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The untahgliTigof . 
Berfiiscoru'sempire . 



Oosecall 


with Sprint 

Page 13 



Saatehl&Saatchl 

What's wrong in 
America? 

Pagaft 



Right number 


Buying into Cuba's 
phone company-^ 


FINANCIAL TIMES 





e /.? 





Europe's" Business NewsoaDS' 


Airlines expect to 
end four-year run 
of heavy losses 

The international airline industry to 

return to profit this year after losing $ilbn last 
year and a total of $i5.6bn since 2990 on interna- 
tional scheduled services. The International Air 
Transport Association data), representing' more 
than 220 carriers, expects the industry to show 
a profit of about $lbn this year. Page 14 

Cterfce shuns boom-bust cycle: UK 

chancellor Kenneth Clarke pledged that the govern- 
ment would not steer Britain's economic recovery 
into a new boom and bust cycle by generating 
a “fraudulent, inflationary, feel good" factor amnytg 
the electorate. Page 14 and Lex; Bank chief holds 
out Tates rise prospect Page 7 

Text mix-up sinks Brussels cartel fight: 

A five-year court battle 
was lost when fines 
totalling 527.5m. against 
14 PVC companies 
in an alleged plastics 
cartel were dismissed 
by the European Court 
of Justice because 
of discrepancies between 
the German, Rn gfteh. 

and French texts of 
the Commission’s deci- 
sion on tile cartel 
A further problem was that Commission president 
Jacques Delors (above) had only signed three 
of the five language versions of the original deci- 
sion. taken in 1968. Page 14 

Cott Corpor a tion, Canadian soft drink maker 
which has led the private-label assault mi Coca-Cola 
and PepsiCo, lost more than a fifth of its market 
value early yesterday amid conflicting repeals 
about its financial condition. Page 15 

US output sluggish: US industrial output 
grew sluggishly last month reflecting the third 
consecutive monthly decline in car production, 
the Federal Reserve said Page 6 

Protectionist tactics by US companies: 

US anti -dumping and subsidy laws have become 
a protectionist tool far uncompetitive US compa- 
nies. says a report by the Congressional Budget 
Office, endorsing long-standing piaiwn by foreign 
companies. Page 5 

Call for Japanese electoral amnesty: 

A majority of members of Japan's lower house 
of parliament called for an electoral amnesty 
until the establishment of new constituency bound- 
aries, likely this autumn. Page 4 

Tajik minister shot death Ramazan Radjabov, 
deputy defence minister of the former Soviet 
republic of Tajikistan, was shot dead in an attack 
south-east of the capital Dushanbe. 

Car parts Issue stalled: The US and Japan 
ended three days erf negotiations on increasing 
car and car parts imports with few indications 
of firm progress. Page 5 

Groupe Sues, French industrial and financial 
holding company, completed the sale of insurance 
business Victoire by agreeing terms for the sale 
of the latter’s Abeille Re reinsurance subsidiary. 

Page 15 

Heinz sales down: US food group H. J. Heinz 
said sales fell to $L95bn in the final three months 
of its fiscal year to April 2, from $2.03bn in the 
same quarter last year, as a series of disapp o i nt i n g 
performances continued- Page 17 

Mannesmanii stock slips: Shares in 
Mannesman!!. German steel pipes to mobile phones 
group, continued to drop in the after m at h of allega- 
tions surrounding the private business activities 
of Werner Dieter, outgoing chairman of its manage- 
ment board. Page 15 

Break-up bid for Australian group: A A$445m 
(US$324m> break-up bid was launched for Foodland 
Associated, the troubled Western Australian 
retail and property group. Page 18 

Marseilles strikes early: Dockers at Marseilles 
started a three-day strike a day before a planned 
nationwide stoppage at all French ports. 

Fun ties for Israel and Vatican: Israel and 
the Vatican established full diplomatic relations, 
ft was ■•dsn ann ounced that the Dead Sea Scrolls 
are to be exhibited at The Vatican this month, 
their first showing in Europe. 

(Sant price for Rothschild w J ne ? 

Nebuchadnezzar* of Chateau Mouton Rot h schi l d, 
each equivalent to 20 bottles, fetched a total of 
£36.000 ($54,000) at Sotheby’s in Uondtm after 
being put on sale by Baroness Phihppme de Roths- 
child. 


THURSDAY JUNE 16 1994 


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Brussels resurrects 
steel plan as aid 
for Italy is agreed 


By Lionel Barber fin Brussels 


The European Commission Hopes grow for capacity cut 


staged a U-turn yesterday and 
resurrected a rescue 


steel industry whicS*1t buried of 19m tonnes by September 

barely a month ago. 

The turnaround paves the way probation of the rules - but 


for Italy to subsidise the closure 
ctf steel plants in the northern 
Brescia region, and avoids a 
showdown between the Commis- 
sion and the new government of 
Mr Silvio Berlusconi. 

The Commission decision pre- 
serves the loose framework for 
curbing state aid to the steel sec- 
tor in the EU and keeps alive 
hopes of meeting an ambitious 
target of ism tonne reduction in 
capacity by September. Sir Leon 
Brittan, chief £U trade negotia- 
tor, was a lone voice of dissent 
yesterday. 

A month ago. Sir Leon per- 
suaded his colleagues to block 
the Brescia deal. He argued that 
the proposal was illegal because 
it aimed to cut capacity rather 
than during the plants down 
altogether, as required under the 
ElTs code on steel aid. 

This view was shared yester- 
day by the Commission’s legal 
service. 

But Mr Karol Van Jfiert, EU 
competition commissioner, and 
Mr Martin Rangemaim industry 
commissioner, counter-attacked 
in favour of a more flexible inter- 


tressed by what they described as 
strict monitoring of the proposed 
closures of the 68 Brescia steel 
companies. 

Mr TtimgBmarm said the Italian 
contribution of 5m 6m tonnes 
in capacity cuts was vital to 
reach the 19m target “We are not 
bending the rules, we are apply- 
ing the rales." 

Mr Van Miert, who proclaimed 
the steel plan “dead and buried” 
a month ago after he was out- 
voted in the Commission, flew to 
Rome yesterday to present the 
new plan to the Italian govern- 
ment 

He outlined strict conditions on 
the transfer of aid to the Bresci- 
ani, an issue that has been com- 
plicated by the web of cross- 
shareholding of private compa- 
nies in the small milte: 

• In the event of a partial clo- 
sure only, a separate legal entity 
will have to be set up for the part 
which shuts down. Italian state 
aid will go to the company liqui- 
dators only. 

• The parts of companies which 
remain open must not increase 
capacity for at least five years. 


• Each batch of state aid will be 
monitored individually by the 
Commission, with a report 
'sent to EU industry ministers 
(who are required to approve 
yesterday's Commission deci- 
sion). 

• Companies catting capacity 
will have to scrap all their plant, 
with no chance of moving it else- 
where in the Union or outride 
Europe. 

This last point is viewed as cru- 
cial in order to tend off com- 
plaints from the US. Brussels is. 
however, playing down Sir 
Leon's argument that the fierihlA 
interpretation of the steel aid 
code could make it more difficult 
to negotiate a multilateral steel 
deal under the auspices of 
the Gatt world trade organisa- 
tion. 

Mr Van Miert agreed that the 
presence of Mr Bangemann - 
absent in Estonia a month ago on 
the day of the previous Cammis- 
sfon vote - had proved signifi- 
cant “I always feel it is impor- 
tant especially the weight he 
represents,” said Mr Van Miert 


Steelmakers’ suspicion. Page 2 


Beijing 
signals an 
easing in 
row over 
Hong Kong 

By Simon HoOserton 
In Hong Kong 

China has signalled an rasing of 
its dispute with Britain over 
Hong Kong's political develop- 
ment which has hindered com- 
mercial negotiations between, the 
two countries and clouded the 
future of the colony. 

It emerged yesterday that Mr 
Qian Qichen, China's foreign 
minister, had told a group of 
Hong Kong trade unionists that 
tiie dispute with Britain was 
“past” and that relations between 
the UK and China should be “cor- 
rected and improved”. 

Mr Qian’s remarks, made, on 
Tuesday, come at a time when 
both governments are making 
efforts to repair relations after a 
particularly bruising two-year 
dispute about Hong Kong's politi- 
cal development 

The row culminated late last 
year with Governor Chris Patten 
pushing ahead with bis blueprint 
for political reform. Mr Qian 
repeated on Tuesday Beijing's 
threat to call fresh elections after 
it resumes sovereignty in 1987. 

The apparent thaw in relations 
will face a test at the end of this 
month when Hong Kang's legisla- 
ture votes on Mr Patten’s democ- 
racy plans. Most of the proposals 
are expected to be accepted. 

Since the spring, Chinese offi- 
cials have indicated a willingness 
to get on with practical matters 
concerning the transfer of Hang 
Kong. However, some Hong Kong 
government officials suspect Bei- 
jing has started a chann offen- 
sive of little substance. 

Britain, for its part, has 
avoided provoking China, espe- 
cially on human rights-related 
issues. The government is set to 
reject the establishment of a 
human rights commission in 
Hong Kong when it makes its 
response at the end of tills month 
to a Commons' foreign affairs 
committee report on Hong Kong 
and China. Another sign that a 
thaw in relations is under way is 


Continued on Page 14 


Rocard challenges 
rivals to declare 
their intentions 


By David Buchan hi Paris 

Mr Michel Rocard, the French 
Socialist leader, yesterday staked 
Ins political future an a confi- 
dence vote on Sunday within his 
party and challenged rival bid- 
ders for the French presidency to 
stand against him. 

Mr Rocard said the Socialist 
party's national council would 
determine “my present and 
future" in the wake of what he 
called a “very serious setback" 
for the Socialists in the European 
elections. The party won only 
14J> per cent of the vote, its worst 
performance for a quarter of a 
century. 

Last night. Mr Rocard said lie 
would seek a vote of confidence 
from the party's national council. 
Rivals seeking the party's nomi- 
nation in next year’s presidential 
race Should run a gainst hhn. 

“Anyone who wants to, and 
thinire he hag something to pro- 
pose. can be a candidate [for the 
presidency]. No one can claim to 
have a hold on the position,” he 
said. 

“As for me, it goes without say- 
ing that 1 will let the next 
National Council decide. 1 have 
never run away from responsibil- 
ity.” 

However, he said the right time 
for the party to designate its 
presidential standard-bearer was 
“not for several mouths, at the 
end of tins year or the start of 
nert year”. 

The French system lacks 
clear-cut US-style primaries to 
designate presidential candi- 
dates. But since he became the 
Socialist party’s first secretary 
after its parliamentary election 
defeat in March 1993, Mr Rocard 
has striven to acquire the mantle 
of the party's “natural" presiden- 
tial candidate. 

In yesterday’s statement, Mr 
Rocard effectively said this man- 
tle was up for grabs. 

But he also made clear that be 
intended to fight for the presiden- 
tial candidacy. He said that from 
the Euroelection result “we have 
to draw the consequences, indi- 
vidually for myself, but also col- 
lectively for us ah". 

He said he would have “propos- 



Michel Rocard: staking his 
future on a vote of confidence 

als for our recovery” to put to the 
300 odd members of the national 
council an Sunday. 

in the immediate aftermath of 
the June 12 poll he bad offered to 
resign, but dose associates dis- 
suaded him from doing so. How- 
ever, many in the party, includ- 
ing Mr Laurent Fabius, whom Mr 
Rocard ousted last year as party 
leader, have been openly ques- 
tioning whether Mr Rocard can 
cany the Socialist colours Into 
next year's presidential cam- 
paign. 

The gravity of the situation for 
Mr Rocard was graphically illus- 
trated in a survey carried out for 
the Liberation newspaper, which 
showed that last Sunday the 
Euro-list of Mr Bernard Tapie. 
the populist Marseille politician, 
had far outpofled the Rocard list 
among the young and blue collar 
workers, two key constituencies 
that kept the Socialists in power 
in the 1980s. 

However, the odds still proba- 
bly favour Mr Rocard staying on 
as leader for a while, if only 
because Mr Jacques Delors is the 
only other mooted Socialist presi- 
dential candidate of any stature 
and his 10-year stint as European 
Commiss ion president is not due 
to end until December. 

The party has some prominent 
politicians of the same genera- 
tion as Mr Tapie, like the 47-year- 
old Mr Fabius, but few of the 
same polling power. 


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Forma- US president Jimmy Carter and his wife Rosalynn meet high- ranking members of the North 
Korean army at the trace village of PanmimjOm yesterday 


Mm Reuter 


N Korea warns of war if 
UN sanctions go ahead 


By John Burton in Seoul and 
Bruce dark in London 

North Korea yesterday warned of 
a “pitiless wart* if the United 
Nations imposed sanctions over 
Its disputed nuclear facilities. 

The warning came as Conner 
US President Jimmy Carter 
began a mediation missi on. 

He intends to bold discussions 
with North Korean President 
Kim n-sang in an attempt to 
ease the tension that has 
mounted over the past week fol- 
lowing repeated threats of war 
by the North. 

President Bill Clinton said Ms 
Madeleine Albright, Washing- 
ton's ambassador to the UN, was 
consulting with other members 
of the Security Connell on a pro- 
posal for phased sanctions if 
Pyongyang continues to bar 
nuclear inspections. “We're 
going to be very deliberate, very 
firm,'* he said before meeting 
Republican and Democrat Con- 
gressional leaders. 

Mr Robert Gallncri. US assis- 
tant secretary of state, said the 
North yesterday continued to 


permit routine monitoring by 
inspectors from the Interna- 
tional Atomic Energy Agency at 
its Yongbyon reactor despite 
having informed the iaka, the 
UN's nuclear watchdog, that it 
was withdrawing from the 
organisation. 

North Korean officials wel- 
comed Mr Carter’s private visit 
as heralding a possible resump- 
tion of dialogue with the US. At 
the same time. Radio Pyongyang 
quoted Mr O Jin-a, North Korean 
defence minister, as insisting 
that his country would no longer 
accept any kind of nuclear 
inspection. And, in Paris, Mr Pak 
Dong Chon. North Korea's 
ambassador to Trance, warned 
that unless the US relented, it 
might expel the inspectors and 
withdraw from the nuclear non- 
proliferation treaty. 

He told Reuters that countries 
backing sanctions “most not 
make the wrong calculation, 
they must be awpre of the cata- 
strophic consequences,” adding: 
“It would be a pitiless war and 
if, despite our warnings. South 
Korea threw itself into such an 


adventure and supported sanc- 
tions, it would not be spared.” 

South Korea yesterday sought 
to cal™ the war scare that has 
affected the country’s financial 
markets. President Kim Young- 
sam briefed financial leaders 
explaining that there was no 
cause for alarm. 

The Seoul bourse general share 
index yesterday fell by 12.80 
points, or 1.4 per cent, to 890.92 
after suffering a 2.1 per cent 
decline on Tuesday. 

Defence officials have empha- 
sised that there are no uo usual 
troop movements or training 
activity to indicate that North 
Korea is preparing for war. To 
prevent a possible surprise 
attack, tiie US has increased 
aerial surveillance of North 
Korea, which is “already one of 
the most closely-watched places 
on the face of the earth,” accord- 
ing to one US official. 

Tony Walker adds from Bei- 
jing: China yesterday strongly 
urged an early resumption of 
dialogue to halt what it 
described as a “further deteriora- 
tion” in the North Korean issue. 




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Hurd does not rule out Belgian to succeed Delors if choice is deadlocked at Corfu summit 

Britain leaves the door open to Dehaene 


By PhiSp Stephens fin London 
and Lionel Bait>«r in Brussels 

Mr Douglas Hurd, Britain’s 
foreign secretary, yesterday 
underlined the government's 
determination to press the can- 
didacy of Sir Leon Brittan as 
the next president of the Euro- 
pean Commission. But he 
pointedly left open the door to 
the eventual appointment - 
possibly in the autumn - of Mr 
Jean-Luc Dehaene if there was 
an impasse at the European 
Union summit in Corfu. 

The chances of breaking the 
deadlock over the succession 
to Mr Jacques Delors now rest 
on a meeting of Christian Dem- 
ocrat leaders in Brussels next 
Wednesday, two days before 
the summit 

Mr Dehaene, Belgian prime 
minister, and Mr Ruud Lub- 
bers, his Dutch counterpart, 
will be present, but so will 
Chancellor Helmut Kohl of 
Germany, the mast likely pow- 
erbroker. Mr Kohl win also dis- 
miss the issue in Bonn today 
with Mr Silvio Berlusconi, the 
Italian premier. Italy is as 
a crucial swing vote. 

Senior Brussels diplomats 
said the leadership contest 


could be deftised if either Mr 
Dehaene, the Franco-German 
candidate, or Mr Labbers, the 
one-time favourite, dropped out 
of the race. 

In a wide-ranging review of 
Britain's approach to the Corfu 
meeting, Mr Hurd defended the 
"multi-speed, multi-track" 
approach to Europe it had set 
out in the recent elections for 
the Strasbourg pa ri faT ppnt 

He said this vision of a more 
fl exib le Union did not mean 
Britain would lapse into a 
"sour, negative view'. Nor 
would it consign itself into a 
notional "slow lane". 

Instead, in defence and for- 
eign policy, for example, the 
government was determined to 
remain in the forefront of 
efforts to strengthen co-opera- 
tion, He told a committee of 
MPS: “What we want to do is to 
maim the common foreign and 
security policy effective. ... we 
are in the van." There would 
be other areas in which Britain 
woUld take a lead. 

But he hinted that the gov- 
ernment expected the work of 
the 1996 intergovernmental 
conference on the next stage of 
development of the EU might 
extend well into 1997, the last 



Mr Jeon-Lac Dehaene; refusing to announce his can d idacy publicly 


date for the next British gen- 
eral election. 

‘ Pressed on the succession to 
Mr Delors, Mr Hurd said that 
Sir Leon was an "outstanding 
candidate” who would have 


the strong and fun support of 
the British government. He 
refused though to criticise Mr 
Dehaene, commenting: "We 
have nothing against him per- 
sonally. In fact, he presided 


rather well over the Belgian 
presidency." The job descrip- 
tion for the next president 
would be as important as the 
individual chosen for the post. 
Britain did not want another 


"philosopher long" seeking to 
extend the authority of Brus- 
sels. Ratter, the Commission 
■ ftu p i iri -grip and deal compe- 
tently and persuasively with 
Ok powers it already has". 

Hopes of a deal in Corfu rest 
on a complicated package In 
which the job of Commission 
president would be traded Tor 
the top post at the European 
Council secretarial and a joint 
European Union candidate for 
the World Trade Organisation. 

Mr Lubbers is said to be dig- 
ging in his heels after being 
snubbed by the French and 
Germans. Mr Dehaene, who 
has refused to announce a pub- 
lic candidacy, has now “devel- 
oped a real taste for the job", 
according to an associate. 

A Dutch veto of Mr Dehaene 
would allow the British to 
avoid the blame for a stalemate 
at the summit Sir Leon Brit- 
ten, phirf EU trade negotiator, 
paid a visit to President Fran- 
cois Mitterrand yesterday to 
push bis candidacy. Mr Lub- 
bers saw Mr Mitterrand for an 
hour in Paris yesterday - con- 
tinuing the public lobbying for 
a job which, in the past has 
been settled through discreet 
diplomacy. 


EU steelmakers suspicious of Brescia ruling 


By Our Forekpi and Industrial Staff 

Europe’s steelmakers reacted with 
resignation but little enthusiasm yes- 
terday to the European Commission’s 
decision to let Italy grant aid that 
will help steel plants in the Brescia 
region cat capacity. 

The move keeps alive the European 
Union’s rescue plan for the industry. 
Ms Angela Bust, Who haarts the long 
products division of the Italian steel 
federation, said yesterday: “It’s obvi- 
ously a step forward and we are very 
happy." 


Bat steelmakers elsewhere in 
Europe believe aid rules are being 
bent, or at least fudged. British Steel 
said it still believed that only those 
subsidies which conformed to the EU 
steel aids code shonld be allowed. 
The Italian aid did not appear to con- 
form. 

Usinor-Sacilor, the French state- 
owned steel group, gave a mixed 
reaction to the ruling. While it wel- 
comed the extension of Italian capac- 
ity ails, it stressed that foe terms of 
the aid to the Brestiani steel plants 
had to be rigorously observed. 


There was also considerable scepti- 
cism over where the filial 2m-3m 
tonnes of capacity cuts would come 
from to achieve the minimum 19m 
tonnes of cuts in hot rolled products 
capacity sought by the Commission. 

Hie Italian plan to cut 5m-6m tons 
of capacity would produce total cuts 
of I6m-l7m tonnes across Europe, 
assuming that foe 11m tonnes of cuts 
already pledged are implemented. 

But one industry spokesman 
described as a "Delphic utterance” 
yesterday’s statement by Mr Martin 
Bangemann, the industry commis- 


sioner, that there were several possi- 
bilities under discussion to make up 
foe shortfall. 

"We have no idea what he is refer- 
ring to," said the observer. 

Thyssen, Germany’s biggest steel- 
maker, said it was relieved that the 
EU steel plan bad been revived but 
warned that it would be difficult to 
turn projected cuts into real cuts. 

"Generally the plan is an tostrn- 
ment which stabilises the market,” 
said Mr Peter Blau, spokesman for 
Thyssen. "The question is wiB the 
Italians actually be able {to make the 


cuts I? There I have my doubts.” 

Usinor-Sacilor, meanwhile, said 
that even if the 19m tonne target was 
not reached, the important thing was 
to maximise the amount of restruct- 
uring. 

• Thyssen said there were no Imme- 
diate prospects that yesterday’s 
developments would bring a solution 
for Eko Staid, foe ailing eastern Ger- 
man steelworks, any closer. "We 
have had talks with a variety of part- 
ners In France. Britain and Luxem- 
bourg bat there is still no solution in 
sight," it said. 


Restructuring plan could cost over 6,000 jobs 


By Andrew HOI bn Milan 

The plan to restructure Italy's 
privately-owned steelmakers 
could cost more than a quarter 
of foe 25,000-or-so jobs in the 
private sector, according to the 
industry federation, Fedetac- 
dai. 

Yesterday’s news that the 
European Commission had 
approved the proposal did not 
bring rejoicing steelworkers 
onto the streets of Brescia, the 
northern Italian town where 


many of the myriad small steel 
mills are located. 

But Italy’s private steelma- 
kers, particularly those finan- 
cially strongest, quietly wel- 
comed the Commission 
decision, and even, the strict 
conditions attached to it as a 
guarantee an orderly restruct- 
uring could now take place. 

“Let's hope that now, the 
Italian government can get 
things moving,” said Ms 
Angela Bust managing direc- 
tor of the family-owned 


Acdaierie di Lonato and chair- 
man of Federacdai’s long-prod- 
ucts division. 

"Mr [Vito] Gnutti [the new 
industry minister] must now 
issue a definitive decree 
because toe steelmakers don’t 
know yet exactly what they 
must do.” 

Italy’s private steelmakers 
say they have been waiting 
almost two years for a helping 
hand from Rome and Brussels. 

They have seen most of the 
Italian government's political 


effort go into negotiations with 
the Commission about foe 
high-profile fate of Ilva. foe 
chronically loss-making state- 
owned manufacturer which 
employs about half the steel- 
workers in Italy. 

Meanwhile, the inability of 
the government to guarantee 
funding for private-sector clo- 
sures helped scupper some 
manufacturers* attempts last 
year to pod their resources in 
a Commission-approved “crisis 
cartel”. 


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Now, however, the mis- 
named "Bresriani” (the town 
may be Urn biggest but it is not 
the only steel-making centre in 
Italy) believe they have found 
a champion In Mr Gnutti. who 
is due to meet Mr Karel Van 
Miert, European competition 
commissioner, to Rome today. 

Mr Gnutti, a member of the 
populist Northern League, is 
from Brescia, and industry 
sources say he has already 
impressed them into his dedL 
cation to the problem. 

In talking to Brussels, be 
may have besi helped by the 
fact that the Commission could 
not really look elsewhere for 
the additional private-sector 
cuts needed to complete its EU 
rescue plan. 

This is partly because it is a 
highly fragmented sector, a 
sideeffect of rapid growth after 
the war, when family-owned 
companies took advantage of 
the abundance of scrap to fuel 
their foundries. The sector 
groups as many as 90 different 
companies, 68 of which com- 
mitted themselves to the clo- 
sure programme approved yes- 
terday to Brussels. 

Certain individual compa- 
nies are just as efficient- as, if 
not more so than , their com- 
petitors in other EU countries, 


but everybody in toe sector 
agrees that as a group, foe 
Bresctani are too numerous 
and too small. 

Yesterday's Commission 
decision wifi mean outright 
closure for some small compa- 
nies, which is bound to leave a 
totter taste. But it will permit 
same of toe larger and more 
complex groups, which operate 
to different sectors of the steel 
market, to carry out a subsi- 
dised closure of their least-effi- 
dent units, provided they meet 
the Commission's conditions. 

Mr Enrico Badiali, a director 
of Ffederacdai, adds that Brus- 
sels is getting a bargain by 
accepting the plan. 

He paints out that a commit- 
ment to cut capacity by 7m 
tn ppes in exchange for about 
L700bn (£3SSm) of state aid, 
compares favourably with the 
desal struck for Ova, which is 
allowed to make smaller cuts 
and receive greater subsidies. 

If the plan succeeds, he 
admits that the future for the 
private sector, enlarged by the 
addition of newly-privatised 
llva divisions, will be more 
optimistic than for many 
years; "Reduced dependence on 
scrap, better efficiency for 
those who remain, fewer play- 
ers and a more stable market” 


EU transport 
ambitions depend 
on private cash 


By Charies Batchelor, 
Transport Correspondent 

Private sector finance win be 
needed to fond half the Euro- 
pean Union’s ambitious p fan* 
for a trans-European network 
of transport links, a leading 
specialist said yesterday. 

Of the Ecu70bn (£540bn) 
needed for the ten most 
advanced transport projects, 
Ecu35bn will have to be raised 
from private sources, accord- 
ing to Mr Wolfgang Hager, 
director of the European Cen- 
tre for Infrastructure Studies, a 
think-tank. 

Only Ecu23bn would come 
from taxes (including the 
Union budget), EcuSbn from 
the European Investment 
Bank, and Ecu3L5bn from toe 
railway companies, he told the 
Financial Times conference. 
Transport in Europe. 

The ambitious scale of toe 
EU's transport plans raised the 
danger of toe overall vision 
being lost and the project 
petering out before it bad prop- 
erly begun, he warned. 

Traditionally, transport 
plans had emerged from a slow 
technocratic process, based on 
traffic forecasts, “which relieve 
bottlenecks perfectly obvious 
to everyone for decades”, he 
said. The trans-European net- 


work programme, by contrast, 
involved a far-reaching vision 
of the future. 

The limited financial 
resources available to carry 
out the programme were in 
stark contrast to toe ambitious 
political and economic goals of 
the programme. Mr Hager said. 

It sought to achieve a physi- 
cal integration of the Internal 
European market, to boost 
regional development, to sup- 
port industrial policy and to 
deregulate the supply of goods 
and services. 

The programme might also 
run into problems because of 
the shift in spending involved 
from roads to public transport. 
Mr Hager said. 

Mr JUrgen Erdmenger, a 
director to toe European trans- 
port directorate-general, said 
that at present EU member 
states spent 66 per cent to todr 
EcuSObn annual transport bud- 
gets on roads, 23 per cent went 
on rail, 5.6 per cent on airports, 
3.5 per cent on ports and L5 
per cent on canals. 

The trans-European network 
programme envisaged spend- 
ing a total of Ecuioobn over 
the next 10-20 years, to which 
just 9) per cent would go on 
roads, 60 per cent on rail and 5 
per cent on canals. 


Foot-dragging 
slows path to 
single market 


E ighteen months ago toe 
single market for 
Europe was launched 
with great fanfare. Yet it Is 
still fair from complete. Today, 
foe European Commission will 
point toe finger at the EU’s 
most slothful members to find 
out why their parliaments 
have still not adopted all the 
legislation crucial for the free 
flow of goods, sen-ices und cap- 
ital within toe market's fron- 
tiers. 

Commission tables to be pro- 
duced at today s council of 
ministers meeting in Luxem- 
bourg show that Germany. 
France and the Netherlands 
have the poorest record on 
pharmaceutical products; in 
company law Germany. 
Greece, Spain and France fall 
well short; on intellectual prop- 
erty. half foe EU's member 
states have delayed adoption of 
the relevant directives; per- 
haps most worrying of all - 
since it accounts for 15 per 
cent of the EU’s gross national 
product - is the sluggish prog- 
ress made on securing a single 
market in public procurement. 

Second, and more crucially, 
ministers will be asked to con- 
sider a proposal designed to 
examine rigorously those areas 
of the single market where no 
harmonisation legislation 
applies but where the principal 
of “mutual recognition” of 
technical standards is sup- 
posed to ensure that pressure 
cookers made in Italy, for 
example, can be sold without 
obstacle anywhere else in the 
Union. 

This proposal goes to the 
heart of a dilemma facing 
Europe's policymakers. With 
countries still blocking goods 
from other member states on 
the often spurious grounds 
that safety or technical stan- 
dards do not match, the Com- 
mission has to decide whether 
more legislation is required to 
maintain momentum behind 
toe single market. 

It is unlikely to get agree- 
ment on the proposal today. 
Several countries are opposed, 
most notably France and Ger- 
many, against whom most 
complaints have been received. 

The decision to step up pres- 
sure on EU members comes 
after what Mr Raniero Vanni 
d'Archirafi, commissioner 
responsible for the single mar- 
ket, describes as a "period of 
observation". 

M Overall the single market 
is working," he says. “But in 
some areas, legislation at a 
national level has been delayed 
- completing the legislative 
programme must now be an 
urgent priority." 

T he naming - names exer- 
cise is thus designed to 
prod member states into 
speeding up their legislative 
programmes to ensure, as one 
official put it, that "home 
bases are covered". 

The Commission insists that 
its approach is less about pub- 
lic humiliation and more about 
fact finding. "The idea is to go 
through those areas that are 
performing worst, and for the 
member states to spell out the 
problems that are getting in 
the way of adopting direc- 
tives," said the official. “We 
want to get detailed responses 
from the member states as to 
when we can expect these 
problems to be unblocked." 

The exercise will continue at 
the next council meeting in 
October, when Mr d'Archirafi 
intends to switch his focus 
away from the quantity to leg- 
islation adopted, to toe quality 
of legislation once It reaches 
national statute books. 

But more likely to provoke 
heated argument at today's 
meeting is the Commission's 
proposal to examine where 
mutual recognition of techni- 
cal standards is not working. 

When the single market was 
first dreamt up, it was deemed 
unnecessary to harmonise 
standards in all commercial 
sectors. Standards in sensitive 
areas such as medicine, chemi- 
cals. cars and toys would be 
harmonised under legislation 
agreed by all 12 member states. 
But for the bulk of goods and 
services mutual recognition 
was supposed to ensure that 
prams, lollipops and electric 
light bulbs, for example, would 
circulate freely. 

In practice, there have been 
endless hitches. A Commission 
inventory of barriers to trade 
based on complaints from man- 
ufacturers shows that peas 
from Belgium, for example, 
came up against barriers in 
Denmark because of "classifi- 
cation problems and quality 
standards". ’Hie UK objected to 
Dutch radishes because of wor- 
ries about a certain fly. 
Ceramic tiles from Greece have 
been barred from the French 
market because of “difficulties 
in obtaining type approval”. 

Generally, the complaints 
tend to come from manufactur- 
ers in smaller member states 
who cannot get their goods cir- 


culated in toe lanrcr countries. 
A survey by the Danish 
finance ministry produced a 
shockingly high number to 
complaints about remaining 
technical barriers to trade. 

As a result Brussels is com- 
ing under pressure to produce 
more harmonisation legisla- 
tion, particularly from the less 
powerful EU members such as 
Denmark and Spain, to deal 
with those areas where mutual 
recognition is failing. "There 
have been, for example, a lot to 
concerns from caravan mak- 
ers." said an official from 
DC 15. the directorate responsi- 
ble for the internal market. 
•■We have had pressure to pro- 
duce a directive over things 
like dimensions and the mate- 
rials with which the caravans 
are made." 

As a first step, today's pro- 
posal recommends a change to 
the way in which complaints 


Commission is 
pointing a 
finger at the 
laggards, writes 
Emma Tucker 
in Brussels, in 
an attempt to 
prod them into 
more rapid 
legislative 


action 


are recorded. At present. Brus- 
sels relies on manufacturers tu 
keep it abreast to what is going 
on at a grassroots tod. Now it 
wonts to switch the anus to the 
authorities who arc doing the 
refusing, In other words, any 
national authority that refuses 
a product from one country 
will have to notify the Com- 
mission thereby providing 
Brussels with a more complete 
record of where problems are 
arising and where more har- 
monisation legislation might 
eventually be required. 

Some member states - nota- 
bly Britain - are very keen. 
The French and Germans, how- 
ever. have argued that there 
are so many examples to where 
one country is blocking anoth- 
er’s goods that the proposal 
will spawn unnecessary 
bureaucracy. 

Some at the Commission are 
sceptical. They say the Ger- 
mans and French do not want 
the issue to be tackled so they 
can continue to block products 
from other countries, thus pro 
tecting their own manufactur- 
ers. 

What is certain is that 
today's meeting is unlikely to 
produce a consensus on the 
proposal. That is more likely to 
’ come in October when internal 
market ministers next meet 

Until then, and until the 
information has been gathered, 
the Commission will continue 
to favour mutual recognition 
as a better, less cumbersome, 
route than legislation. This is 
partly because legislation is so 
costly, but also in recognition 
to the fact that a directive on 
caravans, or peas would do 
nothing for the image to the 
meddli n g Brussels bureaucrat 

But if mutual recognition 
continues to be flouted by toe 
Union’s biggest and most pow- 
erful states, some countries, 
and many manufacturers, will 
step up pressure for more har- 
monisation. At that point Brus- 
sels will have to decide how 
best to tackle the grievances to 
the Belgian eiderdown maker 
who, because of the stuffing he 
uses, cannot sell his products 
in the Netherlands, Germany 
or France. 


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FINANCIAL TIMES THURSDAY JUKE 16 1994 


NEWS: EUROPE 


3 


EUROPEAN NEWS DIGEST 

Nato, Russia 
in talks accord 

Nato yesterday agreed to Russia’s request for urgent talks on 
the relationship between Moscow and the alliance, despite 
bitter arguments at last week's meeting of foreign ministers in 
Istanbul. A mb a s sadors from the 16 Nato members yesterday 
“agreed to invite Russia to begin fn Brussels 

i mmed i at ely" , according to an aiHa n«i spokesman. 

Until recently, the alliance bad been insisting that Russia 
must join its Partnership For Peace military co-operation 
programme under the same procedure as the exis tin g 20 mem- 
bers, by signing up first and discussing practical details later. 
However yesterday's decision confirmed that Russia is having 
some success in convincing the alliance that a wide-ranging 
agreement in principle an the shape of Russia-Nato relations 
must be sealed before Moscow si gns up to PFP. 

At last week’s meeting in Istanbul between foreign ministers 
of Nato and the former Warsaw Pact, western diplomats 
described as a -disgrace" the firmness with which Russia 
insisted on several key points in the final communique. These 
included the exclusion of any reference to the possibility that 
countries such as Poland and Hungary might become full 
members of Nato. Bruce Clark, Defence Correspondent 

French extend jobless measures 

The French government is p lanning to astanri measures aimed 
at curbing the growth in long-term unemployment, Mr Mmhp i 
Giraud, the employment minister, said. In an interview in Les 
Echos, the financial daily, Mr Giraud said that the government 
would extend from 18 to 24 months the exemption on employer 
contributions to social security charges for new workers 
recruited from the ranks of the long-term unemployed. 

According to Mr Giraud, the measure will apply to the 
hiring of workers who have been registered as unemployed for 
more than three years, who are disabled or who have been 
claiming welfare benefits below standard unemployment bene- 
fits for more than one year. While the overall unemployment 
rate has shown si gns of stabilising at about m 2 per ran t. of the 
workforce long-term unemployment has continued to rise. 
John Ridding, Paris 

■ BSN, the French-based multi-national food company, has 
signed a joint declaration with an international trade union 
guaranteeing the rights of its workers to trade union represen- 
tation. BSN, which employs more than 564)00 workers in 
Europe, the Americas and Asia, has signed the declaration 
with the Geneva-based International Union of Food. Most 
international companies say they comply with local labour 
arrangements. Lisa Wood, Labour Staff 

Poles win $900m IMF standby 

Poland has agreed a new draft 8900m standby agreement with 
an International Monetary Fund team for 18 months until toe 
end of next year. The funds will go to boosting Poland’s hard 
currency reserves as well as helping to finance a 45 per cent 
debt reduction deal agreed earlier this year with western 
commercial hanks. The policy draft, which is likely to be 
approved early in August by the IMF and still has to be 
formally adopted by the Polish government, assumes that 
Inflation next year will fell to 16 per cent from this year’s 
projected 23 per cent figure. 

Next year’s deficit budget meanwhile will fell to 8.7 per cent 
of gdp from this year’s 4.1 per cent Mr Michael Deppler, the 
head of the IMF group said yesterday that the medium-term 
programme drafted by Mr Grzegora Kolodko, the new finance 
minister, and adopted recently by the Polish government, 
contained “good policies for Poland" ami that he was confident 
that unemployment would fell by the end of 1997. Christopher 
Bobinski ", Warsaw 

Finnish confidence vote won 

Finland's plans to enter toe European Union on January 1 
were spared disruption yesterday when the centre-right coali- 
tion government survived a parliamentary vote of no confi- 
dence despite the abstention of some of its own members. But 
Mr Esko Aho, the prime minister, feces a farther challenge on 
the EU issue on Saturday when his Centre party votes at a 
special conference on whether to back Finnish membership in 
a referendum on October 18. The party, which is founded on 
the agricultural community, is deeply split on EU policy. Mr 
Aho is expected to prevail but a decision not to back member- 
ship would throw the government into turmoil and delay the 
formal ratification of Finland's accession agreement with the 
Union. Hugh Camegy, Stockholm 

Optimism on Norway economy 

The Bank of Norway yesterday Issued an upbeat forecast for 
the economy but warned the government that its loose fiscal 
policy and rising wage claims could cause overheating. The 
central bank forecast a 4J> per cent increase in private con- 
sumption this year, against a December forecast of 2.75 per 
cent It criticised the government for not tightening fiscal 
policy in the revised national budget unveiled in May, and 
wanted against an inflationary budget for 1995. The Bank of 
Norway sees gdp growth of 4 per cent this year, with the 
non-oil economy expanding by 2.75 per cent this year and 3 per 
cent in 1995. Consumer price inflation, at Qj 9 per cent, is at its 
lowest for more than 30 years. The central bank expects 
inflation of 1-15 per cent over the next two years ami sees toe 
current account surplus rising from NKr2Zbn (£2bn) this year 
to NKr29bn in 1995. Karen Fossil, Oslo 

ECONOMIC WATCH 


German insolvencies up 31.2% 

German insolvencies rose 31.2 per cent in the first quarter of 
this year compared with 1993, the federal statistics office 
reported yesterday. Credit unions warned that Germany faced 
its worst year of bankruptcies since 1945 with up to 11,650 
insolvencies in the first six months of this year. In western 
Ge rmany , insolvencies rose 219 per cent to total 4345; in the 
five eastern Lander the number of insolvencies leapt 117.5 per 
cent to 1,031, the statistics office said. It predicted the rate of 
insolvencies would, fail , pointing to a 15.4 per cent increase in 
March and a still lower forecast figure for April 
In the first two months of the year, the number of insolven- 
cies had risen by up to 40 per cent Worst affected were 
construction companies, trading companies and service com- 
panies, where insolvencies rose 43 per cent. Preliminary 
claims against debtors in western Germany totalled DM4-3on 
(£1.7bn), similar to the figure a year before, while in eastern 
Germany debt totalled DML3bn, which, despite the dra ma tic 
rise in insolvencies, was equal to the amo u n t a year ago. 

■ The Bundesbank yesterday lowered its repurchase rate from 

5.10 per cent to 5.05 per cent . 

■ The Dutch foreign trade surplus narrowed to m.4tra 

(£5Q0m) in January from Fiaubn in December, the Central 
Bureau of Statistics said. .. , 

■ F innish industrial production adjusted for working aays 
increased 9.7 per cent year-on-year in April, and 0.4 per cant 

from March, Statistics Finland said. 

■ The Belgian National Bank yesterday cot its key central 
rate to 5.05 per cent from 5.10 per cent 


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Italy tries to grasp the pensions nettle 


Robert Graham on budget implications of a constitutional court decision ordering payment of arrears 


T he state of Italy’s public 
finances has rudely 
interrupted the Berlus- 
coni government's euphoria 
over its spectacular perfor- 
mance in toe European elec- 
tions. 

The immediate problem is a 
decision last week by the con- 
stitutional court obliging the 
government to pay arrears on 
certain categories of pensions 
dating back to 1983. But the 
need to find extra funds and 
neutralise the impact of the 
court ruling has highlighted 
the unresolved problem of 
Italy's public sector deficit, 
stQl equivalent to more than 10 
per cent of gross domestic 
product. 

This in turn has provided a 
brutal reminder that the gov- 
ernment of Mr Silvio Berlus- 
coni, for all its talk of reducing 
tavea and stimulating the econ- 
omy, has a very dim marg in of 
manoeuvre in its as yet ill-de- 
fined economic policy. The ner- 
vous reaction of the financial 
markets to the court decision 
- both on the bourse and 
towards government bond 
prices -has rubbed home the 
point that the deficit cannot be 
ignored. 

Estimates of the cost of mak- 
ing the pension payments vary 
considerably because of the 
complexity of interpreting the 
court's decision. The upper 
limit has been put at a stagger- 


ing L30,006bn (£I2,4bn) by Mr 
Clemente Mastella, the labour 
minister, and it is unlikely to 
be lower than L16,000btu 

The confusion is surprising 
because the constitutional 
court decision was known to 
be imminent. 

Its ruling in favour of paying 
arrears on certain minimum 
benefits stopped in 1988 was 
considered a near certainty by 
the previous Ciampi govern- 
ment and Mr Mario Colombo, 
the head of Inps, the state pen- 
sions institute, wrote a letter 
on May 11 to Mr Berlusconi 
when he had just been named 
prime \nin|«sfaw warning of the 
potential costs. 

Tuesday afternoon was taken 
up by various meetings 
between Mr Berlusconi, his 
economic ministers, Inps offi- 
cials and the comptroller of 
public accounts. Officials say 
that by tomorrow a definitive 
analysis of the cost will have 
been made; but they rt ecFoe to 
say whether there will be a 
pre-summer mini-budget and 
whether plans for the 1995 bud- 
get have had to be rewritten. 

The government’s initial 
reaction is to try to spread the 
arrears payments over a period 
of years, beginning in 1995. 
Thus the mini-budget could be 
retained as the government’s 
original objective of finding 
around L6,000bn (mainly in 
spending cuts) to hold the pub- 



A old man buys greengroceries at a market stall at Porta Ticinese, Milan. The growing population 
of pensioners - more than 20m and for the first time more numerous than those in work - cannot 
be funded by the contributions of those in jobs 


lie sector deficit down to 
Ll54,000bn. In this way, the 
timid economic recovery could 
be encouraged, stimulated by 
already announced measures 
giving tax incentives to invest 
and create new jobs. 

But this approach would not 
obviate the need for a tough 
1995 budget if Italy is to lower 
the budget deficit in line with 


its main European partners as 
pledged. The government is 
acutely aware of this dilemma 
and hopes the markets will be 
satisfied by an early commit- 
ment - probably before the end 
of the month -to tackle the 
issue of pensions head-on. 

Italy's generous state pen- 
sions scheme has become a 
drain on Italy’s public 


finances. Pensions are the larg- 
est item in the budget and 
account for 42 per cent of cur- 
rent spending. Measures intro- 
duced by the Amato govern- 
ment in 1993, considered bold 
at the time, are now inade- 
quate. 

The compulsory retirement 
age was raised from 55 for 
women and 60 for men to 60 


and 65 respectively ta rise of 
one year every second year as 
of 1993). The reference period 
for calculating pensions was 
increased from 5 to 10 years 
and the period of contribution 
entitlements was raised from 
15 to 20 years. 

The linkage between nomi- 
nal wage growth and wages 
was cut, restrictions were 
imposed on the much abused 
early retirement benefits and 
employee contributions were 
raised marginally to 9.9 per 
cent of total earnings. 

According to the Bank of 
Italy, pension outlays last year 
were Llftl.OOObn. up 4.7 per 
cent. But without the Amato 
measures the bank says the 
rise would have been far 
greater. 

Equally worrying is the way 
the growing population of pen- 
sioners - more than 20m and 
for the first time more numer- 
ous than those in work - can- 
not be funded by the contribu- 
tions of those in jobs. 

This year the treasury 
expects to bave to cover a defi- 
cit of L?4.0C0bn. The amount is 
already L7.000bn above budget 
and could be higher, as double 
the number expected of local 
government employees have 
submitted requests for early 
retirement There have also 
been costly early state-backed 
retirement settlements in the 
steel and motor industry. 


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FINANCIAL TIMES TUl'KSIMV JUNli )<> !_*>■» 


NEWS: INTERNATIONAL 


Japan MPs urge electoral amnesty (Prices of food 


By WffiQam Dawkins In Tokyo 


A majority of members of 
Japan's lower house of pariia.- 
meat yesterday called for an 
electoral amnesty until the 
establishment of new constitu- 
ency boundaries, likely this 
autumn. 

The request, in a petition 
signed by 306 of the 511 mem- 
bers of the lower house, was 
presented to Mr Tsutomu Hata, 
prune minister of the embat- 
tled minority government 

This reduces the likelihood 
of a sweeping change in gov- 
ernment over the next few 
months, but does not rule out a 
vote of no confidence against 
the administration . 


Mr Yohei Kona, president of 
the liberal Democratic party, 
and Mr Tomizchi Murayama, 
chairman of the Social Demo- 
cratic party, the two biggest 
opposition groups, have called 
for a vote of confidence after 
this year’s long-overdue budget 
gets through the upper house. 
Parliamentary officials expect 
the budget to be adopted by 
June 23, a week before the end 
of the parliamentary session 
on June 29. 

If successful, such, a vote 
would lead to a cabinet reshuf- 
fle which could broaden the 
government with opposition 
members getting ministerial 
posts. 

Signatories to yesterday’s 


petition, organised by Mr Yuji 
Tsushima, chairman of the 
LDP’s main policy board, 
include 60 LDP politicians and 
34 from the SDP. This confirms 
that opposition parties agree, 
after weeks of indecision, that 
they would gain little by call- 
ing an election under the exist- 
ing multi-seat constituency 
system. That would make it 
look as if they wanted to delay 
popular political reform. 

Parliament agreed only last 
January to replace the existing 
system, blamed for fostering 
corruption, with a mixture of 
proportional representation 
and single-seat districts. How- 
ever, the Home Affairs Minis- 
try has not yet completed the 


draft of the electoral boundary 
bill needed to complete politi- 
cal reform, expected to go to a 
parliamentary session after the 
summer break. 

Meanwhile, the coalition is 
negotiating behind the scenes 
to attract support from both 
opposition parties and stave off 
a no-confidence vote. 

