recalled last 
year's “Marlboro Friday" when 
Philip Morris, the US maker of 
Marlboro cigarettes, slashed 
prices in response to cut-price 
competition. 

The development also 
reinforced worries on Wall 
Street about tee true worth of 
brands at a time when value- 
conscious consumers seem 
inclined to switch away from 
famous-name products. 

Cott is tee largest supplier of 
store-branded soft drinks in 
Norte America. It is also a big 
manufacturer of beer, iced tea, 
juices, snacks and pet food. 
Stores that buy its products 
either put their own name on the 
label or one or Cott’s - notably. 
President’s Choice. 

The company has begun to 
spread to South Africa and Aus- 
tralia, and recently signed an 
agreement with Britain’s Cad- 
bury Scbweppes that should 
allow it to distribute throughout 
Europe. 

Mr John Maxwell, analyst at 
brokers Wheat First Butcher & 
Singer, said Cott had signed up 
65 store chains in the US and 
was already supplying 55. 
PepsiCo was being hurt more 
than Coca-Cola by the price war 
because PepsiCo owned the com- 
panies teat bottled its products, 
“and it’s the bottlers who are 
taking it on the chin”, be said. 

Although Coca-Cola holds 
stakes in its bottlers, it does not 
own teem outright Yesterday it 
said it was “comfortable” with 
analysts* existing profit fore- 
casts. 




Corporate Finance 









13 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


INTERNATIONAL COMPANIES AND FINANCE 


UK electricity generator 
seeks to exchange assets 


By Michael Smith in London 

PowerGen, the UK electricity 
g enera tor, yesterday indicated 
a preference for an assets strap 
with an overseas company as it 
revealed a 20.5 per cent rise in 
dividend payments on the back 
of last year’s £476m (5317m) 
pre-tax profits. 

Mr Ed Wallis, chief execu- 
tive, said a cross-border deal 
was the company’s favoured 
option to fulfil an agreement 
with the electricity regulator 
to try to dispbse of 2.000MW of 
generating plant. 

The company had been 
approached by about 20 parties 
interested in buying the plant 
but considered only a handful 
to be serious, Mr Wallis said. 
However, any disposal could 
take time to achieve. 

In the year to April 3. Power- 
Gen's pre-tax profits of £476m 


represented a 12 per cent rise 
on 1992-93's £425m. 

This was in spite of a £24m 
net increase in provisions and 
an 8 per cent reduction in sales 
to S294hn. 

A lower tax charge enabled 
the company to lift earnings 
per share by 20.5 per cent to 
44p (3&5p) and the dividend for 
the year to 12.65p (l(L5p) after a 
final of 8.7p. Cover remained at 
3.5 times earnings against a 
policy of reducing it to 
between 2J5 and 2.7. 

Mr Wallis market share, 
down 1 percentage point to 26 
per cent, was likely to Call fur- 
ther and could reach 22 per 
cent in 1995-98. He expected it 
to rise again as new capacity 
came on stream. Staff numbers 
fell ll per cent to 4,399 and 
salaries and overhead costs 
were down from £566m to 
£439m. 


Last year’s performance was 
also helped by a redaction in 
coal stocks, from 15.7m to 
12.9m. tonnes. Mr John Hen- 
nocks, finance director, said he 
expected a further cut to less 
than 5m tnnnw) in the next two 
years. 

Gearing rose to 15 per cent at 
the year-end. During the year 
PowerGen paid the full £44im 
costs of developing its Con- 
nah’s Quay gas station, reduc- 
ing the total cost by £54m. 

Mr Wallis said three of the 
company’s four new business 
areas - offshore gas, gas trad- 
ing. and combined beat and 
power - were UK-based. In the 
fourth, overseas, the company 
did not need to take the corpo- 
rate acquisitions route. It pre- 
ferred a lower-risk strategy, for 
example, building power plant 
in other countries. 

Lex, Page 16 


Baltica claims against ex-parent 


By HHary Barnes 
in Copenhagen 

Baltica Insurance, the D anish 
insurance company, is claim- 
ing up to DKr590m (591m) in 
compensation from its former 
parent, Baltica Holding, now 
known as Gefion. 

Baltica insurance’s cl aim 
arises because the former par- 
ent company last year sold 
shares owned by Baltica Insur- 
ance in the French insurer, 
Victoire, for DKrlbn. But the 
buyer - Victoire's parent, Suez 
- revealed it had paid 


DKrl26bn for the shares. 

Baltica Insurance wants to 
know how the difference arose 
and believes it has a claim 
against Gefion for at least 
DKr3G0m and up to DKrS90m, 

according to Gefion yesterday. 
Gefion rejects the c laim 

The dispute is the latest 
twist in a long saga, which led 
to the collapse of Baltica Hold- 
ing last year, when it was res- 
cued by a capital injection 
from Den Danske Bank, the 
largest Danish bank. This left 
Gefion as a minority share- 
holding in Baltica Insurance. 


Baltica Holding’s troubles 
were in part caused by a hos- 
tile raid by its Danish rival 
Hafnia in 1991. Hafnia col- 
lapsed In 1992 and its insur- 
ance business was tafam over 
last year by Codan, the Danish 
insurance company. 

Baltica Holding fought off 
Hafhia by brin g in g in Suez as a 
main shareholder. Baltica 
Holding and Baltica Insurance 
acquired holdings in the 
French companies. The French 
and Danish companies sold 
their stakes in each o*hpr lagt 
year. 


NEWS IN BRIEF 

Lyonnaise des 
Eaux expects 
strong gains 

Lyonnaise des Eaux, the 
French utilities and construc- 
tion group, will show a “signif- 
icant” rise in profits from last 
year's modest FFr804m 
($14Uri), Mr Jerome Monod. 
president, forecast yesterday, 
writes David Buchan in Paris. 

Mr Monod told shareholders 
the group’s aim was to 
increase its business abroad to 
60 per cent of its turnover in 


the next five years, from 42 per 
cent 

It hopes to win the contract 
for France's third mobile 
phone network for which it is 
bidding against two rival con- 
sortia. 

Suez decision on 
Victoire in June 

Suez will announce its decision 
on Victoire, its insurance »nft 
at its shareholders’ meeting on 
June 15. Mr Gerard Worms, 
chai rman, said yesterday, Reu- 
ter reports from Paris. 

Mr Worms said Suez did not 
need to sell Victoire to raise 


money for its ongoing 
operations but if it did sell, it 
could use the funds for further 
corporate moves. 

ING seeks Polish 
insurance licence 

Internationale Nederlanden 
Groep (ING), the Amsterdam- 
based banking and insurance 
group, has applied for a life 
insurance licence in Poland, 
Renter reports from Warsaw. 

It planned to start with a 
share capital of 30bn zlotys 
($L3bn) and to lift it to more 
than 200bn zlotys in the third 
year. 


Aga takes 
35% stake 
in Russian 
gas group 

By Ch ris topher D rawi Hl umea 
■i Stockholm 

Aga, the Swedish industrial 
gas group, has taken a 35 per 
cent stake In Rainct ifH?, Kislar- 
odnyj Zavod (BKZ, Balashiha 
Oxygen Plant), one of Russia's 
two largest industrial gas 
groups. 

The group arms to became 
the majority owner in BKZ 
this summer and eventually 
take full control. 

It has acquired a m ajority 
stake in a gas company in Kal- 
iningrad and has a small oper- 
ation in St Peter sb urg. It is 
looking at other opportunities, 
including Lentechgas in 
St Pet er s bu rg, Russia's other 
bi g ind ustrial gas group. 

BKZ has 360 employees and 
annual sales of SKr45m 
($5.7m). It is the largest indus- 
trial gas company in the 
Moscow area, with consider- 
able production and distribu- 
tion capacity for oxygen, nitro- 
gen and argon. 

It is also the leading com- 
pany in the former Soviet 
Union for ultra-pure gases and 

wiiTlir rftSf 

Mr Lars KSHs&ter, an Aga 
vice-president, said the com-, 
pany had bought its initial 
stake through a tender from a 
stale property fund. The fund 
Is -left with a 14 per cent hold- 
ing, most of which is soon to 
be auctioned, with the remain- 
ing 51 per cent held by the 
group's employees. 

Mr Kfflsater declined to say 
how much Aga had paid for 
the shares, but said commit- 
ments to invest in plant equip- 
ment and modernisation had 
been as important as price in 
the tender selection process. 
He said the main challenge 
was to increase energy effi- 
ciency and supply modem air 
separation capacity. 

“We see the risks in Russia 
but also the opportunities. If 
there are setbacks, it is rela- 
tively easy for us to reduce our 
activity and still survive with 
this type of operation,” he 
said. 

Aga has been an active 
investor in eastern Europe. 
Apart from Russia, it has 
invested in the three Baltic 
states, Hungary, Poland and 
the Czech Republic. 


Strong demand for KPN flotation 


By Ronald vot de Krol 
fin Amsterdam 

The partial flotation next week 
of Soninklijke PTT Nederland, 

the Dutch tplam m ininiiffaHiiiw 

and postal company, is nearly 
three times oversubscribed, 
with strong demand from for- 
eign and domestic investors, 
lead manager ABN Amro said 
yesterday. 

With 138-1 5m dares on offer, 
investors had put in applica- 
tions for about 390m dares by 
the time subscriptions dosed 
early yesterday afternoon. 

Allocation of shares will be 
determined over the weekend. 


with an anruMtncemftnt expec- 
ted on Monday, clearing the 
way for the first trading in 
Km shares on the Amsterdam 
stock exchange later that day. 

The government, which 
offered small private investors 
a discount to encourage broad 
participation in the issue, had 
said earlier that private share- 
holders would receive unspecif- 
ied preferential treatment in 
allocations. Details must still 
be worked out by the banking 
syndicate, the Dutch state and 
t hei r advisers. 

The flotation, which will 

raise a minimum of FI 6.9bn 

($3.7bn) for the Dutch state and 


which values KPN at FlSa^bn, 
is the country's biggest share 
Taimeh. 

The state is selling a 30 per 
rent stake in this first tranche, 
with a second tranche sched- 
uled to take place before the 

end of 1997. 

The shares were priced at 
FI 49.75 each on Monday. Pri- 
vate investors will receive a 
discount of F12£0 per share, 
up to a maximum of 75 shares. 

The strong demand makes it 
likely that the banking syndi- 
cate will exercise its option to 
buy an additional 20.7m shares 
over the next 30 days to meet 
heavy demand. 


Aker profits cut to NKr41m 


By Karan Fossfi 
in Oslo 

Aker, the Norwegian cement, 
building materials and on yurt 
gas technology gro u p, yester- 
day reported four-month pre- 
tax profits had more than 
halved to NKr4lm ($5.7m) from 
NKr87m in the same period 
last year. 

The fell was due mainly to 
the positive effect of excep- 
tional items on 1993 figures. 

The 1993 result was lifted by 
exceptional items of NKrll2m. 
If this was excluded the pre-tax 
profit for the period would 
have been NKriSm. 

Group sales were reduced by 
NKi294m to NKr&28bn as oper- 
ating profits fell to NKr87m 
from NKrl35m. 

Aker blamed the feQ in sales 
on a lower level of activity in 
the oil and gas technology divi- 
sion. 

The cement and building 
materials division plunged into 


a pre-tax loss of NKrS8m from 
a profit of NKr3Qm last year, as 
sales rose by NKrS9m to 
NKrl.75bn. 

Aker said that the domestic 
construction and civil engi- 
neering market bad begun to 
show growth, activity in the 
UK was on the rise and there 
was continued high activity 
in the international cement 
business. 

The oil and gas technology 
division lifted pre-tax profit to 
NKrl28m from NKrlOSm, as 
sales dipped to NKr£32bn from 

NKr3.G6hn. 

Aker warned that a continu- 
ing low oil price and postpone- 
ment of development projects 
was limiting development 
activity. The division had an 
order reserve of NKr8.6bn at 
pnri -Aprji, against NKrlObn at 
the of 1993. 

• Norske Skog, the Norwegian 
Tjuin. oarer and bufldine mate- 
rials producer, reported four- 
month pre-tax losses narrowed 


to NKr63m ($8. 75m) from 
NKr92m in the same period 
last year. It forecast an 
unproved result for the year. 

The group said demand for 
main products - pulp, printing 
paper, sawn timber and board 
- had picked up and prices had 
finned in western Europe and 
North America as capacity util- 
isation rose. 

Group sales increased by 
NKr346m to NKr2.71bn, but the 
advance was partly offset by a 
rise of NKx205m to NKriL4ba in 
operating expenses. 

However, Norske Skog 
swung to an operating profit of 
NKrll4m from a loss of 
NKr2Qm last year. 

The group cut losses in asso- 
ciated companies by nearly 
half to NKr28m, mainly 
reflecting high productivity at 
Papeteries de Golbey's in 
France and lower prices for 
waste paper, which meets 
about half of the mill’s raw 
materials needs. 


Finnair returns to black for year 


By Christopher Brown- Humes 

F innair , the F innis h state 
airline, has restored its divi- 
dend after returning to the 
black in its latest financial 
year. 

This was in spite of the Finn- 
ish recession and a slight fell 
in passenger numbers. 

Higher turnover, cost-cutting 
and lower financing costs 
helped the airline report a 
profit after fmirofial i tems of 
FM113m ($20.5m) in the year to 
March 31, compared with a 


FM415m deficit the previous 
year. 

A FM0.3Q per share dividend 
is proposed. 

Group turnover was 8 per 
emit higher at FM5B9bn, with 
a 17 per cent increase in cargo 
and mall traffic helping to 
compensate for a L5 per cent 
drop in passenger numbers. 
The gross margin doubled to 
FM582m, or 9.9 per cent of 
turnover, compared with 
FM2849m, or 5.3 per cent, a 
year earlier. 

There was an operating 


profit of FM183m, against a 
FMlOSm loss. 

The airline said it was cau- 
tious about prospects in 
1994-95, in spite of an upturn in 
domestic air transport demand 
after four years of decline. It 
noted that intensified interna- 
tional competition had caused 
price cuts. 

The Finnish government 
recently said it would seek par- 
liamentary approval for plans 
to cut state ownership in Fin- 
nair to as little as 50.1 per cent 
from its current 72 per cent. 


NOTICE OF OPTION TO REDEEM 
To the Holders of 

TURK1YE CUMHUMYETI 

(THE REPUBLIC OF TURKEY) 

(the “Republic") 

US$200,000,000 . 

10 X U per cent. Bonds due 1999 
(the "Bonds") 

NOTICE IS HEREBY GIVEN to the holders of the Bonds by the 
Republic that pursuant to Condition 6 of the Bonds and to the 
Fiscal Agency Agreement dated as of September 14. 1989, the holders 
of the Bonds may elect to have such Bonds redeemed by the Republic 
on September 14, 1994, (the ‘Redemption Date"), at their principal 
amount together with interest accrued to the date of redemption. 
To eserrise such option the holder must deposit such Bond, together 
with all Coupons relating to it which mature after the date fixed 
for redemption, with any Paying Agent (in the case of Bearer Bonds) 
or the Registrar or any Transfer Agent (in the case of Registered 
Bonds) together with a duly completed redemption notice in the 
form obtainable from any of the Agents, not more than 60 nor less 
than 30 days prior to the relevant date. No Bond so deposited may 
be withdrawn (eseept as provided in the Fiscal Agency Agreement) 
without the prior consent of the Republic. In the case of a Bearer 
Bond payment will be made by a US dollar check drawn on, or by 
transfer to a US dollar account maintained by the payee with, a 
bank in New York City upon presentation and surrender of the 
Bond together with all Coupons appertaining thereto at the offices 
of the Paying Agents listen below. Payments of principal on a 
Registered Bond will be made by US dollar check drawn on, or by 
transfer to a US dollar account maintained by the payee with, a 
bank in New York City against presentation and surrender of sueh 
Registered Bond at the office of the Registrar as specified below. 
Interest on Registered Bonds will be paid to the persons shown on 
the fifteenth day before the due date for the payment of interest 
fthe "Record Date"). Payments of interest on each Registered Bond 
will be made by US dollar check drawn on a bank in New York 
City and mailed to the holder (or to the first-named of joint holders) 
of snch Bond at his address appearing in the register maintained 
bv the Registrar. Upon application by the bolder to the specified 
office of the Registrar or any Transfer Agent not lets than 15 days 
before tbe due date for any payment of interest in respect of a 
Registered Bond, such payment may be made by transfer to a US 
dollar account maintained by the payee with a bank in New York 

Gly ‘ FISCAL AGENT 

Morgan Cuaranty Trust Company of New York 
P.0. Box 161, 60 Victoria Embankment 
London EC4Y 0JP, England 

PAYING AGENTS 

Morgan Guaranty Trust Swiss Bank Corporation 

Company of New York Acachenvorstadt 1 

Avenue des Arts 35 CH-4002 Basle 

B-1040 Brussels Switzerland 

Belgium 

PAYING AGENT & TRANSFER AGENT 

Banque Paribas Luxembourg 

10A Boulevard Royal 
L-2093 Luxembourg 

REGISTRAR 

Morgan Guaranty Trust Company of New York 
Basement A 
55 Exchange Place 
New York. N.Y. IQ2604M23 
USA 

TURKJYE CUMHURIYETI 

(TBE REPUBLIC OP TURKEY) 
By: Morgan Guaranty Trust Company of New York 
Dated: June 10, 1994 os Fiscal Agent 




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The company has declared an interim dividend No- 162 of 45 cents per ordinary share in Sooth African 
currency, payable to members registered ar the dose of business on 24 June 1994. 

Warrants payable on 3 August 1994 will be pasted on 2 August 1994. 

Standard conditions gl a rin g to die payment of dividends are obtainable at the share tr a nsfer offices and efae 
London Office of die company. 

Requests for payment of tbe dividend in South African currency by members on die United Kingdom register 
must be received by (be company on or before 24 June 1994, in accordance with tbe above-mentioned 
conditions. 

The register of members will be dosed from 25 June to l July 1994. indoshe. 

• By ankr ef tbt Batni 

per pm GOLD FIELDS CORPORATE SERVICES LOOTED 


London Office: 
Greencou House 
Francis Street 
London SWIP IDH 


SJ. Dunning, Secretary 

United Kingdom Regisccar: 
Barclays Regisnaa 
B onnie House 
34 Beckenham Road 
Beckenham. Kent BR3 4TU 


9 June 1994 



NOTICE TO FURNISH INFORMATION 
ON FLIGHT INSPECTION SYSTEM 

1. The Civil Aviation Authority of Pakistan is planning to 
raodenuze/upgrade its Flight Inspection System presently 
installed in its Beechcraft Snper King 200 Aircraft. 

2. The desired semi-automatic Flight Inspection System 
should be capable of calibrating all the modern 
Communication, Navigation and Surveillance facilities in 
use at various airports of the world. A provision for future 
installation of GPS and MLS should also be made available 
in the system and quoted separately for price. 

3. The calibration system/console is to be capable of fitment 
in Beechcrafi Soper King 200 Aircraft 

4. The interested firms are invited to furnish details of their 
system budgetary prices and time schedule for fabrication 
and installation of calibration console in the Aircraft on 
turnkey basis. 

5. Participating firms may be called upon to give presentation 
on the capabilities of their equipment at CAA 
Headquarters, Karachi. 

6. The detailed information along with break-down of price 
and supporting literature must reach Director Technical 
Services, Headquarters Civil Aviation Anthority, 19 
Liaquat Barracks, Karachi -4, Pakistan in sealed envelopes 
through secured mail by 1200 hours on l(hh Inly, 1994. 

7. Finns are requested to participate directly and not through 
their representatives or commission agents. 

8. AH correspondence is to be kept strictly confi de ntial. 

9. Any additional information required by the participating 
firms can be had from Director Technical Services (Fax: 
092-21-514497). 

GENERAL MANAGER SUPPLY 
Headquarters Cml Aviation Authority 
Karachi. Pakistan., 


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Dividend No. 20 of 145 cents per preference share for the six months ending 30 June 1994 ha* today been declared 
in South African currency, payable to preference sha reh ol der registered in the books of the co mp a n y at tbe close of 
business oo 24 June 1994. 

Warrants payable oo 27 July 1994 will be posted to preference shareholders on 26 July 1994. 

Standard conditions relating to the payment of dividends are obtainable at die share ctansfer offices and the London 
Office of die company. 

Requests for payment of the dividend in South African currency by m e mber s oo the United Kingdom register must 
be received by the company on or before 24 June 1994. in accordance with tbe above-mentioned conditions. 

The register of members will be dosed from 25 June to I July 1994, inclusive. 

By order of' the Board 

per pro GOLD F IEL DS CORPORATE SERVICES LIMITED 

Londam Soensoria. 
SJ. Dunning, Secretary 

United Kingdom Rcgitttac 
Barclays Registrar* 
Bourne House 
34 Beckenham Road 
Beckenham, Kent BR3 4TU 


l- on d un Officer 
G reencou House 
Francis Screec 
London SWIP IDH 

9 June 1994 



European In vestment Bank 

KaBan Lfca 200 BSon Rooting Rate Notes 

and 

ItaSan Lira 300 BSon Floating Rate Notes 
due March 1996 
Notice to the Holders 

Notice is hereby given that tfie Nows wtS carry an interest rate of 
751563% per Broun for the period 07.06.1994 to 07.09.1994. 

V ITT- 96.033 per (TL 5,000,000 nominal 
♦ m. 960331 per m_ 50.000.000 nominal 

Luxembourg. June 10, 1994 


U.S. $500,000,000 



Formosa Plastics Corporation, U.S. A 

ftocorporaad mtn Smeed SsAtey if the Stare or Oetenre) 

Floating Rate Notes due 2001 
In accordance with the provisions of the Notes, notice is hereby 
given that for foe six month Interest Period from June 10. 1994 to 
December 12, 1994 the Notes w* cany an Interest Rate Ol 6575% 
per annum. The interest payable on the relevant Merest payment 
date, December 12, 1994 wifl be U.S. 516,380.21 per J.S. $500,000 
principal amount. 

By: The Chase M anha tt a n Bank, NJL 
London, Agent Bank 
June 10. 1994 


Chase 


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5250,000,000 
Floating rale notes 1995 
Notice is hereby green tha t the 
notes am bear interest ta 
5.28 '75% per annum from 
8 June 1984 to 8 September 
1994. Interest payable on 
8 September 1994 miU amount 
to S 13127 per 510.000 note 
and 51,332. 74 per SI 00.000 
note. 

Nationwide Bunding Society 
Agent Morgan Guaranty 
Trust Company 

JPMorgan 


AH Advertisement 
bookings are accepted 
subject to our current 
Terms and Conditions, 
copies of which are 
available by writing to 

The Advertisement 
Production Director 
The Financial Times, 
One Southwark Bridge 
London SE1 9HL 
Tel: 071 873 3223 
Fax: 071 873 3064 


ABTRUST ATLAS FUND 

SocMM d-t refoares A capital variable 
Rflgkured Office U rue Goethe. H637 LaxanboBM 
kC, Lmanbaone B 27-229 

DIVIDEND NOTICE 

At the Annual General Meeting of Shareholders held on 26 May 1994 ft 
was resolved to pay Uk following dividends: 

United Kingdom Portfolio £0.01 6 per share 

Continental Europe Portfolio DEM 0.038 per share 

UK Qiowtfa of Income Portfolio IOJ0l2pershare 

Europriva Portfolio £0.0013 per share 

to shareholders on record on 26 May 1994 with an ca-dividend date oT 
27 May 1994 and a payment date of 15 June 1994. 


This would raise a further 
FI Ibn for the Dutch state. 

ABN Amro declined to give a 
breakdown of demand, saying 
the precise number of applica- 
tions would not be known until 
today. However, the govern- 
ment’s aim. has been to s«U 
half of the shares at home and 
half overseas. It wanted to 
encourage wide participation 
among private investors. 

Experienced private inves- 
tors began filing applications 
as soon as subscriptions 
opened on Monday, but first- 
time share investors had 
tended to wait until Wednes- 
dav to take part, the bank said. 


Fortis rises 
35% in first 
three months 

By Emma Tucker in Brussels 

Fortis. the Dutch>Belgian 
financial services group, 
posted a 35 per cent increase in 
net profits to Ecul09.7m 
(595.4ml in the first three 
months. 

In insurance, pre-tax results 
rose by 19 per cent to 
Ecul32.9m. while profits in the 
banking sector almost quadru- 
pled to £cu55.lm. 

The group - jointly owned 
by Amev of the Netherlands 
and Groupc AG of Belgium - 
said the sharp increase was 
attributable to successful 
operations in most of Fortis 1 
businesses. 

The profit for Groupe AG, 
the insurance company, was 
BFrl.85bn ($545m) in the first 
quarter, up 35 per cent on the 
same period a year ago. But Mr 
Maurice Lippens. president of 
Groupe AG. said full-ycar 1994 
profit growth for both Groupe 
AG and its joint venture Fortis 
was unlikely to reach the high 
levels of the first quarter. 

He added that profits for 
Groupe AG were high in the 
first quarter as costs had been 
kept closely in line with last 
year’s levels. 

Profit per Groupe AG share 
rose by 35 per cent in the first 
three months of the year to 
BFr54.3, from BFr40.2 in the 
same period of 1993. 

Fortis announced that from 
yesterday, its two parent com- 
panies - Groupe AG and Amev 
- would be known as Fortis 
AG and Fortis Amev respec- 
tively. 


trN-J6-l ; utmvV 











INTERNATIONAL COMPANIES AND FINANCE 


19 






»*:.» V : -K 1 el- 

.\S> 








FINANCIAL TIMES FRIDAY JUNE 10 1994 


Rhone-Poulenc 
clarifies action 
for US interest 


By Richard Waters 
In New York . . 

Rhflne-Ponlenc. the French 
chemicals group, yesterday 
-said it would not take any 
steps involving its 68 per cent 
interest in US drugs group 
Rhone-Poulenc Sorer without 
first consulting the company's 
management. 

Earlier this week, the US 
company’s shares leapt on 
news that its French parent 
was considering various 
options, including “transac* 
tions -relating to business com- 
binations, mergers or transfers 
of assets or securities". 

The stock market saw that 
statement, contained in a filing 
with the Securities and 
Exchange Commission, as an 
in dication that RhAne-PouleQC 
was considering buying out the 
remainder of its US subsid- 
iary's shares. 

Yesterday, in another filing 
with the SEC, the French 
company laid out consultation 
procedures it would go through 
if it planned to take any 
action. The company said the 
timing of the latest f ilin g was 
purely an a dminis trative mat- 


Tbe French teleco m mimi ca- 
_ turns gro u ps Alcatel Alsthom 
and France Telecom will join 
Globalstar, a global satellite- 
based mobile telephone system 
formed by US groups Loral and 
Qualcomm, AP-DJ reports 
from Paris. 

Loral said France Telecom 
would own a 51 per cent Inter- 
est in a joint venture with 
Alcatel which -will hold 49 per 
cent Total investment in the 


Reynolds Metals, the world’s 
tbird-largest producer- of alu- 
minium cans, is to build an 
aluminium beverage can plant 
in Dammam, Saudi Arabia, 
with four local partners, writes 
Laurie Morse in Chicago. 

The US group's partners in 


ter, and. had not been prompted 
by the reaction to its first 
statement. 

Rhone-Poulenc Rorer's 
shares, which had jumped 
from {33% before the first fil- 
ing to $38% on Tuesday, edged 
down $L'A yesterday morning, 
to $36%. 

When it acquired Rorer in 
1990, Rhdne-Poulenc signed a 
standstill agreement under 
which it cannot increase its 
holding before the end of July 
1997, unless it first secures the 
support of a majority of the US 
company's non-executive direc- 
tors. 

Rhone-Poulenc Rorer, which 
suffered slightly lower profits 
last year, refused to comment 
yesterday, but referred ques- 
tions to its French parent 

For 1993 the company made 
net profits of $408.7m, down 
about 5 per cent on unchanged 
sales of $4.02bn. Mr Robert 
Gawthom, chief executive, said 
the results were "below what 
we had planned". 

He said the environment fac- 
ing the industry had been 
more diffi cult than expected, 
particularly in Germany and 
Italy. 


joint venture, called Tesam, is 
$37. 5m, and represents about 
&3 per cent of the ownership of 
Globalstar. Tesam will be an 
owner and service provider of 
Globalstar In France and “a 
number of other territories", 
Loral said. 

Loral said Globalstar would 
begin service in 1998, and is 
expected to have revenues of 
$L6bn and 2.7m subscribers by 
the year 2002. 


the venture, in which it 
holds a 27.5 per cent stake, 
include the Olayan Group, 
which owns the Coca-Cola Bot- 
tling company of Saudi Arabia; 
tha Olayan Financing Com- 
pany; and two local soft drink 
and juice producers. 


Hollywood 
invests in 
Silicon 
Valley 

By Louise Kehoe 
in San Francisco 

Mr Steven Spielberg, the 
Hollywood producer and direc- 
tor, is to collaborate with 
Knowledge Adventure, a Calif- 
ornia multimedia software 
company, in developing educa- 
tional software for children. 

Mr Spielberg has also 
invested in Knowledge Adven- 
ture, a privately-held company 
which is best known for 
its "Dinosaur Adventure” and 
"Space Adventure" titles 
that incorporate rich graphics 
and videos. 

Terms of the investment 

w we not revealed. 

The collaboration brings one 
of Hollywood's best-known 
directors together with a 
leader in the multimedia soft- 
ware field. Mr Spielberg’s 
recent successes include Juras- 
sic Paris and Schindler's List. 
He is renowned for his use of 
new technology in film- 
making. 

"Fve been following the 
growth in the multimedia soft- 
ware industry with great 
interest," said Mr Spielberg. 
“In particular, I've been 
impressed with the work being 
done at Knowledge Adven- 
ture." 

Mr Spielberg’s interest in 
the field of interactive com- 
puter software reflects grow- 
ing ties between Hollywood 
and Silicon Valley as the 
entertainment and digital 
technology fields Increasingly 
overlap. 

Mr Spielberg said he has 
found common interests with 
Knowledge Adventure founder 
ami chairman Mr BfH Gross. 
“Our sons are about the same 
age, and we are both devoting 
our energies to creating 
great experiences for them. 
I’m anxious to participate in 
innovative, enriching ednca- 
tional software,” said Mr 
Spielberg. 

Mr Spielberg is expected to 
be involved in developing a 
new line of software products 
for Knowledge Adventure. 

“I am thrilled to have Ste- 
ven Spielberg involved," said 
Mr Gross. “1 firmly believe 
that great educational experi- 
ences can be as exciting and 
en g agin g as entertainment." 


French groups join global 
satellite telephone system 


Reynolds Metals in Saudi venture 


Zenith Data climbs back into the ring 

The French-controlled PC manufacturer could break even this year, writes Alan Cane 





Jacques Noels: ZDS chairman on a 'quality overkill’ mission 


T ough controls on costs 
and quality together 
with a strategic collabo- 
ration with Packard Bell are at 
the heart of a turaround at 
Zenith Data Systems which 
suggests the French-owned 
personal computer manufac- 
turer could break even this 
year. 

The company, formerly the 
computer arm of Zenith Elec- 
tronics of the US, has been a 
heavy loss maker since its its 
acquisition by Groupe Bull of 
France in 1989. 

Analysts have attributed a 
substantial part of Bull's 
FFr15 bn ($2.64bn) losses over 
the past three years to prob- 
lems at the Chicago-based 
manufacturer, which until 
recently has been losing 
money on every personal com- 
puter it made. 

Now that the French govern- 
ment has made it clear that 
Groupe Bull is to be privatised, 
the performance of its troubled 
personal computer arm has 
assumed a new importance. 

Mr Jacques Noels, chairman 
and chief executive since Janu- 
ary 1993, says there were three 
chief areas of concern when be 
took over. 

First, quality. Returned 
systems and repairs cost 
the company some 20 per 
cent of its Slbn revenues 
last year. Second, the 
lack of a line of low-cost, entry- 
level systems. Third, profit- 
ability. 


“Our financials were abso- 
lutely catastrophic," he says 
without disclosing the level of 
losses. 

Mr Noels, 53, took over from 
Mr Enrico Pesatori, now 
vice-president of worldwide 
sales and marketing for Digital 
Equipment, the US computer 
manufacturer. 

Mr Pesatori, also 53, had 
been brought in freon Olivetti 
in 1991 to restore ZDS's techno- 
logical and market credibility 
after Bull ran into problems In 
the early stages of bedding-in 
its US acquisition. 

Mr Pesatori, an expansive 
and charismatic executive, suc- 
cessfully catalysed the intro- 
duction of a new range of 
high-level personal computer 
and network servers but 
departed for Digital before the 
manufacturing bugs had been 
ironed out 

Mr Noels, quietly-spoken 
with a fastidious attention to 
detail, set out on a “quality 
overkill" mission. Engineering 
and manufacturing practices 
were overhauled in response to 
information about faults col- 
lated by ZDS field staff. ZDS 
sales people were encouraged 
to join customers in opening 
the cartons containing newly 
delivered systems: “All sorts of 
thing s h ap p en during transpor- 
tation," Mr Noels says darkly. 

The result has been, Mr 
Noels claims, a drastic 
improvement. Now the cost of 
faulty systems is less than 2 


per cent of sales. According to 
a survey carried out in the US 
by the consultancy J. D. Power 
& Associates. ZDS now ranks 
third behind IBM and Apple 
and just ahead of Compaq in 
quality. 

Tbe problem of an entry 
level PC line was mainl y 
solved by the decision last year 
to buy a 199 per cent stake in 
Packard Bell of the US. the 
largest supplier or low-cost per- 
sonal computers to retail 
chains such as Sears, Roebuck 
and Wal-Mart 

ZDS and Packard Bell 
develop and manufacture desk 
top computers jointly, while 
ZDS, which made its name in 
portable computing, provides 


Packard Bell with notebook 
computers. 

According to Mr Noels, the 
combined purchasing power of 
ZDS and Packard Bell is equal 
to that of Compaq. Further- 
more. the deal gives ZDS 
access to 9,000 retail outlets in 
the US and to Packard Bell 
expertise in marketing low- 
cost, low-margin systems. 

Today, ZDS offers a complete 
product line from entry-level 
desktop systems through note- 
books and high end networks 
servers. A line of personal digi- 
tal assistants is in develop- 
ment. The overall cost of 
research and development has 
been cut from 7 per cent of 
revenues to 2% per cent 


through the association with 
Packard Bell. 

Overall, sales, general and 
administrative costs together 
with research and development 
expenses have been cut from 
35 per cent in the middle of 
last year to 14 per cent now, 
helped by a reduction of 200 in 
tbe company's l.700-strong 
workforce. 

The results can be seen in 
tbe company's results. Reve- 
nues are expected to reach 
$l.3bn to Sl.4bn this year, 
about a 30 per cent improve- 
ment on the year before. In the 
first quarter, worldwide sales 
were 73 per cent on on the cor- 
responding period last year, 
with especially strong growth 
seen in North America. The 
loss was about $10m on $300m 
of sales. 

Mr Noels aim now is to 
establish ZDS as a global force 
in what be describes as “con- 
nected computing", tbe best 
way to network together 
machines from both the same 
and other manufacturers. 

A first step was the introduc- 
tion this year of a workgroup 
server designed in conjunction 
with the leading networking 
software supplier, Novell, to 
make networking simple and 
affordable. It won a prize at 
CeBit. the computer exhibition 
in Hanover, Germany. 

The big prize for Mr Noels, 
however, remains to return 
ZDS to real and sustained prof- 
itability. 


Three suits filed to block 
Times Mirror cable deal 


Canadians withdraw from 
bidding for Air Jamaica 


By Louise Kehoe 

Three law suits have been filed 
against Times Mirror, the US 
mpriia group, seeking to block 
the proposed sale of its cable 
telerision operations to Cox 
Enterprises for $2^bn. 

Times Mirror said it was in 
the process of studying and 
evaluating the complaints. 

One of the suits, filed by a 
shareholder, raises objections 
to tbe terms of the deal relat- 
ing to Chandler family trusts. 
The Chandler family holds a 55 
per cent controlling interest in 
Times Mirror. 

Other Times Mirror share- 
holders will receive stock in 
Cox Cable, a subsidiary of Cox 


Enterprises, as part of the pro- 
posed transaction. The Chan- 
dler trusts, which are pre- 
cluded from holding stock in 
Cox, will instead receive a new 
non-voting preferred Times 
Mirror stock that will continue 
to pay dividends of about 
$42.5m a year. 

Times Mirror said this week 
that dividends paid to other 
shareholders would be substan- 
tially reduced when the pro- 
posed transaction is completed, 
to enable greater Investment in 
di gital m adia ventures. 

Under the terms of the agree- 
ment with Cox, Times Mirror 
will also receive $L36m in cash 
through a debt swap arrange- 
ment 


Mexican steel 
group completes 
$110m loan 

Altos Hornos de Mexico 
(AHMSA), a Mexican steel 
company, has completed a six- 
year, 9110m syndicated loan, 
secured by export receivables, 
writes Tracy Corrigan. The 
facility was arranged by 
J.P. Morgan Securities. 

Proceeds from the loan win 
be used to refinance AHMSA's 
short-term, peso-denominated 
debt 

The loan consists of two 
tranches. The first tranche 
was priced at 250 basis points 
above the London interbank 
offered rate (Libor) and the 
second tranche at a fixed rate 
equal to 270 basis points above 
the 3%-year US Treasury yield. 


By Canute James in Kingston 

A Canadian investment group 
has pulled out of the consor- 
tium planning to buy finan- 
cially troubled Air Jamaica 
from the island's government. 
The purchasers say this will 
not affect the timetable for a 
takeover, which is scheduled 
for July 1. 

Cochrane Investments of 
Toronto, which was to have 
taken about a quarter of the 70 
per cent stake being bought by 
the Air Jamaica Acquisition 
Group for US$26_25m. could not 
agree with its partners on 
plans for the airline’s 
operations or capital structure. 

“All parties agreed that it 


was in the best interests of the 
project that the arrangements 
made with Cochrane be termi- 
nated," said Mr Peter Rouss- 
eau, chief negotiator for the 
purchasers. 

The consortium is seeking a 
replacement, and appears set 
to reach an agreement with Mr 
Gordon Stewart, one of tbe 
Caribbean's leading hoteliers. 
Mr Stewart would not be 
drawn on whether he would 
become involved in the deaL 

The agreement with the con- 
sortium, first announced a 
month ago. will leave the gov- 
ernment with a 25 per cent 
stake in Air Jamaica, with 5 
per cent being offered to the 
company's employees. 


NOTICE OF EARLY REDEMPTION 

CITIZENS fTRST BANCORP, INC. 

(the Company ) 


US$20,000,000 

6 */* % Convertible Subordinated Debentures Due August 1, 2001 

(the “Debentures") 

NOTICE IS HEREBY GIVEN that pursuant to Article 3 of the Indenture, the Company will redeem aB 
outstanding Debentures at the redemption price of 100% of the principal amount on Auguat 1, 1994 and 
in to real thereon shall ream to accrue on that dale. 

Payment of principal and intereat will be made uubiI mi rr under of Debentures or Coupons at the specified 

Em of any of the Paving AnenU listed below. Snell pa 
in New York 


office of any of the Paying Agents listed below. Such payments will b« made by dollar check drawn on a bank 
City or by transfer to a dollar account maintained by the payee with a bank in a European Gty. 
Each Debenture should be presented for payment together with all unmaLared Coupons. Such unmatnred 
Coupons (whether or not attached thereto) shall become void and no payment shall b« made in respect 
thereof. 

Subject to and upon compfiahee with provisions to Article 10 of the indenture, at the option of tha Holder 
(hereof, any Debenture may, at any time prior to the dose of business on the Business Day immediately 
preceding the dale fixed for redemption, (August 1, 1994) be converted into duly authorised, validly issued. 


preceding 
fully paid 


and a on -assessable shares of Common Stock. As a result of a downward adjustment pursuant to 
the procedures set forth in (Haase (1) of Section 10.08 of the Indenture, the conversion price of the Debenture* 
was adjusted to $10 .27 per share effective as of September 30, 1992. No payment or adjustment will be made 
for accrued interest on a convertible Debenture, except if a Debenture is presented and surrendered for 
conversion after the date of this Notice of Early Redemption (the "Notice^ (which date shall he the date such 
Notice is Erst published), the Debenture holder shaD be entitled to receive accrued interest to the date of 
such Notice, together with (he share of Common Stock into which the Debenture is converted. Any snefa 
payment of accrued inleresL shall be made through a Conversion Agent located outside tbe United Sates by 
check in the manner provided for payment in lien of fractional shares as provided in Section 10.03 of the 
Indenture. 

PAYING AND CONVERSION AGENTS 
Morgan Guaranty Trust 
Comps ny of New York 
• .Avenue des Arts 35 
B-1040 Brussels 


Morgan Cuaranty Trust 
Company of New York 
60 Victoria Embankment 
London. EC4Y0JP 

Swiss Bank Corporation 
Aesebenvorsudt 1 . 

CH-4002 Basle 

CITIZENS FIRST BANCORP, INC. 

By: Morgan Guaranty Trust Company 
as Trustee . 


Morgan Guaranty Trust 
Company of New York 


14 Place Venddme 
75001 Paris 

sue de Luxembourg S. A. 

103 Grand Rue 
1661 Luxembourg 


Dated: June 10, 1994 



For further information please contact: 

AUCIA ANDREWS 
Tel: 44 (O) 71 873 3565 
Fax: 44(0) 71 873 3062 

Financial Times, Number One Southwark Bridge, London SE1 DHL 


FT Surveys 


Citicorp Banking Corporation 
U.S. $250,000,000 


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FT Surveys 


ALTUS FINANCE 
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20 


FINANCIAL. TIMES FRIDAY JUNE I(H9S*4 


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INTERNATIONAL COMPANIES AND FINANCE 


Investment yields fall at Japan’s life insurers 


By Gerard Baker 
m Tokyo 

Lower interest rates and weak 
overseas returns produced a 
substantial drop in the invest- 
ment yield at Japan's eight 
largest life insurance compa- 
nies in the year to the end of 
March. 

Results published yesterday 
showed a decline of 0.5 per 
cent in the companies’ yields 
to an average of less than 4 per 
cent The fin forced the insur- 
ers to cut policyholder divi- 
dends for the fourth year in 
succession. 

The companies blamed the 
global trend towards lower 
interest rates last year and the 
sharp rise in the yen, which 
reduced profits from overseas 
securities. 

The decline in investment 
yield has heightened fears that 
most of the companies are now 
technically unable to meet 
their liabilities to investors. 

The life insurers are all 
mutual companies owned by 


Japanese life insurers: Year to March 1d94 (Y bn) 



Premium Change on 
income year (%) 

Total Change on Investment yield (%) 
assets year {%) 1893-84 1992493 

Nippon Ufa 

5,790 

+3.7 

34,719 

+6u3 

3.48 

4.16 

DaHchi Mutual Life 

4,034 

+0J 

24.295 

+7 J5 

3.36 

3.90 

Sumitomo Ufa 

3,615 

+1.3 

21,398 

+8.0 

&91 

4.14 

Meiji Mutual Ufa 

2,586 

417 

14,825 

+9.1 

4.16 

4A1 

Asahi Mutual Life 

1,922 

+3.9 

J1.169 

+&0 

4.00 

4.54 

Mitsui Mutual Life 

1,664 

+1.2 

9,255 

+8^ 

3.61 

aso 

Yasuda Mutual Life 

1,638 

+7.8 

8,182 

+10^ 

3.92 

4.31 

Ctvyoda Mutual Life 

1,020 

+5.0 

6£17 

+5.6 

4^5 

4.72 


jncF Canvwny wpora 


their policyholders and are the 
largest group of institutional 
Investors in Japan. 

In the late 1380s most compa- 
nies wrote policies which guar- 
anteed their members greater 
returns on their assets than 
they have subsequently been 
able to earn. 

Most analysts behove the 
Japanese insurers need an 
investment yield of at least 4£ 
per cent to meet their liabili- 
ties. This figure Is substan- 
tially higher than yields 


achieved in the last few yeazs. 

But insurance law permits 
life insurance companies to 
count unrealised profits on 
equity holdings as profits, 
without requiring them actu- 
ally to the gfnm>hnl/Hw | M: 
AH eight leading companies 
took advantage of the rule in 
the last year. 

Companies are now counting 
nearly Yll.OOObn ($lOL5bn) in 
hidden e quit y as profits 
to bolster their capacity to 
meet their liabilities, an 


increase of nearly S) per cent 
cm last year. 

Ttwyttp* from premiums and 
new policies rose strongly in 
the second half of the year, off- 
setting an unprecedented fall 
in the first six months, and 
securing a 2.6 per cent increase 
for the eight insurers together. 
Total assets rose by 8.4 per 
cent to more than Y130,0OQbn. 

Several of the companies 
face additional difficulties with 
substantial portfolios of bad 
debts. 


One-third of Japanese insur- 
ers’ assets are in the form of 
loans, and during the so-called 
“bubble economy" years of the 
late 1980s, some of them pur- 
sued increasingly imprudent 
lending policies, and have 
since found themselves bur- 
dened with large quantities of 
problem loans. 

Worst hit was Sumitomo 
Life, whose chairman, Mr 
Yasuhiko Ue yarns, Is to resign 
following the company’s 
admission that its non- 
perfonning loans rose by 32 per 
cent in the year to March. 

Most or the loans were to 
Sumitomo Life's non-bank 
financial affiliates, a lending 
policy actively encouraged by 
Mr tfeyama. 

In a placatory gesture to dis- 
gruntled policyholders, most of 
the companies also cut or kept 
unchanged executive bonuses 
that had already been reduced 
in the previous year. Despite 
this, the divisible surplus fell 
by nearly 27 per cent to 
Yl^Mbn. 


WMC quits 
Australian 
nickel project 

By Nikki Tait 

Western Mining Corporation, 
the large Melbourne-based 
mining group, said yesterday 
that tt was withdrawing from 
the Bulong Nickel Project in 
Western Australia. 

As a result. Resolute 
Resources, the smaller Perth- 
based miner which previously 
had a 30 per cent interest in 
the project, will take a 100 per 
cent ownership interest and 
management controL 

Resolute said it was anxious 
"to take full advantage of the 
expected upturn in nickel 
prices". 

The project was established 
more than three years ago. to 
investigate the viability a sig- 
nificant low-grade laterite 
nickel deposit, about 30km east 
of Ealgoorhe in Western Aus- 
tralia. 

In statement yesterday, 
WMC said that studies had 
suggested that it would be 
more attractive to use a sul- 
phur burning acid plant to pro- 
cess the deposits, rather than 
to use sulphur dioxide off- 
gases from the WMC's nickel 
smelter at Ealgoorhe. 


NEC to increase business with Bull 


By Michiyo Nakamoto 
hi Tokyo 

NEC, the Japanese electronics 
company, is to nearly triple its 
transactions with Bull, in a 
move to support the loss- 
making French computer com- 
pany's financial and business 
position. 

NEC said that trading with. 
Bull, which is a subsidiary of 


the French state-owned Groupe 
Bcdl was being raised from an 
annual Y6bn to 77bn to just 
under 72Dbn ($192m) in the 
current fiscal year. 

As part of the increase in 
business between the two com- 
panies, NEC Is expected to sup- 
ply Bull with telecommunica- 
tions equipment and 
asynchronous transfer mode 
(ATM) switches for digital 


transmissions in order to sup- 
port the French company's 
operations in Europe. 

ATM switches, which sup- 
port multimedia communica- 
tions, are relatively new in 
Europe and could provide Bull 
with a head start in this area, 
NEC said. 

Bull, in turn, will provide 
NEC with software for net- 
works, and other systems. 


NEC currently supplies Bull 
with mainframe computers on 
an original equipment manu- 
facture basis. 

The decision to increase 
mutual business comes as Bull 
has been seeking to refinance 
its operations. NEC also 
recently agreed to develop 
mainframe and middle-range 
computers with Bull, in which 
it owns a 4.43 per cent stake. 


Regional bourse planned 
for southern Africa 


A grouping of 18 eastern and 
southern African countries is 
p lanning to set up a new stock 
exchange to help develop capi- 
tal markets In the region. Ren- 
ter reports from Harare. 

An official from the Preferen- 
tial Trade Area (ST A) grouping 
said the exchange would allow 
cross-listing and trading in 
national securities, to boost 
cross-border investment and 
capital mobility. He did not say 
where the exchange would be 
located. 

Zimbabwe welcomed the pro- 
posal, but said tight foreign 
exchange rules must be 
removed first. 


“It is a good idea to have 
such an establishment but 
exchange controls have to be 
seriously addressed and 
relaxed before such an 
exchange could become via- 
ble," said Mr Mark Tunmer, 
head of Zimbabwe's stock 
exchange. 

He said the proposed bourse 

COUld enahte mgmh <»r^ nnntri 

to raise funds for development 
projects and allow cross-border 
investment 

The PTA official did not say 
where the bourse would be 
located, but analysts believe a 
likely Choice to be Harare, the 
Zimbabwean capital. 


Lower profitability at 
South Korean banks 


South Korean commercial 
banks reported lower profit- 
ability in 1993, hit by two 
cuts in interest rates and the 
increased burden of corporate 
taxes and internal reserve 
requirements, according 
to the Office of Rank Supervi- 
sion, AP-DJ reports from 
SeouL 

hi a report on the manage- 
ment of domestic banks, the 
hanking regulatory body said 
that their after-tax net profits 
amounted to Won889.1bn 
(SLlfan) hi 1993, a 4^ per cent 
decline on the previous year’s 
WanS3L4ba. 

Combined operating income 


totalled Won2,9Q0bn in 1993. up 
11.6 per cent from Won2,600hn. 

Combined assets expanded 
by 18.6 per cent to 
Wonl98.490bn, slower than the 
previous year’s 19J) per cent 
rise. 

Bad debts, defined as debts 
on which payments on princi- 
pal or interest are more than 
six months overdue, totalled 
Wan2£30bn at the end of 1993, 
up 20J9 per cent. 

The annualised rise of such 
debts was the first since 1988. 
The bank blamed some large 
bankruptcies, including Han- 
yang, a leading construction 
company. 


Hardie down 
75% in year 
but expects 
improvement 

By NQdd Tail in Sydney 

James Hardie, the Australian 
building materials and invest- 
ment group In which Brtertey 
Investments has taken a small 
stake, yesterday announced a 
75 per cent fall in profits after 
tax and ahnormals, to A$14.2m 
(US$l0.4m) in the year to 
end-Mardau 

However, the company said 
it expected “a very marked 
Improvement” in the current 
financial year. 

Revenues in the 12 months 
rose to A$l.72bn, compared 
with Afl.6bn in the same 
period a year earlier. The com- 
parable profits figure for 

1992- 33 was AgS&Sm (neither 
profit figure is equity- 
accounted). 

Part of the tumble in profits 
derived from a larger abnor- 
mal item - A $54. 9m in 

1993- 94, compared with 
ASiQ.4m in the previous year. 
About half of the latest figure 
related to restructuring and 
rationalisation efforts. 

Even at the operating level, 
however, profits slipped to 
A$54.9m from A 570.3m in the 
previous 12 months. On the 
building products side, wbkh 
accounted for most of the 
abnormal items, profits were 
up by one-fifth to A$6&9m, on 
a 5 per cent sales gain. 

Hardie forecast a continued 
improvement at its OS arm, 
which moved from a loss of 
A$10.9m in 1992-93 to a 
A$6-2m profit last year. But 
the pipelines business saw 
profits fall to A$l8.6m from 
A$30m. 

The group’s building ser- 
vices division also recorded a 
loss of AS&lm, compared with 
last time's AS6.6m profit, due 
to the decline in non-housing 
construction in Australia and 
losses In New Zealand. 

On an earnings per share 
basis, Hardie’s profits equated 
to 3.9 cents, compared with 
15.8 cents last time. However, 
in the light of the board’s 
belief that the figures repre- 
sented “a turning point”, the 
final dividend was maintained 
at 6 cents a share, bringing 
tiie total for the year to 12 
cents (fully franked), com- 
pared with 12 cents last time 
(70 per cent franked). 


m<® 


FULL YEAR RESULTS 

1994 


“This has been a good year for 
Johnson Matthey in which all our divisions 
have earned higher profits. The new 
year has started well and I look forward to 
a period of exciting growth 9 \ 

DAVID DAVIES, CHAIRMAN 



1994 

change 

Operating profit 

£8 1.7m 

+ 14% 

Profit before tax 
and exceptional items 

£77. lm 

+10% 

Earnings per share 
(excluding exceptional items) 

27.6p 

+7% 

Dividend for year 

H*4p 

+ 11% 


Johnson Matthey 

WORLD LEADER IN PRECIOUS METALS TECHNOLOGY 

For a copy of the Annual Report, io be published on 20th June 1994, please contact: 

The Secretary, Johnson Matthey Pic, 2-4 Cockapur Street, London SW1Y JBQ. 


Hr contra of ita, admocneK 


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1070 

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1139 

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1070 

1070 

0230 

1131 

1070 

1070 

0300 

11JS 

1070 

1070 

0330 

1139 

1070 

1070 

0400 

1139 

1070 

1070 

0(30 

1139 

1070 

1070 

0500 

1139 

1070 

1070 

0630 

M.10 

1070 

1070 

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113# 

TOTS 

1073 

0630 

1138 

1030 

1030 

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2040 

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27.17 

0630 

3830 

2837 

27.17 

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3632 


27.17 

1030 

29.17 


27.17 

1100 

29+1 


27.17 

1130 

2046 


2738 

1200 



3230 

1230 



3230 

1300 

2637 

2438 

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1330 

2SJ3 


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2737 

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24.12 


2737 

1300 

24.10 


2737 

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■ *V Bhp 

2737 

1600 


■ TTS 

2SJB0 

1030 



2737 

1700 

8239 


2737 

1730 

8237 

2438 

2737 

1000 

MCInl 

2(38 

2737 

1830 



2520 

1800 

2074 



1830 

23^0 

1733 

2035 

2000 

2841 

1534 


2030 

22.70 

1630 

1090 

2100 

22.79 

153* 

1834 

2130 

2031 


3830 

7WM 


I29 

3830 

2230 


2172 


2300 


1830 

1828 

2330 

2030 

1132 

1132 

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1836 

11.10 

11.10 


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mg— IP hour, founded Id dsd deem (eon 






SOLVAYSA 

The general meeting of fith June 1994 
approved the distribution far the 
financi al year 1993 of a net dividend of 
BF 500 on bearer shares. The final 
dividend of BF 400 will be payable by 
BF draft, by transfer bo a BF account, or, 
in aterfing at bankers' sigh* buying rate 
for Belgian francs on the day of 
presentation at the option of the holder 
against praaantation of Coupon No S3 at 
either of ttw fallowing office* 

S duixi er ln ve stnie nt MimagementLM, 
33 Cotter Lane. 

London EC2R8BS 
Attention: Coupon Department 

Genemie Bank. 

4 BJshopsgate, 

London, Ed 

Between die hours of lQaot and 2pm on 
or after 17th June 199 4. UK lax will be 
deducted from the net dividend unless 
lodgements ore accompanies by the 
necessary affidavit. Payment can be 
made only to persona residing outside 
the BeJgo^jucemboui-g Customs LJoion. 
Shareholders should note that under the 
terms of the UK/ Belgian Double 
Taxation Convention Solvay 
shareholders resident to the UK are 
eligible, upon submitting a duly 
completed form 276 DrV, to partial 
re imbur sement ot Belgian withholding 
tax equal to 2L21 per cent of the net 
dividend- 


.. 15 % 

off electricity 


021 423 3018 

Powerline 



BANCO 

NAPOLI 


.Vlatolsdonr 

Laadard Sanaa d MopsB Grate G>tap 
Mnoam o« vm banMno Fuad lor on pnmcHm of rinpotea 
Cmpany bm taiafVM il ajSLTCiKgjU 

pMwMMMCM of Napaa ireMaMw no. *00/91 

ba at ru 487081 
WN mita sO MW OOM 


•Court of 

HMUtamS 01 CCLAA 
BmtoiagMwoa SOtS -Tm Com 


NOTICE OF ORDttiARY SHAREHOLDERS' MEETING 

Noted la hereby given that. kuiieUlaMy after the extraottfinatySha/etioldera' 

Meeting convanod at the registered office In Naples, Via Toledo, 177, on 28th 

June 1994 ai TZQQ ua. tot the Oral cofflng and, K mcasury, tor * woenna 

“ on 30ttt June 1994 at the samo time and pl ace, an onfinwy 

" s' Meeting wil be toidwWi the toaowirig 

AGENDA 

1) Appointnent of the Audhors lor (he certification of the Banco <9 NapoH 

&plA. balance sheet and the Group's consolidated financial statement 

according to DPA no. 138 of 31 J.1S7S tor tits timee y«« 109S n 1997; 

3) Renewal of tftoauftarinten to us the U. W bitten reserve fund far trn 

aaptitfflofl of the company's own shares: 

9 Nomination of a substitute Auditor. 

AH the ovScationa given tor (he extraonfinary Meeting reMhe »□ too right to 
attend the Meeting and the authorised butts remain valid. 

OO bohalf of the BOflrtl of Directors 
Tha Chairman 
Prat Luigi Cacdoti 


DOMUS MORTGAGE FINANCE NO 1 pic 

£100,000,000 

Mortgage Backed Floating Rate Notes 
due 2014 

hi accordance with die conditions of the Notes, notice is hereby 
given, that lor the three month period 8 June 1994 to 8 
September 1994 the Notes will carry a rate of interest of 5.5375 
per cent per annum with a coupon amount of S1395.75. 

20% Chemical 

As Agent Bank 


Notice to the Holders of 

ENTE NAZIONALE PER L'ENERGIA ELETTRICA (ENEL) 
Italian Lira 400 BUGob 
F loating Rate Notes 
Doe 1999 

Coupon N* 10 for the period May 30. 1994 to 
November 30, 1994 will ba payable starting 
November 30. 1994 u the meat 7-85® 

m. 3HL6LI,- per note of ITL 5,000,000 Nominal 

1TL 2,006,111,- per luxe of ITL 50,000.000 Nominal 

June 03.1994 

SANPAOLO-LAR1ANO BANK S A. 

Ltatnmbomg 
Agent Bank 


LOW COST 

SHARE DEALING SERVICE 1 -944 0111 


‘MMl'MnS I :io\r tlO UIMMI M Ml 
£00 % ; VMM l M< 1 '. \ ■, IH\l>h 


F ufureSburxe 



Learn Technical Analysis 

nmSetJa' “* ^? n jL Qrt c f. rmtr home with she 
C"** •" Tectuoleal .UtolyaM 
yiyfZ S.OO.VATjcivjw haaudcu LfaaLn 

jnpsxia Rcjgj«eh. rat m«h 


_HP*5QJL 



TWa Survey wfll be an overview of Russia, providing a 
comprehensive analysis of the economic end political 
•Ituation, together with in-depth comment mi key areas 
such as Russia’s Economy, Foreign Investment, Trade, 
The Energy Sector, and Engineering. 

To advertise In this feature, please contact 
Nina Oolovyatenko on Tot +0995 243 19 57 
Patricia StinMge on 

Teh +44 71 B73 3428 Fax-. +44 71 873 3438 

FT Surveys 









FINANCXAL TIMES FRIDAY JUNE .10 1994 


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INTERNATIONAL CAPITAL MARKETS 



drift lower ahead of inflation data 


‘•V T 

T '"^ s 
i. , 

af:ij J; V 

r^25: f hp 

” i*'! r ^\ \ 

re- Ml Vila V.' 


By Rank McGurty In. Mew York 
and Graham Bowtey and ; 
Tracy Confgan in London - * 


J.wS’SLv 

‘ SsiN ^ ■ 

- »U S' " $ 


1 

1l| > r, i , r , 4 

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h “ la i' 

" 11.Il Ifc. 


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h.i«f 


US Treasury bonds drifted 
lower yesterday morning as 
traders , squared their positions 
before todays inflation data. 

By midday, The benchmark 
38 -year government issue was 
£ lower at 87fi, with the yield 
rising to 7.292 per cant At the 
'short ..end) the two-year note 
washdown i. at 1004 , to yield 
5.772 per cent 1 

Activity was. sluggish with 
most traders staying on .the 
siddBES until after- this mean- 
ing’s release of the May 'pso- 
ducer price mdak. Bond prices 
held Mrty.sfceady, asthare was 
general optimism in the mar- 
ket that Inflation was still no 
threat to the value of fixed-rate 
securities. ' 

Though 1 the PPX Jtsdt which 
reflects a backward view, is 
inherently of less interest than 


statistics suggesting future 
trends, today’s report may pro- 
vide a catalyst for a strong 
advance. Analysts were expect- 
ing- bands to rally if the tmW 
matches expectations of a 0.2 


GOVERNMENT 

BONDS 


per cent rise in wholesale 
prices last month, or 04 per 
cent whan the v olatile (bod and 
energy sectors are excluded. 

There was a snippet of eco- 
nomic news yesterday. The 
Labor Depar tment R i d initial 
riabnw for state twi wnp lpymfflnt 
benefit had held steady last 
week. The market was expect- 
ing a alight uptick in jobles* 
-sness, bat the axmouncement 
barely caused a ripple of activ- 
ity. 


B The mare sombre tone in 

Europe caused UK government 


bond prices to ease. 

With no new UK economic 
data, there was no fol- 
low-through after Wednesday’s 
substantial rise as Investors 
took profits. 

“European markets are on 
hold. They are still tracking 
the (JS and waiting to see 
when the Federal Reserve 
H ghtwnq again and waiting for 
more real economic date in 
Europe to see if the easing pro- 
cess is goto® to continue,” said 
Mr Bob Pierce, head of gilt 
sales at Salomon Brothers. 

Traders reported a lack of 
interest among buyers, particu- 
larly for longer-dated maturi- 
ties. .Analysts «a?d that there 
was Some switching from gilts 
into German government 
bonds. 

Analysts said that investors* 
attention has also begun to 
turn to the Bank of England's 
next gUt auction, due to be 
armrarnned npy t week .which 


will be a test of market senti- 
ment. 

The long gilt future was 
down § point at 1.01 j* In late 
trading. 


■ German bond prices suf- 
fered a further bout of weak- 
ness, following indications ear- 
lier in the week of stronger 
economic growth which trad- 
ers fear will delay further 
interest rate cuts. Prices slid 
about % point, in the absence 
of any fresh direction. 

The Bundesbank council's 
inaction over interest rates at 
Its fortnightly meeting was in 
line with market expectations, 
as most analysts believe it is 
still too early for a further rate 
cut 

Moderate retell interest, trig- 
gered when 10 -year bond yields 
reached 7 per rpnt earlier in 
the week, lws tailed i>ff, leav- 
ing the market without any 
firm support. 


Traders are now waiting to 
see whether the release of US 
producer price data for May 
will provide any fresh Impetus 
for the bund market. 

The September bund future 
on LiJTe ended seven basis 
points lower at 92A6. 


in the bond market Expecta- 
tions centre around a rise of 02 
per rent In May. 

French industrial production 
rose by 04 per cent in March, 
below expectations of a 0.4 per 
cent increase. 


■ French government bonds 
tracked the German market 
downwards, despite date show- 
ing a surprisingly small rise in 
industrial production in 
March. 

The decision by the Bank of 
France to leave its intervention 
rate un chang ed at Its money 
market tender was fully expec- 
ted and also failed to have an 
impact on sentiment. 

More important will be 
today's data on US producer 
prices and French consumer 
prices. The French date could 
reinforce the picture of a low 
inflation French economy and 
could help improve sentiment 


• Sweden's National Debt 
Office has frozen plans to auc- 
tion more of a newly-launched 
20-year index-linked bond, 
meaning it would not go ahead 
with auctions for SKr4bn 
worth during this month to 
complete a previously-advised 
issue programme, Renters 
reports. 

"We have put [the bonds] on 
ice for the time being” a Debt 
Office spokesman said. The 
office had said it would auction 
a total of SKriQbn worth of the 
new zero coupon paper in May 
and June, hi two auctions so 
far in this period it offered 
SKrfibn but accepted bids for 
only SKri.i$7bn. 


Pricing of Ontario’s $lbn global offering pays off 


gy Antonia Sharpe 


The Province* of Ontario’s 
decision to play safe bn the pri- 
cing .of its first dollar global 
offering of the new fiscal year 
paid off yesterday- when the 
~gllnx issue of 10 -year bonds was 
priced at the lower end of the 
indicated range: * 

When the bomte were freed 
to trade,the yield_spread' tight- 
ened Jn: further to 65 basis 
points over US Treasuries from 
the launch spread , of 67 hams 
points. "There to- a fine tine 
between getting no response 
from investors and an . over- 
whelming response, which 
makes Mu market difficult to 
call” said joint bookrunner 
Goldman Sachs. 

- Gol dman added that the 
global' bond structure also 
helped to arouse interest in the 
offering. Nevertheless,. the bulk 
'of the bonds — around 60 per. 
cent - was from the US while 


European investors took up 30 
per cent The remainder went 
to the Far East. 

A similar demand split was 
detected for the C$lbn five- 
year global offering from Can- 
ada Mortgage and Housing 
Carp, the housing agency. The 


INTERNATIONAL 

BONDS 


bonds were indeed to yield 16 
basis points over Canadian 
treasuries and when they were 
freed . to trade the spread 
remained unchanged. 

Signs that investors were 
rarnhig out of the woodwork 
prompted further dollar-de- 
nomrnated issuance. Syndicate 
managers said the European 
investment Bank’s $500m five- 
year offe r in g was in reasonable 
shape despite the typically 
aggressive. pricing of 10 basis 
basis points over Treasuries. 


When the bonds were freed to 
trade, the spread widened only 
marginally to 12 basis points. 

By contrast, the pricing on 
Unilever’s $2SQm offering of 10- 
year eurobonds was thought to 
be overly generous at 28 basis 
points over Treasuries consid- 
ering its triple-A rating and its 
wide following among inves- 
tors. Joint lead manager 
JJ*. Morgan, which had sold 
out of bonds by early after- 
noon, said the pricing reflected 
the widespread view that the 
market was still tender, espe- 
cially at the longer end. 

Elsewhere, Eurofima and 
Sweden took advantage of arbi- 
trage opportunities in the euro- 
guilder sector to achieve envi- 
able funding levels. ABN 
Amro, which arranged both 
deals, noted that Sweden's 
FI 250m five-year offering of 
floating-rate notes represented 
the first such offering in the 
guilder sector for two years. 


• to the international equities 
arena, the $100m issue of 
global depositary receipts 
(GDRs) by Grasim Industries, 
one of India ’s leading indus- 
trial companies, was priced at 


$20.50 per GDR, lead manager 
BZW said. BZW is in the pro- 
cess of launching a $70m offer- 
ing of GDRs for Hocheng, 
Taiwan's leading toilet manu- 
facturer. 


• The UK’s Cooperative Bank 
has set up a £400m euro MTN 
programme under which it can 
issue ordinary and subordi- 
nated notes denominated in 
any currency. 


NEW INTERNATIONAL BOND ISSUES 


Amoirot 

Coupon 

Price 

Maturity 

Feee 

Spread Book nnwr 

Borrower 

US DOLLARS 

m. 

% 



% 

bp 

European In reading it Botoc 

500 

8625 

9903R 

Jun.1999 

0.26R 

+10 f!P*%-99) Ntkkn Etrope 

Untew 

250 

725 

99.1B2R 

Jl42004 

032SR 

+28 r7MM-04) Deutsche Bank/JP Morgan 

ApuSa Secitodao* 

100 

zero 

W 

Sep. 1834 

urdscL 

- Samuai Montagu 

Banco dal Suquta 

50 

10.00# 

EA.10R 

JuL1996 

1O0R 

+47S€5H94-flW Swiss Bank Corp. 

YH4 

m stofeto Corp. noaneew 

7bn 

2J8 

10005 

Oct 1885 

020 

Merril Lynch International 

CANADIAN DOLLARS 







Canada MtgaA Baffling Crpjal Ibn 

8258 

98036R 

Aug.1BBB 

025 

+18 r7%%-99) LehmarVHBC Domttocn Sac& 






ScotaMcLaod/ Wbod Gundy 

GUU3CRS 

ElvuAtu 

400 

700 

99S5R 

JUL2Q01 

QOOR 

+20 {W49M)1)ABN Amro Bank 

SBC Finance {Cayman} 

350 

800 

eaoaR 

Jto.1899 

CL25R 

+1 1_2{7>fr-99) SBC Ntohertands 

Kingdom of Sweden^ 

250 

W 

ioaooR 

JuL1999 

020R 

- ABN Amro Bank 

SWISS FRANCS 

BQertacha VareinattH^ 

100 

500 

101025 

Jut 1998 

atandwd 

Btoft von Ernst 6 Cta. 


Hnai (arms and non-calabte untoes slated. The yield spread (over relevant government bond) * launch is eupp t ed by the toad 
ma nager. MlnfiEted. mowing rata note. •Sentf-sauri coupon Ft fixed re-otter price; toes ere shown at the re-otter level, a) Short 1st 
coupon, bj Priced today at 3-mth Libor +160bp. c) 3-mtti Euro-AJbor flat, traa 10%. d) Long 1st coupon. 


Fund formed to 
invest in insurance 


By Richard Waters 
in New York 


J.P. Morgan and Marsh & 
McLennan have raised $650m 
for investment in underper- 
forming insurance companies 
and new insurance ventures 
around tbe world, including 
Lloyd’s of London. 

Tbe scheme, in which each 
of the principals will invest 
around S40m of its own money, 
closely resembles the Corsair 
tend, a limited partnership put 
together by J.P, Morgan to 
invest in underperforming 
banks. The first investment by 
that fund was in Banesto, 

Mr Robert Clemens, chair- 
man of Marsh & McLennan 
Risk Capital, a subsidiary of 
the US-based insurance broker, 
indicted that the Trident lim- 
ited partnership was intended 
to take advantage of structural 
changes under way in the 
worldwide insurance industry. 

"It is evident that the proper- 
ty/casualty business is begin- 
ning to undergo a significant 
transformation, similar to 
wbat went on in co mm ercial 


banking over the last 20 
years.” he said. The insurance 
industry is “plagued by ineffi- 
ciency. and has the highest 
costs of any financial services 
business". 

Also, some insurers are 
weighed down by environmen- 
tal and other risks for which 
they do not have adequate 
reserves, waking them uncom- 
petitive with newer companies 
which do not carry these bur- 
dens from the past, be said. 

The fluid will invest either in 
new insurance ventures, in 
companies that need to be 
recapitalised, or in buy-outs of 
existing companies. It will take 
an active part in the manage- 
ment of the companies it 
invests in. 

Mr Clemens singled out 
Europe as a source of potential 
investments, given that some 
national markets had been 
dominated by cartels until tbe 
passage of single-market legis- 
lation recently. He added, 
though, that the US, which 
accounts for around half of all 
property/casualty premiums, 
would inevitably do min ate. 


Argentina’s debt underrated 
by agencies, minister says 


By Conner Mrddetmann 


The international credit rating 
agencies are underrating the 
quality of Argentina’s debt, Mr 
Domingo Cavallo, the coun- 
try’s economy minister, told a 
conference in London yester- 
day. 

"The rating for Argentinian 
bonds is very low compared to 
wbat it should be.” he said. 
"We have double-B-minus, the 
same as Venezuela, and Mexico 
has double-B-plus. But if you 
look at the economic funda- 
mentals and prospects. Argen- 
tina is not different from 


Mexico. We should have dou- 
ble-B-pIus," he said. 