Here the North Korean crisis 
has tipped the balance towards 
a coalition partnership with 
the LDP, on the grounds that it 
may need LDP moderates' sup- 
port for sanctions against 
Pyongyang. The strategy of Mr 
Koji Kakizawa, foreign minis- 
ter, for a warning to North 
Korea followed by phased 
United Nations sanctions has 


broad LDP support Mr KaJri* 
zawa was a member of the LDP 
until seven weeks ago, when 
he accepted a job with the new 
government. 

A growing number of LDP 
politicians want to keep Mr 
Hata in power at feast until 
early next month, to avoid 
Japan looking embarrassingly 
leader! ess at the annual Croup 
of Seven summit in Naples 
from July 8 to 10. 

A last-minute parliamentary 
rush to get the budget through 
the lower house prevented 
Japan Emm sending a cabinet 
minister to the recent ministe- 
rial meeting of the Organisa- 
tion for Economic Cooperation 
and Development 


rise sharply 
in China 


UK ‘must 
push for 
total 
test ban’ 


By Tony Wa&or to Beijing 


Signals mixed on industrial production 


By Gerard Baker in Tokyo 


Japan's industrial output fell in April 
more sharply than previously reported, 
according to figures published by the 
Ministry of International Trade and 
Industry yesterday. Output dropped by 
1.9 per coot, against last month’s esti- 
mate of a L4 per emit fatt. 

Montftly figures have been subject to 
erratic fluctuations hi the past year. 


and the more reliable three-montiwm- 
three-mouth trend shows industrial 
output rising foam Its trough at the 
end of last year. In the three months to 
April, output was L9 per cent higher 
than in the previous three months. 

That sharp rise in industrial produc- 
tion since the start of the year will be 
reflected In the figures for gross 
domestic product for the first quarter 
of 1994, expected to be published next 


week. Yesterday, officials at the gov- 
ernment's Economic Planning Agency 
(EPA) fainted that the statistics were 
likely to show the country’s total out- 
put of goods and services rose in the 
first quarter of the year by between 0 J 
and 1 per cent, an ««mw*Ksari rate of 
2-3 per cent 

The EPA has been markedly more 
bearish about the economy than other 
government institutions recently. But, 


according to offiriaK at the EPA. the 
publication of the GDP figures will be 
accompanied by a more upbeat assess- 
ment of the country’s economic pros- 
pects. 

Independent economists are likely to 
be more cautious. The country has 
experienced strung growth in the first 
quarter of each of the past three years, 
only to see output fall back again later 
in the year. 


Canberra 

warns 

Pacific 

islanders 


By NBdd Taft in Sydney 


Australia, a substantial trading 
partner and provider of aid to 
the South Pacific, yesterday 
urged island nations to 
improve internal government 
policies, warning that they 
could face serious and mount- 
ing economic problems if they 
failed to act 

fn a hard-hitting speech, Mr 
Gordon Bilney, Australia’s 
Pacific island affairs minister, 
said there were some broad 
issues - such as environmental 
management, population 
growth, and trade and invest- 
ment - "which if not addressed 
with a sense of urgency could 
have consequences which 
would wab» more immediate 
political problems seems small 
by comparison”. 

Mr Bilney noted that real 
gross national product in the 
Pacific island countries had 
grown by an average rate of 
only some 0.1 per cent a year 
over the past decade. “In short, 
whatever policies we’ve been 1 
following in the South Pacific 
- and by ‘we’ I mean island 
countries and donor countries 
alike -are demonstrably not 
working,” he said. 

The minister offered few pre- 
cise remedies, but stressed the 
need to achieve lower popula- 
tion growth rates by "a careful 
mix of policies”. He also urged 
nations to develop a united 
approach towards bigger, dis- 
tant-water fishing nations, to 
ensure sustainable develop- 
ment; to guard against exploi- 
tation of topical forests; and to 
mobilise domestic savings and 
open their economies to for- 
eign investment 

Asked whether Australia 
would consider withholding 
aid from Pacific nations which 
failed to improve internal poli- 
cies, Mr Bilney said tills was 
“far too stark". 

Mr Bllney’s speech repre- 
sented the first significant pol- 
icy statement on the South 
Pacific by an Australian minis- 
ter for six years. Australia's 
trade with, the region amounts 
to around A$3bn (£i.46bn) a 
year, and its aid contribution 
is close to AgSOOm. 






Chinese consumers have boon 
rocked by a series of steep 
price increases for staple foods 
unrh as grain, prompting wide- 
spread grumbling at a time of 
worker mid peasant unrest. 

The authorities last week 
increased the price of premium 
quality flour by 37 per cent and 
rice by nearly 17 per cent This 
comes on top of steep price 
rises for most basic commodi- 
ties in the past 12 months. 

A Beijing municipal official 
confirmed yesterday the price 
rises had come into force on 
June 20. but he said the Chi- 
nese media had been 
instructed not to report details 
to avoid inflaming opinion. 

The price increase coincides 
with simmering unhappiness 
over price increases in urban 
and rural areas. Agitation 
among industrial workers has 
become commonplace. Cast of 
living increases are running at 
more than 20 per cent in Giri- 
na’s cities. 

China’s press, warning of the 
dangers to the economy of spi- 
ralling price increases, has 
demanded action. The official 
Business Weekly said at the 
weekend the “side-effects of 
the pricing reform and the 
rocketing cost of production 
materials have combined to 
form the Achilles heel of the 


economy. 

In March. China reintrod- 


uced price controls on 20 items. 
Including services and food. It 
authorised local governments 
to implement measures to ease 
the Inflationary burden on eon- 
sumers. 

Business Weekly reported 
that some local authorities 
have begun subsidising grain 
shops and restricting consum- 
ers’ purchases by once again 
issuing ration coupons. 

The government's bold ges- 
ture In raising prices, partly in 
order to improve payments to 
formers whose commitment to 
producing grain had been lag- 
ging. risks fuelling unrest In 
the cities where unemploy- 
ment rates are climbing. 

A State Statistical Bureau 
survey warned the lilting last 
year of price controls on grain 
and other consumer products 
had “created Imponderable 
effects on the economy that are 
now being felt” 

"Analysts do not expect the 
inflationary pressures to abate 
because of the persistent 
adverse factors that took place 
in 2993.” the paper add. 

• The State Statistical Bureau 
yesterday forecast reduced eco- 
nomic growth this year to 
between 9 and 20 per cent com- 
pared with 13 per rent in lftti. 
U reported that growth slowed 
to about 12 per cent in the first 
half of this year. This would 
"make it easier” to achieve the 
targeted growth rate of 9-10 per 
cent 


By Brae* Ctart, Ooftfio* 
CorvMpondftflt 


Futures exchanges 
face clampdown 


! By Tony Waiter 


Pro-democracy activists print a gun and flower design for placards to be used at a rally in Bangkok yesterday evening to back Mr 
Chalard Voraehat The Thai MP is on the 2fazd day of a hunger strike in support of demands for a more democratic constitution. m> 


China yesterday damped down 
on the country’s futures 
exchanges as part of continu- 
ing efforts to toughen regula- 
tion of chaotic financial mar- 
kets. The Securities 
Commission, a regulatory arm 
of the State Council, China’s 
cabinet, is expected to limit 
severely the number of 
exchanges after reviewing 
their licences. 

Some -to futures exchanges 
dealing in commodities and 
currencies had mushroom med 
in China’s cities since last year 
and were in effect operating 
beyond the control of the hard- 
pressed regulatory authorities 
in Beijing. 

The People’s Daily, the Com- 
munist party newspaper, 


reported at the weekend that 
speculation on international 
futures markets through local 
brokerages had fed to huge for- 
eign exchange losses. 

The China Securities News 
published State Council direc- 
tives calling for a "strict halt 
to the blind development of the 
futures markets". There direc- 
tives placed a bon on dealing 
cm overseas markets and also 
required that existing positions 
be unwound. 

in an editorial, the Securities 
News said hundreds of millions 
of dollars had Rowed out of 
China through futures trading. 

Many of China's so-called 
futures markets will, after the 
Securities Commission review 
of their activities, be desig- 
nated wholesale markets and 
stopped from futures dealing. 


Britain ban this week made a 
welcome shift in it* altitude to 
stopping nuclear teats but 
should go much further, 
according to » group of US 
arms contra! exports visiting 
London to lobby for a cmnpre- 
jteitsive test ban. 

The experts criticised US 
handling of the North Korean 
crisis, saying >1 had raised the 
stakes too quickly and left 
Pyongyang with no way to 
back down without fusing face. 
"We are pushing th* North 
Koreans into a corner," said 
Mr Paul Wamke. the US gov- 
ernment’s former head of arms 
control talks. 

The shift in British policy 
was indicated by Mr Jonathan 
Aitken. defence procurement 
minister, tn a parliamentary 
answer He made it clear 
Britain would no longer insist 
any test ban treaty must con- 
tain loopholes that would 
alluw snwtl-wafe explosions in 
the interests of safety. 

“We now aim to use and 
develop alternative technolo- 
gies,“ the minister added, 
indicating Britain was cuufi- 
dent computerised simulations 
could substitute adequately for 
nuclear explosions. 

Arms control advocates are 
lobbying hard for the five* 
nuclear jwuers to conclude a 
comprehensive text ban treaty 
at their negotiations in Geneva 
this year. They believe a test 
bun wilt help persuade smaller 
countries to agree to extension 
and consolidation of the Non- 
Proliferation Treaty when « 
comes up tor renewal in 1996. 

Mr Warlike and Ms col- 
leagues urged Britain to 
become an advocate of on early 
test ban. as opposed merely to 
following the US lend. They 
said Britain was wrung to 
Insist that as many as possible 
of the world's potential nuclear 
"miscreants" should sign up 
before any test ban treaty 
entered force. This stance 
could lead to fetal delays in 
installing n new non-prolifera- 
tion regime. 

The Korean crisis had driven 
home the need for some inter- 
nationally agreed arms control 
system, even if not oil coun- 
tries wanted It, because other- 
wise there would be no mecha- 
nism to isolate and punish 
wrongdoers. China wants to 
complete a series of nuclear 
tests before agreeing to a ban. 
In Prance. President Francois 
Mitterrand is a strong advocate 
of a ban, but right-wing oppo- 
nents have reservations. 


Aviation body calls for tighter procedures in airline licensing 


lata presses Russia on air safety 


Appeals likely over Abu 
Dhabi BCCI sentences 


By Paid Betta, Aerospace 
Correspondent, in Geneva 


The International Air 
Transport Association (lata) is 
urging Russia to enforce more 
stringent tiepnsing procedures 
for new airlines arid improve 
flight safety standards in the 
face of an alarming increase in 
the country’s air accident rate. 

lata Is also worried by flight 
safety standards in the rapidly 
growing Chinese market 
Mr Pierre Jeanniot, Iata’s 
director-general, yesterday said 
lie had written to the Russian 
authorities recommending 
them to be "more cautious'’ in 
gra nti ng licences for afrlimw 
being established following the 
break-op of Aeroflot 
lata officials said civil avia- 


tion figures from the former 
Soviet Union showed “a consid- 
erable decrease” in safety last 
year and so far this year. 

Although the volume cf air 
traffic has been failing because 
of high feres and poor service 
standards, the number of 
deaths caused by airactidenis 
Increased last year to 348 
people compared with 250 in 
1992. 

This year, the figure is likely 
to be even worse following the 
Aeroflot Airbus A310 crash and 
another fetal accident involv- 
ing a Russian-built Tupolev 
Tu-154 airliner. 

But on China, Mr Jeanniot 
said he was encouraged by floe 
Beijing government's derision 
to limit the number of new 
licences it is issuing for new 


domestic airline operations. 
“China realised they were get 
ting a bit thin to ensure safety 
standards and decided to curb 
growth a little to ensure better 
safety." he said. 

He suggested Russia should 
adopt such, a policy at a time 
whoa applications to start air- 
lines continued to flood in. 
Since the split-up of Aeroflot, 
there have been requests for 
licences to establish more than 
300 airlines in the former 
Soviet Union. 

lata senior officials will also 
be visiting China next week to 
discuss how the organisation, 
grouping more than 220 air- 
lines, could assist in improving 
and modernising China’s air 
transport industry. 

The crash In China last 


month of a Russian-built air- 
craft killing 180 passengers, 
has highlighted safety prob- 
lems feeing Chinese civil avi- 
ation, which is suffering a 
severe lack of infrastructure at 
a time when the market is 
growing by around 20 to 30 per 
cent a year. 

“The growth of aviation In 
China is spectacular but they 
have to learn to cope with that 
growth,” Mr Jeanniot said. 

It is understood the UK For- 
eign Office may warn travel- 
lers to avoid if possible using 
internal Chinese flights. It has 
issued a similar warning to 
avoid domestic flights in Rus- 
sia. The US Air Transport 
Users’ Asociation has warned 
travellers not to use domestic 
carriers in Russia. 


By Andrew Jack 


Both prosecution and defence 
sides are considering appealing 
against sentences handed out 
in the Abu Dhabi courts on 
Tuesday to 12 former execu- 
tives of the collapsed Bank of 
Credit and Commerce Interna- 
tional 

AH but one of 13 BCCI execu- 
tives on trial were found guilty 
and given jail sentences total- 
ling 61 years and a demand 
they repay more than $9.1bn 
<£8tra) of money belonging to 
Abu Dhabi the majority share- 
holder in the bank. 

Lawyers were yesterday try- 
ing to clarify the procedures 
for determining how long those 
sentenced would have to stay 


in prison, given the improba- 
bility of bring able to pay the 
civil penalties imposed. 

It appeared that any judg- 
ment on this would rest with 
the Abu Dhabi court of execu- 
tion, a senior court 

It was also unclear yesterday 
whether periods spent in 
detention in the Police Offi- 
cers’ Club in Abu Dhabi 
by 10 of those charged 
would count towards their sen- 
tences. 

Six of those found guilty 
have been sentenced to three 
years each, but since under 
local law 21 days counts as a 
month and they have been 
held since September 1991, this 
period lias expired. 

The Abu Dhabi authorities 


said they were attempting to 
gain access to Mr Agha Hasan 
Abedi, founder and president 
of BCCI. who was sentenced in 
his absence to eight years. He 
is unlikely to be extradited 
flora Pakistan. 

Under the terms of an agree- 
ment drawn up with the US 
authorities, Mr Swaleh NaqvL 
former chief executive of BCCI 
may be returned to Abu Dhabi 
from the US after he has 
served out any sentence in the 
US, where he was flown in 
May. 

The US authorities are 
believed to be considering 
sending him first to the UK or 
other countries with which it 
has extradition treaties For pos- 
sible prosecution. 


New violence overshadows Algeria’s debt problems 


International creditors wonder whether refinancing will prove a futile gesture, writes Francis Ghiles 


W hen Algeria’s commercial 
bank creditors meet in the 
next few weeks they mil 
almost certainly follow the example 
of the country's official creditors at 
the beginning of the month and 
reschedule or refinance its $4.7bn 
(£3.13bn) of commercial debt 
But they are unlikely to be any 
more convinced than the official 
creditors are that the violence and 
political stalemate wifi not make it a 
futile gesture. 

For one thing, Algerian President 
Liamine ZerouaTs hopes of quelling 
the country’s Islamic insurgency 
appear to be foundering. After a lull 
in April radical Islamic groups have 
resumed their attacks on troop con- 
voys, barracks and other army 
Installations. 

Between 30 and 40 people are 
dying every day. State-owned 
vehicles and buildings are being put 
to the torch. The control roam of the 
Meftah cement plant near Algiers 
was sabotaged a few weeks ago, cut- 
ting production of a vital input for 
industry. 

The surge in violence is causing 
increasing concern in westers capi- 


For the first time since Algeria 
became independent in 1962, foreign 
companies last year drilled more 
total depth than the state oD and 
gas company, Sonatrach, writes 
Francis Ghifes. 

Sonatrach said that foreign 
investment by the 18 international 
oil companies which have so far 
signed exploration contracts with 
It grew by a third to $199m 
(£l32.6m) and. was forecast to rise 
to 6236m in 1994. 


tals, where it had been hoped that 
the recent agreement between 
Algeria and the International Mone- 
tary Fund - followed two weeks ago 
in Paris by the rescheduling of $5 bn 
of the country’s S2fibn foreign debt 
to sovereign lenders - would pave 
the way for much-needed economic 
reforms. 

At the London Chib meeting of 
commercial creditors, expected later 
this month, the Japanese banks will 
play a key role. This is not only 
because they hold two-thirds of 
Algeria’s commercial bank debt, but 
because they play a key role In fin- 


ancing the projects of Algeria’s oil 
and gas company, Sonatrach. Some 
95 per cent of Algeria’s foreign 
exchange income is derived from 
exports of hydrocarbons and Sona- 
trach’s capacity to increase those 
earnings are key to Algeria's recov- 
ery. 

While the Japanese banks oppose 
rescheduling, France has put consid- 
erable pressure on Tokyo, as it fears 
a fundamentalist takeover in Algeria 
if strong international financial 
backing Is not available to its former 
colony. 

When he became head of state 
four months ago, Gen Zeroual initi- 
ated a twin-track policy of dealing 
with the violence, now in its third 
year. He sought to establish contacts 
with imprisoned leaders of the 
Islamic Salvation Front (FIS), which 
in January 1992 was headed for vic- 
tory when the army cancelled Alger- 
ia’s first multi-party elections sines 
independence: In feet, Gen Zeroual 
met the two imprisoned FIS leaders, 
Mr Abassl Madam and Mr All Ben- 
had j, before he became pres iden t 

the second track to Gen ZerouaTs 
policy was to order the security 


forces to "dean up” areas which had 
fallen under the control of Islamic 
groups. 

Gen ZerouaTs desire for some sort 
of a dialogue was a break with the 
past when senior members of the 
regime, notably the army chief of 
staff, General Mohamed Lamari, 
made no secret of their wish to 
“ eradicate " the fundamentalists. 

During the past four weeks how- 
ever, supporters of the Islamic 
Armed Movement (MIA) which is 
the military wing of the FIS, and the 
more radical Islamic Armed Group 
(GIA) have murdered dozens of con- 
scripts -in some cases by slitting 
their throats with knives inside their 
barracks. 

Clashes bare occurred in Telagh 
and in the port of Tenes, to the west 
of Algiers, in Medea and Bouira 
south of the capital and between the 
ports of Jijel and Collo to the east 
where, on May 19. a military convoy 
escorting 25 Russian civilians back 
to Algiers was ambushed, leaving 
three Russians and ll Algerian sol- 
diers dead and many wounded. 

Diplomats In Algiers are however 
increasingly concerned at what they 


feel is the loss of control of the 
imprisoned or exiled FIS leadership 
over the MIA, let alone the GIA, 
whose leaders were trained in the 
camps of Peshawar in Pakistan and 
fought against the Russian troops in 
Afghanistan. 

Meanwhile, infighting among 
senior army and security officers 
continues. The chief of staff, General 
Mohamed Lamari, appears to have 
gained the upper hand for the time 
being. But a number of his peers are 
reported to be unhappy about the 
high human cost of the tactics of 
"eradication”. Many of the doubters 
belong to a younger breed of edu- 
cated officers who did not fight in 
the war of independence against the 
French and have supported efforts to 
usher in a more modern style of eco- 
nomic management Foreign observ- 
ers fear that a serious split among 
senior commanders an how to deal 
with the FIS could lead to a coup 
- or civil war. 

Ordinary Algerians continue to 
pay the price. Educated guesses put 
the number of lives lost at more 
than 5,000 In the past 29 months. 
Many fear the Islamic radicals who 


two weeks ago killed the rector of 
the Bab Ezzouar University of Sd- 
£** Technology, Professor 
Salah Djebalu Others fear the secu- 
rity forces that conduct what the 
human rights organisation Amnesty 
International recently called "extra- 
Jtgldal executions ... in total Impu- 
nity . Shadowy government death 
squads are widely blamed for the 
recent murder of four lawyers 
known for their defence of Islamic 
activists. 

Meanwhile, the 49 per cent devalu- 
a hon cf toe dinar, which preceded 
Algeria s letter of Intent to the IMF 
resulted in relatively modest food 
price increases as most prices were 
already freely set by l35. Tta 
goremment also set up an effective 

T", to 

the devaluation on tlie purchasing 
° state employee^ This 

SflSf 016 the pT. 

erfol trades union movement 

dip,onwtfi - banker* 

SSfvw * 25 “* oxc ™ rives are 
praying that the worst will not come 

to pass. But one admits to privates 

„„ a win | Sjfta 


Rwandan 
pledge on 
ceasefire 


The annual pau- African 
summit ended cm an optimistic 
note yesterday, after winning 
fojrcement from Rwanda’s war 
png parties to implement on 
immediate ceasefire, Reuter 
reports from Tunis. 

"In view of the urgency of 
tne situation and In their 
strong desire to restore peace, 
seriously compromised In 
Ruanda, the parties to the con- 
flict have agreed to put 
Immediate end to lutttilitks;," a 
communique said after the 
three-day Tunis meeting of the 
53-member Organisation of 
African Unity. 

However, fighting in the 
Rwandan capital Kigali did not 
immediately abate. 

"Heavy mortars and small 
arms fire have rocked the city 
since dawn,” said Brigadier 
Genera! Henry Anyiduho, the 
deputy commander of a hap- 
less United Nations peacekeep- 
ing force, The headquarters 
“f the UN mission lu 
Rwanda was hit by gunfire, he 
added. 


t 

1 


U I ( * 


l ? 


The I 
Frorr 







FINANCIAL TIMES THURSDAY JUNE 16 1994 


5 

NEWS: WORLD TRADE 


Japanese makers increasing purchases of US parts 

Car import issue unresolved 


carparts 



Mr Ales Trotman, chairman of Ford of the US, the world’s 
second largest car maker, warned yesterday that weak 
currencies would not protect European and North Amartnan 
car makers tor long from Japanes e competition, writes Kevin 
Done. Despite the deep recession in the Japanese vehicle 
market Toyota, the leading producer, stfll had cash reserves 
of $22bn (£l4-6bn), be said. “They are planning to be competitive 
with a yen at about 755 to the D-Mark or 790 to the US dollar,” 
he told the International Chamber of Commerce in Paris. 

“Protectionism lives in Japan,” claimed Mr Trotman, but 
the protection bad come at the cost of the Japanese consumer. 
Japan’s economy was rim primarily for tbe benefit of its 
producers. He warned that “Japan either must open its market, 
or the yen wm open it up for them”- 


Row over award 
of Portuguese 
bridge contract 


Germans 
and Swiss 
in pitch 
for WTO 

By Frances WBBams hi Geneva 

Switzerland and Germany, the 
two contenders to host the new 
World Trade Organisation, set 
out their respective stalls for 
Geneva and Bonn yesterday 
with a tempting array of finan- 
cial inducements, benefits and 
privileges for the organisation 
and its stafL Members of tbe 
preparatory committee of the 
WTO, which is scheduled to 
take over from the General 
Agreement on Tariff's and 
Trade on January 1 1995, 
agreed yesterday to aim for a 
consensus decision by July 15. 

Geneva, now home to Gatt 
and several United Nations 
agencies, remains the clear 
favourite. But the possibility of 
losing the WTO to Bonn, with 
the risk that this could start an 
exodus of international organi- 
sations from Geneva, has 
goaded the Swiss government 
into unprecedented generosity. 

Germany, which. is moving 
tbe seat of government to Ber- 
lin at the end of tbe decade, is 
meanwhile mounting an 
aggressive campaign to attract 
international organisations 
who could fill empty govern- 
ment offices and provide sub- 
stitute jobs and incomes. If the 
WTO were to choose Bonn, 
others might follow. 

Both offers inr.hida splendid 
rent-free accommodation (in 
Bonn the federal parliament 
buildings from 1998, in Geneva 
Gatt’s lakeside headquarters) 
and conference facilities. Bonn 
is offering to meet removal 
costs and installation 
expenses, but Geneva is offer- 
ing a building to house the dip- 
lomatic missions of least-devel- 
oped countries, which would 
greatly reduce the costs to 
them of WTO and UN represen- 
tation. 

Geneva alsn baa the advan- 
tage of a concentration of 
international organisations, 
including some with which the 
WTO will need to work closely 
such as the World Intellectual 
Property Organisation, the UN 
Conference on Trade and 
Development, the UN Environ- 
ment Programme and other 
environmental groups. I 


By Hficfiiyo Nafeamoto in Tokyo 

The US and Japan yesterday 
ended three days of negotia- 
tions on tocnaagrng par anri ppj 
parts imports with few indica- 
tions of any concrete progress. 

One Japanese trade negotia- 
tor said that the two sides still 
encountered differences in the 
bilateral car sector talks and 
that discussions would con- 
tinue next week in Washing- 
ton. 

But while negotiators were 
locked in discussion over 
how to improve market acca$3 
for foreign car and car parts 
makers, there were indications 
that political pressure and 
market forces were doing their 
part to improve foreign access 
to Japan's car industry. 

Toyota, Japan’s largest car 
maker, said it had increased its 
purchases of US-made car parts 
by 5 per cent last year to 
$L65hn (fiLlbn), or more than 
four times the SLlbn it spent 
five years ago. 

Toyota expects procurement 
of US-made car parts will 
increase to &28bn tins fiscal 
year as a result of increased 
local procurement in the US 
and greater imports. This is in 
line with a voluntary plan to 
increase procurement of US- 
made car parts announced by 
the company in early 1992 
when former President George 
Bush visited Japan with US car 
industry executives. 

Behind the increase in car 
parts procurement by Japanese 
car makers is a presang need 
to reduce costs and remain 


competitive in the face of a 
high yen. Toyota already pur- 
chases 90 per cent of the 
leather it uses from US suppli- 
ers and 10 per cent of its sheet 
glass. “Domestic prices are too 
high.” it says. 

Mitsubishi Motors, which 
recently said it was consider- 


ing buying steel from Korean 
makers to reduce costs, is also 
looking into whether it can 
procure the same parts for its 
Japanese-made cars as it does 
at the Diamond Star Motors 
factory in the US. 

Local procurement in the US 
is expected to rise to between 


$1.4bn and fLfihn in fiscal 1996 
from $650m in fiscal 1993. 

Nissan, meanwhile, said that 
the $3bn of local parts it pro- 
cured in the US last year 
already exceeded its voluntary 
plan of $2.9bn for 1994 indi- 
cated to Mr Bush two years 
ago, and was more than four 
times the $660m the company 
spent in the US in fiscal 1 989 

Nissan plans to increase 
local p ro c ur ement of US-made 
parts by 75 per cent to $3.4bn 
in fiscal 1997, and to increase 
parts imports by 70 per cent to 
$1.7bn in fiscal 1998, up from 
an estimated 3980m. 

However, the Japanese 
car makers say that their 
upbeat local procurement and 
import plans depend to a large 
extent on firm markets and 
continued improvements by US 
suppliers. 


Electrolux 
resumes 
presence in 
S Africa 

By Hugh Camegy 
in Stockholm 

Electrolux, the world’s leading 
maker of household appli- 
ances, yesterday said it was 
resuming a direct presence in 
South Africa through a joint 
venture with Barlow, tbe 
South African industrial 
group. 

The Swedish company sold 
out its operations in South 
Africa in 1977 after Sweden 
imposed trade sanctions and 
barred any new investments, 
during the apartheid regime. 
The lifting of sanctions at the 
beginning of this year 
prompted moves back into tbe 
market by several Swedish 
companies, including tbe phar- 
maceutical groups Astra and 
Pharmacia. 

Electrolux forecast it would 
shortly become the market 
leader in South Africa in vac- 
uum cleaners and garden 
equipment. It will hold a 60 
per cent interest in the new 
venture, to be called Electro- 
lux South Africa, which wfll 
include the operations of the 
hitherto Barlow-owned Elec- 
trocool, which has been malt 
mg Electrolux products In 
South Africa under licence, 
and the local sales of AEG 
white goods bought by Electro- 
lux this year. The venture will 
initially make and sell absorp- 
tion refrigerators, vacuum 
cleaners and garden products 
with projected sales in its first 
year worth SKr250m (£2lm). 


By Jimmy Bums in London 
and Peter Wise in Lisbon 

Two international construction 
companies have become 
embroiled in a public row over 
one of Europe's most presti- 
gious civil engineering con- 
tracts, the construction of a 
new bridge over the Tagus 
river in Lisbon. 

The French company Bouy- 
gues, whose consortium lost to 
a consortium led by Britain’s 
Trafalgar House, is complain- 
ing that tbe £7i4m contract 
was unfairly awarded and is 
pressing the Portuguese gov- 
ernment to rescind its decision. 

Mr Jacques Marquet. a 
senior executive of the French 
company, has written to Portu- 
gal’s minister of public works 
questioning the basis on which 
the contract was awarded in 
April. The letter c laims that 
Gattel, the state concession 
company for the bridge, 
ignored a report by an indepen- 
dent adviser to tbe government 
which stated that the French 
offer was better on technical 
grounds. The company 
obtained a copy of the report 
through Its own means after 
Gattel withheld circulation or 
documents which might have 
shed light on how the final 
decision was made. 

A senior manager with Bouy- 
gues said: “We think the Portu- 
guese government made its 
mind up about the contract 


before we even started bidding. 
It now seems obvious to us 
that we were simply allowed in 
to simulate competition." 

In awarding the contract. 
Gattel said the two final offers 
were tied in terms of financial 
proposals but that the Trafal- 
gar House consortium won on 
“technical grounds.'* 

The deadline for the losing 
consortium to appeal against 
the decision expires on Mon- 
day. 

Mr JoiSo Morals Leitdo, the 
Portuguese lawyer for the 
Trafalgar House group, yester- 
day said that the decision on 
technical aspects was made in 
Trafalgar’s favour in January, 
four months before the final 
decision was announced, and 
that the rest of time was spent 
on deciding other aspects. 

The Bouygues and Trafalgar 
consortiums were shortlisted 
in November 1993. It later 
emerged that the European 
Union was committed to pro- 
viding a grant covering about 
half the cost of the project 
through the Cohesion Fund. 

Trafalgar House and the 
French group Campenon Bern- 
ard each have 24.8 per cent in 
the project. Five Portuguese 
companies have 50.4 per cent. 

The consortium known as 
Lusoponte plans to complete 
the 12km bridge by March 31 
1998, in time for Expo '98, 
which is being hosted by Por- 
tugal 


US companies use protectionist tactics, says budget office 


By Nancy Dunne in Washington 

A report by the Congressional 
Budget Office concurs with a 
long-standing contention by foreign 
companies that US anti-dumping 
and subsidy laws have become a pro- 
tectionist tool for uncompetitive US 
companies. 

“Many of the legal provisions and 
procedures that have evolved — espe- 
cially those used for calculating 
dumping margins - are biased 
against foreign exporters and 
against US consumers of foreign 


goods," the report says. 

The study, requested by senior 
Republicans on the House ways and 
means committee, which oversees 
trade, has drawn fire from a top US 
Commerce Department official. The 
report’s flaws, said Ms Susan Esser- 
man, are “far-r eaching in both sub- 
stance and scope as they suggest a 
fundamental misapprehension of... 
the role and application of the anti- 
dumping and countervailing duty 
laws." 

While the debate over the so-called 
“trade remedy'" laws is raging; the 


Clinto n adminis tration is struggling 
to balance competing interests as it 
amends the laws in impl ementing 
le gislatio n for the Uruguay Round 
deal A ways and means committee 
memo on the exercise says about 70 
changes to the laws are required 
with about 25 of them likely to raise 
“significant policy or political 
issues". Several lawyers represent- 
ing exporters said an effort was 
under way to give domestic petition- 
ers an advantage m a dminis tration 
reviews, when duty levels are 
assessed. 


Senior Republicans said they 
would use the CBO study to help 
ensure that the chang es were not 
protectionist “US exports during the 
past five years are the most frequent 
target of dumping actions in other 
countries,” said Congressman Bill 
Archer a Republican on the ways 
and maana committee. “If the US 
resorts to using its laws in a protec- 
tionist manner, we can be sure that 
foreign governments will also adapt 
such practices and avoid meaningful 
reform of their anti-dumping laws," 
he said. 


The CBO study said the evolution 
of the laws as a protection for US 
industry abrogated the original pur- 
pose of the law. which was to protect 
against predatory pricing. Ms Esser- 
man said the CBO had it wrong, that 
the law was consistent with Gatt 
and provided a remedy to domestic 
industries injured by imports and 
sold “at less than fair value”. 

“The report appears to proceed 
from unstated theoretical premises 
hostile to the purposes of the trade 
laws and is myopic in its failure to 
consider the real world implications 


of its assumptions.” she said. 

Mr Bruce Turnbull a trade lawyer 
who has carefully followed the 
implementing legislation, said Ini- 
tially the administration favoured 
US protectionists. Currently its posi- 
tion was less clear. 

A number of export industries, 
including the steel-using manufac- 
turers, have formed a Pro Trade 
Group, which this weds called on 
the administration to “adhere to the 
market-opening thrust of the Gatt 
agreement in adopting fair propos- 
als”. 


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NEWS: THE AMERICAS 


Battle lines emerge 
on derivatives law 


By George Graham 
m Washington 


Debate is intensifying over a 
DS government study of deriv- 
atives trading that could play a 
central role in congressional 
deliberations on whether to 
impose tighter regulations on 
the sector. 

The study by the General 
Accounting Office, the govern- 
ment audit agency, warned of 
gaps in the regulatory frame- 
work that threatened severe 
damage to the financial sys- 
tem, and recommended new 
legislation to bring federal 
oversight to unregulated sub- 
sidiaries of securities firms ^ 
insurance companies dealing 
in derivatives. Those are some- 
times complex financial instru- 
ments whose yields are bed to 
other securities or indices. 

The International Swaps and 
Derivatives Association, a 
grouping of big dealers, 
attacked the GAO report as 
“good facts” but “bad conclu- 
sions”. 

“Anecdote, conjecture and 
surmise are not sufficient 


bases for imposing restrictions 
on an ess e nti a l risk manage- 
ment tool," IS DA said last 
week. 

The GAO has issued an 
unusual rebuttal of the 2SDA 
document, ^«nong in g fts criti- 
cisms and insisting its own 
recommendations, issued last 
month, would neither i ncre as e 
costs nor reduce file availabil- 
ity of derivatives. 

Mr James BlothweU, GAO's 
director of financial institu- 
tions and market issues, chal- 
lenged ESDA’s view fiat deriv- 
atives raise little risk of 
"domino" failures through the 
linkages they create between 
separate financial markets. 

“The potential for deriva- 
tives linkages to hasten the 
spread and expand the scope of 
problems during any firtawrfai 
system crises is a sound reason 
for federal oversight of deriva- 
tives," Mr BlothweU said in 
testimony to a House of Repre- 
sentatives subcommittee. 

Congressman Edward Mar- 
key, the Massachusetts Demo- 
crat who has been one of the 
loudest voices calling for more 


regulation, has asked the GAO 
to expand its original survey 
by studying dealers’ sales prac- 
tices. to make sure they are 
selling only to customers able 
to understand the product’s 
complexity. 

Some express scept i c i sm at 
the prospect of riding to the 
rescue of h^nfcs, multinational 
corporations and international 
fluid managers, who are the 
largest customers. but concern 
remains over whether deriva- 
tives are being sold to rela- 
tively unsophisticated local 
government treasurers. 

Senior congressional leaders 
do not share Mr Markey’s 
haste, atm! have flmnHpd not to 
push for derivatives legislation 
this year. The Clinton adminis- 
tration continues to argue 
there is no iirnnediatp need to 
chang e the law. 

“The Treasury has not con- 
cluded that other legislation 
concerning over-the-counter 
derivatives is necessary or 
appropriate at this time," said 
Ms Darcy Bradbury, deputy 
assistant secretary for federal 
finance at the Treasury. 



Sluggish 
growth 
in US 


industry 

output 


1 By Michael Prow** 

I fa Washington 


Brazilian 


currency 

tensions 


increase 


Caracas bank 
closures 
under fire 


Getting ready for the cup at the Giants stadium in New Jersey. 
Daily FT coverage of the World Cup starts tomorrow. 


Robb easily wins 


By Angus Foster in SSo Paulo 


Tensions are rising in the 
Brazilian government ahead of 
five July 1 launch of five coun- 
try's new currency, the reaL 

President Itamar Franco, a 
populist who has often 
opposed the orthodox econom- 
ics of fire finance ministry, is 
thought to support lower 
interest rates and improved 
wage levels, at least for some 
public sector employees. 

However, the finance minis- 
try believes relaxing policy on 
either front would threaten 
the government’s anti- 
inflation plan, of which the 
new currency is the final 
step. 

Mr Bondldo Canhim, a min- 
ister with links to the mili- 
tary, is poshing to unify pub- 
lic-sector pay at a single, 
higher rate and for an extra 29 
per cent army pay rise. 

Both measures would bow- 
fit the armed services, hot 
could cost between |5bn and 
$7bn a year. Such an increase 
would immediately send the 
government budget into deficit 
anH undermine the credibility 
of the reaL 

In the past, some of Presi- 
dent Franco’s more wayward 
demands have been blocked by 
his advisers or the former 
finance minister, Mr Fernando 
Henrique Cardoso. 

But Mr Cardoso’s successor, 
Mr Rubens Ricupero. has so 
far seemed less prepared to 
stand up to tbe president. 

For example, President 
Franco decided last week that 
private-sector school fees 
would be cut sharply when the 
new currency is introduced, 
even though such measures 
are unsustainable for more 
than a few months. 

For fiie finance ministry, 
which is final iaiwg details of 
introduction of the zeal, dis- 
agreement within the govern- 
ment and threats to the budget 
are very worrying. 

The real, which will initially 
be pegged at parity to the VS 
dollar, is to be backed by a 
portion of Brazil’s $35bn for- 
eign reserves. 


By Joseph Mann and 
Stephen Fkler 


T fae decision by the gov- 
ernment of President 
Rafael Caldera to shut 
down eight troubled Hranrini 
institutions provoked c ri tici s m 
in Venezuela yesterday, 
although it was viewed by 
some economists as the best 
way to stem a drain on the 
government’s budget. 

The Venezuelan banking 
council, which represents the 
private banks, sharply ques- 
tioned the government's move 
and said its members had not 
been consulted. 

In Congress, Deputy Gustavo 
Tarre, leader of the opposition 
Christian Democrat Copei 
Party, described the govern- 
ment’s decision as “late", but 
speed that official financial 
aid to file banks could not con- 
tinue indefinitely. 

Seven banks (Amazonas. 
Bancor, Barinas, Construction. 
La Guaira, MetropoGtano, and 
Maracaibo) and a finance 
house, Fiveca, were closed. 
They were controlled by some 
of file country’s most promi- 
nent business families such as 
the Mendozas (Banco La 
Guaira), the DiMases (Banco 
Construction) and the BtiDem- 
bourgs (Banco Metropolitano). 

The closing of file banks, 
which included the govern- 
ment takeover of more than 50 
subsidiary financial compa- 
nies. represented a heavy blow 
to the Venezuelan economy, 
already in the second year of 
an economic recession. 

The move raised questions 
about whether there would be 
a farther loss of confidence in 
the banking system, already 
damaged by the collapse of the 
second-largest bank. Banco 
Latino, at the start of the year. 

The banking collapse has 
come at a time when the gov- 
ernment has been trying to get 
its budget under controL The 
government has announced 
action — including accelerating 
privatisations - to bring down 
the budget deficit which was 
running at a rate of 6-10 per 


cent of gross domestic product 
earlier this year. 

The government has been 
helped by higher oil prices 
than forecast and file bolivar’s 
devaluation - which raises the 
local currency revenues from 
oil sales abroad by the state oil 
company. But the bank crisis 
has cost the government dear 
the estimated cost so far is esti- 
mated at 96bn (£4bn) - half of 
which has gone in financial 
assistance to the e igh t banks 

The administration finally 
decided the banks' losses were 
getting out of control and it 
had to stop the continued loss 
of official aid funds. 

IDEA, an economic analysis 
company and the London 
School of Economics said yes- 
terday the banks’ closure does 
not mean the drain on pnbhc 
finances is over, since the gov- 
ernment may decide to further 
reimburse depositors. 

“Nonetheless, a one-off reim- 
bursement of depositors is a 
far better situation than a con- 
tinuing bleeding of public 
finanrgs through attempts to 
bail out unprofitable tanking 
concerns," they said. 

The closure affects around 
2m account h o i tig s in a nation 
of just over 20m, and an esti- 
mated 14 per cent of deposits at 
the country's 49 commercial 
banks. Calculating the true 
volume of deposits held is 
tricky, rirvy many hanky held 
large sums in offshore subsid- 
iaries that did not appear an 
their balance sheets. 

As of May 30. the govern- 
ment estimated their total 
losses at over g2.lhn, or around 
30 times registered capital as of 
the end of 1993. Venezuelan 
officials said that the banks 
could reopen after a week or so 
to begin repaying depositors 
up to the equivalent of approxi- 
mately $24,000. 

However, the final disposi- 
tion of these banks remains tn 
doubt. Former owners have 
until June 29 to come up with 
cash to re -capitalise their 
banks and recover control If 
this does not occur, the most 
likely option is liquidation. 


Virginia primary 


ByGaorgtGrainnt 


Senator Chuck Robb easily 
won the Democratic party's 
nomination to represent 
Virginia in the US Senate, 
picking up 58 per cent of the 
votes in Tuesday's primary 
election. 

But November’s general elec- 
tion will pit Mr Robb not only 
against Mr Oliver North, the 
controversial former marine 
nominated by Virginia 
Republicans. but also 
against two independent 
candidates. 

Both Mr Douglas Wilder, a 
former Democratic governor, 
and Mr Marshall Coleman, a 
former Republican state 
attorney general, filed petitions 
with crnre than enough signa- 
tures to get their names cm the 
ballot paper in November, 

None of the candidates 
arouses much enthusiasm 
among Virginia voters. Mr 


Robb has been tarnished by his 
sexual exploits, while Mr 
North, who has admitted lying 
to Congress over his role in the 
Iran-Contra affair, has been 
denounced by Virginia's senior 
senator, Republican Senator 
John Warner. 

A poU by Mason-Dlxon last 
week showed all four candi- 
dates dose together Mr Robb 
first with 2ft per cant, and Mr 
North last with 21 per cent. 

Voter turnout ts expected to 
be crucial to the final result, 
and to judge by Tuesday's pri- 
mary, when fewer than 10 per 
cent of Virginia’s registered 
voters took part, is likely to be 
tow. 

Mr Robb collected only 
154.524 votes, which was barely 
a tenth of his score in his last 
election. He did. however, van 
nearly TO per cent of the 
votes in the populous 
Washington suburbs of north- 
ern Virginia. 


US industrial output grew 
sluggishly last month, 
reflecting the thin! consecutive 
monthly decline In car produc- 
tion. the Federal Reserve said 
yesterday. 

In a separate report, the 
Labour Department pubttahed 
revised estimates yesterday 
showing that manufacturing 
productivity grow at an annual 
rate of 6.9 per cent in the first 
quarter, a better figure thin 
expected. 

US industrial production 
rose by 02 per cent tost month 
and by per cent in tiw year 
to May. 

Coming after a revised 
increase in production of hi 
per cent in ApriL the figures 
were seen as reinforcing other 
data pointing to a mild deceler- 
ation tn the pace of VS wo 
nomic growth. 

The weaker tone of recent 
statistics has helped create a 
more optimistic mood in the 
US bond market because the 
Federal Reserve is not expee 
ted to raise short-term rates In 
the near future unless growth 
or inflation shows greater 
buoyancy. 

The overall factory operating 
rate dropped marginally from 
83.6 per cent in April to 8&S 
percent. 

The Federal Reserve closely 
monitors the operating rate, 
because it is seen as a leading 
indicator of upward pressure 
an inflation. The operating rate 
peaked at Kl.9 per cent tn June 
1999. 

The drop in industrial pro- 
duction reflected a dip tn car 
output after a strong first quar- 
ter. Excluding cars, manufac- 
turing output rose 0.5 per cent 
last month. Output of business 
equipment and construction 
supplies both rose 0.9 from 
April. 

The growth of manufactur- 
ing productivity reflected 
> strong efficiency gains in 
I durable goods Industries 
' where output per huur 
rose at an annual rate 
of &5 per cent in the first quar- 
ter. 

Productivity in non-durable 
goods rose at an annual rate of 
4.4 per cent. 

Overall productivity rose at 
an annual rate of 1.3 per cent. 
1 reflecting much slower gains 
in efficiency in service indus- 
tries. 


Senators will fight move to 
end Alaska oil export ban 


By Jermny Kahn 
hi Washington 


US senators are promising 
strong opposition to any 
attempt to lift the 20-year tan 
on Alaska North Slope oil 
exports when it comes up far 
renewal at the end of this 
month. 

Senator Pat Murray of Wash- 
ington state claimed yesterday 
“a broad coalition’’ of interests 
backed the current export pro- 
hibition. and most of her col- 
leagues would vote to keep it 
in place. 

Mr Howard Marlowe, direc- 
tor of the Coalition to Keep 
Alaska Oil. a lobbying group 
representing business, con- 
sumer and labour interests 
that has successfully fought off 


three attempts to kB the ban. 
said more than 60 senators had 
indicated they would vote to 
keep the export prohibitions. 

The Department of Energy is 
working on a report, not yet 
released, but rumoured to offer 
economic evidence supporting 
abolition of the prohibition. 

Alaskan North Slope oil 
accounts for nearly 25 per cent 
of the US’s 6.6m barrels of 
daily output At present most 
of this oil is refined in Calif- 
ornia, but if the ban is lifted, it 
could be exported to Asia. 

Tbe ban was introduced in 
during the 1973 oil crisis to pro- 
tect national oil supplies, but 
has since been embraced by 
environmentalists eager to pro- 
tect Alaska from further oil 
development 


British Petroleum, the larg- 
est producer in Alaska and the 
company with the most to gain 
from the ban’s removal, has 
persistently pressed for the lift- 
ing of the prohibitions. 

There are indications that 
organised labour, formerly a 
big stumbling block to those 
fighting to lift the ban. is com- 
ing around to BP’S side. 

The seafarers’ union, which 
supported the ban because 
Alaskan oil must be carried on 
US-fiag ships when it is trans- 
ported to another US state, has 
apparently reached a deal with 
BP. They will no longer oppose 
lifting the prohibition, in 
exchange for new legislation 
requiring that all Alaskan 
North Slope oil exports be car- 
ried on US-flagged vessels. 


Part-purchase of island’s telephone monopoly may be first in wave of investment 


Mexico venture set to get Cuba on the line 


F oreign participation in the pri- 
vatisation of the Cuban tele- 
phone system appears to be the 
most improbable of ventures. The 
country cannot receive remittances 
from its biggest long-distance market, 
the US. Tbe local currency is not con- 
vertible. The telephone network, 
hugely untouched since the 1959 com- 
munist revolution, is rapidly deterior- 
ating. And the privatised company 
may be subject to compensation 
claims bating back to its nationalisa- 
tion. 

But Mexico’s Grupo Domes, which 
win spend nearly $l^bu over the next 
several years to purchase 49 per cent 
of Cuba’s telephone monopoly, Emtel- 
Cuba, and to modernise the island’s 
telecommunications infrastructure, 
believes it has structured the contract 
in a way that is “viable financially, 
politically, and legally". 

If it is right, the move, by simulta- 
neously improving business services 
and setting a precedent for long-term 
private investment in Cuba, could set 
off a wave of foreign investment in 
the country. 

The big price tag for the company, 
which had some US tel epho ne com- 
pany executives gasping in disbelief, 


is not quite as large as it seems. 
Damos will pay out about $500m for 
its share in the company, as much as 
half of which Is expected to come 
foam a foreign partner with telecom- 
munications technology that the Brit- 
ish investment bank Rothschild 
believes it has lined up. Another 
2200m in long-term preferential-rate 
financing will be obtained in a swap 


its investment depends on two uncer- 
tain things: a change in US policy 
towards telephone communications 
with Cuba and the convertibility of 
the Cuban peso. Currently all trans- 
mission charges due to Cuba for tele- 
phone traffic between the island and 
the US go info an escrow account 
being held for potential legal claims 
against Cuba. 


Ted Bardacke on a foreign project 
that at first sight seems improbable 


deal liquidating the Cuban govern- 
ment’s outstanding debt with Mexico. 

The remaining ywnm, half of which 
the Cuban gove rn ment will hove to 
put up, will be invested ova: a seven- 
year period in an ambitious moderni- 
sation programme. The plan calls for 
a three-fold expansion in the net- 
work’s penetration to lm working 
phone lines. As part of the arrange- 
ment, EmtelCuba has receive! a 55- 
year monopoly concession on local 
and tong-distance service as well as 
data and image transmission. 

Stiff. Domos’s ability to recuperate 


For this reason Cuba limits direct 
caffs from the US to 300 a day and all 
other caffs between the two countries 
get routed through third-party 
nations. However, while tightening 
the US blockage of Cuba in most 
other ways, a 1992 law authorises the 
US Federal Communications Commis- 
sion to increase communications links 
between the two coon tries and tbe US 
Treasury to allow dollar payments to 
Cuba for telephone calls 
As a result of that change. WHTel 
International, a large long-distance 
carrier in the US, signed an agree- 


ment in March with EmtelCuba to 
build a fibre optic line from the tip or 
Florida to a point near Hav ana The 
deal and tbe mechanism to remit pay- 
ment to Cuba are awaiting White 
House approval but the concept has 
been agreed to in principle, according 
to WffTel executives. 

WilTel estimates that in 1991 60m 
caff attempts were made from the US 
to Cuba and that in foe first year of 
liberalisation of telephone services, 
between 25m and 50m minutes of calls 
would be handled. EmtelCuba would 
be entitled to about 60 cents per min- 
ute plus a surcharge of about S3 per 
collect call made from Cuba to the US. 

WilTel and Damns say a convertibil- 
ity scheme for the Cuban peso has 
been worked out with the Cuban gov 
eminent, though they would not offer 

details 

'Hie prospect of change in policies 
by a post-Castro government does not 
worry Domos. “A new Cuban govern- 
ment wifi not be more to the left iha n 
the current one. It will have to be 
more capitalist," says Pedro Sepul- 
veda of Domos. 

Dozaos also discounts the question 
of compensation claims, arguing that 
the infrastructure is practically 


worthless while no new investment 
could be subject to such a claim. 

Yet others are not so confident, “if 
you buy anything Castro nationalised 
foai you are buying Into a potentially 
dangerous logic," says on telephone 
b* 8 re#fubr flings 
with Cuba, because by purchasing 
“S from hla government you 
m the right of eonto 

“Jf br Castro to ronffe- 

cate and then privatise, wouldn't ft he 

IT* «wwnm«t to do the 
same thing? 

• *?>’ us citizens on property 

itaS?*LJ!?f luding Emte »Cu™are 

fSm T ?• WW or any mow by 
to *** blockj Mle. according 

a Harvard pro- 
1CT ' AaCTiean Dialogue 

Dominguez is optimistic 

SdSnSJ 1 ? rk b***" Cut* 

^ to modernise Its telephone svs- 

KEJ® f*? econonuTup to a 
functioning level “This SlttyA " 

Cub?” S?, priv ? t * ! l»v«Si£ta 
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FINANCIAL times THURSDAV JUNE 16 1994 


NEWS: UK 




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British Gas warns on price formula 




By David Lascefies, 

Resources Bdttor 

British Gas warned yesterday 
mat a new price formula for 
gas transportation charges 
would prevent it from increas- 
ing its dividend this year and 
could force it to curtail its 
2900m a year pipeline invest- 
ment programme. 

The formula, a key step in 
the liberalising gas supply, was 
announced by Ms Clare Spot- 
hswoode, the director general 
of Ofeas. the industry regula- 
tor. 

She is proposing that from 
next October BG be allowed to 
charge I4.iep per therm of gas 
that it transports through its 
pipeline. After that annual 

Minister 
admits he 
acted in 
rail dispute 

By Robert Taylor, Kawi Brown 
and Stewart Dolby 

Mr John MacGregor, transport 
secretary, admitted yesterday 
he had intervened in the rail 
dispute to warn Rail track man- 
agement not to breach the gov- 
emment’s public sector pay 
bill freeze. 

Mr MacGregor’s admission, 
which came as the rail neb 
work was paralysed by the 
24-hour strike, followed 
the withdrawal earlier thin 
week of a negotiating “pro- 
posal" by Railtrack to pay its 
signalling staff a 5.7 per cent 
rise. 

He said he had told Rail- 
track. the new public sector 
company responsible for rail- 
way infrastructure, of “the 
general government position" 
on pay within the past few 
days. 

Mr Frank Dobson, Labour’s 
transport spokesman, said Mr 
MacGregor's comments 
showed the rail strike 
was “entirely the 'fault of . 
the government and nobody 
else". 

Although the rail network 
was at a virtual standstill yes- 
terday, the road chaos that bad 
been predicted failed to materi- 
alise as fhnosand g of commut- 
ers stayed at home to enjoy the 
sunshine. 

Negotiations are expected 
over the next few days to try to 
prevent a second 24-hour stop- 
page by the railway signal staff 
next Wednesday. 

Both Mr Bob Horton, 
Railtrack chairman, and Mr 
Jimmy Knapp, general sec- 
retary of the RMT rail 
union, said they hoped talks 
could continue despite 
further public argument over 
who was to blame for the dis- 
pute. 

Britain in brief 


‘Ludicrous’ 
Hualon aid 
attacked 

The British government's 
decision to help Hualon, the 
Taiwanese textile group, to 
set up in Northern Ireland 
with £6im of public Hands was 
attacked as “ludicroas" by 
the chief executive of one the 
UK’s last independent 
yarn spinners yesterday 
at his company’s annual 
meeting; 

Mr Edmund Gartside, 
chairman and managing 
director of Shiloh, the 
Oldham-based textiles group, 
told the meeting: “[This] most 
go down as one of the most 
ludicrous decisions ever made 
by a British government in 
the long history of total 
m i smanag ement of textile 
t rading policies. " 

“There is already 
overcapacity in the European 
market for the fabrics the 
plant is to produce and there 
is no identifiable market for 
the end product" he 

The company led an 
anti-dumping action against 
imported yam in 1987, but 
although it succeeded, four 
years passed Wot import 
duties were imposed in the 
UK. Mr Gartside said about 
7,000 jobs were lost in the 
interim. 

He told the meeting, to 
applause: “How any 
government can sit bafikjjjl 
to support emnat ™ 


increases will be limite d to the 
rate or inflation minus five per- 
centage points. The proposal 
wfil have no immediate effect 
on gas prices paid by consum- 
ers, which are covered by a 
separate pricing formula. Gas 
transportation charges amount 
to half the cost of gas delivered 
to the home. 

The formula wQl cover the 
transportation and storage arm 
winch BG is having to set up 
as a separate unit, following 
last year’s inquiry by the 
Monopolies and Mergers Com- 
mission. The unit will sell its 
services both to BG and Inde- 
pendent gas suppliers who are 
being allowed into the market 
over the next three years. 

Mr Cedric Brown, British 


Gas chief executive, said the 
formula was “very tough and 
would leave us with an even 
more difficult task to deliver 
an acceptable return to share- 
holders. 

“Taken together with regula- 
tory pressures on its gas busi- 
ness as a whole, it will be diffi- 
cult for the company to justify 
any increase in dividends for 
ISM," he said. 

British Gas shares fell 
sharply on the news, closing 
down I7p at 272p. However, 
analysts said that Mr Brown's 
dividend warning had the 
greater impact 

Mr Brown said BG was 
already being forced by the 
regulator to yield market share 
to new suppliers and was 





Commuters wait for a train from Oxfordshire to London, one of 
tiie few services that ran trains yesterday p*oipgi* c com bw> 


down through u nf a i r 
competition and at the same 
time throw £6im of taxpayers 
money at a dubious prm®* 
proposed by a foreig n 
com pany of doubtful repute 
defies belief." 


Heathrow focus 
“essential” 

London’s Heathrow airport 
must remain tbe focus of plans 
to expand runway capacity 
in the southeast of England, 
according to a report by the 
Chartered Institute of 
Transport 

The institute says it has 
fo und “major deficiencies" in 
a 1993 Department of 
Transport report which said 
that Heathrow, Gatwick, 
Stansted or Luton all offered 
worthwhile prospects for 
accommodating a new runway. 
In its own report, the institute 
insists the main airport fra* 
the south-east must be 
Heathrow because of its 
preeminent position and 
because of the international 
trend towards greater 
centralisation based cm hub 
airports. 

The report rejects the idea 
that total UK air traffic will 
be the same if runway capacity 
is provided at airports other 
fhan Heathrow. “We believe 
there is a strong probability 
tha t diversion to other 
European airports will result 
in substantial loss to the UK 
economy", say the report’s 
authors. 


Incentives to 
stop fishing 

The government announced 
it would ™ake £&9m available 
this year for fishermen who 
want to leave the industry as 
part of a plan to reduce 
Britain's fishing capacity by 
19 per cent by 1996. 

Hie funding is the latest 
tranche of a£25m 
dec ommiss ioning programme 
which came into force last 
year. 

The scheme had been put 
on ice after a High Court 
rfmnpngp hv fishermen to 
controversial government 
plans which would limit the 
number of days they would 

be able spend at sea. Last year 
135 vessels were taken out 
of business from a fleet of 


11,000. Hns cut capacity by 
less than 5 per cent 
Fishermen were sceptical 
yesterday that 
decommissioning could 
achieve the capacity cuts 
required by the European 
Union without more funding. 
Mr George Traves, a 
trawler-owner to Bridlington. 
Yorkshire, said: “It’s just not 
doing the job. We need at least 
£100m to take out the sort of 
capacity they're talking 
about” 


Brand new 

Ariel soap powder, produced 
by Procter & Gamble, was the 
consumer goods brand with 
the second largest retail sales 
last year, beating Unilever's 
PeraQ into third place for the 
first time since 1990. 

The topselling brand in 1993 
was Coca-Cola, which clocked 
up sales in the UK of over 
£41 lm. Ariel’s sales were 
£238m, just ahead of Persil’s 
£236m. Advertising spending 
on Ariel last year was C&3m. 
compared with PersiTs 
£l&8m. 

The two soap giants are 
battling over Unilever's 
recently launched PersO 
Power. Procter claims its 
rival's new product damages 
clothes - a claim vigorously 
contested by Unilever. 

The fastest-growing brand 
with a 98 par cent increase in 
sales, was Paiak's Indian 
Foods. Brand rankings are 
produced by Nielsen, the 
market research organisation. 


Livingstone out 

Mr Ken Livingstone, left-wing 
former leader of the Greater 
London Council, has 
withdrawn from Labour’s 
leadership contest, admitting 
be had no hope of gaining the 
34 nominations from MPs 
needed. He forecast that Mr 
Derail Davies would also be 
“squeezed out". 

That would leave three 
candidates: Mr Tony Blair - 
the fa v o u rite - Mrs Margaret 
Beckett and Mr John Prescott, 
Nominations close today. 


incurring heavy costs in hiving 
off the transportation network. 

Ms Spottlswoode said she 
believed the formula struck a 
good balance between the 
interests of BG's shareholders 
and those of gas consumers. 

She said that although the 
formula would only give BG a 
rate of return at the lower end 
of the 4 per emit to L5 per emit 
range recommended by the 
MMC, it allowed a higher 
return on new investment. 
This gave BG an incentive to 
invest in the pipeline system, 
she said. 

The formula will run to 
Match 19 9 7, the ripadifog set by 
the gnvp rpmpnt for full compe- 
tition in gas supply. After that 
a longer term price regime 


would be put in place. 

Mr Philip Rogerson, BG's 
finance director who is respon- 
sible for the new transporta- 
tion unit, said the price con- 
trols would make It hard to 
justify the £90 Om annual 
investment which BG had bud- 
geted for iL 

The formula was also 
attacked by independent gas 
suppliers as too lenient Mr 
Peter Bryant vice-chairman of 
United Gas. said: “British Gas 
have got what It wanted". 
Under the formula BG would 
still earn £3.3bn in annual rev- 
enues, In line with the compa- 
ny’s submissions to the regula- 
tor, he said. 

The proposal is out for con- 
sultation until July 3L 


City regulators 
urged to lead 
battle on crime 


By Robert Rice, 

Legal Correspondent 

City regulators must be put in 
the front line of the battle 
against “white-collar” crime to 
prevent further damage to Lou- 
don’s standing as a financial 
centre. Lord Alexander QC, 
chairman of National Westmin- 
ster Banit said yesterday. 

The failure of recent high 
profile cases such as the sec- 
raid Guinness prosecution, the 
year-long Blue Arrow trial and 
the case against Mr Roger Lev- 
itt, had “given rise to a scepti- 
cal view about City trials". 

“Over-complexity” lay at the 
heart of all the recent failed 
high-profile cases. The solution 
was to make City regulators 
“the principal judges of market 
I abuse". 

Lord Alexander said the UK 
should adopt the US practice 
whereby maids' dealing could 
be dealt with both under the 
criminal law and as an “admin- 
istrative offence". 

“There is no doubt that it is 
easier to present a case simply 
to City regulators who have 
the background of market 
knowledge and such regulators 
can inevitably know more eas- 


ily than a jury when specious 
expertise is being dragged in to 
obscure the truth," he said. 

• London relies too much on 
its “history and ambience" in 
its efforts to maintain its posi- 
tion as a world financial cen- 
tre, according to a report by 
the institute for Metropolitan 
Studies, a research group, 
writes Vanessa H odder. 

The report, based on inter- 
views with 40 senior executives 

Of hanks insur ants companies 
and other financial institu- 
tions. stressed London’s 
strengths in attracting finan- 
cial services companies, pre- 
dominately because of its geo- 
graphical position bridging 
Tokyo and New York, its lan- 
guage, which is accepted as the 
language of international 
financial business and En glish 
law. which is widely used for 
international banking con- 
tracts. 

However “The real risk is 
that London throws away its 
position by Sailing to recognise, , 
nurture and sustain the many ' 
things that have made the 
metropolis one of the world’s 
great financial centres on 
which oar national prosperity 
depends,” it says. 


Bank chief 
holds out 
prospect of 
higher rates 

By Peter Norman 

Mr Eddie George, governor of 
the Bank of England, last night 
held out the prospect of higher 
interest rates in Britain. 
althoug h be left unclear when 
they would be necessary. 

Addressing bankers nnri mer- 
chants at the Mansion House 
in tiie City, he said the present 
framework for UK monetary 
policy gave a better chance of 
achieving price stability to the 
medium term than at any tftw» 
in his professional lifetime. 

But the testing time for the 
structure put in place since 
sterling’s departure from the 
European exchange rate mech- 
anism to 1992 “will come - as 
it must inevitably come sooner 
or later - when we need to , 
raise interest rates in order to 
moderate the pace or expan- 
sion and pre-empt the emer- 1 
gence of associated cost price 
pressures”, he said. 

Mr George said a rate rise 
might still be some way off. 
but hoped that “whenever it 
comes” it will “be regarded as 
a considered response to the 
underlying strength of the 
economy, and to tiie prospect 
of inflation in the medium 
term, and not as evidence of 
weakness, in simple knee-jerk 
reaction to the latest set of 
erratic economic data". 

hi remarks that appeared to 
prepare the pound for a pre- 
emptive rate rise, akin to those 
decided this year by the US 
Federal Reserve Board. Mr 
George said the Bank’s pur- 
pose will be to maintain expan- 
sion "at a sustainable pace". It 
was “not to leave the tighten- 
ing of policy so late that tiie 
economy is brought to a jud- 
dering halt by a much larger 
fntorpgt rise thaw would other- 
wise be needed." 

Taking a swipe at some City 
commentators, he said the 
management of monetary pol- 
icy could not be judged by bow 
low interest rates could be 
pushed. “Nor is it a matter of 
snatching at what casual 
observers may see as *windows 
of opportunity’. That lies at the 
root of short-temrisro in both 
finance and industry", he said. 


Red card for Spurs in 
player payments probe 


T ottenham Hotspur, the 
leading English football 
club fined a record 
£600,000 tins week by the Foot- 
ball Association, faces continu- 
ing investigations by the Pre- 
mis- League over an allegation 
that it mate a large illicit pay- 
ment to ease the transfer to 
the dub from Nottingham For- 
est of England player Teddy 
Sheringham. 

Tottenham said yesterday it 
was considering a possible 
appeal against the FA's ruling, 
made after allegations that the 
dub made interest-free loans 
to players between 1985 and 
1988 of more than. £400,000 to 
contravention of FA rules. 

Some of the players who 
received the loans - handed 
out immediately prior to their 
joining thg club to inrinr** fliwn 
to sign — di d not expect the 
cash to be repaid, according to 
a September 1992 report to the 
club from accountants Touche 
Ross, which has acted as 
Tottenham's tax advisers. 

In its ruling, the FA also 
banned the dub from the next 
season’s FA Cup competition 
and deducted 12 points from its 
score for next season in the 
Premier League, opening up 
the possibility of relegation 
next year from the league to 
the Football League Together 
with exclusion from the cop 
this could cost the dub several 
million pounds in lost sponsor- 
ship and TV income, according 
to Ind us t r y estimates. 

Tottenham said yesterday it 
had settled an Inland Revenue 
claim made In 1993 that it 
owed at least £500.000 in tax. It 
added: “The payment made 
was well below that figure." 

The Inland Revenue has 
recovered more than £10m in 
out of court settlements for 
unpaid tax from football clubs 
in investigations over the last 
few years, it emerged yester- 
day. 

hi recent years at least ten 
dubs have paid additional tax 
in response to the Inland Reve- 
nue investigations or after 
they have gone voluntarily to 
tax inspectors. A large number 
of other dubs are also under 
investigation by a special team 
of Revenue inspectors. 

On the London stock market, 
Tottenham shares feD 17p to 
63p soon after the market open- 
ing, but then rallied to close 
unchanged at 80p. The club 
said yesterday it would be tak- 
ing advice on possible legal 
action against past employees 
and directors. It added it had 
been penalised after volunteer- 



spurs manager Ossie AntDes said the punishment was “totally 
unjust and worse than being relegated” wn ang i* 

• and goalkeeper Erik Tbor- 

.F OOtD3.il IS stvedt who received a £50,000 

. , „ loan. The sanctions against 

braced tor Tottenham come after years of 

allegations that top soccer 

further clubs routine iy m ajge mien 

j. ui LAJ.V/A payments to players and man- 

roi/AlotiAnc agers to facilitate the transfer 

ICVCIallUUd. of leading footballers. 

IX/illinan T nnrJc Mr Alex Fynn, a football 
tv ill! <11 1 1 liCnlbj author, said: “Payments which 
n m *■ ■ evade FA regulations are quite 

rClCr jvtarsn widespread. Clubs are in a 

cash-rich business and spend 

HDu Andr ew highly on wages and transfers 

because they are worried about 

Jack report atatooPremi(!r 


ing information to the FA 
about loans and payments 
made to players before Mr 
Alan Sugar, dub chairman, 
took control in 199L 

“It is like finding a dead 
body In the attic, turning it 
over to the police and then 
being done for the crime your- 
self;” the dub said. 

A report prepared by Touche 
Ross for the Spurs board last 
March shows the extent of the 
loans and ex gratia payments 
to players since 1985. They 
include Paul Gascoigne who 
received a £30,000 loan and a 
£70,000 ex-gratia payment, Paul 
Stewart who was lent £75,000, 


and goalkeeper Erik Tbor- 
stvedt who received a £50,000 
loan. The sanctions against 
Tottenham amtf after years of 
allegations that top soccer 
clubs routinely make illicit 
payments to players and man- 
agers to facilitate the transfer 
off leading footballers. 

Mr Alex Fynn, a football 
author, said: ‘Tayments which 
evade FA regulations are quite 
widespread. Clubs are in a 
cash-rich business and spend 
hig hly on wages and transfers 
because they are worried about 
failure." 

An official at a to® Premier 
League dub said: “Hundreds of 
millions of pounds change 
hands every year in payments 
to managers and players which 
are strictly against the FA 
rules. It happens because 1 am 
afraid to say a lot of football 
managers are spivs. “ 

The FA said: “We have heard 
many allegations about this 
kind of thing (illicit payments] 
but the evidence is lacking. We 
are not Involved in any other 
investigations into other Pre- 
mier League dubs.” 

Mr Sugar will announne this 
morning Tottenham's response 
to the FA’s ruling. 

“We have been considering 
all the options and do not want 
to rush a knee-jerk reaction," a 
spokesman said yesterday. 


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TIMES THURSDAY JUNE 16 19W 



FINANCIAL IZVESTIA 

TALKS BUSINESS TO 300,000 INFLUENTIAL 

RUSSIANS EVERY THURSDAY. 

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

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

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

To find out more about advertising to these influential people 
call Ruth Swanston at the Financial Times in London on 44 71 873 4263 
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Sarah Pakenham- Walsh in Hong Kong on 852 868 2863. 


FINANCIAL TIMES 

LONDON . PARIS • FRANRHIIT • N»W TO** - TQI4TO 





^ ^ "'to 

!*“>* V 

>"'al 

* i S ' W 


FINANCIAL 


times Thursday 


JUNE 16 1994 


ihlo 


1 \ 


Embarrassing 

certainly. But the wiS 

HE*** between 

“ e bcott, the chief executive 

SSfS 3l ? 3 sidesb °w compared 
J^hthe advertising group's most 
presang problem: its poor nerfor 
mance in the US. p ^° 

Saatchi & Saatchi may be UK- 

^ ^ oba i advertising 
erou£ its most important marketis 
the one where most of the world’s 
bWB^mnlti-iiational corporations 

me based - and that lies ou the 
other side of the Atlantic. 

, jy -41 & &***! Advert*- 

rn ' a SfrJ a S ent K^ mpany,s w ®est 
PS agency, has been floundering. In 

spte of a buoyant US economy, it 
lost more business than it won last 
ycsr- A 16 per cent decline in gross 
mcome sent it from number four to 
number seven position in Advertis- 
ing Age magazine's league table of 
US agencies. 

Worse, revenues are set to dip 
again this year after the loss of the 
important account for Helene Curtis 
hair care products at the end of 

1993. 

One man has already paid the 
price: Robert Kennedy, chief execu- 
tive of Saatchi & Saatchi North 
America, who was forced to resign 
In January. Now, two more heads 
have rolled: those of Harvey Hoffen- 
berg and Rich Pounder, respectively 
the chairman and vice- chairman of 
Saatchi & Saatchi Advertising's 
New York office, its biggest in 
North America. 

So what is wrong with Saatrhj in 
the US? Simple, says one rival: they 
just haven't been running the busi- 
ness properly. The client relation- 
ships aren’t good enoug h, the cre- 
ative isn't good enough, it's what it 
always is: not doing it right. You 
lose business when you are not pay- 
ing attention and you win business 
when you are.” 

Some industry observers go fur- 
ther, saying poor morale has been 
at the root of Saatchi & Saatchi 
Advertising's problems. One Wall 
Street analyst says Harvey Hoflen- 
berg, the New York boss, was dis- 
liked by those who worked for htm, 
though a Saatchi employee puts it 
less cruelly. “The trouble is, Har- 
vey’s not a very upbeat person, and 
In an agency, you’ve got to be 
upbeat and buzzy. That was really 
not happening here. People were 
kind of fearful.” 

In such a a people business, such 
an atmosphere would clearly be 
unhelpful. And as the agency 
repeatedly failed to win new busi- 
ness, morale declined even further. 
“The lifeblood of any advertising 
agency is new business, whether 
new business from gristing clients 
or new business from clients out- 
side, and we were just abysmal at < 
getting it,” says a Saatchi insider. i 
Meanwhile, Saatchi’s US execu- i 


MANAGEMENT: MARKETING AND ADVERTISING 


Saatchi & Saatchi North America's 
new head has a tough task. Richard 
Tomkins meets Bill Muirhead 

Wanted: 
team spirit 





Muirhead believes in promoting from within “rather than the hired gun" 


lives were doing little to endear 
themselves to an increasingly cost- 
conscious parent company with 
their unusually large salaries. 
Kennedy was getting $800,000 
(£533,333) a year plus perks and 
bonuses, and Hoffenberg was hardly 
worse off with basic pay of $700,000 
a year. “They were ridiculously 
overpaid - outrageously so,” says a 
rival agency. 

The new head of Saatchi & Saat- 
chi North America is BUI Muirhead, 
a highly regarded Saatchi veteran 
who has been parachuted into New 


York from his previous job in Lon- 
don as head of Saatchi & Saatchi 
Europe. He acknowledges that 
morale has been low. 

“The agency is really an amal- 
gamation of two long-established 
American agencies. Dancer Fitzger- 
ald Sample and Compton Communi- 
cations.’’ he says. 

“When I arrived here I found a 
situation not dissimilar to the one 1 
found at British Airways [a Saatchi 
& Saatchi client] when I started 
working an that in 1982. 

“On the outside It was British 


Airways but on the inside it was 
still BOAC and BEA [BA's forerun- 
ners]. The two cultures had never 
been brought together. ” 

At Saatchi & Saatchi Advertising, 
Muirhead says, -the result is that 
people haven't been working as a 
team. “People have been split up: 
they’ve tended to work in isolation 
from each other. There’s been no 
vision for the company, no real 
focus. Those are the things I’ve got 
to put right” 

Muirhead believes one way of 
building team spirit is to promote 
from within .“rather than the merce- 
nary, hired gun thing” so that the 
people running the company have 
all grown up with it He did that in 
London, he says. 

“We will bring in some fresh 
blood as we go forward, but there 
are a lot of very good people here - 
probably a lot of people that are 
better than the people 1 bad in Lon- 
don. It's just that they haven’t been 
focused on the right things and 
haven't been property motivated.” 

Muirhead seems to regard the 
London operation as a model for 
New York. “What we have there is 
a successful agency producing ter- 
rific work, that is a fun place to be; 
so if we could replicate what we 
have there, that would be 
great.” 

That kind of talk has irritated 
some in the US advertising indus- 
try, who resent the implication that 
the British know better. Same Saat- 
chi people in the US are also said to 
be unhappy about the “British inva- 
sion” of their ranks, represented not 
just by Muirhead's arrival in New 
York but by the appointment of sev- 
eral British people at Backer Spiel- 
vogel Bates, Saatchi & Saatchi’s 
other US advertising agency. 

Muirhead says this is nons ense: 
nationality is irrelevant. And any- 
way, he's Australian. 

In any event, the people he has 
just appointed to become chief exec- 
utive of the New York office and to 
sort out the creative department are 
both from other parts of the US 
operation - respectively, Michael 
Jeary, previously chief executive in 
San Francisco, and Stanley Becker, 
chief creative officer at Saatchi & 
Saatchi DFS/Pacific in Los 
Angeles. 

The top executive of a rival 
agency says it dearly is not ideal 
that Muirhead comes from outside 
the US. “Putting UK-experienced 
people in there to sort things out is 
obviously mare difficult than if you 
put a native in there. But Muir- 
head's a talented guy. V anybody 
can put it right, he can.” 

Far Saatchi & Saatchi’s sake, he 
had better be right As Muirhead 
himself acknowledges: “Mora than 
GO per cent of the world's multi- 
national advertisers are based here, 
in North America. If we cannot 
expand here, then whatever we do 
in Europe will be irrelevant” 


Roots versus lifestyle 
in a changing country 

Joel Kibazo considers the nature and direction 
of advertising in the new South Africa 


“Free at last, free at last thank 
God almighty we are free at last,” 
thundered a recent commercial 
on South African Television. It 
showed the flags and dates when 
various African countries gained 
independence, before arriving 
at Sooth Africa in 1994. It closed 
with a black man in the speaker’s 
chair in parliament with a voice 
quoting Martin Lnther King’s 
now famous phrase, also used 
by president Nelson Mandela in 
bis victory speech. 

The commercial was for Sales 
Boose, a clothes retail chain, and 
the campaign was by Ogilvy & 
Mather Rlghtford, the country’s 
biggest agency. But far from being 
seen as a celebration of the new 
Sooth Africa, the camp ai g n was 
condemned by some leading 
fi gures in South Africa's 
advertising industry as a 
throwback to the days of 
apartheid. 

Blade in the spirit of “black 
consciousness” and “black pride”, 
the advertisement followed on 
from two others in the series, one 
with a strident black “man of 
Africa" and another showing a 
confident and assertive “woman 
or Africa”. 

“Times may be changing but 
1 regard these advertisements 
as white people pretending to 
understand the black African 
psyche,” says Beta Vundla, a 
former employee of O&M and now 
managing director of Herdbnoys. 
South Africa's first black agency. 
“If s a romantic view Hint does 
not speak to ns. They may be 
aimed at black shoppers but 
frankly we see them as a joke.” 

Controversy over the Sales 
House campaign reflects a wider 
debate on the nature and direction 
of advertising in the new Sooth 
Africa. For years, the country’s 
agencies concentrated on 
communicating with the white 
community which makes up 
around 14 per cent of the 
population. 

Sophisticated campaigns for 
everything from cars to mass 
consumer products were mainly 
in English and Afrikaans. There 
was little to show a black 
population existed in the same 
country or indeed, that blacks 



Jbdievewben 
}OuknowTvha£ 
youfre saying 
youdorit 
hae to shout? 


Sales House's 'Man of Africa’ was crMdsad as a throwback to apartheid 


were consumers. Those wishing 
to reach a cross section of the 
population generally ran separate 
campaigns: racial mixing in a 
commercial was rare. 

Change began in the late 1970s, 
with a growing awareness and 
recognition of the rising black 
urban population and its 
increasing consumption of 
products once seen as the preserve 
of whites. The process was helped 
by pioneering multi-racial 
advertisements from South 
African Breweries in the 1980s 
and gathered pace with the 
political changes of the 1990s. 

Today, there are those who 
argue that advertising, for so long 
dominated by one race, should 
move from being “Euro-centric”, 
that is, made by and from a white 
person’s point of view to 
“Afro-centric”, taking on the 
values and perspective of the 
black Sonth African. 

Nearly 60 per cent of Sales 
House customers are black and 
O&M has been in charge of its 
campaigns since 1986- However, 
the more strident black pride 
campaign has only been running 
far three years. 

Robyn Putter, creative director 
of O&M Rigbtford. has become 
identified with “Afro-centric” 
advertising. He says: “TUs is a 
campaign that people identity 
with. Black people do not need 
to apologise for who they are and 


we’ve tried to bring this out” 

He points to requests to run the 
same advertisements in the US 
as proof of the success In reaching 
black people. 

But Reg Lascaris, managing 
director of Hunt Lascaris. which 
ran the successful ANC election 
campaign, counters: “Black 
consumers don't want to be seen 
as ’man of Africa’.” He advocates 
the use of marketing bands, based 
on occupation and education. 
“What matters is a person's level 
of sophistication. Whether they 
are black or white does not 
matter. It did in the past, but not 
now.” 

Vundla suggests that 
understanding black people is 
the single most important factor 
for any agency in South Africa. 
“Nothing has changed. Most 
agencies here don't even have 
black people at senior level nor 
have people in them even 
ventured into a township. How 
can they nfaim they understand 
the black majority market and 
how to reach them?” he says. 

Explaining his departure from 
O&M, he says: *T think this is 
where agencies like ours can make 
a difference. We know our people 
and how to nmnnipnicafa» to them 
irrespective of economic level, 
yet we are not offering an inferior 
service. We use first world 
methodology to target what is, 
after an. a third world market.” 


PEOPLE 


EEF decides on Mackenzie 


eh 


iiU.T 


s.t‘H 


1‘IKV 


The Engineering Employers 
Federation has appointed Gra- 
ham Mackenzie director-gen- 
eral. finally drawing a line 
under the uncertainty 
prompted by the surprise 
departure of former dg Neil 
Johnson and the possible 
merger with the Confoderatkm 
or British Industry. 

Mackenzie, who was presi- 
dent of the EEF for two years 
to April, has been acting direc- 
tor-general since January. The 
new appointment takes effect 
from July 1. 

Johnson left the EEF at the 
end of November, a few weeks 
after Mackenzie had quit as 
chief executive of UES Hold- 
ings. the Rotherham-based 
steel and forgings group. Since 
then, Mackenzie has been 

Non-executive 

directors 

■ Brian Stacey, retired 
director of Avon Rubber, at 
PRECISION CUT RUBBER. 

■ Alan Jones, a director of 
Great Gates Management and 
Laurel Commercial Properties, 
at UPTON & SOUTHERN 
HOLDINGS. 

■ John Jessop at FERGUSON 
INTERNATIONAL; Alan Cole 
has resigned. 

■ John Skae. retired company 
secretary of Midland Bank, 

at SK3PTON BUILDING 
SOCIETY. 

■ Graeme Elliott former 
vice-chairman of Slough 

Estates, Tim Razzall. a partner 




increasingly active at the EEF. 

The organisation has known 
since February that it would 
need to appoint a new director- 
general, once it became dear 
that a plan to merge its central 
functions with the CBI had col- 


or Frere Cholmeley BischoS, 
and Stuart McDonald, 
chairman of My Tflnria Town 
and Windsor, as chairman at 
SPECIALITY SHOPS. 

■ Brian McGiHivray, 
chairman of Roselands 
Investments, at ANGLIAN 
GROUP. 

■ Sir Christopher Harding 
has resigned from SLOUGH 
ESTATES. 

■ John Clay has resigned from 
TRADE INDEMNITY GROUP. 

■ Peter Ainsworth MP at 
GARTMORE SHARED 
EQUITY TRUST. 

■ David Sykes, formerly 
senior partner of Eversheds 
Hepworth & Chadwick, and 
Donald McFartane, former 

chairman of Senior 


lapsed. 

A more limited partnership 
based on a joint programme of 
alliance with the CBI's 
National Manufacturing Coun- 
cil will also not take place, 
although the EEF arid CBI will 
continue to cooperate. 

Mackenzie, 50, lacks some of 
Johnson’s affability but is an 
effective and articulate com- 
municator, and is keen to 
maintain and develop the 
EEF*s profile. 

Before joining UES in 1990. 
he worked for the TI Group 
from 1967 to 1989, joining as a 
graduate trainee and rising to 
become a main board director. 
Between 1981 and 1983, he was 
seconded by TI to the govern- 
ment’s Central Policy Review 
Staff. 


Engineering, at READICUT 
INTERNATIONAL. 

■ Maxwell Packe (below), 
founder director of Household 
Mortgage Corporation, at 
CRESTACARE. 



Pressure of work forces non- 
executive directors to resign 


Proof that Brian Walsh’s new 
job as vice chairman of TI 
Group is more than a cosmetic 
change of title. Walsh, who 
joined from GKN as TIs 
finanro director in May 1993. is 
shedding his only non-execu- 
tive directorship following last 
week’s reshuffle at TI- 

Walsh, 50. is resigning after 
less than two years on the 
board of the Cookson Group. 
Although Cookson’s board only 
meets eight or nine times a 
year Walsh feels that he no 
longer has time to do the job 
properly given his new respon- 
sibilities at TI where he has 
assumed responsibility for tne 
operations of the group hq. 

He joined the Cookson board 


when he was still at GKN and 
where he had been doing the 
finance director's job for sev- 
eral years. “My calendar is 
always pretty full,” says 
Walsh, who expects it to get 
even burner now that he is 
being called to represent the 
company as vice-chairman. 
Walsh chairs Cookson’s audit 
committee and has just 
returned from a four-day board 
trip around Cookson’s US 
operations. 

He reckons that he spends at 
least three days a month on 
Cookson business, ft is under- 
stood that Cookson’s non-exec- 
utive directors get paid 
between £15,000 and £20,000 a 
year for their services. 


Walsh's decision to resign 
his only outside directorship at 
a time when many executives 
are being encouraged to take 
on such jobs will add to specu- 
lation that he is emerging as a 
serious contender as a future 
chief executive of TL 
■ In a similar move, John Sad- 
ler, who has recently become 
<-ha!nruin of Pearl Group, has 
decided that because time is 
limited, he should resign as 
non-executive chairman of the 
Alexon Group after the agm 
next Monday, 

Be will be succeeded by Pat- 
rick Cooper, already on the 
board; Micha el Adams, a rum- 
executive director of ABders, 
also joins the board. 


'General' Goehtz 
off to NatWest 

National Westminster Bank 
has captured Hans Goehtz, one 
of Deutsche Bank’s 15 “gener- 
als’’ and head of its global for- 
eign exchange, money markets 
ami precious metals divirion 
since 1990. At NatWest Mar- 
kets he win be responsible for 
all continental European trea- 
sury activities. 

As a “Direktor mit GeneraL 
vollmacht”, Goehtz was just 
one rung below Deutsche’s 
hallowed “Vorstand” or man- 
agement board and stood a 
fair chance of bring a candi- 
date if a board vacancy arose. 

However, rtnnonr has ft that 
Goehtz, 45, derided to look 
elsewhere when it became 
clear that another “general”, 
Bernd- Albrecht von Maltzan. 
the head of Deutsche’s securi- 
ties sales and trading, was 
likely to gain the upper hand 
when their two trading areas 
were consolidated into one 
large group. Maltzan took up 
his position last year when 
Barthold von Rfobentrop left 
to set up an investment fond. 

Based in Frankfort, Goehtz 
will develop NatWest* s local 
capacity as writ as oversee the 
large dealing volume which 
flows into London from the 
dealing rooms in Madrid, 
Milan and Frankfurt. He will 
report to Paul Winchester, 
regional director for UK and 
European treasury. 

■ Chairmen are changing at 
the top of Scotland's biggest 
investment trust Ivor Guild, 
TO, a Scottish solicitor who has 
chaired the 105-year-old Edin- 
burgh Investment Trust for 20 
years, retires this month and 
hatvfo over to the Earl of Eglin- 
ton and Wiaton. 

Old Etonian Archie Eglinton, 
54, whose family motto is “we 
take care”, started Ms City 
career with stockbrokers 
Grisveson Grant before moving 
to Gerrard & National, a City 
discount bouse, where be was 
a director for over 20 years. 

He retired last year but 
remains chairman of Gerrard 
& National's stockbroking sub- 
sidiary Gerrard Vivian Gray. 
He is a director of several 
other frosts in the Dunedin 
Fund Managers stable and is 
also a director of DFM Hold- 
ings, which is parent of Dun- 
edin Fond Managers and one 
of the biggest investments in 
Edinburgh Investment Trust's 
portfolio. 

Peter Dunn, 70, and Lord , 
Nlckson, 64, are retiring after 
the agm an June 29. 



The Great Debate 

LONDON, 8 JULY 1994 

English Heritage and The National Trust have called this International 
Conference to address the proposed enlaigement of the A303 road through 
the Wbrld Heritage Site and to debate how the most important 
archaeological site in Western Europe can be saved from further destruction . 
The Conference, which will be chaired by Mr Jocelyn Stevens and 
Lord Chorley, will hear the latest proposals from the Department of 
Transport and, with a distinguished panel of experts, discuss the alternative 
proposals which could be constructed to restore tranquillity to Stonehenge. 

Speakers on this highly controversial issue will include: 

Mr Steven Norris mp 

Parliamentary Under Secretary of State for Transport 


Dr Geoffrey Wainwright 

Chief Archaeologist 
English Heritage 

Dr David Bellamy 

Broadcaster and Environmentalist 


Sir Alan Muir Wood 

Consultant 

Sir William Hal crow & Partners 

Prof. Aubrey Silberston 

Management School, Imperial College 
of Science, Technology and Medicine 


£t« 


An English Heritage /National Trust Conference organised by 
The Financial Times Conference Organisation 


FT 


FINANCIAL TIMES 
CONFERENCES 


Please complete and return for further details: 

STONEHENGE: 

THE GREAT DEBATE 

Fee: £150 plus VAT 

Name 

Address _ — 

Rost Code .Tel 


Financial Times Conference Organisati< 
P.O. Box 3651, London SW12 8PH, 

Tel: 081-673 9000 Eax: 081-673 3335 

□Please send conference details 
□Please send information on business development 
opportunities available at this conference. 


h 





10 


TECHNOLOGY 


FINANCIAL TIMES THURSDAY JUNE 16 I 9 W 


I 




After steering a 
packed shopping 
trolley along busy 
supermarket aisles 
on a Saturday after* 
noon, there is yet a 
greater hurdle to 
overcome: the wait at the checkout 
counter. Mindful of such irritation, 
supermarket bosses are now consid- 
ering how to cut the queues using 
self-service checkout counters and 
automated trolleys. 

John Hollis, partner at Andersen. 
Consulting, believes it is the push 
for better customer service and the 
need to heat the competition that is 
driving such innovations. “Anyone 
starting up now would use this kind 
of technology," he says, 

Chris Hughes, managing director 
of the UK's Retail Automation Con- 
sultancy, is more sceptical: “The 
main advantage to retailers is that 
it will cut down labour costs.” 

In the Netherlands, in the Gelder- 
maisen store of Albert Heijn, the 
largest Dutch supermarket chain, 
shoppers are now using a hand-held 
scanner which they attach to their 
trolley as they enter the store. Cus- 
tomers electronically read the bar- 
codes on their choice of goods using 
a sca nn ing gun. Once shopping is 
complete, a bill is automatically 
printed out which the customer 
takes to the cashier in order to pay. 

Although self-scanning involves 
extra work for customers, it does 
mean they can check the price of 
each item as it goes in the trolley 
and keep a running total of how 
much they are spending. It also 
eliminates the need to lmlftari the 
items on to the conveyor belt and 
put thpm hack into the trolley 
at the checkout 

Elsewhere, much of the research 
effort has gone into automating the 
conveyor belt at the checkout so 
that customers scan their own 
goods. Retailers in Scandinavia and 
the US have been the most eager to 
install these. But they could become 
common throughout Europe within 
the next hive years, particularly for 
s canning small numbers of items, 
such as sand wiches at lunchtime. "I 
have difficulty in seeing someone 
scan 120 different items from the 
monthly shop.” says 'Terry fielding, 
manag in g director of the UK's Chil- 
tem Retail Systems. 

The basic principle of these 
checkouts is that the customer 
passes the goods over the glass 
plate in the conveyor belt, a job 
usually done by the cashier. Once 
the task is finished . the customer 
goes to the cashier to pay. 

In the US, various derivations of 
the basic system have been tested, 
says Geoff Beckett, director of busi- 
ness development at Uniquest, sup- 
plier of software systems and ser- 
vices. In the Uniquest check-out, 
the scanned goods travel through 
an archway where they are mea- 




Handy development; shoppers use a hand-held scanner to register prices at an Albert Heijn supermarket 

The end of 
the queue 

Automated supermarket checkouts will cut waiting time, 
writes Della Bradshaw in a series on electronic re tailing 

eager to scan their own goods, in 


sured and weighed. If' the weight 
and shape tally with the informa- 
tion from the scanned bar-codes, the 
item travels on; otherwise, it is 
rejected. 

Uniquest has gone further by 
building in swipe card facilities so 
that goods can he paid for electroni- 
cally. But the popularity of discount 
coupons in US stores complicated 
the process and this scheme has 
largely been abandoned. 

Contrary to expectations, the self- 
scanning check-outs have proved 
particularly popular In the US with 
elderly people. “They are convinced 
that the cashiers fiditip them Also 
they gm fcilto their tfriw and ran 
keep a continuous check on how 
much they are spending by looking 
at the sub-total.” says Beckett 

The popularity of self-scanning 
checkouts will vary according to 
the location and culture of the 
store, believes John Polidore, direc- 
tor of front-end operations for Path- 
mark Supermarkets. It has Installed 
Uniquest checkout systems in seven 
of its 150 US stores and plans to 
introduce a further two as part of 
its trial phase. 

In some cases customers are 


others they want someone else to 
bag the goods and lift them on and 
off the conveyor belt 
However, no Pathmark store wQl 
be equipped entirely with Uniquest 
systems, says Polidore. “We would 
like our customers to choose. We 
see this firstly as a customer service 
issue. If the customer likes to use it 


The potential for 
higher levels of 
shop-lifting Is still 
seen as an Important 
disadvantage of 
self-scanning systems 


they’ll come to us. It will Increase 
our customers." A second advan- 
tage is that the self-scanning sys- 
tem deals more effectively than tra- 
ditional checkouts with any sudden 
rush of customers. 

Innovation is continuous. The lat- 
est self-service checkouts incorpo- 
rate scanners that can read the bar- 
code through 360°. so that custom- 


ers can place the goods in a random 
fashion on the belt In a develop- 
ment from German manufacturer 
Potrafke, the goods travel on a belt 
through a transparent acrylic tun- 
nel where the bar-codes are read. 

The advantage to the customs, 
says Gerald McLucas, managing 
director of Potrafke in the UK, is 
the speed with which the goods are 
scanned. The advantage to the 
retailer is that they get “two 
cashiers for the price of one". 
Because the goods scanned have to 
pace through tiie funnel. the system 
also helps to prevent shop-lifting. 

The potential for higher levels of 
shop-lifting is still seen as an impor- 
tant disadvantage of self-scanning 
systems. But the emphasis on secu- 
rity varies from country to country, 
says WDftam Wood-Robertsan, mar- 
keting manager with German man- 
ufacturer ADS Anker. “The 
Americans are enthusiastic about 
the technology even though they 
have a relatively high crime 
rata" 

John peDamnail, director of cus- 
tom products for the international 
arm of Symbol Technologies of the 
US, which developed the Albert 


Heijn system in conjunction with 
the retailer and the TNO Product 
Centre, in Delft, believes there is 
still a “psychological barrier to 
stealing". 

At Albert Hegn, customer trolleys 
are randomly checked to ensure 
that contents match the items listed 
on the bill. To make customers 
aware of the checks, they have to 
join a “dub” before nsmg the scan- 
ners and agree to the terms. 

The dub system could have fur- 
ther Inherent benefits. “Because 
customers have to be pre-registered 
memb ers at the chib, this mnM be 
used by retailers to build c»Etnqier 
loyalty schemes,* says Hughes. He 
believes the membership cards 
issued could became the retailers’ 
equivalent of a “gold" card. 

The ovenlding feature of all of 
today's systems is that each bar- 
code has to be read separately. "In 
15 years’ time, there probably won’t 
be any checkouts,” says Fielding. 
"If bar-codes could be read electron- 
ically, you could swipe a bank card 
at the beginning, push the filled 
trolley through a loop and your 
bank s ccormt would automatically 
be debited." 

Earlier this year, the South Afri- 
can Council for Scientific and 
Industrial Research hi conjunction 
with the British Technology Group 
announced that it had developed 
Supertag, where each item of shop- 
ping would be labelled with a tag 
emitting a radio si gnal. Once the 
customer finishes shopping, the 
trolley is pushed through a gate - 
similar to the X-ray mxrhme at an 
airport - which “reads” each signal. 
All the items in a full trolley of 
shopping could be individually iden- 
tified in -seranris 

Today the higi price of the tags - 
about 60p each - precludes then- 
use on packets of tea or tins of 
baked beans. But, says Peter 
Hawkes, assistant director of elec- 
tronics at BTG, within the nest two 
years, the tags could be used to 
secure high value items such as 
leather jackets. 