The bond market "gives 
Argentina more or less the 
same rating as Mexico.” he 
said, illustrated by the fact 
that Argentinian and Mexican 
yield spreads over US bonds 
are very similar, and much 
tighter than Venezuelan yield 
spreads. 

All three countries have sub- 
investment grade ratings, 
although Mexico’s rating has 
long been expected to be raised 
to investment grade. However, 
that has been delayed by politi- 
cal uncertainty. 


| WORLD BOND PRICES 




— -n 

BENCHHARK GOVERNMENT BONDS 

-V Had .. Day^ Week Month 

' Coupon Date _ Price change Yield' ago ago 

Italy 

■ NOTIONAL IIMJAN GOVT. BOND (BTP» HITUHES 
gUFFEy Lira 200m lOOttw of 100M 

FT-ACTU ARIES FIXED INTEREST INDICES 

Price Indkrea Thu Dw% Wad Accrued 

UK Gflts Jure 9 change % JimeS interest 

xd ac% 
ytd 

— Low coupon yield — — Medium coupon yield— — Htgh cotton yfadd — 
Jure 9 Jure 8 Yr. ago Jure 9 Jure 8 Yr. ago June 9 Jure 9 Yr. ago 


Austada a DOO 0WM 

Batotun 73S0 04/D4 

Canada* . £600 0MM 

Dnwk 7.000 12AM 

Franca BTAN £000 OSIB8 
- Off £500. 04AM 
Germany 8.750 OGAM 

Italy 8000 OIAM 

Japan - No vis --tan . QMS 
N0 164 : 4.100 12/03. 

Nattwtanda 5/750 01AM 

Spain mfiOO 10/03 

UK Sits BjODO OBA90 

8750 11AM 
OjOOO 1QA18 
US Treasury ' . 7760 ' 05AM 

&250. 0W23 
ECU (French Govt) 8000 04AM 
London daotag. *Nbw Ytadi n4d-cty 
t Gross (kidurep m U i u U m tax to 125 par 
maw U8 UK to32ndb.adMDtidstoDad 

US INTEREST RATES 


1007700 
981000 
887500 
332000 
104.4300 
8X8100 
084900 
91-8500 
1085830 
. 983870 
81.1800 
103J3500 
91-13 
88-19 
• 104-09 
101-30 
87-13 
87-7300 


-1.420 

40390 

-0500 

40160 

-0070 

-0210 

-0100 


40/400 

«0270 

-0190 

40400 

■•-5/32 

-15/32 

-20/32 

-1702 

-2302 

-0190 


CM paytoris by nonrosidanta) ■ 


ass 884 899 

7.81 82S 748 

858 888 852 

7 ST 842 722 

• 868 877 818 

.720 740 -895 

896 704 864 

9LB3t 098 002. 

350 3L38 - 322 

4.19 448 890 

7JM. T27 670 

092 -1005 956 

807 823 7.76 

841 347 a. 17 

848 858 829 

898 709 754 

750 755 752 

753 757 758 

Yltodp Ucto irerial touted. 


ta wK HM O w w liito 


Imctttra 


• Ori — 
T\ toad 
' Una 


RaUtodiati 


S 


Trunny 80 s and Bond YtaM* 

W Ttaajnr 

4.17 1>M]HE 

421 Rroyaar 

4.88 i9*»r 

313 aoynr 


811 

853 

8S3 

888 

729 


BOND FUTURES AND OPTIONS 


Prauoa 

■ MOTIONAL FRENCH BONO FUTURES (MATIP) 


Open Settprios Ctianga 
117.70 .-..13750- -024 

Sep 11678 11864 -024 

Dac 11890 115.78 -024 


Am 


Huh 

11802 

11752 

11650 


Law ■ EsL voL OpentoL 
11740 225518 53492 

11644 74.611 78.198 

11550 804 9599 


■ LONG TBtM FRENCH BOND OPTtOKS (MA7TF) 


eutoa 

Price 

. , Jul . 

— ■ CALLS - 
• «8P . 

Oac 

Jul 

— PUTS — 
Sep 

Dec 

m 

117 

TI9 

119 

120. 

1J5 
879 
040 
0.18 
009 . 

158 - 

1X9 

T. 0X8 

0.41 

126 

888 

0.77 
120 • 
121 
2-58 

1.46 

IM 

2.4 e 

- 


Bx- wjl mto/crea aywff Puts 29407 . Prerfou* a <y» opan k, Caa* anjw Put 260502. 

Germany 

■ WcriK9W.QBWMIBUIPWIUHE8<MffQr0M2to.000100thaot100W 



-. Opan Seaprtoe Ctwngo Ugh 
3258 ■' 9253 -810 9300 

a 9245 . 8258 .-012 9255 


Law 

8257 

00 JS 


Eat vol Open hit 
128391 134733 

237 709 


.MJBUIP RlTUHESrOetlOWSOlHR^ra^ZSOOOO poM» C< 100M 


■ Strife \ m v, 

rwc*.;;-; 

■it: . 

*ug 

CALLS — 
Sep 

DM 

Jut 

Aug 

PUTS 

Sep 

Dec 

8250 '. 

as3 ■ 

L27 

‘ 1.54 

1.78 

OlSO 

QS4 

121 

ISO 

* 

068 ' r 

i m 

1.27 

r^a 

a 73 

1.17. 

1-44 

2.12 


<?iS5r-i- 

076 

103 

too 

102 

IAS 

120 

2A2 


M4 C*-138iaPBTO laBS.-AO'feusdtofe open .tat Cato 112768 Puts 172313 



Open Settprica 

Change 

Hgh 

LOW 

EsL sol 

Open Int 

Sep 

107.00 10728 

+812 

107.48 

108.85 

37900 

61338 

Dec 

10824 

+812 

- 

- 

0 

100 

■ ITALIAN OOVT. BOND (BTT^ FUTURES OPTIONS (LIFFQ UraZOOm lOOthe to 100K ' 

Strife 

. 






- - * Sop 

T Dec 


Sap 


Dec 

ftfce 

.10700 

. 2J34 . 

2 82 


206 


366 

10780 

2.07 

2J5Q 


228 

- . . . 

368 

10900 

1.83 

2.40 


2-54 


4.16 

eh. vaL total. 'Core 7B5 PUB 3S4 Pronoun ireya open int, cato ibs« Puts ibbsi 


Spain 







■ NOTIONAL SPANISH BOND FUTURES QA8T) 





Open Stot price 

Change 


Low 

Est voL 

Open to. 

Jun 

94.05 9445 

+840 

94.46 

9396 

47,467 

86,687 

Sep 

9839 93.70 

+835 

93.71 

B3M 

23588 

53^18 

UK 







■ NOTIONAL UK G8TFUTWES(UFFErS3OaM32nd5 0t1t]0% 



Open Stot price 

Change 

H0 

Low 

EsL vol 

Open H. 

Jun 

103-00 102-19 

-0-12 

103-02 

102-11 

2430 

16384 

Sep 

101-21 101-11 

-0-13 

101-29 

100-24 

67089 

118845 

Dec 

- 100-11 

-0-13 

- 

- 

0 

67 

■ LONG GO.T FUTURES OPTIONS (UfVQ £58000 84tt» tolOOM 


Strata 

m 

_ 











Price 

Sep 

Dec 


Sep 


Dec 

101 

2-36 

2-63 


2-14 


3-41 

102 

2-06 

2-35 


2-47 


4-13 

103 

1-42 

2-11 


3-20 

4-53 

feL uoL ual. CHS 272D FUa 2864 Preutoffl de/s opre to. Ctols «B02 PUS 2850G 


Ecu 







■ ECU BOND FUTURES (MATTF) 







Open Stot price 

Change 

Hgh 

Low 

EsL voL 

Open InL 


84.76 84.64 

-816 

S450 

3436 

2,583 

4.961 

Sep 

84.10 83.98 

-814 

B4-20 

83.72 

3.1B4 

3,790 

IIS 







■ US TREASURY BOND FUTURES (CBT) 5100.000 32nda to 100% 



Open Latest 

Change 

Ugh 

Low 

ESL voL 

Open to. 


105-18 105-22 

+0-04 

105-23 

105-15 

33,564 

107.548 


104-20 104-24 

+0-03 

104-27 

104-17 

339548 

Z7BJB9 

Dec 

104-00 104-03 

+0-02 

10405 

103-30 

8.546 

36.843 

Japan 







■ NOTIONAL LONG TERM JAPANESE OOVT. BOND FUTURES 


«UFTC) YTOOra lOOths of 100% 






1 

Up to 5 yews (24) 

122.28 

-non 

122.37 

220 

453 

5 yrs 

814 

809 7.11 

836 

8.30 753 

847 

842 

753 

2 

5-15 yearn (22) 

14848 

-833 

141.39 

1.80 

813 

15 yrs 

839 

833 7.97 

853 

846 835 

8.81 

878 

861 

3 

Over 15 yews (B) 

15703 


15857 

2.35 

5-25 

20 yra 

835 

851 819 

853 

846 845 

884 

859 

858 

4 

Irredeemables ft 

17821 

- -819 

178.56 

IM 

636 

brant 

848 

843 853 






6 

At stocks (81) 

138.45 

-829 

13989 

2.09 

5A7 


















Inflation 5% 

— 

Inflation 10% 




hdutotod 







Jure 9 June 8 Yr. ago 

June 9 Jure 8 Yr. ago 


6 

Up to 5 years 0 

18&68 

-801 

18550 

884 


Up to 5 yrs 


3.75 3.74 

2-97 

2.79 

2.78 

2^8 


7 

Over 5 years (11) 

174.44 

-0.13 

174.87 

1J7 

1.B9 

Over 5 yis 


3.78 3.77 

357 

361 

359 

340 


8 

AS stocks (13) 

174.72 

-0.12 

174.93 

152 

1.77 


5 year yield 

. . 

15 year yield 


25 year yield 


Jrata 9 June 8 Yr. apo June 9 June 8 Yr. ago June 9 June 8 Yr. ago 


9 Debe £ Loans (76) 12847 -840 12858 2.12 

A iwraga gram isda roi to jlatli e* Sum above. Coupon BondK Lmr 0W-7W%; 


527 8.61 954 853 954 947 

MaduiE 8%-IMMfc; M0r 11% njow.TFW ywttl ytt Yeflf 10 doe 


954 


947 


942 


950 


FT FIXED INTEREST INDICES 

June 9 June 8 June 7 Awe 6 June 3 Vr ago Low 


GILT EDGED ACTIVITY INDICES 

June 8 Jre 7 June 6 


June 3 June 2 


Goat 


(UK) 82.78 92.92 92.82 93.13 9252 9558 107.04 91.04 GBt Edged bargains 895 815 925 114.7 1105 

11055 11023 11078 11071 109.45 11151 13357 109.12 5-day avenge 97.9 1005 100 8 989 1025 

• tor 190*. Gownmanf Segrtf Mgh pnea comtotoon: 17740 (1*103. b* *978 Prt/r$- R»ad tatBrret mnea ea mpfl ada n: 13357 (717U94] . tow 5033 071/75} . Bam TOB Gowammew Sncutflm iyr07 

N red Rred W— to 102& EE actMty Mere rahreiri 1974 


FT/tSMA INTERNATIONAL BOND SERVICE 


L5tod o« •% ktoto hare^ma 


bento far wtoeti lhae p an jtViy a to a e ea n da r y matt latoto 
Bd Otfar CtaB. YWd 


prices to 750 pm on June 9 
taeued Bd OSer Chg. 


US. DOLLAR STRAIGHTS 

Abbey Nto Trresuy 6*2 03 1000 

AtaaPmtaaThBB WOO 

Ataatasiioo 


BankcrTdno8J|®. 

BdgunS^m 

BFCE7i»S7 


- 100 
ion 


1 Ore 021. 


.1500 


J -jtfM OriOWAL WEOWTOW OBMAN OOVT. BONO 
..•■WBtXUffy 044250500. UOOtbc ot 100% • 


Ctoae Change 


Open. Sari price Change 
9820 : +051 




Eat vol Open int 
0 78 


Open 
11005 

Ets iratod on APT. M Open I 


Hgh Low Eat vol Opan M. 
110.17 10078 2514 0 

[ flga. an tor pn ra a dw- 


. .. .ItJ 7 

, : \ 


UK GILTS PRICES 


• • -'-Ttofl— 1994 _ 

AM tat- M Pikes »ef- W toa 


„1MJ— -195M- 

M M W»E+ar- U»a 


_Yld4__ -1994- 

(I) H PUceE 4-ar- law 


es p * 3 " 5 * 1 

veyo" 


^ war 
858 

_Jipc IMS :■ - J..-:;,. na 

tsrt3peBiSM5^_ 358 
.Wwsiaas — 877 


1 MA 


MM 


it 

line v » 




10pe 2003 

100 Itoeinizpe 2001-4 — 

t«U Fuattoo 3^99-4 

10i% QmnknS>fpe200<_ 

Trea8%pe200t» 

Coer 8 ^2 pc 2005 

1SS nan^3DH — 
7*«*2008tL 


THUS ftltfC 2007# 


1W» 


limpet 

Daat Ope 20)8 Q. 


024 

1015 

4J8 

838 

751 

853 

1024 

&a 

035 

1010 

859 

1048 

UJ 


851 1W» 
851 lift 
753 7ftto 
85B ^ 
8.40 88A 

857 10ft 
897 122L 
8.49 9*& 

158 9» 

857 11GA 
948 Bead 
&8a 128% 
147 104 It 


-A I27i 
ft 12«i 
ft BA 
-.i 125ft 
-A 10 ft 

-ft 125*2 
-U 143,1 

-S 11211 

-ft ms 

ft 136ft 

-A 1196 
ft istft 
-B 124fl 


103% 

111 % 

Tift 

103* 

88 

10311 

119ft 

9U* 

83ft 

113% 

98U 

«5B 

101 


ZSC 1 *- 


« 


4^-88*$ (1 . 

2tycW (7129 

2*2PCTJ3 (718) 

430C-O4** — (1316) 

■« fas) 


^57 J) 2.75 355 1981} 30% 

183 355 1074* -ft 113ft 


32B 

358 


344 

355 

358 
182 
1SE 

359 


-ft 114U 
•ft 106ft 
ft 102 
-ft 131ft 

-X 1M* 
-ft ua 
-A 116* 


imO. 

TUB 

10ft . 

Wfl (MrFWeaeTean 

95ft Here flee 2009. 

118*» Ttareflwpcano 


t^ett 

2*2pcT1 

2*»eT3 002} 

2 **pc*i 6 fit jS 

21 *fC*a) <38X9 

(B7J) IB 

Al&'Zm — (136.1) 3J1 
Proepecdue reel rodentpdon itoa on profeclad Malian to (1) 1 016 
end (UJ S36. (bj Hgins In paratoheeee shew RF1 bore far 
tndaAo fa 8 monlft* prior to tame) and haw bean a^asted to 
rettoot nbaatog to RPI to 100 ta January 1087. Conversion factor 
8945. OP! tor September 1603: 1410 and torAprt 1994: 1445. 


3£5 10ft -ft I7ft 184ft 

387 182*2 "ft 173% 1H0% 

357 10ft ft 118% 10713 

358 188% ft 184U 1889 

178 152(3 ft 168,', 

377 158ft ft 175% 

378 130% ft M6% 

851 138,; ft 157ft 

353 132ft -ft 1528 129% 

182 110% ft 129ft 107 

354 109% ft T2Bu 109% 


QiuigKong fin 6*2 96 — 

soo 

eu 

1000 

Canto Slope 9 96 ___ 

MX) 

Cndi Fonder 9% 99 

300 

n»Rrid, an 

1000 

Ead Japm tofeey 8% 04 
prsnfl%« 

EDO 

193 

HT.B%QR _ 

100 

rst7%an 

2S0 

f® n% 07 _ __ 

1000 

Bee do ftrece 9 SB 

■ 200 


100 

B«-knBM(Japan8 02 — 

. . - . 600 

ftpm Dev fl"T 9*2 99 

ISO 

netoriR% 07 

3000 

fimMi Sport 9% 95 

FMtMotoOedl6%96. 
Gan Carte 8% 08 

200 

WOO 

300 

nUR«i|M 

200 

MGkJasnHn7% 97 _ 
HerAmerDBV 7% 98 

200 

200 

**f rt% m 

3500 

Japan Ore Bk 6% 01 

600 

Kmct Sector 10 96 — 
Koaa Bac toew 8% 03 _ 
iirnchtar 

360 

1350 

200 

UterrtrtaBac7% 02 

1000 

NpponCredBk flJ%96_ 

150 

Nray7%07 

1000 

MahTtgin 

. 3000 

QteKarMre«S%m _ 
FfeO‘Cereb7% 96 

200 

. 200 

Pmrpl 0| m 

1000 

Quebec Hytoo 9% 96 

150 

(febec tow9S8 

Satobuy9%96 

200 

150 

SIS 1039 

200 

SNCF9*2 90 

Stein AliOS 

ISO 

1500 

Stfe BkHSW 6^96 

SredenSb 95 

200 

2000 


149% 

155 

127% 

125% 


SMetMi Expat 8% 90 _ 
TdgoEkcfanrfll|03 . 

Tdcyo litre opoto 8% BO - 
TiTfeta Hats 5% B8 . 


1090 
_ aoo 
1500 


Unfed KhQdore 7% <B. 


. am 


112 * MK2E 


m MJffi 


.ij* m 


gwiWirttaw:---- - 

are wi. r im. «« . 
2?9*eW88t* r 9J7 

ssssaci'-^- 

ft- . mw 

1*V14— 7 JO 

ait 

U8 



TfWS 5%P4 2006-13$- 

T«reaoe2013tt 

7%ocans-is»— 

Tnre 8%W SOITtt 

u* 8 -^ 7 — 

107ft 
90. - 
108% 

1Q0 

W%l» *Bd 

IWfl Cow3t 4oc. 


134 

148 

952 

7j66 

131 


858 

MS10f%d 

157 

845 

105 

732 

120 

»ft 

133 

841 

98 

118 

837 

94% 

844 

838 

1033 

110 

a a 

I31H 


-5 115ft 
-ft B9ft 
-u 120 a 

-% 1*7% 

-A 

-A 1I7fl 

-ft 114% 

-fi ia% 

-tt 198*2 


93 

78ft 

101 * 

101 * 

72* 

9Zft 

W* 


Other Fixed inte r est 


JWB h im 


— 1094 _ 
Pd»E4or- Mm Ipp 


177% 


MfeMDrel1%2010 — 133 192 

Mm Ore I 0 %pc 2Q09_ 313 US 

B5*n11%pc2fiii U4 • 932 

kaMCwB^peTO 358 

apcCfeime — aso 

13pcW-* 11-7B 


1 D 4 J 1 WffUaa 3 l»ctt- 


90 ft D«l* 3 %cc’ 814 ft.. 
90 ft Tare See ‘SB Aft — 
“ CBB 9 fe 2 % 


654 

950 


94ft 7lBH.2>2PC- 


653 

639 

554 


- 49fi 

- 41fi 

- a 

- 3S4 

- say 

- 2BU 


4* 50% 

-* 5«B 

87% 


«*fi 

59% 

34% 

38% 

27S 


HnkBtafeGiSpcani- itwa 958 

lrefe13%«2006 10.47 

UMweiVzmvtao. — aas 
LCC3 pg'20A& 


ii%scaoo7„ 

IM-W.^cT — 

mtMMJasveam. 

4 ; 4PCL2«4_ 

U6MlSM31S%to20n 11 JO 


616 

958 948 

449 115 

- 447 

- 448 


119ft 

112ft 

119% 

90% 

101 % 

110 % 

143% 

139 

37% 

32% 

115% 

97 

133 

139% 

Ml 


1«ft 119 

_ 138% 112ft 
„. 142 118% 

-% 1W*e 97% 
-% 103% 100% 
-% 11$% 1(6% 
_ issy 14343 

140% 129 

44% 33% 

40% 28% 

138% 114% 

7B 97 

150% 133 

145% 129% 

159% M0% 


WbridEBr* 8%88 

1500 

Watt Bar* 8% 97 1500 

DEUTSCHE MARX 3TRNQHT3 
AufifeS %3t 2D00 

Oe* Freds 7%ffl — 
DeanreXG %88 

__ 141X1 
2000 

Depta France 8% 08 

1500 

Da*he BK F%i 7% 03 _ 

jmn 

FFRoJ^nn 

2900 

fflsLm _ .. . 

1500 

MnifliRI 

3000 

tsk/iiitH 

BUI 

LXBBedevWertfilj 08 

2250 

Haronydfl* 

1500 

QnUnifi%M 

__150O 

few 7% 03 

4000 


S4N*n897. 






Unfed Kingdom 7 % 97 

5500 

102 % 

502 % 


631 

93 

83*4 

-H 

7 SI 

VtoQMpnWF%i 703 

- 1000 

96 % 

96 % 

+% 

720 

102 % 

102 % 

-% 

1 B 6 

Wadd Bato 015 

_ 2000 

22 % 

22 % 

+% 

723 

100 % 

106 % 

-% 

702 

World Bar* 5 % 03 

— 3 DQD 

81 % 

91 % 

+% 

706 

103 

W 3 % 

-% 

854 

YtaB Bark B% 00 

— 1250 

110 % 

111 % 

*% 

ELA 8 

86 % 

87 % 

-% 

749 







102 % 

103 % 

-% 

855 

SM 5 S FRANC STRAIGHTS 






11 

11 % 

-% 

839 

Astoi D» Bar* 6 10 

100 

101 % 

101 % 

+% 

538 

104 % 

104 % 


812 

Afek 4%00 

-1000 

87 % 

37 % 


5 lM 

«*. 

01 % 

-% 

am 

Ccud 0 iqa 4 % 0 l 

— 250 

100 

100 % 


4 J 4 

88 

88 % 

-% 

aa 

ttmfe( 4 %S 9 

__ 1 C 00 

96 % 

96 % 


504 

103 % 

103 % 

-% 

032 

SB 0 % 04 

— 300 

106 % 

107*4 

-% 

SiBO 

109 % 

110 % 

-% 

898 

Bacite France 7 % 06 

_ HD 

HB% 

110 % 

-% 

80 S 

07 % 

97 % 

-% 

860 

firtand 7 % 99 

300 

106 % 

107 


5.79 

83 % 

93 % 

-% 

754 

Hyutfe Mofcr Fin B% 97 — 

— 100 

U»% 

10 B 


622 

IM 

104 % 


843 

feted 7 % 00 

—.100 

US 

106 % 

+% 

one 

103 % 

104 % 


822 

KcheS %01 

240 

105 

105 % 


551 

ME% 

103 % 

-% 

623 

Ontario 8 % 03 

— 400 

102 % 

102 % 


500 

107 % 

108 

-% 

883 

CtobecHydo 50 a 

— 10 O 

92*2 

93 


530 

100 % 

107 % 

-% 

885 

SNCF 7 M 

450 

110 

110 % 


869 

104 % 

105 % 

-% 

821 

WoddBrekSOS 

_ 150 

96 % 

09 % 

♦% 

5.17 

103 % 

MB% 

-% 

738 

VtocU Ba* 7 01 

600 

107 % 

106 % 


558 

109 % 

100 % 

-% 

886 







1 DD% 

100 % 


873 

rat STOAEHTS 






10 *% 

104 % 


852 

Baffkin 599 

- 75000 

104 % 

105 % 

-% 

338 

07 % 

96 % 


752 

BB 6 % 00 

100000 

112 % 

112 % 

-*s 

4.10 

* 5 % 

106 

-% 

836 

firtand 5 % 96 

-50000 

106 % 

106*2 


3.11 

IM 

104*2 


651 

Her Anv Dev 7*4 00 

.30000 

lie 

116*4 

-% 

4.15 

102 % 

103 % 


872 

Mr 3 % 01 

300000 

93 % 

83 % 

-% 

430 

KB% 

102 % 


832 

Japan Dav Bk 5 S 9 

100000 

105 % 

105 % 

-% 

331 

84 % 

84 % 

-h 

847 

Japan Dei Bk 8 % 01 

120000 

112 % 

112 % 

-% 

W 3 

105 % 

106 % 

-% 

722 

FfeponT«IT«l 5 % 9 B 

-50000 

106 

106 % 

-% 

112 

100 % 

106 % 

-% 

828 

Norww 5%97 

tsooco 

105 

105 % 

-% 

338 

87 % 

88 % 


850 

SCF 6%00 

-30000 

113 % 

113 % 

-% 

4.12 

102 % 

103 % 

-% 

873 

SpahS %02 

125000 

107 % 

107 % 

-% 

456 

06 % 

88 % 

-% 

754 

Seecte 4 %Be 

150000 

102 % 

103 % 

-% 

176 

IM 

104 % 

-% 

840 

Vfcrid Bate 5 % 02 

250000 

103 % 

WS% 

-% 

4 A 1 

101 % 

102 % 

-% 

849 







0 B% 

90 % 

-% 

7.78 

OTHBi EIM/UGK 1 S 






KB% 

106 % 

-% 

7 24 

/Waad 7 % 95 lft 

_ 600 

too 

101 


7 A 8 

1 D 1 % 

102 


832 

Gtefareca Lux 9 % 99 LJr _ 

-1000 

HJ 7 

108 


734 

88 % 

88*7 

-% 

7 £B 

terid Bar* 8 96 Lft 

-1000 

101 % 

102 % 


7.10 

«*% 

109*2 

-% 

72B 

Bark Moor Nad Gen 7 % 02 R 

-1000 

100*2 

101 


733 

M» 

106 % 

-% 

7.14 

Enagte BeTbst 8 % 98 R 

_500 

109 % 

KB% 


826 

106 % 

105 % 


856 

AtetaRmnca 10 % 96 CS _ 

_ 500 

103 % 

1 M% 

-% 

801 

107 % 

108 % 

-% 

731 

Bat Ceada 10 % 99 C$ 

_ 160 

105 % 

106 % 

-% 

936 

108 % 

100 % 

-% 

057 

Brttoi Ctoirtaa 1098 CS — 

— SOO 

KB% 

103 % 

-% 

616 

88 % 

88 % 

-% 

892 

BB 10 %SBCS 

_ 130 

108 % 

107 


814 

103 % 

104 % 


849 

Bee da France 9 % 00 CJ 

275 

TO% 

IM 

+% 

830 

90*2 

99 % 

-% 

553 

Gen areCfeW 10 BBC* 

_ 300 

103 % 

103 % 

-% 

art 

MQ% 

MX 


813 

WiVrtFhtOOl CJ 

_*0 

103*2 

1 M% 

-s 

026 

»% 

91 % 


ISA 

F%pDnTdTd 10 % 99 CS — 

— 200 

104 % 

105 % 

-% 

804 

1 « 

104 % 

-% 

838 

OrtreoStSCS- . 

- 1500 

83 

93 % 

-% 

838 

86 % 

86 % 


886 

Crtario Hjdo 9 B CS 

— 500 

107 

107 % 


am 

99 % 

89 % 

-% 

734 

Qfer Kctetflre* 10 % 98 CS 

-150 

105 

105 % 

-% 

ass 

106 % 

107 % 

-% 

632 

feetec ftw 10 % 30 CS 

_ ZOO 

104 % 

105 % 


aie 

106 % 

* 05 % 

-% 

836 

Bdgiun 9 % 96 Ecu 

-1250 

104 

104 % 


633 





CewtoEinpeSOI Ecu 

-1100 

106 

106 % 

-% 

739 





Ch* Lymb 9 96 Edj 

— 125 

103 % 

103 % 

-% 

7.19 


»% 


750 

BB 10 97 Ecu 

- 1125 

107 

107 % 


7SB 

*% 

100 % 

4 % 

7 J 2 B 

Fane del S?ai 10 % 88 Ecu 

500 

107 % 

108 

-% 

7Si 

99 % 

89 % 

+% 

831 

tetf 10 % 00 Ecu 

_ 1000 

112 % 

m 

♦% 

733 

94 % 

94 % 

4 % 

730 

Spring 96 Eca 

— 1000 

IM 

104 % 


6 J 4 

100 % 

101 % 

+% 

739 

Ufled ngdrei 8 % 01 Ecu _ 

_ 27 ® 

106 % 

106 % 


733 

99 % 

99 % 


888 

ACC 10 99 AS 

— 100 

104 % 

105 % 

■h 

670 

98 % 

86 % 


858 

BPAnakai 2 % 96 AS 

_ ICO 

107 % 

107 % 

-% 

730 

102 % 

102 % 

♦% 

836 

Comm Bk Atoata 13 % 99 AS 

_ 100 

119 % 

120 % 

-% 

8 K 

102 % 

102 % 

+% 

658 

SB 7 % 09 AS . . . 

— 350 

99 % 

100 % 

-*« 

737 

91 

81 % 

4*9 

7 S 

McDredfeCtraaaU 95 AS- 

— 100 

108 *+ 

106 % 


631 

99 % 

90 % 


827 

NSW Tajreuy zero 020 * _ 

- HJOO 

10 % 

»% 

♦% 

904 

92 % 

92 % 


742 

R & 1 Bate 7 % 03 A 5 

-125 

BO 

90 % 

-% 

645 

98 % 

100 


726 

Sh fcw (Sort Rn 9 02 AS — 

- 150 

S 3 

98 % 


934 

104 % 

104 % 


847 

Itoaw Atetefe 12 SB AS 

_ 180 

111 

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FINANCIAL TIMES FRIDAY JUNE 10 lWM 

COMPANY NEWS: UK 


Optimistic Pilkington strongly ahead 


By Maggie Urry 

The beginning of recovery In 
Its markets, cost cutting and 
strong cash flow lifted pre-tax 
profits at Pilkington by 57.4 per 
cent to £72.4m in the year to 
March 31 before an exceptional 
profit on disposals of £25.4m. 

Sir Antony Pilkington. chair- 
man, said there was now 
"cause for some optimism for 
the future" at the glass group. 
The total dividend was 
unchanged at 4p, with a 2.5p 
second interim payment, 
although earnings per share 

excluding exceptional^ were 2p 
Gosses 1.9p). 

He also announced the post- 
ponement of the flotation of 49 


By Diane Summers, 

Marketing Correspondent 

Mr Maurice Saatchi, chairman 
of Saatchi & Saatchi, one of 
the world’s largest advertising 
groups, yesterday renounced 
his five-year rolling contract, 
worth £625,000 a year, as part 
of a move to performance-re- 
lated pay for its top execu- 
tives. 

Mr Saatchi told the group's 
annual meeting that he was 
leading by example In his 
move to a three-year fixed- 
term contract at a base salary 
of £200.000 a year. 

Additional bonuses will be 
based on revenue growth and 
he will also take part in a new 
performance-related share 
option scheme which is due to 
come up for approval at an 
extraordinary general meeting 
in the next few months. 

Mr Saatchi has foregone 
about half of his entitlement 
under his contract in recent 
years. 

Mr Charles Scott, chief exec- 
utive, said the company was 
enjoying the best period of 
new business in the past four 
years. 

"Revenue growth is essen- 
tial to the company, and this 
encouraging trend is an early 
tangible sign that our operat- 
ing performance is at last 
improving.” 


per cent of the group’s Austra- 
lian operations because of indi- 
gestion in the new issue mar- 
ket there. The group will look 
at the situation again in the 
autumn. 

Mr Roger Leverton, chief 
executive, said the emphasis 
was now changing from cost 
cutting and cash conservation 
to improving margins. He 
hoped margins could be 
increased to around L0 per 
cent, although this would take 
two or three years. The 
restructuring of the group was 
largely complete, ha said, fol- 
lowing a numb er of disposals. 

Pilkington, which had 
recorded annual profits above 
£300m before the recession, has 


The group returned to profit 
ability in 1993 for the first 
time since 1988, with pre-tax 
profits of £19 .2m. However, if 
currency movements are taken 
into account, revenue for 1998 
was flat 

Mr Scott said revenues in 
1994 were now expected to be 
higher than budgeted, 
although still significantly 
lower than last year. However, 
profits would still be higher 
than 1993 because of cost 
redactions. 

"I am now able to say with 
confidence that 1 believe we 
are on the road to recovery,” 
he added. 

The shares rose 8p to close 
at I4ip. 

Mr Saatchi’s new fixed-term 
contract was met with 
approval by shareholders at 
the meeting who also ques- 
tioned the chairman about the 
conflict between himself and 
Mr Scott which surfaced in the 
press earlier this year. 

Mr Saatchi said there was a 
"capacity for tension” between 
the roles of chairman and 
chief executive in any com- 
pany. The tension had been 
resolved and had had a 
"cathartic effect”. 

It was also announced yes- 
terday that all board members 
wonld stand for re-election 
every year, instead of the pres- 
ent three years. 


cut costs by £20Om a year over 
the last three years, Mr Lever- 
ton said. Another £70m or 
£8Qm of costs would go in the 
current year. The group’s base 
business workforce had been 
cut by 20 per cent over the last 
three years. During 1993-94 
1,700 jobs went and a further 
L300 were planned to go in the 
current year. 

Gearing was dose to reach- 
ing the 50 per cent target for 
the end of the current year. It 
fall from 79 to 63 per cent dur- 
ing 1993-94 and was now 55 per 
cent after the £80m sale of the 

IngiilaHnn business. 

Profits from building glass 
continued to foil, from £56-6m 
to £50 -8m at the operating 


By Peggy HoHinger 

Unhappy diversification 
dragged down profits at North- 
umbrian Water which yester- 
day announced a 95 per cent 
decline at the pre-tax level to 
£62 5m, on sales 18 per «*nt 
ahead to 2298.6m. 

The rate of dividend increase 

has been maintaine d in spite of 
the profits decline. The pro- 
posed final is 16J2p against 15p, 
bringing the total to 24-3p - 8 
per cent higher than last year. 
Earnings fell by 17 per cent to 
835p. 

Profits were hit by an £8.4m 
charge for withdrawing from 
the loss-making pipe mainte- 
nance company, Amtec, which 
had been announced at the 
interim stage. Northumbrian 
said uncertainty surrounding 
the current price review had 
held bade orders for Amtec. 

"People are just not co mmit - 
ting expenditure on that activ- 
ity nntn they know the results 
of the review,” the company 
said. Amtec was one of North- 
umbrian’s earliest diversifica- 
tions after privatisation, pur- 


By Raymond Snoddy 

Mr Chris Wright, chairman of 
Chrysalis, the media and music 
group, warned shareholders 
yesterday of "a sustained 
period of investment”, which 
will have inevitable conse- 
quences for both finandal per- 
formance and dividends. 

The Chrysalis chairman 
made his strategy clear yester- 
day as the company flinmimrgrt 
a pre-tax profit of £32500 on a 
turnover of £325m for the six 
months to the end of February. 
The modest profit compares 
with £104,000 for the same 
period last year, but a pre-tax 
loss of £14.6m for the year to 
the end of August 1993. 

The interim profit reflected a 


level, as prices in continental 
Europe declined again, hi the 
UK, sales rose by a quarter and 
market share increased to 52 
per cent - thanks to the pur- 
chase of HeywOOd W illiams 
distribution business at the 
start of the year. A 5 per «»nt 
price rise in February was 
holding. Profits were substan- 
tially better in North America, 
and South America and Aus- 
tralia were also good. 

Automotive glass profits rose 
sharply, from £302m to £589m 
driven by higher volumes in 
America. 

Group sales rose 6.4 per cent 
to £2.74bn, with continuing 
operations up 95 per amt to 
£252bn. Mr Andrew Robb, 


chased for about £55m. 

The core water and sewage 
division returned operating 
profits 21 per cent up at 
£80 5m, on sales 7 per cent 
higher at £225.7 m. UnlBce its 
fellow water companies, North- 
umbrian saw an u per cent 
Increase in raw water delivered 
for industrial use. 

The non-regulated busi- 
nesses, which mrfurig an envi- 
ronmental rawignltancy opera- 
tion and waste management, 
incurred operating losses of 
£35m, against a profit of £25m. 

Northumbrian said the inte- 
gration of the environmental 
consultants purchased from 
Simon Engineering last year 
was proceeding according to 
plan. The c ompan y has admit- 
ted mistak es in the past over 
the integration of Amtec. It 
said no further acquisitions in 
this business were planned 
until Entec was fully in hand. 

Northumbrian sought to 
stress its financial strength, 
with cash flow rising from 
£36.1m to £146.7m. This 
reflected the release of funds 
invested in leasing the group 


£L4m credit from the release of 
provisions arising from closing 
down of MAM Leisure, the 
company's amusement 
machino manufacturer. 

Last year only a final divi- 
dend was paid with scrip alter- 
native and Chrysalis said yes- 
terday there would be no 
interim dividend. No decision 
has been taken on a final- 

Chrysalis has been building 
up its visual entertainment 
division by buying stakes in 
independent producers and set- 
ting up development deals for 
British film producers and 
directors. It has also been 
adding to its roster of songwri- 
ters for its music publishing 
activities. 

Mr Wright added that the 


finance director, said volume 
added 6 percentage points and 
the acquisition 5 points to 
sales, but lower prices took 2 
points off. 

Operating profits from con- 
tinuing businesses were up 19.2 
per cent to £9L2m, with total 
profits at £104. 2m (£88m). 
Investment income rose from 
£135m to £225m. Associates 
contributed £2L3m (£19Am> 
and interest took £75.6m 
<£75.7m). 

Mr Robb said the group was 
beginning to nse tax losses in 
various territories which had 
pnahitxT the tax charge to fan 
from £46m to gp-Pm and the 
rate would continue to decline. 

See Lex 


said. Total investment tn leas- 
ing fell from £96 .7m to £S0.4m. 

Net debt as a proportion of 
shareholders’ funds fell from 14 
per cent to 8 per cent. 

• COMMENT 

There are two things to con- 
sider about Northumbrian: its 
track record on diversification 
and its financial s t ren g th. On 
the first issue, the Amtec expe- 
rience has been a disaster. The 
group’s strategy also seems 
uncertain, being based on a 
variety of businesses, none of 
which seems to stand out bar 
waste mana gement. On the 
other band Northumbrian has 
manag ed to retain of the 
highest dividend covers in the 
sector, in spite of the Amtec 
upset, and it is only just 
geared. Most expect Northum- 
brian to receive a higher than 
average increase in the current 
price review, due to Its heavy 
capital commitments. Fore- 
casts are for £77.5m, with a fur- 
ther 8 per cent diwie rise to 
26.4p. The shares are likely to 
remain jittery nnH! after the 
review. 


rfiang p its accounting policies 
to capitalise the expenditure 
and financial performance, par- 
ticularly for the current year, 
"is likely to be compromised." 

He pointed out however, that 
Chrysalis had made consider- 
able progress towards achiev- 
ing its long term goals and 
objectives - to become a 
broadly based media and music 
group. 

Earnings per share were 
L35p (05p). bat following Pony 
Canyon’s minority investment 
in the group’s new Echo record 
label, net assets have increased 
to £53m, compared with £44m 
at the end of August 

The share price closed up 4p 
at 175p. 


Judge to 
rule oyer 
Scrabble 
squabble 

By David Bladeiwea 

A High Court judge will next 
Tuesday be asked to decide on 
the squabble over Scrabble, 
the board game which is the 
main target for two US toy 
groups battling for control of 
JW Spear. 

Hasbro, the biggest US toy 
company and maker of Action 
Man, is proceeding against 
trustees controlling 24.9 per 
cent of the family -run gronp.lt 
will argue that the trustees 
are still bound by agreements 
to sell the stake, in 
spite of an eleventh hour 
bid by Mattel, Hasbro’s US 
rival. 

Mattel, maker of Barbie 
doQs, yesterday noted news of 
the court case “with regret” 
The group said its offer of £10 
a share - £1 above the Hasbro 
offer - was made at Spear’s 
invitation. 

Hasten, which launched its 
£4&9m unsolicited bid on May 
27, has been the biggest share- 
holder outside the Spear fam- 
ily for the past four years, 
with 28.7 per emit The trust- 
ees had given irrevocable 
imderfcalriTig ut to accept nnleKS 

a better offer was made within 
three business days. 

Mattel’s offer, valuing Spear 
at £52m, was made at just five 
minutes to midnight on the 
final day. 

The announcement was 
lodged with the Stock 
Exchange, while the Takeover 
Panel and both sets of advisers 
were informed of the offer. 

Hasbro claims float this was 
not a public announcement, 
and so the undertakings 
remain valid. 

Mattel has been advised that 
the annnimrgment of Its bid 
was “sufficient to release the 
trustees from their undertak- 
ings to Hasbro." It understood 
that the trustees had received 
identical advice. 

If Hasbro wins on Tuesday, 
It win be ahle to declare its 
offer unconditionaL If it loses 
it could, under the terms of its 
original bid, increase its offer. 

The Spear board - apart 
from Mr Francis Spear, chair- 
man - yesterday reiterated its 
description of the Hasbro offer 
as "wholly inadequate.” 


US operation lifts 
Dewbnrst to £0.69m 

Dewhurst, the electrical 
components and control equip- 
ment maker, reported pre-tax 
profits 69 per cent ahead at 
£685,126 for the 26 weeks to 
April 3, against £404/187. 

Turnover was op 4 per cent 
at £5J9m (£5.17m). Earnings 
per share were 3J99p (2.36p) 
and the interim dividend is 
raised from 0.66p to 0.75p. 

Steady growth in demand 
for keypad products and a 
strong performance from lift 
components tn the OS offset 
the expected downturn in rail 
equipment sales. 


$143m China purchase for Cathay Inti 


By Simon Davies. 

Cathay PTnlriingc the China 

investment group, is to pay $l43m (£955m) 
for GO per cent of a company which will 
operate four toll bridges and a tunnel In 
the southern Chinese city, of Guangzhou 
(Canton). 

In its firs t infrastructure investment in 
China, CIH has signed an agreement for 
the project with the Guangzhou municipal 
government, which will guarantee a mini- 
mum return of 15 per cent per annum. The 
franchise lasts for 20 years. 

Mr Stephen Hunt, deputy chairman, 
said: "Based on current projections, the 
tall systems must be improved to achieve 
the required returns, but the traffic vol- 


umes are already there." 

CIH plans to fund the investment 
through a debt placement, which will he 
undertaken as soon as approval is given 
by shareholders and the Chinese regula- 
tory authorities. 

The bridges and tunnel, which are the 
sole assets of the Zhujiang Road-Bridges 
and Tunnels Company, are already operat- 
ing and CIH should be able to achieve 
profits as soon as the deal is signed, 
although it will have to invest in improved 
toll systems. 

Its partner is the city’s municipal gov- 
ernment Mr Hunt said that under the 
agreement CIH had the right to cover any 
shortfall in revenues from its partner’s 40 
per cent share of cash flows. He was confi- 


dent this would not be necessary. 

The return on assets is denominated in 
US dollars, so CIH should bear no cur- 
rency risk, and the company can increase 
tolls if revenue targets are not met 

CIH was formed last year from the 
reverse takeover of Stonehill. It has 
already invested tn a hotel project in the 
city of Shenzhen, which borders Hong 
Kong, and a hotel and property develop- 
ment tn Beijing. 

Under the agreement, CIH has the right 
to build and operate three further bridges 
across the Pearl River in Guangzhou. CIH 
also considered an investment in a num- 
ber of municipal water plants in Guang- 
zhou, but Mr Hunt said the company had 
decided not to go ahead with the deaL 



Hwor HunpMw 

Maurice Saatchi, left, and Sir Peter Walters, non-executive 
director: reporting encouraging trends in revenue growth 

Maurice Saatchi 
accepts move to 
performance pay 


Northumbrian Water hit 
by £8.4m Amtec charge 


Chrysalis tumbles to £32,000 
and makes investment plans 


company did not intend to 


British Land 
net assets surge 
46% to 423p 


By Vanessa Houlder, 
property Correspondent 

British Land, the property 
co m pany headed by Mr John 
Rltblat. yesterday announced a 
46 per cent rise in its net asset 
value to 423p a share in the 
year ended March 31. 

Gross assets increased by 38 
per cent, to £2.6bn. 

At the pre-tax level, profits 
surged from £27 5m to £S35m. 

Mr Ritblat said British Land 
was “exceptionally well 
placed”. “We will continue to 
target opportunities for acqui- 
sitions, whether direct or cor- 
porate, with unabated effort,” 
he said. 

He added, however, that he 
was reluctant to make an 
acquisition of a quoted com* 
party because “in our experi- 
ence you only buy trouble”. 

British Land has bought 
£1.6bn of property since 1989. 
In the past year, the company 
has invested £6i5m in buying 
200 properties. Property sales 
during the year raised £50m. 
The British Land partnership 
with Mr George Soros’s Quan- 
tum Fund, has invested over 
£53Qm in the property market 
in the past year. 

British Land’s debt to equity 
ratio was reduced from 106 per 
cent to 61 per cent During the 
year, the company raised 
£66Sm in permanent capital or 
long-term debt 

The current yield on the 
portfolio is 7.05 per cent The 
uplift in the underlying value 
of the property was 21 per cent 
a rise of £385 m. The best per- 
forming property types were 
retail distribution centres, 
which rose by 425 per cent 
Superstores and supermarkets 
rose by 325 per cent in value, 
shopping centres by 285 per 
cent and other retail properties 
by 305 per cent. 

City of London offices rose 
by 12.9 per cent, while the 
average improvement for UK 



John Ritblat targeting further 
acquisition opportunities 


offices was 135 per cent. The 
overseas portfolio, which is 7 
per cent of the total, rose by 1 
per cent. 

Earnings per share rose by 
36 per cent to U.7p (&6p). A 
recommended final dividend of 
5.06p makes a 753p (7p) total. 0 

• COMMENT 

British Land bos emerged as 
perhaps the shrewdest of all 
the large quoted companies to 
operate in the UK market in 
recent years. Shareholders 
have been well rewarded by its 
heavy buying programme dur- 
ing the downturn, its hlgher- 
than-average gearing and its 
adroit management of its debt 
Moreover, the company is 
likely to benefit from its shift 
in emphasis away from London 
offices towards the retail sector 
that it has engineered over the 
past five years. For all that, the 
property market has cooled 
since March and it will be hard 
to pull off another bumper per 
formance this year. Forecasts 
of this year's net asset value 
range between 460p to 500p, 
while pre-tax profits are likely 
to rise to £65m-70m. The 
shares, which rose yesterday 
by 5p to 389p, look good value 
assuming a discount to net 
assets of around 20 per cent 


Gt Southern faces 


£87m bid 

By Simon Davies . 

Service Corporation Inter- 
national, the largest operator 
of funeral homes and ceme- 
teries in the US, has set its 
sights on the UK, through an 
£87m takeover bid for Great 
Southern Group. 

SCI, which buries one in 
nine people in the US. has 
already expanded into Canada 
and Australia and it is now 
attempting its first foray into 
the UK. 

Great Southern, the third 
largest funeral director in the 
UK, look set to reject the bid. 
Mr Barry Field, a director, 
described the bid as “totally 
unacceptable”. 

Mr Field is chairman of JQ 
Field, which controls 56 per 
cent of Great Southern's 
shares. If his decision stands, it 
will be almost impossible for 
the current bid to succeed. 

Mr Bill Heiligbrodt, SCI's 
president and chief operating 
officer, said his company was 
offering a high price for a busi- 
ness, which it intended to use 
as a springboard for aggressive 
expansion into the highly frag- 
mented UK funerals market 

“My job is to become the big- 
gest and most successful 
player in every market where I 
operate”, said Mr Heiligbrodt 
But he was adamant that SCI 
had no intention of changing 
the face of British burials. “We 
want to maintain UK tradi- 
tions," he said. 

The SCI offer was pitched 26 


from US 

per cent above Wednesday’s r 
closing share price, but the - 
board of Great Southern urged 
shareholders “not to take any 
action”. 

Mr Field said Great Southern 
had fought off an unwanted 
bid from Amalgamated 
Tobacco back in 1959, and 
would provide good reasons 
why the current bid did not 
represent fair value. 

However, it feces a formida- 
ble opponent. SCI was set up 
by Mr Robert Waltrip, who 
inherited a funeral home in 
Houston 32 years ago. He is 
still chairman. 

SCI has 843 funeral homes, 

201 cemeteries and related 
businesses in 50 states, along 
with Canada and Australia, 
and it made |101m (£67m) net 
profit last year, compared with 
Great Southern’s after tax 
profit of £4m. 

The company is keen to 
build up economies of scale by 
expanding Great Southern, 
which has about 45 per cent of 
the funeral market. Mr Heilig- 
brodt spoke of centralising 
embalming facilities, vehicles 
and staff to serve a cluster of 
outlets in certain areas. * 

SCI is offering 600p per 
share, compared with Wednes- 
day’s closing price of 475p. Yes- 
terday Great Southern's shares 
closed up 133p at 608p. 

It is also offering 239p per 
convertible share. Mr Heilig- 
brodt said that upon conver- 
sion. the Field stake would fall 
below 50 per 


Pressure mounts for greater disclosure 

Directors’ share options are coming under increasing scrutiny. Andrew Jack reports 


S hare options: like Ameri- 
can GIs in Britain, they 
are overrated, over hyped 
and over here. They are also 
under increasing scrutiny 
thanks to a new set of guide- 
lines circulated in May. 

Directors are being encour- 
aged to provide Ear greater dis- 
closure of the value of their 


the urgent issues task force of 
the Accounting Standards 
Board. 

At a time when the debate 
on executive pay in both the 
US and the UK is hotting up, 
Mr David Tweedie. ASB chair- 
man, calls the guidelines a 
“do-it-yourself kit” for inves- 
tors wanting to place a value 
on options granted. 

Companies are being asked 
to show option information for 
all directors, and separately 
listed for individual directors, 
which would highlight the 
number of options granted, 
exercised, and lapsed unexer- 


cised They should also reveal 
the exercise price and the pre- 
vailing share price of any 
options exercised during the 
financial year to which the 
accounts refer. 

Unusually for proposed 
“abstract" produced by the 
urgent issues task force, the 
exposure draft on share 


by the Financial Reporting 
Review Panel 

The original aim, when 
board members began discuss- 
ing the topic last year, was to 
make its recommendations 
compulsory. However, they 
were caught by a loophole in 
the law. The 1985 Companies 
Act cans for disclosure of emol- 
uments payable to directors, 
including “the estimated 
money value of any bene- 
fits . . . otherwise than in 
cash". But the drafting of the 
law means that if the benefits 
cannot be precisely quantified, 
they do not have to be dis- 
closed at alL 


The Accounting Standards 
Board discovered - as has its 
equivalent in the US, the 
Financial Accounting Stan- 
dards Board - that there is 
considerable debate and uncer- 
tainty about the valuation of 
options. 

The board says that valua- 
tion would require theoretical, 
complex and subjective models 
contingent on future perfor- 
mance, requiring continued 
employment by directors. law- 
yers say this level of uncer- 
tainty in developing a single 
definitive value means that 
options need not be disclosed 
at alL 

The board stresses that most 
of the details in its proposals 
must in any case be revealed 
by law for quoted companies in 
a register of options available- 
for inspection. It adds that 
greater disclosure of execu- 
tives’ remuneration is urged by 
the Cadbury committee on the 
financial aspects of corporate 
governance in its report pub- 
lished at the end of 1992. 


The principal additional 
recommendation from the task 
force is to bring all this infor- 
mation together in the »winai 
report, together with details of 
the options’ prices, which Is 
not currently required. 

For most companies, the pro- 
posals will require extra space 
and effort, although some, 
including SmithKIine Bee- 
chain, British Petroleum and 
Reuters Holdings, already pro- 
vide quite extensive disclosure 
of the value of share options as 
part of the data on directors’ 
remuneration. 

Mr Phillip Wood, deputy 
finance director at Reuters, 
says: “We’re trying to be a bit 
leading edge in our disclosure. 
We feel we have got nothing to 
hide, and because the company 
is protected from takeover, 
there is an additional burden 
on tiie board to demonstrate 
that we are well managed. This 
is one area where there is no 
commercial sensitivity.” 

Of course, what the task 
force's proposals do not raise is 


the desirability of share 
options in the first place. Mr 
Alan McDougafl, Joint manag- 
ing director of Pensions Invest- 
ment Research Consultants in 
the UK, which advises many 
local authority pension funds, 
says: “Options are almost like 
money laundering. They are 
not exactly, but l can’t think of 
a better name.” 

He advises his clients to vote 
against options because he 
says there is little evidence 
that they help improve com- 
pany performance or motivate 
the best managers, and 
because they are generally 
only granted to senior execu- 
tives rather than other employ- 
ees who may be equally impor- 
tant in improving profitabil- 
ity- 

But at least investors of 
those companies that fallow 
the guidelines will In future 
have the chance of assessing 
the value to the business and 
to ftiwn of the options granted 
to the board - and whether 
they should vote against them. 


share options than most com- 
panies now report, under draft 
proposals issued this month by 


options wm not become man- 
datory. and cannot be enforced 


Aerostructures Hamble shares 
end first day of trading up l Ap 


Shares in Aerostructures 

Hamble Holdings, the former 
British Aerospace aircraft com- 
ponents subsidiary, closed Vi p 
above the 120p issue price on 
the first day of dealings yester- 
day. 

Last month the group offered 
3353m ordinary shares, 205m 
placed with institutions and 


the remainder subject to claw- 
back to meet retail demand 
through intermediaries. 

The £26. 5m raised through 
the Issue of 2353m new shares 
will be used alongside a new 
revolving credit facility of 
£i0m to repay £35m of debt 
incurred during the £47.6m 
management buy-out in 1990. 


DIVIDENDS ANNOUNCED 


Correa - Total Total 

Current Date of ponctog for last 

payment payment dividend year yeor 


Brtttsh Land fin 5.08T 

Chrysals — Jot nil 

Chubb Security -fin 425 

Dewtmrst Jnt 0.75 

Reid Groqi -fin 4.75 

GWR Groi*j § bit 5-5f 

Johnson Ms W u y — -tin 8 
Loortio . . ..Jnt 2 

Lyons Irish — — fln 655* 

N’umhrian Water -fin 165f 

Osborne A Lfttfa...... Jin 4 

Oxford Insts -fin 3.4 

PBdnfltoa . — fln 2Jt 

PcwerGen Jfo 6.7 

Scape -fin 453| 

Sheftoi (M) § -*1 25 

600 Group . . — fin 1 

Wlfeughby's Con bit. 1 


Aug 26 

4.72 

7.53 

7 

- 

nil 

- 

025 

Aug 25 

325 

6.25 

4.75 

Sept 5 

0.06 


2.06 

Sept 26 

- 

7.05 


Sep 30 

4 


g 

Aug 1 

7.1 

11.4 

103 

Oct 3 

2 


4 

Mf 22 

8.3 

10.4 

945 

Oct 3 

15 

24 J3 

22£ 

July 22 

2.6 

6 J5 

4.6 

Oct 3 

3.1 

43 

43 

Aug 19 

1.07 

4 

4 

July 29 

7.16 

12.65 

10.5 

Aug 18 

4.03 

5£8 

5.83 

Aug 15 

1.5 

3.75 

2J25 

July 29 

1 

1.5 

2 

Aug 11 

0-5 


1.5 


□fvfdends shown pence per share net except where otherwise stated. tOn 
Increased capital. §USM stock. currency. 


BABCOCK INTERNATIONAL: 
Valid acceptances for recent 
rights received in respect of 
275.8m now shares, represent- 
ing 89.7 per cent of issue at 
27p. Balance sold at net pre- 
mium of approximately 2.94p 
per share. 

BRACKENBRlDGE: Recent 
rights taken up in rtepect oT 
49.98m shares, representing 
about 97.8 per cent of issue. 
DAVID LLOYD Leisure has 
acquired a 12-acre site at Long 
Ashton, Bristol, with planning 
Permission for a tennis and fit- 
ness club. Facilities will 
include io indoor and six out- 
door courts and a gymnasium, 
at a cost of about ESm. Under 
planning conditions a park- 
and-ride facility will also be 
built at a cost of 21.5m. 
GARTMORE SCOTLAND 
Investment Trust: Net asset 
value 258.1P (249p) per capital 
ajmre at April 30. Net revenue 
for nine month period EUKm 
(£961,000) for earnings of 7.8p 
\7-lp) per income share. Third 
quarter dividend again 14p. 
TAMARIS: Acceptance to 
rights issue received in respect 
of ,53.8m shares <35.6 per cent of 
allotment). Balance of 97.47m 
snares subscribed by sub-un- 
derwriters at 2p per share. 




ITNANCTAL TIMES FRIDAY JUNE 10 1994 


23 


OKI ' - 

SUh,. Shares lose 28p as costs of Italian silver disposal hit results 

-3p * Johnson Matthey falls 11% 


COMPANY NEWS: UK 



ByPa vM BtecKwofl 

The cost of : disposing of its. 
ItaBaB^sflver-, business helped 




^tiV 


••• Hh- Iv 


■i . 

‘ , J ,Vl,1I U.T> 

> " i: ' 

;; • 

•i . .tjjf-j,.. 

. , •>ICa rt ^. 

: >,vr 

1 ' ' .V..I r|-n k. 

'1:1* ii'j {. 

' j- 

' 1 • 

"v; ' r.*v- 

'-i* 


rn face 
rom l: 


• i rt-; 

•' i ■ r” 

■ : .i. .w? 


ILvper.eent at. Johnson Matt- 
bByi:the' pteckras metals tech- 
s$agy\gwx9.' The shares fell 
^fo-cfese at fi3$p. *■ 

were £6 5.4m 
flgj^dtalitnnDya' of £L96bn for 
the yearrtd aid -Man*, ccno- 
pgxed wtth previous ~£ 73 l&ixl 
oea turnover of £L8 Shl 
H owever, continuing activi- 
ties showed operating profits 
rose by 43 jper cent 46 £8L6m 
-(Enufed^'tnmm-of£U^ 
(EtffflnX 

Mr David Davies, chairman 
and chief executive, said all 
four divisions had' shown 
higher profits. At the same 
time the group had embarked 
on several joint ventures 
which would enable it to 
oypgnrt globally. 

The group was moving from 
the cost cutting cycle of the 
past few years into a cycle of 
growth, he said, citing the 
group's ceramics venture with 
Cookson. planned antocatalyst 
plants in Malaysia and Mexico, 
and an electronics venture 
with Mitsubishi' in Japan. 

ing level was ftfeHed by the 
materials technology division, 
which lifted profits from 
Efl Q.Rm tO f2Wnv MrDavfes raid 
that irinmedical products had 
coaxtiunedto be a good, pro f i ts 
eanierr arid' the electronic 
materials side had lifted profits 
in North America by 60 per 
cent in steriing tenns. 

Profits at the automotive 


catalyse division rose from 
£27.1zn to £2Su2m, with Strang 
demand from North America 
offsetting 1 a 15 per cent 
decline in the European car 
market 

Precious metals profits edged 
ahead from £20Jhn to £20Am. A 
rise in the price of platinum 
from £2lb a troy ounce to £255 
in the period was af&et by a 
further fell in the rhodium 
price, from £1^3 a troy ounce 
to £625.- 

The colour and print division 
improved profits from £LL3m 
to Siam. 

Exceptional charges totalled 
£11. 7m, compared with an 
exceptional gain of £3.7m pre- 
viously. 

- The book loss of £9m on the 
Italian sale, annnim^ yester- 
day, was offset by the. disposal 
earlier in the year of the UK 
and Irish jewellery b usinesses 
at a profit of £2L3m. A provi- 
sion of £5zo. has been charged 
for restructuring costs on 
Cookson' Matthey Ceramics, 
the joint venture with Cookson 
announced last March, and due 
to start on July 1. 

Earnings per share were 
23.7p, down from 27-lp. Earn- 
ings before exceptionals were 
27.6p. A final dividend of ap Is 
proposed, giving a total for the 
year of U.4p (103p). 

• COMMENT 

The fall in the share price was 
surprising. Apart from the sale 
of the Italian business, the 
results were in line with City 
expectations. Further growth 
is expected. The group is 
investing a lot of money in the 



Trevor Hu m p M — 

David Davies: creating joint ventures to boost global expansion 


future. Capital expenditure, at 
£65.4m, was more than twice 
the depreciation charge, and 
research and development 
spending at £28^m was also at 
a record. It is taking its elec- 
tronics expertise to Japan and 
its antocatalyst expertise to 
east Asia and Mexico. By link- 
ing with Cookson, it is turning 


fha amati colour and print divi- 
sion into a business big enough 
to compete on global terms in 
the ceramics industry. Next 
year profits should be about 
£90m, which gives a multiple of 
more than 17, This might fooik 

expensive in the short term, 
but longer term the prospects 
are good. 


Scapa edges ahead to £48.5m 


By David BtscJcwaft 

Pre-tax profits of Scapa Group, the 
supplier .of consumable products to the 
paper industry, edged s per cent , ahead 
horn £4 7m to a record £48J5m for the year 
ended Man* 8L 

-Mr Harry Tuley. - chairman, said there 
were signs that the paper -industry “is an a 
fragile recovery path from a very 
depressed base" But he also pointed to the 
“increasingly si gnificant results" of the 
group's industrial mat erials d ivision, 
which would provide ari a i t nmath w i route 
to earnings- grtwth. 

Turnover rose bj almost 13. per cent 
from £347.3an to £89L7in: About 80 per cad 
of the group’s products are made or sold 
overseas, and currency factors accounted 1 
for £llm of the increase. A further £l&2m 
arose from acquisitions- - 

Operating profits increased by £3£m to 
£55. 5m. However, currency gains 
accounted for £2 5m. of the advance and 


giJhn nama from acquisitions. 

The group generated a positive cash 
flow of £17. 3m, up from £4. 3m. Capital 
expenditure at £l9.7m was the lowest 
smcel967 - Mr Tuley said the group felt it 
had enou gh capacity and was being cau- 
tious. He expected it to return to the 
recent average of £25m in the current 
year. 

The paper and related industries divi- 
sion reported profits of £4L4m an turnover 
of £229 5m, up from £4fi4m on £2085m. 
The US market - Scapa’s biggest - took 
higher physical volumes, but prices 
remained under pressure. 

-. The industrial materials division li fted 
operating 'profits from £LL3m .to £l4Jm» 
and salesfrom £L39mto £1625m. 

The divMon. includes speciality adhesive 
tapes, sales of which are now mare than 
£7Sm following the acquisitions of Saba 
and Bander in Fiance. 

The group is searching for further acqui- 
sitions, probably in North America, “to 


NEWS DIGEST 


build on the critical mass now estab- 
lished." 

Net interest payable rose from £4.7m to 
£7m. 

Earnings per share were 135p, down 
from 13.8p, and a final dividend of 453p 
(4.03p) is proposed, taking the total to 
5.88p (553p). 


The shares reacted to sli ghtly lower than 
expected p rofits with an lip fen to 2l4p. 
The company's cautious statement could 
prove to be a little too gloomy, although 
there is likely to be a time lag before any 
. improvement in the paper Industry itself 
feeds through to the suppliers. Neverthe- 
less, it has increased its marknt share of 
paper industry supplies and maintamed 


profits throughout the recession, putting 
itself in a strong positron to benefit from 
any recovery. Profits this year of about 
£54m give a prospective multiple 
approaching 15 - a solid hold. 


Recovery 
continues at 
Drummond 

v The recovery seen in- thellrst 
. - hag at Drummond Group, tire 
Wool-based fabrics manufec- 
: ‘ turer, continued in the second 
. o hag-resulting In pre-tax profits 
. .. of £716,000 for the year to 
March 31, against losses of 
• £338m. 

The result was helped by 
. sn^pticuud profits this time of 
. £196,000, compared with a net 
: charge of £&&n mainly relat- 
, tog- to jeoiganisation costs. 
. Finance charges ware lower at 
£473500 (£89^000). - ■ 
Turnover 1 was £43. 6m, 

’ against £4&&u which included 
£557m ' from r discontinued 
- activities, Operating-profita on 
„ cdntinnthg activttiea amounted 
'. to .£993,000,- against, losses of 
£542.000. t - ; V- ■ 

. Earnings- per^ihare were 
.. Z.7SP (losses 22.63P). ‘The board 
. ; . betieves a resitiratian of the 
{UvlSfnidwouldbeV 
■M tt expects to pay one for the 



Australian judgment 
hitsCEHeatfa shares 


.CE. Heath, tire insurance bro- 
: ker,_ warned yesterday that it 
wouU haro to make an excep- 
tional . provision V of about 
J,: A$50m .{E32AnjJ hr'its results . 

. - for the year to March SI follow- 
tog a judgment in the H3^i 
Court of Australia. ■ 

- -ifeshares fea by 34p to dose 
; «ts88p.: :' r~ 

As-a result t# titt judgment, 
■" . CE 'Haath ; ttjddrwtiting and 
™arance fAratrtHa)r a wholly 
' r .- <WD®l simdiary r will not be 
301a .1* - recover certain 
^founts r frtHn the Accident 
1 Crahmisston in 
accrued 


achieves£146,000 

. Premfer Land, the property 
UJVes to€*t r grwto, achieved 
Wfrtax ptofKs pf £146,000 for 
gejtiXLnxmfi»,.to March 31, 
: f* the ptevtoux nine months, 
; the cornsfeny divested 
-ns thwH » Weffi 


Sent '. for jthe - period 
axnou ntad tp-£L79m while net 


property sales were £660,000. 
Earnings per share came 
through at 0.08p (losses of 0.85p 
for nine months). 

Progress continues 
at Alphameric 

Alphameric, the infonnatdon 
technology group, continued to 
progress through the second 
six months and for the year to 
end-March swung from lasses 
of £321,000 to profits of £433,000 
pre-tax. 

Turnover improved from 
£&83rn to glflikn. - Ramfiig g per 
.share wraked thraugh at Lip 
(tomes L4p). There is again no 
diridend but the cash position 
remains healthy with nil gear- 
ing. 

Melville Street net 
asset value ahead 

Melville Street investments, 
which specialises in the provi- 
. sian of development capital to 
1 small and growing companies, 
tew a rise in its net asset value 
from 140p to 187p per share 
over the year to April 30. 

Net revenue for the 12 
months improved from £800,758 
to £950,775 for earnings per 
share of s.lp (4.3p). A final divi- 
dend of 2.7p is proposed for a 
4J2p (4>) total ••• 

Regent share offer 
for First Choice 

Regent Corporation, the house- 
builder, is making a share offer 
valued at £2.66m, for First 
Choice Estates. The deal rec- 
ommended by First Choice 
d ir ect or s, will be satisfied by 
the issue of 6L2Sm Regent new 
ordinary lp shares. 

Regent is making a 5-for-6 
offer for the ordinary shares 
and offering 23 for every two A 
ordinary. Underlying net 
assets of First Choice, a resi- 
dential property developer, 
were EL27m at September 30 
1993. 

Bristol Scotts cuts 
loss to £246,000 

Losses in Its restaurants divi- 
sion toft the pretax deficit at 
£246,073 at Bristol Scotts for 
the 1993 year, against losses of 

£L5Sm. 

The property and leisure 
group has decided to close the 
division and since the year end 


two outlets have been sold and 
the third will be dosed next 
month. 

Mr Anthony Kerman, chair- 
man, said the moves would 
eliminate the tosses in the sec- 
ond half of the present year 
allowing the group to benefit 
folly from the positive contri- 
butions expected from the 
remaining divisions. 

Turnover for the year fell 
from £10. lm to £8-7m, most of 
the fell being the result of the 
restaurants disposals. Losses 
per share were 3Alp (45.43p). 

World Fluids start to 
1994 ‘disappointing* 

The board of World Fluids 
Holdings, tha specialist chemi- 
cals and additives manufac- 
turer, yesterday warned that 
trading for the first four 
months of the current year hud 
been disappointing and well 
below expectations. 

The company pointed out, 
however, that this was in com- 
mon with most companies 
operating in the sector, where 
oil prices affected (hair results. 

The statement was in 
response to a recent sharp fall 
in the shares, which earlier 
this year touched 40p, hut yes- 
terday stood at I8p. 

Thomas French 
down at £0.55m 

Thomas French & Sons, the 
home decorative accessories 
group, reported pre-tax profits 
down from £725,000 to £551,000 
in the half year to April 2. 
Turnover was £256,000 ahead at 
£7.78m. 

There was an exceptional 
charge this -time of £185,000 
relating to unrecoverable 
deferred consideration after 
the purchaser of Eaz Krafts, 
sold in January last year, went 
into receivership. 

The interim dividend is 
unchanged at L45p from earn- 
ings per share of 4J2p (339p). 

MMI expands via 
£5m purchase 

MMI, the business communica- 
tions company, is paying up to 
£7.75m for WMGO group, 
which has Interests in broad- 
cast and press advertising, . 
sales promotion, direct market- 
ing and media planning and 
buying. 

On completion the enlarged 


group will be renamed WMGO 
(froup. 

The vendors will retain 
shares to the value of £3.68m, 
while the £L32m balance of the 
initial £5m purchase price will 
be included in a placing and 
open offer fry Beeson Gregory 
to raise £lA4m net of expenses. 
There is a clawback for exist- 
ing shareholders on a lQ-for-31 
basis. 

A further payment of up to 
£2.75m is dep endent on profits. 

MMI is expecting pre-tax 
profits of not toss than £L2m 
for the year to end-February - 
it incurred tosses of £473,000 
the previous year. Fur the 12 
months to September 30 1993, 
WMGO returned £807,000 at the 
pretax level. 

Caffyns jumps 
to £707,000 

Despite an increase in stock 
writedowns Caffyns, the motor 
dealer, reported a jump in pre- 
tax profits from £262,000 to 
£707,000 for the year to March 
3L 

Turnover increased to 
£150.9m (£123 Jm). Operating 
profits moved ahead to £L7m 
(£L42m) and the pretax result 
was helped by tower interest 
charges of £993,000 (£1 JGm). 

Earnings per share advanced 
to 14.7P (0.8p) and the dividend 
Is held at ll.5p with an 
unchanged final of 6-5p pro- 


Prudential sells a 

Canadian offshoot 

Prudential Corporation is sell- 
ing the Canadian group insur- 
ance business of its Canadian 
subsidiary to Sun Life Assur- 
ance of Canada for C332.5m 
(£15.7m) cash. 

Unitech makes 
US acquisition 

Unitech, the maker of elec- 
tronic power supplies, connec- 
tors and control products, is 
paying &2&n CftUm) cash for 
the Intech/Advanced Analog 
electronics business of Intech. 

Advanced Analog makes 
electronic components, mainly 
in the US and primarily to the 
military and aerospace mar- 
kets. Of the consideration, 
£LL3m was paid on com p leti o n 
and Sim mil be paid in 12 
month? time, provided certain 
conditions are met 


AGM told 
HTV makes 
good start 
to year 

By Raymond Snoddy 

Mr Louis Sherwood, chairman 
of HTV, told shareholders at 
the annual meeting yesterday 
that the year had started very 
well for the ITV broadcaster to 
Wales and the west -of Eng- 
land. 

In tiie five months to the rod 
of May airtime sales revenue 
rose by more than 10 per cant, 
aga in st 7.5 per cent growth for 
ITV as a whole. 

Its share of total ITV reve- 
nue had now risen to more 
than 6.1 per cent compared 
with 5.9 per cent 

Mr Sherwood was still tak- 
ing a cautious view of the frill 
year but safaL* “1 must reiter- 
ate that we are feeling very 
positive about every aspect of 
our business." 

He also called for a new 
broadcasting act to deal with 
the anomalies of the 1990 leg- 
islation. 