He believes that as more applica- 
tions for the Supertag emerge, and 
costs drop, the technology will 
appear in food stores, starting with 
discount warehouses, “where they 
can tag the whole carton, not just 
the can”. 

Even more revolutionary would 
be for customers to sit in front of a 
com p uter terminal hi the supermar- 
ket coffee shop and select packaged 
goods by pointing to pictures on the 
screen. The customer would pay the 
cashier and drive round to the 
delivery point to have the goods 
loaded into the car - bypassing the 
trolley and check-out belt alto- 
gether. 

As Hollis points out. revolution- 
ary though the concept sounds, “the 
technology for this sort at system is 
already hae". 


Simple idea, 
big savings 

Michael Dempsey on the success 
of EMC’s electronic filing cabinets 


T he mother of an executive 

with EMC, the US data 
storage company, has 
problems imitenrfaniHng what 

her son’s company does. He 
w plaimi the $782m (£52 lm) 
turnover operation succinctly. 
“We make electronic filing 
cabinets." At $4.lm a throw, this 
is a gross simplification. But 
EMCs rise to eminence in a $5bn 
market still largely an IBM fief 
owes much to simple ideas. 

Disk arrays are the storage 
component of mainframe 
computer systems. Traditionally, 
tire information these large 
machines handle has been held 
an. disks resembling long-playing 
records. EMC moved to smaller 
5.%5-iucfa disks similar to the bard 
disk inside a personal computer. 
This meant a massive reduction 
in space, and hence the heat 
generated by the storage system. 
Ventilation bills plummeted. 

EMC’s latest topof-the-range 
model stores one terabyte 0.000 
gigabytes! of information - the 
equivalent of 40,000 four-drawer 
filing cabinets or 10,000 standard 
desktop PCs. In the previous 
generation of disk systems, a 
terabyte took up 400 sq ft The 
IBM disk storage system bolding 
tins much data occupies as much 
space as a two-car garage. The _ 
EMC model, looking like a 
three-door wardrobe filled with 
shelves of computer disks, 
occupies 17 sq ft 
Mike Rnettgers, head of EMC 
since 1589, chums that a US 
mrfnmgr switching to EMC from 
IBM will save Jim over five years 
in maintenance, cooling; pawin' 
and floor space. 

In the UK, the information 
technology arm of British Steel, 
CMS, has replaced Its IBM data 
storage products with four EMC 
units. The last EMC unit cost 
£300,000, but is expected to save 
CMS £112,000 in ele ct ric i ty and 
air conditioning hills over the 
next four years. 

Rnettgers was hired at a time 
of crisis for EMC. to 1988, 
components from a Japanese 
supplier started foiling. Rnettgers 
bought in fault-free disk drives 
from IBM and installed them free 


Despite a J 100m bill for replacing 
disk drives, Ruettgers claims 
most customers stock with EMC. 
The experience left EMC with 
a paranoid regard for quality 
control and testing. Each disk 
array is now tested for up to 24 
days. 

While IBM remains a fierce 
rival, with 52 per cent of the 
mainframe storage market, other 
large computer concerns buy in 
products from EMC. Bull of 
France and Unisys of the US both 
resell EMC disk arrays in tandem 
with their systems. 

IBM argues that until now, 
smaller disk systems have lacked 
reliability. While one failure 
every 15.000 hours might have 
been tolerable on PCs five yearn 
ago, it would not do for dozens 
of running simultaneously 
24 hours a day. Mow, IBM is 
poised to launch a data storage 
machin e running 3,5-inch disks, 
beating EMC at its own game 
»nd g unning for its smaller rival 
on price. 

Rnettgers thinks EMC can stay 
ahead by remembering the 
customer's primary concern. The 
enormous date-processing needs 
of banks and airlines generate 
unwelcome bills in support 
services. Swissair and Direct Line 
insurance of the UK are 
customers. EMC knows its target 
- “70 per cent of dp (data 
processing] dollar is maintenance 
and enhancement," says 
Rnettgers. who previously 
worked in the US missile 
industry. 

Market analysts predict 

nine-fold growth in large data 
storage capacity by the end of 
the decade. Although small, 
powerful workstations have taken 
over many of the mainframe’s 
functions, the information storage 
needs of service industries mean 
vast archives of digital data must 
be kept somewhere. 

Squeezing more data into less 
space for a lower cost Is the 
perpetual rallying cry of the IT 
industry. EMC knows its doubling 
of turnover between 1992 and 
1994 cannot be maintained, but 
the demand for economical mass 
storage is there In abundance. 



JlH jjgjl 

As far back as 1918, you could call up a friend from a moving train in 
Germany. In 1958, we launched our so-called “A” mobile telephone network. 
With the introduction of our “B” network in 1972, we also brought in sub- 
scriber direct-dialling. In 1985, our “C” network became fully operational: 
with a subscriber base of 850,000, it is one of the most successful analogue 
networks in the world today. 

In other words, Telekom has an enviable track record in mobile systems. 
tefcijBir.i So it’s only logical that, together with other European telecoms 
Iw&feds CO™! 3311 * 68 ) we developed today’s leading worldwide standard 
f or digital mobile communications - GSM (Global System for 
SLIilsianJi Mobile Communications). Naturally, GSM is also the basis for 
Fa.: Telekom’s own D1 digital network. 

BMM'% Telekom’s D1 sets new standards in overall quality, transmission 
775 05 Ti security, capacity and service. By the end of 1993, Dl will already 
H angw ^ ™." provide coverage for almost all of Germany. 
fS: dai” 2077749 Thanks to the GSM concept of international standardisation, 


you can already use your Dl phonecard in many European countries. 
And, of course, you yourself can always be contacted in those countries 
under your personal Dl phone number. But it doesn’t matter in which of 
these countries you find yourself, or in which GSM-compatible system you 
insert your Dl card, you’ll always \ 
benefit from the fact that Telekom ^ 
has put all its wide-ranging exper- 
tise and its comprehensive mobile 
communications know-how into the 
development of GSM. 

Telecommunications 
made in Germany. 



We tie markets together. 

S? '"Pp- 1 -P-V-o-rrs . 


L 





4 




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I. 


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1 






FINANCIAL TIMES THURSDAY JUNE 16 1994 


11 





ARTS 


Cinema/Nigel Andrews 

Cadenzas of 
eccentricity 



Inspired cod-seriousness: Colm Feore as the genius pianist in *32 Short Films About Glenn Gould* 


H ere is your culture question for 
the week. What do Hannibal 
Lecter and the Voyager space- 
crafts have in common? 
Correct: Canadian pianist Glenn Gould, 
ffis classical recordings, as well as being 
sent into space by NASA in 1977 as a 
greeting gift to other life-systems, were 
included by Dr Lecter as part of his con- 
sultancy fee when helping the FBI with 
their serial murder enquiries. 

Now Francois Girod's wonderful, 
absurd, rhapsodic 32 Short Films About 
Glenn Gould, actually one 90-mimite-long 
feature structured (vaguely) after the 
Goldberg Variations, continues the post- 
humous deification of the bizarre ivory- 
pounder. Gould, as you know, was bom in 
Toronto in 1932; became a public prodigy 
at age 12; withdrew from the concert plat- 
form in 1964; and spent his last 18 years 
(death, 1982) battling hypochondria and 

32 SHORT FILMS ABOUT GLENN 
GOULD (U) 

Francois Girod 


LOST IN YONKERS (PG) 
Martha Coolidge 


ANGIE (PG) 

Martha Coolidge 


REALITY BITES (12) 

Ben Stiller 


perfecting his music in the secrecy of a 
recording studio. 

The film turns him into a mixture of - 
well, Hannibal Lecter and the Voyager 
spacecraft Now he soars; now he snails 
and smoulders behind the bars of his own 
genius. The film is a parade of short-to- 
tiny vignettes; childhood memories, 
mock-up interviews with the actor playing 
Gould (Colm Feore, a young Depardieu 
lookalike), scenes of chaos in the record- 
ing studio, and burblings of Gould philoso- 
phy including his famous “Vertical pan- 
culturelism.” 

The movie has the wit of Peter Green- 
away’s early nonfiction films (A Walk 
Through H, The Falls ) combined with an 
inspired cod-seriousness. We know we are 
in Irony Heaven from the early glimpse of 
Gould's parents - Mum tidying house. Dad 
bolding an armful of logs - as they pause 
in wonder by the open door to Sonny's 
room, from which Wagner’s Tristan 
washes forth like a tide. 

The entire biopic tradition has its ontog- 
eny-of-a-genius lunacy skewered here. 


T he headlines said it alL “The 
world's hardest-working musical 
theatre", trumpeted one Zurich 
newspaper. “Operatic recipe for 
success”, exclaimed another. What 
prompted the applause was a recent 
announcement that the Zorich Opera 
House would stage no less than 13 new 
productions and 21 revivals next season. 
At the best of times, most companies 
notch up only half that number. 

while theatres in France and Germany 
curtail activities because of the recession, 
Zurich has increased its workload. And 
instead of playing safe with box-office 
favourites, it is hauling out of obscurity 
operas only Wexford Festival devotees are 
likely to have heard. Mascagni's L ‘arnica 
Fritz, Giordano’s La cena delie bet jfe. Doni- 
zetti's Linda di Chamoimtx . Schubert’s Des 
Teufels Lustschloss - all will join the Zor- 
ich repertory in coming months. 

Alexander Pereira, the Opera House 
director, admits it is a high-risk policy. He 
believes he can pull it off by engaging 
big-name singers and balancing the rari- 
ties with frequent revivals of Carmen, 
7b$oa and Don Giovanni. “If the mixture is 
right, people will come," says Pereira. “A 
theatre has to bring out new things - 


Then things get better. Through voice-off 

narration and dramatised cameos, we 
watch the grown-up Gould practise the 
increasingly fiendish cadenzas of his own 
eccentricity. 

In one scene he holds hostage a hotel 
chambermaid while playing her his 
records. In another, two recording tech- 
nicians discuss, with earnest triviality, the 
evils of cream in coffee while the sound- 
less Gould mimes berserkly to playback 
behind the studio glass. (The two worlds of 
mind and matter wittily collided.) And 
briefly too, Yehudi Menuhin and Gould’s 
cousin Jessie appear to probe or puoQate 
the legend 

Devoid of solemnity yet never shallow, 
the film delivers a portrait in the round - 
or at least the polygonal - that renders 
most other art documentaries obsolete. 
Pure gold; and quite possibly pure Gould 
★ 

I identify strongly with the title of Lost In 
Yonkers, based on Neil Simon’s latest play. 
Simon's recent work has reached that pro- 
lix and dangerous state - uncritical mass 
— when it seems that any combination of 
notionally surefire ingredients, however 
amorphous, will do. They include; Brook- 
lyn growing-up anecdotes; wistfal Jewish 
jokes; play-off between mad grown-ups and 
bright-eyed kids; and one plump juicy role 
fin the screen version at least) for either 
Richard Dreyfuss or Anne Bancroft 
Here we get Dreyfuss. He plays the 
gangster son of German-immigrant Gor- 
gon Irene Worth, who terrorises her visit- 
ing grandsons and her emotionally back- 
ward daughter (Mercedes Ruehl). It is all 
about as funny as King Lear perfumed in 
a broom cupboard by a group of over eager 
drama students: which may explain why 
the play won a Pulitzer Prize. Martha 
Coolidge directs. 

She also directs, more noticeably, Angie. 
If I precis’d the {dot of this camedy-with- 
tears, you would suppose that it was part 
of the Great Feminist Conspiracy. We have 
a Brooklyn-Italian heroine (Geena Davis) 
betrayed or disappointed by the men in 
her life (lumpy working-class ffanrft James 
Gandolfim, perfidious Irish lover Ste phen 
Rea). And we are forced-marched through 
such guTsdorm secrets as vibrators, preg- 
nancy tests, menstrual minutiae ; not to 
mention jokes about nuns and penises 
shared in the women’s washroom at work. 

This all happens in the first four acts of 
Todd Graff’s script based on a novel by 
Avra Wing; and they are exhilarating. Far 
from feeling stunned by felling freema- 
sonry, we are amazed that in the bey's 
club of world cinema these matters still 
are such secrets. Geena Davis, with her 
voluptuous reed-tall figure, scatty charm 


otherwise it stagnates. As long as you give 
the impression you’re trying to do it well, 
the public will remain inquisitive.” 

Zurich’s operatic image has changed 
since Pereira arrived from Vienna three 
years ago. He inherited a company with a 
deficit, low morale and declining popular- 
ity. Today it is solvent and the talk of tire 
town. Drawing on experience from his ear- 
lier career with Olivetti and Vienna's Kon- 


zerthaus, Pereira launched a high-profile 
marketing campaign. He brought in 
trendy directors and pandered to the thirst 
for stars. He laid on special projects for 
Nikolaus Harnoncourt, Edita Gruberova. 
and other Zurich regulars. He persuaded 
ageing divas like Grace Bumbry to tackle 
new or unusual roles, helping them to 
prolong their careers. And yesterday, amid 
much fanfare, be announced the appoint- 
ment of Franz Welser-MOst as chief con- 
ductor, stinting in 1995. 


and baby-face sex appeal, should surely 
vanquish any last flicker of male chauvin- 
ist resistance in any audience. 

Thai, alas, we get the fifth act Here 
portentousness takes over, as if the Holly- 
wood Clichg Patriarchy has derided that 
annn gh is enoug h in the fresh divi- 
sion. A long-lost mother (schizophrenic); a 
dash for reconciliation with father and 
stepmother, and a piano upended over the 
soundtrack to accompany the post-natal 
heroine’s cooing valediction. Tm finally 
part of something bigger than me.” 

More love and wistfulness in Reality 
Bites. This bills itself as “a comedy about 
love in the 90s”. But I live in this decade 
and do not recognise any of these people. 
Not the camcorder-wielding kook with the 
million -do llar complexion and dreams of 
being a great documentarist (Winona 
Ryder); nor the bearded boy she loves 
(Ethan Hawke) with the poetic tempera- 
ment and death-defying vocabulary; nor 


Supported by a mixture of Viennese 
charm and hard-sell, Pereira's policies 
seem to have worked. Box-office takings 
have doubled, partly due to an increase in 
higher-category seat-prices. Sponsorship 
has rocketed, with banks and wealthy 
Individuals queueing to hand over 
SFr&OjOQO (£140,000) for each new produc- 
tion. Going to the opera in Zurich has 
become the chic thing to do. 


Pereira says that theatres in continental 
Europe can no longer expect a steady rise 
in subsidy; they must g enera te cash them- 
selves. “In the five years before I came, 
box-office income remained the same, but 
costs were always rising. If you carry on 
like that, you’ll wake up one day to find 
thf> hnn<%> has gone — as some theatres in 
Germany are now discovering. If we want 
to keep the things of value in our life, we 
have to do more to sustain them. Saving 
money by cutting activities leads nowhere. 


the well-meaning, whitecollar, cardboardy 
rival, played by the film’s director Ben 
Stiller. . . 

Are we sure that Stiller and writer 
Helen Childress do not have their digits 
upside-down and mean the 60s? For a 
while the dialogue is brisk enough to carry 
us over the bump6 in the film’s sense of 
Zeitgeist. “I guess I’m a non-practising 
Jew.” says the whizz-kid, to which Ryder 
trills back, “Hey, I’m a non-practising vir- 
gin.* 

But than no one real feifcs in aphorisms 
all the time. And surely a film whose 
moral hobby-horse is the dangers of sell- 
ing oat - our heroine's epic home video is 
bought by a TV network which turns it 
into a snappy Pizza Hut commercial - 
should have gone easier on the product 
placing. We have never seen so many 
drink cans and bottles waved about with 
their labels aimed at the camera lens. 

Finally, idiot’s comer. The Chase (15, 


You have to invest in your theatre - you 
must make it so attractive that people 
cannot stay away." 

Such talk does not hide the fact that 
Pereira is taking an enormous gamble. 
With Fedora and Andrea QiFmer already 
in the repertory, does the Zurich public 
really want to see a third Giordano opera? 
Will audiences flock to Linda di Chamau- 
mx if Gruberova cancels? Is there room in 


one season for two new productions by the 
idiosyncratic east German director, Ruth 
Berghaus? 

There are already signs that t be novelty 
appeal of Pereira’s programme may be 
wearing oft Two months ago. a well-cast 
new production of Cilea’s rarely-played 
Adriana Lecouvreur drew disappointing 
houses. Subscribers - 10,000 of whom buy 
their tickets before the start of each sea- 
son - have complained they do not always 
get the promised stars for which they paid 


director Adam Rifltin) is a comedy/road 
movie that we recommend only to folly- 
qualified simpletons. Robber Charlie 
Sheen eludes the law over many tyre-bum- 
ing miles, during which he destroys pur- 
suing cop cars and makes love, while driv- 
ing, to his beautiful hostage Kristy 
Swanson. Do not try this in your own car, 
even during the long hours of a rail strike. 

Hercules Returns (15, David Parker) Is 
better. A skimpy framing plot about three 
Sydney friends reopening a derelict cin- 
ema is the excuse for a riotous film-withm- 
a-fllm. Their gala opening movie is a (real) 
1960s Italian Hercules epic, dubbed on the 
wing by the Aussie threesome much as 
Woody Allen ventriloquised What’s Up 
Tiger lily. Warm to the bodybuilder stars 
sounding tifrp a group of goosed Julian 
Clarys, and to moments like that in which 
the sacred red smoke billows forth from 
the Delphic shrine: “Jesus, the Rlbena 
looks a bit hot" 


so handsomely. Members of the ensemble 
say the rapid turnover of new productions 
leaves no time to recharge creative bat- 
teries. Some are already questioning the 
wisdom of Welser-MOsFs appointment: he 
has little operatic experience and an unim- 
pressive record as chief conductor of the 
London Philharmonic. 

Critics have accused Pereira of down- 
playing the achievements of his predeces- 
sors, from whom he inherited a stock of 
easy-to-revive mainstream productions. 
Apart from Henze’s Der Prinz von Ham- 
burg, in a staging borrowed from Munich, 
there has been nothing this season to 
match the pinnacles of the 1980s. Fran- 
cisco Araiza made a puny Chenier. Alcina 
was undercast and La belle Hiline 
revealed the Viennese actor-director Hel- 
mut Lohner as an operatic ingenue. There 
has been a preponderance of Italian reper- 
toire and a dearth of 20th century works. 

“Pereira only likes the pieces he can 
sing along with", comments a senior mem- 
ber of the ensemble rather unkindly. “But 
he’s a professional manager, he’s clever, 
he knows how to get the money. That is 
what’s needed today. His predecessors 
may have had better artistic judgment 
Pereira knows how to sell himself.” 


Ballet 

Alston at 
Aldeburgh 

T he concert hall stage at The 

Mai tings, Snape, is a fine space 
hitherto unused for dance. Broad, 
deep, uncompromising in its 
bare brick walls, it has just seen the 
emergence of a reborn London 
Contemporary Dance Theatre under the 
direction of Richard Alston. Admirers 
of the company, and of Alston, will be 
glad to know that the dancers are on 
tremendous form and Lhat Alston has 
baptised them, as he has the Makings 
in nomine Tapsichores, with three serious 
recent pieces, which I saw on Monday. 

LCDT’s ensemble is slimmed down 
to 12 dancers - most of its major artists 
are still there - and Alston has responded 
bravely to their gifts, and to the 
possibilities of the stage. Britten, given 
the Aldeburgh festival context, was an 
obvious choice for music, and this year's 
featured composer. Stravinsky, has 
provided the other score. So, the opening 
Three movements from Petrushka for 
piano, and Alston’s intriguing gloss on 
Fokine. 

The piano is centre stage. Rolf Hind’s 
bold account (rich sonorities; tant 
rhythms) of this devilish transcription 
is matched by Darshan Singh Bhullcr’s 
impersonation of the puppet In an odd 
fashion we seem to watch two Petrushkas, 
so intense the relationship between 
transcendental pianism and the ferocious 
demands Alston makes or Bhuller. (At 
a couple of moments. Blinker stands 
watching Hind, as if contemplating an 
alter ego.) 

Four couples - white shirts; black 
trousers - are the Butterweck revellers, 
their movements hinting at Fokine’s 
folk dances as they circle the stage and 
the piano which acquires a strongly 
dramatic presence. But the piece is 
Bhnller’s and he shows a brutalised and 
somehow noble figure, in dancing that 
covers a range of dynamics from silkiest 
phrases to fierce anguish. It is a superb 
display of expressive virtuosity. 

I n Sad Eyes, Alston has linked two 
Britten scores. The Prelude and 
fugue. Op 29, written for Boyd Neel, 
is used for plotless, open-hearted 
dances for four couples. The movement 
is fresh, broad-spanning, unclouded. 
(Pleasure in viewing it will Increase when 
the mock-Indian outfits look less like 
uniforms.) Then, with the Laaymae Op. 
48, for viola and orchestra, inspired by 
a Dowland song, the mood changes as 
eyes sadden, seeking the rest that 
Dowland’s text urges. 

The danring couples are unhappy 
lovers, and at the last Alston allows them 
that repose which is the acceptance of 
s uffering. The choreography is emotional, 
dense, subtly varied, and though 1 think 
the score a fraction too long, the dance 
is shaped and performed beantifiilly. 

The final piece was Rumours, Visions, 
which is Les Illuminations (Britten’s 
setting of Rimhand) staged with brilliant 
economy of means. The excellent lighting, 
and gauzy back drop used throughout 
the evening, was by Peter MumfordL 
Costuming, ideally allusive hi this 
last piece, was by Belinda Ackerman. 
Alston conflates Rimbaud’s poetic 
imagery and his fraught relationship 
with Verlaine. Friedrich Gehrig has the 
right mixture of vulnerability and 
wildness for Rimbaud; Kenneth Tharp’s 
Verlaine is brooding, watchful. Around 
them Alston cunningly sets the strange 
mob of Rimbaud's dreamings, that wild 
parade which is announced in the first 
song. 

Among the several merits of the staging 
is the fact that it allows our imaginations 
to follow those of Britten and Rfmbaud; 
Alston’s dances are hints rather than 
statements. The drawback to the 
performance lay in an orchestral 
imbalance: after the invocation “J’ai 
seal la clef de cette parade sauvage”, 

I heard not one word of Gunnar 
Gudbjornsson’s account of the tenor 
role. The score, from the Britten Sinfonia 
under Nicholas Cleobury, was otherwise 
excellent, as were the interpretations 
of the Sad E&es music. 

Clement Crisp 


A high risk policy at the Zurich Opera House 


As Franz Welser-Most prepares to leave the London Philharmonic Orchestra 
for Switzerland \ Andrew Clark considers the controversial 
approach of director Alexander Pereira 


INTERNATIONAL 

Arts 

guide 


■ BARCELONA 

Edita Gruberova and Alfredo Kraus 
sing in Lucia di Lammermoor at 
Palau Sant’Jordi on June 28, July 
2, 6 and 10 (318 9122) 


■ FLORENCE 

MAGGIO MU51CALE 
The final performances of Bob 
Wilson's new Japanese doubte-bffl, 
with music by Marcello Parml and 
Jo Kondo, are tonight and Mon at 
Teetro della Pergola, with cast 
headed by Dunja Vejzovic and Bise 
Ross. Maggie Danza presents 
choreographies by Paul Taylor, Paco 
Dedna and Antony Tudor tonight, 
tomorrow and Sat at Teatro 
Communale. Tomorrow at Teatro 
della Pergola, the Italian premiere 
of Henze’s Requiem. Giuseppe 
Sinopoli conducts the Dresden 
Staatskapelle at the Teatro 
Communale next Wed in Strauss 
and Bruckner. (055-277 9238) 

■ GENOA 

Teatro Carlo Feflce Leoncavallo's 


operetta La regbetta delle rose runs 
tHI June 28 in a production 
conducted by Gianandrea Gavazzeni 
and staged by Filippo Crivaifi, with 
cast headed by Denia Gavazzeni 
Mazzola and Luca CanonicL The 
next performances are tonight and 
Sun afternoon (010-588329) 


■ LONDON 

THEATRE 

• Sweet Bird of Youth: Richard 
Eyre directs the National's new 
production of Tennessee Wiftams’ 

1959 drama about a Hollywood 
drifter who returns to his hometown 
to encounter the vengeful father 
of a girt he once seduced Cast 
includes Clare Higgins and Richard 
Pasco. Opens tonight in the 
Lyttelton (National 071-928 2252) 

• Home: Paul Eddington aid 
Richard Briers head the cast in a 
revival of David Storey’s 1970 ptey, 
directed by David Leveaux. Four 
elderly people chat together In a 
sunny garden which is only gradually 
revealed as a lunatic asyfavt. Now 

in previews, opens on Tues 
CWyndham’s 071-369 1736) 

• Gtencarry Glen Ross: Sam 
Mendes directs David Mamet’s 1983 
all-mate classic about real-estate 
salesmen whose insecure egos 
thrive or perish in the claustrophobic 
atmosphere of a downtown office. 
Previews start tonight, opens next 
Wed (Donmar Warehouse 071-867 
1150) 

• The Cryptogram; world premiere 
of David Mamet’s new play about 
the relationship between a woman, 
her child and a male visitor. 

Stand-up comedian Eddie tzzard 
makes his serious acting debut 
alongside Undsay Duncan. Now 


in previews, opens June 29 
(Ambassadors 071-836 6111) 

• The Queen and 1: Pam Ferris 
plays the Queen in Sue Townsend’s 
stage version of her bestselling 
novel, which places the Royal Family 
on a housing estate. Max 
Stafford-dark directs (Royal Court 
071-730 1745) 

• King Lear Robert Stephens 
plays Lear in a transfer from 
Stratford of Adrian Noble’s 
acclaimed 1993 production 
(Barbican 071-638 8891) 

• Dead Funny; Terry Johnson’s 
hilarious, rude and emotionally 
shattering play about dead 
comedians, sax therapy and 
childlessness. Zoe Wanamaker 
heads an excellent cast (Vaudsvffle 
071-836 8987) 

• Arcadia: Tom Stoppard’s 
complex but often fumy drama is 
enjoying a West End run in Trevor 
Nunn’s National Theatre production 
(Haymartet 071-930 8800) 

OPERA/DANCE 

Covent Garden The Royal Opera’s 
new production of Aida, conducted 
by Edward Downes and staged by 
Elijah Moshinsky, opens tonight 
with cast headed by Cheryl Studer, 
Ludana D’lntrno. Dennis O'Nefli, 
Alexandre Agache and Robert Lloyd. 
The Royal Ballet gives the world 
premiere on Sat of Ashley Page’s 
Fearful Symmetries, set to music 
by John Adams, In a mixed 
p ro gram me including MacM&lan’s 
Winter Dreams and Danses 
concertantes (071-240 1066) 
CoBseum ENO has a new 
production of Jenufa, conducted 
by Sian Edwards and staged by 
Lucy Bailey, with cast headed by 
Susan BuBock, Josephine Beretow 


and Kim Begley. Repertory also 
includes La boheme and Peter 
Grimes (071-836 3161) 

Sadler's Weds London City Ballet 
is in residence next week with 
Coppelia (071-278 8916) 

CONCERTS 

South Bank Centre Tonight Neeme 
J&vi conducts Phnharmonla 
Orchestra In works by James 
MacMillan and Shostakovich. 
Tomorrow: Maurfcoo Pol Uni piano 
recitaL Sat Mahler’s Eighth 
Symphony. Sat (QEH): Nicholas 
Braithwafte conducts Chelsea Opera 
Group in concert performance of 
Zandonai’s Francesca da Rimini. 
Sun: Itzhak Perlman plays violin 
concertos by Bruch and Beethoven. 
Next Tues: Kurt Sanderling conducts 
Philharmonia Orchestra in first of 
four Brahms concerts (the others 
are June 26, 28 and 30). Wed: David 
Willcocks conducts Bach Choir in 
B gar’s The Dream of GerorrtJus, 
with Arthur Davies (071-928 8800) 
Barbican Tomorrow: FeHcity Lott 
and Ann Murray song recital. Sat 
Michael Nyman Band In music from 
The Pi ana Sun: Stephanie Gontey 
directs ECO in Mozart and Vivaldi. 
Mon: Borodin Quartet gives first 
concert In a cycle of Shostakovich 
string quartets (the others are June 
22, 24, 27 and 29). Next Thus: 
Gidon Kramer (071-638 8891) 


■ MADRID 

Teatro Ltrico La Zarzuela Wozzeck 
opens on Mon in a production 
conducted by Antoni Ros Marba 
and staged by Jose Carlos Plaza. 
The cast is headed by Gerardo Vera, 
Anja Silja and Graham Clark. 


Repeated June 22, 24,26 and 28 
(01-429 8225) 


■ MILAN 

Conservatorio Tonight Itzhak 
Perlman rs violin soloist in a 
Mendelssohn programme with 
Padua Symphony Orchestra Mon: 
Martha Argerich piano recital. 
Teatro ana Scale Tomorrow: 
Rlgoletto. Next Tues and Wed: 
Varese Festival concerts conducted 
by RJccardo Chailly and Pierre 
Boulez. June 27: Wolfgang 
Sawalfiscb conducts revival of the 
Strehter production of Entfuhmng 
(02-7200 3744) 


■ RAVENNA 
Ravenna’s annual music festival 
opens tonight with a concert by 
the Vienna Philharmonic Orchestra 
conducted by Saji Ozawa. Other 
highlights Indude an operatic 
concert with Mirella Freni and Carlo 
Bergonzi on Mon. the Dresden 
Staatskapelle with Giuseppe Sinopoli 
next Thus, the Orchestra of La 
Scala Mian with Wolfgang 
SawalUsch on July 3 and the 
Philharmonia Orchestra with 
Myung-Whun Chung on July 11. 
Rlccardo Muti conducts Norma on 
July 16 and Verdi’s Requiem on 
July 20 and 22 (Teatro Alighieri, 

Via Marian! 2, 48100 Ravenna, Italy. 
Te! 0544-32577 Fax 0544-215840) 


■ SPOLETO 

The 1994 festival opens next Wed 
and runs till July 10. Highlights 
include Wozzeck staged by GQnter 
Kramer and a Poulenc double-bill 
pairing his surreal opera Les 


mameHes de Tirdsias with a 
reconstruction of Nijinska’s original 
choreography of Les Blches. The 
dance programme is headed by 
Martha Graham Danes Company 
and Roland Petit's Ballet National 
de Marseille. The drama programme 
includes St Petersburg Maly 
Theatre’s production of 
Claustrophobia and an 
Itallan-language staging of Arthur 
Miller's The Last Yankee. There will 
also be a retrospective of French 
sculptor Emile Bourdelle (Information 
and tickets from Teatro Olimpico 
in Rome 06-323 4890 or Teatro 
Nuovo In Spolelo 0743-40265) 


■ TURIN 

Teatro Regio La Cenerentola runs 
tm June 30 in a production 
conducted by Bruno Campanefla 
and staged by Roberto De Simone, 
with cast headed by Jennifer 
Larmore/Susanne Mentzer, Rockwell 
Blake/Mario Zefftrf, Enzo Dara and 
Michele Fertusi. The next 
performances are tonight. Sat, Sun 
afternoon and next Tues (011-881 
5214) 


■ VENICE 

Teatro La Fenice Tomorrow, Sun: 
Busoni’s Turandot and Stravinsky’s 
Persephone, conducted by Michael 
Boder and staged by Fabrizio Cierici 
and Enrico D’Assia, with cast 
Including Sabine Hass, Paul Frey 
and Fanny Ardant Sat, next Tues: 
Peter Maag conducts Mozart’s 
Requiem (041-521 0161) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

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

Friday: Exhibit ions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





i" 


j 





Nowhere is the 
short-termism 
which, plagues 
British eco- 
nomic manage- 
ment so well 
illustrated as 
in monetary 
policy. Global 
fixed exchange rates, domestic 
monetary targets, membership 
of the European exchange rate 
mechanism - all have been 
hailed as the cure for Britain's 
inflationary tendencies, and 
then discarded when they have 
been seen to fail. 

The problem is not that the 
relationship between the Bank 
of England and the govern- 
ment is unimportant - the 
international evidence sug- 
gests it is. Neither Is it that the 
choice between alternative 
nominal targets is trivial - 
more damage has been done 
over the past 15 years in pur- 
suit of unobtainable targets 
than by any other economic 
policy action. 

The underlying trouble with 
British economic policymaking 
has, instead, been to focus on a 
symptom - inflation - rather 
than structural economic 
weaknesses, and to rely too 
much on monetary policy 
alone to provide a cure. 

That is the underlying mes- 
sage of Britain's Economic Per- 
formance. Its long-term focus 
comes as no surprise, for the 
authors were all economists or 
consultants to the National 
Economic Development Office, 
a government agency set up in 
the 1960s to analyse the rea- 
sons for the UK’s relatively 
poor economic performance 
and to encourage dialogue and 
co-operation between employ- 
ers, the government and trade 
unions. 

Prominent in the 1970s, the 
corporatist, consensual style of 
government which Nedo 
embodied went out of fashion 
under the then Mrs Margaret 
Thatcher, although it took 
Until 1992 - after her departure 
- for the organisation finally 
to be abolished. This volume 
brings together the work in 
progress of Nedo's staff at the 
time of its demise, plus contri- 
butions from prominent ex-em- 
ployees and some reflections 
on the organisation's work. 

It surveys, over L8 chapters, 
the recent performance of the 
UK economy across trade, 
investment, finance, labour 


BRITAIN’S ECONOMIC 
PERFORMANCE 
Edited by Tony Buxton, 
Paid Chapman, Paul Temple 

Routiedge, 458 pages, 

£50 hardback, £15.99 paperback 


and technology. And, as one 
would expect from former 
Nedo staff, It strikes a balance 
between impressive statistical 
analysis and infor mation, and 
institutional detail and colour. 

Not all the contributions get 
the right - the chap- 

ters on the relationship 
between industry and the City 
are too theoretical. Others are 
written in a turgid style, sug- 
gesting too many hours sitting 
in Nedo council meetings. 
Overall, the book tends to 
become rather hogged down in 
analysis at the expense of clar- 
ity of conclusion. 

A powerful argument shines 
through, nonetheless: decades 
of under-investment In produc- 
tive capacity, in education and 
skills, and in research and 
development lie at the heart of 
both Britain's poor growth and 
employment performance, and 
its inflationary ill* 

The response of government 
in the face of the accumulating 
evidence has, the book sug- 
gests, been piecemeal and inad- 
equate. The book's underlying 
message is that economic pol- 
icy has been driven by ideol- 
ogy and short-term vested 
interest, rather than long-term 
strategic sense. 

Its most important theme 
concerns the relationship 
between inflation and supply- 
side weaknesses. The authors 
do not underestimate the sig- 
nificance of stable demand or 
the damage done by the UK’s 
boom-bust cycle. 

They locate the source of 
macroeconomic failures not 
simply in errors of judgment at 
the Treasury or Bank of 
England, but in supply-side 
obstacles to sustained growth 
- shortage of productive capac- 
ity and of skilled labour. Zt 
would be easy, but mistaken, 
argue Paul Chapman and Paul 
Temple, to claim that the twin 
problems of inflation and the 
balance of payments deficit in 
the late 1980s were simply 
caused by excessive growth of 

nominal demand 

Instead, they say, the tine 
source of inflationary pressure 


was not wage inflation or a 
loose monetary polity, but the 
fell in economy-wide productiv- 
ity growth, which began to 
push up unit cost alongside 
growing skills shortages in 
1986, well before wages acceler- 
ated or interest rates fell to 
their 1988 lows. By foiling to 
deliver productivity and export 
growth to match the aspira- 
tions of the population for ris- 
ing living standards and 
imports, these supply-side 
weaknesses sowed the seeds of 
the inflationary troubles that 
followed. 

For the late 1980s, now read 
mid-1990s. Contemporary eco- 
nomic debate and policy- 
making, they argue, remains 
too short-termist and. shallow, 
and overly concerned with 
monetary policymaking. 

Yet even with a sluggish 
recovery and high unemploy- 
ment, the inability of the Brit- 
ish economy to grow without 
sucking in imports and hitting 
capacity bottlenecks is already 
starting to show. Survey evi- 
dence points to rising skills 
shortages; import volume 
growth has outstripped export 
growth throughout the reces- 
sion; and private investment 
has barely begun to offset the 
lost physical capacity over the 
course of the recession. Add in 
the projected slowdown in pro- 
ductivity growth over the next 
year, the Impact of rising taxes 
on disposable incomes and the 
government's need to court 
popularity, the early signs 
of another inflationary cycle 
emerge. 

In short, it is the underlying 
weaknesses of the UK econ- 
omy, not simply monetary pol- 
icy mistakes, that he at the 
heart of Britain’s recurrent 
boom-bust cycles. The risk is 
that the present recovery will 
soon by choked off by rising 
skills shortages, wage inflation 
and capacity bottlenecks. This 
means supply-side policies to 
boost productivity growth are 
as important for anti-inflation- 
ary credibility as the relation- 
ship between the governor of 
the Bank of England and the 
chancellor. That would, it 
seems, have been Nedo's view. 

Edward Balls 

The reviewer is economic 
adviser to Gordon Brown, the 
UK shadow chancellor 


Although the academic case 
against central banks, and for 
five banking, has faded, so far. 
to gather rmichprxictittongr sup- 
port. should the current enthusi- 
asm for central bank indepen- 
dence prove a disappointment, 
in terms of successful reestab- 
lishment of price stability, then 
it is possible, though far from, 
certain, that the cause of five 
banking would obtain renewed 
support 

T he above is a quota- 
tion not &om some 
maverick, hut from 
the keynote paper by 
Professor Charles Gcodhart 
and co-authors (The Develop- 
ment of Central Banking ) at 
last week’s Bank of England 
tercentenary seminar. 

The argument is about 
whether banking requires 
more regulation than any 
other industry. It helps to fol- 
low the argument if we make a 
dear distinction between “cur- 
rency”. namely notes and coins 
plus bankers’ reserves with the 
central banks, and “money”, 
which Is a much wider concept 
including hank deposits and 
any other instruments used for 
settling debts. (Currency is 
also pretty dose to the mone- 
tarists’ idea of “base money 9 .) 

The issue goes back to a divi- 
sion among the founding 
fathers of economics about the 
inflationary effects of banking. 
David Hume, who promulgated 
the Quantity Theory, regarded 
currency as consisting essen- 
tially of gold or other precious 
metals. He explained how a 
doubling of the amount of gn)ri 
in Britain would lead first to a 
rise in prices and then to a 
redistribution of the new gold 
throughout the rest of the 
world. He regarded manmade 
substitutes, whether hank 
notes or deposits, as essentially 
counterfeit gold 
Adam Smith disagreed on 
the last point. His view, which 
may be called the “classical' 1 
one, was that price stability 
depended on the convertibility 
of notes into precious metals. 
The classical school argued 
that banks could not issue 
credit indefinitely as tile public 
had to be persuaded to accept 
the notes mid deposits thereby 
created Banks would sot only 
have to acquire a reputation 
for caution but offer interest, 
at least on deposits. So the 
multiplication of man-made 
money would on™> to an end 
where the extra interest from 
advancing credit was haigpred 
by the extra interest that had 
to be paid to depositors as well 
as other banking costs. 

There are some factual 
observations which tell in 
favour of the classical school 


Aspirin offered for 
a chronic illness 



BOOK 

Review 


Economic Viewpoint 

Free bankers and 
gold bugs 


By Samuel Brittan 



The chief monument to the 
Quantity Theory (then called 
“currency school”), was Bobert 
Peel’s Bank Charter Act of 
1844. This tried to stop the mul- 
tiplication of bank money by 
giving the Bank of England a 
monopoly of the note issue, the 
she of which was tied to its 
gold stock. The authors of the 
Act did not realise that depos- 
its would become far more 
important than notes; and the 
Act did not prevent a vast 
increase in the effective money 
supply erected on a small gold 
base. There were no long-term 
inflationary or deflationary 
developments, while the pound 
remained convertible into gold. 

to our own day central banks 
have tried to limit the creation 
of depost money; and critics 
have often scoffed that their 
efforts are dwarfed by the mul- 
tiplication of deposits in the 
Euro markets and general 
innovation and globalisation. 
Yet none of these hyped-up 
forces has prevented central 
banks from curbing inflation 
once they had developed the 
courage to raise interest rates 


enough to do so, first in the 
1980s and then in the 1390s. 

Some of the above argu- 
ments are taken from David 
Glasner’s Free Banking and 
Monetary Reform (Cambridge 
University Press, 1989), to 
which I alluded in Economic 
Viewpoint last week. This book 
comes to grips with problems 
that many other free banking 


Competing money 
is with us but the 
state must define 
an Inflation 
proof unit 


writers have ignored; and It is 
free of the fanaticism which 
frequently surrounds monetary 
subjects. 

Glasner maintains that 
Kayefc was wrong to suppose 
that private enterprise money 
would be introduced in rival 
inflation-proof units. Ibis over- 
looked the cost of switching 
from one unit of account to 
another, and especially into 


unfamiliar units. Thus, even at 
high rates of inflation, private 
enterprise suppliers of money 
are more likely to compete by 
paying Interest rates contain- 
ing an faflaHnn premium. Glas- 
ner’s argument is that we 
already have competitive 
money but that the state still 
has a function in defining an 
inflation-proof monetary unit 

What then would a moderate 
free banka*, like Glasner, now 
advocate? He does not seem to 
regard the central bank 
monopoly of the note issue, or 
even the legal tender laws, as 
important enough to crusade 
against Nor does he insist on 
the iivitnediate abolition of all 
central hanks- 

His big criticism is of com- 
pulsory state-guaranteed 
deposit insurance. The fete of 
the US Savings and Loans 
institutions, which had to be 
rescued at the cost of the 
American taxpayer, gives him 
all the ammunition he needs. 
Such guarantees create a prob- 
lem of moral hazard, as bank- 
ing institutions feel safer about 
engaging in reckless lending. 


The argument does not step 
here. There Is implicit, tt 
imperfect understanding that 
central banks will not allow 
commercial banks that are 
household names to fell The 
u>nrf«n- of last resort function 
consists today of deliberately 
ill-defined guarantees in return 
for acceptance of detailed 
supervision. It is this that 
gives central bankers the air of 
very important people who 
need to be engaged, not just, 
with monetary policy, but with 
the highest figures in private 
finance. Without going so for 
as to abolish these responsibili- 
ties overnight. New Zealand* 
proposals for a switch -.of 
emphasis from supervision 
disclosure is surely the direc- 
tion in which to go. 

A n implication is that 
ordinary citizens and 
small businesses.not 
wishing to taka a view 
on financial markets wmM' be 
well advised to place their 
ready cash In low-interest 
deposits backed by virtually 
risk-free assets, suchr as- 
short-term government paper.'/ 
Glasner departs from some 
other free bankers in accepting 
a role for the state not only in 
declaring a monetary unit but 
in supplying a currency 
denominated in that unit, 
which would preserve its real 
value. He joins the new and old 
fogies who hold that monetary 
stability can, in the end, only 
. be guaranteed by convertibility 
into a real asset The one asset 
he discusses in detail is gold. 

But unlike the pure gold 
bugs, be recognises that gold 
itself can fluctuate in real 
value, especially as so much of 
the world’s gold stock is in the 
hands of central banks. He sug- 
gests base money should be 
convertible into gold at a vari- 
able rate designed to stabilise 
the general price level. And he 
therefore advocates a variable 
official gold price. If, for 
instance, the price of gold foils 
to keep up with a general infla- 
tion index, the holder of cur- 
rency would receive a larger 
amount of gold on conversion. 
But if the price of gold rose by 
more than the general price 
index - that is a threat of 
deflation - then a smaller 
quantity of gold would be paid 
out for each currency unity 
exchanged 

A first inspection suggests 
that central bank gold stocks 
might be enough to give the 
plan a chance. IMF estimates 
indicate that they are worth 
over S400hn. fed, dearly, {dans 
for an adjustable gold standard 
will need to be folly investi- 
gated before even being pro- 
posed. let alone adopted. 



On Friday, June 17 the FT, in conjunction with Opel, will publish a 24 page, colour 
guide to the 1994 World Cup. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 593a Leners transmitted should be cleariy typed and nor hand written. Please set fox for finest resolution 


Voters fed up with 
Westminster too? 


Concerned 
by banking 
practice 

From Mr John Jackson. 

Sir, It is normal practice far 
a clearing bank to obtain a 
report from accountants before 
granting, or continuing, financ- 
ing facilities for working capi- 
tal to a company that is in. or 
emerging from, a period of 
financial difficulty. The 
accountants are instructed by 
the bank in terms agreed with 
the company, which under- 
takes to the bank to pay the 
accountants' fees for doing the 
work. This is unobjectionable. 

However, in such circum- 
stances. certain clearing banks 
may also indicate to the 
accountants that, in the event 
of a situation developing in 
which the power to appoint a 
receiver is exercised by the 
bank (possibly following a deci- 
sion not to grant or renew 
facilities in the light of the 
accountants' report) that firm 
of accountants will be 
appointed receivers. Z think 
this practice Is objectionable. 

My concern is heightened if 
the bank Invites the accoun- 
tants to discuss . how they 
would proceed with a receiver- 
ship while, to the knowledge of 
the bank, the directors are 
negotiating a transaction 
which might create a need for 
a further report by the accoun- 
tants. 

My concern is heightened 
farther if, when the directors 
are successful in their negotia- 
tions, the hank calls for a fur- 
ther report and the accoun- 
tants, to the knowledge of the 
bank, refuse to put in writing 
an acknowledgment that they, 
in raelriiig their report to the 
bank, owe a duty of care to the 
company. 

perhaps it would benefit the 
business community if this 
area was considered by the 
Bank of England and the Insti- 
tute of Chartered Accountants. 
John Jackson, 

Brown & Jackson, 

21 Southampton Row, 

London WClB SBS 


From Mr Christopher Jackson. 

Sir, Kevin Brown (“PM 
under pressure as Tories fear 
disaster in Euro-pofl”, June 11/ 
12) reports my friend Sir Teddy 
Taylor as remarking that the 
voters had “shown in the 
astonishingly low turnout for 
the Europolls that they are fed 
up to the teeth with Brussels 
rule". 

The facts do not support 
him. In the Kent East seat 
which I shall alas be vacating 
next month the Westminster 


constituencies Of Dover, Ash- 
ford, Folkestone, Canterbury 
had higher turnouts in the 
Euro-election than in four out 
of the five Westminster by-elec- 
tions held on the same day. 

Should I conclude that the 
voters are "fed up to the teeth" 
with Westminster? 

Christopher Jackson, 

MEP for Kent East. 
Constituency office, 

8 WeBmeade Drive, 

Sevenoaks, 

Kent TN13 1QA 


Time to join 
campaign 

From Mr Chris Hirae. 

Sir, Liberal Democrats 
appear to have been robbed by 
look-alike literal Democrats of 
their seat in Devon and Plym- 
outh East. Having seen the 
damage that consumer confu- 
sion can inflict, they will per- 
haps now Join the other politi- 
cal parties and support the 
British Producers and Brand 
Owners Group campaign 
against look-alike products. 
Chris Hinze, 

65 Wivertan Road, 

Sydenham, London SE26SJB 


Need for 
arms code 

From Mr Vaughan Allen. 