At the meeting the company 
spelled out the progress made 
since the alliance was 
announced with Flextecb and 
its parent organisation. United 
Artists European Holdings, 
which in turn is part of 
Tele-Communications of the 
US. 

A £2m contract for 20 
months has already been 
signed to provide facilities and 
operational management for 
Wire TV, the UK cable televi- 
sion channel. Programme 
development contracts have 
been signed with both the US 
and European Discovery chan- 
nels and there is the possibil- 
ity of a number of high-vol- 
ume programme supply 

n gr aw nwi^ 


Magnolia makes 
Czech buy 

Magnolia Group, the picture 

fra nu* Hiflnnl W I iit-ot imil pub- 
lisher, Is baying a 51 pa* cent 
interest in lira, a Czech pic- 
ture frame company, for 
Kcs52.5m (£l-2m). 

Magnolia also warned that 
its results for the first half of 
1993 would be disappo in ting. 
Increased marketing costs and 
delayed orders were blamed. 
Hie shares fell 9p to 83p. 


Cost cutting behind 25% 
rise at Chubb to £77. 14m 


By Sanon Davies 

Cost cutting at Chubb Security 
enabled the electronic alarm 
and locks group to achieve a 25 
per cent increase in pre-tax 
profits to £77J4m for the year 
to end-March. 

The improvement to profits, 
from last year's £S1.75m, was 
scored from a turnover just 1 
per cent ahead at £701m 
(£688m). The shares fell 25p to 
335p, reflecting concerns over 
the level of safes growth. 

The UK and Asia Pacific 
markets produced strong 
growth, but the US and Europe 
were affected by a downturn in 
sales, primarily in their fire 
systems business. 

The figures were affected by 
currency movements and an 
accounting policy change on 
currency translation. This 
reduced turnover by cram and 
pretax profits by Elm. 

Mr David Peacock, chief 
executive, said sales for the 
first two months of the current 
year were on target, and were 
"meaningfully ahead" of the 


previous year. 

Since the company demerged 
from Racal in October 1992, 
management has focused on 
boosting both market share 
and reducing costs. 

Last year, the company made 
around 500 redundancies 
worldwide but overall redun- 
dancy and reorganisation costs 
fell £3.4m to £4.9m. and the 
pace of restructuring should 
slow. 

Operating profits from the 
group's electronic security 
division rose 13 per cent to 
£41.78m, with profit margins 
improving from 10.8 per cent to 
UA per cent 

On the physical security 
side, profits grew 21 per cent to 
£3&5?m and margins from 8.8 
per cent to 1QJ5 per cent 

Chubb is investing Eftm in 
plant equipment in the current 
year, and plans to introduce 16 
new product ranges and 
expand its sales force in a push 
to increase market share. 

It is also developing in 
emerging markets. Sales in 
China grew to £34m last year, 


and Chubb is expanding its 
sales presence there. This 
should help make up for con- 
tinuing weakness to the US 
and European markets, where 
sales fell £7.7m last year. 

At the year end, Chubb had 
built up a net cash position of 
235.3m. 

A recommended final divi- 
dend of 4.25p makes a 6.25p 
(4.75p) total. Earnings 
amounted to 16-4p (I2.47p). 

• COMMENT 

Chubb came out with a good 
set of results, but the problem 
it now faces is how to deliver 
more. It has relatively mature 
markets, and a level of effi- 
ciency which is getting harder 
to improve. The push into new 
markets, combined with the 
upturn to western economies, 
should help it achieve pretax 
profits of about £90m in the 
current year. This puts the 
shares on a p/e ratio of 17.3, 
even after today's falL On 
those expectations, it seems 
unlikely to continue outper- 
forming the market. 


Oxford Instruments up 21% 


By Paid Taylor 

A recovery in itemand for Its 
products helped Oxford Instru- 
ments, the advanced Instru- 
mentation group, report a 21 
per cent increase in full-year 
pretax profits yesterday. 

For the 12 months to March 
27 pro fi ts increased to 
(£io.6m) pretax. The advance 
was achieved an turnover up 
by 11 per cent to £112m 
(£ 101.1m) reflecting a 22 per 
cent rise in new orders to 
£U7m. 

Some 85 pro cent of group 
sales were made overseas with 
Japanese safes growing partic- 
ularly strongly - mostly 
reflecting volume growth. 

Earnings per share increased 
by 13 per cent to 17p (15p), 
reflecting a slightly higher tax 
charge of 35.5 per cent (3L6 per 
cent). 

A proposed final dividend of 
3.4p (3.1p), makes an increased 
total of 4£p (45p). 

The shares dosed up 27p at 
307p. 

Mr Peter Williams, chairman 


and chief executive, said, 
‘'while it is too early to talk of 
long-term sustained recovery 
in an our markets, orders nev- 
ertheless rose in the majority 
of our businesses although 
patient monitoring and midear 
measurement continued to 
experience rather more diffi- 
cult trading conditions." 

Operating profits more than 
doubled, from £3.46m to 
£7. 19m, with the group's core 
businesses in superconductiv- 
ity continuing to make the 
main contribution to profits. 

Income from the group's 49 
pro cant stake to Oxford Mag- 
netic Technology, the MRI 
scanner joint venture with Sie- 
mens, slipped to £5.14m 
(£6.05m). Despite the decline. 
OMT shipped more than 300 
magnets last year, and Mr Wil- 
liams said it represented 
“another excellent profit per- 
formance." 

Interest income fell to 
£457,000 (vi -im) , however the 
strong cash flow in the second 
half boosted net cash to £7 9m, 
which was slightly higher than 


a year earlier. 

• COMMENT 

Oxford managers decided to 
use most of the benefits of cur- 
rency movements to trim 
prices and boost market share 
last year and one effect was to 
boost safes per employee by 13 
per cent to £80.400. Profit mar- 
gins widened from 3.4 to 6.4 per 
cent but still lag way behind 
their historic high of 18 per 
cent. Improving demand 
should help boost margins 
back towards these levels, 
although some businesses, par- 
ticularly patient monitoring, 
remain sluggish «nri very com- 
petitive. Meanwhile the group 
is hopeful a buyer will be 
found for its second $25m 
(£16m) synchrotron - its has 
spent £6£m on construction so 
far. Pretax profits of £149m 
look possible producing earn- 
ings of 20 Jp this year. Given 
the growth prospects, the 
shares probably deserve to be 
trading on a higher forward 
multiple than tiie 159 they cur- 
rently command. 


SIEMENS 


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terminals and powerful network 
technology. 

The world-wide trend toward mobility 
is also a reflection of the inroads 
made by the digital standard GSM. 

The number of countries opting for this 
standard is increasing fast throughout 
the world. Large countries like India 


and China, as well as smaller ones 
lilce Singapore and Hong Kong, 
are considering GSM. In Europe it is 
already the sure standard for the year 
2000 and beyond. 

Siemens has a tried-and-tested digital 
system that is ideally suited to handling 
the heavy traffic load of many network 
subscribers. D900 from Siemens is 
the complete network technology for 
the demanding GSM standard. Secure 
voice communications is also ensured. 
Our success has proved us right: 
today, if GSM is the topic of discussion, 
so is technology by Siemens. 


For further information please write to: 
Siemens AG, Infoservice ON/Z135 
90713 Fiirth. Pbstfach 2348 
Germany 


Siemens - 

switching to mobility 


FINANCIAL TIMES FRIDAY JUNE 101W4 


COMPANY NEWS: UK 


Signs of economic recovery begin to show through 


Field rises 14.7% to £13.7m 


By Maggie Uny 

Reid Group, the carton maker 
which went public in July last 
year, raised underlying pro 
forma pre-tax profits by 14.7 
per cent to £13.7m in the year 
to April 3, helped by an acqui- 
sition. 

The gain was in spite of pile- 


growth. 

In 1993 profits were 
depressed by a property write- 
down of £L95m and a £l-25m 
charge for the termination of 

hedging instT TTmprr ts from the 
management buy-out Without 
adjusting for the flotation and 
including these exceptional 
items, pre-tax profits wore up 
from £&38m to £&95m. 

The shares, floated at 250p, 


rose ?p to 250p yesterday. 

Mir Keith Gilchrist, chief 
executive, said Field had out- 
performed the market and 
raised its UK market share 
from 15.4 per cent to 18.6 per 
cent 

He expected farther rational- 
isation in tire market with a 
number of middle-sized players 
currently up for sale. Field 
could be interested in buying 
at the right price, but preferred 
expansion in northern Europe, 
he said. 

Mr Gilchrist added that pres- 
sure from supermarkets had 
kept down prices of packaging 
for foods, detergents and tis- 
sues. However, these 
accounted far only a third of 
group turnover. 

Although cautious on cur- 


rent year prospects, the chief 
executive said there were now 
signs of economic recovery and 
he expected continued p ro gress 
helped by £20m of capital 
expenditure in the last two 
years. 

Group sales rose 1L4 per 
cent to £l55m, including 
£6. 63m from the Boots Print 
business acquired just after the 
float. 

Operating profits, before 
exceptionals, rose fay 1L7 per 
cent to £l4.lm, including 
£550.000 from acquisitions. Mr 
David Nussbaum, finance 
director, ^ ♦faat Hke-for-like 
growth, wriiuirng the acquisi- 
tion, exchange rate movements 
and allowing for 1993 being a 
53 week period, was 8.1 per 
cent 


Operating margins were 
unchanged at 9J. per cent. 

The interest charge fell from 
SBASfiOQ to £357,000, with the 
group ending the year with net 
cash ctf £42m. A lower tax rate, 
of 22% per cent, boosted earn- 
ings per share by 27 per cent to 
17.9p, before exceptionals. 

Mr Nussbaum said the tax 
rate would rise to around 30 
per cent over the next four or 
five years. 

A final dividend of 4.75p is 
proposed to give a total of 
7.05p, up 102 per cent on the 
notional 6.4p for 1993. Mr Gil- 
christ stressed the rise 
reflected the strong balance 
sheet and low tax rate, and 
thte sort of dividend 
could not be expected every 
year. 


Half of accountancy firms report an 
absolute decline in fee income levels 


By Andrew Jack 

Acco untancy firms are still lan grriuhing - in 
the after-effects of the recession, according 
to the Financial Times league table of the 
top 30 firms published today. 

Nearly half of the firms reported abso- 
lute declines in fee income levels, while 
only three were able to report revenue 
growth in double digits. 

The data shows the enormous and grow- 
ing gulf between the “Big Six” firms and 
the rest of the market. Touche Ross, which 
fell to sixth place with a dnrKw» of 0.8 per 
cent to £332flm. remains more than three 
timwi the size of the next largest firm. 

Total income to the 30 largest accoun- 
tancy practices was £3.4bn to 199344, up 
by less than 2 per emit on the previous 
year. The proportion taken up by the larg- 
est six firms edged up marginally to 76 per 
cent 

The largest growth came from T-atham, 
Crossley & Davis, a small firm which 
reported an. IB per cent rise to £9.7m in the 


year to April 80. The biggest decline came 
from Littlejohn Frazer, down 13.5 per cent 
to £9m. 

At the top end of the league table, 
Andersen, comprising Arthur Andersen 
and Andersen Consulting, moved up from 
sixth place two years ago to become the 
third largest firm in the country this 
year. 

The table also shows the diversification 
of the accounting firms from purely 
accounting and auditing work into tax, 

insolvency and TnanngPTrmTrt mncnlHng 

However, many firms reported declines 
in insatvemy income, which had sustained 
them during the recession but has now 
finiipn in 1 tth» with the nmniw of business 
failures. 

Two of the firms with strong specialisms 
now show less than one-fifth of their 
income from audit sma acco un t i ng work. 
These are Andersen, becaus e of Andersen 
Consulting, and Smith A WiTHanrenn . with 
its heavy hanking and investment man- 
agement service. Levy Gee, an insolvency 


specialist, reports only 37 per cent from 
accounting. 

The trend to cutting jobs continued, 
with the number of partners a/y oss the 
firms reduced to just over 4,700 down 7 per 
cent from last year, and the nmn i wf of 
other professional staff down 6 per cent to 
a little under 41,000. 

The figures are prepared for comparison 
with most firms pmi Hiling infiimnitinn for 

financial year-ends to March or April, 
although these do not always correspond 
to their own year-ends for internal 
use. 

It remains rirffirnTt to compare the firms 
for a numb er of r easons, inrfnriinp thfl far* 
that a number of the wmaTipr acc ountan cy 
practices are affiliations rather than single 
firms. 

For this reason, Moores Rowland has for 
the first time been shown adjusted to 
exdude its MRI associates, which lowers 
its place in the rankings. On a like- 
-for-like basis, it remains 16th in the 






Prof 

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MW 

Prof- 

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mi«* 

tadonti 

aM 

jartnar 

mto 

rate 

(EDQQ) 

ratio 

fOOOl OfflaB fronteig 



21 (Z3 lovy Gee 

22 (23) Cftamray VaBacott 

23 (21) Hactar Young 

24 {2Q Casaon Badanan 

25 (24) Hafeenr & Wood 


25 (29) Latham, Croutay & oavb 

27 (25) LMejota Frazar 

ZB (ZB) Kktgskia SmBi 

29 (27) Fraser 4 Russo! 

30 (31) Salman Han 


80 

384 

41 

347.1 

682 

18 

90/Am 

71 

378 

S3 

401 A 

63J 

18 

31/3/84 

ei 

288 

47 

442JJ 

774 

4 

30/4/9* 

48 

272 

5 J 

441.3 

838 

20 

30/4/84 

40 

205 

5L1 

407.5 

6BJ5 

10 

30/4/94 

33 

157 

48 

4333 

758 

5 

6/4/94 

38 

158 

42 

3632 

700 

8 

3CV4/94 

48 

215 

4.7 

277B 

48J0 

10 

3QWB4 

20 

98 

49 

5354 

907 

1 

31/5/94 

31 

120 

33 

341.9 

702 

14 

6/4/94 



1 3W4/94 

1 SWIM 
« 90/Am 

7 90/Am 

S 90/Am 


GWR 
jumps to 
£930,000 

By Raymond Snoddy 


GWR, now the UK's second 
largest commercial radio 
group, is p ress ing for the abo- 
lition. of Hus pr ese n t lfantf an 
the number of licences an 
operator can hold. 

The company - which yes- 
terday announced a big jump 
in interim pre-tax profits from 
£317,000 to £930,000 - already 
holds 20 li cence s - the maxi- 
mum permitted. 

Under *»« fating rules a radio 
c ompan y w« tengw arpfltiH 

if it has more than 15 per cent 
of m i bbwhmI radio as 
by a paints system or more 
20 licences. - 

The Radio Authority, the 
industry regulatory body, has 
also told the gover n ment that 

it wants to see the licence cefi- 
ing abandoned. 

Ur Henry wfeairtn, chair- 
man, said after the current 
go vernm ent review of cross- 
media ownership rules was 
completed and the recommen- 
dations published it “should 
enable the group to co ntin ue 
expanding its portfolio of 
wholly owned stations in the 
UK.” 

GWR has now added radio 
stations in Bast Anglia to its 
main base in the south of 
England and the Midlands star 
turns acquired in January. 

The USM-quoted group is 
raising fniwj Tn divi depd to 
5-5p <4p). 

The result primarily re flects 
a good performance fay GWR 
South where both naHmral and 
local advertising revenues 
showed growth of 31 per cent. 

Group turnover expanded 
from film to EIJSa. with the 
Midlands stations contributing 
£2. 2m. Earnings per share 
were 14.1p (&8p). 


Care UK 
helped by 
exceptional 

Care UK, the restructured 
nursing homes group, swung 
from losses of £136m to profits 
of £R35m pre-tax for the half 
year to end-March. thanks 
mainly to a £7JJ5m profit on 
the safe of its sheltered hous- 
ing divi sion . 

Turnover totalled £7.5 1m 
(£8. 35m) of which £3 .51m 
(£5.19m) related to discontin- 
ued operations. Operating prof- 
its of the n ontiptong activities 
emerged at £563,000 (losses 
£32,000), but interest costs 
accounted for £789,000 
(£851,000). 

Undiluted earnings per share 
walked through at 3£lp. The 
USM-traded company was for- 
merly known as Anglia Secure 
Homes. 

Martin Shelton 
doubles to £796,000 

Martin Shelton Group, the 
USM-quoted diaries, calendars 


Proteus in development 
talks with nine companies 


By D*iM Green 

Proteus International, the 
USM-quoted drug designer, is 
in talks with t ip 1 ** pharmaceu- 
ticals wimparriM over develop- 
ment programmes in the 
lwnt|TTHA «r>d in treating 
arthritis. 

Five large pharmaceutical 
companies are interested in its 
Adjuvant immune system 
booster for use with vaccines, 

with wwTirpwffiai arrangements 
pnaariMp. rare* year. 

Talks with three Japanese 
and one US about a technology 
to stimulate cartilage growth, 
which could reduce the need 
far surgery in arthritis victims 
are at a preHminaxy stage. The 
conclusion of at leak one set of 
discussions is likely this finan- 


na( year, said Mr Kevin Gil- 
more, executive chairman. 

The company already has 
collaborations with four other 
companies in human and ani- 
mal health Am eri c an 

wimp products and UK com- 
pany Medeva. 

Proteus also reported results 
for the year to March 31 which 

showed research and adminis- 
trative spending rising from 
to £6.47m as potential 
products progressed through 
their development pro- 
grammes. 

As with many young biotech- 
nology rqrupawigg, sales were 
zero, against £21,000. and pre- 
tax losses rose from £3-55m to 
Losses per share rose 
from 1352p to 2L3Sp- 

Just after the March 31 year 


end. the company completed a 
i-for-7 rights issue at 284p. The 
proceeds raised the net cash 
position from £L6m at the year 
end to about £I2m. 

The shares rose yesterday by 

7pto20Sp. , * . 

Mr Gilmore said that aB of 
the 30 drug development pro- 
grammes were ahead of the 
schedule set out In the rights 
issue offer docu m ent. 

"Modest revenues are antici- 
pated to commence during 
1994-5, “ he said. Sales would 
grow “to provide a base far 
substantial expansion in 
1996-7”. 

Tim company's strategy is to 
develop new drugs and to 
licence them to companies for 
the late stages of development, 
manufacture and marketing. 


Property revaluation leaves 
600 Group £2.5m in the red 


By Paul Taylor 

A loss on a property reval- 
uation pushed the 600 Group, 
which, manufactures and dis- 
tributes machine tools and 

ma te r ia l* handling equipment, 

into a wider deficit last year 
despite a reduced loss at the 
operating teveL 
The group, which has under- 
gone a substantial reorganisa- 
tion, reported pre-tax losses of 
£25m for the year to March 31 
compared with losses of 
£Z39m. The result was after a 
£LQ2m lorn on the revaluation 
of properties. 

Turnover fell by 2^ per cent 
to £96.7m (£99 .2m), but the 
decline masked modest signs of 
improvement in the second 
half when group sales 


increased by 15 per cent 
reflecting improved demand, 
particularly in North Amer- 
ica. 

Professor Michael Wright, 
chairman, said, "after five 
years, during which our perfor- 
mance has been dogged by 
recession in our major mar- 
kets, we are beginning to 
detect clear signs of recovery 
in demand.” 

Similarly at the operating 
level results improved from a 
first half loss of £lm to a profit 
of £800,000 in the second half 
producing a reduced foil year 
operating loss, before the prop- 
erty revaluation, of £157,000 
(£l26m). 

Prof Wright said the reduced 
operating loss reflected a com- 
bination of a moderate 


NEWS DIGEST 


and betting office supplies 
maker, announced a war dou- 
bling of pre-tax profits from 
£407,000 to a record £796,000 for 
the year to March 3L 

Mr Paul Martin, rbairman, 

said the stronger performance 
from all areas of group activity 
had been coupled with 
increased manufacturing out- 
put and tighter production con- 
trols to restrict costs. Most 
growth had come from the core 
activity - diaries, calendars 
and business gifts. 

Turnover improved to £533m 

(£5.Q2m). A proposed final divi- 
dend of 2ijp (L5p) lifts the total 
to 3-75p (225p), payable from 
earnings per share of 10.58p 
(5.73p). 

Osborne & Little 
£2.6m In profit 

The improvement seen in the 
first half continued into the 
second at Osborne & Little, the 
wallpaper and fabrics group, 
and enabled it to report pre-tax 
profits of £2.6m for the year to 
March 3L There were losses of 
£98,000 last time. 

Turnover amounted to 
£20. 7m (£l7Jm) and the pre-tax 
result last time was after a 


£L2m loss on the disposal of 
discontinued operations. 

Eamings per share of 26.44p 
(8-l2p losses) were helped by 
the company buying in a fur- 
ther 300,000 of its shares for 
cancellation, in addition to the 

705.000 bought in March 1993. 
It intends to purchase a further 

600.000 if earnings can be 
expected to be further 
enhanced. 

A proposed final dividend of 
4p (JLSp) lifts tiie total to 65p 
(4.6P). 

Widney In black and 
dividend forecast 

Widney, the broadly-based 
mechanical and electronic 
eng in ee ri ng group, announced 
a tumround from a first-half 
loss of £417,000 to a £638,000 
pre-tax profit and predicted a 
return to the dividend fist this 
year after a four year absence. 

Mr David Cassidy, chairman , 
explained that the dividend 
decision followed the clearing 
of preference dividend arrears, 
covering the period from July 
1989 to December 1993, and 
amounting to £754,000. 

He said that with the debit 
balance an the parent compa- 


improvement in demand and 
the successful launch of new 
products from the group's 
mnrhina tool, laser and electro- 
optic businesses. 

Net interest costs edged 
down to £i.28m (£i.3m) 
although net borrowings at the 
year-end were higher at no&n 
(£9m) representing gearing of 
22 per cent (16 per cent). 

Two percentage points of tin 
gearing increase was associ- 
ated with a £5 .5m reduction in 
shareholders’ funds because of 
the property revaluation. 

Losses per share were 65p 
(5£p). However, the board said 
it was encouraged by the set 
ond half improvement and tin 
final dividend is maintained at 
lp. making a reduced total of 
L5p, against 2p. 


ny*s P and L account cleared, 
ordinary dividends were now 
possible. 

Second-half results were 
expected to continue the prog- 
ress shown in the first half, he 
added. 

Turnover for the six months 
to April 2 grew to £UL23m 
(£9.88m). 

Interest costa fell to £lS7,Q00 
(£314,000) as a result of lower 
rates and borrowings, while 
earnings per share came to 
0.41p (Ofllp losses). 

The shares rose lVip to llXp 
yesterday. 

Lyons Irish 
down at I£8.85m 

Lyons Irish Holdings, the tea 
and coffee wholesaler ulti- 
mately owned by Allied-Lyoas, 
suffered a fall in pre-tax profits 
from I£9.43m to I£8^5m, or 
£8.63m, for the year to 
March 5. 

Interest income fell from 
I£3.78m to l£3rn. Earning s per 
share declined by 2.55p to 
2iSBp while a final dividend of 
6.95p makes a l0.4p (9.45p) 
totaL 

Turnover of I£25Jm com- 
pared with l£24Jfan. 


Scapa Group Plc 


Preliminary results for 12 months 
ended 31 March 1994 


Sales increase by 12.8 per cent to £39 1.7m (347.3m) 

Operating profits up 7.4 per cent to £55.5m (£51.7m) 

Pre-tax profits up 3.2 per cent to £48.5m (£47.0m) 

Earnings per share at 13.5p (13.8p) 

Final dividend increased by 5 per cent to 4.23p 

a We enter 1994/95 with cautious optimism from improved 
order books and signs that the paper industry is on a fragile 
recovery path from a very depressed base \ 

Harry Tuley, Chairman 


The Annual Report wfll be circulated to ibareholden on 24 June 1994. 
A farm of election far scrip dividend will be posted on 7 July.1994. 

SCAPA GROUP PLC 

OakfieJd House, 93 Preston New Road, Blackburn, Lancashire BB2 MY. 


$ 


WB Templeton 

Templeton Global Strategy Sicav \ 

Registered Office: 30, Grand- Rue. L-TooO Luxembourg, R.C. Luxembourg B-35II7 \ 

Convening Notice • 

The shareholders of Templeton Global Strategy Sicav are hereby convened to assist at an . s 

extraordinary meeting of shareholders to be held on 20th Jane 1994 at 1 1.00 am in Luxembourg at <i 
Centre Neuberg, 30, Grand-Rue, L-1660 Luxembourg to vote and deliberate on die following ; 

agenda: , 

1. to approve the m erge r of the sub-fond ’Templeton Indonesia Food” into the sub-fond \ 

’Templeton Far East Fond* with effect from 1st August 1994 in accordance with the 
provisions of Article 5, last paragraph, of the Articles of Incorporation. ■ * 

2. to approve the merger of the sob-fond 'Developing Growth Stock Fond* into the 

sub-fund "Templeton Smaller Companies Pond" with eflfect foom 1st August 1994 in 
accordance with the provisions of Article 5, last paragraph, of the Articles of 
Incorporation. i' 

3. to amend Articles 3, 17, 23, 27 and 28 of the Articles of Incorporation with the purpose: 

- to permit the creation of sub-classes of shares with specific sales and redemption charge 

structures or hedging policies as the Board of Directors may decide from time to time: h 

- to permit the Board of Directors to decide in specific circumstances the liquidation of a 

class of shares; r, 

- to permit the Board of Directors In specific circumstances to decide the merger of 

■ different classes of shares; r ": 

- to replace the specific reference to Templeton. Galbraith A Hanaberger .Lid”, by a l’-. 

global reference to companies of, or affiliated with the Templeton Group and to delete any y 
specific reference to Banque Internationale ft Luxembourg. j. 

The foil text of the proposed amendment* of the Articles of Incorporation is available for 
inspection at die address set forth above. 

4. to ratify the appointment of Messrs Charles E. Johnson, Dickson B. Anderson and 
Oregory S. McGowan os additional directors of the company. 

Shareholders are further Informed that an updated Prospectus has been approved by the Board of 
Directors and copies thereof may be obtained, free of charge, at the address set forth above. 

In order for the raced ng to bo able to validly deliberate on Items 1 to 3 above, at least 50% of the :>j 
shares issued must be represented at the meeting. Any decision in favour of the resolutions must 


and 2 or the agenda require, in addition, the same quorum and majority conditions iu respect of v 

the shares Issued In the tub-faads "Templeton Indonesia Fund" and ‘Developing Growth Stock y. 

Fund”, respectively. 

So quorum is required for Item 4 on tbe agenda and the ratification of the appointment of the • 
director* may be resolved by a simple majority of the shares represented at the meeting. r.l 

Only shareholders of record on May 31, 1994 are entitled to notice or the extraordinary general % 
meeting of shareholders and at any adjournments thereof. 

Proxy forms are available at the address set forth above. Bearer shareholders are requested to U 
deposit their shares at Banque Internationale h Luxembourg at least 3 dear days prior to the dam 
of the meeting. Hj 

The Board of Directors 




Help us give every 
injured child the care 
that Saed received. 

ground WMsheDed. He escaped to safety and a western 

chfldw what «** 
Jugoslavia don’t have chat chance. Manv 

^ovct 2 mflflonpeopfc. Yaur donation will heipeven more. 

Yes, I wanUoheip 

looses 

□ £250- □ so Dos Das Other £ 

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MriMraMIsdMfl 










FINANCIAL. TIMES FRIDAY JUNE 10 1994 




PROPERTY 


T 


he row over rent 
increases at Smith- 
field market in Lon- 
don has put the spot- 
light on one of the country's 
richest landlords - the Corpo- 
ration of London. 

The rumpus, which has 
arisen as a result of the need to 
meet the costs of upgrading 
hygiene standards to European 
Union requirements, brings 
into the public eye the corpora- 
tion’s eclectic property port- 
folio. 

Its holdings, which date back 
to medieval times, embrace 
about a quarter of the Square 
Wile in the City of London, 
along with extensive holdings 
in the West End and other 
parts of the cap i ta l. For exam- 
ple. the corporation owns New 
Bond Street, whicb was 
acquired in the 17th century as 
water-gathering lands. 

The pace of change in such a 
traditional and long-standing 
portfolio has. inevitably, been 
slow. But, according to Mr 
Peter Bennett, the corpora- 
tion's deputy surveyor, the 
workings of the 500-year-old 
surveying department, which 
oversees the corporation's port- 
folio, has undergone “dramatic 
change" over the past six 
years. 

The corporation's indepen- 
dence and deep pockets have 
helped insulate it from the rav- 
ages of the property collapse at 
the aid of the 1980s. Nonethe- 
less the corporation has moved 
away from its traditional style 
of estate management and 
adopted a tougher approach 
towards performance manage- 
ment. 

“Over the past two years, we 
have been asking whether we 
are justified in having this 
much property. We analysed 
our portfolio in 1990 when we 
looked at every property and 
assessed its current and poten- 
tial performance," said Mr 
Bennett 

Some properties were ear- 
marked for sale because they 
were in-suited to the portfolio 
or would require too much 
management effort. So far the 
corporation bas sold about 
SlOm of property. A few more 
properties are expected to be 
sold this year. However, Mr 
Bennett added. “We are not 
flooding the market" 

The corporation's investment 
properties are divided into 
three portfolios: 

• the local authority portfolio, 
which is valued at between 
£150in and 5200m. Much of this 
portfolio comprises second 
world war bomb -dam aged 
property, principally around 
the London Wall area, which 


A quiet 
revolution 

One of the UK's richest landlords 
is changing its approach, says 
Vanessa Houlder 





Alban Gate in the City, developed by the corporation and MEPC 


was bought post-1945 for rede- 
velopment. 

• Bridge House Estate, val- 
ued at between £150m and 
£200m. Revenue from these 
properties, many of which 
were bequeathed during the 
Middle Ages, are used to main- 
tain City bridges: Tower, Lon- 
don, Southwark and Black- 
friars. The corporation is 
appealing to parliament to 
change its constitution; this 
would enable the authority to 
use the fond for other pur- 
poses. A decision is expected 
within the next few months. 

• City Estates, valued at 
between £300m and £400m- 
Re venues from this fund are 
used to replenish the corpora- 
tion's private purse, which is 
used to maintain Epping For- 
est, Hampstead Heath, the Port 
Health Authority, quarantine 
facilities at Heathrow, Guild- 
hall School of Music, Barbican 
Centre and at Billingsgate and 
Smithfield markets. 

In many cases, the corpora- 
tion merely owns freeholds 
while buildings are owned by 
leaseholders. In its City Estates 


portfolio, for instance, build- 
ings represent between just 10 
per cent and 15 per cent of the 
portfolio while the remainder 
is freehold. 

The corporation's concentra- 
tion on freehold rather than 
leasehold interests has blunted 
the impact of recent market 
peaks and troughs on its port- 
folio. "In a period of depression 
like the one we have been 
through, the effect of vacancies 
has been very limited," said Mr 
Bennett After peaking at 10 
per cent, the corporation now 
said it had “embarrassingly lit- 
tle" property to offer prospec- 
tive tenants. 

The authority's ability to 
offer space at cheap rates has 
played a part in its recent mar- 
keting campaign to reinforce 
London's role as Europe's lead- 
ing financial centre. It bas 
been able to make space avail- 
able in the City for representa- 
tive offices, such as the Polish 
Business Centre which is based 
at the London Wall buildings. 

As demand for City property 
starts to pick up. the corpora- 
tion is also dusting down its 


development programme. The 
programme tailed off during 
the recession, although the cor- 
poration has recently com- 
pleted a £l2m redevelopment of 
1-7 Wbittingdon Avenue and 
the rebuilding of Boston House 
on the comer of New Broad 
Street and Old Broad Street 
The corporation is working on 
a £35m development of an art 
gallery in Guildhall Yard - a 
complex scheme, adjacent to 
listed buildings and positioned 
over remains of a Roman 
amphitheatre. 

Schemes currently on the 
drawing board include a proj- 
ect in Tottenham Court Road, 
where the corporation wants to 
build a 200,000 square foot 
retail and office complex on 
the site currently occupied by 
a set of empty warehouses. The 
site has been owned by the cor- 
poration since 1574 when, as 
agricultural land, it generated 
£4 a year in rental income. 

The corporation is also con- 
sidering developing two sites 
which it owns at Ludgate HILL 
totalling 247,000 sq ft. The 
scheme may be delayed, how- 
ever, because the proposed 
designs have not found favour 
with the Royal Fine Arts Com- 
mission. Archaeological inves- 
tigations, which are likely to 
reveal important findings relat- 
ing to the medieval City wall, 
are already und er way. 

I t is reluctant to expose 
itself to too much develop- 
ment risk. “We will do 
developments where there 
is an opportunity to make a 
good return and where the size 
of the scheme is not too large. 
We do not want to over-expose 
ourselves." said Mr Bennett 
The authority' prefers to find 
development partners as it did 
with the Little Britain scheme 
in Alders gate Street, which 
was developed with Wimpey 
Property Holdings and Nippon 
life: and at Alban Gate, which 
it developed in partnership 
with MEPC Developments. 

The corporation has put 
together a string of sites for 
which it wishes to find either 
buyers or development part- 
ners - and it has marketed 
these at exhibitions in Hong 
Kong and southern France. 

The task of selling develop- 
ment sites in the City is not 
made easier by the potential 
oversupply If developers acted 
on the large numbers of plan- 
ning permits that have already 
been granted. However. Mr 
Bennett said that there is 
growing interest from develop- 
ers. “The key is to find the 
right product in the right loca- 
tion,” he says. 





A route map, 


On Wednesday, June 15 the Financial Times will publish a survey on 
Telecommunications in Business. 

Telecommunications play an increasingly vital role in the efficiency of businesses. 
The survey will give a detailed description of the new technology and services available, 
comparing prices and reliability. 

it will, for example, examine the opportunities for the corporate sector to exploit 
the latest services and explain the benefits of phone cards over hotel rates for the 
travelling executive. 

So, whatever your interest in telecommunications, this survey will put you on 
the right road. 

FT Telecommunications in Business Survey . 

Financial Times. Europe’s Business Newspaper. 


COMMERCIAL PROPERTY 


PAN EUROPEAN 
HOTEL SALE 

Hotels with and without management contracts 



UNITED KINGDOM 

* THE CARLTON HOTEL 
Bournemouth - 70 rooms. 

* MIRAMAR HOTEL 
Bournemouth - 39 rooms. 

* THE MARINE HOTEL 
Salcombc - 51 rooms. 

* HOLIDAY INN 
Cambridge - 199 rooms, 
city centre. 

* RAMADA HOTEL 
Reading - 196 rooms, 
town enure. 

* THE BIRMINGHAM 
INTERNATIONAL 
Birmingham - 191 rooms, 
dly centre. 


SPAIN 

* TORREQUEBRADA 
HOTEL & CASINO 
Costa Del Sot ■ 350 reams, 
casino with licence and 
convention centre. 

★ HOTEL EL RODEO 
Marfacria - 100 rooms, 
centre of MurbeUj. 

★ CORRAL EJO CARDENS 
HOTEL 

Canary Islands - 124 units, 
aparthotel in Fucrlcvenlura. 

★ LA MARQLFESA GOLF CLUB 
AND DEVELOPMENT LAND 
IS bole golf course and club 
bouse, hotel site and residential 
development land. 


PORTUGAL 

* HOTEL MONTEMURO 

Ca>iro Dairr - 80 rooms, 
newtv built. 


FRANCE 

* CARDEN BEACH 
HOTEL 

Juan les Pins. Cdie 
d'Azur - 174 rooms, 
beachfront hotel. 


AUSTRIA 

* HOTEL HOPFGARTEN 
Kiczb&bel Alps 
33 rooms - ski and 
summer resort. 


Sealed bids due July 28th 1994 
For further information and a free property catalogue No. 6019 


FAX: 44 (O) 81 665 5641 

Set’tlitiU y.nir rsnsrie. i , or;i'j.u;y. .Kiiiit:>s •• v s i number- 


BROKER COOPERATION 

DETAILED INFORMATION PACKAGES AVAILABLE 

KENNEDY- WILSON 


INTERNATIONAL 
REAL ESTATE MARKETING AND 
INVESTMENT BANKING SERVICES 

5 Princes Cate. Knightsbrldge. London SW7 IQJ Tel: 44 10] 81 665 5885 
UNITED STATES • UNITED KINGDOM • AUSTRALIA • HONG KONG • EUROPE 


- FACULTY OF HIGHS BID 



'?■• Nivelles-lttre (Brussels-Belgium) 
exception ltd estate of 
“The CHATEAU-GOLF de la TO0BMETTE" 

Bv report of 6 Jura 94. die Foiiowhq real estate has been sold (auction 
sale by Notary Jean-Pai MBWOM In HIRE en Notary James DUPONT m 
BRUSSELS), under the suspensive condition of absence of higher bid: 

\. m Lot 1. "The Chateau-Golf de la Tournette" made 
of two 18 hole Golf Coorsos 

re to 6 tee- offl m a solenoid envtronnement with duo House In a 
historical mansion fXVIlth century* plus uotbulkUngs and sport faoBtles 

Sold for the price of 70,000,000 BEF. 

> Lot 2. litres parcel of land - crossing of the roe 
da Baodomoat and roe de la Toamette*. 

Thai area for lots 1 1 2 as per property tlw l20Ha 2ia 56ca - 

Sold for the price of 850,000 BEF. 

> Lot 3. set of Eqvipements immovable by 
destination and assigned to the maintenance 
and the rearing of the GoH {Hst to be obtained 
at the Notrire , s offices) 

Sold for the price of 1,100,000 BEF. 
uroan planning: 1 Oud-houh. outbuildings, pore ana pan of me coif 
courses. Pars: zone •• woods- Forest zone - pasture: agriculture tone with 
vaatrie landscape - ’ parcel of land: Agriculture zone Occupation Inquiries 
at me no tare's offices. 

Bank guaranty of 30.mo.ooo bef to De produced at the momatt of higher Hd. 
For Visits: Bvaopomtemenc only - Service HtimoWBer Notarial ■ 
XWrtaUB.73 

Are. 1592 Belgian Procedure Codec earn peraon has the right to make a 
Ngner Did within 1 5 days of me sale 

;• For information. 

Hotair* Jcan-Paol MGHOH - Hume 32/67/64.84.19 - 
Fax: 32/67/64^1.26 

Hotaha Jules DUPONT - Phono: 32/2/513.89.55 - Fax: 
32/2/513.97.18 


LAKE DISTRICT 

Well Established General Store 
with extensive 4 Bedroomed 
private accommodation with 
Lake Views. Substantial 
turnover and profit 
Asking Price: 
£425,000 plus S A. V. 

Principals only apply to: 
Lowihcr Scutt- Harden. Penrith 
TeL 0768 64541 Fax: 0768 65578 


To Let. Office Space in Frankfurt (Germany) 
560 - 2910 square meters, only a few 
minutes walk to the European Currency 
Institution. 

‘ETtfrcwrdinary financial conditions. 

*EP ++49 69 75653420 


OLD STREET. EZLetta aud al Cl t.000 
p.a_ «wd. V. FMC. C98.000 Mann Clarke 
(Fa*. & Phonej 0367 710145 


FARINGDON, OXON. ? shops & 2 maa. 
Let al £15.700 p jl aid. PHLP. Cl 65.000 
Martin Clarke (Fax. i Phone) 0367 710145 


NOTTINGHAMSHIRE 
Distribution Headquarters 
4mLi )2i. Ml 

MODERN INDUSTRIAL ESTATE 
1 1.200 sq fr Ground Floor Storage 
M.00Q it Mezzanine Displav /Storage 
2.400 (t Offices 
OWOKi F.H or Lease terms 
TckUMC 424401 Fax: Oo02 790 172 


Humberts Leisure 


TO LET 


In the centre of 
Lausanne 
• Swilzerkr.ith 
670 sqm 

of luxurious offices 


4th floor in top location, 
view on lake Geneva and 
Alps, 5 min walk to city 
center and main station 
(direct link to Geneva and 
Zurich airports), with 17 
interior parking spaces 
and large basement 
stockrooms. Start of lease 
to be agreed upon. 

Write Box B24U9. 

Financial Times, 

One Southwark Bridge, 

London SET 9HL. 


FINANCIALTIVLES 

Curort's lullWH wlglMW 


FIELD SALES 
REPRESENTATIVE 

W e are currently seeking a highly motivated 
tenacious individual to join our classified 
Residential Property Team as a Field Sales Executive. 
The successful candidate must have at least 9 months 
field sales experience gained within a publishing 
environment 

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

Carol Haney 

Commercial Property Advertisement Manager 
Financial Time* 

One Soartm-m* Bridge 
London SE1 9HL 


Swansea Marina 

M.V. PICTON SEA EAGLE 

FLOATING FUB/RESTAURANT 
• Licensed bar 
• Two restaurants 
• Full)' equipped and trading 

FOR SALE 

Offers in the region of £125,000 
Sole agents 

0291 627813 

Rank Buildings, High Street, Chepstow 


HOTELS * GOLF * LEISURE 


FOR SALE FROM SWISS OWNERSHIP 
180 Hectare Apple and Pear Orchard 

la the South of F ranc e (Provence). Yearly produce: c. S0UII ions. With its own cold 
stores, packaging bouse, warehouses, offices, laboratories and tuff I'jdginp. On 
request. ouugeniedE team will stay on. Potentially high profit advantageous price 
(below sFr. 10 mil.). Concerning shiurboldersb'rp pudibk. 

For further information. contact W. Sommer, management consultant. 

I ft Vogekungjirosse, 01-8618 Oeroill 3. S. Telefax; 01041 IW 1532 



NAME 


The cost of expanding or starting your own business is now ever more 
affordable in Mid Wales. 

• We've got quality modem premises from 200 to 20.000 sq ft 
starting from only £7.96* per week! 

• Plus a unique package of financial and business assistance! 

• Factories for sale and greenfield sites for larger projects too! 

FOR FURTHER DETAILS FREEPHONE 

0800 269300 

Or complete the coupon below and sand to: 

Development Board For Rural Wales, Ladywell House. Newtown, Powys. SYlS 1JB 

Rural Wales 

THE BRITISH BUSINESS PARK 

• Antuitm - tv« rsrt ■■A - . 


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ADDRESS 


POSTCODE 


TELEPHONE 






26 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


COMMODITIES AND AGRICULTURE 


US crop forecast 

By Laurie Morse In Chicago 


hits wheat prices 


wheat production estimate for 
Russia at 3&5m tonnes, though 
it lowered output for the for- 
mer Soviet Union to 74-3m 
tonnes, from 74.8m a month 
ago. China's crop Is projected 
to he near last year’s record, at 
105m tonnes. 

The agency boosted its US 
winter wheat production, esti- 
mate to 1.67bn bushels, above 
market projections for L638bn 
and iq) from its own estimate 
of l.65bn a month ago. The 
total US wheat crop, intending ' 
spring wheat, is now estimated 


ress in Oklahoma, a major win- 
ter wheat state, had been dis- 
appointing. 

Farmers in south-western 
Oklahoma are reporting sur- 
prisingly low yields in newly 
harvested fields. 

Mr Tom Die!, executive 
director of the Oklahoma 
Wheat Commission, says yidds 
are ranging from 20 to 25 bush- 
els an acre, making the 
USDA's projection of 30 bush- 
els look optimistic. Ur Die! 


Ecuador looks to Amazon 
for oil production boost 

the US majors, Mobil and 


Wheat prices at the Chicago 
Board of Trade fell yesterday 
after the US Department of 
Agriculture Increased its 
monthly estimate of the US 
harvest now in progress, and 
failed to make the expected 
cuts its projections for crops in 
China and the former Soviet 
Union. 

The USDA's estimates ran 
counter to private estimates 
that show China and former 
Soviet crops under stress from 
king-term dryness. 

The department's figures 
also failed to reflect new data 
from Oklahoma, where the 
winter wheat harvest is nearly 
one-third complete and yields 


Talks on 
cocoa output 
management 
break down 

By Deborah Ha rgr ea ves 

Members of the International 
Cocoa Organisation, who are 
meeting in London this week, 
have failed to agree on rules 
covering a new production 
management deal which was 
implemented in February. 

On Wednesday the organisa- 
tion agreed a new set of output 
and consumption estimates to 
underly their discussions to of 
the market for the next 5 
years. 

However, talks broke down 
yesterday when consumers 
complained that their views 
were not adequately repre- 
sented enough on the produc- 
tion. committee. ICCO members 
have suggested opening their 
talks in September 2 days ear- 
lier to discuss consumer repre- 
sentation. 

Meanwhile the cocoa market 
appeared unmoved by the 
organisation's vacillations and 
prices at the Loudon Commod- 
ity Exchange were mare influ- 
enced by the fortunes of the 
coffee market At the dose of 
trading, the September cocoa 
futures price recouped earlier 
losses to finish unchanged at 
£1,003 a tonne. 


are down substantially from 
last year, analysts said. Maize 
and soyabean futures prices 
rose, as traders continued to 
focus on unusual dryness In 
the Midwest 

Mr Bill Biedennann, a mar- 
ket analyst with Allendale, 
was puzzled fay the USDA’s 
failure to adjust its crop pros- 
pects for the countries that 
have historically been North 
America's biggest wheat cus- 
tomers. 

"We’ve been concerned for 30 
days about dryness in China 
and in what used to be Russia. 
Now the go v er nm ent is saying 
there is no change in those 
[wheat] crops from May to 
June,” he said. 

The USDA maintained its 


By David Pffling 
in Santiago 

Quebrada Blanca, the first of 
several medium and large-scale 
copper projects scheduled to 
start up In Chile over the next 
few years, is expected to begin 
production by the end of this 
month, according to Mr James 
Drake, general manager. The 
mine, a J360m Canadian-Chfl.- 
ean project, should reach full 
capacity of 75,000 tonnes of 
grade A copper cathodes by the 
start of 1995 and Is expected to 
have a life of 14 years. 

Quebrada Blanca is a Chil- 
ean-registered company formed 
by shareholders Cominco, 
Cominco Resources Interna- 
tional and Teck Corporation of 
Canada, which have a total 
equity stake of 7&5 per cent, 
Minera Pudahuel of Chile (13.5 
per cent) and state company 
Empress National de Mmerfa 


Germany’s 16 states had 
agreed to ban slaughter of cat- 
tle imported from the UK that 
might be infected with “mad 
cow disease”, the agriculture 
ministry said yesterday, 


at 2J7bn bushels. 

Analysts said the report, 
w hi ch, was based on crop con- 
ditions as of June l, did not 
reflect new information that 


(10 per cent). Cominco is 
responsible for design, con- 
struction and operation of the 
mine, whlch wiH have a staff of 
500. 

Quebrada Blanca will use 
bacterial heap leaching and 
solvent-extra ction-electro- win- 
ning (SX-EW) technology to 
exploit the ffite- tonne second- 
ary sulphide are body, which 
has an average grade of L3 per 
cent copper. 

Production costs at the mine, 
situated in the far north of the 
Atacama desert at an altitude 
of 4^00m, are expected to be 
less than 50 cents a pound. 

When the main deposit is 
exhausted, the company will 
decide whether it is feasible to 
exploit the 200m-tonne primary 
sulphide sublayer, which has a 
much lower copper grade of 0.5 
per cent. “It may be that it is 
viable - by that time the tech- 
nology may be better and the 


reports Reuter from Bonn. 

An official said state veteri- 
nary authorities bad agreed on 
a package of measures that 
several states began taking last 
week against bovine spongi- 


expects, however, that yields 
will improve as the harvest 
moves north. *Tm hoping for a 
154 to 155m bushel crop this 
year," he says. That would be 
down about 6 per cent from 
last year’s wheat harvest of 
168m bushels. 


price of copper may make if 
economically justifiable," said 
Mr Drake. 

Quebrada Blanca is just one 
of several new projects that are 
expected to raise Chilean cop- 
per production - already the 
highest in the world - by a 
further 1.3m tonnes to 3.5m 
tonnes by the year 2000. 

Other projects due to start 
up before then include Cerro 
Colorado (annual production of 
40,000 tonnes), the giant Colla- 
huasi deposit (300,000), Zaldl- 
var (120,000) and El Abra 
(225,000). 

Much of the new production 
will use SX-EW technology, Gar 
less environmentally destruc- 
tive than traditional methods 
that require a smelting pro- 
cess. By the turn of the cen- 
tury, about 25 per cent of Chil- 
ean copper should be produced 
usingthis technique, compared 
with 8 per cent last year. 


form encephalopathy. Besides 
the slaughter ban, measures 
include observation and veteri- 
nary checks on suspect herds. 
Cattle of UK origin can only be 
sold by official permission. 


‘Chemicals 
vital for 
African 
agriculture’ 

By Deborah Hargraves 

Africa wifi have to start using 
large am ounts of chemical fer- 
tilisers if the continent is ever 
to solve its own food problems, 
according to Mr Norman Bor- 
laug, a prominent agricultur- 
alist, who won the Nobel Peace 
prize in 1370 for engineering 
India’s "green” revolution. 

Mr Borlang told a meeting 
at the Overseas Development 
Institute yesterday: "Some 
people say that Africa’s food 
problems can be solved with- 
out the application of chemical 
fertilisers. They’re dreaming. 
It’s not possible”. 

He said that the environ- 
mentalists advocating tradi- 
tional fa r m in g methods fa ffed 

to recognise the rapid growth 
in population expected in the 
continent The population of 
sub-Saharan Africa was set to 
double in tiie next 22 years, he 
claimed, which would put a 
considerable strain on non- 

chemical fawnrng . 

China bad managed to trans- 
form its prodncti cm of cereals 
in the five years between 1375 
and 1380, Increasing yields by 
a tonne a hectare by using 
chemical fertilisers, Mr Bor- 
laug said. China’s o u tput of 
cereals had risen from 288m 
tonnes to 285m tonnes during 
that period even though form- 
ers had already been using 
organic compost on the fane. 

Today China produced the 
most cereals in tire world with 
average yields of 4 tonnes per 
hectare, Mr Borlang said. 

Sub-Saharan Africa Um 
lowest use of fertiliser in the 
world and soC nutrients were 
so low that other efforts to 
raise crop productivity would 
not be successful until fertility 
was improved. 

Mr Borlang said, however, 
that it was extremely expen- 
sive for African countries to 
import fertiliser, and he called 
on industrialised nation* to 
provide the continent’s fann- 
ers with access to adequate 
Inputs. 


By Raymond CoBtt in Quito 

The Ecuadorean government 
has awarded international 
petroleum companies rights to 
explore 2m hectares of Ecua- 
dor's Amazon tain finest The 
move Is seen as evidence of the 
government's detenninaflflB to 
boast proven crude aU reserves 
and increase production dra- 
matically in the coming 
decade. 

Over the next three years, 
production is expected to 
increase by about 30 per cent 
from new fields coming on 

fine. 

The so-called Seventh Round 
of bidding has created great 
interest among foreign inves- 
tors because of the area's 
promising geological struc- 
tures and tiie government's 
recently-introduced, market- 
oriented reforms. 

Ten companies, among them 


By Canute James 
m Kingston, Jamaica 

Canadian companies exploring 
for oil in Cuba have closed a 
well that recently yielded light 
crude, to allow them to verify 
the of the oil field in Car- 
denas Bay to the east of 
Havana, the capital 

The deposit which has a low 
sulphur content, is erf a higher 
quality than oil that has so far 
been found in Cuba, according 
to officials of Cubapetroleo 
(Capet), the state (dl company. 

It was found by Sheriff and 
Talisman Energy of Canada, 
which are among several for 
eign firms prospecting in Cuba. 
The well was sunk to 3,240 
metres and the oil was found 
at 2£00 feet Production is esti- 
mated at 3,750 barrels a day. 

The discovery will be encour- 
aging to Cuba's struggling 
domestic oil industry, which 
has been unable to produce 
enough to meet a shortfall in 


Amoco, are to sign contracts 
with the government before 
the end of the year. Other US 
companies are participating in 
consortia with Canadian, 
Kuwaiti and Chilean compa- 
nies. . 

The new contractual basis 
awards oil companies between 
65 and 85 per cent of produc- 
tion rather ****** the previously 
fixed level of compensation. 
The companies are contracted 
to drill 17 wells, beginning in 
July of next year, and 'have 
up to four years to complete 
the exploratory phase. Produc- 
tion is expected to begin in 
1999. 

The exploratory phase will 
require an estimated US$142m 
in foreign investment, of which 
a total of 86.7m will go towards 
enviro nment protection efforts. 
Mr Francisco Acosta, the 
energy minister, stressed that 


imports and end the island’s 
crippling energy shortage. 
Imports last year of 5.7m 
tonnes of crude were about 
half of the Island's needs. 

Domestic production is 
expected to rise from 1993’s 
Lism tonnes to 1.3m tonnes 
this year. But Cupet officials 
are hoping for more significant 
growth over the next few years 
if some of the foreign compa- 
nies exploring onshore and off- 
shore find commercially 
exploitable deposits. 

The Cubans are keenly 
awaiting the results of seismic 
studies of a concession being 
explored by Taurus of Sweden, 
which they say has indicated 
the presence of oil and gas. 

The government says about 
$5Qm is being invested in oil 
production this year by Cupet 
and foreign companies, follow- 
ing investments totaling $20m 
last year. Following the grant- 
ing of a six-year contract In 
1991 to Total and Compagnie 


the government would apply 
strict environmental regula- 
tions. 

According to officials of the 
state oil company, Pctroequ* 
dor. prospects for discovering 
crude oil are good. So bur 54 
per cent of the exploratory 
wells drilled in the country 
have yielded positive results. 
In some of the blocks on which 
concessions have been 
awarded, oil fields have 
already been discovered, 
though not explored. 

New discoveries are expected 
to be of heavy crude OIL The 
average API has already 
dropped from 30 to SB and te 
forecast to frill to near 25 by 
1999. 

Two companies. BHP King 
and Tripetrol, have been 
awarded rights to explore for 
natural gas in the Gulf of 
Guayaquil, on Ecuador's 
Pacific coast. 


European ee des Petroles of 
France to search for oil in 
Cuba, several other foreign 
companies have been search- 
ing for oil in Cuba. 

Canadian and European com- 
panies were invited in Febru- 
ary 1993 to bid for concessions 
to explore for oil onshore and 
offshore of the island, covering 
eleven blocks. Seven blocks ore 
onshore, three offshore and 
one covering offshore and 
onshore: they range in area 
between 1,400 and 6,000 square 
kilometres. 

The contracts run for 25 
years and are based on produc- 
tion sharing between the for- 
eign and local companies. The 
foreign companies are expected 
to provide all the capital and 
the technology. The likely 
prospectors include Andrade 
Gutierrez of Brazil, which is 
expected to take over an explo- 
ration agreement between 
Cupet and Braspetro, Brazil's 
state-owned company. 


the wheat harvest now m prog- 

Chilean copper project expected 
to begin producing this month 


German states agree on ‘mad cow’ ban 


Canadian companies close well 
to verify size of Cuban find 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 


(Prices from Ameigamatad Motal Ttadfofl) 
■ ALUMINIUM, 9B.7 PURFTY (5 per toons) 



Cate 

3 rates 

Oon 

13S&5-9J 

138&54L3 

Previous 

1350lS-1.5 

1379-80 

hfgMow 

l3S3£fl352 

1387/1374 

AM OfflcW 

1353-&5 

13795 -eon 

Kerb Ctosa 


1387-8 

Open InL 

2Sg_2S3 


Total duty tumowr 

40823 


■ AUUtnflUM ALLOY (t ptr tanra) 


Oon 

1373-6 

1373-8 

Previous 

1370-80 

1370-75 

HflMow 


137571370 

fM Official 

1370-3 

1370-3 

Kate don 


1373-8 

Opon Jnt 

3J16 


Total daly Rarwwr 

594 


■ LEAD (S par tonne) 


Oon 

520-1 

637-8 

Prwtoua 

SI 4-6 

531-2 

Mgh/tow 

5216 

5461632 

AM Official 

523-4 

540-1 

Kerb does 


639-40 

Open fm 

36,838 


Total dally turnover 

BJBBO 


■ MCKELffi per tome} 


don 

8400-5 

0480-5 

Pravtoua 

8380-90 

8475-80 

l-toMow 

B466 

0640 

AM Official 

6485-90 

esao-5 

Kate cun 


646080 

Open W. 

68,093 


Total dafty ttxnovar 

15.102 


■ TW (1 par tome) 



Oon 

9806-15 

6880-90 

Pravtoua 

5805-6 

568080 

HgtWtow 


5736/5670 

AM Official 

5645-55 

5720-30 

Kate don 


5880-70 

Open tot 

IB. 783 


Total dotty turnover 

3.779 


■ ZINC, apodal Nofi grade (S per tonne) 

OOM 

962-3 

888-7 

Pravtoua 

957-8 

962-3 

KfltWwr 


887/982 

AM Official 

960-1 

98A5-6.0 

Kerb cton 


986-9 

Open Ira. 

103^95 


Total daSr turnover 

17.109 


■ COPPER, grade A (S por tonne) 


Ckm 

3388-7 

2394-5 

Pravtoua 

2370-1 

2375-6 

HJgtVtow 


2416/23S2 

AM Official 

2398-402 

2404-7 

Kerb dose 


2390-1 

Open Wo, 

215,113 


Total ttely turnover 

94.103 



■ IME AM Official US rate 18080 
UME CkMtoB Ot rwtK 1 J117 


StBtliOM Smteljoe a ndtel-SOM SimtaeUSDlZ 


■ I6W GRADE COPPED (CCMEX) 



Oafs 

Dan 



dan 

tent* Htft In 

U 

Vat 

Jn 

10930 

+035 10930 10930 

738 

180 

tel 

10Q.4S 

+0sa 11030 10690 34343 1QA31 


10340 

+090 11030 109.70 

578 

88 

sap 

10935 

KUO 11020 10830 13328 

<317 

Oct 

10835 

+0J0 

272 


Nor 

108.10 

♦665 

202 

. 

Total 



81,191 

HL327 


PRECIOUS METALS 


■ LONDON BULLION MARKET 
tPrioei Bippted by N M BothacftM 


Gotd (Troy Pt) 

8 prtca 

E aquiv. 

Clow 

38320^8330 

Opantofl 

381. 00-382. 00 


Morning n* 

38230 

253380 

Afternoon Ac 

3BJL53 

25&G13 

Da/sWflh 

38330-384^0 


Day's Low 

381.40-38130 


FVevkjus don 

381.90-382.10 


Loco Ldn Mean Gold Landtog Rates (V3 USS 


—338 Bmonfiw . 


2 months 

—4.03 12 morthj 

481 

3 montria , 

-4.10 


Sffirar Rx 

pAray oz. US eta oqutv. 

Spot 

339.10 

63530 

3 months 

35935 . 

541,10 

8 months 

36330 

547J0 

1 war 

375.60 

563-45 

OoMOotoa 

* price 

E «Mv. 

Krugerrand 

387-390 

256-298 

MapteLaaf 

383bS0-3S&7S 

- 

Nmr Soverngn 

91-84 

56-81 


Precious Metals continued 


■ GOLD COMEX ((00 Troy OZ4 SAroy ca.) 



Sait 

Bqra 


Opn 



price 


»te 

tow tat 

VDL 

Jn 

3813 

*14 

384.0 

3619 1956 

76 

Jot 

3839 

+12 

- 

• 10 

20 


3853 

+19 

3869 

3817 70.120 13.449 

Oct 

3833 

+17 

3892 

387J 5,179 

404 

Ok 

38141 

+12 

3923 

3899 23916 

1.146 

Fab 

394JB 

+12 

3959 

aa&j 6.7*1 

174 

Tow 




1339*0 15J67 

■ PLATB4UM NYMEX (50 Troy 0C.~, tftrfjy ccl) 

Jri 

4018 

+U 

4029 

3845 12781 

3934 

Oct 

4039 

+19 

4059 

401.5 7J07 

2J18 

J«n 

406.1 

+19 

4049 

4040 1,212 

171 


4062 

+19 

- 

- 1.055 

- 

TOW 




22SS5 

4513 

• PALLADIUM N1MEX pOO Troy oz^ Srtroy ot) 

Jn 

136.75 

•070 

13400 

1347S 98 

9 

see 

13675 

+0.10 

137 JO 13690 3,372 

221 

Me 

13895 

+0.10 

13725 

13495 742 

24 

lb 

13695 

+0.10 

- 

1 

- 

TOW 




4213 

2M 


M BB.VERCOMSXQDOTifiyocejOa mV B a yozj 


tea 

5343 

+22 

5343 

5359 

- 

Jtf 

537-5 

+20 

5439 

5329 74638 11981 

Aog 

5404 

+29 

- 

- 

- 

Ste 

5422 

+2.1 

WJS 

5379 1*918 

783 

Deo 

5405 

+21 

55SJ) 

54*9 16917 

588 

tea 

SI 2 

+21 

. 

32 

« 

Total 




123J63 12969 


ENERGY 

■ CRUDE OB. NYMPCffaOOO US gala. S/briraQ 


UM Orfn 0 |m 

pricn ctega MW Low to Vd 

M 1848 + 0.15 1&50 1824 B 3.247 61,513 

Ug i am +tua taoo 17.73 7 «jg? suie 

sap 17.71 +0.14 17J71 1750 42,163 1BJS90 

Oct 17.54 +0.10 1754 1757 26574 6£68 

HON 17X7 40.10 17.47 1752 18*37 4£» 

Ok 17.46 +0.13 17-47 1755 31.478 M74 

TnM 425486151,878 


■ CRUDE 0K.IPE<M»TBH 



Lriari 

naya 


Opau 



prfra 

damps 

MBA 

tow tat 

Vd 

« 

1430 

+0X0 

1638 

1690 57,415 2*95* 

Aag 

1424 

+411 

1832 

1697 47.54S 

179*8 

Sap 

1420 

+024 

1825 

1599 16938 

5.088 

Oct 

1418 

+027 

1615 

1690 8.40* 

888 

Nmr 

1597 

+095 

15L97 

1596 5,677 

447 

On 

1403 

+414 

1093 

1690 6.B07 

712 

ToW 




150935 40216 

■ HEATSraoiLimiCX(429(nUS|tet94ClUSgaBi) 


Uteri 

Oafs 


Opao 



prfca efinpa 

Hub 

LM tat 

Vd 

Jri 

4793 

+4*3 

47.15 

4645 3*935 17.109 

*»g 

47 JS 

+447 

4790 

4720 17982 

9359 

Wp 

4470 

+0.42 

4675 

4625 12961 

3906 

Oct 

4920 

+442 

4480 

4035 8904 

2960 

Itov 

S465 

+442 

50.69 

5025 6476 

£B11 

Dae 

5190 

+0.42 

51.70 

51.15 1*985 

4,19* 

TOW 




120,492 43,728 

■ QA3 OB. VE (Sitanoa) 




Salt 

nan 


Open 



pica 

ctanga 

ug» 

Low tat 

W 

•Ian 

14475 

+590 14725 14590 19958 

7,030 

Jri 

14000 

+390 

14400 

14675 30987 

£970 

te| 

18475 

+3.00 15190 14475 112M 

£134 

Sfe 

15275 

+390 15390 

150JB 7964 

1212 

Oct 

13029 

+£50 15625 15325 7 . 739 

943 

Ita 

15825 

+£50 15325 15025 S3 88 

4B1 

Trial 




96988 23911 

■ NATURAL QAS H7MEX (14000 teiiSOL; WumBtaj 


Uteri 

fart 


open 



P*» 

a— pa 

hbo 

Low tat 


Jri 

2965 

-0902 

£105 

zmu 17231 1331* 

teg 

£135 

•0914 

£150 

2.125 14,401 

4728 

Sop 

£160 

•0914 

£175 

£150 12,100 

BBS 

Dot 

£195 

•4000 

£200 

£180 £584 

597 

M* 

2265 

-0912 

£270 

£260 11902 

230 

Oae 

£380 

-0009 

£370 

2330 14988 

1915 

Trial 




122926 23977 


■ UNLEADED OASOLME 
WTVffX (43.000 US 



unit 

Bart 



Opfe 



ptfca tiriaaa 

am 

taw 

tat 

fat 

Jri 

5190 

+009 

6100 

51 JO 43910 22210 

Mb 

S195 

+0.17 

sim 

51.45 24,800 11968 

s«p 

5196 

+8.11 

5190 

51JS 11,127 

4.444 

Oct 

4173 

+013 

4890 

4445 

4215 

262 

Rev 

4695 

-024 

4440 

4690 

3.405 

474 

Dec 

5290 

-019 

5290 

52.10 

£782 

29 

ToW 





91987 88938 


GRAINS AND OIL SEEDS SOFTS 


MEAT AND LIVESTOCK 


■ WHEAT ICE £ PW tonne) 


Salt Dart Opn 

price ctanpa Mgk Loar M M 
ten 11095 +050 11050 11050 2S2 4 

Up 9040 +050 9890 8005 461 3 

Not 10010 +040 10090 9045 £009 92 

tea 10190 +040 10190 10190 1,237 45 

Mar 10325 +035 103.10 10290 361 11 

IfoV 105.10 +080 10490 IOUO 311 S 

Trill 4J»1 180 

■ WHEAT CUT f&QOObu irtar; oanta/BCIb buatwQ 

Jri 

33S« 

-3/2 

338/4 

333/4122915 60170 

**P 

342M 

-2/4 

345/4 

340» 55910 21200 

Dec 

354® 

-2/4 

35774 

351/4 80,306 331615 

Mar 

35712 

-2/4 

3500 

3S5 10 

0795 

2J00 

Mar 

347/2 

-1« 

- 

- 

305 

- 

Jri 

827/4 

-4/2 

327/4 

327/4 

1,195 

266 

ToW 




2703*117910 

■ MAIZE C8T &0QO bu min; conto/GQb bushd} 

Jri 

271/2 

-OS 

274ffl 

2708 483975 7^425 

fap 

28V4 

- 

38BR) 

2846)188,700 22.180 

Dee 

25810 

+0M 

281 Af 

257/4441925111,115 

Mri 

2B4» 

+W 

288/0 

264/2 B1JB10 

3,120 


2sm 

-OH 

271/4 

268/4 

7275 

105 

Jri 

zrw 

+0/4 

272/4 

27041 14.170 

635 

TaW 




unite 208930 

■ BARLEY LCE(Z par toma| 




SW 

am 

+005 

9620 

88.15 

172 

15 

■9* 

9640 

+010 

9050 

awn 

322 

1 

Jm 

100.75 

- 

- 

- 

28 

- 

Mar 

10250 

- 

- 

- 

17 

- 

■w 

10490 

- 

- 

- 

4 

- 

Trial 





843 

18 

■ SOYABEANS CUT ffijDOObn nkc cantalBOb burial} 

Jri 

672/8 

+5A) 

snm 

onw 240945 82,070 

Aag 

B7W* 

+W 

675/4 

aean 89920 21935 

See 

635 10 

+4/4 

BRvn 

684/0 40925 

4900 

Mra 

Bam 

+00 

6W4 

641/43059901259*0 

tea 

B47/4 

+02 

6BVD 

047/4 28910 

1.140 

Mar 

653/0 

+40 

857/4 

65218 11.700 

1925 

Trial 




74T920 21 8920 

■ SOYABEAN OB. CST (6D,OOCtba: centa/ttq 

JM 

2792 

+017 

Z7J9 

2790 23950 

79*5 

An 

2793 

+015 

77.30 

Z72J3 15,130 

£994 

tep 

2798 

+013 

2794 

27.43 11979 

1958 

Oct 

2698 

+019 

27.12 

2090 

8,148 

1906 

fac 

2645 

+006 

MIBB 

2046 21,772 

3954 

tea 

am 

+OOT 

2890 

2030 

2953 

57 

TaW 




MfiBZ 18,187 

■ SOYABEAN MEAL CST (100 tons: Stan) 


Jri 

194.1 

+19 

1999 

1839 20234 

5442 

top 

194.1 

+1.1 

1953 

1fl39 IT All 

4,131 

HOP 

1829 

+06 

1944 

1829 10786 

856 

Oct 

lean 

+07 

1925 

1808 

5916 

586 

Dec 

1887 

+06 

1919 

1 699 17920 

3.402 

Jan 

1699 

+03 

1919 

1899 

19 S 1 

08 

TOW 




82228 74945 

■ POTATOES LCE (ffiont) 




Mb* 

909 

_ 

_ 

. 

. 

„ 

Iter 

1059 

. 