Sir, Leslie Crawford’s article 
on the supply of arms by 
France to the Rwandan govern- 
ment ("France, Sontb Africa 
and Egypt ’supplied Rwanda 
massacre arms’ ", June 14) 
illustrates dearly the problems 
caused by the lack of consist- 
ent policy on arms exports 
within the European Union. 

In June 1991, the European 
Council published a list of 
seven criteria which should 
govern arms export controls 
(later expanded to eight at Lis- 
bon In 1992). These hare yet to 
be adopted by the EU, because 
of disagreements between 
member states over interpreta- 
tion. 

Implementation of these cri- 
teria - especially those relat- 
ing to consideration of the 
human rights records of the 
importing country and its 
internal stability - would deny 
certain states such as Rwanda 
access to military goods, and 
would constitute a significant 
step towards controlling the 
flow of arms to oppressive 
regimes. 

Vaughan Allen, 
media officer, 

Saferworld, 

82 Colston Street, 

Bristol BS2 SBB 


No doubt about estimates 
of beer imports to UK 


From Mr MB Rees 

Sir, I was surprised by Mr 
Pressnefl’s assertion (Personal 
View, June 9) that BLRA date 
on duty-paid imports might not 
be defensible. The Calais effect 
has clearly given rise to uncer- 
tainty in France as to the pre- 
cise fell in the French domestic 
market which occurred in 1933, 
but Mr Pressnefl admits per- 
sonal imports from Franco in 
1993 were "around 800,000 hec- 
tolitres, perhaps 1m at the 
most”. This is In line with the 
BLRA’s estimate of the growth 
of personal imports that year, 
bearing in mind that personal 
Imports were already running 
at more than 900,000 hecto- 
litres per annum in 1992. 

Mr Pressnefl says that beer 
duty receipts were higher (by 
0.08 per cent) In 1998 than in 
1932. But the effective rate of 
duty was 6 per cent higher 
overall in 1998 than 1992. This 
leaves plenty of room for a fell 
in domestic beer safes in 1993 
of about 2 per cent and for the 
BLRA’s estimate of the growth 
in duty-paid imports. 

The BLRA has never pre- 
dicted increasing duty-paid 
imports would nullify the 
strong growth in the 
take-home beer market Never- 
theless, 1992 growth of, say, 5 


per cent was reduced to 2 per 
cent in 1993 and pub and dub 
beer sales fell by 3.8 per cent 

Mr PressneU’s figures for 
vehicle journeys across the 
Channel appear to assume that 
all journeys are made through 
Dover. Although Dover Is 
undoubtedly the largest pas- 
senger port for the Continent 
40 per cent of all journeys go 
through other ports - Rams- 
gate, Folkestone, Portsmouth, 
Newhaven, Plymouth, Har- 
wich, etc. He disregards the 
624,000 return trips made by 
coaches and commercial 
vehicles through Dover. The 
figure of 8 fen return pflgRo^gnr 
trips in 1993 is too low even for 
Dover, the correct figure Wig 
9.2m. Moreover, about one- 
third of an duty-paid imports 
of beer are carried in transit 
vans carrying on average a foil 
load of 860 Hires. Hie actual 
average load per car is less 
than 50 litres, less than half 
the guideline level per person 
of 110 litres and the ratop as 
the old allowance per person. 

Mr PressneU's article gives 
no ground whatever for doubt- 
ing the BLRA’s estimates. 

M H Rees, 

secretary, Brewers and Licensed 
Re t a il er s Association, 

42 Portman Square, London Wl 


It looks at fiow the tournament is organised and names the key players, both on the 
pitch (Baggio, AsprUla, Mflla) and off It (Coca-Cola, Adidas and FlfiA). 

The guide also examines the changing nature of the game, the new rales and 
football's emerging nations. 



CSO constantly 

From Mr David Wroe. 

Sir, We were pleased to see 
your interest in seasonal 
adjustment of statistical series 
- a highly technical subject, 
but at the same time one of 
great importance hi the analy- 


seeks to enhance 

is of economic and other data 
^Easter's moveable feast 
ishes statisticians”, June 7). 
he topic is one to which we 
evote a lot of attention both 
a considering the merits of 
1 tentative systems and In 


options available In the X41 
system we have adopted. In 
our continuing search for 
Improvements, we have 
engaged the help of Dr Estelle 
Dagum - expert of interna- 


sonai adjustme 
David Wroe. 
deputy director, 
Central Statist ! i 
Grafr George S 
London SWlPi 









4 L<« 




i i ^ 

un to 


Hi! K 


Ket 


' ••'’Vn !s 


•• .llv 


Anift 

iudcr 

in 


"• ;m0 


_ FINANCIAL TIME S THURSDAY JUNE 16 1994 

financial times 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 932186 Fax: 071-407 5700 

Thursday June 16 1994 

Reforming 
US welfare 


S he's the quintessential 
savvy, beautiful, indepen- 
dent, professional Ameri- 
can woman. That is the 
role actress Candice 
Bergen plays almost nightly on US 
television in two different contexts: 
as the star of the comedy series 
Murphy Brown and as advertising 
pitch-person for long-distance tele- 
communications group Sprint 
Right now she can be seen extol- 
ling the merits of Sprint's new 
voice-activated Foncard - the 
world's first calling card allowing a 
user to dial numbers simply by 
ordering the telephone system to 
“call home", or any of nine other 
destinations the individual nomi- 
nates. 

One advertisement has Bergen 
losing her address book as she 
drives across a wfld American land- 
scape. No problem. She uses her 
Foncard at a remote call-box, mut- 
tering to herself; “Is this a great 
country, or what?" The mundane 
act of placing a phone call seems 
sexy, sophisticated, even patriotic. 

It also highlights the attractions 
of Sprint, in which Deutsche Tele- 
kom and France Telecom have just 
agreed to invest some $4bn for a 20 
per cent stake as part of a new 
global talayimmimiffatin ns alliance. 

Established in 1986, two years 
after AT&T’s stranglehold on the 
long-distance market was broken by 
an anti-trust court settlement, 
Sprint has built itself into one of 
the Big Three US long-distance car- 
riers, with a strong brand identity 
(thanks in no small measure to Ms 
Bergen) and a reputation for tech- 
nological innovation. 

It was the first US company to 
build a nationwide, all-digital fibre- 
optic network - the kind of system 
which will form the backbone of the 
much-touted “information super- 
highway" - and It owns one of the 
i parting global data communications 
networks, called SprintNet. 

Tbat said, it has been less suc- 
cessful than rival MCI Communica- 
tions - longer established and 
known for razor sharp marketing - 
at snatching customers from AT&T, 
whose share of the US long-distance 
revenues has shrunk from 90 per 
cent to about 60 per cent since fall 
competition was introduced in 1984. 

Sprint, which made some serious 
marketing errors in the late 1960s, 
has a US long-distance share of 
around 9-5 per cent, against roughly 
19 per cent for MCL But Sprint - 
dismissed a few years ago as a 
long-distance also-ran - is showing 
signs of hong a more aggressive, 
effective competitor. 

It is also unique among US com- 
munications companies in having 
large operations in all three impor- 
tant areas of the business - 
long-distance, local and cellular 
telephony - and some analysts 


The most important aspect of the 
welfare reforms announced this 
week by President BUI Clinton is 
the proposed shift from a passive 
to an active stance. The laudable 

goal - likely to strike a chord with 

politicians in other countries - is 
to break the "cycle of depen- 
dency" and provide recipients 
with the job training, counselling 
and childcare required if they are 
to become productive citizens. 

Although Republicans have res- 
ervations about many of the spe- 
cific measures, there is strong 
bipartisan support for en d i ng the 
present system, both on Capitol 
Hill and among state governors, 
many of whom are introducing 
their own welfare reforms. There 
is little prospect of legislative 
action this year, because the rele- 
vant congressional committees are 
grappling with the even bigger 
challenge of healthcare reform. 
But given the consensus on the 
need for change, reforms loosely 
based on Mr Clin tan's ideas proba- 
bly will be enacted in 1996. 

The most controversial change 
is the proposed two-year time 
limit on welfare payments. This is 
not quite as sweeping as tt sounds. 
The new rules would apply only to 
the “next generation" - people 
bom after 1971, about a third of 
the present case load. And the 
measures would be phased in 
slowly: by the year 1999 it is esti- 
mated that only about 8 per cent 
of the welfare population would be 
working for their benefits. 

Nor is Mr Clinton proposing an 
end to public support after two 
years. If recipients could not find 
private sector jobs before the 
deadline, they would be offered 
publicly-subsidised employment at 
the minimum wage. Provided peo- 
ple "play by the rules" and con- 
tinue searching in good faith for 
private sector jobs, the offer of 


public employment would be per- 
manent 

The relevance of these measures 
to Europe's problem of welfare 
dependency is limited. Mr Clinton 
Is focusing on Aid for Families 
With Dependent Children, a joint 
federal-state programme which 
channels benefits almost exclu- 
sively to single-parent famflieg- 
The most important differences 
between the US and Europe relate 
to treatment of adults and the 
unemployed. The 115 has never , 
had a general welfare system: 
childless adults do not qualify for 1 
federal benefits and get very little 
assistance from states. Unemploy- 
ment insurance has always been 
limited to six months, with tempo- 
rary extensions during recessions. 
It is in these areas that reforms in 
Europe may produce the greatest 
benefits in terms of reduced 
dependency. 

The US insistence that young 
mothers with children "earn" 
their benefits marks a harrigning 
of moves toward “workfare" 
which began with the bipartisan 
Family Support Act of 1988. Yet it 
is questionable whether this is the 
most urgent priority when cash 
for job tr aining is so limited. 
Instead of trying to get mothers 
out of the home, where they are 
gainfully employed in raising chil- 
dren, it would make more sense to 
focus on improving the job skills 
of unskilled young males, who 
have dropped oat of the labour 
force in disturbingly huge num- 
bers. If such men were more 
employable, they would also malm 
better marriage prospects. The 
number of out-of-wedlock births 
might then (tecline. And the US 
would have begun to address one 
of the root causes not just of wel- 
fare dependency, but of the pov- 
erty and violence that disfigures 
inner cities. 


Unsugared pill 


What do the Football Association 
and the watchdogs of Britain’s 
retail financial services industry 
have in common? Answer: an 
uncanny ability to penalise the 
wrong people. ■ • • - • - 

Consider the case of Tottenham 
Hotspur. The FA has just imposed 
a swingeing £800,000 fine on the 
north London soccer club, 
excluded it from the FA Cup for a 
year and knocked 12 points from 
its total next season, which wiD 
make relegation difficult to avoid. 
The offences in question had noth- 
ing to do with controversial loan 
arrangements and transfer pay- 
ments undertaken by its former 
manager Mr Terry Venables, They 
concerned the less weighty matter 
of irregular loans made to players 
in the 1960s. That was before the 
arrival of the club’s present chair- 
man and controlling shareholder, 
Mr Alan Sugar of Amstrad. 

Mr Sugar is the kind of hard- 
nosed entrepreneur for whom 
hearts do not readily bleed. But it 
is difficult to zee why he, who 
rescued the chib with a cash injec- 
tion in 1991. should bear the brunt 
of the FA’s disciplinary action; or, 
a gqm , why players and fans who 
were not involved in the irregular- 
ities should live under the cloud of 


a 12-pofot handicap. Mr Venables, 
meantime, has never fully 
answered his critics, but has been 
rewarded by the FA with the job 
of England's coach. | 

- -•ntis'would not seem to fit any | 
recognisable definition of natural i 
justice. But it might well appear 1 
familiar to the policyholders and 
shareholders of those life assur- 
ance companies that have recently 
been fined for sharp sales practice. 
The misdemeanours were perpe- 
trated by the directors, managers 
and salesmen of the companies.' 
Yet the fines fall chiefly on the- 
policyholders - inrtuflrpg victims 
of mis-seHing - and to a lesser 
extent on shareholders in propri- 
etary companies. This no doubt 
creates an impression of regula- 
tory activity. But it is not a kind 
. of regulation worth having. Still 
less does it constitute justice. 

The FA should sharpen op Its 
act, but may need a little bruising 
legal assistance from Mr Sugar to 
do so. The new Personal Invest- 
ment Authority should be encour- 
aged to require individual regis- 
tration and fines for insurance 
company directors. As long as 
sanctions are manifestly indis- 
criminate, regulation degenerates 
into farce. 


Clarke on trial 


The chancellor of the exchequer 
assured his audience at the Man- 
sion House last night that “we 
bare not created the conditions 
for the strongest recovery In 
Europe in order to throw it away 
by creating yet another boom fol- 
lowed by a bust". Such talk is 
cheap. But will Mr Clarke act as 
decisively as be talks? 

The chancellor is right to argue 
that the UK might manage a long 
period of sustained growth with 
low and stable inflation. There 
are, as he notes, three threats: 
unsustainable public borrowing; 
failure to keep inflation under 
control; and problems on the sup- 
ply sjd e, which would be shown in 
labour shortages and current 
account deficits. 

So far, the recovery Is going 
well, as yesterday’s data show. 
Over the 12 months to May the 
retail price index, excluding mort- 
gage interest receipts, rose JUS per 
cent, well within the government’s 
1-4 per cent target range (though 
st the upper limit of the bottom 
half of the target range, which is 
where inflation is supposed to be 
by the end of the Parliament). 
Happily, the underlying increase 
in labour gaming s fell back to 3% 
per cart in the year to April, down 
from 4 per cent in March. 

Furthermore, unemployment 
has fallen far more than might 
have been expected, by 311,000 
from its cyclical peak in December 
1992. Yet the employment data are 
puzzling: the labour force surrey 
shows an increase in the total 
number in employment of only 
149,000 between the winter of 
199293 and the winter of 1993-94, 
while the survey of employers 
Shows a fall of 58J10Q in employ- 
ment between December 1992 and 


March 1994. These discrepancies 
go to show how difficult it is to 
know the economy's potential out- 
put 

The chancellor’s list of threats 
is correct He has also done the 
right thing about the fiscal deficit 
but must remind his backbenchers 
that tax cuts will demand further 
cuts in spending. As for bottle- 
necks, the best remedy of all 
would be a prolonged period of 
steady growth. Bottlenecks are 
bound to plague an economy suf- 
fering from erratic demand man- 
agement 

Above all, demand must be 
managed cautiously, since nobody 
knows what potential output is. 
This is, in any case, not a point 
but a band. What the authorities 
do know is that over the last cycle 
the underlying annual rate of 
growth was only 2'A per cent 3 per 
cent is probably the fastest safe 
annual rate of growth of real out- 
put and. given the current account 
deficit, also of real domestic 
demand, if inflation is to be below 
2% per cent nominal domestic 
d emand should rise at about 5% 
per cent a year, which is, as it 
happens, what it did in the year 
to the last quarter of 1993 and, 
again, to the first quarter of 
1994. 

Mr Clarke is right to argue that 
the decision to publish the min- 
utes of fas discussions with the 
governor has been his most impor- 
tant one. But they also show that 
he has been more willing to cut 
rates than Mr George, Markets do 
believe Mr Clarke will be forced to 
raise rates, but fear he wiD act too 
late. Given their past experience, 
investors are bound to be distrust- 
ful Mr Clarke must be prepared to 
prove those doubts misplaced. 


We’re trying 
to connect you . . . 

Martin Dickson appraises the attractions of Sprint to 
French and German state- owned telecoms companies 









Its operating margin - operating 
income as a percentage of revenues 
- has already risen from 5 per cent 
in 1992 to a little over s per cent, 
and Wall Street expects the figure 
to be dose to 10 per cent by late 
1995. But that would still be short of 
the 11 to 12 per cent margin at 
AT&T and MCI. 

Sprint’s local telephone 
operations have a much better 
financial track record. Serving 6m 
customers in 19 states, Sprint has 
one of the most modem local net- 
works in the US, one of the highest 
returns on equity among regional 
carriers and the nation's fastest 
growth in access lines. And while 
the local operations bad operating 
revenues last year of SLIbn. well 
below the 56.1 bn of long-distance, 
they made $954m in operating 
income, far outstripping the SSOlm 
of long-distance. 

Sprint's cellular telephone busi- 
ness, the 10th largest in America, 
also had one of the industry's fast- 
est rates of customer growth, and 
Mr Esrey plans to ate much of the 
European cash Injection to bolster 
its position. He wants to form an 
alliance with other cellular opera- 
tors. which have a patchwork of 
local licences across the US. to cre- 
ate a seamless national mobile net- 
work. His rivals have similar plans: 
AT&T (through its proposed take- 
over of McCaw Cellular) and MCI 
(through a stake in wireless opera- 
tor Nextel), 


A ll three groups, and 
their allies, are expected 
to be keen bidders at the 
end of this year when 
the federal government 
auctions off licences for personal 
communications services, which 
use especially small, light handsets 
and may turn wireless into a mass 
market 

Sprint's local phone business will 
face increased competition over the 
next three to five years, in common 
with every other regional carrier, as 
competition breaks down these 
local monopolies. But analysts 
think it will suffer less than most 
regional carriers because its local 
business is concentrated mainly in 
rural areas with fewer than 10,000 
access lines - making this side of 
its business unattractive to compa- 
nies targeting areas of high popula- 
tion density. 

Sprint, moreover, thinks any local 
losses it may suffer from competi- 
tion could be greatly outweighed by 
the freedom deregulation will give 
tt to go into the territory of other 
regional operators: many of its 
exchanges are close to large centres 
of population, where it could cream 
off business customers. 

"This may be the gold mine of 
local competition for us," says a 
senior executive. 


think this, with its national brand- 
name, pots it in a strong position to 
benefit from the sweeping change 
facing the US indnstry. 

But it is mainly Sprint’s 
long-distance and international 
operations which make it the most 
attractive US partner for European 
telecommunications companies - 
given MCTs alliance last year with 
British Telecom, and the likelihood 
that AT&T’s she would make it an 
uncomfortable bedfellow and might 
trigger competition policy alarms in 
Brussels. 

Sprint, for its part, needs foreign 
allies if it is to be an effective global 
player against AT&T and MCI, 
offering business customers a com- 
prehensive service around the 
world. 

The $4bn It will receive from the 
French and Germans will help it cat 
borrowings (its debt to total capital- 
isation ratio stood at a relatively 


high 55 per cent in late 1993) and to 
invest in opportunities created by 
telecommunications liberalisation 
in the US and internationally. 

Central to Sprint’s growth has 
been the personality of its tough 
chairman. 54-year-old Mr William 
Esrey. A former Harvard Business 
School student and one-time invest- 
ment banker, in 1980 he joined 
United Telecoms, a sleepy local tele- 
phone operator, and persuaded it to 
invest in the long-distance market 
hi 1986, be united these operations 
with Sprint, the newly established 
long-distance arm of GTE. another 
local operator. GTE eventually sold 
its stake to United Telecom, which 
in turn changed its name to Sprint 

Sprint’s long-distance business 
quickly gained customers from 
AT&T but at the start of the 1960s 
its market share began to slip, as 
the strains of its helter-skelter 
expansion began to tell: it was over- 


staffed; It had a reputation for bill- 
ing errors; United Telecom, and GTE 
argued over strategy; and MCI was 
much more innovative in its mar- 
keting, particularly to homes and 
small businesses. 

Sprint’s share is now rising 
slowly again, and profitability is 
improving, thanks in part to a 1991 
manag ement reor ganisati on which 
focused more closely on market seg- 
ments. It has established a solid 
position among corporate customers 
and has cleverly targeted affluent 
individuals who use the phone 
often, though it is still under-repre- 
sented in the small businesses mar- 
ket 

The long-distance arm is in the 
throes of an extensive programme 
to cut costs and improve cycle 
times which analysts expect to pro- 
duce several hundred million dol- 
lars in savings when it ends next 
year. 


F ew industries are sur- 
rounded by so much hype 
as telecommunications. Its 
networks have become 
“superhighways"; its new services 
are invariably "multimedia”; every 
other joint venture claims to be 
“global”. 

In fact, the multimedia revolu- 
tion is in its infancy, while today's 
grand alliances are essentially 
moves by individual telecoms com- 
panies to increase their ability to 
snatch core telecoms business from 
other international operators. Such 
truths should reassure, not disap- 
point, the consumer it means more 
competition, better service, and the 
prospect of sharp falls in prices, 
particularly bloated international 
tariffs. 

This is not to minimise the sums 
of money at stake. More than $4bn 
will change ha nd s if the alliance 
between the US company Sprint 
and the French and German state- 
owned telecoms companies is con- 
summated. The trio is consciously 
imitating British Telecommunica- 
tions and MCI, which yesterday 
gained US regulatory approval for 
a $5.3bn transatlantic alliance. 

From the point of view of France 
Telecom and Deutsche Telekom, 
the Sprint link-up is more defensive 
than offensive: 


Andrew Adonis explains the competitive pressures leading to international alliances 

7 Industries are snr- Rpct TflftTl Hi H afon tog Philips, ABN Amro, 

■mgri by so mnch hype Dt/O L 1 U 1 111 U 1 tlt/iCllLC Xerox and ABB. Its ol 


Girolami and 
his rival 

■ The retirement of Glaxo's 
chairman. Sir Paul Girolami, at 
the ripe age of 68 rounds off one 
of the most remarkable careers 
in British business this century. 

It also shows an interesting sense 
of occasion. Under Sir Paul, the 
mandatory retirem en t age for other 
Glaxo directors was reduced from 
65 to 60. He himself, he always 
made clear, would go in his own 
good time. 

He also made clear that his chief 
goal was to overtake Merck of the 
US, headed by Boy Vagelos. as the 
world's biggest drug company. 
Although he has done a remarkable 
job in closing the gap, he has failed 
in his object Vagelos, meanwhile, 
has said be will retire In November. 
Girolami, no doubt by coincidence, 
is to go in the same month. 

Given the intense competition 
between the two companies and 
the two men. it is worth asking 
who won in the long run. On one 
view, the answer has to be 
Girolami. Back in 1978, when he 
was Glaxo’s finance director, the 
company had no sales in the US. 

It is now America’s second biggest 
drug company after Merck, with 
sales of £2hn. This was chiefly due 
to Girolami’s promotion of the ulcer 
drug Zantac. According to company 
lore, Glaxo originally planned to 
license Zantac in the US to Merck, 
before Girolami blocked the idea. 


• The motivation for the huge 
investment is to tie Sprint hand 
and foot to a Franco-German tele- 
coms alliance formalised last 
December. For the European com- 
panies the prize is access to 
Sprint’s existing networks, services 
and marketing dynamism. It also 
gives a respectable route into the 
US, the home of most multinational 
businesses, reducing the risk that 
US operators - particularly AT&T 
- wiD steal traffic from multina- 
tionals based in France and Ger- 
many when the EU*s markets are 
folly liberalised in 1998. 

• The $4^bn which the two state 
telecoms companies intend to pay 
Sprint is a straight equity invest- 
ment in the US operator. It is not 
geared to joint services or net- 
works: indeed, Sprint talks about 
using the cash to cut borrowings 
and bid for US cellular licences. 

• Of the services the new alliance 
proposes to offer, same, such as 
International calling cards, are 
already generally available in the 
US; while others, such as cross-bor- 
der M one-stop shop” facilities, con- 
sist of doing better and cheaper 
what telecoms companies claim to 


Similarly, since Girolami took 
over in tpg i, Glaxo’s sales anrt 
profits have doubled at twice the 
rate of Merck's. Merck’s market 
value has risen eight-fold, Glaxo’s 
44-fold. But on any of these criteria 
Merck - one of the most admired 
companies in America - is still 
clearly ahead. 

Vagelos is ahead in another 
sense. Last year Merck shook its 
competitors rigid with the *6bn 
takeover of Medoo, a leading US 
(frug distributor, to an industry 
obsessed by shrinking healthcare 
spending, this looks increasingly 
like a strategic masterstroke. Glaxo, 
like most of its rivals, is still 
struggling to respond. 

Girolami, in other words, looked 
until lately to be ahead on points; 
but he leaves his company at a 
point of maximum uncertainty, 
with his arch-rival stealing victory 
at tha final belL 


Big John 

■ Talk about the pot calling the 
kettle black. John Prescott 
Labour's blunt-speaking bruiser, 
was yesterday condemning the 
“politically motivated ministers" 
who had engineered the rail strike. 

Wasn't the ex-ship steward one 
of the "politically motivated men” 
excoriated by Harold Wilson, then 
prime minister, during the 1968 
seamen’s strike? Prescott was not 
named by Wilson because he had 
been adopted as prospective Labour 
candidate for Southport Comment 


do already - provide an efficient, 
cost-effective international tele- 
phone service. 

Other international telecoms alli- 
ances sbow si mil ar characteristics. 
Mr Viestura Vucins, chief executive 
of Unisource, the international 
joint venture launched last year by 
the Swedish, Swiss and Dutch 
national telecoms operators, con- 
cedes: “Our focus is a bit unsexy - 
it is solving customer needs as they 
are right now: better quality and 
lower cost for international tele- 
coms services." 

He adds: “They are basic needs 
that should have been solved a long 
time ago; and we need to get them 
right before we can start offering 
very sophisticated services." To 
succeed, a US alliance for Uni- 
sonree is "very important". He 
refoses to elaborate, but Unisource 
is known to be in talks with AT&T 
about a transatlantic tie-up. 

Mr Vatins’* "basic needs" are big 
business. The market for providing 
managed telecoms services to mul- 
tinationals, enabling them to deal 
with a small number of contractors 
for their international telecoms 
needs, is potentially vast 


Observer 



‘British Bail sued Rail trade, then 
sent in the bailiffs’ 

of this sort might go down well 
with the trade union lot but they 
are not going to help Tony Blair’s 
chances of winning an election If 
Prescott were to be his deputy. 


Dole vita 

■ One of the toughest tasks facing 
Silvio Berlusconi since he was 
appointed prime minister last 
month has been to decide where 
to sleep. The Italian press has had 
a field day speculating whether 
It would be a 16th century villa 
in the Dona Pamphili park, a 
magnificent flat in old Rome or 
a mansion in that haunt of film 


Dataquest, the international con- 
sultancy, estimates that in 1997 the 
global market for international 
calls will be worth about SlOObn, 
with the corporate sector account- 
ing for two-thirds. The operator 
able to establish itself now with the 
multinationals - of which Uni- 
sonree estimates there are 2,400 
globally, 800 of them in Europe - 
will be well-positioned as national 
telecoms monopolies crumble out- 
side the US. 

However, the market for tele- 
coms companies to act as “outsour- 
cers" for the telecoms needs of mul- 
tinationals - that is, to take over 
the ownership and management of 
their telecoms systems - is prob- 
lematic. Surveys show large compa- 
nies reluctant to hand over foil 
control of such a strategic asset 
according to one international 
operator, up to a third of multina- 
tionals Inviting tenders for out- 
sourcing contracts end up not 
awarding them. 

As for the multinationals, their 
new-found power as buyers has 
been enhanced fay the formation of 
a pan-European telecoms associa- 
tion of large multinationals, incl mi- 


sters, the Appia Anttca. 

However, problems of security 
and fear of antagonising the public 
by ostentatious living have 
eliminated all these options. 
Instead, be has plumped for an 
unused flat on the upper floor of 
the prime minister’s office at 
Palazzo Chigi. 

Berlusconi's search for a suitable 
residence underlines the fact that 
the previous 52 postwar Italian 
premiers were never in office long 
enough to worry much about where 
they lived. The Chigi apartment 
was last used in 1983 by that hardy 
annual Christian Democrat 
Amintore Faufani. 


Singed? 

■ Is the honeymoon over between 
British Gas and its new regulator, 
Clare Spottiswoode? 

Judging by British Gas’s pained 
response to Spottiswoode's decision 
on the pricing formula yesterday, 
the answer would seem to be “yes". 
Announcing that this year’s 
dividend increase is now at risk, 
British Gas chief executive Cedric 
Brown said: “The document dispels 
any thought that British Gas hqs 
captured its regulator. She is 
extremely tough, demanding, 
intelligent anrf a clear mfo tf 

of her own" 

Then again. Observer does not 
recall the word intelligent” ever 
appearing in the war of words 
which characterised British Gas’s 
stormy affair with her predecessor. 


mg Philips, ABN Amro, ICL Bank 
Xerox and ABB. Its objective is 
simple: to negotiate cheaper vol- 
ume tariffs and better cross-border 
facilities by offering pan-European 
contracts to one or more of the 
larger operators. 

As a first stage, the association 
has invited British Telecommunica- 
tions and an alliance of AT&T and 
Unisource to produce plans and 
prices for a pan-European network. 
Mr John Sale of Rank Xerox, the 
association chairman, is looking 
for cost savings of up to 40 per cent 
in return for volume business. At 
the start of the year, the associa- 
tion had SO members; tt has already 
risen to 50 “and we are continuing 
to receive approaches from large 
companies”, says Mr Sale. 

For their part, the telecoms alli- 
ances are pulling out every stop to 
get business from the association. 
They do it with some misgivingB: 
“Frankly, the deal is that we under- 
cut ourselves, and the more the bet- 
ter," notes a senior executive of 
one telecoms company. 

But the cost of missing out could 
be higher still, as the alliances sec- 
uring the principal contracts use 
their muscle to bargain down the 
price of bulk capacity from other 
telecoms operators around the 
world. 


the crusty Sir James McKinnon. 
Perhaps there is a flicker of hope 
that the relationship may warm 

Up a gafo. 


False note 

■ Hoots moo, here's a rum do - 
bagpipes that can't play a note. 

It seems that enterprising 
Pakistanis have spotted an unusual 
marketing niche. They are 
manufacturing cheap versions of 
Scottish bagpipes, those peculiar 
instruments shaped like a battered 
carpet-bag which emit sounds like 
a banshee, much to the delight of 
some Scots. 

Stuart Mackay, of Forfar-based 
(authentic) bagpipe manufacturers 
Gillanders and McLeod, says that 
“Pakistanis are definitely targeting 
our market. It's a real cheek. The 
workmanship is terrible, they 
hardly produce a note - and 
tourists who have bought these 
things in Edinburgh come in and 
ask us to make them playable!" 

The silent bagpipe - now that 
really would be a usp. 


Pasta and chips 

■ With the kick-off only days away. 
World Cup fever is hotting up in 
New York where T-shirts 
celebrating the first round’s most 
compelling match have gone ou 
sale. On the front: “Ireland vs 
Italy”. On the back: "The IRA vs 
The Mafia”. 


l 





14 



UnSSvflM EXPERTISE AND RESOURCES 


081 6892266 


FINANCIAL TIMES 

Thursday June 16 1994 


^ A WORLD IEADKR 

BOWENS (NPHUIUCRAPHIC 

lNlt»NATlON*l 


UGHIlNG 



Industry likely to make $lbn profit this year 

Airlines set to end four 
years of lossmaking 


By Paul Betts, Aerospace 
Correspondent, in Geneva 

The international airline 
industry expects to return to 
profit this year after suffering 
four years of huge losses. 

After losing *4-1 bn last year 
ijinri a total of $15.6bn since 1S90 
on international scheduled ser- 
vices, the International Air 
Transport Association (lata) said 
yesterday the industry was likely 
to show a profit of about $ibn 
this year. 

“We are hopeful we have 
turned the comer,” said Mr Tom 
Murphy, senior director of the 
organisation which groups more 
than 220 carriers. 

Although the industry had 
hoped to see the first signs of an 
overall improvement last year. 
Mr Pierre Jeanniot, lata’s direc- 
tor-general, said 1993 was far 
worse than expected. 

Originally the industry had 
expected to lose about $2.4bn on 
international scheduled services 
last year, but ended up with a 


$11 bn deficit, the second largest 
in its history after that of d8bu 
in 1992. 

Costs per ticket sold had fa ll e n 
by &2 per cent last year, com- 
pared with an expected 8.8 per 
cent decline. 

World airlines expect return 
to profi ts ... - — Page 4 

For the first time since 1988, 
airliners were fuller than the pre- 
vious year, with traffic 7.7 per 
cent up on 1992 and capacity up 
only 5.2 per cent 

But Mr Murphy said much of 
the traffic growth had been 
“bought” through promotional 
and discounted fares at the 
expense of yields. This led to the 
bigger- thaa-expected loss of 
Stlbn. 

While traffic increased last 
year, the operating revenues of 
lata airlines fell by $400m to 
$I07.7bn, reflecting the pressure 
an passenger yields. 

Traffic this year is expected to 


grow by 8 per cent, with capacity 
growing more slowly by 5 per 
cent This, coupled with a small 
decline in costs as well as yields. 
Is likely to lead to a ilbn profit in 
1994. 

Although was a s i g n that 
the industry cycle was finally 
turning, a $lbn profit still repre- 
sented less than 1 per cent of the 
industry's annual turnover, lata 
officials noted. 

Mr Murphy said last year's 
losses were not evenly distrib- 
uted across the industry. About 
half the airlines were hovering 
around break-even, some were 
doing web and about erne-quarter 
of the industry made losses. 

After a disastrous 1993, Mr 
Murphy said this year had 
started well with a continued 
improvement in passenger loads. 
Mr J eanniot said airihiM had to 
continue to drive down costs to 
improve their financial positions. 
But he also called cm govern- 
ments to reduce the burden of 
t««>g and charges on the indus- 
try to help support its recovery. 


Clarke says spending cuts 
to have priority over tax cuts 


By Peter Normal, Ptufip Coggan 
and Gasan Tett In London 

Mr Kenneth Clarke, the UK 
chancellor of the exchequer, last 
night pledged that the govern- 
ment would not steer Britain's 
economic recovery into a new 
boom and bust cycle by generat- 
ing a “fraudulent, inflationary, 
feel good” factor. 

hi the annual chancellor’s Man- 
sion House speech in the City, Mr 
Clarke moved to scotch sugges- 
tions that the government might 
opt for more expansionary 
economic policies 1 a the 
wake of recent electoral disas- 
ters. 

After a day in which official 
figures pointed to a steady, low 
inflatio n recovery, he made clear 
that public spending cuts would 
take precedence over tax cuts. 

“We will cut taxes again, but 
only when we can afford to do 
so,” Mr Clarke said. “The public 
are usually more sensible than 
politicians and the press. They 
wiU not put their confidence in a 
government that cuts taxes 
before getting borrowing under 
oontroL" 


The Mansion House speech has 
traditionally been the occasion 
for chancellors to expound on 
monetary policy. But last night, 
Mr Clarke chose a broader brash 
approach, partly because the 
details of monetary pohey are in 
the public domain following the 
government’s decision to publish 
the ntfnntes of the chancellors 
meetings with Mr Eddie George, 
governor of the Bank of England. 

Yesterday’s figures on unem- 
ployment, inflation and earnings 
suggest the economic recovery is 
being sustained. Average earn- 
ings slowed to an underlying 
average annoal rate of 3% per 
cent in April bom 4 per cent in 
March, calming City fears that 
the Bank might soon have to 
push up short term Interest rates. 

The news on retail prices was 
also positive, the annual “head- 
line” rate of inflation staying 
unchanged at 2Jo per cent in May 
compared with April Although 
the underlying measure of retail 
price inflation quickened to 
per cent last month from 22 per 
cent in April analysts said the 
increase partly reflected seasonal 
factors. 


Meanwhile, a seasonally 
adjusted 20,100 drop in unemploy- 
ment to 2-66m in May reinforced 
the picture of steady recovery. 
The fell for the fourth month in 
a row, cut the jobless rate among 
benefit claimants to 9.4 per cent 
of the workforce in May from 9l5 
per cent the month before. 

There continued, however, to 
be a discrepancy between the 
claimant figures and those for 
the workforce in employment. 
The latter showed that the num- 
ber of people in employment fell 
by 92,000 in the first quarter of 
1994. 

Mr John Prescott, shadow 
employment secretary, high- 
lighted this continuing diver- 
gence. “The government’s own 
statistics show that in 1993, while 
201,000 people came off unem- 
ployment benefits, employment 
increased by only 19,000. The rest 
simply disappeared, like 70,000 of 
our 16 and 17 year olds, who have 
no job, no training, no income 
and no hope” he said. 


Bank chief holds out prospect of 
higher rates. Page 7 


China signals thaw over Hong Kong 


Continued from Page 1 

an invitation China extended last 
week to Mr Alastair Goodlad, a 
Foreign Office minister, who will 
visit Beijing next month. 

This is the first British ministe- 
rial visit to the Chinese capital 
for a year. In September a top 
British business delegation will 


go to China to try to improve 
trade relations. 

In a related move it was 
announced yesterday that the 
Slno-British joint liaison group 
(JLG) would meet from June 21 
to June 23. The JLG - which 
oversees the transfer of Hong 
Kong to China and should have 
met last in March but failed to do 


so - has a large backlog of tech- 
nical work to complete. 

The forthcoming meeting is 
expected to seal the terms at a 
deal whereby the Hong Kong gov- 
ernment will refit same militar y 
rites in the colony for the use of 
China’s armed forces in exchange 
for the release of surplus military 
land for civilian development 


Five-year 
EU court 
battle lost 
in the 
translation 

By Emma Tucker fn Brussels 

A five-year court battle was lost 
in translation yesterday when 
fee members of an alleged plas- 
tics cartel had fines totalling 
*27 dismissed because of a 
series of errors by the Europe an 
ComnrissK®. 

The European Court of Justice 
in Luxembourg overt ur ned the 
fines against a group of 14 FVC 
companies because of discrepan- 
cies between the German, 
Kn gtfah, aid French texts of the 
commission’s decision on the 
cartel 

The fovftifli differences invali- 
dated the entire legal process, 
the court said. 

It ruled the commission must 
pay legal costs for Itself and fee 
14 companies. The commission 
said it is too early to say how 
large the costs might 
be. 

A further problem was that Mr 
Jacques Delors, commission 
president, had signed the origi- 
nal decision, taken In 1988, in 
only three of the five relevant 
languages. Hie process did not 
stand op in court, the court said 
yesterday. 

“Acts tainted by an irregular- 
ity whose gravity is so obvious 
that ft cannot be tolerated by the 
communi ty legal order must be 
treated as having no legal 
effect,' said the judgment 

The commission, still deter- 
mined to impose the fines, hit 
back yesterday with a decision to 
begin fee process all over again. 
In a statement it said It proposed 
to restart the action, “correcting 
the p ro cedural errors”. 

Although Mr Delors signed 
French, German and English ver- 
sions of the decision, it was dele- 
gated to Mr Peter Sutherland, 
then fee competition commis- 
sioner, to sign the Dutch and 
Haiitm versions. 

The court said fee papers 
should only have been signed by 
the commission’s president and 
executive secretary. 

“Far from being, as the com- 
mission claims, a mere formality 
for archival purposes, the 
authentication of the acts is 
intended to guarantee legal cer- 
tainty by ensuring that the 
text . . becomes fixed in the lan- 
guages which are binding,” a 
court statement said. 

“These sorts of mistakes don’t 
happen very often,” said the 
commission yesterday. “We have 
changed our procedures to make 
sore it doesn't occur again.” 

There are no plans to sue any 
translators, the official added, 
but one or two civil servants 
may be ticked oft 

The commission works in nine 
languages and it is not the first 
time linguistic misunderstand- 
ing has come between Euro- 
peans. Victor Hugo, the French 
novelist, once translated the 
Ftrtb of Forth, the Scottish Estu- 
ary, as "Le premier du qna- 
hrieme”. 


FT WEATHER GUIDE 


Europe today 


A westerly stream of air wB cover northern 
Europe, while southern and south-western 
Europe will be affected by high pressure. 
Finland will have rain. Sweden will be sheltered 
from the rain by the Norwegian mountains, 
bringing sunshine and occasional showers. 
France and Spain wffl be warmer, wfth tropical 
conditions over the interior of Spain. South- 
eastern Europe wiU have unsettled conditions. 
Greece, western parts of Turkey, and the 
Balkan stales wiU have bunder storms. Poland, 

Germany, and the Alps will have dear spells 
with occasional showers. 

Five-day forecast 

A surge of warm air from Spain will flow 
northwards and conditions wfll be warner over 
Franca, Germany, and the Benelux. Cooler air 
wffl flow from the Adamic, bringing 
thunderstorms over Spain, France, the Benelux, 

and Germany. Northern Europe wiU have 
unsettled conditions, while the south-east wffl 
be warmer. 



TODAY'S TEMPERATURES 


Situation at 12 GMT. Temperatures rnawnun far (fty. Forecasts by Metao Consult of the Nathertands 



Maximum 

Bap* 

tor 

34 

Caracas 

doudy 

26 

Faro 


Celsius 

Belfast 

cloudy 

17 

Cardiff 

tor 

19 

Frankfist 

Abu Dhobi 

am 

41 

Belgrade 

atm 

26 

Casablanca 

aim 

22 

Gonna 

Accra 

shower 

29 

Benin 

(air 

18 

Chicago 

thund 

33 

Gibraltar 

AJgtere 

an 

30 

Bermuda 

tor 

30 

Cologne 

tor 

19 

Glasgow 

Prestenjam 

Mr 

17 

Bogota 

tor 

19 

Dakar 

fair 

27 

Hamburg 

Athens 

sun 

26 

Bombay 

ton 

26 

Odds 

tor 

33 

■ »-■-! ■ ■ 

neOffW 

Atlanta 

tor 

33 

Brussels 

fair 

20 

DeW 

tor 

40 

Hong Kong 

B. Aim 

cloudy 

17 


fair 

24 

Dubai 

sn 

40 

KonoMu 

BJiam 

tor 

20 

Chagsn 

fair 

16 

Dutofin 

dcudy 

19 

Istanbul 

Bangkok 

cloudy 

34 

Cairo 

aim 

39 

Outeovnfc 

tor 

29 

Jakarta 

Barcelona 

star 

26 

Capetown 

sun 

21 

Edinburgh 

tor 

18 

Jersey 



Lufthansa 


Kuwait 
L 


German Airlines 


Una 

Lisbon 

London 

LuxJxwig 

Lyon 

Madeira 


sun 

23 

Madrid 

sun 

34 

Rangoon 

min 

30 

fair 

9U) 

22 

26 

Majorca 

Malta 

sun 

sun 

28 

18 

Reykjavik 

RJo 

tor 

doudy 

11 

20 

am 

25 

Manchester 

lair 

17 

Roma 

aim 

24 

shower 

17 

Mods 

shower 

33 

S. Fraoo 

atm 

20 

doudy 

16 

MeSxxjme 

doudy 

15 

Seoul 

sun 

31 

shower 

16 

Masks Cfty 

at toner 

21 

Singapore 

tfsmd 

32 

ton 

30 

Mato 

fear 

32 

Stockholm 

tor 

19 

tor 

31 

Man 

SWl 

28 

StreAowg 

Mr 

26 

shower 

20 

Montreal 

fair 

30 

Sydney 

dcudy 

18 

doudy 

31 

Moscow 

fair 

23 

Tanker 

am 

25 

tor 

19 

Mu** 

tor 

23 

TalAvfr 

sun 

33 

aun 

41 

Naked 

tor 

22 

Tokyo 

fas- 

25 

sun 

44 

Nactas 

sun 

23 

Toronto 

ter 

32 

sun 

24 

Nassau 

tor 

32 

Vancouver 

tain 

17 

aun 

25 

Now York 

tor 

32 

Venice 

tarn 

29 

dowdy 

22 

Nice 

am 

25 

Vienne 

sun 

23 

wn 

30 

Ncosta 

sun 

30 

Warsaw 

tor 

15 

tor 

22 

Oslo 

tor 

18 

Washington 

tor 

33 

tor 

22 

Paris 

lair 

28 

Woffington 

doudy 

10 

aun 

26 

POrtfi 

tor 

21 

Winnipeg 

doudy 

23 

fair 

23 

Prague 

tor 

20 

Zirich 

sun 

28 


THE LEX COLUMN 


Hot air from British Gas 


ft is time British Gas stopped playing 
the victim and got on with adding 
value to its businesses. The company 
may once have thought that saying 
how awfol things were would encour- 
age the regulator and the government 
to take a soft line. But it should now 
be abundantly clear that Of gas is 
likely to respond more favourably if 
British Gas seeks to improve Itself 

Oran jf ft mnang 

There was really little to complain 
about in Ofgas’s transportation price 
formula. The rate of retain is in line 
wfth what the Monopolies Commission 
rec ommended- The annual price cut of 
5 per c en t in real terms seems achiev- 
able. Assuming volume growth of 5 
per cent a year, the target could be hit 
by annual efficiency savings of 25 per 
rani Yet British Gas responded, by 
saying it would curtail investment and 
find it hard to lustily dividend 
increases. 

The reaction is odd. A promised real 
rate of return of 85-7.5 per emit on 
new inve s tm ent is not bad for a safe 
business like gas transportation. 
Given the growth in. demand, curbing 
capital expenditure looks a bit like 
cutting off its nose to spite its face. 
There may be good reasons for freez- 
ing or cutting dividends. But it is 
Strange to pin the blame on Olgas; 
British Gas last increased its dividend 
in February - alter the government 
had responded to fee MM C report 

British Gas would do better bo rise 
to the challenges ahead. The main 
tasks are to knock its public gas sup- 
ply business into shape so it can face 
the advent of competition, in the 
domestic market and to improve effi- 
ciency in the transportation business. 
Until British Gas communicates strat- 
egies to achieve both tasks, its share 
price wiU remain subdued. 

UK economy 

So it looks as though there was 
nothing to worry about in average 
earnings after alL The apparent 
upward drift was just a blip earned by 
bonus payments to an those City folk 
who spend their time predicting the 
inflation rate. Moreover, the UK’s pro- 
ductivity performance is stfll encour- 
aging. Unit labour costs were up only 
L9 per cent in the year to April com- 
pared with 2J2 per cent in March. At 
some stage, as Mr Eddie George 
pointe d out at the Mansion House last 
night, interest rates win have to go up 
again. On the basis of such figures he 
would have trouble arguing that it 
must be soon. 


FT-SE Index: 3045.8 1+6.2} 


Store price wtatfw to the 
FT-SE-AAS-Share Index ■ 
10S 



but potentially just as damagfatgjgfe 
Studies commissioned by Onto , . wf 

industry regulatw, showTh^s toha> 
among the least efficient in the sector 
even though it charges customers 
than its peers. While the company 
agrees wife OfWat’s conclusions - and . 
demonstrated admirable control or . 
operating costs last year - it mayq&i: 
too late to stop the regulator setnr^ 1 
tough efficiency targets for the sects' 
half of the decade. Unless fee noa-uti^ 
ity side is by then showing mark ed; 
improvement. Thames could And itself 
fighting a war on two fronts. 


If gilts initially reacted to the fig- 
ures with a strong rally, equities 
seemed a little more grudging in their 
welcome. Perhaps the share market’s 
concern is feat the recovery may not 
be quite so strong after afl. Certainly 
the sharp fell in the workforce during 
the first quarter is food for though t . 
Today's retail spending figures will 
provide a further pointer to the state 
of the economy. In turn, that may 
complicate fee political debate over 
tax cuts. 

A fettering recovery and an absence 
of inflationary pressure might make 
tax cuts appear more acceptable. But 
wife world bond markets still uneasy, 
the authorities have to worry about 
the ability of the gilts market to 
absorb new issues. It wfll not have 
scaped their attention that by yester- 
day evening gilts’ positive mood an 
inflation was already giving way to 
nervousness ahead of tomorrow’s auc- 
tion awinimwmmt 

Thames Water 

Yesterday’s 2 per cent fell In 
Thames* shares cements Its position 
as the worst performing water com- 
pany gforp. privatisation. The sham 
were priced on a yield discount to fee 
sector in 1990 but now stand at a yield 
premium. The miserable performance 
of Thames’ diversification strategy is 
partly to blame. Including yesterday's 
writeoff, it has invested around £17Qm 
in b usinesses which wffl do well to 
cover their costs this year. As Thames 
acknowledged yesterday, fee foil year 
dividend would have been higher had 
it stuck to its knitting as a utility. 