- 

- 

- 

ri 

Apr 

1889 

•as 

1419 

1379 

710 

75 

mr 

1409 

- 

- 

- 

- 

- 

Jm 

1079 

- 

- 

- 

- 

• 

Trial 





719 

75 

■ FREIGHT QSEYBQ LCE {SIOAnriaK poire) 


Jfe 

1283 

-8 

1280 

1280 

002 

3 

Jri 

1192 

-28 

1210 

1182 

918 

28 - 

An 

11® 

-25 

1Z1S 

11« 

392 

41 

Out 

1275 

-S 

1280 

1275 

217 

62 

Jn 

12® 

-23 

1306 

1295 

83 

9 

AW 

1333 

-7 

- 

- 

60 

- 

TUri 




£428 

141 


oan 1 

tree 





BR 

1397 

1389 






AugunSa'a main mark* tadtoator dosed «*» 
wask at exactly ft# earns figure as a week ago. 
628 «mis r he, 1t» was a am>u ana. 

and on* ki the final ww* Jof the sattng waffln 
at the and of June wfl a more normal quantity 
of wed be add Dufl oondHtora quite normaqr 
tend to spread Iran end-oMaaaon auctions to 
the not of tha vrori-wkig tnduatiy. eepeekSy 
ta hofctayo oral the approach of hefleteya have 
a aimQor toflusnece. TM tact (tat Hte wool 
maria* has ranasad to manrin strength, with 
prices ahowing no MtpiHca* setback atnea the 
Easier recess, has helped to strengthe n ear*- 
ment about me longer term oudeok. Business 
maybe rice* and mufr e UlM a, but etaneeeaf 
buying more cheaply am sensed to be meed- 
(no- 


M COCOA U3E (£Aorme| 



Sett 

Dart 


opn 



pflee 1 

dbNN0> 

Hfgb 

Low tat 

Vri 

Jri 

964 

+3 

895 

973 17950 1,198 

see 

1003 

- 

1020 

998 18958 1474 

Dec 

1027 

+4 

1038 

1019 25.472 

568 

Ur 

1045 

+1 

1058 

10 W 27437 

239 

tear 

1058 

+1 

1061 

1061 10,412 

40 

Jri 

1069 

+1 

1075 

1075 3^21 

20 

TOW 




112433 3407 

■ COCOA CSCE (10 toflnaa; S/feormaa) 


Jri 

1301 

-40 

1344 

1290 21,150 5,199 

See 

1320 

-41 

1372 

1312 25975 4/91 

Dec 

1368 

-41 

1408 

1356 10385 

770 

BWr 

1396 

■41 

1435 

1395 74W 

484 

tew 

1*15 

■41 

1443 

1443 £937 

2 

Jri 

1437 

-41 

- 

- £345 

- 

TaW 




744971L22B 

■ COCOA 9CCG) CSCWartsm4> 



M LIVE CATTLE CME (40,0006*; cwu/hej 



Sett Dart 

Ogee 



pdea ctwaga ffigk Uw 

tat 

M 

Jan 

64325 +0225 65230 6*200 

0643 

£860 

An 

63400 -0123 65450 61575 31,139 

9948 

Oct 

67.150 -0400 60400 67475 1441* 

3.443 

Dac 

60450 -0500 BBJ50 80400 11.123 

£485 

Fan 

60400 -0550 70290 60200 

6987 

595 

V 

70375 -0625 71200 70350 

3202 

487 

ToW 


77 jm 10422 

■ LIVE HOQS CME NOOOOtoa; cantaAba) 


Jm 

45475 +0400 40400 45900 

£413 

£014 

Jri 

4B6» +0300 46450 46350 10,016 

3JN6 

AW 

<8400 +0425 48900 40850 

6279 

£252 

Oct 

43975 -0.100 44490 43.450 

+472 

606 

Dae 

44400 +0.175 44900 43950 

3 JOBS 

31+ 

Fab 

44400 4L1» 44275 44X00 

752 

43 

ToW 


2MBS 

W99 


■ PQBK BgUJgB CMS t4PJOOOfce; csrtefltta) 


■ten 8 Moi ml day 

DM* 101043 09015 


10<*VSMrW» HA HA 


■ COFreE LCE (Wonne) 


Jot 

2219 

+72 

2220 

2170 11,117 

882 

Sap 

2179 

+65 

2183 

2140 17978 £314 

Bo* 

2147 

+6* 

2153 

2110 6928 

4B9 

Jan 

2128 

+60 

2135 

2103 0409 

335 

Mb 

2088 

♦5* 

2100 

2066 £457 

82 

Mar 

2062 

+63 

- 

- 128 

- 

ToW 




4M« 4962 

■ COFFEE *C' CSCE (37,500tj*; cents/lbe) 


Jri 

12*95 

■3.10 12990 12390 17,298 7418 

See 

123.45 

-£65 

12920 

12200 10452 0240 

DR 

12095 

-005 12595 12000 12901 

722 

tar 

11005 

-£10 

1202S 

11725 7963 

358 

■w 

11790 

-1J5 121.75 

11175 89* 

113 

JM 

11690 

-ODD 

- 

- 107 

5 

TaW 




EO34014JS7 


■ COFFEE peg (US centafrouncQ 

tea 8 Mca Ml day 

Comp, toy ... . — 11077 11257 

IS dv mete — : 11095 11077 


■ No7 PflBWUM RAW SUGAR LCS (cantt/tbj) 


Jri 

1298 

-0.09 

12.75 

«J2 

2967 

202 

Oct 

1290 

+003 

- 

- 

1996 

* 

Jan 

1192 

- 

- 

- 

- 

- 

Mb 

18.17 

+001 

- 

■ 

80 

* 

TOW 





4JM 

202 

M WHITE SUGAR LCE ffiAcme) 



N 

35088 

-4JW 

35490 

34090 

13961 

1978 

M 


-190 33590 33200 

8968 

77* 

DM 

32290 

-100 

- 

- 

881 

- 

Mv 

32190 

-290 32390 32200 

£3*3 

183 

■w 

321.00 

-1.70 

- 

- 

201 

- 


32190 

-112D 

- 

- 

255 

- 

TaW 





2W« £«7 

■ SUOMI MV CSCE tmflWMw cantritoE^ 


Jri 

1£<2 

-004 

1290 

1237 3023615995 

Oct 

1244 

- 

1290 

1241 

6208413903 

Mar 

1197 

-005 

1210 

1193 25906 3417 

i«w 

1192 

-092 

1292 

1195 

£834 

3S7 

JM 

1198 

-om 

1190 

1190 

1.477 

10 

Oct 

1178 

+001 

- 

- 

728 

30 

Trial 




182424 32383 


■ COTTON NYCE (BUPOOtoK tmnte/tee} 


JM 

8040 

+075 

8095 

7025 

17901 

£768 

OCt 

7796 

+198 

7799 

7690 

6932 

559 

INC 

7082 

+199 

7M5 

7590 25,942 £805 

Mar 

7775 

+1.60 

7795 

7030 

1338 

295 

tar 

7795 

+033 

7795 

7077 

1945 

103 

Jri 

7017 

+197 

78.17 

77.16 

484 

62 

TOW 





55,130 6,714 


■ CWANCC JUICE NYCE fl&QOOte: centslW 


Jri 

B590 

-040 9890 

9499 

£110 1946 

WP 

0795 

•060 9010 

8795 

7/16 1914 

Mor 

9060 

-095 10045 

9025 

19 » 28 

Jaa 

10190 

+079 10190 

10090 

2911 146 

Har 

10275 

+190 10290 102J5 

1,118 11 

m 

Taw 

10495 

+025 

“ 

as 0 

2£5» £465 


VOLUME DATA 

Open Interest and Vblum* data shown far 
co mmas traded on COMBC, NYMEX, CUT. 
NYCE, CME. CSCE and 1PE Ctudft 03 am one 
day in arrears. 


INDICES 

■ REUTERS {Bow 19/6/31^00] 


Jun 9 Jun 8 month ago year ego 
19985 19795 19115 18S7.1 


Jri 

40325 +9225 40000 30800 

4987 

£674 

Aog 

38975 +9250 40300 30.150 

3944 

19» 

Fris 

47-750 +9200 40000 47.400 

464 

108 

Mm 

<7990 - 47960 47900 

37 

. 1 

MV 

4a200 +9406 49200 

32 

2 

Jri 

40900 

12 

2 

ToW 


8998 

4933 


LONDON TRADED OPTIONS 

Strife prica $ tonne -—Cates Ffe — 


■ ALUMINUM 


(99.7%) IME 

Aug 

Nov 

Aug 

Nov 

1325 

72 

110 

17 

30 

1375 

42 

79 

36 

48 

1425 

22 

63 

66 

73 

■ COPPBH 





(Grade A) LME 

AUfl 

Nov 

Aug 

Nov 


128 

134 

38 

85 

2350 

97 

109 

58 

108 

2400 

72 

aa 

82 

137 

■ COFFEE LCE 

Jri 

Sap 

Jri 

Sep 

2100 

140 

248 

21 

164 

2160 

104- 

218 

36 

189 


75 

195 

W 

stte 

■ COCOA LCE 

Jri 

Sap 

Jri 

Sap 

950 

36 

81 

2 

26 

975 

18 

ee 

8 

32 

1000 

7 

62 

23 

49 

M BRENT CRUDE PE 

Jri 

Pug 

Jri 

Aug 

1650 

- 

Bi 

2 

19 

I860 - 

33 

«. 

s 

32' 

IBM 

8 

38 

46 



LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per berraiUuQ +er- 


Otfoal 

S1&23-&34W 

+0286 

Srent Stand (detetfl 

S18JJ5JL07 

+0290 

Brant Stand (Jri) 

*18.18^20 

+0290 

W.TJ. (1pm eat] 

S18.36-S.36w 

+0476 

■ OIL PRODUCTS NWEiranptdriwry CtF (tamo) 

Premium Gasolne 

9168-187 

+2 

Gaa OB 

$148-1*9 

+3 

Heavy PUri 01 

#84-85 

-as 

Naphtha 

#157-158 

+a 

Jet Fuel 

51 59-161 

+3 

MafeuB/onaaMi 



■ OTHBrt 



QoU fear troy azjf 

$383.40 

+190 

Stiver (per troy «)♦ 

53990c 

+49 

PWVun (per troy oz) 

$398^6 

+026 

PsBacSum (per tray at] 

SI 3590 

+028 

Copper [US prod) 

113.0C 

+29 

Lead (US pnod.) 

3590 


Hn (Kutfe Lumpra] 

1495m 

+0.09 

Tta (New Yoih) 

29990C 

-29 

Zinc (US Prime Wi 

Unq. 


Cat#* (Rvq welghljt 

I2890p 

■089* 

Sheep Ohm 

10B95P . 

-lass’ 

Pips (Rva walpht) 

84980 

-&74* 

ban. day sugar (raw) 

$3069 

+9.7 

Lon. day augv (wta) 

$3829 

+49 

TUBS lyta export 

83169 

+89 

Bartey (Eng. feed) 

Cl 0491 


Matza (US No3 Yetori) 

$1409 


Whew (US Da* North) 

£1809 


Rittwr (JU]y 

70250 


Rri*er(AuSf 

7Q25p 


RuWurtKLRSSMol Jri) 

29690m 

+290 

Coconur 04 lPh4)§ 

S82&0Z 

+109 

Prim 09 (UalayJl 

$SW9ar 

+1S9 

Copra (PWS 

$403.0 

+99 

Soyetamns (USt 

82079 

+19 

Cotton Outtook A Index 

8890a 

-040 

Worifopa (S4a Super) 

420p 



■ CUB ftituraa (Btae: AWS8«ioq 

Jun 8 Jun 7 monte age year ago 
231-71 22096 22450 20006 


8 par tm waw othmtM aWte. p parcatep. e mnortL 
t itaopM*. hi Mriayafei cane*®, t OatfDM a JuntM. at 
JuL V London fwic* 3 CT Hooartna f BfeonmaM* 
«feo. * »»ap (Uw wight prim* ‘ Change on w*. 
PwMfe ri pfena. 


CROSSWORD 

No,8,476 Set by VIXEN 



ACROSS 

1 The skinhead tiled to change 
step (6) 

4 Pole taking taxi returned 
shabby case (8) 

10 Having to do with the shop 
making refund (7) 

11 Draw for use of spare court 
<7) 

12 Coppers are so trim. (4) 

12 Threatening the railways on 
the Channel coast (10) 

IB Formerly one was the first to 
be banished (6) 

16 Awfully annoyed - comfort- 
ing’s called for! (7) 

20 A fall from grace in the orient 
would be stupid (7) 
si Minor villain going on foot (6) 
24 The Penzance Pirates' ship? 
(5-5) 

26 This may well cause the 
viewer much irritation. (4) 

28 She’s perverse and in a mess 
- that’s material (7) 

29 Come out in support of the 
man at executive level (7) 

30 Gave up being passive (8) 

31 The hound lay foU of dope (6) 

DOWN 

I Small traveller who's pre- 
pared for takeoff (6) 
a Checks taxes - not for the 
first time! (9) 

3 There’s very little to deposit 
(4) 

5 Sticking together or parting? 
( 8 ) 

6 Fought foreign currency 
racket (in) 


7 Bring a well qualified pi 
In with all speed (5) 

8 "Men love In haste, but 
— at leisure" (Byron) d 

9 Study is to be made of i 
failure (5) 

14 In a sense the Ger 
appears devious (10) 

17 Being terribly scathing a 
quiet wear for retired pi 
O) 

18 Indoor interest (8) 

19 Opinion held about emplc 
in residence (8) 

22 A girl may take these let 
having the right (6) 

23 Present that’s simply no 
with royalty (5) 

25 Rider in the main bac 
recesses (5) 

27 Facts an American lawyei 
to certain soldiers (4) 

Solution 8,475 







27 



1 ' 1 ,l '*-# 


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■u r.‘ 




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‘I . I- 




FINANCIAL TIMES FRIDAY JUNE 10 1994 


Why crocodiles may come 
up smelling of roses 

Page 3 


FINANCIAL TIMES SURVEY 


UGANDA 


Gentle giants in Bwindi 
help boost tourist trade 
Page 4 


Friday June 10 1994 


A country once synony- 
mous with tyranny 
and economic disas- 
ter Is undergoing a 
transformation. 

Tourists are returning to 
Uganda's game parks. Asians 
expelled . by Idi Amin are 
returning to reclaim homes 
and businesses. And IMF offi- 
cials have taken up residence 
in the Central Bank offices in 
Kampala, where they are 
scratching their heads over a 
rarely encountered problem: 
how to cope with an appreciat- 
ing African currency . 

Eight years after Yoweri 
Museveni, then 41, and his 
National Resistance Movement 
fought their way into power, 
Uganda has made remarkable 
progress in overcoming as 
grim a. legacy as any African 
government has known. 

The chaos and slaughter of 
the eight-year regime of Idi 
Amin, and the havoc wrought 
by the war that finally toppled 
him in April 1979, would have 
been challenge enough. 

It defeated no fewer than 
three governments, who 
wasted time and squandered 
resources until December 1980, 
when the country want to the 
polls for its first multiparty 
ele ction independence in 
1962. 

Far from marking a fresh 
start, it opened what was to 
prove another grim chapter. 
Former president Milton 
Obote, ousted by Amin in 1971. 
returned from esSe to lead the 
Uganda Peoples Congress to 
victory in what many regarded 
as a rigged poIL 
By the time Mr Obote was 
f orced to See. the country, a 
brief economic revival had 
been destroyed by increasingly 
brutal suppression of dwaamt 
Mr Museveni, however, has 
triumphed over his inherited 
disaster ensuring political sta- 
bility, often through harsh 
measures,' and by performing 
ah 'intellectual somersault in 
pursuit of economic recovery. 

. As late as August 1988, the 
president was attacking what 
be called the IMF “orthodoxy", 
and seemingly resisting the - 
government’s Economic Recov- 
ery Programme, launched in 
May the previous year. 

“If you insist that 'market - 



Capital scenes: a panoramic view of Kampala, one of Africa's most deEghtfeil cities, whose bustfing streets testify to a growing economy 


toga of A*ca era Btmomel Nwow 


Overcoming a disastrous legacy 


forces become the dominant 
feature in an economy," he 
told a Zambian audience, “it 
will lead to increased trade lib- 
eralisation." This would be 
“very dangerous", he warned, 
“if. it tmarn that anybody is 
allowed to import anything 
they like ... I can compromise 
with the IMF on other thing s 
but not on this." 

Mr Museveni must have had 
second thoughts. As reform 
gathered pace, all restrictions 
on foreign exchange current 
account transactions were 
lifted and today Uganda has 
the most liberal exchange rate 
policy in sub-Saharan Africa, 
while the price controls be 
defended in the samp speech 
have also gone. 

The results have been 
remarkable. GDP growth has 
averaged 5 per cent annually 
since 1987. The budget deficit 
has shrunk, the «iaa» of the 
army and civil service has 
declined, foreign exchange 
reserves are heathy, a privati- 
sation programme is under 
way, foreign investors are 
returning, albeit cautiously, 
and the Ugandan shilling has 
strengthened by 18 per cent 
against-the US dollar over the 
past 18. months. 


President Museveni has revived Uganda’s fortunes and provided 
stability, but the long-term challenge is to reduce aid and achieve 
self-sustaining growth, write Michael Holman and Leslie Crawford 


The benefits of economic 
orthodoxy are unmistakeable, 
and the evidence of a recovery 
widespread, though far from 

lmffnrm 

it is seen at its most striking 
on the journey south from 
Kampala to Ma-aita the road 
then curving north-west 
through Mbarara and on to 
Mweya Safari Lodge, perched 
above Lake Edward on the 
western border with Zaire. 

T he journey took in a 
region which seemed to 
have been devastated 
beyond recovery during the 
1978-9 war, when invading Tan- 
zanian troops and Ugandan 
guerrillas forced Amin into 
exile. 

Today, roadside kilns pro. 
vide the bricks for a mini 
h nil ding boom, stalls along the 
route sell maize, fruit and veg- 
etable and matoke, the green 
banana which is a staple food, 
and cofee bushes give way to 
rolling green tea estates. 

A separa te journey , to the far 


northeast showed that recov- 
ery is much weaker in Gulu 
and Araa, ravaged by a more 
recent war. time against 
the Museveni government, 
waged since 1986 by rebel 
forces that range from a 
bizarre religious sect to die- 
hard supporters of past 
regimes. But even there, a ten- 
tative peace is paving the way 
to a better life. 

In Jinja, an hour's drive east 
from Kampala y the giant Kak- 
ira sugar estate, part or the 
Madhvani business empire 
seized under Amin, is back 
with its former owners. But a 
city that was once Uganda's 
industrial centre remains 
depressed, with the govern- 
ment’s privatisation pro- 
gramme failing to find buyers 
for the state-owned factories 
with obsolete plants. 

Corruption is also hampering 
the privatisation programme, 
say independent commenta- 
tors, who cite cases of delays 
and prevarication designed to 
favour candidates with govern- 


ment links. For these and 
other reasons - few Ugandans 
have been able to protect their 
savings from economic disas- 
ters of the past - the level of 
domestic and foreign invest- 
ment falls well short of the 
level required for Uganda’s 
recovery to become self sus- 
taining. 

Mr Museveni, who fre- 
quently lectured fellow Afri- 
cans on the dangers of eco- 
nomic dependency on the west, 
now relies on aid to provide 
half his government’s income. 
Donors have increased assis- 
tance from $230m in 1986 to 
more than $55Qm in 1993, and 
outright grants have increased 
from under 10 per cent of gov- 
ernment TTiramp in 1988 to 52 
per cent last year. 

And, as one leading donor 
recently warned, “such sources 
are not indefinitely sustain- 
able". None of this would have 
been possible without stability 
provided by a government that 
is somewhere between a coali- 
tion and an autocracy. 


Within limits determined 
informally by Mr Museveni 
rather than by law. opposition 
voices are beard, including 
that of an often critical press. 
But any opposition that sets 
out to mount an organised 
challenge to the president and 
the NRM and the concept of 
participatory one-party democ- 
racy is effectively banned. 

Under the all-embracing 
umbrella of the NRM are stal- 
warts of the two parties which 
used to dominate Uganda's pol- 
itics. including Paul Ssemoger- 
ere, leader of the Democratic 
Party, and minis ter of foreign 
affairs, and Ateker Ejalu. min- 
ister of labour, a prominent 
member of the Uganda Peoples 
Congress, once led by self-ex- 
iled former president Milton 
Obote. 

A t the grass roots, Mr 
Museveni has intro- 
duced countrywide 
resistance councils, with 
responsibility for community 
affairs. Meanwhile, a constitu- 


ent assembly, elected earlier 
this year, will draw up a new 
constitution in which a multi- 
party system is not ruled out 

Whether this all adds up to a 
potential model for the rest of 
Africa, struggling to combine 
economic and political reform, 
remains to be seen. So far 
donors have given Mr Muse- 
veni the benefit of the doubt 
about this protracted transi- 
tion to a yet-to-be-defined 
democracy. This may be prag- 
matic. but risks the charge of 
inconsistency. 

Elsewhere in Africa they 
have made the introduction of 
multiparty politics a condition 
to their aid. And while they 
have been critical of human 
rights abuse by government, at 
its worst between 1986 and 
1991, they appear to have 
allowed Uganda a leeway not 
enjoyed by neighbouring 
Kenya. 

Undoubtedly both donor and 
domestic tolerance of Mr Muse- 
veni's style owes much to fear 
of what could be the alterna- 
tive. 

With stark reminders in 
their own recent past, and with 
death and disaster in neigh- 
bouring Rwanda. Sudan and 
Zaire, stability may reasonably 


be prized above multipart)' pol- 
itics by many Ugandans and 
donors alike. 

“At its best," summarises 
one western diplomat. “Muse- 
veni's government can be char- 
acterised as a government of 
cohabitation, led by a benevo- 
lent military leader of strong 
intellectual quality. 

“At its worst, it could be 
described as a government 
dominated by one man and a 
small politico-military elite 
who are bent on imposing their 
particular vision upon civ'll 
society." 

Just as the economy has to 
wean itself from aid depen- 
dency, so the political system 
must end its dependence on 
one man if Uganda is to 
achieve long-term stability. 

At present, donors are pre- 
pared to accept Mr Museveni's 
de facto one-party state as a 
transitional administration 
with special dispensations to 
deal with the tra umas of the 
past 

But the same donors are 
looking to see whether Mr 
Museveni has the vision and 
the will to lay the foundations 
for a political system that will 
outlive him . 

At present. Mr Museveni has 
sufficient support in the new 
Constituent Assembly to legal- 
ise his “Movement" system of 
government until the turn of 
the century - postponing the 
resumption of multiparty poli- 
tics until then. 

But western diplomats are 
warning Mr Museveni that if 
he fails to put in place a demo- 
cratic system based on freedom 
of association and freedom of 
assembly, Uganda's stability 
will not last longer than his 
reign. 

“He would only be delaying 
the return of political chaos to 
a very fragmented and divided 
society,'' says one ambassador 
in Kam p ala. 

Economic and political 
reform should go hand in 
hand. When Ugandans and 
potential foreign investors are 
confident of the latter. Ugan- 
da's economic growth is more 
likely to become self-sustaining 
and the achievements of Mr 
Museveni will be consolidated. 

And should that happen, 
Uganda would indeed be a 
model for Africal 


THIS IS THE 


MAKES THE 




THAT SURROUNDS THE PLANT WHICH 


TO LIGHT THE 



TO MAKE THE 


WALLS WHERE THE 




THAT SMELTS 


TO REINFORCE THE 


IS MADE INTO THE 



CLOTHE THE CHILDREN WHO EAT THE 


MADE FROM 



BEFORE THEIR HAND A SLICE OF 


CHOPPED BY THE MEN WHO WASH WITH THE 


MADE 


FROM THE JSjj WHICH IS PACKED IN THE Jggjpr* THAT'S 
SENT TO THE SHOP THAT SELLS THE 111 BOUGHT BY 




THE RESTAURANT THAT USES THE ’ THAT ARE FILLED 






THAT IS ALL MADE BY 



CHEERS! 


The Madhvani group is an innovative and environmentally concerned Group of Companies. We own assets worth more than 
US $200 million in Uganda and employ mom than 15,000 people. The Group contributes approximately 8% of Uganda's GDP, making us 
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for rore dsfc&d infcnrartion on our 


MADHVANI GROUP 

product jmpats and mvesfmenr opportunities write to: The Monoging Director, Ihe Modtmri Group, P.O. Box 762 , knjo Uganda. 
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Jl 



MESSAGE FROM THE GOVERNOR 


"The Performance of the Ugandan 
economy in recent years has 
demonstrated that disciplined 
financial policies are an essential 
condition for rapid and sustainable 
economic growth. The recovery of 
production, now in its eighth year 
of uninterrupted advance, has 
maintained its momentum, while 
inflationary pressures remain well 
under control. With the restoration 
of a stable financial environment 


and the liberalisation of financial 
markets, the climate for private 
investment in Uganda continues to 
improve, and has already been 
reflected in new investment across 
a wide range of activities. While 
there is some measure of 
satisfaction in these developments, 
there is no room for complacency. 
The Bank of Uganda remains fully 
committed to maintaining a stable 
environment in the years ahead." 


BANK OF UGANDA 
PLOT NO. 34 - 37 KAMPALA ROAD 
P.O. BOX 7120, KAMPALA, UGANDA. 
TELEPHONE 258441 & 258061 
TELEX 61059, 61244 & 61131 
TELEFAX 255480 & 259336 








28 


FTMANCIAL TIMES FRIDAY JUNE tO I9g4 


UGANDA 2 


Uganda has achieved an economic turnaround 

A long haul ahead 


Economic reforms, backed by 
donors and enthusiastically 
applied by the government, 
have brought dramatic results. 
Uganda’s economic growth has 
averaged 5 per cent a year 
since 1988, inflation has fallen 
from 240 per cent In 1988 to 
single figures, and foreign 
exchange reserves cover more 
thaw three Tprmtfr s of imports. 

Meanwhile, the budget defi- 
cit stays within limits agreed 
with the IMF and two critical 
areas of government spending 
are being tackled. The civil ser- 
vice will end up half its origi- 
nal 300,000 size, and the army 
will also be cut by half to 
45,000 by the end cf next year. 

In the process, life for the 
business community been 
radically changed. Price con- 
trols have been lifted, foreign 
exchange controls abolished, 
and a privatisation programme 
begun in 1992-93 is undo* way. 

Meanwhile, foreign in v es tor s 
are returning, albeit cau- 
tiously, as are expelled Asians , 
encouraged by legislation that 
has allowed them to reclaim 
more than 3,000 properties 
expropriated by the Amin 
regime in the 1970s. 

For any government these 
measures would represent a 
remarkable achievement, let 


■ Development projects 


Uganda's 1933-6 Raiiab&tatJon and DeveloprRent Plan induces 
saveraf.rnuttkniffiarKioKar infrastructural projects of interest to. . 
international aonteabtare. They.are: 1 * • 


Project 


Fto»dwcp«KStun*(US3} 


Knyanasugar worfm. 


Power ifl Uganda Bactriaty 8o®xL 
Second Water Supply project — 
SmaQ Towns Water Project—. 
Mandate Nations/ StatJunt_— 


$25w8m 

>$SfX3ra 


RahabiBaBori of Kfeimpaw city mnde..,. 
South West road maintenance^.. 


MasfruS, Fbrenfcenga^Apoo Lfca-Wfcjan. rberf.: 


$i£2m 

-U.S1&3TO- 

-$fe4o» 


' ftucurarnent of machinery &eqtrfpment, ■ ■';> 

father tafarmafion from Uganda foesonafg Authority, Box 7418. 

Kampala Tefc 254641-234105, 2341P9, 251562^ figsc 242903. . ■ 


alone one with Uganda's his- 
tory. But adding to the difficul- 
ties have been deteriorating 
terms of trade - 65 per cent 
over the past six years - as 
weakening coffee prices saw 
the crops’ earnings drop from 
8384m in 1986 to 8151m in 1992, 
recovering to 8184m last year. 

The trauma has been eased, 
however, by donors, who have 
increased assistance from 
8230m in 1988 to more than 
8550m in 1993 with outright 
grants rising from under 10 per 
cent of government income in 


We are proud to be the 
market leader in the 
Industrial 
development 
of Uganda 



m* 

L, *■< 

v,;tm "'C' . 

‘ > k ' 
*• 


^ojl Qua toy products: Soap, Cooking oift , plastics, 
Oo/uiugated boxes, Sodium Silicate, and PtawiUM. Tea 



Mukwano Industries Ltd 

Plot 30. Press House Road, P.O. Box 2671, Kla. Tel:235701/6 



Head Office 
Plot 12 Kampala Road 
PO Box 973, KAMPALA 


Uflaodw Rw Shfflta* 

AoMtlWtSdoltareUaMdw^iaisperUS^ 

: '-800 7 • ; — . 


External debt: can an inflexible rule be bent? 


- 1,000 



- 1.100 


-1,200, 


-1.300* 
fab 

Sqarec Oa a tgwa m 


real .«ro*rtfcaad InffaKfos 


Annul % change 
Amud average 'CPI- 
120 — 


Real GDP growth 
12 




1968 to 52 per cent last year. 

Although this has allowed 
growth to be maintained, it has 
left Uganda uncomfortably 
dependent on aid, and reaching 
levels of domestic and foreign 
investment sufficient to lead to 
self-sustaining growth, is now 
the single greatest challenge. 

The current rate of 6 per 
cent of GUP is “still too low to 
provide the basis for rapid eco- 
nomic growth’’, warns a World 
Bank paper, and the impart an 
investment from the privatisa- 
tion programme, managed by 



The structure of Uganda's external debt and the 
heavy ton of repayments on the recovery 
programme tests the wisdom pf the Inflexible rate 
that obggabons to the rmitUaterei institutions 
cannot be rescheduled, writes Wchaet Holman. 

The country's external debt, mduding principal 
and interest arrears at $585.4m, comes to 
$2.7bn, equivalent to more than 100 per cent of 
GDP. Total scheduled debt servicing for 1992-93 
amounted to 8173m, more than 80 per cent of 
export earnings. The government was able to pay 
lees than half this amount 

CXit of a total scheduled debt-service payment 
of US$2bn tor the period 1993-2010, some 
$1.4bn wffl go to nmltfiateral creators - 
principally the IMF and the World Bank, 
accortBng to an Oxfam study published earlier 
this year." 

Whereas the World Bank has maintained a 
positive net transfer of resources, this has not 
been the case with the Fund, says Oxfam, the 
British aid agency. 

Between 1987 and 199Q, there was a net 
transfer to the IMF from Uganda of 890m. 
Although there has been a compensating positive 
transfer since then, in the absence of new 
resources the sharp rise In repayment levels from 
1993 win again result in negative transfer, the 
Oxfam study points out 

P a y ment s to the IMF wffl peak fn 1997, 
representing more than a third of total debt 
payments, it caiculetes. Overall, says Oxfam, 
payments to the IMF wm exceed £200m between 


1993 and 1998, resulting in a negative transfer of 
resources to the Fund. 

“in summary, the Ugandan government nes no 
choice under existing debt rotes but to reguest 

additional bilateral aid to repay Hs multilateral 
debt Its CBtamma starkly fflustratas the case far ■ 
change in the rules and toe removal of the taboo 
against muttflateral debt reduction.* the analysis 
continues. _ . ... 

-mere is a fistoer difficulty, notes Oxfam. under 
existing Parte Club rales, official creditors wffl not 

reschedule or reduce any debt contracted after a 

Hxp H Hare, usually coinciding with the debtor 
country's first application to toe Club. 

Uganda's cut-off date is 1081. which means 
that of the $85m of arrears and maturities faffing 
due to the Paris Club In 1993-94, ss much as 
S44m is not eligible for rescheduling or reduction. 
“The upshot is that Uganda's next trip to the 
Paris Club wiH result In savings of approximately 
$9m. equivalent to S per cent of the country’s 
annual service ML" 

The cut-off date, argues Oxfam, shored be 
moved to at least 1987, when the NRM 
government came to power. “A large proportion 
of bilateral debt was inherited by the current 
government from the brutal and corrupt regimes 
of kfl Amin and Milton Obots." much of which 
was “Irresponsibly squandered and IrresponsMy 
lent”. 

• Mttffecaraf debt as «r> obsmete to racowey: tocne 
of Uganda, Oxfam Briefing No 7, March 1994, QOem 
House. 274 Banbury Road. Oxford 0X2 7DZ. 


Public Enterprise Reform anrj 
Divestiture Secretariat, has 

proved disapp ointing 

Parastatals have been classi- 
fied into five categories. The 
government will retain full 
ownership of certain utilities, 
national parks and a develop- 
ment bank. It will partially 
divest from hotels , winw and 
telecommunications. Some 43 
oompanigB are slated for com- 
plete privatisation, while 
another 17 will be liquidated. 

However, few of the 100-odd 
companies in state h«nH« have 


the potential to break even. 
The government has only pri- 
vatised a handful of enter- 
prises since the programme 
began in 299L A bottling com- 
pany, a distillery, Shell Uganda 
(which SbffTI ho ugh? haolr) and 

the tea estates of Agricultural 
Enterprises Ltd are the only 
notable sales to date. Several 
textfio and spinning mills have 
been advertised, but the sec- 
tor's plant is generally obso- 
lete, overstaffed and car ry in g 
bad debts. 

Accompany in g the privatisa- 


tion programme has been the 
Uganda Investment Authori- 
ty's attempt to attract foreign, 
investment, offering a range of 
incentives first set out in 1991, 
designed to enhance fire priva- 
tisation. programme. 

It has managed to attract 
around 8200m over two years, 
but it Has not been an easy 
process. “Uganda has been iso- 
lated from the real world of 
investment for so long, it 
doesn’t know what the outside 
world wants or what price it is 
prepared to pay for it,” says a 
foreign consultant in Kampala. 

From One ttmMiw nomea this 


Selected economic and financial indicators 


1968/99 

89/90 

90/91 

91/92 

92/93 

93 W 



Annual percentage change 



GDP st constant prioes 
Consumer prices 

6.7 

S3 

33 

1.8 

7.0 

M 

Year-end basis 

7fL8 

283 

32JQ 

63j0 

-4L6 

9.0 

Annual average 

1Q2_2 

48.1 

24,5 

402 

203 

73 




Per cent of GDP 



Curent account deficit 
Government budget deficit 

94 

10A 

&3 

S3 

03 

4.7 

(Jnducflng grants) 

3-9 

4a 

■ 3.7 

8J3 

3A 

55 




US*m 




Overall balance of payments 
Foreign exchange reserves 

-103.0 

-45LO 

-101.3 

-121.2 

13J 1 

-15.3 

(in months of imports) 

0.8 

as 

13 

02 

3JD 

3.4 

1 Attend 




Sacra: Ugxitkp < 

MfumWw 

mrtmanmm 


Foreign exchange bonanza 


Uganda’s single largest foreign 
investment project, capable of 
boosting annual export earn- 
ings by 10 per cent a year eve- 
rts 18-year life, is poised for 
takeoff. 

And has been for a good 
many years, sceptics might add 
- ever since the potential of a 
vast pyrites dump at Kflemhe 
copper mine was first con- 
firmed more than 10 years ago. 

This ttinp tt is different, say 
the project’s backers, who 
point out that the scheme is 
now well down the road to frui- 
tion, while Uganda’s political 
and economic climate has 
never been more encouraging. 

Lying in the foothills of the 
Ruwenzori mountains, on 
Uganda's western border with 
Zaire, the mine once produced 
17X100 tonnes of blister copper 
a year. 

But the advent of Amin, cou- 
pled with the slump in world 


prices, proved its downfall and 
its operational days as a cop- 
per mine are almost certainly 
over. 

The foreign exchange 
bonanza lies above ground, in 
the fin-tonne pOe of pyrite con- 
centrates accumulated since 
the mine opened in 1956. It conr 
tains L4 per cent cobalt, val- 
ued at about $2Q0m, fluctuating 
according to world prices, and 
this can be recovered. 

Even allowing for capital 
outlay (about 840m) and run- 
ning costs, the net foreign 
exchange benefits are enor- 
mous for a country whose total 
exports last year were worth 
US8L84m. 

Efforts to start the project go 
back to 1991 when Bureau de 
Recherce Geologiques et Min- 
iers (BRGM) of France pro- 
duced for Kflemhe Mines Ltd a 
pre - fea s ibility study which con- 
eluded that treatment of the 


pyrites by hleanhing was t hp 
most economic and environ- 
mentally safe way of recover- 
ing the cobalt. 

In June 1992, the Ugandan 
gove rnment signed a joint ven- 
ture agreement with BRGM 
and Barclays Metals Ltd (BML) 
.of the UK to undertake the 
project The new Kasese Cobalt 
Company wfl be jointly owned 
by the parastatal, Kilembe 
Mines Ltd with a 45 per cent 
shareholding, BRflM (27.5) and 
BML (275).. 

Besults from a pilot plant 
constructed at nearby Kasese 
in 1993 confirmed its viability, 
and annual production of lflOO 
tonnes over a 10 to 12 years. 

A feasibility study followed, 
which confirms the merits cf 
the project. AH being well, 
commercial production could 
begin within, two years. 

Michael Holman 


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blunt appraisal: “Not one com- 
pany has accounts up to date. 
Where accounts exist, they are 
often fafcp or inaccurate.” 

Says another critic: “The pri- 
vatisation secretariat’s recom- 
mendations to its political mas- 
ters are often ignored, or 
overturned, often in pursuit of 
personal advantage for politi- 
cians and their associates." 

There is criticism, too, of the 
amount of time spent outside 
the country promoting Uganda 
by senior government minis- 
ters and civil servants. The 
returns are far from clear, 
while work at home suffers. In 
1985, over 50 per cent of gov- 
ernment-collected revenue 
came from coffee exports, but 
during 1993 it was nil, for the 
tax had been abolished. Tax 
collection as a percentage of 
GDP remains low - about 7 per 
cent, around a third the aver- 
age for sub-Saharan African 
countries, and is not expected 
to rise much above 10 per cent 
in the next two to three years. 

The Uganda Manufacturers’ 
Association vigorously resists 
efforts to increase the burden 
on those already in the tax net 
“Uganda cannot afford to 


repulse capital by giving inves- 
tors cause to relocate In neigh- 
bouring countries,” warned the 
association last year. 

The business community has 
a further concern - the apprec- 
iating shilling. High donor 
flows, improved coffee receipts 
and returning capital from 
Asian «wriies have seen the cur- 
rency strengthen from a high 
of 1,373 in January 1993 to a 
current level of around 980 to 
the dollar. 

This has resulted In artifi- 
cially high import levels, 
which hurt the domestic pro- 
ducers and has tut exporters. 

Achievements notwithstand- 
ing, the task is a sobering one. 
If the economy maintains an 
annual average of 5 per cent 
growth and assuming popula- 
tion increase of between 23 
and 3 per cent a year, it wQl 
take SO years to double Individ- 
uals' standards of living. 

At the same time. Uganda 
must reduce aid and reach 
self-sustaining growth - the 
hig gpgfr challeng e of fllL 

Michael Holman and 
Leslie Crawford 


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FINANCIAL TIMES FRIDAY JUNE 10 1994 


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f; Leslie Crawford looks at novel businesses 

Crocodile venture 


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Michael Hofe 
Leslie Ds 


Crocodiles, vanilla pods, rose 
and the colossal Nile perch of 
Lake Victoria do not, on the 
face of it have much in com- 
mon, but they belong to a 
growtog Hat ot im-tradltional 
exports which last year earned 
$4Qm for Uganda. . 

. The .emergence of new, 
eapcfftorieoted ventures is per- 
haps Iha best economic news 
Uganda hashadin years. Many 
analysts believe the country’s 
future derckpeoent depends on 

the multiplication of three? 

small, private-sector busi- 
nesses. Neither the privatisa- 
tion of bankrupt paraatatals, 
nor Uganda's international ' 
road shows to attract foreign 
investment seem to hold as 
modi promise 'as the .eclectic 
activities of -Uganda’s , new 
entrepreneurs. 

Tony Bristow, left his native 
Zimbabwe to start up Uganda’s 
first crocodile 6am three years 
ago. A Ugandan friend, who 
had worked in Zimbabwe, con- . 

- vtneed him the' prpjed: would 
succeed with the tax' breaks 
and liberalised foreign 
exchange environment avail- 
able : Ur new investors in 


The novelty of the project at 
first baffled the authorities. Mr 
Bristow had to obtain the 
authorisation of three 'different 
ministries - Animal Fish- 
eries. the Game Department 
and l&tianal Faria - to set up 
Uganda Crocs Ltd. He also 
hdped draft Uganda’s proposal 
to join toe UN Convention for 
the International Trade of 
Endangered Species (Cites), 
that regulates the export of 
crocodile- skins. Cites allocated 
Uganda an initial export quota 
of 2^00 skins a year. . 

. Mr Bristow collects crocodile 
eggs in toe wild, and breeds 
them In captivity. The 
cold-blooded creatures are 
. wanned to an .optimal tempera- ; 
tore of 324eg C to accelerate 
their development After two 
to three yeqrs, the crocodiles 
are ready fox- marketing. 

Only half a dozen tanneries 
. around the world specialise in 
notic leathers, and they pay 


between 3&fi and $7 per centi- 
metre for the soft underbelly of 
a young croc. The Golf War, 
Mr Bristow, says, depressed 
demand for crocodile skins. He 
thinks it may take- four years 
before he sees a return on ids 
$500,000 investment. 

In Mukono, a district near 
Kampala, more than 5,000 peas- 
ant formers now have vanilla 
vines- interplanted with their 
banana, maize and coffee 
hashes thanks .to an export 
venture started in 1990 by Aga 
Sekalala, a local businessman. 

“After the war ended in *86," 
he recalls, “I was looking for 
cash crops to plant on my 
farm.” He sought advice from 
the World Bank’s Africa Proj- 
ect Development Facility, 
which noticed, during a visit to 
Ur Sekalala's farm, that 
vanilla was growing wild 
among the food crops. 

APDF came back with a pro- 
posal: it would find a guaran- 
teed buyer for Ugandan vanilla 
If Mr Sekalala could persuade 
the farmers of Mukono to 
revive the vanilla production 
that bad been abandoned dur- 
ing the Amin years. 

After testing Mr Sekalala’s 
vanilla, McCormick ft Com- 
pany of the US, the manofoo 
turer of seasonings and fla- 
vourings, signed a three-year 
agreement In 1990 to purchase 
his entire production. The con- 
tract has just bean renewed far 
-another three years. 

Meanwhile, the vanilla grow- 
ers involved in Mr Sekalala's 
venture have xnuttinlied from 
50 In 1990 to 5,000. Vanilla 
fields .how cover an estimated 
600 hectares. “Over the past 
four years ,* Mr Se kalala says, 
“we have exported more than 
nine of cured vanilla 

worth a total of $825,286." 

P mrnnnrugrflfl q i-iiwv? Vanilla 

commands about $72 per kg an 
the world market Within 30 
years,, tt is estimated U ganda 
could be exporting up to 150 
tnriwwg of vanfflA a year, push- 
ing foreign exchange earnings 
up to 17.5m. 

Half a dozen Ugandan com- 
panies have launched them- 


selves into the rose exporting 
business, after observing how 
floriculture has blossomed in 
neighbouring Kenya. 

“Uganda has a more favoura- 
ble climate for rose growing 
than Kenya," says Rene Bartoli 
of Victoria Flowers, "and it is 
not plagued by water short- 
ages.” In addition, the cost of 
air freight - the largest outlay 
of any flower export operation 
- is more competitive from 
Entebbe airport than Nairobi. 

This combination of factors 
is leading many established 
Kenyan flower companies to 
look at Uganda to diversify 
their sources of production. 

Mr Bartoli vn fl a Ugandan 
partner have bought a 3.3 hect- 
are plot on toe shores of Lake 
Victoria to start their rose 
form. At $400,000 a hectare, 
-their initial investment carries 
a considerable degree of risk, 
particularly as returns will 
depend on the price their roses 
can fetch at the flower auc- 
tions in Holland. The first 
roses will be ready for export 
in October. 

Launching a business in 
Uganda, however, is not for the 
faint-hearted. 

“Yon have to be prepared to 
be completely autonomous and 
self-sustaining," Mr Bartoli 
wains. Because power supplies 
' are unreliable, he had to invest 
hi a back-up generator. The 
lack of cold storage facilities at 
Entebbe airport means that 
Victoria Flowers will have to 
build its own. 

But the most imnmm com- 
plaint of Uganda’s new breed 
of exporters is the loss of com- 
petitiveness of Uganda's cur- 
rency, the shfntng , which has 
appreciated by more than 20 
per cent against the dollar in 
recent months. 

“The appreciation of the shil- 
ling could kill our business, 
particularly as Indonesia is 

also making seriOUS inmaria 
into the v anilla market," Mr 
Sekalala says. “I also had a 
project to export organic 
honey, but it is just not com- 
petitive at the current 
exchange rate." 




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Committed to National 
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The ALAM Group is working 
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Tel: 234301/234000 
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D espite an active educa- 
tion and prevention pro- 
gramme, the number of 
reported acquired immune defi- 
ciency syndrome (Aids) cases 
continues to rise In Uganda. 
The level of HIV infection 
varies from 5 per cent in rural 
areas to 38J» per cent in some 
main-road trading centres and 
towns. 

The government’s Aids Con- 
trol Programme recorded more 
than 42,000 cases of full-blown 
Aids by the end of 1993, 
although the figures do not 
represent the true extent of the 
epidemic. 

The Federation of Ugandan 
Employers, which sponsors an 
Aids prevention programmes 
in the workplace, says peer- 
group education has had a sig- 
nificant impact in promoting 
the use of condoms. 


Widespread practice of polygamy exacerbates the problem 

Aids on the increase 


On the other hand, recent 
medical studies suggest public 
health campaigns are unsuc- 
cessful. One research pro- 
gramme in thB Rakai district of 
western Uganda revealed that 
3 per cent of respondents who 
were free of infection in 1989 
had become HIV positive a 
year later. The respondents 
knew about toe Aids menace, 
and yet many of them admitted 
to having multiple sexual part- 
ners. 

In addition to the universal 
problem of persuading people 
to alter their sexual behaviour, 


Uganda faces particular diffi- 
culties in fighting Aids. 

The widespread practice of 
polygamy, and the low status 
of women (who, in many rural 


In many rural areas, 
women still kneel before 
men when they meet 

areas, still kneel before men 
when they meet) give women 
little control over their own 
sexual health and that of their 
partners. 


"Much of the preventive edu- 
cation of toe west is not appli- 
cable in Uganda," says Ms Mar- 
ble Magesi of Taso, a Ugandan 
counselling service for Aids 
sufferers. “What does monog- 
amy mean to a man who 
already has three wives?" 

The influence of the Roman 
Catholic Church, which 
opposes the use of condoms to 
prevent the disease, has not 
helped educators in the popu- 
lous west and south of the 
country, where Aids infection 
is most widespread. 

In addition, it is feared that 


the demobilisation of soldiers 
will also spread toe disease, as 
the rate of HIV infection In the 
army is believed to be higher 
than 50 per cent 
The government's Aids con- 
trol programme admits It can 
do little to help adults who 
have already contracted the 
disease. But it is placing spe- 
cial emphasis on educating 
children between the ages of 
five and 15 to keep them free 
from disease. But already, sta- 
tistics show that young girls in 
the 15-19 age group are six 
times more likely to be Aids 
carriers than boys of toe same 
age. Part of toe explanation is 
that men increasingly prefer 
young sexual partners on the 
assumption that they are free 
from, infection. 

Leslie Crawford 


Leslie Crawford investigates the revival in agriculture 


Brewing up exports of 
tea and coffee 


Along the south-western route 
to Mbarara, toe steady traffic 
of lorries piled high with plan- 
tains is evidence of Uganda’s 
agricultural recovery. Political 
stability has breathed new life 
into war-shattered villages, 
while the liberalisation or 
agricultural prices has lured 
peasants out of subsistence 
fanning into cash crops. Rural 
Uganda. Is hunmdiig with the 
activity of carpenters, brick- 
layers, bicycle repair men and 
taflors. The once bare shelves 
of village shops are again 
filled with goods. 

But the poverty which 
engulfs most rural households 
Is testimony to 25 years of 
foregone development. Uganda 
today produces only 20 per 
cent of the cotton it grew In 
1970, and less than half the tea 
crop of pre-Idi Amin years. 
Sugar and coffee have yet to 
recover pre-1970 production 
levels. 

It is a sad indictment for a 
country uncommonly blessed 
with fertile soils and abundant 
rainfall. More than 80 per emit 
of fond is suitable for agricul- 
ture, compared with less than 
20 per cent in neighbouring 
Kenya. 

“Uganda should be toe grain 
basket of the region, but only 
one third of Jts food area is 
being sensibly cultivated,” 
says James Cartwright, a con- 
sultant on agricultural 
exports. “It should be export- 
ing mato s m ii Tyy iyf ywri plan- 
tains to neighbouring coun- 
tries. These are the crops that 
hold the greatest export-earn- 
ing potential.” 

The Robusta coffee grown by 
thousands of peasant fanners 
In western Uganda forms the 
backbone of the export econ- 
omy. Coffee earned 9106m, or 
two-thirds of Uganda's export 
revenues last year. Production 
is responding to firmer inter- 
national prices and marketing 
reforms which have generated 
greater returns for producers. 

Government officials are 
cautiously optimistic over the 
recent surge in international 
coffee prices, which have more 
than doubled to almost $1 a 
pound in the past 12 months. 
If prices hold, Uganda’s coffee 
exports could earn 9250m, 
according to Uganda’s Coffee 
Development Authority. For 
the first time since the col- 
lapse of tile International Cof- 
fee Organisation cartel in 
2939, the price gains would 
allow Uganda to meet its 
external debt repayments from 
its coffee earnings, and even 
reduce its dependence on for- 
eign aid to cover its 9700m-a- 
year import hi ll. 

The Coffee Development 
Authority estimates produc- 
tion in the 1993-94 season, 
which ends in September, at 
2.5m 60-kg bags (150,000 
tonnes), up from 2.09m bags in 
1992/93. 

Both production and intra- 
national coffee prices, how- 
ever, remain below those of 
the commodity boom of the 
late 1970s, when coffee earned 
Uganda more than 9400m a 


|S A 






ti 
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• Specialists in Africa 

Edwin Coe 

for over 40 years’ 

^IXITORS^ SaSSB2B ^ 

Edwin Coe provide legal 
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Tel: +44 7i 831 7466 

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Telex: 298368 


year. In a bid to revive the 
sector, the government abol- 
ished export taxes on coffee in 
1992, liberalised producer 
prices and licensed private 
traders. 

The old Coffee Marketing 
Board, which monopolised cof- 
fee exports until 1990, is now a 
government-owned trading 
company competing with 36 
private exporters. The private 
sector has scooped up more 
than 70 per cent of the coffee 
trade, with fierce competition 
pushing up the prices paid to 

The country is still paying 
the price for the political 
upheaval and the 
misguided agricultural 
policies of the past 

farmers. 

Uganda, however, is still 
paying the price fur the politi- 
cal upheaval and misguided 
agricultural policies of the 


“Our coffee plantations are 
old and in poor shape," says 
Dr Peter Ngategtee, research 
and development manager at 
the Coffee Development 
Authority. “We have to invest 
in research and extension ser- 


vices to improve toe quality 
and productivity of our sham- 
has (farms).” He says Uganda 
is slowly rehabilitating its cof- 
fee nurseries and selecting 
new Robusta strains to replace 
old bushes. 

Great hopes are also being 
pinned on toe revival of the 
tea sector, which once pro- 
duced more than 25,000 tonnes 
a year. Tea production almost 
ceased when the foreign own- 
ers of large estates left Uganda 
in toe 1970s. 

The return of UK companies 
such as James Finley, and the 
rehabilitation of estates, has 
increased output from 1,200 
tonnes in 1982 to 12^20 tonnes 
last year. little tea, however, 
has been planted since 1978, 
and tiie production from tough 
old bashes is not of export 
quality. Consequently, tea 
exports earned a meagre $llm 
last year. 

Foreign investors, however, 
have detected Uganda’s poten- 
tial to become a quality tea 
exporter. 

A freshly-painted sign out- 
ride the Ankole tea estate near 
Bushenyi in western Uganda 
reveals a recent change of 
ownership. In January, the 
UK’s Commonwealth Develop- 
ment Corporation and James 



Bwtndt _ _ 

National flarif 

& RWANDA 


Finley acquired the Ankole 
estate and five other planta- 
tions totalling 3,000 hectares 
which were being privatised 
by the government 

At the Ankole estate, Eric 
Mugambage. the factory man- 
ager, is proud to have kept the 
operation running thmaghnnt 
the Amin years and Uganda’s 
civil war, although he regrets 
that the quality of his tea has 
declined. 

“The bushes are old, the 
stalks are hard and we haven't 
been able to afford the applica- 
tion of fertilizer for a long 
time,” he says. The tea fac- 
tory, where the leaves are 
withered, fermented and then 


Jo 

MM 

100 



Km 

im 

ITT 




dried, is also in need of new 
equipment The drying kilns 
are fuelled with wood: diesel is 
too expensive and electricity 
too unreliable. 

Tom Harrison of CDC says 
the other estates are also over- 
grown and in poor shape. “Our 
aim is to put quite a lot of 
money into rehabilitating toe 
factories and fields," he says. 
“We will be exporting the tea 
to generate foreign exchange 
for Uganda." 

A $24m investment pro- 
gramme is expected to boost 
output at CDC’s Ugandan tea 
estates from 1,000 to 9,000 
tonnes over the next eight 
years. 


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Join the market leaders: send for the latest report on Uganda's economic progress 
and discover the potential for your business. 

Uganda Investment Authority 

P. 0. Box 7418, Kampala, UGANDA. Phone no: + 256 41 251562/6. Fax + 256 41 242903. 


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30 


FINANCIAL 


UGANDA 4 


T he heart of Bwtndi’s 
Impenetrable Forest in 
southern Uganda is home 
to almost half the world’s pop- 
ulation of mountain gorillas — 
a rare and endangered, species 
of which fewer than 650 
remain. TO protect BwindFs 
gentle giants, gorilla tracking 
permits are strictly rationed: 
only six visitors are allowed to 
enter Bwibdi national park 
each day. Even if gorillas are 
not sighted, the ex perien ce of 
exploring Bwindi's virgin jun- 
gle, under the canopy of huge 
tropic: , hardwoods, lianas and 
orchids, is mysterious and 

unforgettable. 

■ For the foreseeable future. 
Uganda’s appeal to the foreign 
visitor win centre on “special 
interest" activities: mountain 
trekking in the Buwenzoris - 
the legendary Mountains of 
the Moon; a visit to Bwindi, or 
the equally remote savannah 
grasslands of the Kjdepo Val- 
ley near the frontier with 
Sudan. It is also in Uganda 
where the Nile begins its 
4,000-mile journey to the Medi- 
terranean. 

International tour operators 
have began to fodinflA Uganda 
on their East African safari 
■circuits, encouraged by the 
country’s efforts to recover its 
neglected tourism infrastruc- 
ture. Abercrombie & Kent 
have set up two tented camps 
near Bwindi and Murchison 
Falls, and plan to transform 
the Lake Victoria Hotel near 
Entebbe into their five-star 
showcase In Uganda. Tim Som- 
erset Webb, president of A&K 
Overseas Ltd, says he Is final- 
ising an agreement for the 
management contract «nd an 
equity participation in Lake 
Victoria Hotel with the state- 



Abnost half the world's mountain gorillas are found in Uganda 

Leslie Crawford looks at tourism 


On the track of 
gentle giants 


owned Uganda Hotels Ltd. 

Accommodation in Tta^ip pi n 
remains overpriced and some- 
what below international stan- 
dards, but a number of hotels 
in the capital are undergoing 
upgrading and renovation. 
About 40 local tour operators 
provide an increasing range of 
services for the adventurous 
traveller. 

At the Uganda Tourist 
Board, above the British Coun- 
cil offices in Kampala, Freddie 
Irumba likes to take the 


long-term view. “We have to 
he both cautions and sensible 
about promoting Uganda as a 
holiday destination," he says. 
“Until our hotels are rehabili- 
tated, the road network 
improved and our passenger 

hmutTing facilities at the air- 
port are up to scratch, we 
should not abn to attract large 
numbers of visitors.” He says 
the number of visitors is ris- 
ing by 20 per cent each year, 
and estimates arrivals wfl[l top 
80,000 in 1394. 


T he opening of tbs Masala 
Chaat Indian talmaway 
in Kampala was a grand 
affair. Its concrete backyard 
brimmed with the cream of 
Ugandan society. Government 
dignitaries mingled with hank- 
ers; the US ambassador chatted 
with Asian and Ugandan fami- 
lies. Ms Mumtaz gaag^m. a 
returned Ugandan Asian, sur- 
veyed her restaurant with sat- 
isfaction. Her guest of honour, 
Finance Minister Joshua May- 
anja-NkangL delivered an. effu- 
sive inauguration speech. 

They wore celebrating, in a 
modest way, the seven years of 
stability which have allowed 
Ugandans to start rebuilding 
their lives. Small ventures 
such as Ms Kassam’s takeaway 
are a psychological boost to a 
capital still haunted by aban- 
doned villas and boarded-np 
businesses. Kampala, like the 
rest of the country, is only a 
shadow of its former srir. But 
there is a mood of optimism, 
and a sense of renewal which 
are rare in Africa today. 

President Yoweri Museveni, 
the architect of Uganda’s new- 
found stability, is not an easy 
man to define. An ftrteDectual- 
tumed-soldier, he would be the 


Leslie Crawford on seven years of political stability 

Mood of optimism 


World Bank's model African 
statesman - if only he could be 
persuaded to accept western- 
style democracy. Mr Museveni 
advocates an open economy,' 
respect for human rights, a 
free press and contested local 
elections, but he does not 
believe in multiparty politics. 

In its stead, Mr Museveni 
offers Ms National Resistance 
Movement, a broad church 
which has taken several politi- 
cal opponents into Its fold. 

At the village level, Mr 
Museveni has introduced 
elected “resistance councils'* 
which decide local tax and 
spending policies and keep 

gy ipp rnntPTrt- rtffjrifllq hi f-h^rir, 

Most Ugandans regard the 
councils as better the for- 
mer system, inherited from 
colonial rule, in which govern- 
ment-appointed village rhtofc 
were a law unto themselves. 
The resistance councils in turn 
nominate delegates to the next 



Presfcterrt Museveni: architect of 
Uganda's mwfcxnd stabflity 

tier of government, at parish 
and district levels. Topping 
this edifice is the National 
Resistance Council, which has 
functioned like a legislature for 
the oast seven years. 

Participation in toe NRM is 
voluntary, a nd membership is 
not mandatory for Ugandans 
who wish to stand for public 
office. But by forcing candl- 




; Telephoned 250<41); K&pti&fn 
urjteas qthenwfe® stated^ 

:ter of Defence: Vo&fiAmi,- 
1st' 23Mm;FW 2SSp4&;&) 
efgn, Affairs:' Paul -Seempgare 
233922. 25762* Aflrfctifturer 
Victoria SsekJtote&a,; Entebbe 
20981 /fO; 21tm . Fax'&€47, 
2084 1; Trader and Industry: Rjch- 
arriKaJJuka, 231104. 257329, 

256395;. Ffaance : Jehoasti 'May-' 

. ar$*fl tanft.2347U0. 257096 fax 


■236163;- Information: Paul 
BSarift 234280. 231188; Tour- 
■fcan: James * Wapakhobuio, 
232971,. 232972; Energy end 
ntbwrafe: Herwy Kajum. 233331, 
230020; Works and transport: 
Rufrakana-Riigunda, 230070: 
Uganda Investment Authority: 
234106/234109, Fax 242903; 
Uganda Manufacturera* Assocla- 
dbn. Wb n raflbn centre 221034 
Hotels; Kampala: - Sheraton 
244560, fax 234903; Entebbe: 
Uke Victoria 20891 fox 20404 


Banks: Cantu* Baokof Uganda 
238441: Barclays 230972-6 tax 
259467; Stamford Chartered 
258211/7 fox 24237% Stenbte 
(formerly GriwCBays> 231151/ 
230811 .fox 231116s Uganda 
Development' Barrie 2305740/5 
fax 293571. -I- 

Visas: Not required -for EU, US, 
Australia, Hear attend, Japan, 
Canada, Swttnwtand, ■ Scandina- 
via. Taiwan,' Hong Kong, South 
Korea, Send Arabia, Kuwait, 
Unfted Arab Bitirstes- 


■he group of visitors from 
Kampala waited for the 
owner to unlock the 
doors with the tense anticipa- 
tion Of Egyptologists unsealing 
the burial chamber of a pyra- 
mid. 

It was only a run-down ware- 
house, just off the main street 
of Gulu, in north-west Uganda. 
But earlier investigation, had 
suggested that what it might 
contain could assist the recov- 
ery of a town battered by past 
conflict 

The warehouse owner 
unlocked the padlock, the 
doors creaked open. Amid 
gasps of astonishment a shaft 
of sunlight revealed the con- 
tents of the gloomy interior: 
several huge wood crates. 

A few puffs of breath, dis- 
pelled the layer of dust. 


Michael Holman visits a town that has discovered new hope for the future 

Door to recovery unlocked 


exposed the hieroglyphics 
below, Georg Sohn, Escwege, 
West Germany, via Mombasa, 
and confirmed that the crates, 
dispatched in 1383, contained 
hundreds of thousands of dol- 
lars worth of weaving equip- 
ment More than 10 years later, 
they remained as securely' 
sealed as the day they were 
sent on. a 10 , 000 -mfle journey to 
a town In a cotton-growing 
region of central Africa. 

Martin Hogg, deputy execu- 
tive director of the Uganda 
Investment Authority, whose 


inquiries led to the find, will 
hdp co-ordinate efforts to put 
the machinery to work. 

The next stop was a possible 
beneficiary - the ginnery 
owned by the members of the 
West Acholi Co-operative 
Union, where Mr RA- Oneka, 
the manager, sets the 
machines running to demon- 
strate progress in the factory's 
rehabilitation, a critical step in 
Gala’s recovery. 

Like everything else, the cot- 
ton sector was destroyed by a 
war that goes back to 1986, 


when various rebel factions 
began a bitter resistance to the 
incoming National Resistance 
Movement. 

Ginneries were ruined, farm- 
ers fled, their crops abandoned. 
The community's cattle woe 
killed or stolen, leaving their 
owners without draught ani- 
mals to help plough. And with- 
out draught power, toe land's 
potential can barely be tapped, 
explained Julis Peter Obal, in 
charge of Gulu district agricul- 
tural office. 

- But the first step to recovery 


When you focus your eyes on Africa for investment, 
Uganda is the Country to look at ... because of its recent 
Public Enterprises Reform and Divestiture ... PERD. 



Public Enterprises Reform and Divestiture (PERD) 
programme was estabfished in 1991 as the implementing 
agency of the Uganda Government responsible for 
carrying out the Enterprises Development Programme 
which Is Jointly financed by the Government of Uganda 
and the International Development Association (World 
Bank) Washington. 

Among its objectives the Public Enterprises Reform and 
Divestiture Programme (PERD) has to reduce the public 
sector; Improve performance of the remaining Public 
Sector Enterprises, and the financial burden on the 
treasury and generate revenue from privatisation sales. 
This would lead to the promotion and development of a 
vibrant, market-led private sector. 

The Government of Uganda cordially Invites serious 
investors wishing to purchase partially or wholly our 
Public Enterprises (PEs) as well as professional 
management contractors for those Enterprises the 
Government win retain. This is why Uganda Government 
needs foreign Investors to invest in Uganda, where 
everything has been put rn place ... a unique (the best of 
its kind) investment code with commensurate incentives 
... suitable political environment, financial (exchange 
rates) stability of the shining, personalised understanding 
of every buyer/investor, careful, long and meticulous 
preparations by PERD, positive consultations and public 
support 

STRATEGY 

The Uganda Government has classified those Public 
Enterprises it will keep under its control, with majority or 
minority shareholding, those PEs which will be 
privatised, and those which win be liquidated. As a result 
101 commercially oriented public enterprises have been 
grouped into five classes (contact PERD for more 
details). 

PROGRAMME 

To achieve the above objectives of Divestiture and of 
improving the performance of public enterprises the 
Government has sponsored the public reform and 
Divestiture programme through sector-wide studies and 
planning to identity the most effective means of bringing 
about such achievement 


POLICIES 

The Government of Uganda is aware that the 
effectiveness of the Divestiture Programme In attracting 
investors will depend upon the overall investment climate 
as well as the attractiveness of the sales package for a 
particular public enterprise. Also, the government has 
taken measures to improve the investment climate in 
Uganda Therefore, Government proposes to ensure 
investor interest in divestiture by: 

0) Selecting pubGc enterprises for ctivestiture that are 
attractive investments or potentiatty profitable; 

g{) Ensuring that new owners would have access to 
term finance for refiatu/ftetfon of ttw Public 
Enterprise; 

OS) Autonomy to nuwage the operations on My 
commercial Bnes; 

(rv) Freely permitting funds hekt abroad by 

Ugandansflnvestors to be used for acquiring equity 
tit divested Public Enterprises; and 

(v) Ensum adequate competition to public enterprises 
by not restricting 8rrtry cti other enterprises into 
simitar activities; and prompt toe development and 
Introduction of suitable regulatory mechanisms by 
the supervising ministries concerned, to promote 
private investment 

in conclusion, any investor who will participate in the 
divestiture of PEs programme in Uganda would exploit 
unlimited opportunities that exist in Uganda today. The 
success of PERD^ programmes need a supporting hand 
from serious foreign and local investors ... therefore, tom 
your eyes to Uganda: a country poised to be a 
success story in Africa ..." to quote the IMF 
representative in Uganda. 



The Coordinator 

Pubflc Enterprises Reform and □fras&hjne Secretariat 

Ministry of Finance and Eoonexrto Planning 

6th How, IPS Buftcflng, Parli ame nt Avenue 

PO Box 10944, Kampala, Uganda 

Tel: 25641 256407, 243995, 259897 

Rax: 256 41 259997 Tetoc 61209 (PEPUGA) 


has been the peace initiative, 
spearheaded by Mrs Betty 
Bigombe, minister of state of 
the prime minister’s office who 
also has responsibility for 
implementing toe govern- 
ment's northern Uganda reha- 
bilitation programme. 

Peace has allowed the rail- 
way to Gulu to operate after a 
lengthy break, and at toe mar- 
ket that springs up alongside 
.the station on the day the fraizx 
comes in, sorghum, maize, 
ground nuts, beans dad sugar 
cane are plentiful, along with 
what must be some of the 
world’s cheapest and most suc- 
culent mangoes. 

They would cost at feast a 
dollar or more in the super- 
markets of Europe. In Gulu, 
the surplus overwhelms the 
market, and a bucketful goes 
for 50 ^hiding s (5 US cents). 


Phillip Wilson Odong, the 
deputy central government 
representative in Gulu, enthu- 
siastically supports a sugges- 
tion that the mango flesh could 
be dried, packed, and exported. 

Later in the day at Area, 
about 100 miles to toe west, 
and a hanrifal of miles from 
Zaire, a drive around the town 
shows that there, too, life is 
slowly recovering, bat, unlike 
Gulu, power comes from a gen- 
erator and contact with the 
outside world is by radio. 

Awongo Ahmed, the central 
government representative, 
supports Mr Hogg's proposal 
that the Investment Agency 
help establish a bonded ware- 
house that could cater for trad- 
ers from across the border. 

But Area is uncomfortably 
dose to Sudan, where the civil 
war in thesouth seems to get 
worse by the day, forcing more 
and more civilians to take ref- 
uge in Uganda; and nor is Gulu 
immune from the fighting. If 
Ugandans are to be certain 
that they can live in peace, 
their neighbours must also set- 
tle theft internal disputes. 


Baton m Lftd 

SERVICE AND SUPPLY TO 
UGANDAN AGRICULTURAL 
DEVELOPMENT 

• Fumigation 

■ Agro-Cbemfcais 

• Fertilisers 

• Wood Preservatives and Treatment 

• Design, supply and installation of 
agricultural processing equipment. 

STOCKISTS OF 

Spirax Sarco specialist steam equipment 
Ballon generating sets 
Barton air conditioning units 

Balton m lid 

Plot 1 22, Sixth Street, Industrial Area, Kampala 
Telephone: 256-4+-2555H2, 255583 



Give & Take Forex Bureau Ltd lies in the centre of 
Kampala city, Uganda’s capital. It is conveniently located 
in Uganda House building, one of Uganda's most prominent 
business' complexes. Uganda House is a 30 minutes drive 
from Entebbe International Airport. It is less than 5 minutes 
drive form the major city taxi park, making Give & Take 
Forex Bureau, toe most conveniently located bureau in 
Kampala city. 

Give & Take Forex Bureau was established after toe 
liberalisation of foreign exchange dealings in Uganda. 
Today, according to toe Ugandan foreign exchange laws, 
members of the public, both citizens and non citizens, are 
allowed to handle, use, receive or send out foreign 
exchange. 

GIVE & TAKE 
Forex Bureau 

10 Kampala Road (Uganda House Arcade) 
P.O.Box 2203 

Tel; (256-41) 235729 Fax: (25641) 235617 
KAMPALA-UGANDA 


| Aut horised Dealers in Foreign Exchange Buyingaad Selling 


dates to stand as individuals, 
rather than as representatives 
of parties, Mr Museveni 
ensures there can be no organ- 
ised challenge to his power. 

“This is not a perpetual situ- 
ation," Briya Kategaya. toe 
NRM’s national political com- 
missar, says in defence of the 
•‘movement system" of govern- 
ment. 

“We do not rule out a multi- 
party system for Uganda in toe 
future, hut for toe tone being, 
people still associate the old 
political parties with chaos. 

“The NRM does not seek to 
obliterate ethnic or religious 
differences," Mr Kategaya 
adds, “it wants to obliterate 
the misuse of ethnicity and 
religion for political ends." 

As a result, toe March elec- 
tions for a constituent assem- 
bly to design Uganda’s new 
constitution were not without 
an element of confusion. Politi- 
cal rallies were banned, and 
candidates were forbidden to 
reveal their political alle- 
giances. although these were 
well known among the voters. 
Tng»gflrt, they were allowed to 
“debate” theft views in meet- 
ings organised by local elec- 
toral commissions. 

The most hotly debated issue 
was a clause in the draft con- 
stitution that seeks to ban mul- 


tiparty politics for anotoar five 

years. 

Mr Museveni’s detractors - 
mainly northern and eastern 
communities which formed the 
stronghold for Milton Obote, a 
former president now living in 
exile - regard the Constituent 
Assembly as an attempt to legi- 
timise the NRM and Mr Muse- 

venfs unelected rule. 

“The law has locked us out,* 
says Mrs Cecilia Ogwal of Ur 
0 bote’s Uganda Peoples Con- 
gress. “Why should we have to 
field candidates clandestinely? 
Why are western donors back- 
ing Museveni’s regime? Hay 
are apologists for a manipu- 
lated democracy." 

But Mr Museveni's victory in 
presidential elections due later 
this year is already a foregone 
conclusion. Since t he ne w con- 
stitution allows a pres i d e n t to 
serve for two consecutive five- 
year terms. Mr Museveni could 
well be in power until 2004. 

The fact that this does not 
alarm a majority of Ugandans 
speaks for Mr Museveni’s unri- 
valled popularity and for the 
overriding value placed on 
peace and stability. Most Ugan- 
dans believe multiparty democ- 
racy can wait. 

However, even Mr Muse- 
veni's supporters worry about 
the stability of a political sys- 
tem which hinges entirely on 
the will of one man. The 
wounds in Ugandan society 
run deep, and nobody cam to 
speculate about what would 
happen to the country If Mr 
Museveni were suddenly no 
longer on the scene. 


UGANDA 
DEVELOPMENT 
CORPORATION 
\ LIMBED 


* -f 


.UGANDA DEVELOPMENT 


UGANDA'S ECONOMIC 
DEVELOPMENTS THE PAST - 
NOW DETERMINED TO 
SPEARHEAD ECONOMIC 
RECOVERY... 

The Ugudi Development Corporation (UDC) was created 
to promote and spearhead the indastriai and economic 
development of the country. The first two decades of its 
existence 1952-1973 witnessed a very sound establishment of 
the industrial and commercial base. Uganda exported surplus 
goods to the neighbouring countries. However, UDCs resolve 
to spearhead this country's development was badly affected by 
economic decay and stagnation in the 1970s. 

The NRM Government's determination to rehabilitate and 
reconstruct the country's shattered economy is very well 
known. HOC is to play a lead role in promoting this policy. 
The NRM Government has decided that UDC should be 
restructured and sufficiently funded to continue to promote 
industrial and economic development. UDC will no longer, as 
it used to do in (be past, involve itself in the management of 
subsidiary and associated companies. All its former 
companies will be divested. Under the new mandate it will 
promote development through inverting in indastriai and 
mining projects that are not. immediately attractive to the 
private sector. The idea is that when the projects have been 
established and start prodnetion, UDC should divest them to 
the private sector. 

Currently UDC is promoting the following projects: 

(i) The Phosphate-Fertiliser Project 
(li) Lake Katwe Salt Project 
(ill) Lira Starch and Pharmaceutical Project 
Projects which are being studied include: 
the Iron and Steel Project, the Pulp and Paper Project, the 
Instant Coffee Project, the Sheet Glass Project and the mining 
of Marble. 

For Project Profile, s, any interested investor may contact the 
Chairman of: 

UGANDA DEVELOPMENT 
CORPORATION LIMITED 

P.O. BOX 7042, KAMPALA, UGANDA. 
TELEPHONE: (KAMPALA) 23436173 - 23413Q/4 
FAX: 256-41-241568 

TELEX: 61069 UGADEV - CABLES: UGADBV 


Let your 

investments move 
into top gear. 


At Uganda Development 
Bank, wo provide the 
finances for modlum and 
long term development 
Pfofects in agriculture (crop 
and livestock), agro- 
procasslng, industrial and 
tourism development. 

We (end to mainly 
medium and large scale 
Investors as welt as 
joint-ventures In 
all the above 
mentioned 
categories. 

Uganda- 
Davolopment Bank 



tovttesafl interested parties 
to take advantage of 
the unique investment 
opportunities that are 
available in one of the 
fashwf growing economies 
In Africa. 