The cost in terms of lost manage- 
ment time is more difficult to quantify 


NFC 

It looks as though Mr Petor Sh^^- 
lock’s honeymoon period as duel axao- re- 
utive of NFC is over. Yesterday’s lDr ’ 
per cent fell in the shares after; 
interim figures only marginally below 
c onsens us expectations suggests the 
market is growing impatient for his 
restructuring of fee company to bear 
fruit The new business put on in the 
UK during the first half may well taka 
time to show through to profits. Butlfcf 
is striking that both turnover and 
profits were virtually flat in UK trans- 
port and logistics at a time when fee 
recovery was supposedly gathering- 
pace. Indeed profits would have fallen 
across the group as a whole without , 
the smaller loss at the peripheral Lynxfc. 
parcels division and the increase ter.' 
fee pension credit, whose future' 
depends on actuarial whim. Maybe the 
share price would have been spared 
yesterday’s shock in the days whan 
NFC used to make routine profit fore-; 
casts, but it is unlikely to outperform 
till Mr Sherlock delivers the goods. 






Jgv 

Glaxo jp : ' 

Glaxo’s market capitalisation bas*t 
increased forty-fold since Sir PauU 
Girbtami stepped into the chief execu- 
tive’s shoes in 1980. Yet fee £10bn.if 
decline in the company’s value over 
the past two and a half years reflects a„ 
tougher environment than the free- 
wheeling 1980s. Margins are under 
pressure and volume growth is harder 
to come by. Sir Paul’s decision to 
retire as chairman is therefore timely. 

His instinctive dislike of acquisitions 
does not sit comfortably with Glaxo’s 
need to position itself In a changing 
m arket, or its prodigious accumula- 
tion of cafe. A large acquisition in US i-* 
healthcare is not the only answer. But 
shareho lders will give Sir Paul a dou- 
ble vote of thanks if the company he 
built now finds it easier to adapt. . 


If you want to know 


At Gardner Merchant, our commitment to our customers is a 


why we’re the world’s 

direct result of our commitment to our people, 1000 of our 

no. 1 , ask our 6000 

middle and senior managers worldwide are motivated to 

clients in Europe, the 


deliver superior catering service because they own a 


Pacific Rim and 


stake in our Company. 


the USA. 


■* 






GARDNER MERCHANT 

World Service 


i 


i 


* 







■V? 1 




FINANCIAL TIMES 


AT&T 

ah 13 

Heinz 

Abefie R6 

15 

Htdring Pentecost 

Accor 

10 

London Bectricfty 

Air France 

16 

London Scottish Bank 

Atexon 

10 

MCI 

AUdere 

20 

Mannesmann 

BCE 

17 

Marston Thompson 

BT 

20 

Meriden Hotels 

BZW 

10 

Metsfi-Seda 

Bankers Trust 

17 

Mondadori 

Baring Brothers 

16 

Morrison Construct 

Barrett Engineers 

22 

MounMew Estates 

Bel Court 

22 MovsnpicK 

Bristol Watec 

22 

MueWens 

British Thornton 

22 

MFC 

Bumdene 

22 

NatWest 

Business Technology 

22 

New World Comm. 

CPU Aromas 

22 

Pearl 

Cable A Wireless 

17 

Perions 

ChartfMd Invest 

22 

Permadoor 

Chesterton 

20 

ptacer Pacific 

Gmpor 

16 

RH Macy 

CMbanfc 

17 

Rabbit Photo 

Cotes Myer 

18 

RautaruukM 

Cookson 

10 

Royal Begemann 

Oott 

15 

SCOT 

0WA 

16 

Shoprite 

Deutsche Bank 

10 

Southern Business 

Deutsche Tetetom 

13 

Sprint 

Dorman Oiesals 

22 

Stirling 

Drayton Recovery 

22 

Suez 

BOS 

17 

Suttons 

B Al 

18 

Tl 

Beotrotux 

5 

Tata Tea 

Epwfn 

22 

Thames Water 

Exmoor Dual 

22 

Tottenham Hotspur 

FWnvsst 

15 

UBS 

FUcar&rfetasn 

16 

Victoire 

footfland Associated 

18 

vnmorin 

Forte 

16 

Wagon Industrial 

Banco Telecom 

13 

WeOa 

Geststner 

22 Ylteeman (Robert) 

HK Telecom 

17 

Wrexham Water 

Heath (CE) 

21 

Zerox 


Market Statists 


ffcnuai reports service 28-Z7 
Bnctanarit Gout bonds 19 
Bond taros and opti on s 19 
Bond prices and yiekta 19 

CmmadUes prices 24 

DMdmk announced, UK 20 
BUS oaiBiiqr nw 32 

Euotond prices IB 

Had inkiest Mas IB 

FT'AMMriMces BackPoge 
FT Grid Unas Mac tteekP.gB 
FMSHA htt Dond arc IB 
FT-SEIrtnrias Indices 25 


Fcretfln exchange az 

GStS prices TB 

LHto etpay optiono Back Paso 
London share service 26-27 

London trad options Back Pap* 
Managed finds senfce 2B-32 
Money martote 32 

New WJ tand Issue IS 

Recent Issues, IK 25 

Stavt-tom tot rates 32 

US Wares rates 19 

Worid Stodc Matts 33 


Chief price changes yesterday 


WUHOHIHTi 

vm 


w«*W 

Ms 


NcttftZan 

1280 * 

20 

BtortmConv 

524 

ItlpM 

Z8W + 

103 

Boqguu 

60* 

Mb 



CGF 

1180 

Wort Homan 

1240 - 

40 

Oat lyn 

560 


175 

♦ 

7 

585 

+ 

22 

116 

* 

10 

3* 

* 

15 

203 

+ 

B 

145 

4 

5 

SIS 

+ 

24 

T2J 

4 

IB 

105 

_ 

5 

Z71K 

_ 

17 

47 

- 

S 


COMPANIES & MARKETS 


Europe's No.1 
m I Ti Professional 
Photographic 
Supplier. 


CONSTRUCTION 


IN BRIEF 


Amsterdam aims 
to get in front 

The Amsterdam stock exchange is hoping an 
overhaul of its equity trading system will re-estab- 
Usn us position as the principal marketplace 
for Dutch stocks. Page 17 

Swedes sell Buttons Seeds to French 

Vumorm, fee French, company which is the world 
leader m garden seeds, yesterday continued its 
international expansion by agreeing to buy Suttons 
Seeds in the UK from Volvo, the Swedish, motor 
group. Page 16 

Begemann wants speedy rad deal 

The Netherlands- based Royal Begemann group 
wants to complete the purchase of Deutsche Wag- 
gaobau (DWA), the east German rolling-stock 
manufacturers, “as soon as possible”. Page 18 

Australian group faces break-up bid 

A break-up bid was launched last night for Food- 
land Associated, the troubled Western Australian 
retail, wholesale and property group. Page w 

El Al at historic point 

Israel's de c is io n to sell SI Al, the country's state- 
owned airline, to the public by December 
a critical turning point in the com pany *^ history 
and a landmark in fee government's creeping 
privatisation programme. Page is 

Serift cuts joining fees 

Swift, the cross-border payment messag e network 
owned by 2,230 banks, announced cuts in fees 
for joining the network in an eSort to boost its 
use among smaller banks, securities houses and 
other financial institutions. Page 19 

Egyptian contracts hit Thames Water 

Thames Water, the largest of the UK privatised 
water companies, announced a 4 per cent fall 
in pre-tax profits after losses in contracting busi- 
nesses and restructuring costs. Page 20 

BT deal with MCI cleared 

US regulatory authorities cleared the S5-3bn alli- 
ance between British Telecommunications and 
MCI, the second largest long-distance carrier 
after a year-long investigation. Page 20 

CE Heath hit In the Antipodes 

Provisions against losses on Australian workers' 
compensation business have hit profits at CE 
Heath, the OK insurance broker. Page 21 

Per k i ns buys Dorman Diesels 

Perkins Group is buying Dorman Diesels, one 
of the oldest ami most famous names in the diesel 
png tnp industry. Page 22 

Dif feren t news for IPS staff 

In recent years London staff of UBS. part of the 
Union Bank of Switzerland, have become used 
to hearing news of market share gains. However, 
this January staff were greeted with a different 
message. Page 22 


Companies in this issue 


©THE FINANCIAL TIMES UMITCD I9M 


Thursday June 16 1994 


Cott’s shares 
dive 20% on 
financial fears 


By Be rna rd Simon in Toronto 

Cott Corporation, the Canadian 
soft drink tn»k«»r which has led 
the private-label assault on Coca- 
Cola a n d PepsiCo, lost more than 
a fifth of its market value early 
yesterday amid a conflicting 
swirl of rumours and opinions 
about its frnanrial condition. 

At mid-morning, Cott shares 
were trading at C$20.75 cm the 
Toronto Stock Exchange, down 
from Tuesday's dose of C$25. The 
shares had lost C$2 the previous 
day. 

Cott's private-label products 
have been remarkably successful 
in eroding Coke and Pepsi’s mar- 
ket Share in NOfth Arnarina, A nc. 

tralia. South Africa and, most 
recently, the UK 

But questions frequently sur- 
face in analysts’ reports and the 
press about the company's finan- 
cial stability. Much of criti- 
cism is band On its amwmKng 

practices, which in turn has 
raised scepticism about the qual- 
ity of its cash flow and earnings. 

FOT imibirw*, Cott nlaarififtfi its 
contracts for supermarket shelf 
space as assets, while Coke and 
Pepsi treat these fees as 
expenses. Critics contend that a 
minority stake in a US company, 


which Cott bought from some of 
its own executives last year, 
should have been treated as com- 
pensation e xpend instead of as 
an asset 

Concern about its financial 
condition was heightened by 
reports on Cott * s presentation to 
analysts tn Toronto on. Tuesday. 
Some participants criticised the 
company tor not yet publishing 
its annual report for the year to 
January 1994. Under Ontario 
securities rules, the deadline for 
filing the report is next Monday. 

Lehman Brothers, the New 
York securities firm, yesterday 
lowered its rating on Cott to 
“neutral" from "buy". 

Others, however, contend that 
fears about Cott's stability are 
based more on r u m o u r than fact. 
Mr Robert Mason, analyst at 
Richardson Greenshields in 
Toronto, ascribed the drop in the 
share price mainly to rumours 
spread by short-sellers, mostly in 
the US. 

"Many accountants who have 
talren the time to nrntargtanri fee 

underlying transactions agree 
that it is following the appropri- 
ate practices," he said. "But the 
fact that it’s not the same as 
Coke, Pepsi and the bottlers 
makes some people nervous.” 


Mannesmann falls 
on inquiry into 
Dieter allegations 


By David Wafer in Frankfurt 

Shares in Mannnswiann, the 
German steel pipes to mobile 
phones group, continued to suffer 
yesterday in the aftermath of 
allegations surrounding the pri- 
vate business activities of Mr 
Werner Dieter, outgoing chair- 
man of its management board. 

The shares dropped DM1R2G to 
DM410, nearly 4 pm- cent, after it 
emerged that the Dfisseldorf state 
prosecutors’ office had launched 
a preliminary investigation into 
allegations about Mr Dieter's 
affairs. 

Shares in the Dilsseldcrf-based 
group have fallen from DM446 on 
Monday after the Spiegel news 
magazine alleged that a subsid- 
iary of the Mannesmann group 
had been put under pressure to 
buy components from Hydac, a 
company allegedly majority- 
owned by Mr Dieter and his fam- 
ily, at prices higher than market 
rates. 

The magazine claimed that 
Mannesmann, one of Germany’s 
largest industrial companies, had 
suffered losses running into mil- 
tkras of D-Marks as a result. Mr 
Dieter, 64, has issued two state- 
ments, denying any impropriety 
and claiming he told the Mannes- 
itiflTi-n supervisory board about 
bis connection with Hydac in 
1968. All transactions between 


Hydac Rexrotit, the Mannes- 
mann subsidiary at the centre of 
the allegations, were conducted 
on an arms’ length basis, Mr 
Dieter claimed. 

The Ddsseldorf state prosecu- 
tors' office said its investigations 
had not yielded evidence of 
actions cm Mr Dieter’s part which 
could lead to a prosecution. Man- 
nesmann said yesterday that it 
bad not heard from the prosecu- 
tors’ office. 

Mr Dieter, credited with lead- 
ing Mannesmann away from its 
traditional steel pipes manufac- 
turing activities to car compo- 
nents production and telecommu- 
nications, alleged that he was a 
victim of a smear campaign to 
block his promotion to head of 
the Mannesmann supervisory 
board. The group’s annual meet- 
ing will vote on his move to the 
supervis ory b oard next mon t h . 

Mr F. Wilhelm Christians, the 
former Deutsche Bank chief exec- 
utive who is chairman of the 
Mannesmann supervisory board, 
has not yet publicly responded to 
the Spiegel’s allegations. 

In spite of losses of DM5 ISm 
last year, Mannesmann’s shares 
have been among the best per- 
formers of the past 16 months, 
reflecting foreign investors’ 
enthusiasm for the group’s 
expansion into mobile tele- 
phones. 


Suez completes 
sale of Victoire 


By ABce na u mlliom in Paris 

Suez, the French industrial and 
financial holding company, yes- 
terday completed the sale of Vic- 
toire, the insurance business, by 
agreeing terms for the sale of the 
latter’s Abe die R6 reinsurance 
subsidiary to Scot, France’s larg- 
est reinsurance group, in a deal 
worth more than FFr2. lbn 
($3S8m). 

The Abeflle Rfi deal, which fol- 
lows Friday’s announcement that 
Suez was selli ng t he rest of Vic- 
toire to the UK’s Commercial 
Union for FFrtiL5bn, is a complex 
and paper transaction that 
forms part of Suez’s long-term 
policy erf rationalising its inter- 


Scor, which has in recent years 
adopted an aggressive strategy in 
the reinsurance field, has agreed 
to pay FFrl.4bn in cash for 
AhdlleRA 

It will also cede 19 per cent of 
its equity to Suez, which will 
then become its second largest 
shareholder after Union des 
Assurances de Paris. 

Mr Patrick Peugeot, chairman 
of Sox-, valued fee 19 per cent 
stake at “somewhere between" 
fee FFtfOOm market value of the 
shares and their FFribn book 
value. 

He said the deal was “com- 
pletely compatible with our strat- 


egy of increasing our market 
Share and of stren gthening - OUT 
balance sheet". 

AheHle R£ is a large force in 
French reinsurance with annual 
premium income of FFribn. The 
acquisition should enable Scot to 
increase Its own premium income 
to FFrl5bn next year and to raise 
its share of the French market to 
around 17 per cent 

Mr Peugeot said it would 
become the world’s fifth largest 
reinsurance group. 

For Suez the sale of Aheirip Re 
and the rest of Victoire has left it 
with FFrl2bn to invest Mr 
Gerard Worms, chairman, said 
some of this capital would bolster 
the finances of its banking sub- 
sidiaries - Basque Indosuez and 
Sofinco in France, and Generate 
de Banque in Belgium. 

The rest of fee capital will 
enable Suez to expand again by 
making new investments, princi- 
pally by buying majority or 
"key” hnWi-ngs of at least 20 per 
cent in industrial companies. 

Mr Worms confirmed that be 
saw 1994 as a “year of transition” 
for Suez, which in 1993 returned 
to the black with a net profit of 
FFrl.57bn after its first ever-loss 
in 1992. 

He anticipated more robust 
growth for 1996 with a “signifi- 
cant improvement” in the 
group’s profitability. 


Robert Peston reports on the extensive reorganisation of 
the Italian prime minister’s debt-laden corporate interests 

THSS Untangling begins at 

business empire is probably as 

challenging as sorting out Italy’s *| • 1 • 

SSHwss Berlusconi business 


T he reorganisation of Mr 
Silvio Berlusconi’s exten- 
sive and debt-encumbered 
business empire is probably as 
challenging as sorting out Italy’s 
budgetary morass. 

In the prime minist er’s private 
affairs, a start hi»»n made. 
The public offer in the flotation 
of S3 per cent of his publishing 
interests. Mondadori. is launched 
today, wife the shares priced at 
L1£00, fee top end of the under- 
written price range. 

The L990tm ($6l5m) proceeds 
will cut debt at Mr Berlusconi's 
main holding company. Fin- 
invest, Italy’s biggest media 
group and one of its three biggest 
private sector companies. Net 
borrowings stood at L3£00bn at 
the end of 1993, or around 
L4,500bn gross. Italian bankers 
believe the overall figure would 
be hi gher if off-balance sheet nu- 
bilities were included 
The Mondadori sale is the easi- 
est part of fee Fhdnvest restruct- 
uring. As it already had a stock 
market quotation (with a nomi- 
nal amount of shares owned by 
outside investors), it was less 
opaque than other Berlusconi 
businesses. Acquired in 1991, it 
had retained same financial and 
managerial autonomy — aithnngh 
flotation was delayed nnffi lrwnt 
it had made to other ports of Fin- 
invest could be repaid. 

Nonetheless. Mr Franco Tato, 
who was moved from Mondadori 
to became Ftain vest's manag in g 
director in October, sees Monda- 
dori as the model for untang lin g 
the group. The aim is that, 
within three years, Fininvest will 
became a holding company, with, 
a tiny staff, owning stakes of 
around 50 per cent in indepen- 
dent quoted companies. 

“The financial services busi- 
ness [insurance and i nvest m ent 
products] will probably be 
floated, wife us aflfflng around SO 
per rant of flip shares, wmnn timp 
, this year or early next,” Mr Tato 
aaid “Any disposal of TV inter- 
ests [three TV networks] win 
come last in the res tincturing 
process." 

The timetable and disposal 
method for the supermarket 
chain Stands are less certain, 
because it requires substantial 
investment to modernise its net- 
work of 550 stores. Fininvest 
executives say an early sale 
would yield Inadequate proceeds. 

This radical reorganisation is 
necessary because Fininvest 
expanded too fast in the late 
1980s and early 1990s. taking on 
too much debt at the onset of 
recession. After-tax profits last 
year, yet to be formally disclosed, 
were similar to the previous 
year’s LZLlbn - trivial in rela- 
tion to turnover of around 
LU,600bn. 

Fininvest would probably have 
incurred losses under more con- 
servative accounting policies, 
according to analysts. They say 


Glaxo faces 
new era as 
Girolami 
steps down 

By Daniel Green in London 

Sr Paul Girolami, who brought 
US-style revenues - and salaries 
- to the UK pharmaceuticals 
industry, is stepping down as 
chairman of Glaxo. 

Bis gives up executive powers 
at the end of this month - 
Glaxo’s financial year-end - 
after a quarter of a century an 
the board, the last nine years as 
chairman. He will leave the 
board, and Us £i.4m ($2.lm) 
animal pay package, at the 
animal meeting on November 18. . 
ffis departure marks a change in 
the company's direction. I 

The past 13 years growth have 
moved Glaxo from a dive r sifi ed 
also-ran to a tightly focused pre- 
scription drugs group at the top 
of the industry. 

He became chief executive in 
1980, a year before the launch of 
ulcer treatment Zantac, now fee 
world's biggest selling drag. 
(Saxo emerged from a period of 
declining fortunes in the late 
1970s so rapidly that, by 1983, 
annual profits growth of more 
than 50 per cent was greeted 
With ffiggppnrn Hnawl . 

He brought an unprecedented 
emphasis on marketing to the 
scientific world of drug prescrib- 
ing, 

Glaxo’s prospects are less cer- 
tain than at any time since the 
1970s. Changes in healthcare 
management, designed to control 
public spending, have prompted 
other giants of the industry to 
reorientate themselves. 

Sir.PanPs job was, in retro- 
spect, mainly to manage growth. 
Whoever takes over will face the 
more conpdeaf task of d m n g iit g 
the course of a healthcare super- 
tanker steaming towards an 
uncertain fixture. 

Lex. Page 15; Observer, Page 13 l 


How the empire will look 


100% conbotod by Berlusconi via nominee companies 

Net debt: L3£00bn 
1 BBS turnover: Lll.SOObn 
I960 net profits: roughly L20bn 
Number of companies: 380 in October 1993 
Balance sheet valuation 

of TV andffkn rights: LI ,900 bn 

Employees: 30,000. including 3,000 on 

exclusive freelance contracts 


Roughly 50% to be floated 


PubfeHno 


Insurance 

Investment products 


Three TV 
networks 


Supermarkets J InOrecOy owned by a 1 
I charitable foundation 1 


there Is a case for the group mak- 
ing bigger provisions to cover 
depreciation in the value of its 
TV and film rights - booked at 
Ll,900bn in the year-end balance 
sheet - although Fininvest 
believes this understates the true 
value of the library. 

Analysts’ concerns have also 
been prompted by a letter from 
auditors Arthur Andersen to the 
Fininvest board, in which Ander- 
sen criticised the 1992 accounts 
for failing to in c fori e adequate 
provisions against three contin- 
gent liabilities: 

• a Ll72bn potential tax liability 
on capital gains, although Fin- 
invest is confident this will never 
be crystallised; 

• a potential liability relating to 
L437bn owed by associate compa- 
nies on rights they had pur- 
chased; 

• the risk of losses on a L92bn 
exposure to Telepiu, a pay televi- 
sion station yet to make profits, 
in which Fininvest has a 10 per 
cent stake. 

However, Mr Oliver Novick, 
Finin vest’s director for corporate 
strategy, said fee main difficulty 
for fee group was not so much 
fee magnitude of liabilities and 
borrowings, but the location of 
debt within the complex corpo- 
rate structure. 

“The problem is that most of 
the debt is in the top company, 
while the cash flow is in the oper- 
ating companies,” said Mr Tato. 

hi Italy there is no concept of 
consolidated profit in tax law. 


Each company within a group is 
assessed for tax separately. So it 
is tax inefficient for Fininvest to 
have substantial interest and 
other oasts in its top company 
and cash flows in other compa- 
nies. “We have got to put the 
debt in the operating companies 
but it is not an easy matter,” said 
Mr Novick. 

In the past, Mr Berlusconi 
attempted to minimis e the tax 
burden by constantly creating 
new companies, in which assets 
and liabilities from Other parts of 
the group would be merged, so 


Fininvest will 
become a holding 
company with a 
tiny staff 


that losses generated in one busi- 
ness could offset profits gener- 
ated elsewhere. 

The result however, was a pro- 
liferation of legal entities. When 
Mr Tato arrived in October, there 
were 390 companies in the group, 
many of them offshore vehicles. 
“We are reducing this number to 
below 340," he said. 

The reorganisation is farther 
complicated by the existence of 
substantial intercompany loans. 
Surplus cash was lodged with an 
internal “bank”. Is till. Stands 
had LGOObn of deposits wife Istifl 


at the end of last year. 

Even the financial services 
businesses had deposits wife 
Istifi, though far smaller than 
Stan da’s. “We have agreed we 
will no longer administer depos- 
its [or take loans] from Standa," 
said Mr Tato. 

Finin vest's management is also 
burdened with requests for infor- 
mation from magistrates, who 
are investigating allegations that 
Fininvest or companies linked to 
it may have been involved in pay- 
ing bribes to politicians or in 
other forms of finmupal malprac- 
tice. “We have provided magis- 
trates with 800,000 photocopies of 
our documents”, Mr Tato said. 

The allegations - faced in dif- 
fering degrees by most erf Italy’s 
biggest companies - relate to a 
period long before Mr Tato 
became managing director. Mr 
Berlusconi appointed him in 
response to bankers’ requests 
that there be a professional man- 
ager to complement his own 
entrepreneurial qualities. 

Having become prime minister, 
Mr Berlusconi has now delegated 
all day-to-day decision, malting to 
'Mr Tato. But his departure has in 
some ways weakened Mr Tato. If 
Mr Tato feces opposition to his 
plans from long-serving Fininvest 
executives, he can no longer call 
on Berlusconi’s backing to over- 
come their resistance. He said; “I 
consult Mr Berlusconi only on 
matters concerning his position 
as the majority shareholder". 
Observer, Page 13 


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FINANCIAL TIMES THURSDAY JUNE j6 W, 


Metsa-Serla profits climb 
sharply despite lower sales 


INTERNATIONAL COMPANIES AND FINANCE 

climb viimorm Wella puts perfume in its basket 

r CillpC fP The group’s 4711 move puzzles analysts, writes Christopher Parkes 

i saics buy Suttons — — — - 

Seeds 


By Hugh Camegy 
in Stockholm 

Metsa-Serla, the Finnish 
forestry group, yesterday 
reported a brisk rise in profits 
after financial items in the first 
four months of the year to 
FMlSlm ($27. 4m) from FMlOSm 
in the same period last year. 

The improvement came in 
spite of a small fell in net sales 
to FM2.88bn from FM3-Q2bn, 

Metsa said delivery volumes 
for many products had risen 
sharply and prices had bot- 
tomed out with the prices for 
market pulp, fine paper and 
sawn goods in particular rising 


quite quickly. But some of the 
lift provided last year by the 
sharp devaluation of the Finn- 
ish rn flririra had been eroded by 
a strengthening of the cur- 
rency this year. 

Export prices were 5 per cent 

down in Finnish markka terms 
during the period, compared 
with last year. 

Operating profits for the 
paper and paperboard sector 
fell to FM56m from FMl93m, 
but MetsS said this reflected 
the start-up in January of a 
film-coated offset production. 
line at the Eirknie mi paper 
maL 

Operating profits for corru- 


gated board, tissue and chemi- 
cals were down at FMll6m, 
compared with FM156W. But 
the sawn goods and pulp divi- 
sion saw operating profits rise 
to FM 112 ra from FM71m. 

Net financial expenses fell to 
FM72m from FM249m as net 
interest charges more than 
halved, to FMlOTm. 

Metsa said it expected 
demand to grow in the US and 
the UK this year, with a slow 
recovery In western Europe. 
Finnish markka prices were 
unlikely to change over 1993, 
but the group expected a better 
result than the FM269m profit 
returned last year. 


Meridiem Hotels decision faces 
delay beyond board meeting 


By John Ridding in Parts 

A decision on the Meridien 
Hotels chain, owned by Air 
France and courted by Forte, 
the UK hotels group, and 
Accor, the French travel group, 
is likely to be delayed beyond 
today's board meeting of the 
French state-owned airlin e, 
officials indicated yesterday. 

A June 30 deadline has been 
set for the bidding process, but 
the sens i tivit y or the sale has 
resulted in a series of delays. 

A decision was first expected 
on April 28, but the rival bids 


were referred instead to 
France's privatisation commis- 
sion, an independent body 
which advises the French gov 
eminent 

Today's board meeting bad 
been set as another date for 
the announcement of the deci- 
sion. But sources dose to the 
sale said that no decision has 
yet been reached on the two 
bids. 

Forte’s is the higher bid, 
valuing the Meridian, chain at 
FFrl.gbn. ($305m) compared 
with FFrLSbn offered by Accor 
and its partner, Prince Al-Wal- 


eed Bin Talal of Saudi Arabia. 
Mpririion management has said 
it prefers the Forte offer, but 
political pressure has been 
brought to bear to keep the 
luxury hotels chain under 
French control 

Air France, which suffered 
lasses of FFriMSbn last year, 
needs to raise as much cash as 
possible to reduce its debts. 

The European Commission, 
which is eramfning a FFr20bn 
capital in jectio n for the ailing 
airline, will pay close attention 
to the financial terms of the 
deal. 


NKT subsidiary expands into US 
with DKr650m purchase of rival 


By HRary Barnes 
in Copenhagen 

Fisker & Nielsen, a subsidiary 
of NET Holding; the electro- 
technical and engineering 
group listed in Copenhagen, is 
to acquire Advanced Machine 
Company of Minnesota, one of 
Its main US rivals, for 
DKrffiOm (flOOm). 

The purchase will make the 
Danish company the world’s 
largest manufacturer of vac- 
uum dearers, carpet cleaners 
and floor treatment machinery 
for professional use. 

The new company, which 


will take the name Nilfisk, 
after the brand name of Fisker 
& Nielsen’s cleaners, win form 
a group with a turnover of 
about DKrUbn and about 2,500 
employees. 

Fisker & Nielsen is market 
leader in Europe for industrial 
and institutional vacuum 
cleaners. Advance claims sec- 
ond place in the US market. 

Advance will become a whol- 
ly-owned subsidiary of Fisker 
& Nielsen. Through an 
exchange of shares, the deal 
will give Advance’s U private 
shareholders a 16 per cent 
stake in Fisker & Nielsen, and 


an option to acquire another 
7.5 per cent The remaining 
shares will be held by NET. 

A stock exchange listing for 
the new group within three to 
five years will be considered, 
raid NET. 

Fisker & Nielsen made a pre- 
tax profit of DKr94m on turn- 
over of DKrl.l4bn in 1993. 
Advance made a pre-tax loss of 
DKr45m on sales of DKrSIQm. 

As a consequence of bringing 
in new shareholders, Fisker & 
Nielsen will make an extraordi- 
nary dividend payment of 
DKrTOOm to NET. the group 
said. 


By ASce Rawsthom in Parb 
Vfimorm, the French company 

which is the world leader in 
garden seeds, yesterday con- 
tinued its international expan- 
sion by agreeing to buy Sot 
tons Seeds in the UK from 
Volvo, the Swedish motor 
group. 

The deal was for an undis- 
closed sum. It marks an impor- 
tant stage in Vfimorin's devel- 
opment as Suttons is one of 
the oldest and best-known 
brand names in the buoyant 
UK garden products market 
with a dominant share of the 
seeds sector. 

VUmoriu, which has seed 
interests in Germany, Spain 
and Italy, has for some time 
been eager to expand into the 
UK. It seized its chance to win 
control of Suttons when Pro- 
cardia, the Volvo subsidiary 
that owns the company, put tt 
up for sale as part of a 
long-term policy of shedding 
peripheral businesses. 

Suttons, based at Torquay in 
Devon, claims 40 per cent of 
the UK garden seed sales. The 
seed market has flourished In 
recent years thanks to the 
heightened interest in garden- 
ing. Suttons in 1993 made net 
profits of £427,000 on turnover 
of £15m ($22.7 m). 

Procordia has for the past 18 
months been in discussions 
with VUmorin to finalise the 
deal. The French group, which 
made static pre-tax profits of 
FFr70m ($12. 3m) on sales of 
FFrl.l2bn in its last financial 
year to June 30, won control of 
Suttons against offers from a 
number of UK companies. 

Mr Pierre Lefebvre, chief 
executive of VUmorin, said the 
deal should enable Suttons to 
improve its performance fay 
accelerating its development 
under the aegis of Its new par- 
ent company. Vfimorm, which 
last autumn joined the Paris 
secondary market, has a 
long-term strategy of heavy 
i n ve s tment in product develop- 
ment. 

Ike group plans to increase 
sales in southern and eastern 
Europe. It intends to expand 
into south-east Asia, notably 
Japan, although Mr Lefebvre 
said it was difficult to find 
acquisitions in that market. 


W ella, the German 
haircare group, Is to 
make a decisive 
move into the perfumes busi- 
ness with the purchase of a 90 
per cent-plus stake in Mueb- 
lens, best-known for its 4711 
can de cologne brand. 

The deal, billed by Wella as 
the biggest acquisition in its 
history (although no details of 
terms were given), follows two 
strategic purchases in the hair- 
care trade, and coincides with 
the closing phase of a shake- 
out in Its European manufac- 
turing operations. 

Muehlens, a 200-year-old pri- 
vate concern which claims to 
be German market leader in 
women's perfumes, had sales 
of about DMSOOm ($294m) last 
year. Apart from the 4711 
name, it produces more youth- 
ful brands such as SabatmL 
Presley and Tosca, and has a 
global licence to use the Gucci 
perfume label 

Wella’s interests in the sec- 


tor are concentrated in Rochas, 
bought in 1988 from Rou&sel- 
ri riflf and which last year con- 
tributed DMlfiOm to group 
sales of DM2Jbn. 

Although haircare and per- 
fume products have dear syn- 
ergies in terms of distribution 
and target markets, the appar- 
ent diversification puzzled ana- 
lysts, who have been repeat- 
edly told by Wella that its 
prime aim was to become 
world l e^rtpr in haircare. 

Already number one in salon 
products, it ranks fourth 
behind L’Oteal, Unilever and 
Procter & Gamble in the retail 
sector. Last year, it bolstered 
its presence in US hairdressing 
salons with the purchase of an 
80 per cent majority in Sebas- 
tian, a specialist in profes- 
sional products. It later bought 
a mainly -British market share 
with the takeover of the Sflvi- 
krin and Vosene brands from 
SmithKline Beecham. 

Meanwhile. Wella pressed 


NFC shares slip as 
results disappoint 


J3y Paul Taylor In London 

Shares in NFC, the UK 
transport and logistics com- 
pany, fell almost 10 per cent, 
closing 21 p down at I98p, after 
the group reported interim 
profits slightly lower than 
expected. 

The group also announced 
that it had decided to retain its 
loss-making Lynx parcels busi- 
ness as talks with a number of 
potential purchasers had fallen 
through. 

Pre-tax profits for the group, 
which is often viewed as an 
indicator of economic activity, 
declined to £49m (573.5m) in 
the 28 weeks to April 16, down 
from £86.6m in the year-ago 
period which included a £50m 
exceptional profit on the dis- 
posal of waste management 
arm. 

NFC said there was "con- 
tinuing evidence of increased 
ac tivity in the UK, although 
there are few signs yet of any 
improvement in mainland 
Europe”. Earnings per share 
were 5.8p against 12J9p. The 
group, which reports quarterly, 
declared a second interim dlvi- 


This announcement appears as a matter of record only. 27th May 2994 


Volvo Group Finance Europe B.V. 

(incorporated with limited liability in the Netherlands 
and having its corporate domicile in Amsterdam) 

French francs 1,000,000,000 

6.75 per cent. Bonds due 1999 

unconditionally and irrevocably guaranteed by AB Volvo 
Issue Price: 100 J15 per cent. 


CREDIT LYONNAIS 


ABN AMRO BANK N.V. 


BANQUE FRANCHISE DU COMMERCE EXTER0EUR 
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ahead with a consolidation 
plan, in which the number of 
western European factories 
was reduced to four from 13. It 
is cuffing global manufactur- 
ing bases to just 10 from 30. 

O bservers believe more 
haircare acquisitions 
are likely, which could 
be slotted in to the group’s 
core manufac turing and distri- 
bution business. 

Accommodating 4711, a tradi- 
tional family concern recently 
tom by filial disputes over its 
direction, seems likely to be 
less straightforward. According 
to statements yesterday from 
Mr Peter ZOhlsdorff, Wella 
chairman . 4711 is DO Cash COW 
and will require work. 

While the business should 
more or less break even this 
year, he added it would be 
some years before a steady 
stream of profits flowed. 

While Gucci enjoys prestige 
status, the flagship eau de 


cologne name suffers from a 
faded image, and famous name 
brands such as (Priscifla) Pres- 
ley and iGabriella) Sabatini 
suffer notoriously from the 
transient nature of sporting 
and show-business feme. 

Even so, Mr ZAhlsdorff said 
the acquisition offered a great 
opportunity to add to Wella's 
existing strength in central 
Europe and exploit more 
quickly the growth opportuni- 
ties offered la eastern Europe 
and Asia-Pacific. 

The main question raised by 
the latest deal is whether it 
will be followed by more. 

According to Mr Peter Harf, 
chief executive of the private 
Benckiser cosmetics group, 
there will be no shortage of bid 
candidates or offers to sell in 
the next few years, though he 
acknowledges that Unilever, 
L’Ortal and (to a lesser extent) 
Procter have scooped up doe- 
ens of personal product brands 
in the past w years. 


Baring underwrites 
Portuguese offering 


dend of L5p making a half-year 
total of 29p, up 7.8 per cent 

Profit before tax and excep- 
tional items of £4&8m was 30 
per cent ahead, but below most 
analysts* expectations. Mr 
Peter Sherlock, chief executive, 
said NFC's core transport and 
logistics operations in the UK 
performed strongly and had 
added £40m of net new busi- 
ness in the first halt 

Group turnover rose 5.3 per 
cent to £l-03tm from £97&5m. 
Operating profits grew 13 per 
cent to £56 .5m helped by 
reduced losses at Lynx, a £2£m 
increase in pension credits and 
£35tn compensation for the 
cancellation of a property con- 
tract 

Turnover and profits in the 
UK transport and logistics 
operations were marginally 
ahead at £44tlm and £30fon 
respectively. 

Turnover in the continental 
European logistics business 
grew 21 per cent to £90 5m, 
however the operations posted 
a first-half operating loss of 
Elm, compared with a £300,000 
profit 

Lex, Page 14 


By Peter Wise in Lisbon 

Foreign institutions, led by 
Baring Brothers, have under- 
written 47 per cent of a public 
offer of 20 per cent of Cimpor. 
Portugal’s largest cement 
producer. 

The remaining 53 per cent 
has been underwritten by Por- 
tuguese institutions led by 
Banco Fomento e Exterior, 
confirming that the state will 
raise at least Es40bn ($229m). 


The offer is seen as a test of 
investor interest in Portuguese 
privatisations before sales of 
stakes in the telecommunica- 
tions and power utilities. 

A further 20 to 25 per cent of 
Cimpor is to be sold on foreign 
stock exchanges later this 
year, followed by the sole of 
another 20 to 30 per cent in 
Portugal in 1995. No single 
investor may buy more than 5 
per cent of Cimpor's total capi- 
tal in the first operation. 


Movenpick plans payout 


By Ian Rodger in Zurich 

Mdvenpick, the Swiss 
restaurants and hotels group. 
Is restoring its dividends as its 
recovery from a loss and man- 
agement crisis in 1991 contin- 
ues to gather pace. 

Mr TJlrich Geissmann, chief 
executive, said sales had fallen 
3.6 per cent in the first five 
months of the year, but profits 
continued to recover due to 
cost cutting. 

Mr Geissmann said that in 
the Adi year “a Anther consid- 


erable rise" in net income 
could be expected from last 
year's 32 per cent rise to 
SFr&Gm ($6.05m). The directors 
were recommending dividends 
of 8 per cent on the shares and 
participation certificates. Divi- 
dends were last paid in respect 
of 1990. 

• Rosenbauer International, 
the Austrian family-owned 
maker of fire-fighting vehicles 
for many of the world's air- 
ports, is planning an initial 
public offering of new shares 
in September. 


SCI TECH 
8 , avenue Marie-Tbfrtse 
1^2132 LUXEMBOURG 

R.C. Luxembourg B 20.058 

Wc have the pleasure of inviting the shaidwMm to mend the Animal General 
Meeting of the Shareholders. to be held at the bmabovc registered nlTioe of the 
Company, on lone 24, 1994 at 3.00 pm. 


1. Submission of ibe repons ot the Bond of Duccios and of the Auditor, 

2. Approval of ibe Statement of Assets and LiobUhks as ai March 31, 1994 and 
of *e Staotncnt oF Operations for the year ended March 3 1, 1094; 

3. Allocation of the net results; 

4. Discharge lo the Directors; 

5. Election or redcaioo of Diitdoa and of the Auditor, 

6. Miscellaneous. 

The share bokfcra are advised that no quorum for the items of the agenda is 
required, and that the de ci s ion s win be taken at a simple majority of the shares 
present or represented at the meeting. A shareholder may act by proxy. 

the board of directors 



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FINANCIAL TIMES THURSDAY JUNE 16 1994 


17 

INTERNATIONAL COMPANIES AND FINANCE 


EDS wins $3.2bn Xerox 
outsourcing contract 


Tartikoff 
lured to top 
position at 


By Louise Kahoe 
In San Francisco 

Electronic Data Systems (EDS), 
tile computer services com- 
pany owned by General 
Motors, has won a $3-2bn, 10- 
year contract to take over oper- 
ation of Xerox’s computer and 
telecommunications network. 

The “outsourcing" contract 
is believed to be the largest of 
its kind , and the first to encom- 
pass the worldwide informa- 
tion management operations of 
any company. 

Under the arrangement, EDS 
will assume responsibility for 
Xerox da ta-proc easing, tele- 
communications and computer 
network services in 19 coun- 
tries, and provide and main- 
tain the computer applications 


that support Xerox’s internal 
business process es 

It will take control of data 
centre operations, incl uding 
the mafn ones in the US, the 
UK and Brazil; worldwide 
voice and data communica- 
tions; desktop systems support; 
and existing business-support 
applications. 

Xerox will retain responsibil- 
ity for determining the archi- 
tecture of its computer 
systems, strategy and new pro- 
gram development It will also 
continue to service and sup- 
port its customers. 

Some 1,700 Xerox employees, 
including 1,400 in the US and 
750 in the UK, will transfer to 
EDS over the next 18 months. 

Xerox has taVwn the unprece- 
dented step of outsourcing 


almost all its information man , 
agement operations to “focus 
resources on crur core business 
of document processing, which 
is critical to ensure our contin- 
ued success in a fiercely com- 
petitive industry”, said Mr 
Paul Allaire. Xerox chairman. 
He said the outsourcing 
arrangement would cut costs. 

“This Is the first truly global 
commercial information-man- 
agement outsourcing arrange- 
ment and provides an opportu- 
nity for EDS to showcase its 
proven capabilities,” said Mr 
Tm Alberthal, EDS rhahrrmn 
president and chief ex e c u t iv e. 

The Xerox contract fellows 
EOS’S recent $L5bn order to 
handle computer operations for 
the inland Revenue, the UK 
tax authority. 


Citibank leads the way in Mexico 


By FUchard Waters 
in New York 

Citibank, part of the US 
banking group, is the first for- 
eign bank to apply for a licence 
to operate as a full-service 
fi nan cial institution in Mexico. 

Under the North American 
Free Trade Agreement, ratified 
last year, US banks are permit- 
ted to carry out a wide range of 
activities in Mexico under the 
auspices of a locally-incorpo- 
rated holding company. 


Citibank said it had applied 
to create a holding company in 
Mexico with mmtrmrm capital 
of lbn pesos (3296m), making it 
the first foreign bank to take 
this step. It plans to develop 
securities broking and leasing 
businesses, as well as a bank- 
ing operation. 

Citibank already has five 
bank branches in Mexico City 
and one in Mo n terrey, offering 

mainly retail hanking services. 

• Bankers Trust of the US 
yesterday became the latest in 


a long line of international 
banks to open representative 
offices in Beijing, writes Tray 
Walker in Bejpg. 

The bank said thi» new office 
represented Bankers Trust’s 
commitment to China and to 
Asia. “These 10 or more years 
of economic success and 
mounting international inves- 
tor interest have converged to 
make China one of the most 
attract iv e and fastest growing 
financial markets in the 
world,” it said. 


Third-quarter 
improvement 
at RH Macy 


BCE to form directories 
link with HK Telecom 


By Frank McGurty 

RH. Macy, the US retailer 
struggling to emerge from 
Chapter 11 bankruptcy protec- 
tion. said it was encouraged by 
the steady improvement in its 
underlying performance in the 
third quarter. 

The department store chain 
announced a 32 per cent jump 
In earnings before interest, 
taxes, depredation and amorti- 
sation to f34£m for the three 
months to the end of April, 
against $2&5m a year earlier. 
The net loss was $157.3m 
against a 3227.9m deficit 
recorded In the year-earlier 
quarter. I 


By B e rna rd Simon In Toronto 

BCE, the Canadian tele- 
communications group, Is 
expanding Its international 
directories business by farming 
a joint venture with Hongkong 
Telecom. 

The new unit, whose reve- 
nues are expected to total 
USflbn over the next decade, 
will publish telephone directo- 
ries, hwlndlng Yellow Pages, 
for Hong Kong. BCE will pro- 
vide management and techni- 
cal services. 

Mr Thomas Bourke, presi- 
dent of Tele-Direct, a BCE sub- 
sidiary, said that the Hong 
Kong directories market was 


one of the festest-growing in 
the world, and that the link 
with Hongkong Telecom would 
open doors elsewhere in south- 
east Asia awd China. 

Hongkong Telecom is 58 per 
cent owned by Cable and Wire- 
less, which last year brought 
in BCE as a 20 per cent share- 
holder in Mercury Communica- 
tions, the UK telephone com- 
pany controlled by Cable and 
Wireless. 

BCE is already active in the 
directories market in North 
America, the Middle East, Aus- 
tralia and India. Yellow Pages 
now attract about 9 per cent erf 
total advertising spending in 
Canada. 


New World 

By Martin Dickson 
in New York 

Mr Brandon Tartikoff, who 
has a reputation as one of the 
most talented US entertain- 
ment industry executives, was 
named yesterday to the top 
production post at New World 
Co mmunicati ons — the media 
group which shocked the tele- 
vision business last month 
when its stations switched 
affiliation to the upstart Fox 
network owned by Mr Rupert 
Murdoch. 

The move is a considerable 
coup for New World, a media 
group which forms part of toe 
empire of Mr Ronald Perel- 
man, the New York investor 
and head of the Revlon cos- 
metics group. 

New World owns television 
stations bat Is also keen to 
build np its film production 
business, called New World 
Entertainment, which has pro- 
duced several bit television 
series. 

Mr Tartikoff rose to promi- 
nence at the NBC television 
network, where he was chair- 
man of the entertainment 
group and helped the network 
to six consecutive seasons as 
number one in prime time. 

He left there to head Para- 
mount Pictures, the Hollywood 
film studio, bnt resigned 
abruptly in 1992 to spend 
more time with Ms daughter, 
who had been i nju re d in a car 
accident 

Since April last year be has 
been president of Moving Tar- 
get Productions, his indepen- 
dent production company, 
which is to be acquired by 
New World. As part of last 
month's deal. Fox agreed to 
invest 3500m in New World 
and work with it to develop 
syndicated programming, as 
well as prime time series and 
movies for Fox. 

Mr Perelman and Mr Bill 
Bevins, chief executive of New 
World, approached Mr Tarti- 
koff about the Job after form- 
ing their alliance with Fax. 

Mr Tartikoff said he had 
been impressed by the vision 
they shared of the changing 
television world, their 
financial resources, and their 
access to 40 per cent of US 
homes through the Fox deal. 


Amsterdam prepares to fight back 

The exchange wants to return to the top, writes Antonia Sharpe 



Amsterdam’s old-fashioned system of jobbers will be abolished 


F lush with Its recent suc- 
cess in clawing back 
business in Dutch gov- 
ernment bonds horn London, 
the Amsterdam stock exchange 
is hoping that an FI 8m 
($L34m) overhaul of its equity 
trading system will re-establish 
its position as the principal 
marketplace for Dutch stocks. 

The most important part of 
the reform is the decision to 
abolish Amsterdam’s old-fash- 
ioned system of jobbers or 
hoekmen, whose inability to 
satisfy the large-scale trading 
demands by international 
investors resulted to the flight 
of such business to London. 

According to Mr Paul Arl- 
man the secretary-general of 
the Amsterdam Stock 
Exchange, between 40 and 60 
per cent of block trades to 
Dutch stocks are done to Lon- 
don, although many of tops* 
transactions are later unwound 
to Amsterdam. 