For more Information 

about development finance 

contact: The Uganda 
Development Bank, 
P.O. Box 7210. 
Kampala, Uganda. 
Or telephone: 25Q. 
41-230740/6, Ext 
238- Fax: 286-41. 
268571. Telex: 61143 


UOANDA DEVELOPMENT BANK 

your sure partner in Development • 







31 


FINANCIAL TIMES JFRIDAY JUNE 10 1994 


b'v 

•- '“'ll,. *■ 

,e., . ’•iii. 'GO* 
’& 

•- !i--“7 s aC r 

" u -V 1 : ,l: !v 

' 1 • !*■ • 

• 

. ,, *U • % • 

- ■■>■■■■?£ 

./ ■ ’5-iu'lSJ: 

; 

>• • . ... ■T; .; 


LONDON STOCK EXCHANGE 


UAFHCfiTREPORT 


FT-SE-A AK-Shan fmtox 


factors overshadow nervous session 


By Terry Bjteod, 

UK Stock' Mariwt Etftor 



The sharper political focus as 
voting inhofii na tional by-elections 
and the electtons for the European 
parliament took , place in the UK 
yestaday left share prices to give 
ground in cautious trading. Falls in 
govienuQeni hoods, reflecting mar- 
ket doubts. over prospects for Con- 
servative candidates, in the UJJ^ also 
served to unsettle equities. 

The FT-SE 100 Index ended 9.3 
down at 3.02&9, just above the low- 
est level of an erratic trading ses- 
sion. The FT-SE Mid 250 Index fared 
a little better, shedding only 15 to 
&5S9.3, largely because second fine 
issues were somewhat neglected. 
Thau was some dis a ppointment - 

at the apparent unwillingness of the 

big. institutions to maintain the 


buying pressure of the previous ses- 
sion. However, Seaq volume was 
nearly 16 per cent higher. On 
Wednesday retail value jumped to 
£U6bn, compared with £S36m and 
£764m respectively in the two pre- 
ceding trading sessions, implying a 
welcome return to more normal 
trading levels. 

Turnover was boosted yesterday 
by a huge trading programme at 
midsesstan. weighted to the sell side 
and comprising a wide range of 
Footsie and Mid 250 stocks. Hanson, 
Tesco, Glaxo, British Steel, British 
Gas and BAT industries were prom- 
inent in the programme list Two 
more smaller programmes were also 
identified. 


Account 

Deaflng 

Dates 

*nm Ditangai 

■day 16 ‘ 

Jib B 

Jtli 20 

OpBan DidwHana. 

Jibe 

Joi IS 

JWI30 

LM DagrifeuK 

Jun 3 

Jib 17 

Jd 1 

AwanrtOM 

Jib IS 

Jun 27 

Jd 14 

"Nm ttma iiaallnga 
taialnwa team aorSae. 

nay taka piaoa bom two 


optimistic, pointing to the sharp 
rise in UK industrial output 
announced this week. But, with vot- 


ing in the European elections con- 
tinning ova* the weekend in some 
Continental countries, the markets 
expect to remain overshadowed for 

gfgnp days. 

Investors were also looking ahead 
to next week when markets face a 
busier calendar of economic date on 
both sides of the Atlantic. 

Equities attempted in early deal- 
ings to extend the recovery of the 
previous day but ware checked by a 


general malaise in bond markets 
across Europe, although the Bund- 
esbank decision to' leave rates 
unchanged was no surprise. A gain 
of 6 Footsie points was soon 
reversed, and at the day's low of 
3,025.6 the index was more than 12 
points down. 

London was unsettled at the end 
of trading by a hesitant start on 
Wall Street, where the Dow showed 
a dip of nearly 3 points as the UK 
markets dosed. Some caution was 
expressed ahead of the announce- 
ment. expected today, of the latest 
producer price index in the US. On 
the whole, however, markets hope 
that Federal Reserve credit policy 
will remain benign, for the time 
being at least 

Trading statements from leading 
British companies were generally 
helpful for market sentiment 


PowerfJen, the electricity generator, 
pleased the market and the recent 
buyers of the shares by sharply 
increasing the dividend payout, 
thus undei-Uning the yield attrac- 
tions which have kept the sector in 
the centre of the stage during the 
recent market weakness. Also deliv- 
ering good dividend news was John- 
son Matthey, the precious metals 
group. 

The market seemed to take an 
optimistic view of the High Court 
ruling on Lloyds Bank’s bid for 
Cheltenham and Gloucester Bund- 
ing Society, a move which could 
have widespread implications for 
the whole of the UK financial sec 
tor. The Lloyds Bank share price 
reacted only mildly, implying mar- 
ket belief that the ELSbn bid will be 
reshaped so as to secure legal and 
regulatory acceptance. 



Equity Shares Traded 

Tisnowir by voLthc Ortdoci). EJoofcrfn©; 
naraK i m ta t D ua i neta raid mama turnover 
1,000 


680 - 

600 - 

400 - 



A 


1 

0 r 


m 


Apr 


1984 


■ Key Indicators 

ImflcM and ratio* 

FT-SE 100 XC2&J9 

FT-SE Md 250 3599 3 

FT-SE-A 350 1532.8 

FT-SE-A Afr-Share 1 524£7 
FT-SE-A AB-lhare yield 3.07 

Best performing sectors 

Ofl Exploration & Prod 

Pharmaceuticals 


■8.3 

-1.5 

-28 

-3.47 


FT Ordinary index 2401.3 -Ittfi 

FT-SE-A Non Fins p/e 23.10 CI9.4S) 

FT-SE 1 00 fut Jun 3022.0 -11.0 

10 yr G9t yield 254 (247) 

Long gBt/equity ytd ratio; 223 (223) 

Worst parformtaiB a a c t or i 


Other Services & Barts 
Water ... . 


Retailers, Food 





J».3 

4-1.4 



.-2.4 

+1.0 



-1^ 

.... +0-8 

4 


+1.1 

.... +0.8 

S 

Distributors 

-1J) 


Victoire 
bid talk 
hits CU 

The recent strong performance 
by .Commercial Union, ' the 
Insurance group, was stopped 
in its tracks by growing specu- 
lation that the company is 
about to launch a full or 
partial bid for Groupe Victoire, 
the insurance company owned 
by Campania ,de. Suez, the 
French financial services 

company 

The Victoire bid stories have 


sDA 

pment 

IATI 0 N 

n:n 

"1 l.i'i’MEM' 

’!" \K1 lEAOf 
I !\0M1C 
IVM-IETAS 
LM! V-DTO 

'• | ;>v>MK 

i iC': . 


been circulating in London and 
throughout European financial 
centres for some but up 
until now have largely been 
discounted by UK insurance 
analysts. CU is the UK’s larg- 
est composite insurer, mea- 
sured by market capitalisation. 

Suez chairman Mr Gerard 
Worms said on French televi- 
sion on Wednesday evening 
that a decision on Victolre’s 
future would be announced at 
Suez* shareholders meeting on 
June 15; Suez is believed to 
have received two bids for 
Victoire, with Italy's Generali 
said to have been one bidder 
and CU strongly rumoured as 
the other. Yesterday, Generali 
acknowledged that it had 


EQUITY FUTURES AND OPTIONS TRADING 


Uncertainty dogged stock 
Index futures, with contrary 
views on market direction 
pulling against each other and 
stifling activity, Christine 


Buckley writes. 

•. . The market struggled to 
develop a unified outlook on 
what one derivatives expert 
described as a very difficult 

■ 100 MDEXPUHJHMlJFFgEaSprafUl tedra point 


(API] 


Open. Sott price Chang* Low Eat vof Open tat 

Jin 3031.0 3022.0 -*15 30300 3017J) 11464 30208 

.Sap 30400 .30300 -103 3051.0 3030-0 4342 21540 

DSC 30500 304*0 -103 30600 . 3044.0 620 302 

■ FT-SE MTO 2a IMDC(Wmjftlg|MFFqfr 

JUl ' 3583,0 35913 -4.0 3884.0 3581.0 1472 3488 

Sap 358&0 3594.0 . -8.0 3599.0 36903 1473 1419 

SFT-Sg MP250ae)EX WITUWES (DMLX) ElOperM Indaat point 

Jun - 35823 1 35820 3688,0 457 1.228 

M open Hemt Iguw m lei prnfcm dw- T E*aot mint shown. 

■ FT-SE 100 WDEX OPTION (UFFE) (*3026) CIO per lut Index point 


2850 2900 2950 3000 

c P C P C P C P 

nv >2 P 2 ia 3 « 'Vz is 

192 16 14Bfe.29 VOh 9*2 55 

xoh'axh m 4< n 

229 


Jn 

Jut 

Aug 
Sep 
Docf 
cm Bji5 Pun 

■ EURO STYLE FT-SE 100 WOBt OPTION tUFTg glO pw M Index point 


48 T82>2 80fz -158 76 .1271! M 88 115*2 77 81 

22V] 91*2 17® WlV-. . .121 179% 


8050 8100 ' 8150 3200 

C P C P C P C P 

17 46 5 87 1^2 133 h 183 

54 79 34 110 20 147^ 11 190 

79 100.50 429fe4fli 183 28 200fe 
175 4* 2tlJ| 
78 238*2 


JM t»7 1*2 147*2 ft W*a 

Wft Irit ' 


i 2975 1 3028 • 3075 ’ 3125 3175 

_ 5 £232 12 27 30 M 62 1 * 4 105*2 1 15412 

12ft*3 28 9412 43 65*2 63*2 43*2 91 27 124^ 15^ 162^2 

150 50*2 68*2 881a SI 143 

172 83*2 112*2 303 87 155*2 


JUl 211*2 11 
Aug 231 26*2 
Sep 243 38 

DKt 89*2 68 211 95 191% 133 106% 164 

cm 1.243 Pub 870 ■ UudMMf Mmaka. taaftmi team « band aaaaoiawai* prtcn 


: ■ EURO STYLE FT-S6JWD 250 WDEX OPTION fOMIX) Upper fa* Index point 

3500 3550 " 3600' 3850 3700 3750 3800 3880 

an 90 10 45 22*2 20 42*2 
' cm 0 Pots 0 SmoKt friOa mi wtim aa htaatfOtn. 


bid for Victoire but said 
It had withdrawn the oilier. 

Insurance specialists said 
that any move by CU for Vic- 
toire, which would cost in 
excess of £L2bn, would almost 
certainly have to be accompan- 
ied by a fund-raising move, 
either via a straight rights 
offs: or convertible bond issue. 
A move to buy Victoire’s life 
operations would cost in the 
region of £60Qm. 

There were other reasons 
behind the weakness in CU. 
NatWest Securities published 
a note describing the stock 
as “ overvalued ", while the 
shares figured prominently 
in a big trading progr a mme 
weighted on the sell side. At 


day. Some traders were 
determined to forecast a rise 
in equity derivatives, while 
others remained convinced 
that the rally was definitely at 
an end. 

The June contract on the 
FT-SE 100 was further stymied 
by having only a few more 
working days until expiry. 
Investors have been steadily 
moving to rofl over their 
positions into the September 
future. 

June again trailed the cash 
market for most of the day. 
although by a modest amount 
At the dose it was 5 points 
behind at 3,022. The trading 
range was tight with the day's 
low at 3,017 and high at 3,039. 
September finished the session 
at 3,036. Volume was modest 
at 11,464 Juneicontracts 
traded and 4,342 for the 
September future. 

Options maintained the 
steady level of activity of 
recent sessions, with 32^335 
lots traded. Index options 
again formed about half of the 
day’s trade. A spread trade 
in Guinness helped to make 
it the day's most heavily dealt 
stock option at 5,654 lots. 
Movement was from August 
puts to February puts. 


the dose CU were 23 weaker 
at 538p- 

LLoyds falters 

The setback to Lloyds 
Bank’s move to merge with 
Cheltenham and Gloucester 
Building Society, announced 
after the market had closed, on 
Wednesday, saw Uoyds Bank 
shares marked down sharply at 
the outset before staging a 
strong rally. 

The shares went to 55Sp at 
the start of trading as dealers 
sought to head off any 
attempted selling by institu- 
tions. Little pressure developed 
at that level, however, and the 
stock quickly recovered its 


TRADING VOLUME 


■ Major Stocks Yesterday 

VM. CtoatoB D "y'” 

0 Q)» gjgg dianaa 

ASOA araucrf 3£00 95 -4, 

JbbarNtffcntff MOO 491 43 

filottl FWtar 12B 54 -1 

8.100 665 

ArapanVMar 2.100 4» 40 

Atom 4M » fl 

MOO 241 46 

320 272 -2 

n 9» -1 

Amoo. Wt Parts 1,100 248 -6 

Bftftt 1.300 829 -12 

BATWt 6JOOO 430*2 -10*2 

BET MOO 121*2 -1 

HCC 1300 304 -12 

BOCt 436 721 .fi 

BPt 8.100 977 

BPOhuta. 1,000 90S 

Bit 7,800 374*1 

BT(p/PaJ4 3.500 266 

BTHf _ V00 

Ba*of aecdBOtft 898 


375 

1« 

4JM0 590 
■tom 52a 
BkiaCkTfcrt sum 286 

1^00 383 

IJOO 632 

_ IjBtffl <85 

BAAmpacMt 1J00 458 

atwiMm^t zjaxt aor 

Britt* Bast 12JKJ0 279*1 

British Laid 1.100 380 

atttthBmrt SJW 138 

Bunri ZOOO 198 

Bwisrii Cntmti- 308 866 

aw** 4JOQ 58*z 

CaUk&WMt 3^00 448 

Cadbuy Bcha*9C4*»t 1.100 48S 

Calcr dreuo 248 205 

1,300 910 

CMo 

Onto 

Comm. . 

Cookaon 

GourtsMft 

gfffU 

tNxans 

FllltWI&tt. 

EM Meant BKL 


48 

4*2 
-a 
- 6 
-3 
*1 
-1 
-7 

-1 

-0 

-11 

47 

*1 

16 

-**a 


H FT - SE Actuaries 

Share indices 



T 

he UK Series | 

» • •• ■ 

•An 9 

Day* 

dgaK 

Yaar 

Jun 8 - Jun 7 Jun B ago 

Oh*. 

yMdK 

Earn. 

jrfaWH 

P/E Xd 
ratio ytd 

Tote 

Rattan 

- FT-SE 100 

3028-3 

- . -03 

30382 30042 3000.4 28800 

4.08 

6.85 

17.40 4823 

113089 

Ff-SE Md 250 

3699J3 


30002 3677.6 3571A 3207.7 

3.45 

5.70 

21-30 44.03 

1323.78 

FT-SE MM 280 m tw TtoMXS 

3605^ 


3607.1 ‘ 3583.7 35772 3225-0 

359 

6L14 

19.91 4420 

1322.15 

- FT-SE-A 3S0 

1532L8 

-02 

1538.B 15212 1522^ 14204 

3.93 

058 

18.18 2323 

11 7087 

FT-SE SmafiCop 

1864.17 


188428 1887J7T 187029 163429 

2L98 

326 

32.40 2087 

143221 

FT-SE SnwUCap M taw Troatm 

1040.38 

‘ — 

184020 1843.98 184823 164327 

3.14 

424 

3003 21.48 

141725 

FT-SE-A ALL-SHARE 

1S24-57 

-02 152&04 1514.10151538 1414.84 

327 

829 

18.77 22.77 

118429 

■ FT-SE ActirariM AB-Shww 

Day 1 * 

Year 

Mr. 

Earn 

PTE Xd adj. 

TOM 


Jun 9 

chgaN 

Jun 8 Jun 7 Jun 6 ago 

ytaidtt 

ytakM 

tbBo ytt 

Rattan 


10 MMBIM. EXTTMCnOfgM) 2684.10 

12 Bmacovo MinMo8(4) 3882.11 

15 oa, rntoffutadP) - : 2514.08 

16 OH Bmtorotkw A PmodflU 1885L33 


40L1 2581^7 25T&48 2504^2 223&10 3.62 4.54 27^4 37JB8 1028S0 

-OS 3884n3 878aj» 3731 M 3022.70 3M &2S 23J1 4038 105132 

+Q.1 291238 2524392548.10 2188.80 3LB8 4.71 2837 4043 102023 

♦1^ 188832 183839 1878.48 1987.10 335 1^1 80001 1532 108S2S 



UoydaAblMjr ' 3,100 


20 GBi MANUFACTURERSCW3J 

21 BtAdno 3 Coratmcttonpl) . 

22 Quldtng Matte- & Merchapl) - ‘ - 

23 Ctwntcais^l) 

24 Ovoraiflod IntustitakpS) 

25 Bactranto & Boot EqidpfM) 

26 B^neoringpri) .. 

27 C ntfn u rins. yahtctadQ 

28 Printing, i^Mr 8 PckgP7) 

zo^ textatw 6 dftaaBBL 


188083 -0.4 1897.75 188332 1887^4 178020 

1201.08 -03 120844 1206.12 120837108040 

182836 -06 184070 182338 181430 1688.10 
244048 -02 2448372437.18 243128 2196.10 
197402 -09189134188730200734184830 

209043 -OlI 204084 200237 201034 203330 
184134 -03 185033 184082 184039 1563.40 

231000 +0.7 229337 226063 2237.81 179830 

278834 -04 278137 278224 2742J8 233930 

173233 +03 1723,44 1718.38 172138 1787.40 


3.79 

420 

2728 2929 

100122 

London BacL 

332 

ZflOO 

670 

3.11 

425 

3126 

1522 

932.11 

lira* 

2A00 

3.79 

3-94 

32.18 

3023 

88824 

MEPCt 

Iff 

2200 

2.700 

163** 

320 

329 

32-33 4222 

107222 

421 

4.63 

26-76 3048 

99724 

Mantan (WmJ 

wet 

- - n i .1-1- 

4200 

400*1 

321 

228 

027 

427 

19.17 

3028 

13.06 

2122 

97828 

104144 

«0 

1 22 

423 

224 

8121 


110624 

8.100 


322 

522 

22.71 

3723 

106120 

NaUanN Rawat 

4200 

3.100 

1200 

425 

425 

5.79 

2227 

28.46 

97329 

Nortti Wane Mtaart 

4B2 


+13 


j i 


30 CONSUMBt QOOOSpS) 

31 Bra*mrieG(171 • 

32 Spirit*, Wk*U CUanflQ 

33 Food Manuteeturaa(29 

34 HausaMd Qoodb(1S} 

36 Health CaraPQ ’ 

37 PtwraaceuScatafliy 
_3B Tobacco Ml 


2^36 99 

263520 2807202613.02 288220 

4.43 

727 

1527 

5Q.5B 

89845 

2186.12 

2164.14 2173.48 217643 194&10 

421 

7.72 

1520 

36,16 

97128 

284725 

-U4 286028264621 266727 276120 

328 

828 

1724 

58.78 

848.79 

221726 

-02 222226 2187.75 218227 2232.60 

421 

8.11 

1428 

42.75 

92223 

246425 

-02 2473.79 2465.12 245126 2293,10 

328 

749 

1825 

40l74 

87458 

168824 

+0.1 108728 1692.18 1686.56 1691.70 

202 

226 

73.72 

1920 

909.09 

2743.87 

+1-4 270655 2B8605 289931 295720 

428 

OjQO 

1440 

4720 

888afi2 

381120 

-2.4 399959 3577.95 3889.00 

524 

9.43 

12.10 10225 

80421 


: 'i ’ i * 1 ■ 


40 8ERVKES(22q 

41 OMrfeuionpi) 

42 Ufaunt & Hoteb(29 _ 

43 MofapS) 

44 FoodfIT) 

45 RnaBan. Q«naraiE44) 
.48 Support Sarriceof409 
48 TranspoflOQ • • 
51 Ottwr Sewfce* 3 


Btsawafioi 


198722 

196741 194840 194423 180020 

328 

529 

1925 

23.05 

96623 

280829 

-12 2B3321 281026 282026 282B20 

3.16 

ftWl 

1920 

3524 

98128 

212827 

+02 21 14.80 209427 210327 181220 

3.44 

449 

2529 

1942 

103525 

3021.31 

-02 303121 298424 237728 2338.80 

il5 

429 

23.95 

35-55 

1042.19 

161127 

+02 1699:61 157421 156620186720 

3-94 

923 

1516 

26.18 

95324 

169127 

+02 1687.17 1B77.17 1BB4.04 148920 

3.02 

642 

1922 

2429 

89640 

1584.13 

-1.1 1602.47 158722 159341 148740 

228 

6.83 

2023 

1275 


MU IX 

-02235721 233948 235328 2083.40 

328 

429 

22.13 

16.14 

90422 

1TBB28 

+1.0 1188.67 118925 119023 122820 

447 


BOJPt, 

_621_ 

1014.13 


0ocmunE3f36) 

82 BoearidtydT) 

64 Qa* DMributtond * 
68 Tatoconrnuaicaiiaare 
rg wtonar 


222432 -0.1 222635 218&07 2197.40 209020 

212736 +08 21 1048 £09038 2081 34 178430 

1854.77 +03 1848.74 182033 1784.74 192040 

188833 -1-1 199038 195020 1084:93 1881^0 
1TWM 171B.14 170432 1718.77 181930 


425 

823 

1427 2022 

83828 

429 

11.65 

10.46 2427 

86328 

6.48 

* 

t 63.43 

84724 

4.1Q 

729 

1543 029 

81921 

521 

1447 

729 19.72 

636,11 


_ re wOfi^gwictiiLsgaa 


1846*5 -0-1 1648.43 1«aa.B7 11135.75 153333 337 832 1048 23.10 114834 


pur 

ts^ 

ge#' 


70 RNANCMLSfl<k2| 

71 Bantetiq 

Ul bttu*ncap7) • 

T4 Ub'AasutanMfQ- 
75 MaRhanrevaam 
77 Othar FkancWp^ 
JVPrpprW3B) 


2157,88 

27ML71 

1230.78 

201534 

2828.74 

162622 

1665.48 


-0.8217533 214831 21483S 200130 4.16 U27 1437 44.73 845.63 

-03281437 278733 278739 24^20 337 839 1432 8937 B2&07 

-23 126734 125737 125833 132430 5^4 11.71 834 2&44 832.19 

-13 23*433 230939 2288.19 2530.10 537 73B 1532 6838 87837 

-03 2844.022831.18283838263020 334 • 11.73 938 44.45 844.76 

♦03 181S3B 1811.85 1796.86 147030 A72 738 1^15 M37 9K31 

-0.1 1637.72 1537.43 154839 13B030 337 434 3045 23.00 87094 



EmWiattoptaWt 23D0 151 

SnMBaMhamt ^ 2200 397 

SmKI BaedumUB.t 3^00 380 

smote ml are 468 


SoutwnlMnar 
aanded ChMBlt 


60 jNVBmjBfr TBt1ST8fl2a 2780.44 -Oil 276238 275031 27 4738 232130 ZS2 1ST J g-Og 27.42 _ 92237 . sicmioaio 


89 FT-SE-A AU^8HAHE(B88) 

■ Hourly roovecmuits 

Jop*n 


162437 -031628341514.10151538141434 S3? 839 1&77 22.77 118438 


Sun Mhmsaf 
TSN 

TlOnupt 

TSSf 


930 


1039 1130 1230 


1330 1430 1S30 18.10 Hjtf*/any Lowrfday SSTwa 


FT-SE 100 30893 30317 30433 30403 3037.1 30353 S0293 30313 30263 30443 30253 

FT-Se Md"2S0 ISn aSi sSi sSS' 36063 36033 39003 3596.8 ^83 smts 3^6 

FT-S&A 3S0. .16373 - 15343 16383 15373 15383 13353 15333 15333 15313 15382 15313 


SS 

500 

13 

57G 

7X0 
IJttO 
2300 
1,100 
■ 758 
BriOO 

24X30 

417 

745 

7300 

3.700 


S88 

035 

SIS 


Tte ef FT^c m Hgh/tQrtfiBn tour fclflpm 

■ FT-SE AdtpriM 390 Intoty l iasl ad* 

“ .Opaa ■ 930 . 1030 


Tajjtar MtabdMUi 

IMcot 

Hm«c watarf 

Thom EMf 

TonMtft 

IMakaeHOUM 1300 

Untune . 1.700 


UnMONvftat 


1130 1230 


1330 ■ 1430 1530 18.10 Cte— PradOM Cttanga Wstwu 




Wo 8 Critscn .- li«,7 11473 11453 21443 11423 1141.4 

Phwnnowaete -. 28863 26873 2784.1 27202 2713.1 27123 

-1286.1 16803 17024 17083 17083 17103 

Ht «*> 28303 -28283 28383 2BS15 28323 28393 




11383 1134,8 11343 11363 11453 -83 

'27133 27223 27153 27163 26793 +37.6 

17103 17123 1715.1 17143 17003 +143 

2834.0 28343 28313 2833.1 2848.7 -183 



tea te* The FhndCITVAaa 


HtawVWgr 
HMtotMir 
WBEwna Hdget 
WaCtnnn 

W pH tayt 


277 
216 
313 
226 
an 

224 
136 
412 
139 
217 

477 

1.400 1089 

MOO 221 

OB 

395 

vm 1005 

MOO 320 

277 
2.700 
37D 

2J100 
063 
431 
357 
071 
433 
5S1 
460 


and Wife* iMrtcaoMtnLo 


vhi* ootwi B I4P94 mmrnle and pqwaMtd gmdum 

2 S0, FT-SE Atauetafl3S0*KJ tt» FT-SE Actuates Inteatry 
^teMmiandtelT3E»iditaM«iwhdtaih 
ate M FM4« 01 aausriM under ■ ahnM met 901M nJa*. 
read, cim WMMlhn utted ww. Aiay t—waa 
« and U» FtamcU Ttaa* Un**d.1hi FT-SE Actuate* Share 
1WMnM«4te 


513 -0 

729 

574 +23 

BIB «7 

812 -8 

533 44 

3S3 -a 

158 -1 

191 -4 

769 -5 

1.900 384 43 

477 484 4? 

1JOO 700 4fi 

Based on mono wfcm tor a aeiectkn a# malar 
■oifia dt*S onuah tM 66*0 «x*«a 
yMedv mil 4S0poL Tkadei of m nten at 
men an m*dM> dm*, t WSeaaa « FWSC 
100 haw cc n atniw t 


poise, closing at 566p for a net 
fall of only 6. Turnover was a 
heavy 9.7m shares. 

Bank analysts saw the block- 
ing of the merger as only tem- 
porary. “It is a case of spot the 
cleverest way of getting round 
a little local difficulty,” said 
one specialist. 

Final results from British 
Land helped the shares move 
forward as the group unveiled 
a net asset value (nav) of 423p, 
well ahead of market forecasts. 
Profits at £53. 9m (against 
£27 Jim a year ago) were also 
higher than forecast 

Goldman Sachs has pencilled 
in an nav of 475p, up 23p, for 
the current year, with 522p 
expected for 1996. The shares 
added 5 at 38Sp against a weak 
property sector. 

There was more big demand 
for Standard Chartered after 
recant broker recommenda- 
tions and the shares added 6 at 
277p with turnover reaching 
73m. Switching from NatWest 
to Barclays saw the latter edge 
up to 550p and the former 
retreat 12 to 461p. 

The two classes of HSBC 
stock, London registered and 
Hong Kong registered, were 
the market's most heavily 
traded shares as the stock rep- 
resenting the enhanced scrip 
dividend was put through the 
market, the HK shares at 
726%p and the London stock at 
702p. HSBC London shares lost 
7 at 715p with 13m traded, and 
the HK stock was 8 lower at 
734p on turnover of 16m. 

GE Heath was the latest in a 
series of dismally performing 
insurance brokers with the 
shares plunging 24 to 339p 


NEW HIGHS AND 
LOWS FOR 1994 

MEW HK3HS (M|. 

BANKS M BUM) MATLS A I4CHTG (1) Capa. 
DNBISnD MILS PJ MbutUi ELEBimC 
& Baer BBUP n MMUsN Bsorte. NEC, 
Thorpe (F.W.), Totem. BNMSNN* (9 KoM 
State. Sta Mndrad Op. ENCH VEHICLES flj 
Boumad. EXTRACTIVE I NOS |4) FOOD 
MANUF flj TML HOUSEWKD GOODS |1| 
Otewmo A Uds. MSURAMCE P) American M. 
H00(k INVESraBfr TRUSTS UB EFM Japan 
Wbl Qreup Da*, MEDIA UB CMtaril Raoo. 
MM Radio. OTHER RHAMC UU . f1| Data 
Sacs. OTHER 8BRVS A BUSHS (2| Grate 
Bautian. fihafeon Jte. PfKIHfcHI If (1) Hte ete 
Bor, REHUH, GENERAL M Autefci RmxL 
Houm te Ranr, Nan. SUPPORT SERVB n 
HaaM Wtmng. Manpowar. Ratew, TEXTRES A 
APPAREL 0) Dewtikte. T<ray. AMBBCANS PI 
HEW LOWS (07). 

CBLTS p] BUUMNQ A CNSTRN (3) Bacon. 
PteB l nvncn. Pipartfcig. BLDG MATLS 8 MOTTS 
(2) PtamavIMa. BMAted toatetekna. 
OBSCALB m Scapa. DVtROUnmS n 


INDLS (I) BJBCTRNC 6 ELECT COUP n 


ENomoama pi extractive inos m 

Hterto Oofet Mnso. NSM. PMMng, FOOD 
HAMUP n Aoaot a Hutcn. Canootan Ptaa. 

limit nmruT'T ' • * n*"- 

Snxn HEALTHCARE PI Noswr-BNA, 


pg Ftactdtt B Coinm Oo. SHpe Cv. Bd, 
INSURANCE P) Hateh (CJE|. HVEBTMB(T 
TRUSTS pa) BNESnCKT CONFAMBB [f) JF 
Pao Wnnb. L8BURE B HOTELS P) Mapn4a. 
MEDIA M Mom OFtenKi Naan ma Spco Dlv. 
SooMtel TV. Ihonwon. IteWHMir BAMS » 
OTHER HNANCML A OTHER SBWB B 
MWIQtaMUMnUB, 
PHARMACEUTICALS p} H4M Nycorned A. 
Do. W, PRTNO, RAPB1 a MCNB P) RPC 
ware BpeOv. PL. PR OP E RTY PI RCTAIBIB. 
FOOD pj Daky Item ML. RETAILBta. 
OBBIAL p) Mam Comoro. CmpaaigfaL 
Cteontaa COuia, dm Rrt_ Uoyda Criamltea 

pm- spmnu wwes a cams m 

BtertHKH-PJ, SUPPORT SERVS Chubb 

Security, Daub Santa HobnM Pratactton, 03 
NHL ta. Walmman Pa tn eni»». TCXTKJS a 
APPARB. n BA Mona*. State, Sherwood. 

*W 


after the group said it would 
include an exceptional charge 
of around as the group's 
Australian subsidiary lost a 
court case involving the Sate 
of Victoria’s Accident Compen- 


sation Commission. 

Pharmaceutical stocks were 
wanted after a buy note from 
Wertheim Schroder on Glaxo, 
up 4Vi to 548%p. Mr Jonathan 
Gelles said he believed the 
stock had been oversold on the 
prospect OT commercial threat 
to Zantac, its anti-ulcer drug. 

He also cited anti-asthmatic, 
migraine, and sterodial hay-fe- 
ver drugs as potential areas for 
growth. 

Renewed comment on pros- 
pects of a demerger at Tbom 
ESQ boosted the shares, which 
closed 11 up at 1089p. Bearish 
tales on Ladbroke, mainly con- 
cerning difficulties in breaking 
into the US casino market, 
undermined the stock, 
although a late rally kept the 
ifamag R to a one penny fall to 
159p. 

There was talk of big institu- 
tional buying accompanying 
Kwik Save's swift rise of 15 to 
569p. 

Sales at clothes retailer Etam 
in the current year to end-Jan- 
uary 1995 were continuing to 
run ahead of levels a year ago, 
shareholders were told at yes- 
terday's agm. The shares added 
5 to 265p. At its agm. Austin 
Seed shareholders heard sales 
were 14 per cent up on the 
same period a years ago. The 
stock gained 3 to 226p. 

Switching in a directionless 
market was blamed by same 
analysts in the transport sector 
for the tumble in BAA shares 
and rise in British Airways. 

“There is some switching 
going on to generate business 
and the feeling is that there is 
more chance of good news in 
British Airways since we've 


had the results from BAA,” 
said one analyst 

The phasing- out of EU subsi- 
dies on national airlines and 
an airlines presentation at 
Klein wort Benson also helped 
trigger some activity in the 
stocks. BAA fell 12 to 329p 
while British Airways 
improved 7 to 397p. 

Over optimistic views ahead 
of the results was blamed by 
one analyst for the dip in the 
shares of Johnson Matthey 
after the company delivered its 
figures. 

The price fell 28 to 558p, 
albeit in very thin volume. 

A bullish AGM statement 
from media agency Saatchi & 
Saatchi pushed the shares 8 
higher to I4lp, the market 
responding to chief executive 
Mr Charles Scott’s comments 
that revenues would be higher 
than budgeted. 

Chubb Security shares suf- 
fered a foil of nearly 7 per cent 
as they slid 25 to 335p, as 
results came in below some 
analysts forecasts. 

Funeral group Great 
Southern jumped 133 to 608p 
after an £87.4m bid worth 600p 
a share. 

Stock market debuts from 
Brewin Dolphin and Spargo 
saw the stockbroking group 
steady at the 150p placing 
price, while the computer soft- 
ware consultancy went to a 13p 
premium at 108p. 

MARKET REPORT ERS: 

Steve Tho mp son, C hr istine 
Buckley, Christopher Price, 
dare Gascoigne. 

■ Other statistics. Page 21 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 








Option 


JM Oct Jan Jd 

Oct Jan 

Often 

AOaHjoa* 

540 

38 51 

- 9 17M - 

Itamm 

r564 ) 

589 

11 25H 

- 33b 

42 - 

rzffl) 

tow* 

240 

BM 16M 21H 15 

19 24V4 

Lhmiio 

T741 ] 

260 

3 9b 

14 31 33b 37b 

1*139 ) 

ASM 

50 

7 SM MM 2 

4 5 

Inrmr fcjfil 

PSS) 

80 

2 4 

8 7 

10 11 

n») 

tetAbnrea 

390 IBM S 

35 IBM 

25 30 

P 8 0 

ross) 

FtiMremo 

riTB) 

PnataiM 

ran) 

RTZ 

PB1 ) 

(THB) 

420 

8 15 

23 37M43M48M 

SofOBctaA 

390 

21 32M 

40 1ZM 22M30M 

(*396) 

420 

7M 19 

Z7 30b 

41 47M 

Bate 

500 41M54M 

m 5b 

13 19b 

rs») 

550 

11 28M 34b Z7M 35V* 43M 

BP 

360 37V, 38 

42 7M 

14 18H 

f37B) 

420 

3b 11H 

W 45 

50 53 

Hadand 

MMSM 

130 TIM 18 

19 4H 

8 10 

("508 ) 

H37I 

140 

8 W 14M 9M 

13 15 

fajri taaca 

Bass 

500 

34 47 

8810b 

IB 31 

CHS) 

rsiaj 

550 1BM22H 

31 3BM 

45 59M 

Teuco 
("317 ) 
Ubdtene 

Wfe&m 

425 28b - 

- 10b 

- - 

1*447 ) 

450 

16 - 

- 22 

- - 

rsw) 

CoumMs 

500 

32 48 56b 0b 

10 26M 

Warn 

(TO! 

550 

8b 23 

32 38 

47 53b 

C342 ) 

Comai Unfcn 

500 

47 81b 59b 7 

16 23 

Option 

csss 1 

SO 14b 23V* 

33 27 42b 46b 


FMta 


Sana 


— cm pus — 

Ang Her Mi Ayg Hov Feb 


240171* 21 26 4M 9H 13 
290 7 12 16 1414 20 23H 

134 14171* - 7H 12 - 
154 8 m - 191* 23 - 

ISO 15H22H 24 8H WISH 
200 GH 13181* 18 28 28M 
BSD 3B 511* 80 23H 44 SO 
700 14 29 38K 531* 781* 81 
160 21 mm 4 7H 11 

180 BH W* 1BH 14 17 201* 
300 Ml* ZZl* 28 12 21 22M 
330 4 11 t5» 331* 40 41 

850 STM El 881* 2BH 481* S3 
900 18 41H 97H 80 74K 80h 
500 31 46 5SH 151* 29K 34H 
550 101*231* 31 471* 6014 65 
240 251* SCI* 38 8 14H 15 

200 13V* 22 28 14M 24H 25 

200 281* 29 32 4 8 111* 

220 m* Ml* 21 12 171* 201* 

500 31 50 58 1814 29** 37* 

650 10% 27 35 501* 59 661* 

325 27 341* - 51* 1Z» - 

354 1(M U - IBM Z7H - 




58 

11 

12 





55 

194 

Rsmonil MflrHifwnvwn 








117 

9 

126 

99 

58 

293 

11 

166 

314 

47 

UtStiea 






Ottiere 

- . 38 

Totals 

487 

778 

1403 


Dm bawd on tnoao oanpanios land on to London Sham Sonrioa. 


TRADITIONAL OPTIONS 


Cate: EwoUmnoJ, Qraanwlcti Rat, London ML, Rwflu*. Staton Eng, TUtow OS 
PuBK Hobnm Protect. TUSow 08 Puts & Cate: BT, London ML 

LONDON RECENT ISSUES: EQUITIES 


JM Dei Jan Jd oa Joi 


a 800 38 n B7H 101*371*481* 

(*813 ) 850 13 30 48 46 87 76 

KtagUw 500 41 82 831* 7H 19 28 

(-SZ7 ) 580 13H31H 38 33H 42 51M 

Land Sou 600 471* 88*4 87 4 101* IB 

(*838 ) 850 14 2B38fa23H30H 37 

Mats & S 390 25H 361* 43 51* 11H 15 

C406 > 420 9 21 27V* 20 25H 29H 

Mate d 480 18 3 391* 16 28 32M 

(•460 ) 500 EH 14 231* 44 54)4 57H 

Stebq 390 17H 301* 37H 14 24 30 

(*391 ) 420 8% 17 all* 35 411* 471* 

SOM Tm 650 BO* 88 721* 31* 141* IBM 

(*897 > 700 1B1* 321* 411* 19 321* 371* 

SkntKHM 200 a 25 29 4 8 11H 

(*216 ) 220 7 131* 18 14 17U 211* 


79 11V* - - 2H. - - 

88 6 - - 8 - - 

1000 33 57 72M 73A 349* 43 

1050 12** 33 48 55 64 70 

TOO 251* 41 S3 IBM 381* 43Vk 

730 7 2IW 32 54H 6BK 74M 

Mg ta U lug Nor U 


BAA 000 381* 81 7ZM 1BH 31 39 

(*3Z7 1 950 15 38 471* 48 581* » 

ItaimM- 460 » 30 33 18 25 32 

(*476 1 500 5 14 17 48M50H57H 

Op9on Jm Sap Dae Jun Sap Dac 


At** nil 

r«9) 


rsi ) 


420 13 281* te 3 17 231* 

460 1 12 a 32 41 481* 

30 21* 5 B 1 3 4H 

35 1 3 4 4» 6 7» 

560 B a» 45 71* 31 381* 

600 1 12K Ml* 52 B4H 88 

280 1 8 31 2H 11 191* 

300 2 15 22 16H 2B 31 

280 2814 281* 311* 1 6H 12 

280 5 1814 20 B 14 22 

180 ISM 22 2BW 1 8H 13 

200 2 111* 17 OH a 231* 


(*86} 


nooz» 


nuoj 

Oplon 
Grand Hat 
C«a J 


nsB) 

uu 

ni9i 

OpUoa 


42D 1914 
480 5» 
140 24 
160 11 
300 Z3M 
330 11H 


34 40H 1614 241* 301* 
17MZ3M44M 48 55 
-28 » 3 6 7 

17M 201* 11 15 IBM 
37V* 41M 5 12 15H 

22 2B 18M 28M a 
Sap Dae Jrn Sap Oec 


Ran 

rw8) 

Often 


140 

160 


18 a 2 9 14 
0 13 IB S 2BM 


Aug No* Fft Aug No* Fdt 


(*550) 

Bub ante 
(*285) 

B*Hi tee 
CZ7B ) 

Mens 

nos) 

Mlsdown 180 O M M 1 6 7 

(171 ) 180 1H 9M 14 11M 10 171* 

Laatu 130 7 ISM IBM 2 11 13V* 

ri3S 1 140 2 11 15 7 IBM 19 

Ml Power 420 bm an* 38 SM a 2BH 

(-424 J 480 1 1314 22 38 46 60 

So* Power 330 IBM 30 38 2 17 a 

(*345 ) 360 2 1416 a T7M 33M 36H 

Seam 120 4H 11 18 2 7 8H 

130 1 8 BM 0 12b 14M 

220 17 27V* 30 1 8 12 

240 3 IB IS 8 17M 22 

155 S - - 3 - - 

174 1 - - 19)* 

KtSO 46 75V* 97b 3 46M 82 

1100 13 48 TIM a 731* 00 
220 8 1714 23 2b 13 16V4 

340 1 8 16 17H25H2BH 


Issue Amt 
prica paid 

P UP 

MkL 

cap 

(Em) 

1904 

Low Stock 

Close 

Price 

P 

W- 

Nat 

dhr. 

Dtv. Ora 

COW, ytd 

WE 

rat 

§120 

FJ». 

68LS 120*2 115*2 Aten. Hunt*, 

1201? 


WRL74 

25 

35 

115 

255 

FP. 

146.0 

287 

256 ftpont 

266 


- 

_ 

_ 

_ 

100 

FP. 

44.1 

108 

100 Automoitw Piaoa 

108 


LN4J3 

0L8 

45 

355 

Siso 

FP. 

309 

161 

150 Bndn Dolphin 

160 


L5 B 

23 

45 

11.1 

- 

FP. 

2380 

81 

73 CAMAS 

78 

-1 

INL75 

a7 

85 

37.0 

- 

FP. 

1089 

112 

107 CLS 

107 

-1 

- 

- 

- 

- 

- 

FP. 

12-8 

148 

125 Capital 

138 


LN33 

IP 

35 

235 

§143 

FP. 

11.4 

155 

143 Canal 

1GS 

+2 

WOP 

- 

81 

103 

- 

FP. 

202 

36 

35*2 Chhna Comma. 

36 


_ 

_ 

_ 

_ 

9250 

FP. 

1702 

249 

228 DOC 

228 


LQ34H 

35 

35 

115 

110 

FP. 

41.0 

120 

110 DR6 Data & Raa 

115 


LN2JS 

1.1 

35 

27j4 

130 

FP. 

45.1 

137 

133 Denby 

135 


W3.I 

25 

25 

181 

- 

FP. 

77.3 

93 

90 Homing tneflan 

92 


- 

- 

— 

- 

- 

FP. 

808 

SO 

42 Do Warrants 

48 


_ 

_ 

— 

- 

- 

FP. 

- 

37ia 

36 Govatt Guam 

35 


- 

- 

_ 

_ 

105 

FP. 

52.4 

10B 

03 HMthcal 

95 

+1 

WN4J0 

15 

63 

135 

225 

FP. 

1083 

232 

225 Marffwdkda 

232 

+3 

LN9L9 

21 

S3 

81 

- 

FP. 

- 

77 

65 JF R J^»n Wats 

77 


_ 

_ 


_ 

5 

F.P. 

420 

5>a 

5 Kays Food 

5*4 


- 

_ 

- 

- 

130 

FP. 

03.8 

138 

114 Kolor 

114 

-1 

WN04.7 

23 

4.1 

132 

180 

FP. 

57A 

163 

159 Latteard tea. 

181 


WN7.7 

2 2 

65 

93 

mo 

FP. 

157.1 

222 

200 ^London Clubs 

222 

+1 

W11JB2 

15 

87 

113 

- 

FP. 

362 

15 

13% My Kkida Town 

14«? 


- 

- 

- 

- 

105 

FP. 

473 

113 

105 HdaHgM 

105 


R3J58 

25 

45 

135 

120 

FP. 

344 

130 125*2 Norcor 

128 


W456 

25 

45 

105 

- 

FP. 

90R9 

131 

118 Redraw 

120 


WN2.7 

25 

25 

152 


FP. 

63.7 

22 

91 Scudder Latin 

81 


- 

- 

- 

- 

— 

FP. 

816 

44 

43 Do Wita 

44 


_ 

- 

- 

- 

595 

FP. 

135 

109 

103 Spcrgo Cons 

10B 


L15 

15 

15 

425 

- 

FP. 

290 

133 

128 SpedaBiy Shops 

131 


L2.4 

- 

23 

— 

— 

F.P. 

SOB 

100 

98 m Bid Gwtii C 

08 


_ 

- 

— 

- 

100 

FP. 

584 

100 

B2 l l TR Plop Inv C 

921? 


- 

- 

- 

- 

150 

FP. 

410 

183 

154 Vynua 

163 


L4.44 

23 

3-4 

188 


Brit Amt 420 54 7DM 82 12 Z7H 34V* 

("457 ) 480 2BM4BM62M 29 48 54 

GAT bats 420 24M 34 44 IBM 2BH 29M 

{■437) 460 7M H2BM46M 52 54M 

BTR 360 25b 33 40 8 16 IBM 

(*374 ) 380 8H 16SM23M 32 36 

HTdecta 360 23 28 31V* 13 17 23H 
{*374 ) 380 7M 14 1B32M 35 41 

CteteySdi 4G0 22M33U 42 14 242BM 
(*484 ) 500 7M 161* MM 41 49 BOM 

Emm Sec BOO 27V* 421* 53M 31 44 52 
1*805 ) BSO 9M 23 34b 68H 7BH 83 
Otana* 480 29 30 4BM 9 17 21 H 
(*475 ) 500 8b IBM 2SM 30M 38H 44H 

a EC 300 16 22 2SM10H 15 15K 
(-3* f 330 3 9 13 32 34M 37 


( 122 ) 

Fort* 

(*234 ! 

Tanoac 
rise) 

Item EM 

nm 

158 

CSS) 

TowHM 220 4M 14K 1SH 4 14V* 17V* 

("221 ) 240 1 6 TTV* 21 28V* 31 

MAM* 550 29 566m 3 X 36V* 

fS73) 800 3 30 44 31H 54 63K 

OpUna JM Oct ta JW Oct Jan 

Gtan MO 60 72b 78 fib 231* 31 

PSM) 550 S42M51M24H 49 56 

700 48 72V* 89 Z7H SOM 63H 
P715 ) 750 M « 88 5G78H 80 

Hotels 487 2JM35M - IBM 29 - 

(*480) 500 16 29V* 43 25 35 42V4 

(Won flag ter Mi tog Nw Fab 

n tea toM 180T7MZ4M27M 6 12 141* 

rasa ) 200 7 16 IBM 17 23 25V* 

1 LKiariytflo wvfly prie* nMimrmnM 
basad on enaug Mar prieaa. 

Jww a Total c n ra- JcBL 32^82 Gala: iaifls 
Puts 1&327 


RIGHTS OFFERS 


baue 

price 

P 

Amount 

paid 

UP 

Latest 

Reran. 

data 

1894 

Hgh Law 

Stock 

Ckiatng 

pics 

P 

-K3T- 

105 

M 

8 17 

21pm 

18pm 

ERagden Mb 

21pm 


bS> 

M 

Tan 

4pm 

Ibpm 

fCorp. Sanrioss 

2pm 

■h 

120 

Nl 

on 

28pm 

llPapm 

Dawaon InO 

20pm 

+i 

180 

N1 

wr 

23pm 

apm 

Dbmn Motora 

8pm 


265 

W 

- 

6Spm 

38pm 

EumliBnal 

49pm 

-7 

105 

Hi 

11/7 

25pm 

10pm 

lleadtom 

10pm 

-1 

105 

m 

2077 

1\pm 

1pm 

Hggs&HI 

1pm 


230 

m 

- 

34pm 

22pm 

Janrts Porter 

22pm 

-1 

20b 

M 

18/7 

28pm 

16pm 

McAtpi- (A) 

18pm 


80 

NR 

4/7 

11pm 

3pm 

Peflcan 

3pm 


24 

Nl 

- 

12pm 

10pm 

LM 

12pm 


125 

ni 

4 n 

23pm 

16pm 

vra 

IBpm 


250 

M 

27/7 

33pm 

31pm 

Waasal 

33pm 



nNANCIAL TIMES EQUITY INDICES 

Jtim9 Jun B June? June 6 June 3 Yr ago 


•Wgli *Lorr 


Ordhary Shore 2401.3 2411.9 2382.1 2387.9 23709 2238JS 271*4 29212 


Ord.dhr.yWkl 

420 

4.19 

422 

421 

422 

4.18 

432 

3.43 

Earn. yld. 95 fliD 

864 

862 

652 

S51 

552 

454 

5l76 

352 

P/E ratio net 

1858 

19.04 

mot 

1958 

1956 

28.47 

3353 

1B59 

WE ratio ral 

1959 

1957 

10.68 

19.72 

1959 

2443 

3050 

19.18 


FT GOLD MINES INDEX 



Jan Kctag 
8 as day 

Jen Jwi Taw 

7 6 ago 

bn dh 
ytaH % 

82 weak 

Mgtt tew 

6oU Naas tedcs (35) 

1804.19 +42 

190817 189451 170844 

221 

230740152256 

■ BagtataHtidkas 

AMeafiA 

270258 +15 

265831 2582.11 2291 JO 

454 

344050 190223 

AuMbAO 

258898 +12 

252357 3651.76 1933.11 

251 

301339 1683.18 

tortri America (11) 

157158 -15 

158756 138450 1509.10 

0.71 

203965 138350 


OoppaghL Thn Fa a rc id TaHM Unwed 10B4. 

Hgum ki tsftkaci Wow number ol aampariaa. Ba« US Dotere. Baa vgawe: 1000JXJ 31/12182 
baaeoaaaer OeU Mhulndac JuwUc 2l8i3: day's cftongK -0.1 pahB; 1708 1 Pate 

Lataar prieaa warn iranetaa Ibr Bill edttn. 


Tor IBM. OnOwy 8non tnefen abna oom u Mo n: navi 27128 2/D2/M: ton aaa 2MM0 
FT Ortewy Share Mm baM data 1/7736. 

Onlnary Sham hOWly ehanflM 

Opan fluOO 1000 1U00 11LOO 13JX3 14J» 16J0 16J0 Hgh Low 
2417.8 241ZB 2410Z 2413LB 2412.5 240^4 2405.7 2406JS 2403.4 2419.1 23895 
JM1B9 JUW9 June 7 Juw B Juno 3 Yr ego 

S£AQ bergalna 23^83 22^79 212fi3 22.112 31^492 28^70 

Bquuy tumomr (Cn^T - 1261J 93&0 784. 1 134&3 1353.9 

Equity bagteet - 24,542 24j068 24,102 33508 30945 

Shams batted (mflt 6002 4100 341.0 609J) 5507 

t Exri udEiu kara+nariort buakieaa and ovacaaaa lumevar. 






- -V 






































































FINANCIAL TIMES FRIDAY JUNE 10 1994 



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227 181 

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4H 370 

47 18 8.74 

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132 100 nu 

BB SO ns 

43b 31 3(5 

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m 72 MJ 

713 100 Z0l2 

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3S 22B B03 

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94 61 2008 


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IBS 25 188 
ITS S3 - 
4985 24 347 

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H7 U SI 
7463 23 202 

V*t 43 882 
■S3 13 813 
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81 

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01 

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-7 1480 1060 1344 

1380 1043 3283 

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KM 

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184 - 

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83 MUJ 
73 - 

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17 113 
13 104 
44 203 
33 83 
23 284 



ON & PRODUCTION 

♦or 1994 Ua YU 

- u tar c«fiai an he 

*7b 5b 939 - - 

83 42 143 - - 

33 Mb 807 - 

83 35 283 - - 

- "S “ : 

-8% 7S81. 656b 4287 - - 

>8 22 1483 23 103 

249 200 HU 43 113 

3b 1b 283 - 

K 60 523 - 113 

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m 33 1433 - - 

<■1 38 24 823 

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4-1 X 13 283 - - 

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11 4b 239 - 03 

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4b MB 

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. 


CURRENCIES AND MONEY 


FINANCIAL TIMES FRIDAY JUNE 10 IW 

‘money market funds 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST THE FOUND 


hm m m 


Market waits for US PPI 


The dollar traded in a fairly 
narrow range yesterday ahead 
of the release today of the May 
producer price inflation figure, 
write Philip Gawith and 

Motoko Rich. 

The US currency gained 
some support, however, follow- 
ing concerns about escalating 
tensions in the Korean penin- 
sula. The dollar closed in Lon- 
don at DM1.6721 against the 
D-Mark, from DM1.6698. 
Against the yen it closed at 
Y104.155 from Y104.030. 

Markets were generally 
fairly quiet in the absence of 
any new developments to latch 
onto. European election results 
will not be known until Mon- 
day, and the decision of the 
Bundesbank council to leave 
interest rates unchanged was 
widely expected. 

Sterling finished firmer 
against the D-Mark at 
DM2£206 from DM2.5163. It 
was barely changed against the 
dollar at SL5075 from $1,507. 


Sterling 


Tfarfe-wBigfttecf index (J985-1GG) : 

83 -= — : 



Jan .1994 
Scuct: Bank of England 


mance on the M3 indicator." 

Mr Cunningham said Sun- 
day’s Austrian referendum on 
joining the EU may cause the 
D-Mark to "pull hade some of 
its losses against the Scandina- 
vian currencies." 

The D-Mark closed at 
FFr3.405 against the French 
franc from FFr3.408. It also lost 
ground against the Spanish 
peseta, which finished at 
Pta81.7l from Pta£1.84. while 
the Swedish krona recovered 
some of its recent losses to 
close at SKr4.740 from 
SKI4.754. 


EUfDfM 

Austria 

Seigfcn 

Danmafc 

Finland 

Franco 

Germany 

Qraaca 


ft* 

LuraMboug 

Nftharianda 


Portugal 

SpMn 

Sweden 

Owftzerland 

UK 

Ecu 

SORT 


fScfc) 17J7309 
Pfi) 514842 
(0*4 93351 

tFMJ £3803 
(FFrJ 83842 
(PU) 23208 
(Dr} 377341 
TO 13245 
04 2430143 
fLftJ 613842 
TO 23244 
(NK4 109120 
(Ea) 262321 
(Pta) 206333 
CBM) 113638 
(SfiJ 2.1323 


+00228 227 
+00908 SOS 
+00015 313 
+03338 608 
+03068 792 
+03043 194 
♦1.77 928 
-0.0001 238 
-041 849 
+03908 503 
+0304 22S 
+00148 079 
+0-766 934 
+0323 870 
-0313 451 
+33014 310 


3SS 17.7748 
181 52.0330 ! 
388 94699 

698 84740 

892 8.8004 

218 24326 

156 378.166! 
254 13287 

037 244&T9: 
181 523330 ! 
259 24314 

160 103354 
508 284401 ! 
116 206408: 
620 113971 
335 2.1388 


- 15QS5 

- 0.935834 


■ Pound In Now York 


-Prw. dose*- 
1-5105 
1-5097 
1.5063 
130Z7 


■ The market is expecting a 
feirly subdued PPI figure today 
of about 0.2 per cent But Mr 
Peter Osier, economist at bro- 
kers GNL warns that "the risks 
have to be stacking towards 
the fact that at some stage a 
s h oc k high monthly figure will 
be seen and we expect the mar- 
ket will take this very badly.” 

He says that factors such as 
higher crude oil and commod- 
ity prices, as well as higher 
capacity utilisation, can be 
expected to feed through into 
hi g her inflation. 

The implications for the dol- 
lar are unclear. Recently the 
dollar and the US treasury 
bond market have traded in 
tandem. But Mr George Mag- 
nus, chief economist at 
S.G.Warbtug has pointed out 
that “the positive correlation 
between the dollar and the 
T-bond market has rarely been 
strong for long periods of time 
and is mostly negative." 

Mr Steve Hannah, head, of 
research at IBJ International 
in London, said the doUar/D- 
Mark rate was likely to stay in 
a narrow range unless a 
"major surprise” came out of 
the PPI or CPI number next 
Tuesday. 

On the dollar/yen axis, how- 
ever, Mr Hannah said he 
believed there had been a defi- 
nite shift in attitude recently. 


Despite Mr Brown and Mr Kan- 
tor still talking tough, he felt 
the administration "did not see 
a weaker dollar as a way of 
getting around this problem.” 

“There is a lot of hesitation 
among speculators to push the 
yen too much towards the Y103 
level," said Mr Hannah. 

The market is expecting the 
Bank of Japan’s quarterly Tan- 
kan survey of tndustry, 
released today, to show a mod- 
est rise in business optimism. 
A better than expected out- 
come could bolster the yen. 


■ In Europe, currencies paid 
little attention to the European 
elections with results not 
expected until after the week- 
end. "There has been no 
adverse effect on the Scandina- 
vian economies which have 
been the main targets of specu- 
lation," said Mr Adrian Cun- 
ningham, international econo- 
mist at UBS. “It seems to be an 
issue that was a focus earlier 
in the week.” 

The D-Mark continued on its 
weak trend of the past 48 
hours. Mr Avinash Persaud, 
head of currency research at 
JP Morgan (Europe), attributed 

fliiy to diminishing faith in the 

credibility of the Bundesbank. 
“The D-Mark’s weakness is 
something of a surprise given 
the strength of manufacturing 
and inflation data." he said. 
"The German currency’s weak- 
ness must to some extent 
relate to fresh concerns about 
the Bundesbank’s poor perfbr- 


■ Mi* Cunningham said ster- 
ling bad bene fitted from the 
weakness of the D-Mark. He 
predicted that European and 
by-elections would probably 
have little effect on the pound 
because forecasts in the last 24 
hours had anticipated "less 
than devastating results” for 
the Tories. 

Futures markets were quiet 
with the December short ster- 
ling contract trading only 
15,000 lots. It dosed at 93.77 
from 93.79. The futures market 
is thus discounting short-term 
interest rates nearly one per- 
centage point higher by the 
end of the year than the pres- 
ent 525 per cent But many 
economists believe interest 
rates may well finish the year 
at current levels, or only mar- 
ginally higher 

Mr Ostia 1 of GN3, however, 
notes that at the last six settle- 
ment dates for short-sterling 
contracts, the difference 
between the settlement price 
and the base rate was less than 
ten basis points. This suggests 
that the futures market is cur- 
rently over-pessimistic about 
the outlook for UK interest 
rates. 

In the UK money markets 
the Rank of En gland provided 
£S24m assistance after forecast- 
ing a shortage of £50Om. Over- 
night money traded between 
3% per cent and 4% per cent 

In Germany call money 
eased to 4J5/5.0S per cent from 
5.05/515 per cent 


Argentina (Peso) 13064 +03003 
Brad (Q) 313348 +5649 

Cmda (CS) 23714 -03011 

Mexico (Now Peso) 53508 -03007 
USA (S3 14075 +00005 

Paette/Mddto Eaat/Africa 
Amtrafa (AS) 23542 -00008 

Hong Kong (HKS) 114838 +00122 
tafia Ps) 47.2888 +00181 

Japan 00 157309 +0235 

Malaysia (MS) 33134 +03082 

Newzmand (NZS) 24317 +03102 
PMppine* (Peso) 413027 +03122 
Saud Arabia (SR) 54533 +03016 
Staghorn (SS) 24127 . +0004 
S Africa (Coraj (Ft) £4521 -00055 

S Africa (Ro) (R) 74584 +03549 

South Korea (Won) 121648 +051 

Taiwan (IS) 408112 +03005 

Thailand (Bt) 383028 -03188 

tSOn on tor Am 8. BkttAr apreed* hi the ft*i 
bur mo tapM by aaran* Mime mat. fluritogk 
trio Doas Spot uetea risrtmd Irens TCVM/fe 


050 - 058 14097 14050 

774 * 924 3144,00 908330 


458- 557 53802 3360 
071 -078 14117 14070 


Saudi Arabia 
Singapore 


530-553 
804 - 874 
740-035 
934 - 083 
117 - 150 
BOO - 834 
917-137 
516-560 
114 - 140 
487 - 545 
416 - 751 
502 - 574 
987 - 237 
788 - 267 
ad Spot table 


47.4180 474710 


Rato ■ 

KPA 

Rote " 1 

HPA Eng. index 

17.7812 

02 


_ 

113.7 

512192 

-02 

SI .7442 

02 

1142 

92887 

-0.8 

92567 

-02 

1152 


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82833 

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05723 

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1004 

25206 

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1311 

1.0888 - 

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1.028 

-03 

1014 

240628 

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2493.16 

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774 

612183 

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51.7442 

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22246 

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£9054 

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109 tas 

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1091 

0 JO 

852 

866.141 

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£1261 

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40.3200 407950 - - - 

301180 373780 - - - 

•tow eety a» tat iw dacanrt Ma FMreara mm are nor derofly ra*tad » tha 
d by aw ear* of Etetad. Baa Mag* - waste Ota aid UHM to total 

MO SPOT RATES. Sana vta» ore mpM by taa F.r. 


TT» uol *■* 

»_J*£ see +jv *£ 

i I 4 SO 9 Jrt *39 1 **• 


}553SS5*l*» 43 I swl-3 


SEE." u ~'ffir 

SSS.Sr^’TS'TsI !5l 


SHMSM™. »+ s 

ssss£ds a ss a 


tn silt uriMi 


kmw«i bmmrlw . 

IHiatMlwtAUiMAMnSr Hrl-1RMP[ 

- I < 1 I»™ I asaX 


Banklid 

raiMisau 


DOLLAR SPOT FORWARD AGAINST THE DOLLA.F 


Cknhg 

trid-poW 


Changa BU/OBar Doyhs nrid On month THm months Ons yaar JP Morean 
on day apraad 1^ Iw Rata %PA Rata %PA Rate «PA mdw 



IUCA IC7.S0>1 - 1 4 11*8 • 43a * * 

Ktelawwt Bania n PrtrakBa* 
inmeua iiliiini — 


on iw * 5 » 

158 ssa W Mt 

17? 7SI 3K M* 

300 *or »» 

SIS *33 MO 

130 *93 MO 


i»iMA(.wfeauM)»i.'(r sn-Mrtm 

HtcA.iR.uo*) — I + aitnl *»l a*: 


iW,**.*". . US « JSte ♦. 


Europe 














Austria 

(Seftf 

17.7880 

*00115 595-645 

11.7875 11.7350 

11.7696 

-08 

11.773 

-04 

112978 

OS 

103.0 

Belgium 

(0F«) 

344165 

+005 

040 - 330 

344450 342560 

34446 

-12 

344935 

-02 

345085 

-02 

10(2 

Denmark 

(DKr) 

05243 

-0-001 

233 - 253 

62333 

85155 

8533 

-1.6 

03498 

-12 

6578 

-02 

104.0 

FMand 

(FM) 

52460 

+0.0207 

410 - 510 

SW3A 

55252 

52492 

-0.7 

5266 

-07 

55785 

-02 

7&4 

Prance 

(Fft) 

52945 

+0004 

925-965 

S2975 

5.6600 

57006 

-12 

07095 

-1.1 

5.672 

04 

104.7 


<P } 

1JT7Z1 

^nrmon 

717 - 725 

1.6730 

1.6673 

12732 

-018 

1.6746 

-06 

1.6707 

Ol 

104.7 

Greece 

(Dr) 

260450 

+1.1 

100-800 

oxnnnn 2S0200 

2512 

-as 

25225 

-35 

26425 

-12 

69.1 

Mend 

9Q 

14714 

+02005 

704 - 724 

1.4746 

14637 

14698 

12 

1.4669 

12 

14803 

02 


Italy 

(U 

161825 

-0.76 

800 - 650 

161920 161520 

1623.15 

-as 

16312 

-32 

16622 

-22 

772 

Luxerabcxag 

(U=0 

544185 

+005 

040 -330 

34.4450 343550 

34.446 

-1.0 

34.4935 

-09 

342063 

-02 

1042 

NatfMrknde' 

(HJ 

12738 

+0.0021 

730 - 742 

12759 

12702 

12749 

-02 

12784 

-02 

1271 

Ol 

1042 

Narauy 

0*4 

72387 

+00076 

377-337 

72400 

72260 

72424 

-06 

72482 

-02 

7215 

02 

954 


(6s) 

173250 

+045 

800 - 100 

175200 173230 

175255 

-9.7 

17725 

-7.8 

1822 

-42 

912 

Spain 

Pta) 

136260 

-0025 

800 - 700 

136.780 136470 

137.07 

-3.7 

137295 

-04 

1401 

-25 

605 

Sweden 

(SKr) 

72297 

-0011 

259 - 334 

72448 

72055 

72474 

-2.7 

7.9782 

-24 

00697 

-12 

805 

Switzerland 

fSFr) 

14145 

+00005 

140- 150 

14150 

14110 

T.4145 

0.0 

1.4148 

-0.1 

1.4043 

07 

1042 

UK 

n 

12075 

+02005 

071 - 078 

12117 

15065 

15066 

0.7 

15053 

02 

14996 

05 

892 

Ecu 


1.1547 

-00015 

642 . 552 

1.1567 

1.1542 

1.153 

12 

1.1504 

1.5 

1.1626 

-07 

- 

aw 

- 

141236 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Americas 














Argentina 

(Peso) 

02987 

-0.0001 

988-987 

02966 

02985 

- 

- 

- 

- 

- 

- 

- 

Srazri 

(&) 

2081.99 

+3033 

197 - 200 

208220 208126 

re 

• 

- 

• 

- 

• 

— 

Canada 

(CS) 

12741 

-02012 

738-743 

12757 

12735 

15758 

-14 

1-3733 

-1.5 

12946 

-15 

83.7 

Mexico (New Peso) 

32606 

-00015 

460 - 530 

32560 

03480 

32515 

-0.4 


-02 

32607 

-03 

- 

USA 

« 

- 

- 

- 

- 

• 

- 

- 

- 

- 

- 

- 

1002 


Book of traUad HWi Merest ttrsquo Acc 

iq. onjjuaw 

ffla5i5s=iiis“ fsiissi a 


nouoo* --- I in iw 

KW <49 3J 

C10000*- 1479 SM 


tnlwf 


aar— s: US g as 

mast . I 300 ui I M nrt 

mum* ----- S* 4« 1 mb M 
us*. , .1 in - ' 939 barif 


Baak a( Scodnl 

sitaM>rra>»< on-ooifMo 

■OO+taCzaMXM- ( 350 743 s» *W 

ovno-owsw — j A7+ ii« J*o 

aag ; — 1 990 mi &121 no 


IMmkb BiriB Soe - MMMftMrtir 

mt . SMI 

Raoivtvwa — -I iso l« ( «*( 


PO talA. WMM004 Bi Re. Oswnoy 09W«»>00 

BjODO-OlMO 1 *00 100 400]lKHr 

E14000-04.980— . 419 4jglX— «7 

C9JMO-f«,980— 900 1^5 90O|Vmf 

mStoJwBi.D 13 JH »C9iwnr 

S SSTt isjg 4.13 ssoJoo* 


ROOORWa.... - 930 1* M* » 

nH»433U UB »N IN «» 

CMO»-K4'M.. . *30 171 4 V Or 

cnSuoTMMN. J5 M « ® 

naooo* 9 » m lu * 




PO — B.H M WW . 0RH3EBB1 

SSSSSr^llS IS IS S 

l;S nt\ }S S 


auum. &w an ui «w*r 

tniTOi*mis - - w J4J 

CMiMO-RO.+W- - *90 IS +■ MI 

ciaooo-craMO — i» J* JMi 

rum-nw . . :n >M in Mr 


Sea Bromon Uofladi Soajeora 

nhimlKA laMmbcM 3M 


2 Co Ltd 

BbatUanEC: .0.14M9KO 


«Dt*.lDM»bC.+*3M .muniW 
IMbW | » IS *B I MB 

C*a«n«4 *U AM I 4,90 1 M 


n»OMHMO ><73 119 I UZ 


1JS Rl :si 5 


■SamEMnUEram Olisuasaa 
I <73 3583 1 -I mar 


t s 

158483 - 158411 W3350 - 101000 
283740 - 284400 174880 - 175000 
04487 • 04499 02977 - 02984 

342112 - 342572 227000-227200 
2935.10 • 294410 19(700 - 193300 
55314 - 55427 30715 - 36735 


POcMc/Mdcfe East/ Africa 
Australia (AS) 128Z7 

Hong Kong (HKS) 7.7375 
tnda (Ra) 313700 

Japan (V) 104.155 

MMayab (MS) 2J960 
New Zealand (NZS) 1.699* 
PMppinw (Pesc9 272000 
SawS Arabia (SB) a 7503 
Singapore (SS) 1.534? 

S Africa (CamJ (R) 36168 

S Africa (Fn) (R) 46150 

SoUh Korea (Won) 808250 
Taiwan (TS) 276730 

ThaSand (BI) 252100 

TSORrsaforJ* ISaUtoUHtal 
but n tayiad by cwtmb kasrasi a* 


622 - 631 
370 - 380 
67S - 725 
130 - 180 
955 - 965 
987 - 001 
000 - 000 
500 - 505 
337 - 347 
100 - ITS 
050 - 2S0 
200 - 300 
710-750 
000 - 200 


12643 12611 
Z.TUai 7.7315 
312725 312850 
104200 103JM0 
25980 25685 
1.7018 12964 
27/1000 262000 
37506 37500 
15353 1.5326 
38183 361 55 
48300 42000 
806200 808.100 
27.0730 272650 
252200 252000 


12632 -0.1 12689 -02 885 

7.7386 -0.1 7.7537 -02 

31595 -22 - - 

10351 25 10122 2.8 148.8 

2585 1.7 2216 -02 

1.7058 -15 1.7275 -1.7 


CMrMhnlM 

ao OkOM M, iHdaa D3U MU 

HE* — 1 1/9 

MQU«* 1 490 

Ota*KOMOO+_J 400 


y»«HI* . _ - . 1.1 J8l MO m 

r.luoo-k'MkWa - 9*> fo in » 

CIO 0)0 -mooo - ;• M 2 

rioai-nw).. ■ 700 t*o in tm 

cw-Sui. .. no m nr » 


on-aaaco 
uni ua 
| *nl in 
I * ml UN 


|M(H 
is S|R 

USAIbMU - ...I 441 -I *90 1 m 


37529 -03 37856 -0.4 
15339 02 153S2 -0.1 


I tW+llllMII IW. U«4 n)A 0/1-^40+000 

tubenm — in zai in «*■ 

C20AUO-C+MM *00 900 400 MU 

caBoo-OMM — *» in *» Mt 

Cioaooo* AH All *97 tn 

Hjm+nH ... 719 in zir tn 

isojan^n9w ui 2» m an 


36606 -42 37373 -33 
49075 -7.7 


SS~HS3 iSISJIS 


Ty+NN TBs*.-. . 

Utc Trast Ltmnd 


81375 -32 83125 -3.1 
27.133 -09 


ieiftnmn.uw.wwM 

iWannranunanN-BTnr nU0DNW«ta.|e.n MM U7 3 

*mM7N> ntOM wSJnw- /SO '* ! 

_ . .. ihMi-ib* I :» 9*«1 -11 


25.41 -32 


Mud* lank noiNi SotaHon Me 

MJRttcnABDAGtH|mflI 710. WI-MaTWO 


rSooctaCN 
I* ECU an 


(hum cNy te Ns i 
volad in US amo 


ihdoNJw&Bni 


nM0O42MH— 

aasao-mMi.- 

mxmoo-ciawn 


.uo in in a 

lira ?ei iao a* 

M _l 1BD iJ9 183 Of 


IWM DnetahM Thnf Ud 

nta^iMWHr M1-WMM 

(■WHCbpiiNWI 

CIjBH* I An 191 1 40*1 . or 

3 Honty Sobrads W+ggt Co U4 
laiMHNimn.nNS «ion«n 


CROSS RATES AND DERIVATIVES 


EXCHANCC CROSS RATES 


EMS EUROPEAN CURRENCY UNIT RATES 


11» Co-apoiiths Bank 
ppa tHMa rn sa— awL ^ inc 


. 0+9293000 

-I -Ivan 


Jut 9 


BFr 

DKr 

FFr 

DM 

K 

L 

n 

NKr 

Es 

Pta 

SKr 

9Fr 

C 

CS 

S 

Y 

Ecu 

Bolghan 

(BPr) 

100 

1826 

1655 

4259 

1276 

4701 

£443 

2123 

5054 

397.1 

2323 

4.109 

1228 

3292 

2207 

3025 

£517 

Denmark 

(DKr) 

62.75 

10 

£728 

2563 

1.042 

2480 

£871 

11.09 

28£6 

2095 

1£15 

£168 

1217 

£106 

1533 

1505 

1229 

France 

(fft) 

6044 

11.46 

10 

£937 

1.194 

2941 

3290 

1£71 

3055 

2402 

13.92 

2484 

1.165 

2413 

1.757 

1822 

1521 

Oermany 

(I»0 

2058 

3201 

340S 

1 

0407 

9675 

1.120 

4228 

1042 

81.71 

4.740 

0246 

0397 

0221 

0598 

WM 

0518 

Wand 

TO 

5021 

9585 

8275 

- £480 

1 

2380 

£755 

10.64 

2552 

2012 

11.68 

2280 

0276 

£020 

1471 

1632 

1274 

Italy 

W 

£127 

0403 

0332 

0103 

-0242 

1 QO 

0116 

0447 

1075 

044 a 

0400 

0097 

0041 

ao os 

0262 

8437 

0054 

WUharianda 

TO 

1037 

£483 

3-040 

0283 

0263 

88£7- 

1 

3263 

9225 

7226 

4232 

0755 

0354 

0733 

0534 

6556 

0462 

Norway 

(NKl) 

4756 

9-016 

7268 

£311 

0240 

2236 

£588 

10 

2402 

1882 

1026 

1254 

0217 

1298 

1282 

1432 

1.197 

Portugal 

(E3) 

19.79 

£751 

3274 

0261 

0291 

8802 

1.077 

4.161 

100. 

7857 

4568 

0813 

0281 

0790 

0575 

5928 

0498 

Spain 

(Pta) 

26.18 

4.774 

4.167 

'1-224 

0498' 

11^ 

1271 

£296 

1272 

100. 

5501 

1.035 

0485 

1206 

£732 

7821 

0634 

qnuixni 

CSKiJ 

4341 

£230 

7.163 

£110 

0258 

3341 

£363 

£130 

2184 

172.4 

10 

1.784 

0637 

1.733 

1262 

1314 

1233 

Swttzertand 

(SB) 

2423 

4213 

4.026 

1.182 

0481 

1144 

1225 

5.117 

1232 

9822 

6205 

1 

0489 

0271 

0707 

7324 • 

0813 

UK 

n 

5128 

£635 

8584 

2521 

1.02S 

2438 

2224 

1021 

2622 

2062 

1125 

£132 

1 

£071 

1506 

157.0 

1208 

Cwrada 

(CS) 26.05 

4249 

4.145 

1-217 

0496 

1178 

1264 

£268 

1262 

9947 

£770 

1229 

0483 

1 

0728 

7521 

0631 

us 

n 

3440 

8522 

£892 

1.672 

0280 

1617 

1273 

7236 

1732 

138.6 

7224 

1414 

0263 

1273 

1 

104.1 

0266 

dapon 

(Y) 

3304 

62.64 

54.68 

16.09 

0529 

1«3S 

ir.99 

69.49 

1670 

1312 

716.11 

1356 

6269 

13.19 

9205 

1000- 

8218 

Ecu 39.72 7531 6573 1230 0785 1666 £162 8254 2002 167.7 

Yen per 1JQOO; DanWi Krenar, Rencb Franc. Mi+wapnn Kroner, and amdbh Kronor per 10c Bristol Franc, Freudo. Lire vd Reset 

9.160 
■ par KJQ. 

1.832 

0766 

1586 

1.156 

1302 

1 


Jun 9 

Ecu can. 
ratal 

Rata 

against Ecu 

Change 
on day 

tt+y-tnom 
con. rata 

* aprat 
v waalta 

Inland 

0208626 

0787096 

-0000347 

-228 

720 

Neftartuta 

£19672 

£18839 

+000103 

-129 

£71 

Belgium 

402123 

392238 

+00186 

-027 

£38 

Germany 

124964 

123465 

+000069 

-077 

£16 

Franca 

£53883 

£58931 

-000371 

077 

354 

Daonrarit 

743679 

756282 

-021446 

158 

£74 

Spain 

154250 

158268 

-0134 

227 

123 

Portugal 

192254 

201231 

+0-175 

424 

020 

NON EflM MEMBBtS 





Greece 

264513 

28£795 

+0206 

£58 

-4.76 

ttray 

1793.19 

1875.18 

-075 

457 

-022 

UK 

0798748 

0788309 

-0000143 

-224 

625 


MMkh T+W Ui) soil MS 

bMMH-aoaiMnBes 

®aow*. Ts3s im) iu wn 

taMOB-CMJH *90 MB «»MN 

eioJao-t 2 *jm — _ I aw jdo *«uIo-m» 

ROW-RWe low 129 I 1*2 1 »■ in 


ra) omw ioMo nain icvte on on oooo 

SsMte _ - 100 1»J 3*3 MB 

(«oo*+m — I m 1+4 1 ml 

WastareThni Mgh tataraatOM«w Ado 
aa msRwas PipBSini rw , pwwhi 
CIS.OOO+-.. .... *n ftH I ahI . n 

RH!0-riA«M . +90 12 *w| » 

ZlfXO-rt.m *29 lit I (Kl 0» 


[t . 

nooioo-t+aM- 

fMOO-OAH— 


fire lai in a-MB 

129 1.44 STS HM 

1 23 12 320 e-MBI 


[ *3 in I +9ojo-uct 

— | 300 2 a aota-ia 

175 100 7J7 O-NOi 

— lui ml ulue 

•oanwMW* wa*1 «9 55» 




(B4M) DM 125200 par DM 


I (IMM) Yon 125 per Yon 100 


EcucwmnNnaNbyOi* &a op m rw iii * M ln n. CBnonefi — In dwrandha rthtiw abongai. 
Parewtaa* cOangp — tot Bv ; « pa N+ »» gang* d* rw » w * wN r cmnnq ;. ONwhhc* tlma tfi* 
WtebNii — ifoapraadg ow paremgo jamm bWnan tha acteat wriatonB6axca»<wl wn 
tar acamcy.and owitnfcnm pm—W p a emn o* daWa rn ot ai* o»meyM «nariw m* toa aa 
EweanMnas 

(17/9«8 awftiB nd RHan Un MMparaM bon SW. AOiuwnwt ataWnd by HnancW iknn. 



Open 

Latest 

Change 

High 

Lore 

Eat Vol 

Opsn ktt. 


Open 

Latest 

Change 

Hk* 

Lore 

Eat. vot 

Open tat 

Jun 

05991 

05985 

- 

02000 

02975 

16283 

94,656 

Jun 

02803 

02613 

-00007 

02622 

02602 

12271 

38288 

Sep 

0597B 

05979 

+0.0003 

05988 

05972 

44,988 

47277 

Sap 

02685 

09680 

-02003 

02688 

02867 

20011 

4£062 

Dec 

05979 

05960 

+02008 

05884 

05979 

254 

684 

Dec 

02740 

0.9740 

•0.0011 

02740 

02740 

790 

1/400 

■ SWISS FRANC PUTUBBS (IMM) SFr 128200 per SFr 



■ StESUM FUTURES 0MM) EB2500 per £ 




Jun 

07074 

0.7075 

+02007 

07086 

0.7074 

4267 

2£200 

Jrai 

15108 

15062 

•02008 

15106 

15070 

£710 

24.712 

Sep 

07074 

07080 

+00006 

07092 

07074 

14,768 

22287 

Sep 

15088 

15054 

•02012 

15090 

15046 

11282 

1£677 

Dec 

0.7095 

0.7096 

+00011 

07097 

07095 

32 

445 

Dec 

15020 

15040 

-02020 

15040 

15020 

7 

121 - 


■ MLMMLMM OT l/B OPIUMS £31250 joants per pound) 


Strike 

Price 

Jun 

- CALLS - 

Jtri 

Aug 

Jut 

— PUTS — 

Jd 

Aug 

1/425 

£14 

821 

820 

- 

- 

£04 

1/460 

569 

£82 

£77 

- 

- 

024 

1/475 

3.19 

£34 

374 

- 

£21 

£89 

1-300 

0.78 

157 

£17 

re 

- 028 

154 

1.525 

- 

022 

128 

126 

222 

228 

1550 

- 

£10 

£48 

4.11 

424 

4.74 



Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
Tfet 071-815 0400 or Fax 071-329 3919 


Rmtaa <*y* wL CUb 438+ . Ptmr. d&t open ht. CM* SER0+£ ftd* SBTJSSB 


INVESTORS - TRADERS - CORPORATE TREASURERS 
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WORLD INTEREST RATES 


I UK INTEREST RATES 


MONEY RATES 

Juno 8 Over One Three Six One Lomb. Ota. Rapa 

montti irth mtu year Inter, rata rate 


RmiHC (UFFET DMlm pdnta of 100N 


Belgium 

5Y. 

5V. 

Si 

5)4 

6ft 

7.40 

450 

- 

week ago 

Si 

654 

6)4 

60 

58 

7.40 

450 

- 

Prance 

5H, 

Si 

s& 

5*i 

6ft 

550 

- 

£78 

wed, ago 

Bi 

55 

54 

5M 

53 " 

£30 

- 

07$ 

Germany 

623 

525 

5.08 

£05 

£12 

620 

450 

£10 

week ago 

£20 

£05 

£05 

£05 

£08 

£00 

450 

£20 

Inland 

sa 

Si 

Si 

5% 

64 

- 

— 

626 

week ago 

6ft 

Si 

54 

5ft 

64 

- 


62S 

Italy 

7a 

7» 

7M 

7ft 

8ft 

- 

720 

750 

week ago 

7% 

7K 

70 

7B 

814 

- 

720 

750 

Wetherlanda 

£06 

£06 

£07 

£10 

£24 

_ 

£26 

— 

week ago 

5.15 

6.06 

£13 

£14 

£24 

- 

£26 

- 

Swftaariand 

3* 

4A 

44 

4ft 

44 

anas 

350 

- 

weak ago 

4K 

*k 

4% 

4ft 

4ta 

6226 

350 

.. 

us 

454 

4)4 

4* 

43 

6ft 

- 

350 


week ago 

4* 

414 

4ft 

49 

54 

- 

£80 

- 

Japan 

*8 

2 

24 

24 

ZK 

- 

1.75 

- 

week ago 

2i 

2 

2H 

2ft 

2ft 

- 

1.75 

- 



Open 

Sottprioa 

Change 

Mgh 

LOW 

Jun 

9452 

9452 

+022 

9453 

9450 

Sep 

94.97 

9457 

- 

9456 

9456 

Dec 

9451 

84.80 

•£01 

9453 

94.77 

Mar 

9450 

9450 

•021 

9451 

9458 


9482 9422 +022 9423 9420 20203 132512 

9497 9427 - 9428 9426 16583 180702 

9481 9480 *0.01 8483 8477 18979 207254 

9420 9420 -021 9421 9458 16205 203900 

iMONTH WJWOURA BfTJWIX FUTURKS (UFFE) LlOOOm potnta of 1007* 


LONDON MONEY RATES 

Uun 9 Over- 7 days One Three Six 

night noti ce month momhe mraahs 




mterbenkStarfina 4?a-3la 4l|-4li 5-4% 5% - 5 6,^-5* 6i - 5j| 

Staring COa - - 4U-4% 5A-5 6i-5d 6H-« 

Treasury BBs - - 4g-4B 4% - 

BartcBfc - 4g-4|J +H - 4^ 5>4-»i 

Lxaf auttoSy daps. 44-4A 4» - 4fi & - 4fi 5»a - 5 5£ - « 6)| - &JJ 

Dtoonnt Marita* dta» 44+ - 34» 5ft - 6** .... 


Open 

Sen price 

Change 

rtgh 

Lore 

Eat. VOl 

Open kit. 

9220 

9222 

+003 

0998 

8219 

7597 

26717 

9208 

9208 

+051 

9214 

9224 

6038 

42530 

9156 

9154 

+002 

9157 

9152 

1466 

50948 

9152 

91 .88 

+004 

9154 

9151 

432 

12369 

MOUTH 

■URO MB 

• FftAMC IVTUftSS (UFFQ SFrlm potato of 100% 

Open 

Sett price 

Change 

Hgh 

Lem 

EaL wot 

Open biL 

9£72 

96.72 

+003 

96.74 

96.70 

1976 

16521 

9558 

8550 

- 

9555 

9658 

3961 

28317 

96.41 

9£40 

- 

9£45 

9659 

709 

7655 

9558 

Virit) 

-022 

9658 

9550 

IBB 

8249 


38 DOVES STREET, LONDON WK SRB 
TEL: 071 629 1133 FAX: 071496 0022 


UK (Je ering benk base landtag 


Carts at Tax dev. &00JX)0) 

Cans ta Tax dgp. wtav 91 00200 la * 


rate 5** per cent Irgm FObruay 3 1994 
Up to 1 1-3 36 6-8 

month month 


4 3* 3% 

» 1 >mc. Daaria ntai di —i tar cam hpo. 


FOR TRADERS ON THE MOVE 

Watcb tbe marfcets move vrftfi the screen In your pocket that receives 
Currency, Futures, Indices and News updates 24 hours a day. For yow 7 day 
free trial. caH Futures Pager Ltd on 071-895 9400 now. 

FUTURES PAGER 


Atm. tandsr nXBctf dbooura ATWtpc. ECOD bad Me SBg. apart rum Mato «e day May 31, 
1B0A AgraM M tor p+riod Id 2*. 100* 10 44 2B, 1B9C, aeriema* 6 A ■ OATpc. Hglaranca nM tor 
period H * aa H84 to May 31. IBM, Staranra W4»UZ»B.Hnera Ho w D aw n ew 9»a»oft«n 


XrVX-Fr^EE SPECULATION 

L\ FUTURES 


t (LJFFQ Eoulm potato of 100% 


■ 8 LHJOH FT London 
tatertrank FMng - 4} q 4ft Si 

weak ago 4J 4% s 6% 

US DoBar COa 415 436 466 6^1 

vreeX ago - 415 444 420 526 - 

SDR Linked Da 3V4 33 3* 4 

week ago - 3Hi 3] » 4 

ecu UnlDMi Ik mkf mta« I n*tc Sta; 3 mne 9K 0 mtas 64 t y«r 6 i. S UBOR Mrtoik Uo 
•am* » ottered raw* tar fiOm quoted to taa marital by tour reference txrta at Item each waridng 
day. Tha batata are; Barttata Tiuat, Bank of Ifckyo. Beretata and NBMrW W oa g rtnat ui . 

Mid itaet ana tarn tar die domoafc Money Rbua us S COa and SDR IHod Dapodta (P4- 






Open 

Sett price 

Change 

HWl 

Low 

EaL vol 

Open Int 

- 

“ 

- 

Jun 

94.04 

9426 

+021 

9427 

9424 

698 

7344 

“ 

“ 


Sap 

94.08 

94.14 

+005 

94.14 

94.08 

964 

118 49 

- 

- 

- 

Dec 

9358 

9357 

+0.02 

9358 

9355 

266 

7803 

“ 

“ 

- 

Mar 

93.75 

83.76 

+021 

9877 

83.73 

179 

3370 


■ IW 

m MONTH ffrERUM FUTUm (UFFq G5005Q0 potato of 100ft 



Open 

Sett price 

Ctwge 


Lore 

Eat vol 

Open taL 

Jun 

94.77 

9479 

+002 

94.79 

94.78 

10970 

56137 

Sep 

9430 

S4-40 

- 

94.43 

9458 

12886 

98838 

Dec 

9179 

93.77 

-ao 2 

9352 

93.78 

15359 

137501 

Ma 

93.14 

83.10 

-004 

83.17 

9328 

6579 

86733 


1b etxtaa ymr ftte Qtak H bowyaor ItaracM IntoBtoto tote 
PAalWitod Kre yartoWtotaanaanu orwtoc 
ttttBriWfcrin j a aa i rC i dto todtaamUBi 


Tndad on aPT. At Open W wt Spa. are tar prwtooa day. 


day. Tha batata are: Oataiare Tiuat, Bank of Tfckyo. Berekea and Kasorra W oa g rtnat ui . 

Mid itaet ana taoMi tar die domosfle Money Rbua U3 ICDa and SDR IHod Dapodta IP4- 


■ THW MOWTW EUBOPOUAB (ftftq 81m potato of 100% 


Duff Forecasts and Market Myths for 1994 

Tr ^' d ®r 1f .!™ 5 . a -. d0!,a : :c l v '!' 1 co ' linuc - 9«iti moil corrrrcd'hcs 

ck market v.i'.i tc v/eak. Ycu d'a 

ig iconcclaitlc Invc-timcrt loll, :-t. 

'•OLX 


Jacor 
:cqo tna: m Fn 


EURO CURRENCY INTEREST RATES 

Uun 9 Short 7 days One Three Eta 

term nodes month months mont h s 



Open 

Latest 

Change 

Hgh 

Low 

Eat vd 

OpenlnL 

Jun 

95/43 

95.43 

- 

B£43 

9552 

42452 

31£734 

Sep 

9459 

9458 

- 

9450 

9456 

90715 

396,623 

Dec 

9426 

9454 

-OlOI 

9428 

0421 

190568 

394587 


i fl-FFS G500^00 ports of 1004 


Belgian Franc 
Danish Krone 
D-Msrfc 
Dutch Gtakier 
Ranch Franc 
Pgrtugueu Esc. 
Spanish Peseta 


Swiss Franc 
Can. Polar 
US Ddar 
Rattan Lira 
Yen 

AsteiSStag 
Short Bonn isfoa i 


5d-SA 
5i» - 5 

5i’4fl 

5A-5J, 

sft-sfi 

IBM ■ 13% 
7*a - 7,i 
4*8 ■ *b 
4^-4 
-5% 

«'a - 7 

2i-ia 

3^-3% 
mcaB tar taa 


SA * 5,1. 

s% -s>a 

Si-4fi 
5A - 5,', 
54-5,4 

15*4 - 13^4 
7%-7»i 
4ft -4fi 
44 -4i 

sa-w 

44-44 

7l»-7% 

24 -m 

US Delta and 


S'4-S>« 
6-55, 
84 -.42 
5^-5* 
54-54 
18 - 14^4 
7*a-7ft 
5 - All 

44-44 

(*-5* 
41b - 4^ 
74-7% 
24-lfl 
4,'+- *4 

Yen, Mhm 


54-54 54*64 

6*a - 5% fiV - 6 


54-43 34 - 43 
8% - 54 6% - 54 


54 -64 5 % - 5% 

14% - 12% 13 ■ 12 

7ft - 74 74. - 7% 


64 - 64 &%-54 
<4-44 44 - 44 


6-5% 6% • 8% 

44 - 44 4% - 4 % 
7% - 7% 7% - 7% 


2%-2 2*4-2% 

- 4% 64 - 64 


5%-S% 
8% - 6 
5%-5% 
S4-B% 
SH-BJJ 
11*2 - Vfii 
73-7S 
W.-6U 
44-44 
7-8% 
S%-5% 

2%-a% 

W -8ft 


■ l»9TlwaUWVIU.WinmE8flMm81mparlOO% 


CALLS ~ 
Sep 

Dae 

Jun 

— PUTS — 

Sep 

Dec 

£04 

£05 

021 

£39 

1.03 

051 

nro 

• 021 

061 

153 

0 

0 

£46 

£85 . 

1.48 


FOREXIA FAX $ £ Dm V 

A 0 VEM PUBliC R6C0RD Of ACCWWC SHOin'TEfW FOnOQH CXOUIKf 
DAILY FOREIGN EXCHANGE ^MM^NTA^S^ 

CHARTS, FORECASTSAND RECOMMENEWmCnis 


Jin 

9551 

9551 

- 

9651 

9550 

1.486 

95609 

Sep 

9554 

9652 

-052 

9554 

8551 

1540 

17541 

Dec 

94.79 

9476 

-023 

9479 

9421 

411 

7530 


at wL tew. era. 8917 Puts 8192. Radon day* ops, tat. Cafe 20+088 PM 178824 


A8 Opm (nwm<Vp. an tar pwtousdw 
■ WHOMIMHK OPTIOWa (LlFFg DMlm pdnte ol 1QQH 


BASE LENDING RATES 


too daye’ node*. 


State 

Price 

JUI 

JUf 

CALLS — 

Aug 

Sep 

jun 

M 

purs — 
Aug 

S*P 

9475 

£17 

n on 

028 

nM 

0 

053 

056 

007 

9600 

£01 

009 

£12 

£14 

059 

£12 

015 

017 

9525 

0 

053 

056 

056 

053 

051 

053 

034 


Paris boartiank offered rate 


Est VOL W9L Calls 109S0 PUB 2421. Pitadous dq^a apa ht. CM anno Puts 881999 

■ cuwosra wuwc ownowa gjFfasFr im potato o« low 



Open 

Sett price 

Change 

High 

Low 

EaL vol 

Open bit 

fiafce 


— CALLS - 



— PUTS 

Jun 

8449 

9444 

-051 

9448 

9443 

13563 

51557 

Price 

Jut 


Dee' 

Jtoi 

Sep 

Sep 

9452 

9450 

- 

9453 

94.49 

16523 

49599 

9660 

£22 

£23 

£23 

0 

013 

Dec 

9434 

9433 

+051 

9456 

9450 

10477 

34183 

9575 

052 

£11 

£13 

055 

nM 

Ms 

94.08 

9410 

+052 

9412 

94.07 

£787 

33201 

9600 

0 

004 

056 

nwt 

£44 . 


i imnD EURODOLLAR JJFEJ* Sim paints of 100% 


Price Jut ■ Sep Dec Jrai Sap Doc 

9880 022 023 023 0 0.13 023 

95ns (UJ2 ail 0-13 0.05 Q2B 048 

9800 0 004 006 028 .0.44 . 056 

Bto eta. total, eras too PM OL r rede u a daYs opm hu Cels 919 Put» 3749 ~ 



Open 

Sett price 

Change 

Hgh 

Low 

Estvor 

Open tat 

Jun 

9£43 

9£42 

. 

9£43 

9S/42 

348 

6044 

S«P 

9459 

9456 

-002 

9489 

9480 

40 

2236 

Dec 

- 

9423 

-003 

- 

- 

0 

1824 

Mar 

. 9451 

9401 

-006 

8401 

94.01 

30 

1148 


Mam & Company — 628 

MBodTulbrit 829 

AE Barrie 525 

•HarayAnSbachar 62 

Bank Banda 526 

Banco Obeo Vtaeayo. 825 

Bank o( Cyprus 625 

Bank of Mend 626 

Bardcof tadfe 32S 

BankofSccdand 525 

BaretaysBank 525 

BtftBkeTMdEnt — 92S 
■Bmrat aij^wft CO Ud 225 
CLBarfcNedariBnd... 626 

CZfrrKU A 525 

Oydaadala Barit .528 

The Coopaatora Barrit. 525 

CouBSlCo ,'_S25 

CntBLyemta 526 

CjprtHPspMrBar*_S2S 


OunonLMto.. S25 

Sariar Barit Umtad— 626 
FTand ai & Gan Bank ^ 8 
TUtait Flanring 8 Qo_ 325 

Gbcbank 525 

•Gtanma Mtaron 825 

Hri»BarkAG3J»Wi.S25 
•Hanrim Bank .„„„ 626 
Hortatfe 4 Gon Irv Bh. S2S 

•WSsmueL &2S 

CHoara&Go _325 

Hontfono & 8hen^sL 525 
JulanKodga Boric 526 
•LeapoHJoeeph8Sone626 

Lfaj<feB** 825 " 

Megfraj Bank Ud 525 

Mttand Barrie 323 

*kftutBanHng 8 

W a Wri— aftotar 525 

•Bnar o gta a -w 528 


"RodHghaOueiolM 
CapofWtonLkrftedisno 
longer au8uri3odaa 
abanldng InsbBon. B 
Royal BktfScodoxf.- 525 
•Bnrita & Wftnan Secs . 525 

TS6. — 523 

«MtodB,oWM*_ 625 
UnfyTmtBatacPfc— 825 

WesttanTnut, 625 

MtenyLn 528 
Yoteri*uBrt....^-M5 


• Membara of BfWah 
Merchant BanWffft. S 
Swsirttln „ HOU99S 


* h +kitori on 


v x Currency Fax - FREE 2 week 


Iria} 


lolT Chart Anasysis Ltd o-,V Anne V/hilby 

xo< 1 S.villa, 1 .- Sum;, LcnJou Wifi 7HD, UK ■ Tei 071 -?3A 7174 
6" excharoe rare cpcc:a!?s 1 s (or over 20 years '07 1-435 <1966 

c n«39A Var^bs 


24 HOUR 

FOREIGN EXCHANGE 


London 
Dealing Desk 


“WWNCV MMtaGKMBcr 
cwBia AnoHTuc 

VtatoleHMi 

77 Leodoo Wsn 
LmdMBCMSND 
• TVt 071-J8147+3 
Rk 071-363 Un 


^ *f? SEX ‘BONDS ‘SOFTS 

Cftt OijjecM-c ortoiyiis far profosifonaf fnvestors 

. 0962 879764 


Fibres House, 32 Swthgate Stre-it. Wlfltficstcr 
H5V.S 5023 5EH Fn 0424 774057 


**■ 


X 












39 


HNAWC3AL TIMES FI 


FRIDAY JUNE 10 1994 


*“ki 




WORLD STOCK MARKETS 


■* 


>V- M mm 


»>- «* u»« w 


+/- Ml JagJMjg 


■EUROPE '•;•• 

jdsivMJinS^SG^ 


__ fSKH 
__ AMd 



a. VUJ 2X00 1,750 2£. 
+619711 905 08 ■ 

—*rstiK BO w 

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p^.-ogr 

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363. +4 .406 32£ 17 - 
8T5-' *10 7*1- 548 23. 
•*12,600 438 17 
+3S4340S411 LD ' 


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+»43«331» 1J 
•*4088907.600 33 
) 4900 _ 


SSL 2*355 JSH5&S99 - ■»«M«whb| 
tS5? HR iS'S&S^ 

ifftpm 032. —IS 624 52X29 
■ft =340 *380 274Hff.M 1J 

■to us +« isnaojo 4.1 
to«M w* - 1144 s ana 8J 
jmeb 14880 -cnnfcsDMaaj 5 3 

Oam . 215 *120 .200 190 _ 

Ma 388804 -840 825 SOS 4*8 
MT _ 535 38280 
tabor iu — . 234 mn as 
toiflfc 3W5oa -1.60 4mo Bam U 
Pwrt gM +7 930 753 18 

•*w 36 —9 1.006 sie _ 

904 *13 1.1SH 800 48 

404 *9 904 m» __ 

W -18015781 m 28 
SO *17 73H 591 18 
797 -20 045 770 69 
State 2-774 +10 12® 2710 13 

&5e>bn. OSS +1 734 370 38 

SftOU 1845 — 13801527 27 

■sank -3K.-A5DMU83&10 _ 

8*84 5Z7 -13 OW 519 21 

snag 48380 -210 9104558181 
6km. 513 -5 TOO 490 08 

SUrft .1890 +142,470 1,881 _ 

I 792 586 37 


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1846 908 57 _ AGON 20810 -140 223 187.80 3X — SS c 3275 

lffiM8n.58 _ *»M 7M0 - 20 »n»J 0 81 _ gS* *3 

2B0 190 OPtoSto 3920 — 4720 3880 — carte 1 800 

■ _ MCT 4840 +20 02 42 29 — buSd 90 

_ C3M 5480 -.10 7780 8380 _ _ |^Sr *20 

_ KS4 ■ 13380a) -220 14510640 1.1 _ £££ , 3S 

_ OtOfe 19280 +20 20817330 28 _ tSSS In 

— BMW 190.40 -80H57BVZ7B 18 _ MM| Su 

_ RWpH 15.10 -20 — ■=’ 


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ksssssft. 

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+100 wag n a 8 .800 12 
■■■■4,100 22 
387V 48 
■■5,580 18 

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1-1018301835 88 

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b»l78BH4SM«8 
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280 +1 .333 2K7 18 

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BdaCO- - BOO +51,140.920 12 
C+nOtk 348 +1 427 310 i5 

EM* 176 +2312 182 5.1 

RSB ; 515- -5 515 297 22 

awn] 5a ..-*3 - 843 - 445 22 
.CSS 2ZS *2 276 -215 — . 

4MI 390 +9 426-3S2 29 

litoDB 1^00 — 20 1JB50 1.140 03 
NKMS 273 , -S 385 252 17 

JMta» 651 -1.75381 608 08 

375 +10 737,690 05 

SqWA 5888741 +727 616 599 07 
EMM G0720to *4J» STS 473 07 
■ SSto - -420ff. +6 486 321 24 

. ub to . 3Z0 m+a goo _ 

045 +2S 1272 818 12 
229 - _ .2873(838 44 


(juaa/Ukti- 

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64 -1 106 90 _ 

3010 -40 4050 3580 18 

179 -8 233 173 18 

71.40 . +.10 1740 ion: . 

4020 +.10 56 45 22 

BID -,-fl 70B . B61 18 

110 -1 T3Z 100 _ 

170 -2 247 170 18 

170 --fi 250 109 18 

221 -4 238* 200 _■ 

224 • -1 780 190 OS 

415 -3 465 -287 07 

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86 — 1 JO 102 OS 18- 

8950 -80 -0089.10 07- 
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801 —2 998 748 28 

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24790 -3.102*050 240 «. 

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637 *13 , 79 1 515 Z5 
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197.90 +480 214 ISO 84 
1*48 22080 — J03B4J02B3.10 38 
UW 19280 -802*480 14180 Z9 
UFBLoc 42S +5 404 420 38 

OM 462 -1 850 48058 

uanfr 667. . -13 800' 551 58 
VMW254JM H280 30720.19 38 
«4R 28180 *1.10 333 240 S4 

mad 20030 +3.40 358 292 38 

punB/Dm) 


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303 +1 636 544 2.1 

I860 * +40 1446 1.120 l.l 
2.4M .-9 2811 2297 06 

6*1 -4 H7D S78 20 

1833 +38 1.191 607 _ 

970 +10 1025 787 03 
31S80-.-3J0 34380 Z7B 28 
485 _- 610 435 18 

SCO — 485 348 ZE 
36780 -38040480 290 88 
hmth .42680 -ssneoma a* 
B0WBr 800a- -7 82D 630 18 

+6 S7S430SS 28 

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27180 +180 34050 230 18 

BWW ' 307 +1 828 393 07 

B»®0 790 +2 051 -780 1-7 

cate 1300 +30 1830 1,140 08 

CoKnP 900 +10 1JJ30 840 T2 

Dnnzbk 32BU -030 396 32S 07 
Oomn 260 - -4 299 230 18 

EZ* tbSS -£ 

ton 60480 -6 509 445 18 

«5ft 2+3.70 -18023630 233 _ 
DMfflk 740JB +120 6878872070 22 
OMMfc 17280 _ in 132 Z8 

Doutfs 565 -1 .607 631 28 

Drgwfc 280 «- 310 280 1.0 

+84S&3D 579 38 
-11 618 465 r.2 
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__ 20780 -280 245 199 XI 
ttoUBn 1270 +10 1860 1.180 09 

HUmPOOfliOtf “80 861 602 *18 

Mar .387 -2 440 3S2 28 

HKM 1867 +2 12021.040 1.2 

tram 34030 -Z7D3E802B420 28 
Ham 007 -31800 830 18 

Halm 230 — 2S3 222 28 

Bffl - 297 -80 324 295 38 

tatlm 363 -S 433 363 XI 

KMS3 14S -180 ISO 14180 _ 

taMt . 926 -3 648 516 2.1 

mbtf SI 050 +10 338 451 29 

KHD 13580 -£80 16U0 11510 ■_ 
14880 -e 179 10270 38 
885 _ 900 850 1 8 

760 -10 860 60S 18 

men : se$ -is bso bso 18 

LJnaH 37480 +880 410 302 XT 
iuffim 10280 -1 ZZLHJ 165 _ 

U0Pf ■ 187 -180 218 ISO 1.3 
MM .810 -1 470 378 XI 

HUM PI 316 -1 387 302 27 

Mm niU 44960 —280 48680 387 1.1 
HmW BOO _ 822 755 _ 

Itato ' 228 -380 2981799 38 

UuS«D 2870 -SO 3817 2840 04 

• Wtt 226 -680 282 21 □ _ 
522 -6 S30S0480 X7 

793 +0 688 998 03 - 

PUWO 441 8Q -050 496 427 28 
ME 441 —TO 52050 420 2J 

MEH 332 -480 424 335 X4 

1888 *131820 1^40 09 

328 -10 372 305-2.1 

261 +1 267 22512 

28320 +.10 313 252 XI 
1870 -11 l«a 870 18 

3feid +80 438 350 18 
697 -9807*5986180 18 
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543 _ 83S 480 1.1 

TtQHn 27380 -1 JO 30023656 22 . 
31780 -280 380 307 XI 
1-C50U _ 532 438 XB 

38280 — X50 397 317 28 


— COrOoft 47 JO -7.10 5680 47. 

_ n m y 19X80 +801E789 1 
_ An 22S —80 MUD 21 
_ HUBS 3S +433&S9 
_ Hemfl 7X30 -.10 76 

_ HunOa 74 -1803380 
„ MCCtf 37 JB -80 46 

_ WfiDlW 90 +.1094JB 

— SS" SS - JAPAN (Jun 9 /Yen) 

— nM 6050 +80 5970 4080 28 — 

_ IWPBT 48 _ 32 44 08 _ 

— KMfflpB 4880 +80 5780 4780 X0 — Ate* 

_ HsUyO 8780 -8089305880 48 — water 

so -i non so 28 _ Unw 
0180 +JO055OMJB — _ Arfjaq 
7X90 +10 8060 6580 X9 _ Amm 
5X10 +80 5780 40 OB _ Ammo 

79 -104807380 18 _ AndoCl. 

.. 12080 — 151119*28 — AMOS 

flodun 5X40 +20 08 59 38 _ 


--- — —a 13001180! 04 _ KUBBI 
taBl 97750 -US 7J70 9150 07 
SCSSr XI 36 +45 28001800 XZ 

«S +14 1853 775 12 _ . 

— +3 227 1 60 12 _ KrnBuol 

_ 80B 707 „ MnfaB 
— 4290X555 18 — tam 
+2 070 683 — — JQrtU 
-10 1830 1.400 28 _ IM 
-6 1,100 345 18 — Klnra 
-6 531 3M X0 — ICItoSb 
-2 ao 190 

-4 815 BIO 

-4 770 563 — 

+2 555 735 — 

-11 18D3 1855 28 
-* 632 BID — 

—3 1.6151220 18 


BBS +19 996 732 - 

Z3 +« ra ns _ - aSS. 



— Mm 12X70 +.10 13583 naa XB — Anyama 

— MM » +80100509990 48 — toMM 

— Men 18680 +202154016620 44 — Mtt 

— IhW 4780 -v<0 5030 4020 12 — MABr 

— IMDp 1BX60 +.10 an 167 XI — AMMO 

_ VMI 175 “2020160 IBS XI — ME 

WnOflOH 3X90 — 5658 4580 18 _ A4MI0 

WMQMI 11180 —80 13UD10U0 18 — AW3 

mewxrgins/xremrt SgSi " 

_ BUST 

_ •• CSX 

— Ham 82 -3 1128180 48 — CUpO 

— BrganA 1S7 -3 189 ISO OS tame 

— CtoSd 13 — 2E 1B80 13 — — Canon 

158 +2 160 

94 -1 114 

_ ioau -a i49 i no i.o _ curtn 

— N«rf 312 -0 SOS 310 U — CMto 

_ LMfH . 98 -XSOIIiSD 96 XI _ 

22&IT -6 260 208 18 _ 

ISO —480 208 160 12 — 

22B80 -X30 305 22550 12 — 

144 -1 16488 135 28 — 

77 -GO +80 tn 7« X6 • — 

7980 -80 ST 72X9 — 

_ -80 — 07 72 _ _ amn 

_ Sat* 109 -2 122 *20 1 > _ CsnOl 

_ Unta- 12780 -X50 151 122 xo . — DTWC 

MM A S8 -2 8480 SI _ _ 

— UMA *080 . -460 » 57 02 _ 


1820 +40 1.420 1800 — 
BIB +6 623 498 — 
I860 —30 1800 SOI OS 

1£10 -301800 979 - 

1.210 +30 1^20 881 — 

1.760 +401.770 1870 — 

SB +5 744 563 M 
1830 +70 1830 B40 — 

*30 *2 334 402 18 

XTO +40X600X400 — 
5.180 -50 S83Q 4fl70 OJ 
1.100 -10 1 J00 1XC0 _ 

1.160 — I860 1.100 — 

772 +2 603 S90 18 

1X70 -10 1.280 1.040 __ 

385 +13 930 410 08 

472 -3 406 330 1.1 

630 _ 979 560 — 

020 +1 996 955 - 

1880 +10 1870 1,250 08 

744 *7 747 415 _ 

3830 +170 3810X410 — 
1.140 —1820 342 38 

670 +24 975 438 _ 

1J|0 -1018101830 - 


729 +9 729 BOG — 

67G -B 696 646 — 

732 +7 742 661 — 

SOS -9 330 4a 1.9 

464 -S 477 316 

1810 —18401J10 — 

563 +1 BIT 40B _ 

2830 +50X7302820 _ 
0940 -107830 S880 _ 

407 -3 SS 375 18 

SZ7 -10 960 798 _ 

900 +161860 90S _ 

5 a ^ a §g = 

-101830 769 _ 

1.160 +10 18*0 BSS 08 

S10 +20 BIB BIZ — 

X190 +96X1061890 .. — 

*7 580 <23 

+2 071 700 18 _ 

+1 4Z7 321 _ — 

-20 I860 1820 18 — 

— 1850 I860 — _ 

1810 +1018101800 - _ 

1.170 +10 1820 090 18 _ 

Mao* 3860 -90 X640 X720 — _ 

-1 930 71 1 _ 

-0 S34 307 _ - 

+2 3BZ 665 — 

♦17 70S S57 _ 

-14 700 662 X7 - 

1,760 -10 18® I860 07 — 

666 *37 867 480 _ _ 

576 -10 SS3 388 — _ 

1,150 —1830 700 0,8 — 

X790 +40 3471 02800 — _ 

**• ^ z 

1880 +201800 80S _ _ 

531 +2 633 33S _ — 

BIO +32 820 BOJ _ _ 

S2D +6 S33 425 — 

552 +6 68 b 304 — _ 

+2 073 706 


1850 
SaMu 1890 
Snout 679 
Bmmu 606 
SMm 370 






96S 


S3® ;§ 

TtnSd 908 

X B47 
706 

TtkkAn 950 
T«n* 5ii 


982 -51810 642 _ _ 
755 +21 760 467 — _ 


- Tata 


Mam 


+2 16S «S 18 — taotf 3880 +30 3860 2800 —438 ifeWfee -\jS 6 



1870 -10 i860 1820 08 — 

868 +18 600 316 — — MW 

44$ +10 445 337 7.1 — MK£nS 

B07 >4 007 0(1 _ _ HMFuD 

1800 -30 1^40 18*0 06 _ Mtr 

737 — 738 571 OB — UM 

. /.I -10 2^0X620 _ _ MSQafc 

1.160 -1018301.130 — _ taPet 

X550 +10 X730 3610 — — MOSUL 

1,660 +20 1^001810 — — HToa 

974 +14 S7fl B04 06 — UTTW 

STB +9 886 786 — — 

607 +8 626 410 — — 


647 


1890 


PUI9/RX) 


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1-7DO -2013701/420 

1/460 +60 1.490 1X150 09 — . 

2X00 -10 X060 1.720 — — to tal 

Dct*> 1i40 +20 1^10 1/400 _ — Mart* 


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*3A 549 407 >_ _ 

+5 445 316 — — 

+1 $40 305 « _ 

— 1J40 1.140 _ _ 

+40 1^10 1/430 — — 
+17 633 4S5 — — 

636 +12 644 672 — _ 

384 +13 384 301 _ _ 

— 1.420 1,100 07 — 

£5 880 765 08 — 

— 469 37B- — 

+3 433 337 — — 

-4 875 579 — _ 

-1 B«0 770 07 — 

446 +23 449 310 — 

380 +30 1800 645 — — 

+3014*0 790 — _ 
-10 2830 1300 02 — 


—1,060 8SB — _ 
X12D +40 2349 1383 04 — 
660 +1 B24 4SS 03 — 

12XQ0 


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+1013»i.i» — 
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+40 5» 411 — 
*1 381 2SE — 
+10 700 300 — 
-1 623 461 — 
+10 13® 1.110 — 
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802 TOO 09 

-4063605390 — 
+4 614 616 — 
-7 730 42S — 
+30 28201300 — 
+1 573 432 — 
+25 520 401 — 
— 1,100 BBT — 
•10 13901860 - 
+i6 466 aoo - 
+ii 4£6 am — 

+81 1330 651 07 
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+3 002 679 X7 

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+51 815 see 03 
-4 556 367 13 
+7 720 002 — 

+1B 831 S70 

+5 BG7 538 — 
+100 2130017800 - 
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— 1320 1.110 — 
+3 507 3M — 
+5 544 (15 — 

— 1360 1.180 03 
+1 509 421 - 

+101820 1350 — 
-10 24120 1310 — 
—10 2800 1370 _ 
-2DXW0 3,050 — 
+70 3380 X7® — 
-» S70 461 — 
+4 TOO 520 _ 
— X72O2800 — 

— 1890 1320 07 
~ 710 460 


792 — BJ2 730 13 — 

tatrrr 237 -92 233 231 (9 — 

MOM 4-51* — XU 499 X7 - 

W00OT 437 -94 4.75 ITS 19 — 

WMBk X07 -JS 392 294 23 _ 


HMEIDBpUl9/HJCS) 


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Cn*W 

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CtowP 1090 
Cbdjn 3790 
CMJgn 41,75 
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CMaP 2X1 OU 

otm T59oa 
Dtam loao 
QEagto 4.72 
Guoco 35 

HSBC BX50 
tXintf) IX® 
HSernB 5X50 
Hartiui 1180 
Hank* X1B 
KanU* 4085 
MCQlC 1080 
WBM6 1X10 
HRMr 4X75 
HKEfc 2480 
MOtal 2090 
HnWA 2X30 
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HM on 
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Hjsan 2190 
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— BtaM 2985 -20 3300X650 79 — OHUPr 1330 — 19® I960 — — 

— BBOmr 49® . +6 4846 3976 4.1 — OftoTbr BIB +34 525 346 — ._ ££ 

— BPoUr 16390 +100 17700 SlCO X5 — Dawrt 1990 — i860 B7B — — 

— BBanltf 4910JT +40 032149*6 00 — DToKFM *80 +26 585 807 09 _ ~TM 

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— “BUB* 2880 -45 XHS 1060 49 — MM 680 -5 706 546 19 — 

1960 Xia 1,070 1950 — Z 

1900 —19® 1,720 — — 

1,120 +10 1.170 993 — — S2SE 

A Tar .M a nn * m 


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1950 -35X1B5 19BS X4 — 

1355 —5 1,435 050 15 — 

676 -2 738 578 68 — 

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643 — 686 521 09 — 2K 

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28® +10 2960 2900 — — 

705 +11 713 BBS 19 — 

47B +4 4B2 275 — — 

549 +4 586 3® — 

951 +16 19® 719 — — 

1.1® +10 1870 9® _ — itoAf 

X45G +50 29® 19® — — SST, 

1.1® -201, ISO 541 — — JKSL 

774 +19 753 514 — — (BooT 

876 +6 9® 787 — BjB 


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BOO -1 BIS EBB -. — 
7® +20 770 525 19 — 

73S +1 3 751 493 _ _ 

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41 



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42 


FINANCIAL TIMES 


Friday June 10 1994 



AMERICA 


EUROPE 


Daimler 


hit by warning 
from PepsiCo 


Wall Street 


US stocks held steady in quiet 
trading yesterday morning, but 
investors in beverage and res- 
taurant shares were rattled by 
a profits warning issued by 
PepsiCo, writes Frank McGiarty 
in New York. 

By 1pm, the Dow Jones 
Industrial Average had slipped 
0.62 to 3,74£L83 and the Stan- 
dard & Poor’s 500 drifted 039 
lower to 456.77. 

In the secondary markets, 
the American SB composite 
eased 0.78 to 439.97. The Nas- 
daq composite dipped (L95 to 
728.84, as technology stocks 
stabilised after Wednesday’s 
sharp decline. 

Before the opening, most 
market observers were expect- 
ing a tranquil trading session. 
There were no important eco- 
nomic releases scheduled for 


NVSE volume 



150 L- 


26 27 31 1 2 3 6 7 8 9- 
May ' 1994 June ; 

release and the bond market 
was taking a breather ahead of 
today's report an May producer 
prices. 

A shred of news was forth- 
coming from the Labor Depart- 
ment, which reported that ini- 
tial claims for state 
unemployment benefit held 
steady last week. But the 
development was brushed 
aside. 

However, investors were 
unable to ignore an announce- 
ment by PepsiCo. The big soft 
drinks group said that its sec- 
ond-quarter earnings would 
show no improvement over 
last year’s result- After a 
delayed opening, the stock 
tumbled $3% to $31%. Adding 
to its distress, at least two 
securities houses. Smith Bar- 
ney and Bear Steams, lowered 
their ratings an the Issue. 

PepsiCo’s warning carried 
implications for the entire bev- 
erage industry, since it linked 
its flat performance to slump- 
ing prices in the US soft drinks 
business. 

The trend was presumed to 
have affected Coca-Cola, too. 
Its share price was marked 
down $1 to 840% in heavy vol- 
ume of nearly 2.2m shares. 
Payment of the company’s divi- 
dend yesterday contributed to 
the extra activity. 

Cott, a leading private label 
soft drinks bottler, dropped 
$1% to 317%, though analysts 
said its aggressiveness was 
behind the pricing pressures. 

Snapple, which specialises in 
iced tea drinks, was marked 


down $2 to $24. It was the sec- 
ond-consecutive day in which 
the former darling of the stock 
market suffered heavy losses. 
Ironically, the reason for the 
markdown was stiffer competi- 
tion from Lipton, a hue mar- 
keted jointly by PepsiCo and 
Unilever. 

The damage triggered by 
PepsiCo's announcement also 
spilled over into the fast-food 
business, where soft drink 
futipfi are a mainstay. 

McDonald's retreated $2 to 
$59%. Its weakness was the big- 
gest restraint on the Dow 
industrials, most of which 
were showing modest gains. 

On a brighter note, technol- 
ogy stocks steadied after a 
sell-off the previous session on 
fears of a slowdown in per- 
sonal computer orders. 

However, the industry was 
facing another big hurdle, with 
the Semiconductor Industry 
Association set to release its 
May “book-to-bill" ratio just 
after the market’s close. The 
figure is regarded as a reliable 
indicator of the Mure perfor- 
mance of computer companies. 

On the Nasdaq, Applied 
Materials, a semiconductor 
issue which was hit hard the 
previous session, shed a fur- 
ther $1% to $39%. Oracle, 
which produces database-man- 
agement software, declined 
$1% to $34%. 

Concern over the outlook in 
personal computers continued 
to affect office-supply retailers. 
Office Depot retreated $2% to 
$34% and Staples weakened 
$1% to $27%. 

Canada 

Toronto equities were down at 
midsession in thin iteaiing B. 

The TSE 300 composite index 
was off 18.11 at 4,183.15 in turn- 
over of C$225m. 

The transportation sector 
declined 78.77. or 1.8 per cent, 
to 4J56.S2 and media and com- 
munications was off 1.2 per 
emit at 8,579.37. 

Thomson Carp lost C$% to 
C$15% in moderate trade. On 
Wednesday, it set a C$250m 
945 pm cent bond, due July 6, 
2004, at a price of C$99.84 to 
yield 9175 per cent 

Active Issues included S telco 
class A, down C$% to C$7% 
with 2.7m shares traded, and 
Delxina Corp, C$2 cheaper at 
C$16 Vi with 1.25m shares 
changing hands. 

Brazil 

Shares In S3o Paulo were off 
nearly 1 per cent in light mid- 
morning trade following publi- 
cation of an opinion poll which 
showed that left-wing presiden- 
tial candidate Mr Lodz Inario 
“Lula" da Silva was maintaln- 
tng a strong lead over rivals. 

The Bovespa index retreated 
247 to 27,971 in turnover of 
Crl43bn. 

The opinion poll released by 
Ibope private research institute 
said that Mr da SQva had 39 
per cent of the poll while far- 
mer economy minister Mr 
Fernando Henrique Cardoso 
had 17 per cent. 


Activity was mated yesterday 
as some of the Continent’s 
markets began voting in the 
European elections, with oth- 
ers to follow on Sunday, writes 
Our M arkets S taff 

FRANKFURT saw selective 
selling of senior blue chips, 
although there was no direct 
reaction to the Bundesbank’s 
decision to hold key interest 
rates at their existing levels. 

The Dax index fell 15.88 to 
2,129.32, rising slightly to an 
Ibis-indicated 2.13L72 by the 
end of tiie post-bourse. Turn- 
over was unchanged at DM6bn. 

Dax stocks which lost most 
ground included Daimler, 
down DM22 to DM782A0 after 
Hib pnnmi«ry j T>f>nt of fctS rights 
issue terms, and Volkswagen, 
DM1L50 lower at DM47350. Mr 
Hans-Peter Wodniok of Robert 
Fleming Securities In Frank- 
fort said the sheer size of the 
Daimler Issue, nearly DM3bn, 
should have affected the mar- 
ket as a whole. 

Other blue chip falters 
included Iinde, DM16 weaker 
at DM923, and RWE, DM10 
cheaper at DM441. Mr Wodniok 
commented that it did not 
take a lot of selling to hit 
the engineer's share price; 
but that the utility group's 
shares had been unsettled for 
some time over the conflict 
between state and private 
shareholders regarding the 

ASIA PACIFIC 


future management of the 
RWE group. 

PARIS lost most of Wednes- 
day’s gains as the market 
remaine d nnahfe to break out 
of its current trading range. 
The CAC-40 index was off 18.42 
at 2,02859 after a low of 
2,01154. Turnover was around 
FFrttra. 

Suez dipped FFr4.50 to 
FFr311 as Generali, of Italy, 
confirmed that it had with- 
drawn a bid for the Groupe 
Victoire subsidiary. Suez has 
said that It would make an 

announcement on the fixture of 
its subsidiary by June 15. 

Euro Disney lost FFrLSO to 
FFr34.10 as investors reacted to 
Wednesday's rights Issue news. 

MILAN was overcome by 

jwhniml factors ghflgd Of ZLSXt 

week’s close of the monthly 
account and with the tax 
incentives to boost industry, 
announced late on Wednesday, 
proving in line with expecta- 
tions. 

The Count index foil 4,21 to 
75653 in the absence of foreign 
demand and with domestic 
funds holding back in prepara- 
tion for the Ina privatisation 
on June 27. 

The insurance sector, 
already weakened by investors 
lightening holdings ahead of 
the flotation, was further hit 
by the ruling by Italy’s anti- 
trust body fining 11 companies 


FT-SE Actuaries Share indices 


JunS 


Opan 


THE EUROPEAN SE«eS 

1030 11J0 1200 1300 1400 1500 OBM 


F-SEEmaacKOT 
FT-SE Evobadt 200 


141804 1420,40 1420.42 147704 141155 14007* 1409.72 140087 
143936 143934 143048 1*35” 143438 14Z&23 143932 14300* 


Jtm 8 


Job 7 


Jn S 


Jub3 


Jon 2 


FT-SE EnfiSK* 100 
FT-SE bxDtodt 200 
Bwtmoiwungt 


142074 1*0905 141461 140338 139000 

143426 142430 143330 1*17.13 140607 

HO . HSU4 SB ■ MQ90Z Mbv; HO - >4DUB 200 ■ lOUS 


a total of L20bn for setting up a 
rar - toi in the non-life insurance 
sector. 

Among those to be fined, 

Generali lost L732 or 1.6 per 
cent to L44.384, Ras dipped 
L588 or 2 per cent to L28.350, 
Fontttaria fell LL51 to 14,975, 
and Sai shed LI 12 to L23.42L 
News that Generali was with- 
drawing its offer for Groupe 
Victoire came too late to influ- 
ence trading. 

Montedison dipped L14 to 
Ll,466 in continuing heavy vol- 
ume of 32.9m shares on profit 
taking after the European 
Union's go-ahead for the plas- 
tics joint venture with S he l L 

Fiat dipped hack below 
L7.000, losing L83 to L6.922 
amid some disappointment at 
the absence of incentives to 
boost car sales in the govern- 
ment's economic package. 

AMSTERDAM drifted down, 
the AEX index finishing off 
1.24 at 405^26. 

Amev, the financial services 


group, which reported a first 
quarter rise in profits of 16 pm* 
cent, 20 cents to FI 77.30. 

NedHoyd was another of the 
day’s losers, down 30 cents at 
FI 67.50. The shipping group 
said that it expected further 
improvement in capacity on 
Ear Eastern routes. 

ZURICH was lower on 
futures related selling and with 
the market hesitant ahead of 
today’s US producer prices. 
The SMI Index fell 23.9 to 
2,777.2. 

Nestfe continued to be 
actively trading, but fell SFr5 
to SFr 1,194, unable to hold an 
to a high of SFrl.210. 

Sandoz registered, which 
attracted positive comment 
from analysts earlier in the 
week, managed a further SFr2 
rise to SFr720. SMH, under 
pressure since it said on Tues- 
day that it expected only mod- 
est profit growth this year, 
bounced SFrl4 higher to 
SFc8i5 as buyers returned at 


the lower price and the watch- 
maker attracted a recommen- 
dation from one bank. 

COPENHAGEN made an 
advance for the seventh con- 
secutive session although the 
KFX index was only slightly 
highPT at 103.97. Up 0.21. 

'Itele Danmark was the ses- 
sion's most active issue but the 
B shares closed unchanged at 
DKr320. 

The food and drinks sector 
advanced on hopes of recovery 
in the economy: Danisco rose 
DKr6 to DKrS60. 

WARSAW fell 5 per cent, 
through the psychologically 
important 10,000 point support 
level and to its lowest value 
this year. Concentrated specu- 
lative selling left the Wig index 
509 lower at 9,712.7 amid wor- 
ries that the slide would con- 
tinue in coming sessions. Los- 
ers led gains by 21 to one, with 
two issues unchanged. 

TEL AVIV climbed 3.9 per 
cent amid heavy demand from 
institutional buyers taking the 
market’s cumulative gain over 
the week to 55 per cent The 
Mishtanim index rose &96 to 
185.45. This week’s perfor- 
mance ramp after a month in 
which the market lost almost a 
quarter of its value. 

Written and edited by Wimam 
Cochrane, John Pitt and Michael 
Morgan 


Vienna rises 
ahead of 
referendum 

Speculation on the outcome of 
Sunday’s referendum on Join- 
ing the European Union took 
Austrian share prices up a far- 
ther 1.4 per cent yesterday for 
a two-day rise of 5.1 per cent, 
writes William Cochrane. 

The Vienna stock market’s 
ATX index ended 14L82 higher 
cm the day at 1.057.65 after 
aiming for a more spectacular 
gain, in which it recourted an 
Intraday high of 1,061.56. This 
followed a 3.6 per cent 
advance on Wednesday as 
speculators bought for a “yes” 
vote, and short-covering 
assumed panic proportions fol- 
lowing a key chart reversal. 

However, brokers were cau- 
tious about the upswing. Mr 
Frank Jonnschat at James 
Capel In London noted that the 
ATX hit a 1994 low of 1,011.38 
as recently as Monday, down 
by 17.3 per cent from its Feb- 
ruary 1 high for the year. 

Yesterday's gains, he said, 
were inclined more to wards 
the utility and construction 
stocks, which had been hit 
severely by the market's 
decline this year, rather than 
the highly cyclical shares that 
had outperformed. 

In this, said Mr Jonnschat; 
Investors were hedging their 
bets because they were cau- 
tious about the outcome of the 
referendum. . . 


Foreign demand sustains Nikkei at two-year high 


Tokyo 


Growing optimism pushed 
shar e prices up strongly for a 
third straight day in active 
trading, writes Robert Patton in 
Tbkyo. 

The Nikkei 225 average 
added 140.84 at 21,402.78, its 
highest close in more than 
two years. Although there 
was heavy profit-taking, for- 
eign investors joined some 
domestic institutions in a wave 
of buying. 

Volume was estimated at 
850m shares, sharply above 
Wednesday's 599.3m and the 
heaviest since the 950.8m that 
changed hands on February L 
Rises led falls by 721 to 303, 
with 162 issues unchanged. 

The capital-weighted Nikkei 
300 finished at 31L60, up L75, 
and the Topix index of all first 
section stocks gained 1L42 at 
1,709.16. In London the ISE/ 
Nikkei 50 index finned 4J21 to 
1,414m 

The market scraped bottom 
at 2L263A5 on the Nikkei 225 
in the first half-hour, but it 
had made the bulk of its gain 
by mid-morning; the afternoon 
session saw heavy trading 
across all sectors, with individ- 
ual investors appearing an the 
buy side, and the day’s peak of 
21.455.49 was reached shortly 
before the dose. 

Brokerage houses benefited 
from the return of activity that 
spells high commission 
income. The “Big Four” houses 
all gained ground. Nomura 
Securities advancing Y90 to 
Y1/W0, YamaiChi Y31 to Y990, 
NJkko Y4Q to Y 1,440 and Daiwa 
Y20 to Y1.840. Smaller firms 
also posted strong gains. Wako 
Securities added nearly 10 
per cent, moving up Y120 to 


Y1290, and Marusan Securities 
climbed Y80 to YL250. 

Shipbuilders rose in active 
trading. The volume leader, 
Mitsubishi Heavy Industries, 
moved up Y32 to Y819 in heavy 
foreign buying that pushed 
turnover to 405m shares. Mit- 
sui Engineering and Shipbuild- 
ing a d vanced Y13 to Y394. 

The second most active 
stock, Oki Electric, added to its 
previous strong gains, rising 
Y49 to Y789, a new high for the 
year, in volume of 29.6m 
shares. Other electricals were 
Tniitpfl- Toshiba put on Y27 at 
Y869 but Fujitsu fell Y20 to 
71,130. NTT climbed Y4.000 to 
Y886fl00. 

Analysts were generally 
encouraged by the renewed 
healthy activity in the market, 
but caution prevailed because 
of the unstable political situa- 
tion and tomorrow's release of 
the tanfcan, a quarterly index 
of business sentiment 

In Osaka the OSE average 
rose 178.01 to 2&53Q.64 in vol- 
ume of 62m shares. 


Hung Kai Properties HK$l-50 
to HKSS50.50- 

HSBC Holdings dropped 
HK51-50 to HE$85.50, a day 
after Merrill Lynch and SBC 
issued covered warrants on its 
shares and amid speculation 
that warrants were about to be 
issued cm shares in Hang Seng 
Bank and Hong Song Electric. 

TAIPEI tumbled 2.6 per cent 
on profit-taking, mainly by 
domestic investors. The 
weighted index shed 15620 to 
5.94238 in T$723bn turnover. 

The electronics sector was 
the worst affected, with Acer 
facing by the per- 

mitted 7 per cent limit to TOTD. 

SEOUL was mixed in moder- 
ate trading as selective gains 
were mostly offset by marginal 
losses in blue chips. The com- 


posite index ended 2.77 hither 
at 935.79 as the impact on the 
market of the North Korean 
nuclear issue appeared to be 
weakening. 

KUALA LUMPUR was 
spurred higher by an unex- 
pected flurry of late demand 
for blue chips, and the compos- 
ite index reversed early weak- 
ness to finish 12.41, or 13 per 
cent, ahead at 981.72. 

Tenaga moved forward 40 
cents to M$1330 and Telekom 
50 cents to MS19. Genting rose 
MSI to M$31 as the market 
revised the company's earn- 
ings forecasts upwards due to 
projections for better earnings 
from its power unit, Genting 
Sanyen. 

BOMBAY finished at a four- 
month high, the BSE 30-share 


Index adding 104.04, or 23 per- 
cent, at 4.137.70. It was the first 
timn that the index had topped 
4,100 since February 28, when 
TutHa announced its national 
budget 

The Index had since fallen, 
marking disappointment with 
the budget and in response to 
the ban on badla or carry for- 
ward trading. The current 
revival has been triggered by 
strong corporate results and 
the prospects of a normal mon- 
soon. 

SINGAPORE was helped 
higher in thin trading by some 
late foreign demand for blue 
chips which reversed earlier 
losses. The Straits Times 
Industrial index advanced 1639 
to 238234. 

MANILA fell as investors 


took profits ahead of forthcom- 
ing new Issues. The composite 
index shed 263 to 2,99035 in 
turnover of 9001m pesos. 

SYDNEY was discouraged by 
weaker bonds which dragged 
equities down later in the 
session. After a day’s high of 
2.0903. the All Ordinaries 
index ended a net 3.0 off at 
2,076.7. Turnover amounted to 

A$5l93m. 

Strength in commodity 
prices helped Western Muting 
rise 17 cents to AS8.12, addle 
M IM w as up 5 cents at A$3£L 

WELLINGTON shrugged off 
early weakness to finish. a 
thinly traded session higher cn 
rises in a number of major 
issues. The NZSE-40 capital 
index gained 932 at 242537 in 
turnover of NZ$33.7m. 


Roundup 


A mixed performance was seen 
in the Pacific Rttti 

HONG KONG declined 1.1 
per cent, under pressure from 
a late fall in fixtures prices and 
weakness in the property sec- 
tor as investors assessed the 
impact of government mea- 
sures to cool the overheated 
housing market 

The Hang Sens index closed 
100.54 lower at 9,190.64 as 
arbitrage trading was seen 
between the physical and the 
fixtures market 

Among property Issues. 
Cheung Kong dipped 75 cents 
to HKS37-50. Henderson Land 
HK$1 to HK$4035 and Sun 


Firm bullion price picks Johannesburg up from lows 


Equities picked up from the session's 
lows, helped by the firmer gold bullion 
price. 

Foreign investors were reported as 
remaining reluctant to enter the market 
ahead of the budget on June 22 and before 
farther clarification of economic policy. 

The overall index gained a net 3 at 
6386 and industrials 2 at 6393, while 
golds lost 15 on balance at 1,995. 


The mining sector was mixed - Gencor 
put on 20 cents at Rll.40 and Anglovaal 
slipped R5 to RL30. Lonrho relinquished 
10 cents to R930 In spite of higher first- 
half profits. 

De Beers shed 25 cents to RH435, while 
Anglos added R1 at R2323Q. 

Remgro bounced 25 cents to B28 follow- 
ing improved animal results, while Pre- 
mier finished 5 cents firmer at R630, 


also following better earnings for the 
year. 

Oryx, the developing gold mine which is 
finalising refinancing plans, shed 15 cents 
to R430. Loraine, the marginal gold mine, 
receded 25 cents to R16. 

The Argus, threatened by strike action, 
dropped R3 to B45 after a strong rise on 
Wednesday ahead of the Argos Newspa- 
pers division’s fisting on June 18. 


FT- ACTUARIES WORLD INDICES 


JcMty nxnpfed by The Financial limes LftL, Goldman, Sachs & Co. and NalWest Securities Lid. in conjunction with the Institute of Actuaries and the Faculty of Actuates 
NATIONAL AND 

WEDNESDAY JUNE 8 1094 • 


REGIONAL MARKETS 


TUESDAY JUME 7 IBM ■ 


•DOUAR INDEX - 


Figures hi parentheses 
Show nurabor ot (tows 

Of Block 

US 

Dollar 

mdeot 

Day's 

Change 

% 

Pound 

Storing 

index 

Yen 

Index 

DM 

Index 

Local 

Curency 

index 

Load 

M dig 
an day 

Cirms 

DSv. 

YtaM 

US 

Dofer 

Indax 

Pound 

Storing 

Index 

Yan 

Index 

Local 

DM Crerency 52 week 62 week 
Index Index Hgh Low i 

Year 

Austnria (09) 

17460 

02 

171.38 

114-55 

151.23 

15768 

06 

3-49 

173S4 

17123 

11524 

15088 

157.44 

189.15 

13019 

1322* 

Austria (17) 

173.73 

3.0 

17082 

114.24 

15062 

150.74 

62 

1.08 

10056 

16528 

112.14 

14662 

145.05 

18541 

14090 

14563 

Befgfewn (371 

16030 

in 

163j61 

10936 

144.38 

14095 

16 

3S1 

164SS 

16128 

10052 

14220 

13920 

17627 

14202 

143.17 

Canada (106) __ 

126.76 

-1.4 

126.68 

84.67 

111.78 

12853 

-1.1 

224 

13057 

128.46 

8625 

11363 

129.65 

14561 

12146 

12863 

Danmark (33) — 

251.00 

i.i 

248.95 

166.06 

217.80 

222.76 

in 

162 

248.16 

244.15 

165. OB 

21568 

22055 

276.79 

20726 

21562 

Hrtjnd (23) 

14-1-02 

0.1 

138-74 

02.73 

122.42 

18363 

-0.1 

OlBO 

14O0Q 

13822 

93.73 

12260 

163S8 

156.72 

8624 

8026 


167.17 

iji 

184.47 

109-33 

14S.12 

14022 

16 

3.02 

1B5S4 

10228 

110.11 

143.68 

14769 

18667 

148S0 

155.00 


136.46 

04 

13*26 

88.73 

118.48 

118.46 

OS 

1.74 

135.86 

133.67 

9038 

11722 

11722 

147.07 

10729 

11244 

Hong Kong (56). 

360.99 

03 

37423 

250.53 

330.75 

376.18 

0 A 

3.14 

379 SC 

37053 

252S5 

329,53 

376.72 

50628 

271.42 

29 625 

Ireland (14) 

163.01 

0.6 

18005 

12035 

15828 

17562 

OS 

3.48 

182.14 

17020 

121.16 

158.09 

17448 

20963 

15623 

164.74 

Italy (SO) 

80.03 

-0.1 

87.53 

KflKK 

7729 

107.63 

-0.1 

1.46 

89.16 

87.72 

5031 

7769 

107.77 

97.78 

5720 

6761 


163.70 

2.1 

181.08 

107.65 

142.11 

107.66 

06 

0.71 

18061 

157.72 

100.64 

139.14 

106.64 

16621 

124.54 

15346 

Malaysia (96) 44969 

-06 

442.13 

29062 

390.13 

44668 

-1.1 

1.80 

453.58 

44026 

301.73 

393.70 

45367 

62163 

31221 

34260 

Mexico (16) _ 

— 209022 

-12 

206235 

137044 

181174 

7082.44 

-IS 

i m 

213526 

210075 

142068 

185360 

7802.17 

2847.08 

1431.17 

1431.17 

Netheriand FB). 

107.99 

0.1 

104.79 

13020 

17168 

180.12 

0.1 

S62 

19720 

194.70 

131.84 

171.77 

168.89 

20743 

18462 

16721 

New Zeeland (14) 

69.49 

-02 

6636 

45.69 

6062 

62.47 

on 

3.83 

B921 

68.49 

4661 

0042 

6245 

7728 

4627 

4004 

Norway (33)^, 

185,78 

-0* 

182.75 

122.15 

15166 

18262 

-os 

161 

186.79 

1B3.77 

12466 

162.12 

18364 

20642 

150.61 

152.92 

S*x>?pare (44) 

— 340.18 

-as 

33429 

223.70 

29562 

24016 

-05 

1.77 

34120 

33868 

227.43 

296.76 

24147 

37863? 

24246 

26066 

South Africa (59) 

272.71 

1.8 

26030 

17033 

230.74 

284.32 

in 

220 

26861 

26327 

17848 

23228 

28161 

28066 

17093 

10441 

Spain (42) .. 

143.15 

0.8 

14033 

94.13 

12467 

14862 

0j8 

3.90 

14023 

13023 

94.61 

12345 

14762 

155.78 

11663 

12722 

Sweden (36) 

215.35 

04 

211.87 

141.81 

188.96 

253.16 

04 

1S8 

214-54 

211.07 

142.71 

18861 

282.18 

23165 

16365 

17821 

SMOeriand {47} 

— -161.48 

08 

isaas 

106.18 

140.17 

141.54 

07 

1.72 

18010 

15721 

10620 

13826 

14050 

17826 

124.48 

12769 

United Kingdom ROE) 

187.25 

1.1 

184.22 

123.13 

16356 

18422 

1.1 

407 

18539 

18260 

12326 

16023 

18260 

21468 

17062 

175.75 

USA (513).. , _ 

18051 

-03 

18050 

122.65 

181.91 

18051 

-0.3 

227 

187.02 

184.00 

12441 

16263 

18722 

I960* 

17B.B5 

181.71 


EUROPE (718). 

18561 

02 

16224 

108.71 

14361 

15522 

0.7 

229 

16428 

16143 

109.14 

142.41 

15447 

17828 

14128 

14422 

Norde(1i5) 

20462 

02 

201 62 

13449 

1772E 

20823 

04 

144 

20329 

30060 

13543 

178.71 

20740 

22020 

15522 

185.48 

Poetic Sarin (7E0) 

17162 

12 

16828 

112.66 

148.73 

117.14 

02 

ins 

16861 

16529 

11126 

148.09 

11860 

17162 

134.79 

15664 

Euro-Podfc (14CQ 

16826 

14 

16523 

11021 

14641 

132.71 

08 

124 

18869 

183.70 

11028 

144.42 

13128 

170.78 

141.98 

151.7B 

North America (675) 

1S263 

-06 

17028 

12069 

15620 

18221 

-06 

226 

16322 

18055 

12228 

15968 

18327 

192.73 

17527 

17869 

Europe EX. UK (S13) „ 

— 14928 

06 

14765 

9642 

12922 

13728 

ae 

268 

14821 

148.40 

9829 

129.18 

13822 

157.47 

12267 

125.72 

Racfflc Ex. Japan fffll) m 

247.46 

on 

243.47 

162.73 

21423 

•moa 

on 

227 

24726 

24327 

16428 

21428 

22261 

29861 

18268 

18921 

Wcsdd Ex. US (1651) 

168.76 

16 

16TJM 

11163 

14768 

138.00 

a7 

1.85 

187.85 

16424 

11122 

14521 

13564 

17221 

14224 

162.11 

wortd Ex. UK (1965 

— 173.03 

0.7 

17023 

11278 

15021 

14626 

06 

2.02 

171.86 

moe 

11462 

143.17 

148.13 

17528 

15362 

15828 


173.71 

a7 

17020 

11423 

15020 

15028 

06 

221 

17248 

169.71 

114.74 

149.72 

1S066 

17826 

155-00 

180.90 


18218 

ai 

17964 

11820 

158.15 

17625 

0.1 

228 

18220 

179.06 

121.07 

15727 

178.77 

19560 

185.72 

18763 

IhaWorid index (2170) _ 

— 17460 

a7 

17149 

11422 

1S161 

15128 

04 

221 

17327 

17067 

115.13 

18061 

16164 

17827 

165.17 

16162 




mflNtti semen Umeed 1907 


Second Notice of Genera! Meeting 


Meeting of Guaranteed Exchangeable 
Bonds due 2003 Square D. 