Last year, £22Jtra ($3S.45bn) 
worth of business to Dutch 
stocks was executed to London 
compared with £43 ^bn worth 
of turnover in Amsterdam. The 
lion's share of the turnover to 
London was on the Stock 
Exchange's automated Seaq 
International system. 

Mr Thom Hoedemakers, a 
spokesman for the Amsterdam 
stock exchange, says the 
exchange aims to reduce Lon- 
don’s market share to around 
one-quarter from its current 
position of one-third. The new 


systems, which come into oper- 
ation on October 1, will effec- 
tively divide Amsterdam into 
two markets, one for wholesale 
business and the other for 
retail investors, who own 
around 40 per cent of Dutch 
equities. 

The stock exchange will offer 
the wholesale market two 
systems, an order-driven and 
screen-based trading system 


called Aida through which 
orders can be executed auto- 
matically and with a high 
degree of anonymity. Those 
wishing to trade outside the 
system can advertise their 
prices on Asset, a screen-based 
system, which alms to compete 
with Seaq International. 

Although the hoekmen. who 
will act as US-style stock spe- 
cialists, will have access to the 


wholesale market, they are 
likely to trade mainly in the 
retail market. Senior managers 
at leading stockbrokers in Lon- 
don, which are also members 
of the Amsterdam Stock 
Exchange through their Dutch 
subsidiaries, say the removal 
of the central role of the job- 
bers is the most sensible fea- 
ture of the reforms. “There will 
be a greater incentive to trade, 
or report trades, in Amsterdam 
as a result,” says the head of 
European trading at a leading 
UK bank. 

Brokers warn, however, that 
the diverse trading systems 
which Amsterdam has put in 
place must quickly prove that 
they can produce more compet- 
itive prices than London, since 
the Qow of order -driven busi- 
ness will always be dictated by 
price. Some point out, for 
example, that prices on Asset 
are likely to be oven less firm 
than on Seaq. 

I n addition, they believe 
that Amsterdam will have 
difficulty in recouping 
business in the large Dutch 
stocks, such as Royal Dutch 
and Unilever, since they have 
been trading on an interna- 
tional basis for such a long 
time. However, they say that 
the exchange will have a far 
higher success rate in attract- 
ing back business in second- 
line stocks, such as Aegon or 
Ahold, which are also actively 
traded to London. 


Poor trend continues at Heinz 


By Frank McGuty in New York 

EL J. Heinz said sales slumped 
in the final three months of its 
fiscal year to April 2, as the US 
food group continued a string 
of disappointing performances. 
The company, headed by Mr 
Tony O'Reilly, the Irish busi- 
nessman , also showed a sharp 
decline in underlying earnings. 

'Hie 4 per cent downturn to 
revenues to $L95bn, compared 
with $2.03bn to the same quar- 
ter last year, reflected opera- 
tional difficulties and unfa- 
vourable trading conditions. - 

Heinz's strong presence to 
overseas markets heightened 
the impact of negative cur- 
rency fluctuations. More trou- 
blesome, however, was a 4 per 


cent deterioration in sales vol- 
ume, after two consecutive 
quarterly gains. 

The decline to the three 
months partly stemmed from a 
failure to revive its Weight 
Watchers businesses during 
the January and February 
period. 

However, Heinz’s food-ser- 
vice business recorded higher 
sales volume for the quarter 
and the company raised prices 
on most of its core products. 

Nevertheless, at the operat- 
ing level earning s of $200-3m 
represented a big decline from 
the previous year, if a jiMm 
restructuring charge is added 
back to the 1993 results. 
With the provision held out, 
Heinz earned 354.3m a year 


ago at the operating level 

Hie comparison would have 
been even more unflattering if 
the company had not reduced 
selling, general and adminis- 
trative expenses by more than 
7 per cent from the year-earlier 
quarter. 

Net income amounted to 
3129m, or 51 cents, against 
368m. or 27 cents, a year ear- 
lier. However, the restructur- 
ing charge reduced the 1993 
result by 43 cents a share. 

For the year, net income was 
S602J9m, Or 32.35, including 
gains of 24 cents on disposals, 
against gaming s of 339&3m, or 
$1.53, including a provision of 
45 cents for restructuring and 
a charge of 51 cents to reflect 
arnnmHng changes. 


Two Mexican 
financial groups 
plan to merge 

By Ted Bardacke 
In Mexico City 

Two of Mexico's largest 
financial groups, Grupo Finan- 
ciero Serfin and Grupo Finan- 
ciero Inverlat, plan to merge in 
a move that will create the 
country's second-largest bank. 

The merger plan, which has 
been approved by share- 
holders, win begin a process of 
full integration between the 
two groups, which control the 
Serfin and Comermex banks. 

The new institution will 
have assets of about $36bn, 
placing it just above the 
current second-placed bank, 
Bancomer. 



NOTICE TO THE HOLDERS OF 

US$ 500,000,000 

CS HOLDING FINANCE B.V. 

(inrorpvrated with limited liability in The NctberlamU) 

4%% Subordinated Convertible Bonds, Due 2002 

Guaranteed on a Subordinated BasiB by, 
and convertible into Bearer Shares 
of CS Holding, Zurich 

(incorporated with limited liehiRtp in Zorich, Switzerland) 


The Annual General Meeting of Shareholders of CS Holding held 
on 30 May 1994 resolved to conditionally increase the company's 
share capital by an amount not to exceed Sfr 204,974,320 nom- 
inal to secure the issue of 

24,223,280 shareholder warrants series IA 

and 

50,962,596 shareholder warrants series HA 

to be offered to the existing shareholders. 

In accordance with condition 7 (b) (i) (B) of the Terms and Con- 
ditions of the Bonds, the current conversion price per share of 
Sfr 442.45 (notice of 28 December 1993) will be reduced by 
Sfr 10.45 to Sfr 432.00 with effect from 7 June 1994. 

Each US$ 5,000 principal amount of Bonds may now be converted 
into 15 CS Holding bearer shares, with a par value of Sfr 100 (ISIN 
CH 000 146 249 5), and a Cash Adjustment of US$ 242.29 (cor- 
responding to Sfr 330.00 at an exchange rate of Sfr 1.362 per 

US$1 = US$ 242.29). 


Zurich, 16 June 1994 


For CS Holding: 

CREDIT SUISSE 


CS Holding Finance 8.V. 
Subordinated Convertible 
U5$ Bondi 1992-2002 


Swim Securities Number 536 802 

ISIN CH0005368029 

Enrodear 4046196 

Cede! XS 004046196-3 


DEVELOPMENT FUND OF ICELAND 

(FRAMKV/AEMDASJODUR ISLANDS) 

(Established under the taw* efthe Republic of icehwd) 

U.S.$35,000,000 

Floating Rate Notes 1997 

Retractable at bolder’* option hi 1995 

tea it hereby «vw that (he Kate of I™ bj" 

5 % and dial the interest payable on the 7 n^ «Vrvvrvvi 
tnent Date Deemebw 16, U - S - 4TOO ' OOC) 
ninol of ihe Note ^ be lLS.3Z66a.75. 




BRADFORD 
& Bl N GL E Y 

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floating Rm* Now dun T395 

In aeeerdmea with the tame and 
eandUona al the Now, me tame 
rn& by the pvM 16V) June, 
T994 to 15th Septambet 1994 hta bean 
(bead at SXft par annum. The 
inarat poyabb on Tfitfi September, 
IBM asnbm the Coupon 13 will bo 
£l3ZX) per OCMJ nominal 
Agent Bank 
gjfl WHUBAINK 

sra of Canada 


TO ADVERTISE YOUR 

LEGAL NOTICES 

Please contact 

Tina Me Gorman 
on 

071873 4842 



DLVA SpA IN LIQUIDATION 
DEU GROUP 

Invitation to submit indications of Intercast in the acquisition of 
Dva Servizi Energie Sri 

llva SpA in liquidation ("Uva"), with fully paid-up capital of Lit 900 billion and registered office in Rome, 
Vi ale Castro Pretorio 122, registration nr. 56/67, is soliciting indications of interest in the outright 
acquisition of the share it owns and has available of Ova Servizi Energie Srl (hereinbelow together with its 
subsidiaries "llva Servizi Energie” or the "Company”). Uva Servizi Energie has a fully paid-up capital of 
Lit 192.02 billion and registered office in Genoa, Mura di Santa Chiara 1, registration nr. 56785. 

llva owns 98.96% of Uva Servizi Energie's capital. As a consequence of an option on 25% of the Company's 
capital held by Dva Lamina ti Piani SpA and expiring on 31st December 1994, the available share currently 
being disposed of by Uva is of 73.96%. 

Meridiana Finanza SpA ("Meridian a Finanza") has been appointed as exclusive financial adviser to Uva in 
relation to the sale of Dva Servizi Energie; all enquiries should be addressed to: 

Mr. Sebastiano Stnuuia or Mr. Giovanni Ortolani 
Meridiana Finanza SpA 
Via del Gesu, 62 
00186 Rome - Italy 

Telephone: +39-6-699 1221 / Telefax: +39 - 6 - 699 12 27 

Uva Servizi Energie is the second largest independent power producer in Italy. It owns and operates three 
thermal power plants with a total capacity of 583.5 MW, two turbogenerators with a total capacity of 15 
MW and four hydro-power plants with a total capacity of 62.4 MW. Through a transaction distinct from the 
one contemplated herein, the Company is in the process of selling its wholly owned hydro-electric 
subsidiary Uva Centrali Elettriche SpA which in turn owns and operates three hydro-power plants located 
in the Valle d' Aosta region. Further to such disposal the Company's hydro-power capacity will decrease to 
7 MW while total installed capacity will amount to 606 MW. In addition, Uva Servizi Energie is currently 
developing a new 505 MW combined cycle gas turbine power plant in Taranto, Apulia. 

Indications of interest may be submitted only by limited liability companies or other corporate entities with 
thp exclusion of intermediary or fiduciary companies and individuals. In the event that several entities 
contemplate to express interest jointly in the acquisition, such group should be represented by a sole agent 
and each party should individually meet the above requirements. 

Interested parties should submit their indications of interest in writing or by telefax to Meridiana Finanza 
by 23rd June 1994; Meridiana Finanza will subsequently send to qualified respondents a copy of the 
admission form to the sale process, a description of the sale procedure and a copy of the confidentiality 
agreement which recipients will have to return duly executed to obtain copy of the information package, all 
snch documents being in English. Completed admission forms and confidentiality agreements shall be 
returned to Meridiana Finanza by 28th June 1994. llva reserves the right to admit to the sale process, in its 
sole judgement and without explanation, only those companies which demonstrate adequate resources for 
the acquisition. 

Dva reserves the right, in its sole judgement and without explanation, to admit interested parlies to, or 
exclude them from, the sale process and, should it begin negotiations, to withdraw from them and to 
consider indications of interest ns well as indicative or binding offers received after the set deadlines 
without prejudices and liabilities. 

This announcement Is an invitation to submit indications of interest in the acquisition and does not 
represent an offer to the public ex art. 1336 of the Italian Civil Code nor a solicitation of public savings ex 
art. UlB of Italian law nr. 216 of 7th June 1974 as amended. This announcement and the ensuing indications 
of interest are and will be governed by the laws of the Republic of Italy; any controversy arising therefrom 
ahull be subject to the exclusive jurisdiction of the Courts of Rome. The text in Italian of this announcement 
appearing in Italian newspapers shall prevail over this translation. 





FINANCIAL TIMES THU RSDAY JUNE 16 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Australian group 
faces A$445m 
break-up bid 


By Nikki Tait In Sydney 

A A$445m (USJ324m) break-up 
bid was launched last night for 
Foodland Associated, the trou- 
bled Western Australian retail, 
wholesale and property group. 

Mr Graeme Hart, a New Zea- 
land entrepreneur, is joining 
forces with Australia's Coles 
Myer to acquire and then 
divide the company. 

The bid is being made by 
Rank Commercial, Mr Hart’s 
private company, and is 
pitched at AS5.27 a share. It is 
Conditional On a minimum 
acceptance level of 75 par cent, 
and on approvals from Austra- 
lia’s Foreign Investment 
Review Board and the Trade 
Practices Commission, the 
competition watchdog. 

The TPC said it would 
"closely examine" the offer, 
paying particular attention to 
the role of Coles Myer. Coles is 
one of Australia's biggest retail 
groups. 

Mr Hart, a former truck- 
driver who has built his for- 
tune by buying a series of com- 
panies at knock-down prices, is 
believed to be one of New Zea- 
land's wealthiest individuals. 
His Rank company already 
owns a 1A9 per cant interest in 


Foodland, most of which was 
acquired from a single institu- 
tional shareholder last month. 

' If the offer is successful. 
Rank says its aim is to spin off 
Foodland’s substantial New 
Zealand assets - which include 
the Farmers Deka discount and 
department store group, and a 
57.4 per cent interest in the 
Progressive supermarkets 
group - as a separate com- 
pany, distributing shares in 
this entity to Foodland’s 
r emaining shareholders. 

Rank, which by then would 
own at least 75 per cent of 
Foodland, would pass its 
shares in this new company to 
WhitcooHs, the New Zealand 
bookseller and stationery 
group. 

Rank would offer its remain- 
ing stake in Foodland, which 
would be reduced to its Austra- 
lian assets only, to Coles. Rank 
said the break-up bid was 
being financed by bank bor- 
rowings, to be supplied by 
National Australia Bank, 
Credit Suisse and Bank of 
America. 

The bank facilities were still 
subject to "satisfaction of 
a number of conditions pndnd- 
ing completion of doormen ta- 

tionr. 


Finnish steel producer 
swings back to black 


By Hugh Carnegy 
In Stockholm 

Rautaruukki, the Nordic 
region's second-largest steel 
producer, swung to a pre-tax 
profit of FMl4Qm ($25m) in the 
four months to the end of April 
from a loss of FM2l7m in the 
same period last year, on the 
hack of rising demand and 
prices for steeL 

The Finnish group, one of 
Europe's few profitable steel- 
makers, reaffirmed an earlier 
forecast that it would achieve 
an improvement in full-year 
profits over the full-year sur- 
plus of FMX44m achieved last 
year. 

It said sales in the first four 
months grew to FM2.4bn from 
FMZ.abn, while operating profit 
surged to F M2 88m from a 
loss last time of FM154m. 

The group cited stronger 
demand in Finland, Scandina- 
via and the US, and higher 


prices in both export and home 

marfcyrfg 

• Rautaruukki, which concen- 
trates on flat steel products, 
said the growth in rfernanti was 
expected to continue in Fin- 
land and Scandinavia, where 
economic recovery is under 
way after several years of 
recession. 

Prices were also expected to 
go on rising, although the pace 
of increase was slowing. Profits 
growth would depend partly on 
lower financing costs and cost 
savings. 

The group raised FM792m 
earlier this year through a 
global share offering, which 
led the Finnish state's holding 
in the company to drop to 68.7 
per cent from 81.1 per cent 
Almost 16 per cent of Rautar- 
uukki is now owned by foreign- 
ers. The share issue had 
increased the group's equity 
ratio to about 30 per cent, the 
company said. 


Placer unit 
to develop 
Osborne 
deposit 

By Nikki Tatt 

Placer Pacific, the Australian 
group which is controlled by 
Canada’s Placer Dome, is to go 
ahead with a A$135m 
(0S$ll8m) development of the 
Osborne copper/gold deposit in 
north-west Queensland. 

The deposit, which lies 
about 185km south-east of 
Mount Isa. will be mtoed at 
first by open-pit methods. 
However, during this initial 
1 eight-month period. Placer 
plans to develop an under- 
ground operation, which it 
says should have a 10-year 
life. The urine is due to come 
into operation in July 1995. 

Over the total mining 
period, therefore, average 
annual production is esti- 
mated to be 29,000 tonnes of 
copper and 37,000 oz of gold. 
Total production over the 
mine’s life would be around 

324.000 tonnes of copper and 

418.000 ok of gold, with a gross 
metal value of A£L2bn. life- 
of-mine cash costs are proj- 
ected to be 63 US cents per 
pound of copper, including 
gold credits. Placer said. 

• Shares in Western Mining 
Corporation, one of Australia’s 
largest mining companies, 
gained 3 emits to A98.44 yes- 
terday, after the group con- 
firmed that early-stage explo- 
ration work on the 
Philippines-controlled island 
of Mindanao, has found cop- 
per/gold mineralisation. The 
company said the mineralisa- 
tion had been intersected in 
two areas, and that further 
work was required to deter- 
mine its significance- 


BZW role in 
airports sale 

BZW, the UK-based investment 
hank, has been given the job 
of advising the federal govern- 
ment taskforce which is 
looking into the potential pri- 
vatisation of Australia’s Fed- 
eral Airports Corporation, 
writes Nikki Tait 
Although the possible sale 
has been widely flagged - 
BAA of the UK has been 
tipped as one potential buyer 
- the government has yet to 
decide how to proceed. There 
are 23 properties Involved, 
ranging from international 
airports to small domestic 
“general aviation” centres. 


N.V. Union Miniere, S.A. 


-r^LM 


UNION MINIERE 


Union Minibre has sold Union Mines, Inc., a Tennessee 
based zinc mining business, to Savage Resources Ltd. 
for a consideration of $US 2 00 million. 

The Rothschild Group advised Union Minidre 
on the divestment 


Rothschild 
Australia Ltd. 


Rothschild Inc. 
New York 




Affiliated companies In 

London Paris Frankfurt Mtan Hong Kong Singapore 

Sydney Tokyo Shanghai Toronto smtago 


N.V. Vandemoortele International 

Information for holders of certificates 

In the General Meeting of shareholders held on June 14, 1994; it was decided to 
pay a gross dividend of Bfr. 240 per certificate over the year 1993. 

The net dividend of Bfr. 178 per certificate will be payable at the office of 
F. van Lanschot Bankiers N.V., Hooge Stecnweg 29, ’s-Hertogenbosch, and at the 
office of F. van Lanschot Bankiers (Luxembourg) S.A., 3 Boulevard Prince Henri, 
Luxembourg, as from June 16, 1994 against delivery of the dividend coupon nr. 6 
of the certificates of privileged shares. 

Stichting Administratiekantoor van Bevoorrechte aandelcn van 
N.V. Vandemoortele International 
Hooge Steenweg 29, ^s-Hertogenbosch 

June I5 t 1994 


Israeli carrier seeks to spread its wings 

Privatisation and peace could help El A1 develop new markets, reports Julian Ozanne 


I srael’s decision to sell El Al, the 
country’s state-owned airline, to the 
public by December marks a critical 
turning point in the company's history 
and a landmark in the government's 
creeping privatisation p rogr amm e. 

Earlier this month the cabinet 
decided to sell at least 51 per of the 

airline through, a flotation in Tel Aviv 
and New York. Israeli law prohibits the 
sale of more than 25 per cent of the 
capital of a strategic company to for- 
eign investors, so the remaining 26 per 
cent stake must be held by Israeli 
nationals. The government will also 
keep a golden share to protect what it 
considers is a vital national Interest 
Before privatisation the government 
will have to appraise the company’s 
.value, take the company out of receiver- 
ship, appoint a new board of directors 
and make provisions to refinance the 
employees compensation fund. 

Israel’s finance ministry has 
appointed two consortia of consulting 
and accounting firms to carry out sepa- 
rate valuations which are expected to 
be finished by August Among the par- 
ticipants in the consortia are Barclays 
de Zoete Wedd, Ernst and Young and 
Mercer. 

The government Intends to issue a 
prospectus in October or November and 
appoint underwriters later. 

The aiHinp, proud of an unbroken 
eight-year profit record in spite of the 
recent recession in the global airline 
business, is looking forward to privati- 
sation as a way to increase efficiency. 


take it out of a 12-year-old receivership, 
and to develop new markets in east 
Asia. Although it has been in receiver- 
ship, the airline has been g rante d con- 
siderable financial autonomy while 
operating within a government-imposed 
legal framework. 

However, some significant obstacles 


in the face of stiff competition and 
global recession. Profits in 1992 were 
« 3 l 4 m and are expected to be $lten- 
yivwi for 1993. EL Al says the reduction 
in profits last year, in spite of an 8 per 
cent increase in passengers carried, is a 
result of mounting compe tition and 
considerably reduced yields from tick- 


Under a ban introduced in 1982, no El Al aircraft 
is allowed in the air between dusk on Friday 
and dnsk on Saturday, costing the company 
an estimated $40m a year in profit 


must be resolved before the govern- 
ment issues a prospectus, among them: 

• the current prohibition on flights 
during the sabbath, which costs the 
company an estimated $30m-$Wm profit 
a year; 

O a gn w -mnpnt decision on whether it 
will continue to meet 80 per cent of EL 
ATs $6Qm security costs; 

• special voting rights claimed by the 
quasi-governmental Jewish Agency, an 
original shareholder; 

• and a refinancing of El ATs employ- 
ees’ compensation fond. 

Corporate analysts in Israel say the 
way the government decides to over- 
come these difficulties will determine 
how attractive an investment El Al will 
be to foreign and local investors. 

The company, however, points out 
that in spite of the difficulties, it has 
consistently reported profits since 1966 


ets as a result of price-cutting. 

bfr Nachman KHeman, a company 
spokesman, believes that in spite of the 
squeeze on profits the airline’s future 
looks healthy. Next year the company 
will tak* delivery of another 747 and 
will begin evaluating the potential can- 
didates to replace the Boeing 767 for 
intermediate flights. 

Expansion of EL ATs 47 destinations 
is also mu ter consideration. In the past 
two years the company has started 
flights to Beijing and Bombay/Bangkok, 
and is looking at flying to Hong Kong, 
Seoul and Japan. 

Bfr EUeznan also says the Middle East 
peace process will assist prospects. 
Israel expects tourism to double by the 
end of the decade to 4m arrivals, helped 
by the opening of new markets such as 
Morocco, Tunisia, Jordan and Syria. 

More important, perhaps, a compre- 


hensive regional peace will ailow Ei Al 
to fly over the 21 Arab states which ban 
the airline, slashing flight times to 
Asia. Such a development could make 
Ben Gurion airport a regional hub for 
traffic bom the US and Europe to fas 
Indian sub-continent and Asm. 

Although the long-term looks promis- 
ing. short-term profitability wtlldepeai 
on way trip government deals with the 
sabbath prohibition and security costs. 
Mr KUeman says the sabbath flight ban 
costs El AL $40m profit a year, because 
the airline only operates flvwmd-a-halt 

days a week but incurs costs os if it was 
operating seven days. Under the ban, 
introduced in 1962 after considerable 
pressure from religious political parties, 
no a Al aircraft is allowed to be in the 
air between dusk on Friday and dusk 
on Saturday. 

"When the government ceases to own 
El Al it will become, in Israeli law. a 
mixed company and the government 
wifi not be able to interfere in its busi- 
ness decisions,” said Mr Yossi Nitxani, 
fv>nri of the government companies 
authority. "Then the board of directors 
will have to take the decision about 
sabbath nights on the basis of business 
principles." 

The other decision the government 
canno t avoid is whether it will continue 
to meet 80 per cent of El Aft security 
costs. Any change in the government 
support will Immediately affect profit- 
ability, although the introduction of a 
security tax is one option under consid- 
eration. 


Begemann wants speedy DWA deal 


By Judy Dempsey In Berlin 

Hie Netherlands-based Royal 
Begemann group wants to 
complete the purchase of Deut- 
sche Waggonbau (DWA), the 
east German rolling-stock man- 
ufacturers, “as soon as possi- 
ble” in order to create an inte- 
grated group of trains, trains 
and underground systems, Mr 
Joep van den Nienwenhnyzen, 
the Dutch group's rhatraian 
said yesterday. 

On completion of the deal, 
Ttagpmflnn i ntend s eventually 
to list DWA on the stock 
exchange. 

After 18 months of negotia- 
tions with the Treuhand priva- 
tisation agency, said the pre- 
liminary agreement reached 
with the agency earlier this 
week has paved the way for 
Begemann to acquire 749 per 
cent of DWA's shares. The 
remaining 25.1 per emit will he 
held by the Treuhand which 
will have the option of selling 
its stake on the market 

Mr van den Nienwenhuyzen 
would not disclose the pro- 
posed purchase price, or the 


COMPAoSTbANCAIRE 


FRF 800,000,000 
FLOATING RATE 
NOTES DUE 1997 

For the period 
June IS, 1994 to 
September 21, 1994 the 
new rate has been fixed at 
550% PA. 

Next payment date: 
September 21. 1994 
Coupon nn 16 
Amount: 

FRF 149,72 

for die denomination of 


Redemption” (d) 
'Redemption at the option 
of the Noteholder”, off the 
terms and Conditions of 
the Notes, no Notes have 
been presented for 
redemption on the Interest 
Payment Date falling on 
June IS, 1994. 

Nominal amount 
outstanding after 
June 15, 1994; 

FRF 451.140.000 

The Principal Paying 
Agent 
SOGENAL 
SOCIETE GENERALE 
GROUP 

15 Avenue Emile Reuter 
LUXEMBOURG 


SGA SOCIETE 
G 



The Treuhand privatisation agency yesterday completed the sale 
of Sket, one of eastern Germany's largest machine-tool enter- 
prises, to a west Goman group of investors led by Salzgftter 
Maschlnenbau, writes Judy Dempsey. 

Salzgftter Masdrinenban agreed to buy a 51 per cent stake in 
Sket and its two subsidiaries, and wifi invest DHlOQnt (462 JSnQ 
until tiie end or 1996. It will guarantee 2,000 jobs, but this figure 
wfll be eventually be reduced to 1,725 by 1999. The remaining 
stakes will be divided between the Treuhand and the manage- 
ment of Sket, with the agency retaining a 25.1 per cent share. 

Sket, based In Magdeburg, the state capital of Saxony-Anhalt, 
had a turnover of DMlOOm last year. Prior to German reunifica- 
tion, its exports were targeted at the markets of the former 
Soviet Union and eastern Europe. These markets collapsed fol- 
lowing German monetary union. 

The sale, which ends of three years of uncertainty about the 
ability to find a buyer for Sket, was yesterday welcomed by Mr 
Christoph Bergner, prime minister of Saxony-Anhalt. 


number of jobs it would guar- 
antee, but - *g*id the dual was a 
“straight cash transaction". 

Consolidated profits for the 
DWA group, one of the last of 
the large east German enter- 
prises to be privatised, were 
DM233m (9139m) on a turn- 
over of DM3.6bn in 1992. It 
employs 7,300 in its eight 
subsidiaries. 

Begemann wants DWA to 
complement its operations. 


“We need DWA’s coaches and 
freight wagons for our traction 
and electrical installations and 
control systems. Th&e will be 

110 over lap on the mannfan tur- 
ingside... Our rail group will 
became a subsidiary of DWA, 
thus giving the east German 
company a wide degree of inde- 
pendence, * Mr van den Nien- 
wenhuyzen explained. 

The rail group, which 
employs L2Q0, has subsidiaries 


in the Netherlands, Belgium 
and Switzerland. Last year it 
had a turnover of FI 300m 
($16L2m) and a net profit of 
FI 8m. 

Begemann, which wants to 
complete negotiations with the 
Treuhand before next Octo- 
ber's state and federal elec- 
tions in Germany, also intends 
to revive DWA’s exports to 
Russia. 

Until German reunification, 
DWA was dependent on mar- 
kets in the former Soviet 
Union and eastern Europe. 
These markets collapsed after 
German monetary imfan Since 
then, Russia’s sharply 
decreased purchases from 
DWA have been partly 
financed by Hermes, the Ger- 
man export credit guarantee 
facility. 

However, in an attempt to 
dampen expectations stem- 
ming from several earlier col- 
lapsed talks, the Treuhand said 
It was amtinning to negotiate 
with other companies. "It is 
not in the bag yet," a spokes- 
man for DWA’s branch in Gfir- 
litz, Saxony said. 


Tata Tea 
reports 13% 
profit rise 

By Kuna] Bose 
in Calcutta 

Tata Tea, India’s biggest 
plantation company, yesterday 
announced a 13.15 per cent 
increase in pre-tax profits to 
RsS5frn (927.11m) from Rs757m 
for the year ended March 31. 

Turnover totalled Rs4.36bn, 
against Rs4.12bn in the previr 
ous 12 months. Earnings per 
share were up at Rsl8.67 
(RS17.18) while the dividend 
has been maintained at Rs8 a 
share. 

The management has recom- 
mended a bonus issue in the 
ratio of one new share for 
every two held. According to 
Mr KJL Krishna Kumar, man- 
aging director, the outlook for 
the current year appears 
“somewhat clouded" due to 
lower export demand for tea 
and higher production. 

Tata Tea is a significant 
exporter of tea. Its total export 
income last year rose to 
Rs910m from Rs860m. 


Standard & Chartered 


Standard Chartered PLC 


US$400,000,000 Undated Primary 
Capital Floating Rate Notes 

In accordance with the provisions of the Notes, 
notice is hereby given that for the Interest 
Determination period from 16 th June 1994 to 
12th July 1994 the Notes will carry Interest at 
the rale of 5.0625 per cent per annum. 

Interest accrued to 12th July 1994 and payable 
on 12th July 1994 will amount to US$36.56 
per US$10,000 Note and US$365.63 per 
US$100,000 Note. 

West Merchant Bank Limited 
Agent Bank 



U.S. $400,000,000 




Santander Financial Issuances Limited 

(taccrporUBd In thiCiyman Manta with BmnmdBmbBHy) 

Subordinated Undated Variable Rate Notes 

with paymefo of interest subject to the profits of 
and secured by a subordinated deposit with 
Banco Santander; SJV. 

(fncorpor a tatl In Spain with tkntnd Baton?) 

Notice Is hereby given, that for the Interest Period foam June 16. 
1994 to Sep torn ber 16, 1994 the Notes wffl cary an Interest 
Rate of 5.375% per annum. The amount of interest payable 
on September 16. 1994 wffl be U.S. S3.434.03 per U.S. $250 000 
principal amount of Notes. 


By: The Chase Manhattan Bank, NJL 
London, Agent Bank 

June 1 6 , 1884 


CHASE 


nctS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION Of 
■OUNM OF BONDS. IE Mounts ARE in ant doubt as to THE ACTION 
THET SHOULD TAKE. THEY SHOULD CONTACT TUB* STOCKBROKER. 
LAWYER. ACCOUNTANTOC OTHER PKOTESStONAL ADVISE* WITHOUT D6LAX. 

Caradonplc 

(rhe “Company) 

(jbmnfcMBUiaefV) 

Notice to the holders of 
£61300,000 

(previously £65.000,000) 

5# per cent- Subordinated Convertible Bonds due 2002 


respectively) 

Conversion Right Expiry Date: 7 th July, 1994 
Redemption Data 15th July, 1994 

The attention of BamfitoUen id drawn to the Notice published by the 
Company in the Financial Times on he June. 1994 notifying Bondholder* 
of the early redemption on 15th Jul* 1994 of all the Bunds noc converted or 
redeemed prior ro that dace. 

IN ACCORDANCE WITH CONDITION 4(a) OF THE BONDS 
NOTICE IS HEREBY GIVEN to the Bondholder that the lust date on 
which they can exercise their ridtt of conversion of Bonds Into fully 
paid Ordinary shares of nominal value 25p each of rhe Company will be 
7th July 1994. 

Hie attention of BondhoUca is drawn to the Cumbrians endowed on the 
Bonds and In particular to condition 4 which contains further details 
regarding conversion. 

Principal Paying and Conversion Agent 
Ocmkecs Trim Company 
l Appokl Street 
Braadnarc 

London EC2A 2HE 


Swiss Bonk Coqxirarion Banfcen Tnnt Company 
l AppoM Street 

qt-4002 .Baric Bnwjgae 

hwiocrfand London EC2A 2HE 

Banquc Internationale & Luxembourg SA. 

69 Route ifEsch 
L-1470 Luxembourg 


IMPORTANT 

ftymenr per Bond on re dem ption 

Including principal amount and accrued interest £LQ12.13 

Vjlirerf(>d} , i|, , y shares anting on conversion 
« a Bond (excluding factional entitlements) £1,770.45* 

SEli'stocfc eS.Tr&f 7Ja°. rf£J - w P« Share a derived fan the' 

Q Bankers Trust 

Company, London Aocnt&ank 

Ifch June, 1994 AgcntmnK 


The Bear Stearns Companies Inc 

(A crepmstaregadad mire the tars die Seas s/Ddotasre, USA) 

US. $200,000,000 

Floating Rate Notes due 1994 

For the three month period I5chjunc, 1994 to 15th September, 1994 
the Nows will catiy an interest rate of per annum with an 
interest amount of U.S. $121.39 per U.S. $10,000 Note payable on 
ISthSepnmber, 1994. 


Bankers Trust 
Co mpany , London 


Agen t B an k 



O 130» software ap pOcaflona O 
O Ftr DATA FROM *10 A DRY G 
O Signal SOFTWARE BWOe O 
Oat London 444(0)712313850 

far your guide and Signal price M. 


C". •• -n f'vy -r r. Jr , 


£.rrr;i.' i : _Ci'T'“. .'T!- 7n 


y-'J7JPES c, 



LOW COST 


ROUND II SHARE DEALING SERVICE 08 1-944 0111 

TRIP ||j < !iMM!'.v.|u>;n-i<>.\ i£li) ,,, IS ^.' vvr'UiU’ 1 

1 . - .. - ■ “ 


-rr.ywM * ' * 








FINANCIAL TIMES THURSDAY JUNE 16 1994 


19 

INTERNATIONAL CAPITAL MARKETS 


Europe battered as long buyers continue to lay low 

their early gains In later trad- 


er Comer MMdehnanrt and 
Gialuwo Bowtoy fn London and 
Rank McGurty hi New York 

European government bonds 
were once again whipped 
around in volatile trading con- 
ditions, aiding mostly Iowa as 
investors continued their “buy- 
ers' strike”. 

The market has become dom- 
inated by short-term traders, 
with most long-term investors 
lying low. "The real investors 
are sid elined; they're very ner- 
vous, and aren't sure what rep- 
resents value,” said a T/mrin^ 
trader. “Most of the people 
currently active in the market 
have a very short-term time 
horizon, which adds to 
volatility.” 

■ Data showing steady eco- 
nomic growth with low infla- 
tion brought an Improved tone 
to the gilts market, hel ping it 
outperform most other Euro- 
pean markets. 

However, gilts shed much of 


mg as weakness in the US 
Treasury market dragged them 
downwards. 

UK average earnings rose at 
an annual rate of 3.75 per cent 
in April, down from 4 pa cent 
in March. Investors had feared 


GOVERNMENT 

BONDS 


it might rise to 4JH per cent in 
April 

Short-dated bonds in particu- 
lar benefited from the news, 
outperforming medium and 
long-dated gilts. Traders 
reported the first buying in the 
«»ah market for some Hnw, as 
well as demand from overseas 
investors and switching Into 
giita from German bonds. 

However, analysts said An- 
ther rises in gEUs were limited 
ahead of Friday's Bank of 

Rn giimij anwnifiwwiBwt OQ *h<» 

details of its next gQt auction. 

Gilts All sharply in early 


trading due to weakness in the 
German market The long gilt 
future was up £ pant at lQQg 
in late trading. 

■ German gove rnment bonds 

ended a choppy session down 
about % point The Bundes- 
bank’s widely-expected cut of 
five basis pants in the securi- 
ties repurchase rate did little 
to lift sentiment, and bunds 
were pushed sharply lower 
eariy in the day by a large sell 
order of September bund 
futures- There was talk of a big 
US house selling 15,000 bund 
futures contracts on behalf of a 
U S 

customer. 

The September bund con- 
tract ended around 91.74, down 
0.53 point and only slightly 
above its 9L59 intraday low. 

■ French bonds slightly out- 
performed Germany, although 
its upside was limited by the 
prospect of new supply today, 
with the Treasury due to issue 


FFrlSbn-FFrtObn of two- and 
five-year notes, or Btans. While 
traders have reported recent 
demand for shorter-dated 
paper, the paper is expected to 
weigh on prices. 

Moreover, some large French 
investment funds, or Sica vs, 
have been seen liquidating 
holdings in the French bold 
market as their clients pull 
out, seeking to prevent further 
losses. 

The September notional 
French bond futures contract 
on Matif closed at 115.40, down 
0.16 point on the day. 

■ Italian bonds took another 
tumble, falling by more than a 
point on controlling concerns 
about the budget daflMt, which 
have been exacerbated by a 
recent constitutional court rul- 
ing requiring the government 
to repay pension benefits. 

The government's auction of 
Li.ooobn of 10-year bonds 
didn’t help sentiment, yielding 
an average gross 10.40 per cent, 


well above the 9.99 per cent 
yield of the last auction in 
May. The September BTP 
futures contract on Uffle fell by 
1.79 points to 1WL16. 

■ US Treasury bonds softened 
in erratic trading yesterday 
morning, even though a fresh 
batch of economic news had 
produced no surprises. 

By midday, the benchmark 
30-year government bond was 
£ lower at 87%, with the yield 
climbing to 7.318 per cent At 
the short end, the two-year 
note was unchanged at 100&, 
to yield 5.77 pa cent 

Earlier, bonds across the 
spectrum posted modest gains 
as the market followed 
through half-heartedly on the 
previous session's favourable 
May consumer price inflation 
news. 

Tuesday's data hwi encour- 
aged the view that the Fed 
would hold oft on its next 
money fri ghtening until fhe end 
of the summer. That scenario 


was buttressed yesterday by 
Mr Lawrence Lindsey, a cen- 
tral bank governor, who told 
the Market News wire service 
that monetary policy was now 
“within the neutral range”. 

The morning's economic 
news did nothing to alter the 
perception that the economy 
had slowed sufficiently to 
allow the Fed to give bonds 
some breathing space. The cen- 
tral bank reported that indus- 
trial production had risen 02 
pa cent, while capacity-utilisa- 
tion, a key Indicator of fixture 
inflation, slipped to 83.5 per 
cent from 83.6 pa cent Both 
figures were just a little stron- 
ger than expected. 

However, if Mr Lindsey’s 
remarks were meant to reas- 
sure the market, their effect 
was short-lived. His Fed col- 
league, Mr John LaWare. 
warned in a second Market 
News interview that the econ- 
omy had reached “full employ- 
ment”, a point at which wage 
pressures are likely mount. 


Republic of Austria deal tests demand for short paper 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Maturity 

Fbea 

Opraad Book runner 

Ooiromr 

US DOLLARS 

m. 

96 


% 

bp 


Repitoic of Austria 

800 

8.00 

10O225R 

Jun. 1996 

0.125R 

+6 (69696-96) Goldman Sachs ML 

FRS4CH FRANCS 

European Investment Bank 

Sbr 

780 

8881R 

JUL1999 

Q85B 

+12 (BVMt-Bft CrAcfit Agricole 

CANADIAN DOLLARS 

BMW U8 Capteri Cap. 

100 

9.125 

B9.45R 

JuL2001 

0375R 

+S8 (e) ABN Amro Bank 

Banque Natfonre da Parted 

100 

980 

9980R 

Dec. 1993 

080R 

+28 (7N96-9Q Dftwn Europe 

Baoob Overseas 

7B 

985 

99.95R 

JUL1899 

0876R 

+50 (7NN-99) Wood Gundy 

SWISS FRANCS 

SBC Finance Cayman Wands 

100 

6875 

10280 

Jill 998 

atandred 

Swiss Bark Corp. 

Region DVe-de-frtuice 

75 

680 

10285 

Sep2002 

standard 

Banque PMbas (Sutosft 

Rnet terms and non-cretotria urdess ittated, The yield spread {over nriatant government bond) at launch to swifted by the toad 
manager. R: fixed re-offer price; ftas are shown at the re-offer toveL a) Over Intsrpotatad yield, ft Short 1st coupon. 


By Tracy Corrigan 

The Republic of Austria’s 
6600m offering of two-year 
eurobonds yesterday tested 
retail riemjmri for short-dated 
dollar papa, after a spate of 
recent offerings. 

For Swiss retail investors 
and fund managers, short- 
dated dollar paper appears a 
safer bet than more volatile 
longer maturities, while the 
yield pick-up ova bank deposit 
rates Of about 1% points ninkaa 
a slight extension of maturity, 
for a relatively small increase 
in risk, at tr a ctive . 

The 6 per cent coupon - even 
though it maant setting the re- 
affer price at a slight premium 
to the par value of the bonds - 
was necessary to attract retail 
investors, according to lead 
manager Goldman Sarfm 

However, there has already 


been a heavy flow of two-year 
issues, and sane dealers said 
there was a finite pocket of 
demand for such paper. “The 

paper Wfil teka gome tima to 

place, but Austria is one of the 
supreme retail names for Swiss 


INTERNATIONAL 

BONDS 


investors,” said one deafer at a 
Swiss bank. 

For the Republic of Austria, 
the financing replaced a 
SchlObn auction of five-year 
notes in the domestic market, 
rawcriiari on Tuesday to 
the Federal Financing Agen- 
cy's rtlggnfrlgfflctinn with the 
level of bids received from Aus- 
trian banka The agency bad 
already changed from a two- 
year to a five-year auction on 
the advice of the banks. 


Austrian government bonds 
bad suffered fn the run-up to 
last week’s referendum on 
whether to join the European 
Union, yield spreads ova Ger- 
man bunds, which had been 
trading in a range of between 
20 and 40 bads points, widened 
to 55 bass points. 

However, following the posi- 
tive result of fixe referendum, 
the market improved, and the 
agency was expecting to 
receive stronger bids at the 
auction. In fixe event, the bids 
submitted by the banks were 
around 65 basis points over 
bund yields, perhaps because 
bonks were nervous about tak- 
ing on more inventory after 
suffering losses in the bond 
market the previous week. 

As a result, the dprirfnn was 
frnkpn to cancel the p nc frion To 
accept such a level of bids 
“would have been [to said] the 


wrong signal to the Austrian 
bcoxd market*, «iii Mr Hans 
Kembaoer, a managing direc- 
tor of the Austrian Federal 
Financing Agency. In any case, 
“it was always part of our fin- 
ancing programme that we 
should tap the foreign mar kets 


in the course of year”. 

The rhsnra to laimeh a dol- 
lar deal .of two years - the 
maturity ori ginall y planned for 
the auction - provided funding 
at a Iowa cost, he said. The 
deal was swapped into fixed- 
rate D-Marks, and the financ- 


ing was cheaper than could 
have been achieved by tapping 
the euro-D-Mark sector 
directly. 

Elsewhere, the European 
Investment Bank launched a 
FFr3bn five-year deal in the 
French domestic market 


Swift seeks to 
lift membership 
with lower fees 


By John Capper, 

Banking Editor 

Swift, the Belgian-based 
cross-border payment message 
network owned by 2,230 banks, 
yesterday announced heavy 
cuts in joining fees in an effort 
to attract more small banks, 
securities houses and other 
f foanrifli institutions. 

Swift's board approved a 5 
per cent tariff rebate to its 
members this year, following a 
20 per cent rebate last year. It 
also decided that existing 
members would not have to 
pay for new electronic security 
equipment for the network. 

The board decided to cut fees 
for entry to the system - 
which allows banks and finan- 
cial institutions to exchange 
cash and securities settlement 
and confirmation messages 
across borders - from an aver- 
age of between BFrl.Sm 
($38,460) and BFrl.Sm per 
member. 

The fee for frill membership, 
which is confined to banks. 


was cut to BFr400,000, while 
the fee for financial institu- 
tions such as broker-dealers 
and asset managers to become 
“sub-members” was cut to 
BFr200,000. 

Swift is facing competition in 
the market for low-value cross- 
border payments from systems 
such as Ibos, developed by 
Royal Bank of Scotland and 
Banco Santander. It has been 
forced to restructure and cut 
costs. 

Mr Francis Remade, 
vice-president for soles, said 
Swift saw securities transac- 
tions, including settlement and 
securities custody, as an 
Important growth area, and 
had cut fees to encourage 
smaller users to join. 

He said that between G per 
cent and 7 per cent of the 457m 
Swift messages last year 
related to securities rather 
than cash, compared with 3 per 
cent two years ago. 

Swift's revenues fell to $2S0m 
last year from 6323m the previ- 
ous year, after cuts in tariffs. 


Open-ended emerging 
markets fund from F&C 


By Antonia Sharpe 

Foreign & Colonial, the 
investment management 
group, is launching an 
open-ended fund which, it says, 
will provide investors with a 
diversified exposure to emerg- 
ing markets. 

F&C, which already has a 
£130m closed-end emerging 
markets investment trust, has 
not set any firm targets for the 
new fond, in view or the down- 
turn in emerging markets. 


However, the daily dealing at 
net asset value, and the 
increased liquidity provided by 
the open-ended structure, 
should appeal to investors 
wanting more efficient and less 
risky access to markets which 
are intrinsically volatile. The 
Luxembourg-listed fund will 
follow the asset allocation 
models used by F&C. 

The launch period for the 
shares, which are priced at $10 
each, runs until July 1. The 
minrmirm investment is $5JX)0. 


I WORLD BOND PRICES 1 

BENCHMARK OOVERIMIEirT BOIOSS 

Red Coy’s 

Coupon Oats Rice change 

»ai 1 - as. - — 

ttoQK IflOfBII 

YMd ago ago 

Italy 

■ NOTIONAL ITAUMI GOVT. BOND (BTP) FUTURES 
(UFFE}- Lka 200m lOOths of 100% 

FT- ACTUARIES FIXED INTEREST INDICES 

Price total Wed Day's Tub Acoued 

UK Gflts Jui 15 change % Jun 14 Merest 

ytd 

—Low coupon ytaU— — Madhan cotton yield H)gb coupon yield — 

Jun 15 Jui 14 Yr. ago Jun 15 Jui 14 Yr. ago Jui 15 Jui 14 Yr. ago 


Austrftto 


9800 

OU04 

1018400 

+0870 

884 

8.64 

888 

Belgium 


7850 

04/04 

968000 

-0400 

787 

787 

788 

Csnada* 


8500 

oao4 

8X4500 

-1.100 

980 

688 

625 

Danmaric 


7.000 

12AM 

928000 

-0150 

8.09 

7.96 

7.19 

Franca 

BTAN 

8800 

0SAB 

1038750 

-0130 

681 

6L66 

684 


OAT 

5800 

04AM 

88.1000 

-0530 

785 

727 

6.68 

Germany 


6.750 

OS/04 

97.4200 

-4X130 

7.12 

685 

BK9 

My 


8800 

01AM 

8914100 

-0990 10277 

9L90 

982 

Japan 

No 119 

4800 

OttM 

1054120 

+0840 

383 

389 

3.18 


N0 164 

4-100 

12AJ3 

998200 

+0400 

420 

423 

3.76 

Nrrihsrireids 


5.750 

01AM 

903200 

-0380 

7.18 

781 

685 

Spain 


10800 

10/03 

1008200 

-0830 

1032 

988 

944 

UK Glia 


8800 

08/90 

91-11 

+16/32 

688 

883 

786 



B.7SO 

11704 

89-00 

+7/32 

880 

883 

780 



9800 

10/08 

103-23 

+10/32 

884 

840 

883 

US Traasuy 


7J50 

05AM 

101-23 

- 

7.01 

680 

786 



8850 

Ofl/23 

87-06 

-7/32 

782 

723 

780 

ECU (French Govt) 

8.000 

04AM 

878700 

-0040 

784 

780 

786 


Sep 

Dec 


Open 

100.05 


Settpricre Change 
104.72 -1.23 
10X67 -1.23 


10865 


Low 

10446 


Eat vd Opan M. 
53307 60978 

0 100 


■ ITALIAN QOWT- BOND (BTP) FUTURES OPTIONS fUFFg LfcgOgn IQOtta erf 100% 
— CALLS PUIS — — 


1 Up to 5 yarn (24} 

2 6-15 years CH) 

3 Over IS yeere (3) 

4 Irredeemables pSQ 

5 AM stocks (81} 


12185 

+088 

12188 

186 

547 5 yrs 

018 

029 

7.10 

887 

048 

782 

848 


782 

14001 

+043 

139.70 

1.71 

6.42 15 yis 

046 

049 

784 

057 

064 

033 

089 

883 

058 

157.18 

+084 

156.16 

286 

525 20 yis 

842 

046 

016 

057 

084 

844 

072 

076 

062 

17B84 

+025 

17821 

188 

686 Irred-T 

884 

056 

881 







137.88 

+046 

13781 

181 

586 















— 

— Whitten 66fc — 

— 

— Inflation 10% 

— 



Price 

5«P 

Dec 

Sep 

Dec 

10450 

283 

‘ 288 

211 

349 

10600 

286 

245 

234 

3.78 

10680 

182 

224 

280 

437 


Jun 15 Jui 14 Vr. ego 


in 15 Jun 14 YV. ago 


London doted Hew Ytofc mkt-rtagr 
t Oran £idudng retottre j n fl tm re 116 por r 
prices us, UK h Knda. ottun In dKhflri 

US BfTERB ST RATES 


BA vcL tout Cato 3257 Pub 407B. Pnrious rtaj/a cprei Int, Cali 20326 Pina 18554 


Spain 

■ NOTIONAL SPAM9H BOND FUTURES (MEFF) 


6 Up to 5 yeoraCb- 

7 Over 5 years (11) 

8 AI stocks (13) 

Debentures and Loans 


18005 

17294 

17342 

+038 

+036 

+036 

18589 

17332 

17348 

1.02 

088 

087 

283 

018 

281 

Up to 5 ynt 
Over 5 yre 

3.71 3.75 299 

383 383 387 

C « eta » erfnlel 1C 

282 

383 

: __ .<uu 

281 229 

3.66 3.40 

_ nC 







v JWI |MH - 

Jun 15 Jun 14 Yr. ago Jui 15 

Jui 14 Yr. ago Jun 15 Jui 14 Yr. ago 

12788 

+024 

12787 

939 

527 


988 064 889 981 

9.60 981 

983 986 947 


9 Dobs & Loans (70) 

/borage grow ndrei w B re i ytafcb ore rion asm. Coupon Sands Love OM-7KM; Maduic M5-10KH; Wglt 11H aid over, f Rat yWL ytd Yea to data. 