' The General Meeting of the Masse of the holders of the 2 per cent Guaranteed 
Exchangeable Bonds due 2003 of Square D Company, Invited by a first notice to 
attend the General Meeting on 31 st May 1994, having been unable to deliberate, the 
quorum being not present, the holders of such bonds are invited to attend the General 
Meeting to be held on 16th June 1994 at 9.00 ajn. at the office of the Compagnie 
Financiere de CIC et de lUnion Europeenne, 4, rue Gaillon, Paris 2® to consider the 
following agenda: 

• The report of the Board of Directors, 

• The approval, subject to the decision of the General Meeting of the shareholders of 
Schneider SA, of the authorization given to the Board of Directors of Schneider SA to: 

- issue shares of Schneider SA with or without warrants for a maximum nominal 
amount of FF 3 billion, 

- issue bonds, other tradeable securities or subordinated securities which are conver- 
tible into, exchangeable for or reimbursable with, shares, for a maximum nominal 
amount of FF 5 billion, 

- issue warrants representing subscription rights to an aggregate number of shares 
which can total no more than a nominal amount of FF 2 billion. 

In connection with any such issuance of Securities and shares, Schneider’s share- 
holders should renounce any preferential subscription rights. 

• The Schneider's shareholders should also renounce any preferential rights on the shares 
resulting from exercise of warrants, conversion, reimbursement and exchange of bonds and of 
any tradeable securities or subordinated securities. 

• The approval, subject to the decision of the General Meeting of the shareholders 
of Schneider SA, of the authorization given to the Board of Directors to approve 
the jssuance of shares in connection with the issuance, by companies in which 
Schneider SA holds, directly or indirectly a majority of the outstanding share capital, 
of warrants, bonds, other tradeable securities or subordinated securities which are 
convertible into, exchangeable for or reimbursable with, shares. In connection with 
any issuance of shares, Schneider’s shareholders should renounce any preferential 
subscription rights. Furthermore the issuance of any such shares is limited to an 

aggregate nominal capital increase of FF 3 billion. 

• Any other business. 

In order to attend or be represented at the meeting, holders of bonds must deposit, at 
least five clear days prior to the meeting at the head office, the certificate of deposit, 
issued by the bank, financial institution or stockbroker with whom the bonds are 
lodged. 

THE BOARD OF DIRECTORS 

GROUPE SCHNEIDER 





1 



FINANCIAL TIMES FRIDAY JUNE 10 1994 


RECRUITMENT 


dere nd, ' 

"* i.l 


Jobs: Proving that it is not only the Names who are suffering from the continuing fall-out at Lloyd’s 


ift. >!S: 

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,n,: ^rir.r^t 


T here he was,. a folly fledged 
pew _of the. realm; . moao- 
graraedcafninks, tortoise- 
shell spectacles, navy tie with pink 
spots, sitting behind a desk ia an 
oaiplacejneat ' centre looking for a 
jokr , . ' 1 

Bather like finding the Queen 
Motto: in LaSbroke’s, it just didn’t 
seem right that a paid up member 
of aristocracy should be reduced 
to the ranks of the tmemployed. 
;iord StrathakBond thought differ- ‘ 
enity- Out of a job at the R.W. 
Stage Syndicate in Lloyd's, he is 
unfegoing an outplacement course 
tailored to executives at KPMG 

Career Consultancy Services. 

Hfe is better off than, most ftnan- 
oafty , the wolf is still some way. 
bon the door. He has a network of 
old friends and . contacts that 
should, in theory, be able to provide 
a safety net of sorts. But Strathal- 
sumd is reluctant to rely on theold 
school fie. 

He' was managing director of the - 
members agency at «turge before it 
was reorganised in line with Lloyd’s 
recommendations for members to 

have , grater independence from 
their 'managing agents, something ’ 
whjch-Strgthalmona himself sup- ' 
ported .. ~ 7 . 

. Now, at ; the' age of 46, he has . 
found . himself for the first ttnia in ■ 


Peer pressure for jobs in the City 


his life standing back. and taking a 
long hard look at his future. The 
experience, he admits, is not free 
from fear or worry. But he is far 
from downhearted. “I have always 
believed that change Is the best sort 
of challenge,* he says. 

The outplacement was included 
as an optional part of his severance 
package. It gives him the use of an 
office and secretary and access to 
training sessions and techniques 
aimed at improving bis chances of 

finding awi plnyment 

As a qualified chartered accoun- 
tant. Strathalmond should not find 
opportunities wanting, but he is 
concerned to find the right kind of 
job and has set himself a nine- 
month target to find a suitable posi- 
tion. What this may be is not yet 
clear but he says he is seeking a job 
that wIQ best ntiWew his skills. 

*1 want some thing to which l can 
add value. I know that when it feels 
right I will be able to telL” 

Strathakxurad’s position demon- 
strates that .unemployment is no 
longer .the preserve of the unskilled 
or unqualified.. He is, however, 
obtaining the kind of hrip with job 
search not normally provided for 


the laid-off production worker. 

The executive programme at 
KPMG provides private offices and 
secretaries on a separate Door of the 
consultancy. The idea is to provide 
a more sophisticated outplacement 
service, partly to sooth the bruised 
pride of losing a top job, and partly 
in recognition that the shock of los- 
ing the trappings of position can 
often be as severe as that of losing 
file job itself. 

Other job-seeking managers and 
staff work in an open plan office 
environment where all have access 
to telephones, a research depart- 
ment and various ciay<w, gnWh as 
programmes on telephone tech- 
nique or negotiating skills. One 
obvious benefit of this arrangement 
is that all also have access to each 
other to share their experiences. 

One of the most striking impres- 
sions of outplacement is that it 
helps restore morale and gives peo- 
ple Hmg to think about their future 
careers. 

Roger Shipton, a consultancy 
partner, said: "Getting another job 
is not as difficult as same people 
suggest but it is critical that people 
take the time to assess what they 


particularly want to do. That way 
they are more likely to find the 
right job." 

Opting for change 

Worried about your executive share 
options? There is nothing to fear, 
according to a new survey which 
shows they are alive and kicking in 
spite of shareholder critic isms of 
executives cashing in on huge share 
price multiples that tended to flat- 
ter their individual performance 
record. 

There Is evidence that some com- 
panies are dithering about what 
scheme to offer next after the insti- 
tutional backlash last year that led 
the two big institutional bodies, the 
National Association of Pension 
Funds and the Association of Brit- 
ish Insurers,' to lay down criteria for 
performance conditions on the exer- 
cise of options. 

The vast majority of those renew- 
ing schemes, however, are now 
including performance conditions. 
An analysis of shareholder docu- 
ments issued since mid-July and the 
end of May found that 39 of the top 
350 UK-listed companies have asked 


shareholders to renew their 10 -year- 
old 

Only three of the companies said 
they were not imposing perfor- 
mance conditions on the options. 

Surprisingly ll companies asked 
for and obtained approvals from 
shareholders for unspecific schemes 
although the boards gave assur- 
ances that they would include con- 
ditions. 

New Bridge Consultants, which 
carried out the survey, ventured 
that most of these were probably 
waiting to see what other compa- 
nies were doing before committing 
themselves. 

Of the 25 companies which have 
stated their condition, most - 64 per 
cent of them - have chosen Earn- 
ings Per Share as a performance 
measure. .Some 16 per cent of the 
companies are using share price 
and 20 per cent have opted for the 
concept of total charphnlripr return 
(growth in share price plus divi- 
dends). 

The study also looked at the tar- 
gets chosen by companies and 
although the Information was 
unclear in 13 per cent of companies 
using EPS, the vast majority - 87 


per cent - are measuring its growth 
against the Retail Prices Index. 

Of those companies, 71 per cent 
use a formula of RPT plus 2 per cent 
per annum over a three-year period. 
Among them are Coats Viyella. 
Forte and Cadbury Schweppes. 

Companies using share price or 
total shareholder return measure 

a gains t various indicators. The 
most popular is one of the main FT 
indexes (45 per cent), used by Inch- 
cape, Tarmac and Guinness among 
Others. Of the rest. 11 per cent com- 
pare performance against a sector. 
U per rent against RP1 and 22 per 
cent against a mixture of an FT 
Index and RPL 

David Tankel New Bridge Street 
Consultants director, said: Tt may 
surprise some people that earnings 
per share has come top of the heap. 
A lot of people have been expecting 
other measures to take over but it 
is not dead yet." Information about 
the report can be obtained from the 
consultancy, tel 071 236 1086. 

For motivation 

A c omm ent that emerged time and 
again among veterans at the D-Day 


Commem orations was that "Wc felt 

we were doing something worth- 
while." 

Imagine if it were possible to rep- 
licate in peacetime the human effort 
and ingenuity arising out of neces- 
sity in wartime. Unfortunately too 
few managements today appear to 
consider motivation beyond differ- 
ent pay arrangements. 

A survey carried out by the MSF 
technical union among employees 
of insurance companies found that 
less than a sixth of them believed 
tha t their managements motivated 
them to perform well. 

Only 18 per cent thought their 
performance assessment system 
was fair and fewer still - 15 per 
cent - thought promotion was car- 
ried out fairly and three-quarters of 
them thought training was inade- 
quate. Only 21 per cent believed 
their company treated employees 
with respect, while only 1S.2 per 
cent considered that management 
information could be trusted. 

If this is reflected in other sectors 
it is perhaps understandable why 
the veterans remember not just 
those who died but tbeir achieve- 
ments with pride. There is little to 
match their endeavours today. 

Richard Donkin 


•u t.V.v 
1 • MAT* 


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Do you have a 



Then vou oniif] soon hr making an impact with 
one ofi.hr \v< u Id’s leading investment hanks 


City 

Swiss Bank Corporation is one of die leading international investment banks. At our 
London office, a key centre in a global network, a new career opportunity has been 
created for a Research Assistant/Trading Analyst to support the UK and European 
Equities Desk- 

Whflst tbe successful applicant is likely to have had some relevant experience 
within the banking environment, it is not essential The role will involve gathering, 
assimilating, interpreting and rfiMHTH'natwg information on up to 250 stocks across 
Europe,, and' giving a view to . traders who will act on your recommendations. 
Consequently, a proven grasp of the fundamentals of equity analysis coupled with 
confidence in your own abifoy eo make effective decisions are die qualities which will 
ctitmt^MeaS. A relevant degree such as economics would be an advantage. 

1 YStiCqtte'fa ' this fobf wiH be meanired by die positive impact you make on a SO 
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make a contribution from day one, we would like to hear from you. 

Please write, endpsing your cv, to Lyon Temple, Swiss Bank Corporation. 
Swiss Bank House, 1 High Timber Street, London EG4V SSB. 



Swiss Bank 
Corporation 


r 


services %m s seeking 
an experienced 
Settlement 
and Clearance s 
Manager to 
setve as techni- 
cal consultant to 
a stock exchange 
in Eastern Europe. 

Settlement and 
Clearance 
Specialist 



as part of a 


iont 
wo riel rv 

team of 

and professionals. 
Long-toon residence (up 
to one year) on the drenl 
country is expected, but 
periodic trips to the US 
for consultation with 
other specialists will be 
required over duration of 
assignment 

Interested and qualified 
camSdates, please send 
resume with salary 
requirementsto: 

Confidential Reply 
Service 
Attn: FT/BR 
8401 Corporate Drive 
Suite 415 

Landover, MD 20785 

v. EOE. J. 


INTERNATIONAL BANKING PROFESSIONAL 

TO MANAGE EUROPEAN PAYMENT & CLEARING SYSTEMS 

KENT BASE c.£50,000 + BENEFITS 


• Newly created management opportunity with 
Fidelity Investment, the world's largest private 
investment organisation, at their European 
Headquarters in Tbnbridge, Kent. Huge scope to 
influence a significant part of this exciting and 
forward-thinking business. 

• The dual challenge Is to lead the 20-strong 
international cash management and hanking 
transaction team whilst working closely with 
marketing colleagues advising on banking 
conventions and developing operational 
banking relationships throughout Europe. 


• Probably early to mid 30*s with substantial 
knowledge of European banking networks, 
together with an understanding of foreign 
exchange dealing and international settlements 
and claims. Exposure to progressive IT systems 
is important. 

• Professional and organised manager. Well 
developed people skills with high levels of drive 
and determination. Able to work in a 
pressurised environment to tight deadlines. 
Travel throughout Europe. Excellent career 
prospects. 


: apply ia writing quoting Ret 697 
wttb faD career sod salary denfis UK 
PM Matortdfe 
Whitehead Mwin n 1 Imh rH 
43 VBdbeek Stmt, loodon W1M 7HF 
TH: 071 6*7 8736 




We want the best 


Are you an analyst, journalise, corporate financier, fund m a nag er. lawyer, accountant or 
already in the financial public relations industry? If you are a dedicated, motivated 
professional with a flair for dealing with people, we want to hear from you. Our 
continuing growth means we have vacancies up to director level. 

. Cirigace Communications is one of the City's leading fin a n cial public relations 
consokandes and part of Cicigjite Group - a highly successful and broadly spread group of 

communications companies. 

Interested? Send your CV in confidence to Deborah Slater ac 

Ciligate Communications, 

26 Finsbury Square, London EC2A IDS 


Private Client 
Stockbrokers 

Albert E Sharp, one of the UK’s leading Private 
Client Stockbrokers, is continuing to expand its 
operations. Our total commitment to Private 
Client Fund Management is demonstrated by our 
position in the Midlands and the West Country 
and the feet that we now manage funds in excess 
of £2.5 billion. 

As pan of our development, we are seeking to 
recruit, particularly in London, where we have a 
small but highly motivated team. 

We would like to hear from experienced Private 
Client Stockbrokers who wish to work for an 
independent and successful firm. Ideal can- 
didates will have an established clientele capable 
of generating income in excess of £100,000, 

Please apply to Tom Roach, Human Resources 
Director. 


ALliERT 1. SHARI’ 


Moor House. Floor. 1 19 London WaJl, London EC2Y 5ET. 
Telephone; 071 -638 7275. 



FUND MANAGER - NORTH AFRICA 


Our diem, a hading investment organisation based in London seeks a fond manager to 
cover the North African region. 

The successful applicant will hold a business related degree and have at least three 
years analytical experience, including one year covering North Africa. 

The individual will have proven analytical and presentation skills and have 
written and co n d u cted specific country and company research in North Africa. 
Experience of covering other Middle Easieni/Aftican Emerging Markets would 
also be an advantage. 

Applicants could either come from within the fond 
management or brokerage industries, and should have 
membership of an appropriate professional body. 

Experience of relevant computer packages is 
essential. 

The individual will have travelled extensively in the region 
and will have a sound cultural awareness and the ability to 
convene in at least one Mediterranean language. They will 
have the energy, enthusiasm and ambition to be 
comfortable working within a highly pressurised and 
performance - orientated environment. 

Please send your CV in complete confidence to: 


Adrian <Jc \ >. ri < . rvvn 
Fr.ioruinu "Market*. Search and Selection 
IV M.ooii> AV'.mie l.oiulon KC2V 5I>1 
\ frivSion «l iil'ilial Markets Recriiifnieiit Ltd 
Tel tl~ 1 M"l 4~44 l .t\07l t.-JO-ITl" 



Head of Commodity and 
Currency Options 


£90,000 base plus bonus 


Our. client, a. major market participant, has a 
requirement for an experienced high calibre OTC 
Options Specialist to assume responsibility for 
■ winning - its -Currency and Commodity Options 

businesses. 

The successful applicant must have price making 
’ e xp er i ence combined with excellent risk 
mandgnm^nr ami business development skills as 
•Tiejfehe will be required to co-ordinate and 



EXCHANGE 

appointments 



develop the in-house technical expertise and 
customer relationships in order to maximise 
pr ofitab ility and increase market share. 

The role would suit an innovative strategic 
thinker, currently running a successful Base or 
Precious Metal, Energy and/or Currency Opdoos 
operation - or an ambitious number two, looking 
to join an organisation which recognises and 
rewards achievement. 


Please call Trisb Collins to discuss the 
position tn more detail 
Telephone: 0719292383 
Fax: 071-929 2805 


4th Floor, No. 1 Royal Exchange Avenue, London EC3V 3LT. 



Property Finance 

An Opportunity to Capitalise on a Resurgent Market 


O he Industrial Bank of Japan, Limited Is 
one of the world's leading financial 
institutions with a UK property 
portfolio which is managed from our 
prestigious offices in the City. 

To assist the Group Head of Property 
Finance we are now seeking to appoint a 
professional property finance specialist who either is 
of graduate level (preferably LLB), or a part 
qualified solicitor and who would like a change of 
direction. Either way you must have gained 
extensive experience in a relevant environment, 
probably in banking or as a treasurer with 
experience of property investment 
You will be responsible for the day to day 
administration and monitoring of the portfolio, 
installing systems and dealing with loan 
documentation, credit applications and 
presentations; assisting with the 
negotiation of loan structures and the 




analysis of property investment transactions. 
Working in contact with clients and other syndicate 
banks, you will also maintain dose liaison with our 
Tokyo Head Office. 

A knowledge of the property market, particularly 
commercial investment property is essential. Positive 
analytical capabilities with strong financial 
modelling and credit skills, plus a detailed 
knowledge of Lotus are also vital requirements. 

All of which must be combined with a natural talent 
for both verbal and written communication, endless 
patience and a good sense of humour. 

The rewards for this exceptional combination of 
abilities includes a first rate salary, the full range of 
banking benefits and excellent future prospects. 
Please write enclosing your full CV to: 

A. L Mendleson, Head of Personnel, 

The Industrial Bank of Japan, Limited, 

Bracken House, One Friday Street, 
London EC4M 9JA. 


/ 




physkal commodities commodity & financial futures foreign exchange options 


THE INDUSTRIAL BANK OF JAPAN 











FINANCIAL TIMES FRIDAY JUNE 10 1994 


Managing Director - Finance 

or 

Head of Risk Management 

Investment Bank 

£ 1 00,000 - £ 300,000 


Our diem is a respected and highly profitable bank based in the City with 
overseas offices. There is an immediate need to establish a new risk 
management function. Longer trim, a Managing Director a required to 
head all the bank’s support services: financial control, credit control, 
systems, treasury, compliance and audit. An exceptional candidate could 
succeed the bank’s Chief Executive in the medium term. 

Our dienr will makg a single appointment - hence the wide remuneration 
range and alternative job titles. 


Candidates may have a specific interest in establishing the risk 
management function or be ready to cake responsibility for all the banks 
infrastructure functions and have the ambition to be Chief Executive. 

Very high intellect, stature and excellent leadership and interpersonal 
skiHs are essentia] at whatever level the appointment is made. The right 
person w31 probably have a background in financial services, but not 
necessarily in hanking . An accountancy qualification would be a phn. 
Age is open, but probably b e tw e en 40 and 45. 


Applicants' names will nor be disclosed to our client or to anyone else without rbdr specific approval. 
Please apply to Junes Hervey-Bathnrst. 

NBS (Ref BN2I83), 54 Jerniyn Street, London SW1Y6LX 



LONDON 071 TO 6392 
Aberdeen 0224 638080 * Binnmgham 021 233 4654 
Bristol 0272 291142 s Edinburgh 031 2202400 
Glasgow 041 204 4334 * Leeds 0532 453830 
Manchester 0625 539953 • Soogfa 0753 M9227 






Mas 

\A 

m 

M\ 

SIS 


GLASGOW 


- .. 


Scottish Mutual, as part of an expanding bfue chip organisation with assets 
under management of around £60 billion is a highly, successful Life Assurance, 
Pensions and Investment Management Company. 

. -i *1".. 

To meet new demands we are., currently seeking to tetruit an additional 
Investment Marketing Manager Who will report to the Reqd'.-.qf Investment 
Marketing. This varied and cha&tnging role involves supporting#® Company's 
sales network, marketing to Independent Financial Advisers, writing! investment 
reports and presenting to Pension Scheme Trustees;-" .. 

Excellent marketing and presentation skills are required together with the 
ability to communicate fluently. Applicants should have 3-5 years' investment 
experience and be able toyitork with minimum superwion. 

The Company offers a competitive salary together withTlf^tncial service benefits. 


To apply for this position and to assist in meeting;', .selection process 
requirements, please sC&f a curriculum vitae stating you&&irrent salary and 
apply in writing for airaipplication form to Sheila Hogg^JJjersonnel Officer, 
Scottish Mutual Ass uran ce pic, 109 St. Vincent Street, GJffgow G2 5HN or 
telephone 041-275 2Z3t£9am to 5pm weekdays. v.>. 

To support a healthg$»Ork environment, Scottish Mutual haS’-tf 
no smoking pollc^. -' ^ I) - H3S 

In pursuing; policy of equality of I .K| S |f 

opportunity,- Scottish Mutual positively ~ _ 

welcomes applications from every |\/|-| -|-|-| 1 O I 

section of the community. 1YXLILLICU. 


PS n ** n & n «> MwW D 3 O C r+ 

tf JaF jJU os tf w v - Mmmw tfm tf ^ v 


BBC News & Current Affairs 

The ‘Today’ Programme 
News Programmes 

Senior Broadcast Journalist (Business Correspondent) 

Ai 6.45 am and SJJ0 am each weekday, Today provides business and economic news for one of 
Britain’s biggest morning audiences - including most of the nation’s opinion fomtera. We are now 
looking for someone to take on the preparation and presentation of this vital element of the 
programme. 

Applicants most have thorough knowledge of Industry, fin a n cial tnsdtrtkins, and employment 
issues. They must also be excellent broadcasters with the ability to make complex matters 
understandable to millions of listeners. The job is demanding since it involves a very earfy start to 
the day - and we are looking for someone who is keen to bring an innovative approach to the whole 
of Today's business coverage. 

These posts win be offered mi a fixed-term contract basis. Experience is likely to merit a total 
salary package up to £40,000 pa London based. 

For farther information please contact Rod Liddle or Andrew Hawken (Assistant Editors) 
cm 071-765 5566. 

For an application form send a postcard (quote ret 15559/K) by June 14th to BBC Recruitment 
Services, TO Box 7000, London W12 7ZY. Tel: 081-749 7000 Mfaricom 081-752 5151. 
Application forms to be returned by June 20th. 

Applications would be particularly welcome from suitably qualified or experienced 
womentoembes of ethnic minorities who are currently under-represented at this level in NCA. 

WORKING FOR EQUALITY OF OPPORTUNlTt ' 


BRITISH RAIL PENSION TRUSTEE 
COMPANY LTD 

Pensions Policy 
Director 

ATTRACTIVE SALARY AND BENEFITS CITY 

The Railways Pension Scheme Trustee is responsible 
for the investment and administration of one of the 
largest funds in the UK with assets currently in excess 
of £9 billion. 

The new position of Pensions Polity Director is a high 
profile demanding post in an industry facing significant 
structural changes. The post is one of four executive 
directorships reporting to the Chief Executive. The 
appointee’s key responsibilities will tndude:- 

• advising the trustees on scheme changes; 

• developing and formulating pension polities; 

• providing technical advice and liaising with 
the scheme actuary; 

• communication of pension policies to local 
pension committees and the scheme 
membership; and 

• preparation of business development strategies. 

The successful candidate will have significant 
experience of the pensions industry at a senior level 
and will probably be a qualified actuary. Excellent 
interpersonal skill* a strong commercial awareness and 
a high level of self-motivation are desirable qualities. 

Interested candidates should write to or phone David 
Adams, Chief Executive, British Rail Pension Trustee 
Company Limited, Birchin Court, 20 Birchin Lane, 
London EC3V 9AX (Tel. 071 929 2301). A CV should 
be enclosed upon receipt of which an Information 
Pack containing more information on 
the position will be provided. ^ 

Applications should be received by the li 

dosing date on 22 June 1994. mwnwwriwu 




An equal opportunities employer 



PORTFOLIO MANAGER 
EQUITIES 
(FAR EAST) 

We have earned our investment reputation for excellence and leadership from an ongoing 
co mmi t m ent to a fundamental value approach to security analysis. Our principal business is the 
management of investment portfolios on behalf of clients, while maintaining our own portfolio of 
quoted and unquoted securities. Total assets under management currently exceed S3 billion (Cdn.). 

We are looking for a Far East equities portfolio specialist who brings his/her experience and 
knowledge to our professional and focused group. The new member of the team must be able to 
operate in a collegial environment, bringing added value of Far East market knowledge, contacts 
and experience. We use a top down approach for asset and country selection and bottom up for 
stock selection. 

Your undergraduate, post-graduate and CFA designations are complemented by a demonstrated 
track record of 5+ years of portfolio management in this region. You will need to speak English, 
with excellent presentation skills and a readiness to relocate to Toronto (Canada). 

Please send your resume to the attention of Ms. Stella Wong, Smith, Lyons, Torrance, Stevenson 
and Mayer, Suite 3104-3106, 31st Floor, Central PU 2 a, IS Harbour Road, Hong Kong in complete 
confidence. Only those considered will be contacted and interviewed in Hong Kong. We regret, no 
telephone calls, please. 


Lntky Baillie Dowsett Petki 


— * = - * CO. EZHITEO • 

AtM a afjhrXmmMaananM 


Ki^vl ;i*Kl iJw f.V< W# * y ;T»J a 5WJ (•KfAfri 


Lathy BaOlie Dowsett Pethick &Co- Limited, a leading intermediary in the 
international bond markets with offices in London and Boston, h seeking 
experienced professionals for farther product devetopment sad distribution. 

Suitable applicants will have: 

* Substantial experience of dotribrnkm or trading. 

■ Relationships developed by taking a long term view of client 
objectives. 

* A creative and analytical mind with tbe ability to formula le and 
present financial pn vfrirtg ami d niregi eg, 

Tbe firm can offer the following to successful applicants: 

* The opportunity to work with a small group of experienced 
professionals. 

* a stimulating, open and DQg-bnreaociatic working enviro nm ent. 

* A commitment to allocate time and resources for research and 
development. 

* A competitive compensation package related to overall profitability 
and an opportunity for an equity stake in the firm. 

Written replies in confidence to Sheldon Prentice. 

99 GRESHAM STREET LONDON EC2P 2BR 



COMPANIES WRITER 

We require two Investment analysts/rinanclal Journalists for our 
companies and smaller companies sections. The jobs ere Interesting and 
nrapons&fe, analysing the performance Of quoted companies end giving 
an Informed comment on the shares. Each companies writer has his/her 
own sectors but Is expected to work as a member of the team. The 
smaller companies writer needs to have tee Investment know-how to 
generate his/her own share tips. 

Candidates need to be able to Interpret a company's financial 
perform a nce, assess its likely Impact or tea share price and put this into 
dear, concise and entertaining language while meeting demanding 
deadlines. 

Haase sand Of vMi handwritten letter to Cert Janes, 

Tbe Ecfibor, bmxtora Chronicle 
Graystofce Pisco, Fatter Lane, London EC4A 1ND 


INVESTMENT MANAGEMENT 
ECONOMIST 


Otffdieriisimmdependerdmng*m^ 

in recent years. 

It wishes to recruit an Economist to be responsible for global ecawmic 

. . . . . • I _a 1U«1 i4«Tna1/*trtrrv>nh« in SUDDGTt Of 


the asset allocation, process. 

The successful candidate, aged late 20s/early 30s, must have a sound 
economic background and a minimum of 5 years' experience as an 

Eamomist CH- Strategist in a financial environment The person will be 

expected to make a significant contribution to investment strategy as a 
mother of toe mvestmeirt team ai^ha^ the ability to work independently. 
The candidate should have excellent report writing skills and be able to 
convey ideas articulately. 

This is a key appointment and an attractive salary and generous bonus and 
benefits package is available. 

Please apply in writing, with your co, to Martin Symon at the address below. 

Jonathan Wren & Co. Limited. Financial Recruitment Consultants 
No. 1 New Street; London EC2M 4TP Tel: 071-623 1266 Fax: 071-626 5259 


W REN 


CROSBY SECURITIES 

CHALLENGING CAREER IN 
THE ASIAN EMERGING MARKETS 
INVESTMENT FIELD 

You are in your late 20s or early 30s. You are currently 
enjoying a successful career in commerce in a fast moving 
environment in the financial centres of London or New York. 

You are looking for a challenging career with an international 
dimension with substantially better rewards than you are 
currently enjoying. 

You have demonstrated outstanding education achievement 
and can assimilate and analyse large quantities of financial 
and macro economic information. You have a strong 
entrepreneurial flair and a demonstrable record of success. 

This will be a key position within Crosby Securities who is*, 
leading international stockbroker covering the Asian markets 
and servicing large institutions who invest in the region. After 
extensive training you will return to London to provide 
investment advice at a senior level to some of Europe's 
leading investment institutions. 

Please send JuU CV/ resume stating salary to: 


Annie Armandias 
Crosby Securities (UK) Limited 
3rd Floor, 95 Aldwych 
London WC2B 4JF 


Hannah Podob 
Crosby Securities, Inc. 
650 Fifth Avenue 
New York, NY 10019 



Hong Kong, London, New York, Tokyo, Singapore, Bangkok, Koala Lumpur, Beijing, Shanghai, Shezbea, Jakarta, 

Bombay, Karachi, Colombo, Manila 



Hill Samuel 

Investment Management Group 

Training Manager 

We are a fast-growing integrated group of five retail and institutional invest- 
ment businesses managing multi-billion pound funds around the world. We 
are now looking for a dynamic young training professional who will aug- 
ment and complement a committed HR function. 

This is a new role, reporting to the Director of Personnel, responsible for 
the development of a programme of training initiatives and courses to help 
fulfil the Group’s objectives. The primary purpose is to add value to the 
business through co-ordination of the skills training and development of 
some 400 people. You will manage in-house and external provision for 
many facets, including professional training of Fund Managers, and will 
personally conduct in-house courses where appropriate. 

Salary and benefits package negotiable to £35,000. Moving into superb new 
offices near St. Paul’s. A rewarding assignment offering considerable scope 
to the ambitious. 

Please send a full CV including current salary, in confidence, to John 
Miller,. Director o« Personnel, Hill Samuel Investment Management ' 
Group, 45 Beech Street, London EC2P 2LX. Telephone: 071-638 1774 Fax: 
071-638 3840. 

HSIMG - Investing in equality of opportunity. 

A member of the TSB Group. 













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FIKANCIAL TtMES FRIDAY JUNE 10 1994 



Nomura Bank International pic 



Nomara Bank is pari of the Nomura Group which is one 
of the Worlds major financial institutions. Nomura in 
London is the centre of a European operation providing 
a comprehensive and growing range of Corporate 
Banking and International. Treasury services to 
customers. The Banks chosen market is major Corporate 
and Institutional Groups throughout Europe. 

As part. of tfreBanks strategy for expanding our banking 
activities in London and Europe we now wish to 
strengthen our UK Marketing learn by recruiting an 
experienced banker who will be able to develop current 
- and riew relationships quickly. . 

Successful applicants will be Graduates preferably ACIB 
or ACT-qualified with a minimum of 5 years' experience 


Marketing Officer 


of marketing to major UK and/or European Corporates. 
Applicants with sound experience in marketing to non- 
bank Financial Institutions will also be considered. First 
class credit skills, a good track record of relationship 
development and a knowledge of Treasury related 
products are essential 


This is an excellent career opportunity as the Bank 
develops its new Banking strategy for the UK and 
Europe. 

Please write with a full CV including salary details to: 
Linda Cobbold, Manager. Personnel Nomura Bank 
International pJc Nomura House, I St Martins-Le- 
Grand, London ECIA 4NF? 




RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings, London Wall, London EC2M 5PP 
Tel; 071-538 3588 or 071-588 3576 
Fax No. 071-256 8501 


Youare In institutional equities sales or Asian fund management realise your full potential by using 
your transferable skills to sell Asian equities within Asia and other key locations worldwide. You will 
need to be free and willing to relocate to the appropriate location when and where required. 

SUB-CONTINENTAL EQUITIES SALES 



SPECIALIST BROKING FIRM BACKED BY A MAJOR EUROPEAN BANK 

SUB-CONTINENTAL EQUITIES 

NEW YORK/HONG KONG £40,000 - £70,000 + BONUS 

For both these appointments we invite applications from candidates who must have been In Equities Sates or 
Asian fund management for at least 2 years, the former selling successfully to institutional investors. An 
understanding of immature markets is crucial. You will report to the country Chief and be responsible for 
selling Sub-continental Equities for the Hong Kong based assignment to the Asian client base and in New York 
to the US client base. Essential qualities are to be highly seif motivated and results driven, initial base salaries 
are negotiable ^ the range £40,000 - £70,000 (this could be more in exceptional cases) + bonus + significant 
cash based benefits. 

Candidates wishing an initial discussion, please telephone 071 588 3588 during office hours or 
0206 210089 at other times or write in confidence quoting appropriate reference HK4977/FT or 
NY4978/FT to the Managing Director, CJA. 




SUB-CONTINENTAL EQUITIES 


LONDON £40,000 - £70,000 + BONUS 

For this assignment based in London, we are seeking similarly qualified candidates to the above to sell 
Sub-continental Equities to our clients within the UK and EEC. Here you will report to the Divisional Director. 
Ref; SEL25457/FT ' 


BOMBAY 


INDIAN EQUITIES 


£40,000 - £70,000 + BONUS 
+ LOCAL BENEFITS 


PAKISTANI EQUITIES 

KARACHI £40,000 -£70,000 + BONUS 

+ LOCAL BENEFITS 

Here we invite applications from similarly qualified Equity sales staff or Asian Fund Managers who, based in 
Bombay or Karachi, will sell respectively Indian or Pakistani Equities to International institutional clients. In 
Bombay the selected candidate will head Indian sales and in Karachi will combine this with some corporate 
work. Fluency in English is essential and local linguistic skiHs will be helpful but not essential. Ref: B25458/FT 
or RefcK2545Sft r r depending on location. 



KOREAN EQUITIES 

LONDON ’ £40,000 -£70,000 + BONUS 

Also for this same client we invite appBcations from candidates whose experience must include having sold 
Korean paper to a UK and EEC client base, and/or having been a Korean Fund Manager. Knowledge of the 
Korean language fe desirable. This is a London based job, at least for the first 2 years, and then the position 
cbukf relocate to the Korean office. Ref: KE2546Q/FT. 

For all of the above four CJRA appoint men ts we are particularly keen to hear from candidates in strict 
confidence by telephone on 071 638 4884, or alternatively written applications quoting the relevant 
reference number will be forwarded to our client If there are any companies to whom you do not wish 
your application to be sent, these should be fisted in a covering letter and the envelope marked for the 
attention of the Security Manager: CJRA 


in 


Head of New Issues 


Global Capital Markets 

To £80,000 + Full Banking Benefits City 

Outs tanding opportunity to build and lead full-service capital markets team. 


THE COMPANY 

♦ Major global banking group. Well established UK 
presence. 

♦ London based securities subsidiary renowned for 
capita] markets trading and product development. 

♦ Quality client base serviced through international 
network. 

THE POSITION 

♦ Develop new issues activity particularly in Europe, 

North America and For East 

♦ Establish and cultivate relationships with major banks 
and financial institutions. 

Please send full cv, stating salary, ref CN2292, to NBS, 54 jermyn Street, London SW1Y 6 LX 


LONDON 071 493 fcJ92 
Aberdeen 0224 S3 SOSO • Birminplnm 021 233 4656 
Bristol 0272 291 142 • Edinburgh 031 220 2400 
Gbspjw Ml 204 43J4 * Leeds 0532 453S30 
Manchester 0625 53W»J • Slough 0753 819227 



♦ I .cad marketing and syndications activity in debt and 
equity products. Drive major expansion. 

QUALIFICATIONS 

♦ Experienced new issues and syndications professional 
with leading investment house. Wide knowledge of 
capital markets products. Probably aged 28-35. 

♦ Excellent client handling skills and ability to inspire 
small team. 

♦ First class communicator. Committed, motivated, 
ambitious, with proven selling skills. 


Eastern Europe is full of growth 

potential. 



We seek capital markets specialists 
who can make it happen. 


Integrated investment banking 

ABN AMRO Bank has integrated its investment 
banking s k ills and maintains a large team of in vestment 
analysts to ofler clients complete solutions. Our consistent 
philosophy is to favour long-term relationships over one- 
off deals. 

ABN AMRO’s specialists have over 50 dealing rooms 
at their disposal - including the largest integrated dealing room 
on the European continent. 

Committed to Central and Eastern Europe 

We can claim a leading position in Central and Eastern 
Europe. Ar the moment we have full-service offices in Prague, 
Budapest, Warsaw, and Moscow, and representative offices in 
Kiev, Almaty, and St. Petersburg. Recently we established an 
advisory agency in Sofia. 

Further expansion plans as part of our steady and solid 
international expansion are well advanced. 


professional who is willing to accept die challenging position 
of a senior capital markets specialist. 

Capital markets specialist profile 

The person we are seeking must share our commitment 
to Central and Eastern Europe and have proven knowledge of 
the capital market in this area. A detailed knowledge of and 
experience in origination of both equity and fixed income 
transactions in domestic and foreign currencies is essential and 
knowledge of other parts of the value chain is also expected. 

The successful candidate will probably speak several 
languages, including either Polish, Hungarian, or Czech. 
Although the position is based in Amsterdam, considerable 
travel in the region will be essential 

Something for you? 

Then speak to the bank. You can obtain more 
information about this challenging position from A.H. 
Rikkers, telephone (31-20) 628 39 96. 




Monitoring 

‘Supervision of Derivatives 9 


This Department, within the Securities and investments 
Baud (SIB), is responsible for supervising UFFE, OMLX, 
LME, I PE- LCE ;uul the London Clearing 1 louse. 

These are all “Recognised Bodies” (KBs) under the 
Financial Services Act. 

.The Head of Department wishes to appoint individuals at 
both a senior and junior level for roles which will include: 

• Undertaking monitoring projects involving feet finding 
" enquiries. 

■ Producing reports fix external and internal consumption. 

• Promoting relationships with staff at the RBs which will 
. ’ 'lead to the open exchan^ of information, views, 

regulatory ideas and suggestions. 

• Reviewing follow-up action. 

At the senior level, the successful applicant will organise/ 
supervise the work of the monitoring team, including 
training in monitoring merffok, supervising and reviewing 
work done 3"^ documentation prepared arid assessing 
performance. The junior appointee will provide advice and 
■ support to senior staff and will assbt in supervision 

‘policy work. 


Applicants for both roles should Ideally be educated to a 
degree standard and have a "working knowledge of the 
derivatives markets, including participants, business 
conducted and products traded. 

In addition to this, senior applicants should be familiar with 
the philosophy and practice of regulation in the derivatives 
and capital markets arenas, including the RB rule books ns 
well as the wider regulatory environment. Management 
skills arc essential. 

All applicants should have die ability to gather information 
efficiently from interviews and documentary review, and be 
able to analyse regulatory philosophies, systems, 
arrangements and procedures, presenting the information 
concisely clearly and Accurately in both oral and written form. 

Obvious personal qualities include tact, discretion 
and diplomacy. 

Interested applicants should in the first instance, contact 
Anna Williams for an information pack quoting reference 
191796 ar Michael Page City, Plage House, 

39-41 Parker Street, London, WC285LH. 

Closing dare: 24th June 1994. 


Michael Page City 

Inrcnwrfnml Rccnimnwr Consalwus 
Lotulen Paris Amsterdam Di m cl Jorf S yd n ey 










Professional required to spearhead expansion 

To assist us in our ambition to strengthen even further 
oar position in Eastern Europe, we are looking for a proven 


CREATING THE STANDARD IN BANKING. 



ABN AMR0 Bank 


AM AMROBANCNV HAS BHMKfCS M AUMTY. BlDtfEST. PRAGUE. MOSCOW. StVHA. ST PfTtRSBURO. VJ8MA. WARSAW 
HEM DffKX. WOHGtlgtB ZZ rid? &S MCSTDEAAt fHF NCTHTH/WDS. rHfTWHEOt .TBSZBaJSi 


\ / 

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i L 

INVESTOR RELATIONS CONSULTANTS 

Frew Maanaster is an independent investor relations company with a high quality client base in the U.K 
and Europe. We are a strongly client focused firm and owing to further expansion we are looking for two 
professionals to join the team. 

The business already has an important bias towards fund management and ideally you will have proven 
experience in fund management or stock analysis /accountancy. You will be actively involved in developing 
relationships both with our existing client base and new clients, therefore written and verbal 
communication skills are vital together with a high degree of numeracy. PC skills, including knowledge of 
spreadsheets and databases are also required. Hie positions lend themselves to those who are self starters 
with ambition to further their careers. 

This is an exciting time to join the business as it continues to grow successfully. A generous remuneration 
package will be offered to the successful applicants. 

Please apply in confidence, in writing to Sonja Berriman, 

Frew Macmaster Ltd, 66 Queen Anne St London W1M 9FA. 

Freut Maanaster is a equal opportunity employer. 





FINANCIAL TIMES FRIDAY JUNE 10 IK* 





LV./J 


Technical Analyst 


Bring' a global perspeciix e to 
Equity Markets 


Swiss Bant Corporation is one of the leading international investment bants. The feet 
that Technical Analysis enjoys a high and growing profile amongst traders and the sales 
function is reflected in the creation of this new specialist role with its focus on the 
European Equity Market. 

Taking a medium to long-term view of the market, you will typically provide 
forecasts on between 100 and 300 stocks - ranging from the FTSE 100 to the broad 
spread of pan-European srocks. 

Ours is a young, progres si ve and change-oriented culture where personal and 
professional authority count for a great deal. The ability to establish total credibility 
with your peers is therefore of paramount importance. You will need to be able to 
deliver measurable results via both verbal and written communications -gathering and 
ratio nal tang information and providing reports that are both comprehensive and 
comprehendible to clients and senior managers alike. 

Your five plus years’ experience of Technical Analysis must include at least one 
year in Equities. It is also essential that you are familiar with the use of Elliot Wave 
Analysis techniques and their current application to the Equities market as well as, 
ideally, Cann. 

If you possess the energy, motivation and flexibility to succeed in an 
environment of healthy competitiveness, we would welcome your application. Please 
write, enclosing your CV, to Lynn Temple, Swiss Bank Corporation, Swiss Bank House, 
1 High Timber Street. London EG4V 3SB. 


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CAPS 


CAPS provides the UK's laigcst investment 
performance measurement service fur trustees 
and investment managers. 

CAPS operates independently and offers 
clients a clear view of their fund’s 
performance in a way which both experts 
' and non -experts find easy to understand. 

CAPS’ philosophy is commitment, honesty 
and integrity with the emphasis on accuracy. 

We are looking for people with performance 
measurement and/or investment experience 
to become pan of our expanding team of 
professionals based in Leeds. 

If you have worked in this market and can 
identify with our philosophy, we would like 
ro receive your CV. 

Please write, in the fuse instance, tin 

Gracey Richardson, Bank Chambers 
185 Wardour Street, London W1V 4BE 


CROSBY SECURITIES 

Crosby Securities is a leading stockbroker covering the Aslan markets and servicing large 
institutions who Invest in the region. Headquartered In Hong Kong and with another major 
operational centre in Singapore, the company also has research offices in China. Philippines, 
Thailand, Malaysia, Indonesia, Sri Lanka and Pakistan, as wen as institutional sales offices in 
London, New York and Tokyo. 

We are seeking to employ two experienced professional for our London office. 

Institutional Sales - Indian Sub Continent 

The sales person will be responsible far providing specialist advice and research to our clients and 
will be expected to secure new clients. Candidates must have experience of the Indian sub- 
container stoebmarkets. preferably from direct exposure, an established client base and excellent 
communication skills. 

International Sales/Trader - 
Pakistan, Bangladesh, Sri Lanka 

The sales person/ trader will be responsible for establis h i n g relationships with clients and will have 
a proven track record, preferably over.a number of years. in Pakistan, Bangladesh and Sri Lanka 
markets. The successful applicant will be able to undertake detailed research and provide 
professional advice to our existing client base. 

Please send foil C.V. /resume stating salary to: 

Annie Armandlas. 

Crosby Securities (UK) limited. 

3rd Floor. 95 Akiwych. London WC2B 4JF 



Hong Kong. London. New YoA, Tokyo, Singapore, Bangkok, Koala Lumpc 
Bombay, Kinds, Coknabo, Manila 


Shanghai, Sbczben, takacta« 



ASS/DIRECTOR M & A 

A graduata/ACA, aged 30-35 years, with 
extensive experience of company 
investigations, yeflow/ bfue books, technical 
skills etc, coupled with at least 4-5 years 
sourcing/executing M & A transactions covering 
middle corporates in the UK/European arena 
NEG ES 0 -E 60.000 + Benefits 

SWAPS ACCOUNTANT 

International bank seeks a graduate or ACA 
with experience of middle offloe/rtsk 
management and accounting etc, to run this 
busy SWAPS/Optiona trading area. 

TO £35,000 

LEASING UNDERWRITERS/ 
CREDIT ANALYST 

Several vacancies exist for leasing specialists 
with credit/risk underwriting skills, covering 
transactions in the £50k - £1 Million + range. 
Vacancies cover Junior, senior and manager 
levels, hence NEG £22-£40,000 


MANAGER BUSINESS 
DEVELOPMENT 
UK CORPORATE LENDING 

Our banking client seeks a high calibre 
graduate/ AC IB banter aged 28-34 years, 
with proven credit training, coupled with 
five years top level marketing/ 
negotiating ska Is covering all lencflng 

treasury products etc. 

£35-£40,000 + Benefits 

BANKING ANALYSTS 

(LENDING/STRUCTURED & 
CORPORATE FINANCE) 

Vacancies exist for graduates aged 27-30 
years, with specific risk/crecK analysis 
experience, covering UKAnternatkinal 
corporates. Products:- aO tending, structured 
finance, and In one instance some 
M & A Investigatory work. 

V. NEG £25440,000 


Please forward detailed CV* to BRIAN GOOCH 


|Ti^j OLD BROAD STREET BUREAU 65 London Wall. London EC2M 5TU 
Search & Selection Consultants Tel: 071-586 3991 Fax:071-588 9012 


Investment 
Analysts/Fund 
Managers 
Far East/Japan 

City Based/Excellent Package 
including Car 


Following the successful merger of the Allied 
Dunbar and Eagle Star investment teams. Threadneedlc 
Asset Management is now one of the largest L : K based 
investment management houses with approaching 
£30bn under management. 

The Far Eastern and Japanese teams manage 
Insurance, Unit Linked and Corporate Pension Funds 
of approximately £2.5bn. They- arc now looking for two 
people with degrees in economics or a similar numerate 
discipline to provide research back-up on either the 
Japanese or Far Eastern markets including the Indian 
Sub-Con tine n L 

Probably in their mid 20’s candidates must have a 
minimum of two years experience in investment analysis 
or fond management Previous Far Eastern experience 
is not essential; we are looking for fasL learners with a 
disciplined approach to analysis who can be effective 
team members. They will also be numerate, have 
initiative and excellent communications skills to ensure 
that information is presented clearly and concisely. 

In return we offer an attractive salary plus a benefits 
package including company car, interest-free season 
ticket loan, share option schemes, non-contributory 
pension, life assurance and health club membership. 
If you have these skills please send your CV to: 

Richard Fuller, Senior Homan Resources Officer, 
Threadneedlc Asset Manage m ent Ltd, 60 St Mary Axe, 
London EC3A8JQ. 

Thread needle Asset Management is committed to 
equal opportunities and welcomes applications from 
all sections of the community. 


=r Threadneedle 

Financial information is correct as at 31st December 1993. 


A CHALLENGING FUTURE WITH CEDEL 

Doe to the continued expansion of its business. Cede! is looking for 


.*• • ■ .-J i* ■ 


ADMINISTRATORS 


Cedel is a leading clearing house for international securities. /novating 
settlements and custtafy services for financial institutions througfuna the 
world. E sta b lished in 1970, Ctdefs Head Office and main operation 
centre is based in Luxembourg with regional offices in the key financial 
centres of the world. 

As a result of the growth of our business, we are expanding our 
Luxembourg based operation and tins is creating oppo rtun i t ies in our 
Equities Department. Based in Luxembourg, the successful candidates 
wilt be responsible for all areas of equity custody operation. 
Candidates should have worked in a Global Custody environment with 
experience of corporate actions and dividend payments. They should be 
m ulti li n g ual, fluency in English bring a prerequisite. They must be self 
motivated, team players with good orga nisati o n al and analytical ririlb and 
able to cope with pressure. As pan of a young and dynamic team, they 
will have *e opportunity to become actively involved in varied operational 
work in an international, challenging and rewarding environment 

Cedel offers an attractive compensation package and enticing career 
opportunities. A hand-written application including foil CV and a recent 
photograph should be sent to: 

Cedel 

ftrsoond/Huraan Resources Department 
67 Bd Grande-Docfaesse Charlotte 
L-133I Luxembourg 


om 

omom 

•o#o 


cedel 


EtalENT OFFOKTUNinES IN 




One of rhe leading providers of financial custody services to 
institutional investors. The Northern Trust Company administers 
some £317 billion In assets. Over recent years we have been 
consistently rated as one of the top global custodians. 

Quality performance results from the responsive and diem 
focused service provided by our high-profile Relationship 
Marugemenr ream. To meet expanding business volumes we are 
now recruiting skilled financial professionals. 

Relationship Manager 

Your role will involve the establishment and management of 
action plans to define diem expectations and review productivity 
and relationship profitability Your brief will be to maintain and 
improve upon a highly innovative and proactive service. 

Client Administrator 

You will be responsible for day to day contacts with dients. Your 
brief will be to work closely with the Relationship Manager to 
maintain and improve the service to dients. 

For both roles we require graduates with a wealth of securities or 
related financial sector experience. You should possess the drive, 
interpersonal flair and highly developed organisational skills to 
maximise our competitive advantage. Your rewards will reflect 
your ability and status. 

Please write with CV to: Nuala Hadden, Human Resources 
Department, The Northern Trust Company, 155 Bishopsgatc, 
London EC2M3XS. 



THE NORTHERN TRUST COMPANY 


ALLIED DUNBAR 

can offer outstanding careers to ambitions individuals interested in 
braiding a successful financial services business of their own. Well help to 
fund your business, provide foil training and national marketing support. 

To find out mote please write or telephone: Mike Crowe, Allied Dunbar 
Assurance, 29 Queen Anne's Gate, London SW1H 9BU. Tel 071 799 2252 


SCOTTISH WIDOWS 

PENSION FUND MARKETING 

Edinburgh 

Scottish Widow, lovo.tn.oot Maoogomwt 

faaveatsneot houe wttfc »»**ta undav man *^" n ***f «n 

Him • nwrkot loader In UK pomlon *»«*» 
mabttkmrn young profowlonal to Join R» pennon tond 
■ mto thgl tiaw based In EdHnfaergh. 

Ike ton* of to. redo will bo to **-*»*■**• 

UK In rotation to ffM £5000 mWlon *4*“*^“*^****!^^!^!^!^ scopo to 
cflanls and seeking to acquire now one*. Ihere will bo too*. Mope w 

contribute to marketing strategy. Prw ilirtloM *> **£**£? 
Intermodtorlos wffl imoibate « investment pMloeopfcy. Nod oethrtty 


CondMate* should bo Investment aware, pratoraMy "***2£*!£*^ 

the Investment Industry end Moody with oxptotanc. o^ 

fond marketplace. Candidates should also have a 

pis .ui.l all nn skills and Dave credibility to forge strong reletionsMpe 

Ml become the aarin Interface with clients. 

An attractive salary and benefits package, including relocation, will 
bn on offer to the successful candidate. 

Please write with CV tos 
WHBe FMayaon, Flntayson Wagner Black UrL, 

13 Alva Street, Edinburgh 0*2 4PH- Rax: 031rSW 7087. 



National 
Bank of 
Bahrain 



g— 1 a>JI 


We are a highly profitable, strongly capitalised and well managed regional Middle 
East bank based in Bahrain. Wfe have an excellent opportunity for a seasoned and 
accomplished Investment banker to tabs full responsibility for leading and directing 
our Treasury and Investment Management Group. This position requires amature. 
inde pend ent and resourceful type of individual with strong drive, managerial skills 
and technical knowledge who has both strategic vision and operational capabilities. 
An attractive expatriate financial package is offered for the right individual 

Head of Treasury and Investment 
Management Group 


This is an Assistant General Manager position reporting to the Bank’s Chief 
Operating Officer responsible for foe strategy, management and operational 
performance of foe Treasury and Investment Management Group. 

Major responslbflitie* : 

• Plan, implement and achieve the Group's financial and business objectives. 

• Manage and grow the business areas within foe Group namely Iteastny, Capital 
Markets and Investment Advisory 

• Develop incremental range of products and services that enhance earnings stream 
and institute comprehensive marketing programmes that increase clients' funds 
under management 

Position requirement. : 

• Graduate with at least 10 years' successful track record of managing treasury capital 
markets and funds management business in an international financial institution. 

• Thorough knowledge of and experience in derivative products and markets. 

• Confident, articulate communicator with excellent leadership skills. 

H you fed the above position is the right opportunity for you, send your personal 
and career details including telephone number to : The General Manager and Chief 
Executive Officer, National Bank of Bahrain, P O Bax 106, Manama, Bahrain. 
Fhx No. (+973) 213282. 


© BANK OF TOKYO 




Dflncldorf • Frankfurt • Hamburg 


M W \s. 


BANK OF TOKYO, the largest and 
oldest Japanese Bank in Germany, is 
looking for an ambitious specialist as 


to be responsible for the bank's Deutsche Mark 
trading-portfolio. 

The can ri i riatp, likely to be a native German speaker, 
should be in his/her mid 30's, possessing a 
good record of discretionary trading in fixed-income 
bonds over the last 3 years or longer. Ideally the 
appointee will be adept in Bunds, other German domestic 
bonds as well as Eurobonds and prepared to contribute to 
the overall business results of the group of some 12 traders 
and bond sales people. International expertise, e.g. in London, 
is an advantage. ^ 

The successfiil candidate will be awarded with an attractive 
remuneration package which includes a performance-related 
bonus. Please send your rgsumd and let's talk 
about details that will reflect the importance of the position within 
our organisation. 

BANK OF TOKYO (DEUTSCHLAND) AG 
Fred Kramer - TeL (0) 69 / 2576250 
WiesenhQttenstraBe 10, D-60022 Frankfort/Main, Germany 


NEW HALL 

Head of 
House 

Naw Hall inlands to aiacr a 
new Head of Houia to succeed 
Dr. Valerie Pearl who retires on 
30 September 1896. Applications 
and suggestions of suiabla persons 
should ba sent in confldance U-thc 
VfcoJ’rBgJdani Mew HsK. Cambridge 
C 83 OOF before 1 Saptamber IKM- 


Oracle & Settlements 
Experience 


SequelogK art currently looking for permanent & contract analyst 
programmers, designers & team leaden to workonihc development 
ota settlements system for their client - a City based bank. 

Oracle 7 Forms 3.0-4.0 Unix (Pro*C) 

S Sequelogic Ltd. Shand House, Shand 

Street, London SE l 2ES Tel: 071-403 4335 Fax: 071 403 5693 













V 



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FINANCIAL TIMES FRIDAY JUNE 10 1994 




t£i C£ 

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INVESTMENT BANKING 

Corporate Finance c.£3S, 000- £45, 000 

Are you looking for challenging and i ma gi n ative work? M&A, takeover bids and defences, restructuring, 
equity and dd)t issue are all dements of die work undertaken by our clients. 

Tliese top tier UK bouses are looking for recently qualified ACA’s/Lawyers preferably with exposure to 
corporate fi nance, plus an excellent academic record to date. 

Candidates must demonstrate initiative and commercial flair 

Project Finance £40,000-£60,000 + bonus 

This interna tional merc han t bank is a leading adviser to governments, project sponsors a"ri coordinators 
in all fields of project finance. 

Due to rapid growthit now seeks ambitious individuals to advise on the development and Frnarjr-e- of major 
new commercial projects in a number of different locations. 

Successful candidates should; 

* Have experience in the origination and execution ofa variety of transactions, including those relating to 
. the energy/water and infrastructure sectors. 

• Be dynamic self starters with strong business generation skills and a high degree of numeracy. 
Superb rewards and high levels of responsibility are available for the right people. 


CAPITAL MARKETS 


Capital Markets/Credit Risk Analyst £60,000 4- bonus 

An outstanding opportunity exists for an experienced credit risk analyst to join a newly created team within 
this American Investment Bank. 

The role will involve counterparty risk assessment across a broad range of financial institutions and 
corporates, combined with the provision of speedy resubs orientated response to requests from the trading 
desks! 

At least two years credit experience is required gained in either a rating agency or banking environment. A 
flexible and outgoing manner is of paramount importance. 

Quantitative Analysts - Capital Markets To £40,000 

Are you a highly mathematical, computer loving frngnn'gl modeller looking for a new challenge in the 
world of derivatives or structured finance? 

We are handling a number of specific opportunities within the banking community which could give you 
the career break you are looking for. 

For consideration you must have an impeccable academic record (PhD’s and actuarial qualifications 
particularly welcome) together with experience in, or a passion for, the financial markets. 

Rewards are superb. 


Please contact Richard Pocdey or Jamna Harper 
oaa 071-583 0073 (Day) or 071-585 0187 
(Evenings and Weekends). 


16-18 New Bridge Street, London EC4V 6AU. Fax: 071-353 3908. 

BADENOCH SXLARJK 

recruitment specialists 


Please contact ZoS Ide on 071-583 0073 (Day) 
or £81-749 6450 (Evenings and Weekends). 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings, London Wall, London EC2M 5PP 
Tel: 071-588 3583 or 071-583 3576 
Fax No. 071-256 8501 



Opportunity to manage institutional accounts, with significant promotion prospects 

FUND MANAGER - U.K. EQUITIES 

LONDON t £40,000 -£65,000 + BONUS 

RAPIDLY EXFANDINGEUND MANAGERS: SUBSIDIARY OF MAJOR INTERNATIONAL BANK 

We invite applications from candidates with a minimum of 7 years’ investment experience, 
ideally graduates with at least 3 years’ experience as a UK equities analyst producing primary 
research, before progressing to fund management. The successful candidate will work closely 
with the Chief; Investment Officer (non-smoker preferred) and must have weli-developed stock 
. selection. sidils. and written and verbal presentation skills of the highest order because there will 
;be immediate direct responsibility for a number of institutional accounts, initial remuneration 
£40,000-£65,000 + bonus, and full benefits package. Candidates wishing an initial 
discussion , plpase telephone 071 638 0680, or write in confidence, quoting reference 
FMUK4976/FT to the Managing Director, CJA. 


Senior Economist 


ERANCE 


EXECUTIVE SEARCH 
CONSULTANTS 

GERMANY 


UK 


Armstrong International is an Executive Search firm 
specialising in Investment Banking. We have an excellent 
client base and a reputation for high quality Executive Search 
amongst the European Inv estment Banking Community. 

Over' fifty per cent of our business is based on the Continent 
and our 1 international outlook; and understanding of the 
‘Financial Services -industry has meantthat we are expanding 
at a time when our competitors are contracting. 

Our success is attributable to the ability and dedication of our 
consultants and we are now seeking three additional 
consultants to cover the above country areas. Applications are 
invited from individnals who can . demonstrate, the following 
qualifications: 

• Education to degree standard from a well regarded 
university. 

.* Four years' experience in the Financial Services industry. 


* Fluency in at least two European languages. 

* Aged between 26 and 35. 

In addition, prospective consultants should be team oriented, 
creative, highly motivated and must have an extremely high 
. level of integrity. 

Please call or write to Joan Coster in strictest confidence at 
Armstrong International Limited, 1 Angel Court, London 
EC2R 7HJ. Tel: 071-606 0002 

Armstrong International Limited 



c. £45*000 + Benefits 

This cJienr is a leading specialist investment manager 
with an excellent portfolio of well established blue-chip 
clients. While small, it is undergoing considerable change 
as the result of growth. 

Reporting lo the Chief Executive, the incumbent will 
focus on generating a macro economic view on the G7 
countries. This view will primarily be from a monetary 
standpoint. It will be key to investment decisions and 
maximising performance. The role encompasses 
working closely with all client handling areas of the 
company, preparing weekly policy and annual fund 
reports, developing the research function and presenting 
views externally and internally. There is the opportunity 
for broader involvement and some overseas travel will 
be required. 

Candidates will be economics graduates in their 30s. 
With a team oriented, pragmatic approach, they must 
have an in-depth and balanced appreciation of bond 

THORNTON FAHEY 


Central London 

markets throughout the world. We expect «t fnv to ten 
year record of success advising on investment dec isions 
in a multi currency environment, ideally with a lop 
investment manager, stock broker or treasury (unction 
in industry. Strong interpersonal and .inalytic.il skills 
will be comhined with the ability to Loncisely present 
views, particularly to the media and through seminars. 

A monetarist approach and a well-developed sense ul 
responsibility coupled with the proven ability to provide 
clear-cut advice is essential. 

There is a bonus and first class benefits txil the package 
does not include a car. 

If you have the requisite experience, drive and ability, 
please reply in confidence by quoting Ref. bl b and 
sending your Resume to Michael Fahey at Thornton Fahey. 

1 Manson Place. London SW7 5LT. Tel. IJ7I 584 6028. 
Fax. 071 82J 7688. 


SEARCH AND SELECTION 



Godsell, Astley & Pearce 
[Derivative Products] Limited 

Bond Options Broker City 

Gotten. Asdey tk. Fearer (Derivative Products) Lid. a efiviskw of Exco pic, seeks to 
recrvril a senior member o f staff to develop its Bond Option desk in its r«»tn« office. 
SriinNr mMtwf ita m op popes; 

* a degree level odnc att O B and a mtmmuH of 5 years « p ot tend 
broking 

* a proven track record in die bond market 

* the ability to bring vidi then u csoHidied client base and die capability 
lo develop a magfrfft strategy for Ibis sector. 

A comprehensive ftmneraito package wiD bo rffaed for this high-profile position. 

Please send a full typed CV and cov erin g tetter ter Ref. CMB, Senior P er sonn el Officer. 
Exco international pic. Sherborne Boose. 119 Cannon Street, London EC4N SAX. 


NO AGENCIES 


EXC 


a 


G 


earbulk Holding limited, Bermuda is an international shipping 
company with a fleet of 43 open hatch vessels of about 
40,000 dwL Gearbulk (UK) Ltd., agent for the group, is based in 
Esher, Surrey and employs about 100 people. 


MANAGER - SHIP FINANCE 

Gearbulk (UK) Ltd. requires an experienced finance manager to join an existing 
team of three, responsible for evaluating investment projects, negotiating 
financing terms, project management, treasury functions and assisting in general 
corporate management You must be an energetic self-starter who can operate 
with a minimum of supervision, whilst maintaining a team mentality. 

The successful candidate will probably be aged 30-35, educated to degree level 
and have a background in ship finance from a bank or shipping company, or 
alternatively be able to demonstrate successful financial project management 
Computer literacy is essential. 

The company offers excellent working conditions, a competitive salary and 
benefits package plus real opportunity for career progression within a forward- 
looking and successful organisation. Non-smokers are preferred. 

If yon are interested please send your CV (which will be treated in the strictest 
confidence) to: Gearbulk (UK) Ltd., Milbourne House, Copsem Lane, Esher, 
Surrey KF10 9EP, for the attention of J A Hope. 



THESIS 

PRIVATE CLIENT FUND MANAGER 

CHICHESTER f neg 

An exceptional opportunity has arisen for a Private Client Fund Manager to join 
THESIS, the financial services arm (with over £100,000,000 under management) 
of leading South East law firm, THOMAS EGGAR VERRALL BOWLES 

The role calls for someone with an open, positive style who can operate within a 
well-established team which is responsible for the continuous development of 
private client investment management THESIS is at the vanguard nationally of 
this most dynamic area of Solicitor Investment Management 

The idea] candidate will be suitably qualified with a minimum of four years’ 
investment management experience, and will have strong inter-personal skills as 
well as the ability to work under pressure. 

Interested parties should apply for a job description and application form from: 
Jocelyn Threadgold, Personnel & Training Officer, 45 South Street Chichester, 
West Sussex, PO!9 IDS, or telephone 0243 786111. 



ASIM- 


ECONOMIC ANALYSIS 
AND MODELLING 

Consultant 


MMD ir.V^ 

focussed strategy consultancy 
which is rapidly expanding. 
We are building an excellent 
reputation for providing 
commercially effective advice 
grounded in business 
economics to senior 
managers. We have a blue- 
chip client base, developed 
through long-term customer 
relationships. Clients include 
private and public sector 
organisations, both UK and 
overseas. 

MMD is looking for a 
talented research professional 
with experience In 
econometric/ ma thema tical 
model building. Ideally this 
experience should be 
augmented by good all-round 


economic knowledge, 
preferably developed within 
a business environment. 
Candidates should have a 
good, relevant first degree 
with 3-5 years suitable 
experience or a Masters 
degree consolidated by 
further business experience. 

Please apply in writing, 
enclosing a full curriculum 
vitae, stating why you believe 
you are qualified for the 
position and how it fits into 
your career development, to 
Zoe Allen at the address 
below. 


GO 

m 


MMD 

2 Sekfonle Cten. 21 7-2 19 Sl John Siieri 
London EC1V4LY 


Marketing Manager 

for European property investment 
operation of major Merchant Bank. 

Applicants should be fluent in 
English and one other European 
language and have experience in 
marketing financial products to 
institutional investors. 

Apply in writing with CV to 
Box A2064, Financial Times, 

One Southwark bridge, 

London SE1 9HL 


Futures Researcher 

» A most prestigious American Securities House 
with, a highly regarded Research Product 
Department wishes to strengthen their 
w we rage in Interest Rate Futures. The ideal 
candidate must be a first class communicator 
and have strong analytical abilities. This is 
an exciting career opportunity for a highly 

-■ 'motivated candidate. 

Features and Op Uu m S ft t M ht S al es TVnron 

• A most respected American Securities House 
’with. ’a. very active global dient base is 
expanding its Futures and Options facilities. 

. .. .The Ideal candidate will ioui a team providing a 

• pm active sales sendee to institutional clients 

.A.’With advanced technical fundamental and 

: ’ economic analysis and . the -promotion of 
tediniral research. 


Governm ent 

BomT 

A leading International Bank with a highly 
respected trading reputation is expanding 
its Proprietary Trading Department. This 
position has excellent prospects for career 
growth and will be rewarded with a highly 
competitive remuneration package. The ideal 
candidate wilt have sound trading experience 
arid thrive in a pressurised environment. 

Sw ri pt MufaHa g 

One of the world's premier International 
Investment Banks which is committed to being 
number one in the swaps market require 
quality candidates to join their Swaps/ 
Marketing Department to enhance further 
global expansion. Must have a minimum of 
2 years experience in a Swaps environment. 


nxniuun icjouui. - ^ 

TWT^iBTg V POSa'nOgg SALARY Wttl NOT BE ABAKBgRPORIHECBOffiNCANDflMlti. 
Iteftmterfetofispl ' ' 



.GORDON BROWN & ASSOOAKS LTD RECRlfiTMENT CONSUUaWS 

5tti FlflflR, 2 LONDON WftLl BUtWCS, LflfflJQN EC2M 5PP. TEL 071-628 7601 BBL- 071-638 2738 


Saidc-n 0) lewn 


REPO BROKER 


Experienced Non Dollar Repo Broker required by active 
brokerage firm in the city. Remuneration highly negotiable. 

Reply in confidence direct by fax to 071 253 0518 or to 
BaxA2066, Financial Times, 

One Southwark Bridge, 

London SE19HL 


APPOINTMENTS WANTED 


•7 Ai>YEkliSIN(x 

appears ia foe UK edition evwy ’^Wednesday & ilnasby 1 
. , 4fl<jra the lifieriBriopel edition every 'Friday ;; 

^ . Foe fiiii&er information . 

• ‘jileasoaD: •- • ‘ . 

• • jeeesotf 47J 873 3779 ' 

v. .r . Aadrew.SaresB*! or, #71873 465*. *' \ 


MBA 

(30 Years Old) 

Seeks Position/ Opportunity 
Offering Challenge & 
Reward. 

• Strong Marketing (DipM) 
& Sales Backyound; 

• Excellent Presentation & 
Communication Skills: 

■ Extensive Commercial 
Experience; 

• Able to Locate World 
Wide. 

Please Tel/Fax: 0622 736 236 
or Write to Box A2065, 
Financial Times, 

One Southwark Bridge, 
London SE1 9HL 


GENERAL MANAGER 

• 29 yean old 

• Frew*. Eng&fc & German fluau 

• General Manager of a small Paris 
based publishing A consulting 
company 

• 1st das* Academic records 
indodiflg doctorate degree io 
businem strategy 

seeks challenging position where 

these assets can be fully utilised. 

Write to: Box A2060, 
Faunoal Times, 

One Sonthwart Bridge. 
London SE1 9KL 


Graduate (28) of the London School of 
Economics (M.Sc) and University of 
Oiicagc iALELAj seeks a 
position as an 

Executive Assistant 
to a Managing 
Director/Entrjcprenelir 

Holds British and Canadian passports 
and U.S. Green card. Will navel 
extensively and/nr relocate worldwide. 

Please write lo Box A2063, Fmandnl 
■fimes. One Southwark Bridge. 
London SE1 9HL 


ELECTRO-MECHANICAL 

ENGINEER 

30 yean old. with a 5 yew experience 
in die field, is looking Tor a tong-term 
job in Mai u in die Electronic 
and graphic aits. 

This job nay contain over 
50% of traveling. 

Please all or send letter to: 

Michel TAKACS 
Av. des Messages, 3 
B-14B0 CLABBC0, Belgium 
Tet 32 2 646 39 07 


TOP 5T> Gra d nee of the European Btfimcas 
School 94 (Oennan. 22 years, nukl 
seeks cara opportunity wifi 
CURRENCY. MONEY OR 
EQUITY TRADER 
jq London 

• German. Engli sh, ftendi flnea 

• Fluai ec major 

• Relevant wodexperroa: 

• Strong l ea der shi p and praen mioa 
skilk 

• Gmnmincd and imHtwns team player 
A Open tor active ualvoteae 


amrormnu 


ndyrwi 
IWfas 071 5862807 




ACCOUNTANCY COLUMN 

Irish institute plays the game at both ends 

Andrew Jack on the lessons to be learned from a professional body spanning either side of the border 


FINANCIAL TIMES FRIDAY JUNE 10 ISM 


Finance 

Director 


A mong the handful of Issues on 
which those on both sides of 
the Irish border see eye-to-eye 
is a holy trinity of rugby, the Catholic 
church and - most surprisingly - 
accountancy. 

like the sport and the religious 
hierarchy, the profession pre-dates 
partition In 1922. With barriers since 
going up to divide north from south 
on so many topics, there is a strong 
case for those from outside the region 
to pay a little more attention to its 
experiences. 

The Institute of Chartered Accoun- 
tants in Ireland, the largest body in 
the region, bears the highly unusual 
responsibility of representing the pro- 
fession in two countries. It is an 
arrangement that requires regular 
commuting, with offices in both Dub- 
lin and Belfast and the council rota- 
ting its meetings between the two 
cities. 

Ask Mr Joe Gannon, a partner in 
Gilroy Gannon, a practice based in 
Shgo and the newly appointed presi- 
dent of the institute, what distin- 
guishes it from its rivals in the UK, 
and he pauses briefly for thought 
Then a proud list begins of differences 
and precedents that have since trick- 
led across the Irish sea. 

Take training in industry, a pro- 
gramme designed to allow chartered 
accountants to train outside public 
practice. Begun in 1983. the scheme 
currently operates for more than SO 
students in an equivalent n umb er of 
companies and government bodies. 
The idea has since been copied much, 
more recently by the UK’s chartered 
accountancy institutes, where it still 
remains proportionately Ear smaller. 


Take, as a more recent example, 
finances, given that the institute man- 
aged to generate a surplus in its latest 
accounts to December 1993, compared 
with deficits at some of its leading 
competitor bodies. 

However, one of the most important 
and often over-looked contributions of 
tiie Institute was a small green docu- 
ment published in January 1992, 11 
months before the Cadbury report on 
the financial aspects of corporate gov- 
ernance captured the headlines when 
it was launched in London. 

The report by the commission of 
inquiry into the expectations of users 
of published financial statements - 
commonly known as the Ryan com- 
mission after its chairman - deserves 
a wider readership. Its remit was for 
wider than Cadbury, its recommenda- 
tions more radical and its work more 
prompt in response to criticisms of 
the quality of published financial 
information. 

The commission suggested that 
accounts should contain a statement 
of auditors' and directors’ responsibil- 
ities (something since introduced in 
the UK by the Auditing Practices 
Board) which would include commen- 
tary on the state of internal financial 
controls (a topic still under debate 
following similar recommendations in 
Cadbury). 

It called for the creation wherever 
possible of audit committees - ideally 
composed solely of non-executive 
directors - charged with overseeing 
financial reporting and internal con- 
trols, and (going further than Cad- 
bury) ensuring the external auditors 
act independently of managpmpnt 

The report called for full disclosure 


of directors' remuneration in the 
annual report, and for a detailed com- 
mentary in the chief executive’s 
review of trends, uncertainties and 
plans (now endorsed in the operating 
and financial review guidelines issued 
last year by the Accounting Stan- 
dards Board). 

One area in which it borrowed from 
the UK was the suggestion that 
Ireland should set up its own finan- 
cial Reporting Review Panel, in line 
with the equivalent watchdog of the 
accounts of public limited companies 
in the UK lids is still being pursued 
by a committee of the Irish govern- 
ment created to mmim revisions to 
company law. 

A disappointment of the insti- 
tute is the slow or neglected 
implementation of the Ryan 
Commission. The report recom- 
mended that the review panel publish 
a report on cases of companies whose 
accounting it investigated -(rather 
than the brief public statement 
on companies found guilty as in 
the UK). 

It called for the auditors to com- 
ment explicitly on the company’s sol- 
vency at the balance sheet date, and 
for publication or their report to the 
audit committee if the company col- 
lapsed within 12 months after 
the date of an unqualified audit 
report 

It also wanted preliminary and 
interim statements to be audited (a 
proposal being examined in the UK), 
and a reduction of the maximum 
gross fees payable to a firm from 
15 per cent to 5 per cent of 
total Income. None of these radical 


ideas has since been introduced. 

Perhaps an even more significant 
Irish invention now finding reso- 
nances in the UK has been “practice 
review”. 

While the UK bodies began to 
respond to the need for audit regula- 
tion following the 1989 Companies 
Act, the Irish opted to begin a volun- 
tary system of visiting all 1200 
accountancy practitioners every five 
years back in 1987. 

It drew on the experiences of the 
Ontario Institute's approach In Can- 
ada. Since then it used this approach, 
which has since also been more 
reflected by the Chartered Associa- 
tion of Certified Accountants than the 
Joint Monitoring Unit, which covers 
the chartered bodies. 

“Inspection is a had word,” says Mr 
Eugene MacMahoo, head of the unit 
of three staff. “We consider ourselves 
educational and supportive. Members 
voted ns in. This wasn’t supposed to 
be a crusade to nail people to the 
cross, but a road to Damascus.” 

Although the figures have not been 
made public, it is believed that some- 
thing Hki* one-third of practitioners 
initially required a follow-up visit 
after staff identified flaws in their 
auditing that needed improvement - 
most typically a failure to document 
partners' decisions. 

However, only six practitioners 
have been disciplined, and those firms 
requiring follow-up visits during the 
second round of inspections - now 
under way for two years - have 
roughly halved. 

It is a softly-softly approach that 
has been since endorsed in a recent 
report on UK audit regulation 


commissioned by the Department 
of Trade and Industry, and one 
which the Irish government has 
decided is well-suited to EU require- 
ments for monitoring of the profes- 
sion. 

Looking forward, one of the top 
issues on Mr Gannon's agenda during 
the coming year in office is the con- 
solidation of the profession, the most 
recent manifestation of which is the 1 
report of the working party chaired 
by Mr David Bishop of KPMG Peat 
Marwick, which earlier this year rec- 
ommended an amalgamation of the 
six leading bodies. 

“There is a perception that it is an 
battle fought cm Irish soil,” 
says Mr Roger Hussey, the chief exec- 
utive of the institute. “The last exam- 
ple of that was the battle of the Boyne 
and we don't want a repeat of that” 

In Ireland, by contrast, Mr Gannon 
says the debate is less heated and 
there is a mood in fovour of consolida- 
tion. “Bishop has given us the oppor- 
tunity to talk in a calm atmosphere,” 
he says. 

This harmony comes tn spite of the 
fact that the challenge should be 
greater, given not only the cross-bor- 
der issues but also the presence of an 
additional professional body. All are 
coordinated by an Irish equivalent of 
the UK’s consultative committee of 
accountancy bodies (which Mr Hussey 
was restrained from dubbing “xnini- 
CCAB”). 

Overall, it is too bad that there are' 
not more examples in the broader 
political sphere of the innovative 
thought and co-operation between the 
UK and Ireland as accountancy seems 
to have fostered. 


Designate 


Construction 


Midlands 


A well rawWhhed. highly rolled UK p* 

£l50m requires a person with outstanding managerial and 
financial skills- As a member of the main board, you -UI be 
expected to formulaic and maintain Dnanoal policy and make a 
significant contribution to the strategic management and 
profitable growth of die business 

This challenging and high profile role requires a quaUftcd 
accountant, ideally mid thirties to mid fort**, with eonstderible 
business acumen. Unessential you are a FTA with a muwmim of 
five years' experience operating at a senior level within a pk and 
have a proven record of successful negotiation* «nh hanks and 
financial institutions. Experience of acquisitions, metgera and 
disposals h also essential. 

To enable you to command the respect necessary to fulfil this role, 
you will need a dynamic, pro-active management style with 
excellent rata personal and comimmicAUon skids. 

High levels of eticigy and enthusiasm are abo required. 

An excellent benefits package is offered mcWmg romperitne salary 
and folly expensed car. Assistance with relocation will be offered 
where appropriate. 

To apply, please send your CV Including sslwy Indicator and 
quodsqi reference CT on tbe envelope byr SWi Junes Kath y Ward. 
Personnel Ad v ertis i ng Limited, SO Farringdon Street, London, 
EC4A4EA. 

We artmdbh: la accept tekphoueemparia 


t&snt advisor for samung in 
the first in Knur, hoan/er. 
plrase list any companies to 
which you mould not wish 
your tv to be sent 


PEIISOflflEL 
BDUERTlSUtG 
LfflUTED 


MANAGEMENT CONTROLLER 

Surrey To ^29,000 + Car 



Helena Rubinstein, a prestigious company within the L’Orfcal group. Is internationally renowned for Us 
exchulvc range o ("branded itkinrare and make-op products. »«pnnliig m tfm Bmmiwi «nil Aijimmi twAm 
Director, tins position re p res e nts a unique op port u nity for a young dynamic finance professional. 
Ptospects for an international career within the group are excellent. 


THE GROUP 

■ No. 1 cosmetics group employing over 30,000 people 
worldwide 

■ Excellent reputation for high quality technically 
advanced products 

■ Active in all market sectors and distribution channels 
with many leading brands 

■ Decentralised organisation; dynamic, e ntre p ren eurial 
business style 


THE PERSON 

■ Graduate ACA/C1MA/MBA with 1 + years PQE 

■ Age indicator 25-29 

■ International orientation: fluency in Bench essential 

■ Commercially astute, setf sorter 

■ Strategic capability, strong analytical and influencing drills 

■ Ability to succeed in a challenging environment 

■ FMCG / retail exposure preferable 


THE ROLE 

■ Management reporting at a local and international level 

■ Financial control 

■ Strategic analysis and business review 

■ Sales pla nning: daily liaison with Sales, Marketing and 
Distribution 

■ Stock control and ad mini st ra tion 

■ Direct contribution to operating performance and 
profitability 


For further information please contact our advising 
consultants SharmDa Sharon Parekh or David Howell at 
Executive Match: 071-872 5544 (eves. 081-363 0474) 
Fax: 071-753 2745, or write to them iC 


EXECUTIVE MATCH 

1 Northumberland Avenue, 
Trafalgar Square, 

Loudon, WC2N 5BW 

* 



L'OREAL 


APPOINTMENTS 

ADVERTISING 

appeals in the 
UK edition every 
Wednesday & Thursday 
‘and in the International 
edition every Friday 
For further 
information 
please call: 

Gareth Jones 
on 071 873 3779 

Andrew Skarzyaski 
on 0718734054 

PhilipW^fcy 
on 071 8733351 

Joanne Garrard 
on 071 873 4153 

*■ BijanO’NeiB 
on 071 873 4027 

Rachel Hicks ■ 
‘■on 07L873 4798 


Financial 

Controller 


South Bucks to £32000+Bonus 

Our dient a young dynamic North American based marketing company with its 
European Headquarters to the West of London, markets and distributes leisure 
and consumer based products. A significant proportion of the company's sales arc 
achieved within continental Europe, which is poised on the edge of further 
expansion and growth. 

An important aspect of the groups on-going development now requires the 
appointment of a Financial Controller who will report to and work closely with the 
UK Director of Finance and Operations. The position will take full control of and 
actively develop the accountancy function; that includes the preparation of 
monthly management and statutory accounts, the maintenance uf financial 
controls, review and analysts of the company’s financial position and the provision 
of further management data such as cash management, budgets and forecasts. 

This opportunity will appeal to a mature commercially minded accountant, aged 


to be a key player m decision makrogVitton blast xftovifrig CTvvironroettt. Being 
a lively self starter with good organisational skills, man management ability, 
a sense of humour and a pragmatic approach to problem solving will be 
distinctively advantageous. 

Please write enclosing full curriculum vitae quoting ref 625 to: 

Philip Cartwright FCMA, Riverbank House, Putney Bridge Approach, 
London SW63JD Teh 071 371 9191 

Cartwright Consulting 

FINANCIAL SELECTION & SEARCH 



Kaufmdnniscfie(r) 

Leiter(in) 

■ Chief Financial Officer • 

Warner Bros und seine deutschen G esc hafts partner investieren derzeit 360 
Millionen Mark in den Aufbau eines Freizeitparfcs.und Filmstudios in Bottrop bei 
Dusseldorf. in dem es slch urn deutsche und amerikanische Filme. Filmstars und 
Zeichentrickfiguren drehen wird. Die ErOffnung ist PQr April 1996 geplant und es 
wird erwartet. dap der Park einen '^hr lie hen Umsatz von ungefehr 150 Millionen 
Mark erzieien wird. Sein \forbild ist der du$erst erfolgreiche Warner Bros. Movie 
World Park an der Gold Coast in Australien, der sich sett seinem Eroffnungstag 
zum attraktivsten Ausflugszid In Australien entwickelt hat 

Der Chief Financial Officer, ‘der dlrekt an die Gesellschafter berichtet, wird 
eng mit dem General Manager zusammenarbeiten und fOr den gesamten 
Fmanzbereich dieses Projekts verantwortiich sein. Dies beinhaltet den Aufbau von 
Kontakten zu extemen Beratem und Banken; Uberwachung der Baukosten: 
EnfOhrung von Finanzbuchhaltungs-. Budget- und Managemendnfbrmations- 
systemen; Aufbau und FOhmng der Finanzabteilung; sowie Entwicklung und 
Uberwachung eines kaufmSnnischen Kontrollwesens. 

Sie suchen eine neue berufliche Herausforderung in der Ubemahme einer 
kaufmannischen Leitungsfunktroa Ihre einschlagigen Erfahrungen haben Sie nach 
einem betriebswirtsc ha ft lichen Studium idealerweise durch mehrjahrige Tfltigkeit 
bei international ausgerichteten Untemehmen oder bei WP- Gesellschaften 
erworben. Fahigketten im Aufbau eines komplexen kaufmannischen 
Berichtssystems sowie Kenntnisse des deutschen Steuerrechts werden ebenso 
vorausgesetzt wie verhandlungssichere Englischkenntnisse. Erfahrung im Bereich 
anglo-amerikanischer Berichterstattung 1st von \farteiL 

Vorslellungsgesprdcfie werden in Dusseldorf und London gefuhrl. 

IBDO 

Fur telefonlsche RGckfragen steht Ihnen Richard Holland geme unter 
der Tdefonnummer 00 44 7 1 489 6244 zur VferfOgung. Bitte senden Sie 
Ihre Bewerbung in Englisch mit Lebensiauf und Cehalcsvorstellung 
unter Angabe der Referenz 1731 an Richard Holland. 

BDO Consulting, 20 Old Bailey, GB-London EC4M 7BR 



OPERATIONAL REVIEW 

up to £35,000 + car 

A leading FMCG group of companies is now seeking two highly 
motivated individuals to strengthen their internal audit 
department. 

The job content will include financial, operational and systems 
reviews in all parts of the Group. 

An accounting qualification, although desirable, is not as 
important as the person having benefited from significant 
commercial/ operational exposure (particularly in production 
and inventory planning) and having the ability to add value to 
die business through operational review. 

Since there will be an element of overseas travel a major 
European language, especially German, is desirable. 

A competitive salary package of up to £35,000 pa plus fully 
expensed car is offered, together with an attractive range of 
benefits, including: non-contributory pension scheme, medical 
insurance and life assurance. The Group is an EquaL 
Opportunities Employer. 

Please reply with full C.V. in srrict confidence, quoting 
reference OR 235. Please list companies, who should nor 
receive your details. 




3! 


ihr 

i£QR(Z 

ADVERTISING 


li Garrick Street. Covent Gaiden. 

London WC2E 9AR 

Telephone: 071 -240 6822 Facsimile: 071 -240 6844 


FINANCIAL CONTROLLER 

Salary: £30,000 crrY and Islington 

COLLEGE 

TIN eofege is ana of tie tamest in Bn cautery «Sh a tumovar at £23 mflton. cunenBy 
inferring major dang*. 

Reporting directly to the Director of Hnancfi and Corporate Services you wfl be 
nwponsauo tor tn deAnry. mmowwant and quaky control at tn tel rengo of tebga 
8 mmM a«n<cM hdKxAng the budgattnfl pmsaa. 

Wq an wridftfl a atf motivated quoHflad accouitanl with a matharicri and practical 

ntnadi to problem acMng. 

Oaring data: SQOBISB 

For an Mbnraaon fade and appfeadtan tarn please contact Derek Gl on on 814 0370 «r 
0T1 «14 0289 or by anting to aty & Uqton OsMge. BunM How. London EC1Y8U) 
CrmOLMCTOfl COLLEtK M0 TO M AH Ea!ALOPTOrmMl«Sff>l_OYER 


The 

Top Opportunities 
Section 

appears every Wednesday. 
For advertising 

Information call: : 

Philip- Wrigley 071 873 3351 




New Islington & Hackney Housing Association ft 

New Islington is a leading Housing Association which ^ 

nuumges over 5 fXX) homes primarily m North E^Loridon. $ 

TREASURY MANAGER | 

c. £25,000 

We are now looking to recruit a Thaswy Manner to manage 
oar loan portfolio, liquidity requirement and assist tbe 
Finance Director in developing financial stratqpcs to support 
aarentand figure commitments. 

Applicants must demonstrate the following: 

• A relevant qualification (eg ACA, QCS, ACCA, IOB) 

• Two years post qualified relevant experience 

• Excellent negotiating and influen cing skills 

An understanding of tbe current financial pressures on 
Social Housing is highly desirable. 

Closing date: 10am 23rd Jane ($ 94 . 

Interview dates 1st July 1994. 

Aa appli cation form and further information eon be 
New Islington Sc Hackney 

Housing Association, 

Globe Rouse, 8 Curtain Rood, 

Loudon EC2A3NX 

Telephone 071 417 0443 jr^ 

Working Towards jf. 

Equal Opportunities ^,7“ 


GROUP FINANCIAL CONTROLLER 
Advertising & Design 


London W1 


Up to £35,000 


COtrmOLLEH tor French sutokWry Cf US 
corn. 3 yra enp. Degased. French 4 US 
acetfl. Conlraaorctiip In Industrial & 
knetnattanol onufemmm. Ftoqwnt HMl. 
CV to Recruiter, 1 5840 Ventura Btvd.. 
•838, Endna, CA84496 
FAX 81 8-061 -830B 


ATW is a growing advertising & design group of 3 companies, now 
taree years old, with an impressive list of blue chip clients. 

We need a determined, self motivated Financial Controller to 
develop the necessary accounting systems for the future, whilst 
maintaining existing monthly management accounts, cash 

management as well as all other accounting duties. 

You will need to have at least 3 years commercial/industrial 

For a wgenfaation. be 
ACCA or ACA qualified and aged between 28-44), 

This is a position for an ambitious person, wa afraid of bard work, 
Whojan tead from the front and report to the Group Chief 

Apply in first instance with fell CV. including present salary to: 

Mika Wbgard, Group Chief Executive, 

ATW Group, No 1 Wardonr Street, 

Load onwlV 3HE. FAX No: 071 494 2034 







VII 





“ll; 


H 


*n‘, 

,, . d 'hu , 

,'X 

Hi 4.. ** 

%; 

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■ •«!-!, “x 


..." iS 




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i -it- .... 


1 ' l'.. 
-•'• 'hr 


^ \«M><aS3S 

.. aj 

\CLH 


FINANCIAL TIMES FRIDAY JUNE 10 19$4 


Audit 


Major Financial Institution 

To £50,000 & Profit Share + Benefits City 

Superb opportunity to manag e group aud i t function in premier UK finsmoi^ services company. 
THE COMPANY 

♦ UK based international investment management 

group. 

♦ Market leaders in global equity investment for 
institutional and private diems. . 

♦ Well defined corporate philosophy, performance 

. dliVai Cllhore aod Strong marawwnwi^ worn 

THE POSITION 

♦ Responsible for small, weQ established audit function. 

Analyse managerial controls throughout the Group. 

CkfflyjJeDacn^not replace, external auditors. 

♦ Bnsufc rigorous audit procedures. Conduct special 
investigations for Chairman of Audit Committee and 
Group FD. 


♦ Emphasis on operational review and qualitative 
Key role in systems development. 

QUALIFICATIONS 

♦ Graduate ACA_ Big 6 trained, probably aged 2&-40. 
Experienced audit manager with min imum three years 
financial sendees experience. 

♦ Strang te chnical and communication skills. Analytical, 
working to highest professional standards. 

♦ Dynamic, rigorous, commercial. Quality driven, able 
to perform in environment of constant fl ^ Ti p 


Please send Ml cv, stating salary, ref CN2290, to NBS, 54 jermyn Street, London SWIY6LX 


| NB SELECTION ITn 


LONDON 071 493 6392 
Aberdeen 022 A 638080 ■ Birmingham 02 1 233-4656 
Brittol 0272 291 M2 • Ednaburgb 031 220 2400 
Qajgon/ 0A1 204 4334 » Lccdc (532 A53830 
Manchester 0625 539953 • Sough 0753 819227 




FINANCE DIRECTOR 


RAPIDLY GROWING RETAILER 

cAl 20,000 + BONUS + OPTIONS 


SOUTHERN ENGLAND 


• Fastest growing women's fashion retailer in the 
UK. Turnover exceeding £.100 milWnn from 

. approximately 200 stores, mfhvflng wmw atbroad. 
Flotation bein&artivelyc^^ 

• HnaiKX; Director wffl be die fourth niember of 
the executive boardwbich wdl steer the group 
through riite demanding phase in its'devdopment 
and oerwards. 

• Porition carries frill rr«yftn«rihnHy for managing 

the financial affairs of the gioup, including playing a 
leading rode la dealings with the financial 
community. Total finance staff number twenty. 


• Graduate qualified accountant, probably aged 
35+, with a proven record of successfully manag in g 
the finance function in a business which operates 


systems. 

• Service sector/fincg background likely. Exposure 
to the retailing industry would be a distinct 
advantage. 

• Personal qualities will include dear leadership 
skills, strong intellect and a practical approach. High 
levels of energy, enthusiasm and commitment win 
be essential. 


Plewp apply In treking quoting Kc£ 749 
with fiiB auccrind nitty detail* tw 
Stoat Tbonpioa 
Whitehead Selection limited 
45 VRfeedc Street, London WUI 7HF 
• - . • •; 1kk*n<ST97# 


Whitehead 

SELECTION 


% 


Group Financial Director 

Engineering Industry 


East Anglia * £40-45k + Bonus + Car 

A qualified accountant with experience in motivating and managfeg change wftLan a 
manufacturing s^^ is required by our client to fiulffl this newly created busiress 
management roln , 

With c| yvoridwide customer base and an ocpertfy engineered productrangq our dient sees 
ihedevdopnerttrfgnx^HA^busmessstandardsEaidstjal^ascentraltDasfuixBe 
success. The abffity to control day-today anxwnting activity across four subsidiaries^ whilst 
maintaining long term vision wffl be fundamental to fids nde 

Key accountabilities wffl include formulating effective and responsive shott, medium and 
topg term business plans; improving the quafity of management Infaroration; dewdb^^ 
consistent procedures for monthly and annual re por tin g across the subsidiaries; and 
apjrfyfog "right first timer quality standards to all accountancy activates. 

Acting as a manager of change; most ncaibly through rabtog the commercial awareness of 
nrav&iaticial pianagets; will require a significant level of petronal credMity, supported by an 
open, motivational management style 

M wTPPW 1 appBfawMt Arqiyi write widmliig a CV and salary details to ERAS, 105 
Denmark Street, Diss, Norfolk IP22 3LF, or telephone (0379) 6521 71 for an Application 

Form. Please quote Reference No R04/0694 


Financial Controller 


London 


c. £55,000 + bonus + share options 


Our dient is a major name in the financial services sector, part of a large, weU~respected Group, with 
annual revenues of over £400m. 

As Financial Controller you will report to the Finance Director and be responsible for managing and 
developing the financial control function of the Company. You will control a staff of around fifty 
organised under four managers for financial accounting, credit control, accounts planning and 
financial analysis. 

You will be a qualified accountant, with an impressive track record, preferably, but not necessarily, in 
the financial services sector. You will be keen to add value to the business and work proactively to 
support the operations. 

You will be in your early to mid 30 s, and have excellent management, presentation and communication 
skills, and wdl developed IT literacy. 

This is an exciting chance to join the Company at senior level with prospects of career 
progression within the Group. Please apply in confidence, giving details of your career 
and current salary, quoting reference 0222, to AAD Executive Selection, 7 Curzon 
Street, London W1Y 7FL. 


AAD 


The Executive Selection Diriskm ofOdgenand Co. Ltd 


FINANCE DIRECTOR 


CORE BUSINESS IN YOUNG, RAPIDLY GROWING PLC 
CHESHIRE cJ»50,000 + ATTRACTIVE BONUS 


• Superb opportunity in the UK operation of a young 
pic growing rapidly through acquisition. 

• Strong presence in the specialist industrial 
packaging sector with a reputation for rapid response 
and product quafity. Current turnover cJt45mfllion 
with substantial growth prospects. 

• Huge scope to upgrade and develop the finance 
function and to play a full role as a key member of the 
management twm during this challenging g ro wth 
(rinse and beyond. 

• Initial tasks will be to strengthen the finance 
function, by implementing rigorous financial systems 
and disciplines and providing strong financial 
leadership. 


• Business-driven, instinctively commercial qualified 
accountant, probably aged 30-40. Experience gained 
within a professional, progressive environment with 
strong control disciplines and high financial reporting 
standards. 

• Experience of nraniifecturing/productton 
environment essential, using state-of-the-art costing and 
control techniques. 

• Successful record of implementing and enhancing 
financial IT systems. 

9 Demanding role requiring strong leadership skills, 
absolute financial professionalism. Good grasp of detail 
but capable of adding value to strategic thinking. Tough 
and resilient. 


Please apply In writing quoting Reft 748 
with fag career sod salary deans me 
PUBatnbrMge 
Wtakebcad Selection limited 
43 Wcflxx* Street, London W1M7HF 
Tbfc 071 637 8736 



FINANCIAL 

ACCOUNTING 

MANAGER 

Central London 

circa £36,000 
+ Car + Bonus 


MEBAS 


T f l f T f T T ft * f I fl f T 


0 


Our client is a high profile quoted financial services 
group. The Group's activities include managing 
investment portfolios of approximately £1 billion and 
joint venture operations with overseas investment banks. 
In addition it has recently acquired interests in other 
areas of financial services. 

Projected growth is substantial, revealing a need for a 
manager of the team, to produce consolidated financial 
and management accounts, cash fiows/budgets of two 
quoted groups, and liaise extensively at a senior level. 

It will also be important to monitor and review the 
operations of recently acquired businesses. 

The successful candidate will be a chartered accountant, 
technically strong, possess proven man management 
skills, as well as being highly computer literate, and 
diplomatic in their day to day business. The role reports 
to the Head of Finance. Previous financial services 
experience is preferred but not a prerequisite. 

For further information please contact Cary Johnson 
or Simon Clarke on 071 629 4463 or write with your CV 
to the address below . 

HARRISON & WILLIS 

FINANCIAL & LEGAL RECRUITMENT CONSULTANTS 
Cardinal House, 39-40 Albemarle Street, London W1X 3FD. Tel: 071-629 4463 
LONDON • READING • GUILDFORD • ST ALBANS - BRISTOL - BIRMINGHAM 






FINANCIAL CONTROLLER 


Sb Herts 

. This is an unusual opportunity to make a significant 
contribution within an independent fmulti-million 
t ur no v er company with some 150 employees. Our clients 
. am de-merging from a major pic by way of a 'buy-in*. The 
business is well-established with a respected range of 
branded products. The new management plans 

to q xpl oft th" company's potential by widening the product 
- range and the customer base. The strategy is thns one of 
growth and improved customer service. 

. The new. Finance Director sees the appointment of a 
Financial Controller as central to the sharper commercial 
focus required of the finance department The Financial 
Controller wil] work initially with the Finance Director in 
improving all. aspects of the company's systems and in 
■■ training junior manag ement/staff to meet a higher level of 
operational standards. Thereafter the range of 


Package to £35,000 + car 

responsibilities is expected to be developed, with an 
increasing emphasis on the operational aspects of the 
company’s expansion. 

Applicants must be qualified accountants, probably aged 
late 20s / early 30s, with a background in financial control 
w ithin ft customerdriven business (preferably fast moving 
consumer products), a well developed understanding of 
information technology and good inter-personal skills. The 
package will reflect the seniority of the appointment by 
way of a performance-related bonus and the opportunity 
for capital p» n in the longer term. 

Please write with foil CV, including salary history and 
daytime telephone number quoting reference 1746/FT, to 
Dick Phillips AGS, Phillips A Carpenter, 2 - 5 Old Bond 
Street, London W1X 3TB. Tel: 071 - 493 0156 (24 hours). 


Biillips & Carpenter 


Coopers 

&Lybrand 


Executive 

Resourcing 



For a very substantial estate which Incorporates a considerable 
range ol business ocfivffies Including tormina properties and 
woodlands, and a tSverae portfolio of investments and other 
Interests. Ibis Is a unique opportunity (Or an experienced 
financial manager to play an influential rate within an ever- 
evoMng organisation actively pursuing considerable 
development and change. 

Reporting to the Chabman, you will In managing a smart 
team, assume total responsibility (or the finance end 
accounting functions. Active In Instfgafing Improved levels of 
financial awareness, control and cfiscfpiine across the 
operations, you wffl also be required to provide an Informed 
financial perspective on a broad range of business Issues. 
Wtial objectives will include the further development of 
management Information systems and fte advancement of 
management reporting essenffti to secure the Key information 
to control and plan the commerchrt success of the businesses. 


A graduate, quaitfled accountant. Ideally in your 40s, you 
should be able to demonstrate the relevant level of technical 
shills, commercial maturity and vision to support the 
profitable growth ol business activities and the control of 
family interests. You must be capable of managing and 
developing the n nance/accounting function in on effective 
and economic manner, and be able to apply creative and 
practical solutions to ongoing and developing Issues. A 
“hands on' and enthusiastic individual, you must have the 
appropriate skills and personality necessary to succeed In this 
entrepreneurial environment. 

Please send full personal and career details. Including 
current remuneration level and daytime telephone number, 
tn confidence to Adrian Edgeil, Coopers & Lybrand 
Executive Resourcing Limited, 9 Greyhlars Road, 

Reading R61 1 46, quoting reference AE894 on both 
envelope and letter. 







DIVISIONAL FINANCIAL DIRECTOR 


UK BASED 


C-£65,000 + CAR + BONUS 
+ SHARE OPTIONS 


THE COMPANY 

- Top 100 UK PIC 

- Divisional profits in excess of £100m. 
■ Committed to future growth. 


THE ROLE 

■ Key member of the Management Team, ensuring continuing improvement 
in profitability and tight control of capital expenditure and of working capital. 

- Ensure strong financial managment input to business decision making. 

- Responsible for the financial and management accounting function plus 
continuing development of management information systems. 


THE PERSON 

- Qualified accountant, age indicator 3S45 with experience of sophisticated 
reporting systems gained within manufacturing or service industries. 

- Proven hands on style, man manager and team player. 

- Excellent career prospects within financial end general management functions. 


Please write enclosing full curriculum vitae quoting ref: 138 to: 

Nigel Hopkins FCA, London House, 53-54 Haymarket, London SW1Y 4RP 
Tel: 071 839 4572 Fax: 071 925 2336 


NIGEL HOPKINS 

& ASSOC IATES 


-FINANCIAL & TREASURY SELECTION- 


TOES 


ECHOS 

The FT can help 
you reach additional 
business readers in 
France. Our link 
with the French 
business newspaper, 
Les Echos, gives 
you a unique 
recruitment 
advertising 
opportunity to 
capitalise on the 
FTs European 
readership and to 
further target the 
French business 
world.For 
information on rates 
and further details 
please telephone: , 
Philip Wrigley on 
0718733351 


GROUP 

TREASURER 


Our client is a publicly-quoted major international engineering 
group operating in 40 countries and with a turnover approaching 
£lbn. Internal promotion has created the need for a highly 
professional treasurer to join the corporate finance team. This will 
be a demanding and rewarding role for the right candidate. 


£ 60 k+ 

+ BONUS 


EXECUTIVE 

BENEFITS 


Reporting to the Group Finance Director and directly in 
charge of a team of five, the executive will be responsible for all 
aspects of the group's global treasury management, with particular 
emphasis on funding strategy and implementation, bank 
relationships, hedging policy, interest rate and foreign exchange 
management and trade finance. A particular feature of the role is 
the opportunity to work with line management in finding creative 
solutions to commercial problems. 

In addition, the person will be a member of the group's finance 
committee, will act as a director of a number of corporate companies 
and will act upon matters related to acquisitions and disposals. 

It is desirable but not essential that the successful candidate 
will be aged early to mid 30's. He/she must be numerate, articulate 
and possess an accountancy, business and/or MCT qualification. 
Applicants should have a track record of achievement in an 
international' treasury department and should have had exposure to 
decision-making at senior management level. 


Essential characteristics for this role include maturity, credibility 
and intellect Technical ability should be combined with commercial 
awareness. The appointee will be able to communicate solutions 
effectively to all levels of management 


Please write, enclosing full Curriculum Vitae to: 
Ian Magness 

(Executive Selection Division) 


LONDON 


RICHARD JAMES 

AS S O C I A T S S 

PREMIER H0USE.10 GREYCOAT PLACE. LONDON SW1P ISa 
TELEPHONE: 071 222 8866. 071 222 8037/8. fitt; 071 233 1759. 


CHIEF ACCOUNTANT - 
PRESTIGIOUS UK MERCHANT BANK 


CITY 


£46-50,000 + BENEFITS 


Our client is a quoted independent merchant hanking 
group whose diverse interests cover a broad range of 
financial services products. 

Its significant progress and profitability is largely 
attibuted to the outstanding service it provides to its 
clients, combined with a high calibre team of professionals 
working within the organisation. 

Whilst continually seeking to expand their core business, 
they are also intent on making key strategic investments. 
A number of successful new ventures have recently been 
set up covering the areas of developments capital, 
structured finance and Investment funds. These run along 
side a substantial property investment portfolio. 


In line with this exciting phase of growth, a new position 
has been created which assumes full responsibility fin: the 
running of t-hp finnprg function. 

Reporting to the Finance Director, you will manage a small 
team of professionals working to tight deadlines and 
covering all areas of financial and regulatory reporting. 
You will also be involved in tax and systems development 


Applicants should be experienced and folly qualified 
Accountants, probably aged over 45. You should possess 
first class communication and managerial skills, and 
ideally have gained experience in a Banking institution. 


For a detailed and confidential discussion, please call JONATHAN ROBIN on 071 336 7711 
(evenings/weeheads 071 372 8952) or alternatively forward your CV to the address below. 


GMS 


GOODMAN MASSON SHAW 
Financial Search & Selection 

2 Bath Street, London EC1V 9DX. Telephone: 071-336 7711 Fas 071-336 7722 


FINANCIAL TIMES FRIDAY JUNE 10 1<*K 


Director of Finance 


Service Sector 


c.£3 7,000 + Car & Benefits 


Inverness 


Leading service sector employer providing high quality services in 
with various organisations throughout the Hig h la n ds. Crucial fin ^ 
amidst culture of change and re-appraisal- Local area and amenities o cr 
excellent quality of life, incorporating first class housing and education. 


THE POSITION 

♦ Develop and lead strategic vision and direction of 
department. Report to Chief Executive. 

♦ Control and motivate team to achieve financial 
activity and Gargets in line with overall business plans. 

♦ Provide divisions wi th quality financial services and 
advice whilst affording a high degre e of autonomy. 

♦ Play critical role in corporate decision making. 
Contribute to overall success of the organisation. 


QUALIFICATIONS 

+ Q ualified accountant with several years experience u 
director or ambitious number two. 

♦ Exposure to negotiating with professional groups, 
preferably in holdinp/subsidiary company 
environment- 

^ Strong financial management tnfotrnation systems 
experience, combined with strategic/ policy input. 

♦ Innovative, influential and first class communicator. 


Please send fall cv, statin g salary, ref GN2393. to NBS. 78 St Vincent Street, Glasgow G2 SUB 


NB SELECTION LTD 
i 8NB Beouia pic axnj 



GLASGOW 04 1 204 

Abcnkcn Q2246MC80 • Buminytam 021 2JJ 4636 
WmhwfckQJl 230 M0Q 
Lccd*a5524S»J0 •U>mk*0?» 46>6J*J 
Mioihcrtcr 0&2S 5J9W • SIourH OKU « W 


(5 


NRA 


National Rivers Authority 


Management Accountant - Head Office 


Package c.£35,000 + Lease Car 


Bristol 


The NRA, Europe’s strongest environmental protection agency, backed by extensive stat utory 
powers, is responsible for environmental protection, fisheries, conservation, water resources 
and flood throughout England and Wales with annual spend of <l£ 500 million. 


THE POSITION 

♦ Provides head office and regional consolidated 
management reporting and commentary to board. 
Team of 5. 

♦ Strong national liaison role, financial input on 
national pro j ects, planning and forecasting. Key role 
in project financial appraisals. 

♦ Implement new integrated accounting system within 
head office, ensuring consistent application groupwide. 


The NRA is committed to achieving Equal Opportunities 
Please send fati cv, stating salary, ref BN229 i , to NBS, 


QUALIFICATIONS 

♦ (vrad»»n» calibre, qualified accountant, minimum 3 years 
post qualification expe ri e n ce in blue chip corporate. 
Strong PC and report writing skills. Experience of 
project management and financial analysis/appraisal 
ideally with exposure to implementing accounting 
systems. 

Highly developed interpersonal and leadership skills. 
Ambitious, self-motivated, strong commercial 
awareness. Flexible and innovative, deliver results. 


Berwick House, 35 Livery Street, Birmingham B3 2PB 



BIRMINGHAM 021 21)4656 
Aberdeen 0224 638080 *BriaoI 0272 291 1 42 
Edinburgh CUI 220240C*Gbt*go*rM1 204 4334 
Lredi 0SJ7 4SM30 - London 071 493 63S2 
Manchattr 0629 539953 • Slough 0751 119227 


Financial Controller 


Engineering Construction 


New Appointment 
Kent 


To £40,000, car, 
benefits 


Our Client is the successful regional operation of a 
major, well-financed national contracting organisation. 
A leader in its field and part of an international Pic, it 
provides a substantial design through to construction 
service for large industrial and commercial projects in 
both the public and private sectors. 


In this newly-created role, reporting to the Regional 
Director and managing a small team located in the 
regional HQ and in outlying brandies, you can expect 
the widest participation in both day-to-day man- 
agement and the strategic future direction of file 
business. Responsible for financial control reporting, 
accounting and MIS activity, you will also be an active 
centre of advice to senior colleagues on financial 
matters from contract tender to completion. 

A confident qualified Accountant with strongly 
developed commercial judgement and interpersonal 

skills, you are most likely to have ^ — 

gained your experience in 

contracting, with a sound g U.CJ 

appreciation of fire financial \ 


implications of contractual risk. More important, you 
will have a pragmatic, forward-looking, ‘shut-sleeves’ 
approach to working with colleagues, reviewing 
controls, solving and indeed, anticipating problems. 
A planned national update of MIS systems will 
also demand a good level of user computer 
literacy and systems implementaion skills. Prior 
management experience in a line role is essential. 
Age indicator 30-50. 


Participation in a management incentive scheme 
(linked directly to regional profitability) will augment 
the quoted salary and benefits package. In the first 
instance, you are asked to write to Paul Lichtin, 
Selection Adviser to the Organisation, quoting refer- 
ence number 9429. Your response will be treated in 
complete confidence. 


LICHTIN 

Associates 


Lichtin Associates Ltd. 
Cokry House 
6, Evelyn Road 
Worthing, Sussex BN14 SAY 


FINANCIAL ANALYST 


FINANCE DIRECTOR 


Leading U.R. Blue Chip 


CENTRAL 

LONDON 


An outstanding opportunity has arisen Tor an ambitious and highly commercial finance professional to join one of Britain's leading companies. With an 
annual turnover in excess of £10 billion and operations throughout the world, the company is well placed to meet the global challenges of the future. 


We are a division of a UK Pic engaged in 
stevedoring, warehousing and distribution. 


Working as pan of a small, highly risible team, and liaising closely with senior management, your brief will be to provide detailed analytical support to enable 
the Board of Directors to make Informed decisions on projects of major strategic importance. You will liaise with external advisors and much of your work 
will be project based. 


The successful candidate will therefore require the following key attributes: 


to £35,000 
+ Car 
+ Benefits 


Qualified graduate ACA/CIMA/CACA with first time passes and 1-4 years P.Q.E. 
Exposure to special work or other non-audit assignments. 

Intellectually robust with the ability to understand key economic issues. 
Experience of writing detailed financial models. 

Commercial outlook combined with outstanding inter-personal skills. 


Reporting to the Divisional Chief Executive you 
wiU be an important member: of the management 
team- Your responsibilities will cover all aspects of 
financial management but with particular emphasis 
on strategic planning, the development of 
computerised information systems and the 
maintenance of strict financial disciplines and 
controls. 


We are interested in talking to candidates who can display records of consistently high achievement and who are comfortable working alongside senior 
decision makers. Energy, creativity and flexibility are all qualities which will enable you to take advantage of career opportunities within the company either 
in the U.K. or overseas. 


Sh ° uld h* C l ualified accountants aged 
wi strong commercial and interpersonal 
skrils and experience in freight 
forwarding/distribution. 


Interested applicants should write in confidence to Andrew Livesey. quoting reference number 2022 at Nicholson 
International, (Search and Selection Consultants) Bracton House, 34-36 High Hdbom, London. WC1V 6AS. Alternatively 
fox your details on 071 404 8128 or telephone 071 404 5501 for an initial discussion. Our client is an equal 
opportunities employer. 


Wf 


Nicholson 

International 


We offer a compeBBve salary, car and other normal 
company benefits. 


Holland 


Germany 


Belgium 


Turkey 


Poland 


Czech Republic 


Hungary Romania 


— l/JK- 
Russia 


Interested candidates should forward a foil CV to: 

S,°P lan ^' Financial Director, 

The Giobal Croup Plr, Cranbrook House, 
^gotenda. Coupon, Surrey CR55 2HY 


FlNANt 


i 

■* * -» i 


bo. 


• 3 






IX 



; A •.• *• j : tfr.vcj. •. v, : . 


FINANCIAL TIMES FRIDAY JUNE 10 1994 


' nv N 


; ^Uq 



Offi 


ce 


47 ' kJ «*iuuir\ 
‘ r ,c% »arce\ 


n " ! “ 42 a« te ' 

I "T"Ot 

‘ a :»>..» 

'•••■' :C j. 

‘ nri 

■ • 

•■-=;'£-1aro6S2PB 



•10 000. a 

bonefni 

• •• 

. .. . ..ir 

. . ■;*■■."- 


rlTo.£7Q,000 package 
. jrfas benefits : 


Te/ecomms Mu/Ctnatfona/ 


South JEast 


c. £80,000 
+ bonns + benefits 


Top International 
Advertising Agency 


Vr 


" v 'V 

‘Vi 

'•' l ' :i.« 


Finance Director 


Sapid growth and flumtscd Easiness complexity necessitates the appointment of a canmerdaBy-Jbcused 
finance Director within the £200 million turnover core division of the uk operation of this major International 
business. New position tasked with implementing and developing state-cf- chc-art management information 
systems CO support strategic new business initiatives and product development. Significant opp o r tunity to 
deveiopbrood management skills in a successful, dynamic business and play a central role In a major change 

management prog ra mme. 


Commercial Director - London 


This new position will have a key Influence on the management board of a top performing office of one of 
the worlds most prestigious advertising agencies. London is the principal prod action centre for a network 
of aver 30 offices throughout Europe, is highly profitable and benefits from advanced management and 
control s tructur es ■ Strong focus on maximising opportunities both in the marketplace and within the 

network. Outstanding career prospects. 


T$ 


Kit 


’ ■ i ’ 


TOE ROLE 

■ Reporting to the Managing Director providing a full 
budgetary, financial management and analysis service 
for die divfston. Managing area 20 finance staff. 

■ Completing* major systems upgrade, in conjunction 
. with the Croup finance Director; improving project 
.variance analysis and providing Information to assist 
Management In applying tight control and disciplines 
to achieve profitable growth. 

■ Providing both effective monitoring of substantial 
' R&D spend and expertise" In pricing and contract 

negotiations for new business and product 

’ttertstopmenL . 


THE Ql/AUHCATIONS 

■ Graduate, qualified accountant from a progressive 
international business, ideally it or telecomms, with a 
strong customer and quality focus. Aged 32 phis. 

■ Strong budgeting, management and project 
accounting skills honed in a globally-comped tive 
business. Highly systems literate with experience of 
implementing sophisticated management information 
systems. 

■ Manager of change with first-class interpersonal 
skills, well versed in sophisticated reporting 
processes with exposure to international business 
ad tunes and matrix organisations. 


THE ROLE 

■ Responsible to the CEO London for the strategic and 
operational commercial development of the office. 
Managing the finance, HR and legal functions with a 
team of c. 20. 

■ spearheading the analysis and development of 
opportunities and structures to give the office 
sustainable competitive advantage. Advising the 
CEO on a broad range of business issues. 

■ Lead role in the development and negotiation of 
commercial agreements. Guiding and supervising 
the total financial management of the business. 


THE QUALIFICATIONS 

■ Top flight graduate ACA. early to mid 30s, with "big six’ 
training and an excellent record in a blue-chip, 
rigorously controlled, progressive service business. 
MBA useful. 

■ well-developed analytical skills and strong 
commercial orientation. Demonstrable success in 
financial and management accounting rotes. 
International experience highly desirable. 

■ Determined and robust professional who will thrive 
in a fast-paced, collegiate environment. Excellent 
relationship building skills with the stature to 
operate at the top level. 


Leeds 0833 307774 
London 071 493 >238 
Manchester 06 1 4991700 


Selector Euro pe 

% Spencer Stuart 


PIMM fCriTMUl M dflttfis (K 
n— nnu tiiBiH. 

lACoowegt* ptacc. ■ 

UWaMBB 


Leeds 0532 307774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Euro pe 

Spencer Stuart 


Hour rrpty totlli ftifl feuds lor 
Selector Europe, icf. rst320t*U 


UnkM W2 UD 



Substantial salary plus 
full expatriate package 


l(AFCO 


Dhaka, Bangladesh 


Thames Valley c£45,000 + profit share + equity stake 

Oar client’s business is a profitable, cash generative, medium sized MBO from a 
major PLC. It has retained a competitive edge supplying services and products to 
. the construction industry during the recession. C ommanding more than 10% of a 
fr agm e n ted market, the management team is poised to drive forward significant 
growth from a very broad range and volume of active clients. 

An aggressive, focused business plan, forged by and a long term career are potential rewards. 



. the- Board, with, active involvement from its high 
profile NXE^a anticipates the company doubling 
turnover mid improving PUT by a robust 
multiple within three years. 

This new role is central to the management of 
the business, working closely with, and talcing 
additional responsibilities from, both the Chief 
-Executive and Marketing Director to deliver 
outstanding results to a limited number of 
shareholders in the medium term. Capital growth 

Kidsons Impey 
8earch & Selection Limited 
29 Pall Mall, London SW1Y5LP 
Telephone: 071-321 0836 
Fax: 071-976 1116 

. UK, FratDO*, Oormum Ita^ Aiwtm, Hnn yiy Poland, 
Balglmn, CmA BepobUe and Slovakia 


The successful candidate needs to be a creative, 
investigative, team player who has a track record 
of turning problems into opportunities. A cerebral, 
but proactive approach to multisite business issues 
is essential - alongside a chartered accountancy , 
qualification. 

Shortlisted candidates will have first class s kills 
in extracting and explaining reliable, useful 
management information quickly with the “spark” 
and flair of an empowered business professional. 

Please send in confidence a compre- 
hensive CV, indicating how you meet 
these requirements, including details 
of current total compensation and 
daytime telephone number, quoting 
reference no. 786 to Peter Willingham. 


The Kamaphuli Fertiliser Company Limited (KAFCO) is one of the world’s largest construction projects and, at 
9510m, Is the largest ever foreign investment In the country. In addition to the Bangladeshi Government, the project 
has attracted bine-chip multinationals Including Marubeni, Chfyoda, HaUor Topsoe and Stamlcarbon and premier 
Government agencies including OECF, IFVC and CDC. The Board now seeks to appoint a seasoned finance 
professional to a new role to manage the substantial finance and administration Junctions and provide commercial 
inpat to the Managing Director on a range of business Issues. An outstanding opportunity within a truly unique 
operation of critical Importance to the development of the region which offers a three year renewable contract and a 
first-class expatriate package (including housing allowance, leave passages and schooling). 


THE ROLE 

■ Reporting to the MD with full responsibility for finance, 
personnel, purchasing and administration, advising on 
operational and strategic issues supported by a 
substantial, established team. 

■ Driving the budgetary and planning process and 
providing prompt and accurate management information 
to a complex and sophisticated investor group. 

■ Supporting the MD in contract negotiations Responsible 
. for administering the Company's various loans, including 

reviewing hedging and refinancing opportunities. 


THE QUALIFICATIONS 

■ Graduate calibre, computer literate accountant with 
broad financial management experience In the 
petrochemical or other major process industries. Prior 
developing country experience advantageous. 

■ IbnacRms and robust analyst. Flexible and resourceful in 
approach with stature to establish credibility in a 
demanding role. 

■ Strong commercial acumen, proven managerial 
capability and effective in international environment. 
Strong leadership and interpersonal skills. 


KIDSONS 

impia 


Leeds 0S32 307774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Euro pe 


Spencer Stuart 


Hew reply wHhlU! Mb UK 

McavBnp,ntHIHOMI, 



- 

MILLER 


FINANCIAL DIRECTOR 

r challenging and 
commercial appointment 

Edinburgh 


UK boaae 


MHor Homes Is a progressive and 
with wi env ia b le reputation hi the private d e velopment and social 
housing sectors. It Is a successful division of the £350 in MBlor 
Group and . has operations concentrated hi Central Scotland and the 
Southern Homo Counties. 

l ute ma l promoHu has rasoito d i a an opp or t u nity for a t a len te d 
aad. aatbWo u s flo an co Director. As a key ODm on the Divisional 
Board, foil rospouaHHty wffl be assuned for the flaaodal 
managemen t of three map* bu siness putts, tandag over £G5m aad 
cm i raatly around 900 homes per annua. Over and above 

the aombom however, the successful candhbrta mast bring 
commercial fns&t Into a wWe range of o p oraHo aa l and business 
Issues and ha au Instrumental part of the team determining 
dbecttoa end shaping the future of the company. 

Candidates wH bn professionally qnafifled aad win have a track 
record already de mo n stra ti ng energy, tenacity and vision. The 
personal credibility and ability to persuade, lafluence and 
direct at senior management level are pre-requisites. 

Ah attractive salary, benefits and Incentives package will be 
offered to ensure the' successful candidate Is well- rewarded 
forttielr achievements. 

Please write wltb CV to: 

WWa Ffulaysoe, Flnfayson Wtq^er Black LtxL, ■ 

19 Alva Street, Edinburgh EH2 4PH- Tel: 031-539 7007. 


./IN 1 AY SO N 
/ AC. N l In ./m.A.CK 


c. £40,000 
+ FX Car 
+ Bonus 


Hi-Tech 

Multinational 


Home 

Counties 



MARTIN-WARD 
• ANDERSON • 

FINANCIAL AKAOrTMliaT COMULT AH « 


FINANCIAL CONTROLLER 

Our Client is a diverse world leading hi-tech international company. Principal manufacturing and R&D 
operations are UK based, and over 75% of sales arc export. 

Rapid technological change and innovation is creating many new expansion opportunities within the industry. 
Planning and managing the 'product life cycle process’ is particularly critical. Success in bringing new products 
to the market on time is therefore essential to ensure continued business growth. 

These challenges have now created a need to recruit a senior finance professional to support the Technical 
management team. Reporting at Director level, responsibilities are to: 

▲ enhance strategic and operational business planning 
a. evaluate product and technology investment decisions 

▲ improve project planning, costing and budgetary control 
a develop and improve key business performance indicators 
a design and implement systems improvements 

▲ provide commercial advice and support for senior Technical management. 

A qualified graduate accountant is required, probably aged in their early thirties. Exposure to project 
accounting is essential, preferably gained within a hi-tech or precision equipment manufacturing industry. 
Personal attributes should Include strong intellectual ability, high energy level, good communication skills, 
leadership qualities and a creative approach to problem solving. 

Candidates should write to Tony Martin (enclosing a Curriculum Vitae and details of current salary) at Martin 
Ward Anderson, Goswell House, 13-$ Peascod Street, Windsor, Berkshire SL4 IDS. Please quote job reference 
number 9694. 



EXECUTIVE RECRUITMENT 


BBC XNTBRKATIONAL TELEVISION is a new company created to develop rigorously the BBC’s 
lntemattonsd televisk>n Interests through the licensing of programme, co-production financing 
OWHonanWwdtoWeat of dianneb. This wQI encompass the continued expansion or World Service 
Television and the launch of other BBC braided channels. ... ...... 

A Global Strategic Alliance wtth Pearson pie was recently announced to develop satellite delivered 
channels worldwide tat conjunction with regional partners. 


Finance Director 


We are looking fora'new Bond Director to assume full responaibffijyfor the 
BBC iwfar niirSn f i Teteriston. Tour duties will encompass management a«l statutory repotting, 
devdopmeroor management information systems and the maintenance of rtrfct financial disdplines and 
CODtiota within the company- You will report to the Managing Director- 

wilTneed u> bei folly professional accountant with substantial experience of financial 

aim o( seeking out and dmlopiag new chMMl 

Tonwai beXSred in the negotiations for the* joint ventures and you wfll be requited to work doeefer 
with ocg ooCTmgrdai partoera around tbe worid.^ 

— ’ — e in fcderiskm or the media while deatoWe is not essentiaL _ 1 _ „r 

L be competitive and wH! reflect previous experience. A performance bonus is part of 


tin 


, Based West London. 


P fc—wafkfr qg yrmr VttPT of appucgion wan an up-to-date CV (quote ref- 1 55 32/ F) in to: 

JateUftAJeKunferv Director of Personnel A Admtnlstrrilon.BBC luter»ational Telcrririou, 
kisr, 80 Wood Lane, Inodon W13 OTT by June 17th. 

hrterviewa •« likely to be in tire * 

wokm/G for EQUAtmr of oppoarntarr 


The Corporate and Institutional Banking 
Diviffloo b Ibe wholesaJe banking aim of The Royal Bank oi 
Scotland and consists of seven business units including 
Treasury and Capital Markets, Corporate Banking, Leasing 
’ and Securities Services. Since its inception three years ago It 
has exceeded its profitability objectives and continues to 
improve its service and product range to the Bank's large 
Corporate customer base 

As part of its continuing development the Division has 
decided to appoint a financial controller to enhance the 
finance function. The financial controller will need to 
apply risk adjusted principles tn the financial management 
of the business at business unit product and customer 
level This development will take place at a time when 
many of the Division’s information systems are being 
renewed. The financial controller win be requited to ensure 
that specifications reflect the desired approach for the 
longer term, as well as working with cruder data in the 
interim until more sophisticated systems are available. 

The position will also assume the re s pons ib ilities of the 
easting management accountant who has been promoted 
dmr w twre within the Division. Tbe responsibilities will 
induls 


Implementation of controls to ensure the management 
information p rod u c ed has integrity 
management of the business planning and budgetary 
process for the Division 


FINANCIAL 

CONTROLLER 

COi\:XA\A i i. A l\AT!‘l TIOXAI 
BA\K!X(.; i.WiSlOX 

e-?5fs - C \li i- h'AXKt. \C HI 
- i.ox nt ’X 


• review, interpretation and presentation of the 
Division’s plans, budgets and management accounts 

• acting as the centra f paint of contact on oil financial 
matters for Divisional management business urn! man- 
agement and financial oontrotLas and Croup Finance 

The position, which will report to the Divisional Director, 
Raance and Administration, wiD operate as part of a smaO 
divisional head office team and sits at the centre of a 
network of business unit financial controllers and Group 


Finance. There will tv frequent contact with senior Croup, 
Divisional and business unit management. 

The successful candidate will be a qualified accountant 
(ACA or CJMA) and will have had at least 3 yean' past- 
qualification experience of working in the finance function 
of a wholesale bonking organisation, or asa consultant or 
auditor with direct experience of working on assignments 
in the wholesale banking market. In either case, experience 
tn the application of risk adjusted principles in I he financial 
management of the business is important. You will also 
have to demonstrate an ability to make things happen, 
combined wtth first class interpersonal oommonicatton 
and presentation skills. 

To apply, please forward your CV to jenny Ewinglon, 
Personnel Manager, The Royal Bank of Scotland pic. 
Regent’s House, PC Box 348, 42 Islington High Street. 
London Nl 8XL. Ckwtng date for applications is 23 June 1994. 


Committed to Equal Opportunities 

The Royal Bank 
of Scotland 

where People matter 









X 


FINANCIAL TIMES FRIDAY JUNE 10 1994 




Northants 


m 


Group Chief Accountant 


Score Bader Company Limited was established in London in 1923, 
before moving its manufacturing facilities to Northamptonshire, 

the present sire and corporate headquarters. A £6 7m turnover 
group, principal activities are the development, manufacture, 
distribution and sale of Polymers and Synthetic Resins lot 
application in diverse markets, with priority now given to 
innovative markets where the company’s strength in polymer 
technology can be exploited. 

Acquisitive and forward thinking, Scott Bader has and will 
continue to grow, with manufacturing facilities in the UK, France. 
Dubai and South Africa with extensive licensee and distribution 
interests worldwide. Operating largely in niche and specialist 
markets, Scott Bader Group is committed to excellence not only in 
its products, but also to its employees, offering them full and 
extensive participation and consultation as well as a rewarding and 
a particularly pleasant working environment. Accordingly, concern 


c~rc 


Package to £37,000 + PRP + Relocation 

for the environment is a high priority, and has earned them much 
recognition in this area. 

The imminent retirement of the present Group Chief Accountant 
now requires the recruitment of a similarly high calibre 
replacement. Candidates will ideally he aged mid to lace thirties 
with experience of group roles. Technically accomplished and 
highly systems literate you must display both a hands-on approach 
as well as the maturity and interpersonal skills to relate at all levels. 
A team builder, vou will have an enquiring mind and the ability to 
support rhe Head of Finance in the corporate finance arena, as well 
as assisting in treasury and taxation duties. 

If you feel you have the necessary attributes to be an effective part 
of this success story, please forward a comprehensive curriculum 
vitae to Chris Tovey at Michael Page Finance, The Citadel, 
190 Corporation Street, Birmingham. B4 6QD. 




Michael Page Finance 

Specialists in Financial Recruitment 
London Bristol Windsor St Albans Leatberbead Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 

? ; ■«£ - -■< ■ : j p g; t —* r - t . 1 --y- .. .> 






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FINANCE DIRECTOR 

SPANISH SPEAKING 

London £ 38 -£48,000 + Car + BiGNarrs 

expanding fresh fruit importers.pa^aging 

AND TRANSPORTATION CROUP SUTPU^S TO _ 
LEADING RETAIL CHAINS T/O IN EXCESS £40M 

Due to continued European expansion. A G Thame* 
requires applications from qualified accountants. preferably 
ACA's, aged 20's to early 40's. Candidates should MeaUy sp«ik 
Spanish and have a minimum of four years sound htwncfel 
accounting experience in fast moving manufacturing or 
distribution environment. 

The successful candidate will have experience in installing 
financial control and reporting systems. Experience of having 
worked in Europe is important. The selected candidate will 
report to and work closely with the Group Managing Director 
and will play a key role in formulating and achieving Group 
objectives. Frequent visits to the Group's Spanish operations 
will be required and will include implementing effective 
reporting systems and assisting local management with 
budgeting, control systems and general financial management. 

The successful applicant will work with the Managing 
Director as member of an entrepreneurial team and will be 
responsible for the preparation of consolidated Group 
management accounts, as well as dealing with budgets, 
forecasts and capital expenditure projects. A strong and 
assertive personality is essential. Applications should write in 
strict confidence to the Managing Director. Thames House, 
Warspite Road, Woolwich, Loti don SE1B 5NU. 

AGTHAMES 
HOLDINGS LTD 




StorageTek 

Financial Controller 


Group Financial Controller 


Surrey 


StorageTek UK is a £70m turnover subsidiary of the US 
based Storage Technology Corporation, the undisputed 
market leader in the storage and retrieval of electronic 
information, with revenues of more than $t-4 billion 
worldwide. 

As a result of acquisition and the imminent bunch of 
industry best products, StorageTek is on course for 
doubling in size within the next 2-3 years. 

Internal promotion has created the opportunity for a key 
individual to join a highly motivated finance ream 
committed to delivering outstanding results against a 
background of dynamic corporate growth. 

Reporting to the UK Finance Director, responsibilities 
will include all financial and management reporting 
both to UK and US senior management, comprehensive 
forecasting and analysis requiring proactive interface ' 
with business managers to influence as well as report on 
bottom line performance. As a Corporation committed 
to TQM, this role will involve active participation in 
multi-disciplinary teams focussed on improving 
company performance. In addition, the role will 
involve direct contact with external customers. 


c £40,000 + Car + Benefits 

Applicants should be qualified, probably aged mid 30s, 
and ideally come tram an IT background and/or a US 
rcsufodriven culture. The abiliry ro demonstrate an 
unequivocal track record of achievement to date is 
essential. In addition, they seek a ream leader with 
drive, commitment and first-class interpersonal and 
communication skills gained within a quality 
environment. 

Key to success in rhe role will be the ability to motivate, 
train and continue to develop a high calibre finance 
ream, some 20 strong, to meet rhe tremendous challenges 
ahead. 

On offer is an opportunity to join a highly successful 
company looking to develop an outstanding talent into 
Directorship material within the near future. 

Salary will not be an obstacle for the highest quality 
individuals. 

interested applicants should forward a comprehensive 
curriculum vitae to Liam Dowds at Cygnet 
House, 45-47 High Street, Leather bead, 
Surrey KTZ2 8AG, quoting ref: J 191293. 


Basingstoke, Hants 

Our client, a private company with worldwide turnover *>f 
over £200 million, is now the UK's largest independent 
publisher. Operating in over twenty countries through 
subsidiaries and associated companies, it encompasses 
a w ide range of book and magazine titles. A dynamic 
business, the company operates from a position of 
considerable financial and marketing strength. 

An opportunity has arisen for a Group Financ ial 
Controller to join the management team, based in their 
Head Office function. Reporting to the Director of Group 
Accounting key areas of responsibility include: 

• Monthly, quarterly and annual multi-currency 
consolidations fix- the UK companies and the worldwide 
Group. 

• Group cash management and fi<recisting. 

• Group business planning. 

• Tax compktncc and long-term planning. 


c £33,000 + Car + Benefits 

• Multi -currency itc.tMiry functions for Group companies. 
The successful candidate, probable aged between 2R-35. 
will be a qualified .wcoumnnt ol high calibre with sound 
technical accounting experience, well developed hmme« 
sense and excellent spreadsheet skills. Previous group 
consolidation and corporate tax experience * essential. 

Previous exposure to a publishing environment wouhl be 
an advantage but i» not a requirement. 

Successful applicants nuisi ileimmvrate .in enthusiastic 
and outgoing pcn«uulit>. cmipkxl with an ability w 
nurenalttv but also to m.Mcr the underlying detail when 
required. 

Candidates interested in this challenging opportunity 
sltiHilJ apply imnuvlutelv by seiuling -a full curriculum 
vitae ro Angela Webb ar Michael Page Finance. Windsor 
Bridge House, I Brocas Street. Eton, Berkshire 
SL4 6BW. Telephone: 0751 856151. 


Michael Page Finance 

^ctolias in Financial Recruitment 
London Bristol Windsor St Albans Lcatberiuad Birmin gham 
Nottingham MandinKr Leeds Glm sgow & Woiidwidc 

'.-v ;■ v ; : ; 






-S' '• 




International Electronics Group 

Taxation Manager 


i- f; 


HP 

Michael Page Finance 

Sjvcolistj in Fuuncul {Uxftnttncnt 
London Bristol Windsor St ARnrn Lcatfaerintad Birmtngfittni 
Nottingham M a nches ter Leads Glasgow & Woridwi d c 

m 

Operational Review 

Treasury & Capital Markets 


City 


Hertfordshire 

Our client is a leading international electronics group 
which is a market leader in its specialised business. 

The growth of the gmup, particularly across Europe, and 
the increasing demands of the business has created the 
need for a dedicated Tax Manager. This new role is an 
excellent career opportunity for a young qualified 
accountant to cut his/her teeth in commerce and 
contribute to the bottom line. 

Reporting to the Finance Director, the key responsibility 
of the role will include: 

• Management of the UK and International tax 
compliance with a ‘hands-on* approach to local queries. 

• Control of and proactive planning fora variety erf 
international tax issues. 

■ Liaison with, and a proactive approach to line 
financial management. 

• Management, with rhe assistance from external 


£ Excellent 

sources, of the Group VAT position with a view to the 
European Single Market. 

Ideally you will be aged 28-35 and a qualified accountant 
with at least five years taxation experience gained in a 
leading international firm of chartered accountants. 

A thorough knowledge of the UK taxation system 
together with some practical experience of European tax 
issues is required. Leading edge exposure to senior 
financial management will require excellent 
interpersonal and communication skills with a high level 
of self motivation and strong commercial awareness. 

The position offers an interesting technical challenge but 
requires an individual who can produce solutions which 
apply to the business. 

Interested applicants should write to Chris Nelson, at 
Michael Page Finance, Page House, 39-41 
Parker Street, London WC2B 5LHL 
Telephone: 071 831 2000. 


mm 


da 


Our client is a highly innovative, successful and profitable 
well known bonking group with a rapidly expanding 
Treasury and Capital Markets division which is undergoing 
a wide scale systems development programme incorporating 
leading edge integrated trading and risk management 
technology. 

In line with this growth they now wish to strengthen their 
Operational Review Group, with the addizioa of two high 
calibre individuals to their specialist business focused 
review team. You will be joining an integrated, 
multidbciplined team, in which individuals are judged 
directly on their ability to contribute positively to the areas 
under review. These roles will give you first class exposure 
ro all FX and Money Market instruments, including 
derivatives, as well as state of the art integrated trading 
and risk management systems. 

The prospects for the right individuals are truly 
varied, offering considerable personal development 
opportunities, as well as internal promotion and 


£32-38,000 Package + PRP 

the opportunity to move into mainstream Treasury and 
Capital Markets or other areas within the Group. 

In addition to possessing prior audit experience of Treasury 
and Capital Markers products, the right individuals will be 
graduate ACAs who are eager ro learn and develop, con 
demonstrate maturity and commercial awareness, good 
IT skills, an ability to liaise effectively at a senior level and 
are enthusiastic ro take on new challenges. Alternatively 
high calibre ACAs or equivalent with an interest in 
Treasury and Capital markets and excellent interpersonal 
skills will be considered. 

Salary will be dependent on experience and ability and the 
package will include extensive banking benefits. 

Interested applicants should enclose with their CV a 
covering letter detailing their suitability to John Zafar 

ACMA< Manager, Financial Services Division at 
Michael Page Finance, Page House, 39-41 Parker 
Street, London, WC2B 5LR 





Michael Page Finance 

SpeoaliMs In Financial Recruitment 
London Bristol Windsor Sc Albans Lewherbeod Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 


Michael Page Finance 

SpccJnlfet* in Fimorial Recruitment 
London Bristol Windsor Sc Albans Lestfaerheod B irmingh am 
Nottingham Manchester Leeds dasgow & Woddnfale 




S2S3S& St! 


FINANCIAL SYSTEMS MANAGER 


INTERNATIONAL BANKING 

Europe/Far East/USA • Highly competitive remuneration package 


lor 


Our client is one Of the most prestigious banking organisations in the 
world. The quality and diversity of its products together with its global 
presence is the envy of most of its competitors and commands the 
respect of nil of them. Now entering a phase of growth the Bank wishes 
to recruit additional staff in London to strengthen a highly regarded 

audit function. 

Ideally candidates must meet the following requirements: 

• A depth of experience (minimum 2 years) in a financial services 
auditing environment. 

• a c ommi t m ent and potential to succeed to a position of greater 
seniority within 2-3 years. 

• A willingness to travel and spend periods of 4-6 weeks in a variety 
of locations, principally Europe but also including the Far East and 
the USA 


Preference will be given to qualified Accountants and graduates 
but consideration will be given to applicants who can demonstrate 
te c h nical skills and experience of the banking sector combined 
with enthusiasm, management skills and sound commercial 
judgement. 

The experience gained in (his position will considerably enhance 
a knowledge of international banking and creates the opportunity 
for career progression within the Bonk on a worldwide basis. 

Indie first instance contact Chris French at the address below or call 
him outside office hours (up to LQ pm ion 071 398 7640. 

All applications made direct to the client will be forwarde d to 
(he Fleet Partnership for consideratkxL 


the 


^leetp 


artnership 


Financial Recruitment Consultants 

1 17 Newgate Street, Old Bailey, London EC LA 7AE. Telephone: 071-600 6500 - Fax: 071-600 6300 



- sufcrwkfiarybf a I ^ 
“gixsMP^fe^janulti ;; sa^JXisinGsswitha 
tunn|bver^e!X(^i^{2(^ miQion.it 
“ envoys around 3;"GOO peopleandit is a 
. manufacturer of high 
~ Components providingadded' 

. ' Sbhrtions to customer needs. 

Reporting directly to the Finance Director 
responsibilities will indude: 

• The design* development and ... 

implementation of improved financial 
reporting and analysis systems™ 
applicable to the whole busir«ass, botH%i.. 
theUK and overseas. 

• The creation of common 
integrated systems which have 
the capacity £p "talk to each 
other* and which cart be 

'.},t interrogated - using relational 

databases and opal systems s ’ r v • V 


c.£3 5,000 + car + benefits' 

• The developmerrtoffie^Sble systems 
capable of absorbing both organic arid 
acquis rtive growth. . . '! 

IdeaUy the successful candidate for tills role 
will be a qualified graduate accountant, 

. aged 28 to 3 S, preferably -from a A 
. manufacturing background with " : . 

experience of implementing advanced 
. systems. You will haveti^intedecttotHnk 
of financial systems froma! 
perspective including the li 
inv^vementofnorHfrWrK^tur^ 

, have the vision to take fritoiiaawLint the s 

worldwide Perspective.^ 

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FINANCIAL .TIMES FRIDAY JUNE 10 1994 


FINANCIAL 

CONTROLLER 

(Director Designate) 

Longrestablished Advertising/PR 
agency needs a Chartered Accountant 
to. run its Accounts Dept with a staff 
of three. Responsible to Chairman, 
this position would suit a meticulous 
personalised to deadlines, aged 30+ 
and already earning approx £30,000. 


Please write enclosing CV to: 

Peter J Hyde, Hyde & Partners Ltd, 
Victoria Station House, 191 Victoria Street, 
London SW1E 5NE. 


TREASURY ACCOUNTANT 


CENTRAL LONDON 


*30-35,000 + BENEFITS 


Ottf Client is a leading player in key European markets in its 
chosen sector. From the London Headquarters the Group 
Finance team enjoys a high profile rote in the direction of die 
Group's cranmr rcial activities. 

Treasury is a key function providing an essential service to 
the Group’s operational management. There is now a need to 
recruit a Treasury Accountant. 

The primary responsibilities of this new position are- 

• day to day tracking, analysis and control of key group 
cashflows, actual and projected. 

• maintaining the central debt register and ensuring 
the validity of all debt movements Group wide. 


• managing a team to provide the optimum level of 
management information on all treasury matters. 

• close liaison with senior group finance managers, providing 
an increased level (tf awareness of treasury Issues 

• preparation and presentation of periodic management 
data to Internal decision makers and maintaining close 
relationships with the providers of finance 

Candidates will probably be graduates possessing 
a recogaised accounting qualification, and will ideally have 
as a short term goal membership of the Association of 
Corporate Treasurers. 


ROBERT WALTERS ASSOCIATES 


The entry point will be appropriate either for individual 
who are already employed as pan of a treasury function or 
who are currently in the Profession with an ambition to move