Sour*: MMS MamaflorMf 


LuncMhn 

On piiiii - 

Maia 7% iteaonk. 

Dr o»ar lean late 9j TtaooomA 

MM 4 £ Shunto- 

Fcdtadtri tan ite m, - Onajare— . 


Treasury «a and Bond W 
196 nwjear. 


4.14 Haw jear_ 
420 Rwjear — 
462 KHfW 
SX» 30yare 


5-75 

660 

661 

761 

769 


Sep 

Deo 


UK 


Open Sett price Change Wflh Low Eat voL Open tnt 
82.14 81-23 -085 92.18 9081 81.932 85451 

8255 - 


FT FIXED INTEREST INDICES 

June 15 June 14 Jure 13 June 10 Jim 9 Yr ago ttgir Low 


GILT EDGED ACTIVITY INDICES 

June 14 Am 13 Jim 10 June 9 June 8 


BOND FimiRES AND OPTIONS 
France 

■ MOTIONAL FRENCH BOND FUTURES (MATIF) 


■ NOTIONAL UK Qtt-T FUTURES [LlFFq* ESQOOO 32nda of 100% 

Open Sett price Change Wgh Low EsL voi Open int 
Jun 101-17 102-01 +0-10 102-08 101-17 156 11783 

Sep 100-07 100-25 + 0-10 101-09 100-04 74268 118318 

Dec 99-26 +0-10 0 87 

■ L0NQ 0»T FUTURES OPTIONS (UFFE) £60400 84tfa ot 10096 


Govt Secs. (UK) 9248 91.95 9148 9242 92.78 85.82 107.04 9144 GB Edged bargains 117.6 1050 92.7 . 1160 89.9 

Rued interest 109.12 106.82 10949 11027 11055 11244 13087 108.62 May average 1024 964 946 98.9 974 

* lor ISM. Comment eacutttas Nrii shoe entr u i Un n: 1Z7.40 0/1/33. taw 40.18 (371/79. Read Maraat lta» atoos compSottorc 13367 (21/1/W) . tow 5053 (3/1/76) . Baato Ittt Government Securitas 13/10/ 
2d and Rued Inte rne t 1820 SE ecttoSy todcaa icbned 1074 


FT/LSMA INTERNATIONAL BOND SERVICE 


Uried ae he Me* Wamatonri 


bonds te tefch tom la ai adequate aecondrey market Latest prices at 760 pm on Juts 15 
baaed BU 08* Chg. YUU towed BU Ofler Chg. YMd 


Issued BU OVer Chg. VtaM 



Open 

Settprice 

Change 

Mgh 

LOW 

Est voL 

Open int. 

Sep 

11530 

11540 

-0118 

11530 

114.80 

252063 

113365 

Dec 

11484 

11430 

■016 

114.84 

11338 

1.789 

9830 

Mar 

114,02 

113.70 

-014 

11432 

11432 

2 

- 

■ LONG TERM HVEMCH BOM> OPTIONS (MATff) 





SMga 

Price 

100 

lot 

102 


CALLS 


PUTS 


Sep 

2-61 

2-18 

1-51 


Dec 

3-07 

2-42 

2-17 


Sep 

2-m 

2- 30 

3- 01 


Dec 

3-21 

3- 58 

4- 31 


US. DOLLAR STTWBflS 

Abbey Nafl Treauy 6% CS . 1000 

itaoe 7*i SB 1000 


BH. w*. Krita. Cads 2934 Pus 6230. Pievtoia daf* open M. Cato 46619 Pub 32266 


Strike 

Price 

Jui 

CALLS 

Sep 

Dec 

Jul 

— PUTS 

Sep 

116 

1.19 

212 

218 

082 

1.78 

116 

0.65 

- 

188 

180 

227 

117 

034 

1.14 

- 

- 

288 

118 

012 

075 

- 

275 

- 

119 

- 

044 

- 

- 

4.05 

EaL * 01 . low. Cab 39849 

PUS 66.123 . 

Rarioua day* 

opro tou Cab 283^6 1 


Dec 


Germany 

■ NOTIONAL GERMAN BUND FUTURES JJTET OM2S04QQ IQOthfl at 10096 

Open Sect pries Change High Law Eflt vot Open tot 
Sep 92.45 9140 -047 9240 8149 

Dec 


Ecu 

■ ECU BOfD FUTURES pMTV) 


Open 

83.70 


Settprice Charge 
B3J52 -0.14 


High 

83.70 


8240 


EsL voL Open int 
1460 8423 


Deo 


US 


9143 


9147 


-0.48 9143 


9143 


138959 137183 

90 882 


N US TREASURY BOND FUTURES tCBT)SlQQJ]00 32riflaoM0096 


■ BUND FUTURES OPHONS DM25qOOO pokris oMOON 


Strife 



CALLS — 


— 


PUTS 


Price 

Jui 

Aug Sep 

Dec 

Jui 

Aug 

Sep 

pec 

9150 

073 

182 186 

1.77 

043 

132 

185 

200 


048 

1.04 129 

182 

068 

184 

149 

225 

9250 

027 

080 1.05 

181 

097 

180 

1.75 

284 



Open 

Latest 

Change 

Hgh 

Low 

EsL vol 

Open tot 

Jun 

105-20 

105-19 

-0-02 

105-28 

105-18 

24856 

56.011 

Sep 

104-20 

104-20 

-002 

104-30 

104-19 

441855 

314.795 

Dec 

104-08 

104-01 

*0-04 

104-09 

100-31 

1853 

36.444 


Eta. voL net Ctes 10211 Pots 12601. Prwtoua day's open W. (Me 166060 Pie* 162050 

m NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 
(prgafliFFft* OMggOjMO lOOttto a* 10096 


Open 


Sep 


Settprice Chenga 
97.73 -0-19 


Hgh 


UK GILTS PRICES 


— YUd_ — 1994 — 

tot Red pares *or- 


Eat vol Open M. 
0 78 


K 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOM) FUTURES 

(UFFE) YIQOrn looms a I 10064 

Open Close Change Hgh Low EsL vot Opm krt. 
Sep 11047 11047 11049 1048 0 

■ UFFE u a ren a iM. ceded on APT. M Open tatarast 6c*. are tor pwtoue da*. 


mm 

Red Price t+w- Wp I tm 


— feU- — 1994 — 

(1) 3 Price £ +cr- Hgb taw 


TteaLlOpcUL IBMtt— 
EaJi IZhpc 19M.— — 

itoaawiaaw 

12pct965 

ten 3pc Gas 90-95 

HMtPC 1995. 


1toMl21W*199Stt 

I4pc 1396 — — — 

15>4pC 1996ft 

tea la'tfC 1996ft 
Ctoantan lOpo 19B8 — 

Ctt* 7pC 1957# 

Tren la'tps 1 097ft—. 

tea 10*a* 1987- 

DeaMre 1897ft — 
tefti5pcia97 

94IPG1SBB 

Treat T'+pc IS 


Th»B1tf6l#9W6ft- 
14peV6-1— —— 

Tmol^ocVSft—— 

teh 13x1996 — 

TNNFift 1989ft 


nretoRBm Tares 

teJH2 1 4PC1399 

Tim I0*2gc 1969 — 
Trm8pc!9fl8ft— 
Corwrion lO^re 1999- 

TcwaRtoftNW 

9re3M0ft 

feaaiSpcHOO 

ion am. 

Tpevift 


7**1 A. 

Mire am.. 
Speiuosft- 


1040 

1233 

«J» 

1143 

3.06 

BL79 

11.72 

1250 

1329 

1149 

942 

7JM 

1155 

979 

850 

1243 

945 

741 

702 

11.75 

1227 

1056 

SUN 


1085 

9Sf 

A57 

951 

&78 

1081 

ass 

780 

782 

820 

&3! 


- too 
WR .161B 

JLtT 101>» 
5.14 1W.'. 
482 96*, 

570WW 
8.11 106fl 

0.42 ill A>6 

9J1 IMfi 
B74 Mia 
7.13 166A 

741 va 
7J1 1I«*«J 

742 107^ 
787 1Q2Q 
786 ia« 

788l05j$d 

741 973 

742 091* 
820 119*4 
LOB 126% 
&» 113% 
&1910<%ft 


MZA 

10«S 

103)2 

1WA 

98% 

10713 

3 113% 

m* 

+% 111 a 
+& H7B 
♦% 112 * 
10W 
+% 121H 
+A IMA 
+U 110,’. 
+% 1313 
+U 1140 

+A 100A 

+% tee 

+% I31A 

+A 1«A 

w% 1259 
+9 110A 


1QPC2003 

160 7naaii%Fe20O1-4 — 

lOifi Ra*g3'5pe'9W 

101% omenta 9>2pe 2004 _ 

IMA Ttaf6%pcXO(ft 

Cbn»9*uie20» 

^ Timiz^anw. 


83* 11SA 
882 108% 
am 9iA 

&42 107% 
- IDOA 
841 wny 
assisoAft 
887 HSA 
844 9ZA 

an iSS 

850 B8A 


*iS 128* 
+A 121 A 
♦A 101*1 
*h 121*2 
— lOOA 
+B 116A 
+A 13W 
+A ISA 
+,« 106A 
*9 IMA 

S 123A 

1141 


UiA ancZOBHtft ■■ ■ 
JJg T»1l%pc 200-7— 
Tim 8%pC 2007ft—. 
’Sf I3 %pcW-6 

Dm 9ft 2008# 

106* 

1010 
1I9» 

104% 

BwMMTrea 

IDS Treos toe 2006 — 

115 % TimSlNpcanO 

ISA QnrSpcUZMIft 

Dmtoe2° ,2 ft 

103% nets s%pc 2003- 12 ft_ 

Tree 3pe mi 3ft 

7%pa2MWSft 

TlmB%ft 2017ft 

EkO !2peT3-T7 


026 

iai7 

«J6 

9L00 

787 

an 

KUO 

049 

UE 

10.12 

&53 

1081 

am 


BJS 1070 

am leu, 
787 73%ft 
am uB)i 
849 88A 

am tow 

944 121% 
558 93% 

844 35% 

MIIIOAft 
085 eafis 

154 128% 
883 1109 


+9 127A 
+% 1290 

+A 98A 
+A 125,1 
+A 105% 
rj* 126% 
+% MW 
+A 11ZU 

F% 111% 
+U 136A 
+% 119A 
+A 151A 
+% 1340 


105% tadn-ltaed (W 

111% toe *96 (67 J* 274 341 199,'. +% 2D% 19713 

7IA ^recVBft — (usq 245 385 107A ♦% 113* 106 ,} 

10U a%ne1« <78-5 iM 171 1650 +A i»% :64& 

Be PzftTO- J78fl 144 374 ISIS +% 173% !»% 

3 


1194 


toe IB. 


St% 


jsaq 28i 374 168 a re +A IM)3 i«S 
181 381 192 +A 1G0,; 14’ 


*A 17S» 1» 

. O* ma 187 383 ISA +A 149% 1£% 

a'efttB (B 14 370 US 137% +A 157* 135% 

174 387 111% 


2 ‘ape’ll 044 am 381 157% 


+,'. 1520 129% 
+A 12BA 107 
Wc nsi ioft 


,2 *B Z&Tm 07J) W4 3891D9AS 

191 4%pe*30ft_(135.n 175 388108081 

Pmepedtoe reft wdanftlon rate on projected MdSon el p) 1046 
end (2) 5%. 94 Rguna to p rew rihaaea show RPI bsee tor 
todsung (e 8 morthe prior to torere) and here been adfusted to 
tatod retaasku d PP1 u 100 to Jonray 1987. Ccrwareion tactor 
3845. HPltor October 1993: 1418 and tor May 1894: 144.7. 


1130 

1974 

90 

106% 

100 

101 % 

118U 


am 

853 

95B 

+B 

Iiaa 

S3 

7JT 

as 

81A 


NA 

732, 

as 

aa 

104% 

+A 

128a 

101 A 

an 

&a 

104/5 

♦a 

07% 

101 A 

783 

627 

75 

+1 

83% 

72i 

837 

947 


+% 

lira 

•U 

886 

944 

esa 

+% 

114% 

91% 

847 

944 

103% 


128% 

SOB 

915 

987 

131% 


158% 

127% 


Other Fbced Interest 


_VJrid_ 
H M 


— 1994 _ 

WBE+6T- W» Low 


vretdBSfascft 

c«ir3%ftVi*a 

itmapc-ntt 

CBereto2%pc 

Tm.i%s^_ 



969 

- «/. 

-% 

59% 

44B 

944 

- 41B 


54U 

39H 

&U7 

- 57% 

♦% 

n 

55% 

933 

- 34% 

-% 

44 % 

333 

am 

- 28% 

' ■ 

38% 

28% 

957 

- 28d 

— 

57% 

Z7» 


Africa Dre 11% 2010 — 
«anDw10%pcB*S~ 

81rem 11%pc2012. 

umcapaizfc'ia — 

toe 0*1906 — 

ttocV7-9 

DftteQuebKl3pc2011. 
Utatl3%pe2008— 
LiWptt(3%0CkTEd 

lECSpeTDffi. — 

Mumicril%ft2007- 

UttW.toeV — 

BVtatogb3%js202i. 

4%J£LZ(B4 

oriHKSBKsie^csre 


942 

994 

I18£ 

+31 

MRS 

117% 

981 

954 

mil 

♦% 

139% 

T10U 

350 

050 

117% 


142 

117% 

952 

- 

99% 


116% 

97% 

991 

— 

in 


1(0% 

100% 

1179 

- 

110 % 

T% 

115% 

108% 

1054 

921 

1 *% 

+ 1 % 

1G9U 

141% 

1084 

— 

iw% 


149%. 

w% 

052 

— 

36% 



44% 

33% 

0.16 

- 

32% 



«% 

28% 

rare 

9J9 

in% 



138% 

112% 

451 

925 

65% 



78 

66% 

— 

458 

131% 

... ,. 

150% 

131% 

• 

453 

125% 



145% 

125% 

1157 


iaa 



159% 

139 


/toataS %00 

Brett o( Tokju B% 98 

400 

100 

mY7%07 __ 

TO 











OreB Fondar 9% 99 

300 



East Japan Rataar B% 04 

000 

193 

SC 8% 96 

100 

BB 7% 06 

250 






Export Qw Cup 9% 98 150 



Ford Motor Cred8B% 98 TOO 


200 

MBhJapanFto7% 97 — 200 
















3000 



.200 






an 

Srirebuy 9%SG 

TO 


TO 




200 


SODD 

Swckhtexn8%SS TOO 

rdy> Sac fttao- 6% 03 TOO 


TOO 


9000 


1500 


1500 

DBITSCW HARK SIRNGHtS 




2000 


1500 




mi 


TOO 


3000 


5000 



TOO 

(Mato 6%" 04 

1500 


spam 7 % os . 
StadnSW- 






UMkd Khgdren 7% 97 

5500 

102% 

W2% 


036 

93% 

83% 

4% 

759 

VtttreregenH Ai703 

1000 

97 

97% 


747 

102% 

102% 

4% 

098 

WcridBartt0 15 

_ 2000 

21% 

21% 

-% 

741 

106% 

108% 

+% 

7 04 

Wbrld Bartt 5% 03 

-3000 

91% 

91% 

-% 

720 

103% 

103% 


928 

Vltarid Brett 8% 00 

_ 1250 

110% 

110% 

r% 

urn 

88% 

87% 

4% 

751 







103 

«C% 

4% 

949 

SW688 FMNC SIRMGHTS 






11% 

11% 


935 

Asta Dev Bank C 10 

TO 

TO 

101 

-% 

OOQ 

W% 

104% 

4% 

902 

Austria 4% 00 

_ 1000 

97 

97% 

-% 

6.12 

91% 

91% 

4% 

901 

COtod Euopo 4% 86 ■ 

— 550 

99% 

TO 

+% 

4 SR 

97% 

88% 

4% 

852 

Dmonfc4%99 

-TOO 

80% 

96% 

-% 

5.10 

103% 

103% 


931 

BB6% 04 

— SCO 

105% 

106% 


001 

109% 

110% 

4% 

897 

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FINANCE r TIMES^TCIURSDAYjIUNE 16 1994 


20 

COMPANY NEWS: UK 


Non-core losses hit Thames Water 


By Bromren Maddox, 

Bnrtronment Corraapondent 

Thames ' Water, the largest of the 
Iirtrotised water companies, announced 
a 4 per cent fall from £2SL3m to £24L7m 
in pre-tax profits for the year to March 
31 after losses in contracting and 
restructuring costs. 

Turnover rose from £L04bn to 
£L09bit, mftinrfmg Efigft m from acquisi- 
tions. 

There was an exceptional charge of 

ffi Wm- Losses on Egyptian contracts 
acquired in 1388, which were revealed 
at the half-year stage, cost £25m. 
R estru c tu ring non-core companies in 
the UK, US, Germany and Asia also 
produced an&off costs. 

Sir Robert Clarke, who has just taken 


over as chairman, mid yesterday: "The 
situation is now completely dean and 
dear.” 

Overall the non-core businesses, 
on which Thames has spent some 
£L70m in acquisition costs and invest- 
ment, incurred a pre-tax loss of 
£4aGm. 

International and process contracting 
businesses suffered from poor economic 
condi ti o ns abroad, with a fall in turn- 
over to £120m ( £i82m). Sir Robert said: 
“Conditions have been particularly dif- 
ficult in Germany. The east German 
economy has not exactly been buoy- 
ant” 

Turnover in products and services 
rose to £l06zn (£62m) partly because of 
the addition of businesses acquired 
from Hiram Engineering, although UK 


industrial demand continued to be 
weak. 

With commercial a nd industrial 
demand for water services also weak, 
turnover in the core business rose 7J5 
per cent to £S72m (£81Im) by price 
increases. 

Excluding depreciation and infra- 
structure renewal, operating costs in 
the utilities aim rose by 0.7 per cent 
Like other large water companies, 
Thames has cantimied to reduce staff 
numbers, which Ml by 488 - 6-6 par 
cent - to an average 6393 during the 
year. 

However, the capital spending pro- 
gramme to modernise the infrastruc- 
ture and meet new environmental regu- 
lations and which absorbed £359m last 
year, also pushed up depredation in the 


care business to £73m (£60m) and group 
net interest charges to £44J>m r com- 
pared with £295m. 

Net debt at the year end was £S71m 
(251.6m), for gearing of 37 per cent (31 
per cent). 

Although earnings per share fell by 
4.4 per cent to S63& compared with 
59L3p, dividends are increased by 7 per 

cent to 223p Cap) with a recommended 

final of 15.1P. 

In the pr esent year, Thames exrwfo t 
its non-core busi n e s ses to break even 
after paying for acquisition costs, and 
said its order book was running at more 
than £X50 dl Sir Robert said; “The reces- 
sion is not c omp lete l y over but there 
are some glimmerings of improve- 
ment.” 

See Lex 


Allders rises to £12m 


Southern Business 


level Indicated in the prospec- 


shares dive 32p on 
cautious outlook 


By Maggie Uny 

Maiden interim results from 
Adders, the department store 
and tax and duty free retail 
group which floated last year, 
showed a strong advance in 
profits. 

Pro-forma pre-tax profits 
rose from £99m to £LL7m in 
the half-year to March 8L 

The shares, which were 
priced at 17Qp last October, 
closed up 3p yesterday at 227p. 

Lord Prior, chairman, backed 
up the numbers with an opti- 
mistic statement saying “con- 
ditions in all our markets are 
better than we have experi- 
enced for several years”. 

An inte ri m dividend of 22p 
is 8 per cent higher than the 


Stirling in 

By Carofine Southey 

Stirling Group, the clothing 
manufacturer which supplies 
Marks and Spencer, fen into 
the red at the year-end after 
exceptional Items of £431m fol- 
lowing the disposal of its brand 
and import divisions. 

Pre-tax losses stood at 
£798,000 in the year to March 
31, against profits of £5.13m 
last year, on turnover down 
from £L00.8m to £9&2m. 

Operating profits fell from 
£53An to £3-76m after losses 
from the discontinued 
operations of £l.69m (profits 
£585300). 

Stirling disposed of its brand 


tus, which said the 1993 divi- 
dend would have been 6.1p, 
with one third paid in the first 

hqlf 

Group sales in the six 
months rose 10 per cent to 
£357m, and opmating profits 
increased from £10m to giv tm 
An extra trading week in the 
comparable period added £L2m 
to department store operating 
profits, while the current year 
benefited from a £700,000 write 
back of an over-conservative 
provision made for flotation 
costs. The underlying rise in 
profits was 14 per cent 
Interest charges fall from 
£Llm to £400,000. Earnings per 
share were 9p (7.7p). 

The first half includes the 


her. A decision to sell the loss- 
making imports division was 
rnarip shortly after the abrupt 
departure of Mr Peter Sheldon, 
the former chairman and rhteF 

executive, in. January because 
of differences of opinion over 
the directum of the division. 

Mr Robert Coe, non-execu- 
tive chairman since Mr Shel- 
don's departure, said he was 
confident that the derision to 
focus the company's efforts on 
Its core business as clothing 
supplier to M&S “would be jus- 
tified by the trading results”. 

The return on sales in the 
core contract division grew 


im p ort a nt Christmas period for 
the department stores. Adjust- 
ing for the extra week, under- 
lying prefits were 16 par cent 
up at £K).4m, on sales of £i67m, 
up 7 per cent an the adjusted 
basis. 

In the tax and duty free divi- 
sion profits jumped from 
£700,000 to £1.9 ul However, 
this was boosted by a shift of 
£13m from the second half to 
the first undo: a new agree- 
ment with BAA. the UK air- 
port operator. 

A £23m loss in North Amer- 
ica (profit £100,000) was blamed 
on dull trading, phis £700,000 of 
closure casts far the San Fran- 
cisco airport store, and also the 
effect on Canadian sales of a 
reduction in tobacco duty. 


from 7.2 to 7.6 per cent Mr 
Steven Bentwood, chief execu- 
tive, said Stirling would pursue 
growth through sales and prod- 
uct design* The autumn pro- 
gramme for M&S was running 
ahead of last year, he said. 

Looses per share emerged at 
139p (earnings 332p). How- 
ever, the proposed final divi- 
dend is unchanged at L35p, for 
a total of L9p (L85p). 

Mr Coe said the costs of 
withdrawing from the two 
businesses had been provided 
for fully in this year’s 
accounts. Following the dispos- 
als Stirling had g2Qm net rash 
com p ared with £2L3m net bor- 
rowings a year ago. 


By Stmofi D a H — 

Shares in Southern Business 
Group, the photocopier and 
vending machines supplier, 
dived by 32p to 42p after the 
mmpany announced a sharp 
fall in interim profit s . 

Pre-tax profits for the six 
months ended March 31 fell by 
56 per cart to £3J.4m (£73m), 
and the company remained 
“cautious as to the trading out- 
look". 

Analysts reduced full-year 
forecasts by up to £5m from 
the previous consensus of 
ci9.sni. 

The profits fall reflected dis- 
appointing sate and what the 
company described as a one-off 
£900300 sales cost 

The photocopier supply 
industry was subject to an 
Office of Fan Trading report in 
March, which responded to 
concerns over long-term leas- 
ing contracts with a call far 
Wide ran g in g nhang gg. in the 
industry. 

SBG made a £3m provision 
for the renegotiation of con- 
tracts last year, and Mr David 
MriMarn, riiief executive, said 
the company bad fully antici- 
pated the report’s recommen- 
dations. 

No further provisions were 
considered necessary at the 
interim stage— ... 

Turnover amounted to 


£26. 9m, down from £29.4m, 
reflecting an increasingly com- 
petitive market Mr McEriain 
said sales were satisfactory for 
the first quarter, but in the sec- 
ond quarter they Bart collapsed 
frw«pTteahly to aTvm f nma quar- 
ter of their budgeted rate. 

There was a short-foil 
between sales levels and sales 
staffing costs, and conse- 
quently a sales cost of £900300 
has been included In the 
interim figures. This would 
usually have been capitalised 
as an Intangible asset, to 
reflect the long-term revenues 
derived from each sale. 

In addition, the shortening of 
some leasing contracts after 
renegotiation contributed to a 
£914300 increase in amortisa- 
tion costs. 

Mr McEriain said market 
conditions suggested a likely 
consolidation within the indus- 
try. SBG would consider acqui- 
sitions, or a partnership with a 
major di str ib ut or , the company 
has rash balances of SAJSbl. 

Following the OFT report, 
contract and price 
within the m«hifi try were bring 
towered. SBG now expects to 
achieve profit margins of about 
15 per cent, half their level at 
the peak of the market 

Ea rning s per share dropped 
56 pa cent foam 439p to 2J$i. 
.bat the interim dividend is 
maintained at L27p. 


Placing 
puts £51m 
tag on 
Chesterton 

By Simon Davies 

Chesterton International has 
successfully placed 20.56m 
shares in spite of the stock 
market slump. However, the 
deal was priced at lOOp, the 
minimum price un der fir e com- 
pany's agreement with exist- 
ing shareholders who are seD- 
ing through the offer. 

The placing wifi value the 
property agency at £SlJ2m, 
m alti ng it marginally larger 
tfr iin its "win listed competi- 
tor, Debenham Tewson & 
Cbhmocks, which is valued at 
£50.7m. 

Mr Giles BaHantine, chief 
executive, sakh “We are genu- 
inely very pleased.” The com- 
pany had targeted a flotation 
with a value of £50m and 
achieved it amid dwindling 
demand for new issues. 

Based on forecast pre-tax 
profits of £5Jm, the shares are 
bring issued cm a p/e ratio of 
14.1 and notional grass yield 
of 4J3 per cent, based on the 
dividend that would have been 
paid had the company been 
listed for the year. 

The pricing reflected the vol- 
atile nature of agency busi- 
ness, given the reliance on 
people rather than fixed 
assets, but the company pro- 
vides greater stability through 
its focus on mmwp n wmt fees, 
rather than brokerage com- 
missions. 

Chesterton was wholly- 
owned by former and current 
employees, and of the place- 
mart shares, 12.25m have been 
sold by former employees or 
those within 2 years of retire- 
ment, while a farther 3.3m 
have come from current 
employees. 

A further 5m have been 
issued by the company, which 
will raise £4m net of expenses 
to help pay down its overdraft 
and provide funds fur acqpiri- 
tfon. 

A number of “significant” 
institutions have taken 
discloseable stakes in Chest- 
erton, via the private plac- 
ing. 

The issue was sponsored by 
Robert Fleming, with Soddte 
Cton&ale Strauss Turnbull as 
broker. 

Share -dealing will com- 
mence on June 23. 


red after exceptional 

business, winch makws under- 
wear and swimwear, in Decern- 


US authorities 
clear BT and 
MCI alliance 


By Andfrew Adonis 

US regulatory authorities 
yesterday cleared the $&3bn 
(£353bz0 alliance between Brit* 
Safe Telecommunications and 
MCI, the second largest 
long-distance carrier, after a 
year-long investigation. 

The two co m panies immedi- 
ately launched their Washing- 
ton-based joint venture, named 
Concert, which to take a 
jfwtdfng stake in the market for 
"one-stop” telecoms services 
for multinational companies. 

The launch of Concert came 
the day after the announce- 
ment of a $4-2bn alliance 
between Sprint, the third-larg- 
est US long-distance carrier, 
and the state telecoms compa- 
nies of France and Germany. 

The Sprint-Franco-Germ an 
alliance foces a significant reg- 
ulatory barrier in the US, 
where AT&T, the largest opera- 
tor, will oppose it strenuously. 

AT&T last year launched 
itsrif into the market for multi- 
nationals with its Woridsource 
venture. AT&T has secured 
partners in the Asia-Pacific 
region, but has yet to forge a 
European aiifanra- it is in talks 
with Unisource, a 
joint venture between the 
state operators of Switzer- 
land, Sweden and the Nether- 
lands. 

Mr Mtehaat Btyhw BT man- 
aging director, said Concert 
foafl gained a "significant h ead 
start” over its rivals. “We are 
looking to build up large reve- 
nues while we have a clear 


run." 

Conditions imposed by the 
US Department of Justice will 
oblige BT to publish the tense 
an which it sells its services to 
Concert, to prevent cross-subsi- 
dies. It is also prohibited from 
Awgag tn g - in inter n ati on a l sim- 
ple re-sale - a form of competi- 
tion teased lines - until 
AT&T’s application fix a UK 
licence Is approved by the UK 
government 

Mr Hepher said that Concert 
would be the first company 
able to provide a “broad range 
of single-source telecoms ser- 
vices to multinationals across 
the world". In addition to "one- 
stop” international private 
voice networks, Concert is 
offering data telecoms, messag- 
ing, electronic data inter- 
change and video conferencing 

services. 

The alliance between BT and 
MCI gives MCI prime responsi- 
bility for marketing services in 
the US, and BT responsibility 
for the rest of the world. How- 
ever, the companies have 
pledged to respect existing 
agreements with other interna- 
tional operators. 

BT said it expected to pay 
most of the S43bu agreed for a 
20 per cent stake in MCI later 
this year. 

Its gearing will rise sharply 
if it is unable to sell Its 17 per 
cent stake - worth about $2bn 
- in McCaw Cellular, whose 
sate to AT&T has been held up 
by US regulators. But at end- 
March, BTs gearing stood at 
only 9 per cent 


| DIVIDENDS ANNOUNCED S 


Currant 

payment 

Data of 
payment 

Cams - 
ponding 
(Svktend 

Total 

for 

year 

Total 

last 

yaar 

AfcSara int 

2J2 

Aug 25 

. 

- 

- 

Bristol Water fin 

22.4 

Oct 3 

20.7 

333 

31 

British Thornton ... .An 

33T 

Sept 14 

23 

6 

5 

Bomdene bum Int 

on 

Sept 1 

03 

- 

1.75 

Drayton Recowary Int 

4 

July 29 

4 

- 

8 


225 

July 29 

2.7 

- 

1035 

Heath (CE) fin 

lit 

Aug 5 

11 

16 

16 

London Bad tin 

15.1 

Aug 11 

133 

223 

193 

London Scot Bank Int 

1.2 

July 29 

133 

- 

3.4 

ManafloM Brew fin 

3.15 

Aug 17 

2.75 

4.4 

3.85 

Manton ■■■- Ih 

436 

Aug 6 

335 

596 

5.4 

MounMawr Eata — — fin 

12 

Aug 15 

12 

22 

20 

NFC Int 

1-5t4 

Oct 3 

1.45 

• 

7 

Stham Bnalnaoe Int 

137 

Aug 11 

137 

- 

3.72 

Stilting .— fin 

135 

Oct 7 

13 

19 

1.85 

Triamea Water fin 

15.1 

Sept 1 

14.1 

223 

21 


Dividends shown pence per share net except where otherwise stated. tOn 
Increased capital. ♦Second interim; makes 29p to data. 


A 


J 


t' 



Preliminary Results 

for the year ended 31 March 1994 


Profit before tax, before exceptional items, up 10% to £277m 
Exceptional items of £35m 

Profit before tax, after exceptional Hems, down 4% to £242m 
Earnings per share before exceptional items up 11% to 65.8p 
Earnings per share after exceptional items down 4% to 56J3p 
Dividend per share up 7% to 22J5p 



The regulated Utilities business has had another excellent year, increasing operating 
profit by 16% to £317m. We have continued to manage. tightly operating and capital 
costs. Our customers again benefited from the lowest average household water and 
wastewater bills. 

Group results were affected by adverse factors in some of our other business divisions. 
We have included £35m for exceptional items; these were partly for losses on inherited 
contracts and partly for the cost of restructuring some of our companies to enhance 
further our ability to exploit changing market opportunities. 

Our undertying trading performance is sound. The Board proposes to increase the final 
dividend by 7%." 




Sir Robert Clarke 

Chairman 


Thames Water Pic 14 Cavendish Place London W1M9DJ 

Ttoenn&iepartwa be pasted mehentokim by 2 B June 190*. Copta may baobadned after that dato 
(nm toe nmat&ReMkmManagerat me above T?h 11m* dMOeri be pekt. **)&& U approval 

atffxiAGUonXJtMy )»«, on I S*>Wwr J994. 




Sales up 4% 

1993, amW cifficult economic conations, win be remembered for 
the housing recovery plan and the overall decline In Interest rates. 
Total loan authorisations were up 496 from 1992 at FF 43-5 bilfion, 
boosted by Credit Foncier Initiatives in housing loans. 
Considerable government support for the property sector, 
particularly for subsidised home ownership and landlord 
assistance loans, as well as the fall in the cost of money, 
helped the Credit Fonder Group boost its home loan financing 
activity by 27% to FF 27 billion. 

Lending to local authorities also grew 10% to FF 8.4 billion, 
bolstering Credit Fender's status as a lender of choice, with 
10% of the market. 

Nonetheless, recession provoked a significant drop in loans to 
property developers and industrial, commercial and tourist 
investments, which were down 44%. 

Overall, Cn&dit Fender's core activities - housing loans and 
financing for local authorities - contributed 85% to total loan 
authorisations, up from 72% a year earlier. 

Total loans outstanding stood at FF 333 billion at 
31 December 1993, up 4%. 

Cxcel leal refinancing conditions 

The volume of funds raised in 1993 totalled FF 38.1 billion, 
including 57% from abroad. New Issues were launched under 
excellent terms, amid falilr% longterm rates, attributable to 
Credit Functor's quality reputation. 

Another highlight of 1993 was the highly successful public 
bond exchange offering and a FF 15 billion capital Increase, 
underscoring shareholder loyalty and raising the European 
solvency ratio to about 10%. 

Total dividend distribution: up 17% 

Consolidated net banking Income amounted to FF 5,348 
million, up 16% on a comparable basis. In order to maintain 
a high level of risk coverage, provisions were increased due to 
foe ongoing financial difficulties -of certain private customers 
and a substantial number of property developers. Consolidated 
net profit increased 25% to FF 515 million. 

1993 net profit for the Credit Fonder parent company 
was virtually unchanged at FF 579 million compared with 
FF 595 million a year earlier. 

Overall results did not escape the crisis in the property market, 
but reflect foe Group's excellent ability to confront this situation. 


This explains Credit Ponder's decision to maintain the net 
dividend per share at FF 37.50 (excludlngtax credit) on an 
increased number of shares resulting from the 1993 capital 
Increase. The Company therefore made a special effort to 
increase total distribution to FF 444.7 million, up 17% 
compared with 1992. 

In line with previous years, shareholders can opt to have their 
dividends paid in cash or shares. This option must be indicated 
between 16 May and 10 June inclusive. Shareholders who do 
not opt for a scrip dividend will receive dividend payment in 
cash on 17 June. 

Outlook (lor 1994 

The economic climate picked up In foe early months of 1994, 
mainly reflecting measures taken to boost consumption and 
support the property market which are now yielding results. As a 
result. Credit Fonder is developing its services in its core sectors: 
housing loans and local authority financing. The first four months 
of foe year saw a 24% increase in authorisations for these two 
types of loans compared with the same period in 1993. 

Housing loans Increased by 26% to FF 10.6 billion. Subsidised 
housing ownership loans, which accounted for about half of 
total loan authorisations for the period, increased by 61 % 
Loans to local authorities grew considerably to FF 3.2 billion up 
17%. On the other hand, loan authorisations to professionals 
continued to dedine. Overall, longterm loans with well-sore ad 

J* *?"*« , toa " s ‘ ocal financing) contributed 

« of toM towi authorisations. These factors also reflect 

Cr !£lS n £! er 8 ®2" siderab| e ongoing efforts to issue 
subsidised loans, backed by the government’s recovery pian 

As for funding operations, longterm capital raised in the firsr 
Si ™" ths * *• totalled FF 11.8 Mon. 

mart<eK - New issues were launch^ 
satisfactory tem« due to Crtdlt Fonctefs quality reputation 
desprte the less than certain direction of interest 


CRE DI^ r FONOIF ^P 

Votre allie dans ie tenps 



| ^ We are urgency seeking commendil 

■ 4 N iVdib Inwabnert properties upwenfa of 

1— AURIC 015m for in-hou&j funds and oversees 

_______ clients. Please forward details ta 

vSlmEam KkturdvonGOtzai 

WANTED 

URGENTLY 

UK 

Tmnmfrial- 

Property 



4 





FINANCIAL TIMES THURSDAY JUNE 16 1994 


COMPANY NEWS: UK 


21 


London Electricity at £187m 


By Michaa! Smith 

London Electricity, the power 
distributor for the capital, 
warned yesterday that the 
Monopolies and Mergers Com- 
mission may be asked to adju- 
dicate over the current regula- 
tory review as it announced 
pre-tax profits ahead from 
21455m. to £186 .5m and a 16 per 
cent dividend increase. 

Uh 1 Roger Urwin, chief execu- 
tive, Bald: “Any company 
which does not consider going 
to the MMC as a possibility is 
not being particularly prud ent . 

"If it is decided that a com- 
pany is a loser from the review 
and the market responds +>h»ti 
that company's directors are in 
a difficult position. Sharehold- 
ers will want a very good rea- 
son for the directors accepting 
the outcome." 

Sir Bob Reid, chairman , «aj d 
the company looked forward to 
“regulatory proposals whi ch 


would enable the company to 
continue to deliver a proper 
balance of benefits between 
shareholders and customers 
and to sustain the appropriate 
levels of investment in our 
infrastructure”. 

hi the year to March 31, Lon- 
don made operating profit of 
£171 .5m (21525m) on turnover 
Of £L31bn (£L37bn). 

Dividends totalled 225p 
(I95p) after a proposed final of 
151p, payable from earnings of 
65p <5&$p before exceptional 
items). 

The improved pretax perfor- 
mance was helped by the do- 
sure of retailing (£28m) and a 
£iQm increase in the contribu- 
tion from private distribution, 
including the airports business 
bought from BAA. 

The contribution from regu- 
lated businesses also increased 
by £2m, helped by a cut of 310. 
or 4 per cent, in the headcount. 

London also said there was 


welcome evidence of a revival 
in the n re wnmy with the 
business showing a L3 per cent 
fn/*w»aqt> hi units distributed. 
Growth in the large commer- 
cial sector was particularly 
noticeable. 

Capital expenditure rose 
from £865m to 0042m 
The company is to seek 
shareholders' permission to 
buy 10 per cent of its shares in 

the rnariwt It aim armnunrad 

that it had signed a contract 
worth more than £lQm to sup- 
ply electricity to 18 Cadbury 
Schweppes sites. 

• COMMENT 

London's share price fall - 
down 16p to 571p - owed more 

tO OfgtUS’S innmniiwn Pn t gn 

rates of return for British Gas 
- and its perceived implica- 
tions for the power sector - 
rather than anything funda- 
mental in thfl figures yester- 
day. Certainly the City had lit- 


tle to complain about A steady 
approach to Job reductions has 
helped to cut out about £30m of 

gnnnnl costs QVST tbfi last fOUT 

years. Strang cash generation 
means that in spite of 

fapraacad naprtal costs there is 

little rianggr of the company 
moving into serious debt in the 
next year. That gives it scope 
to pull off more acquisitions, 
no bad thing provided it can 
find companies of the quality 
of the BAA business which is 
already chipping In profits 

above Prppntfltirmc and is liked 

by the City because it is so 
close in type to the core. 
Assuming a 25.4p dividend for 
this year, the shares were yes- 
terday trading on a prospective 
yield of about 55, a slightly 
poorer rating than average for 
the sector. But with so much 
uncert a i n ty about future regu- 
lation, it may be a month or 
two before the shares move 
upwards. 


Shoprite committed to expansion 

Mr Webster said he was con- 


By Nefl BucMey and 
WHtam Lewis 

Shoprite said yesterday that it 
was pressing ahead with 
aggressive expansion in 
spite of the collapse of a prop- 
erty deal and poor results 
which have knocked 93p off its 
share price in three weeks. 

Assurances from the dis- 
count grocer Mmg amid ratlc 
from institutional investors for 

a Tnawagirman f shake-Up. 

The Isle of Man-based dis- 
counter, which operates 
mainly in Scotland, said on 
Tuesday that a sale and lease- 
back deal on 11 supermarkets 
with Allied Dnnbar and Edge 
Investments had fallen 
through. 

The loss of a resulting 
£1.29m surplus mamt that the 
group’s pre-tax profit figures 
for the six months to May 1 - 
which it rushed out ahead of 
schedule last month because 
they were below expectations - 
fell from £2. 74m to 21.44m. 

Shop rite’s shares have fallen 
from 144p to 51p since the 
results. 

Mr David Webster, joint 



manag in g director, said Sho- 
prite originally had hoped to 
conclude the deal last Friday, 
and announce results tomor- 
row. He defended the decision 
to include the deal when it 
brought forward its results, 
saying that Shoprite had assur- 
ances from advisers that it 
appeared to be an course. 


He said the derision by 
Allied Dnnbar and Edge to pull 
out came without warning. 
Both refused to give reasons, 
but analysts believe that, the 
dfaSBBwmng results may have 
raised doubts atvm t tba quality 
of Shoprite’s covenants. 

Mr Webster said the group 
would still seek a leaseback 
deal on the stores, but was 
“letting the dust settle”. 

He hiampd the pr ofits fan, in 
spite of 30 store openings, 
partly on “camdbalisatimi” of 
sales. That was caused by the 
decision to open many new 
stores near to existing ones, to 
squeeze out new entrants. 

Shoprite’s customers, pri- 
marily in the G2DE bracket, 
Ti»d been hit harder timn oth- 
ers by tax increases, prevent- 
ing the usual uplift to grocery 
sales in March and ApriL 

Moreover, large superstore 
dhafaB had responded to grow- 
ing digram!!* competition with 
aggressive pricing campaigns. 

Unlike 1993, when spring 
price cuts by Shoprite brought 
volume increases, similar 
moves had not lifted Mies fills 
year. 


fidgnt of a better performance 
in fira swwiri hair, through bet- 
ter buying, cost reductions, 

aggressive wiarVaHrijf ari d a 

shift in its 30-store opening 
programme into new areas. 

That may not comfort insti- 
tutional shareholders who are 
demanding board changes. 
Shoprite direc to r s recently vis- 
ited main shareholders, hut 

fail ad tO m anting any problems 

with the property deaL 

“They told us they had made 
miataitaa in the past, but they 
had learnt from them,” said 
one. “But just a few days later 
they «TiiinniiMi this. I will 
never be able to believe them 
again.” 

Another called for “two new 
independent executive direc- 
tors” on Shoprite’s board. 

BZW, joint broker to the dis- 
counter, Timtad yesterday that 
it would raise the issue of man- 
agement changes. 

“We will be talking to the 
company and reviewing the sit- 
uation in the light of what has 
happened,” said Mr Philip 
HgniTHiT i t-, manag ing director of 
UK corpor ate finance at BZW. 


London Scottish up 34% Textiles side behind 21% 
on consumer loan demand rise at Hicking Pentecost 


By John Gappar, 

Banking Ecftor 

A rise in demand for consumer 
loans and an increased share of 
debt collection business helped 
London Scottish Bank, the con- 
sumer credit company, to 
increase pre-tax profits by 34 
pm- cent from £2.01m to £2.7m 
in the half-year to April 26. 

The interim dividend goes up 
16.5 per cent to 1.2p (1.03p), 
after earnings rose by 23 per 
cent to 35p (25p). Retentions 
were limited by a 62 per cent 
rise in the tax charge as the 
balance of businesses shifted. 

The bank, which specialises 
in small consumer loans, - 


raised operating iwmmn by 14 
per cent to 216.2m (£145m) 
white costs rose by 10 per cent 
Mir Martin West, chief execu- 
tive, said that it had continued 
to increase productivity. 

Profits from cons u mer credit 
rose to £L48m (2903,000) while 
debt collection profits rose to 
£827,000 (£562,000). Profits from 
reinsurance of policies protect- 
ing customers against defaults 
on loan payments fell to 
S3MJU0Q (£547,000). 

Mr West said that reinsur- 
ance profits fell because it was 
closing the 1990 year when 
recession had increased chums. 
The company was seeing 
steady growth in loan demand. 


By Nigei Clark 

Further “excellent progress" 
by the textiles division helped 
Hicking Pentecost report pre- 
tax p ro fits ahead 21 per emit 
for the year to the end of 
March. There was a sligh t 
improvement in the industrial 
products side. 

For the present year the 
company expects further 
improvement with important 
contributions from the recent 
acquisitions of Alan Paine, a 
knitwear company, and Bar- 
bour Campbell, the industrial 
thread business. 

For tiie year profits were 
23.44m (gg-SSm) on tur nover up 


20 per cart at £35.4m (£29 .5m). 
Earnings per share were 14p 
(lL6p). A second interim divi- 
dend of 355p was declared on 
April 28, for a total of 45p (4p). 

The textiles division reported 
sales up 13 per cent and operat- 
ing profits rose by 24 per cent 
with margins improving from 
115 per cent to 125 per cent 
Alan Paine conixibuted sales of 
£350,000, incurring operating 
losses of £136,000 reflecting the 
seasonality of the business. 

Mr John Lister is retiring as 
chairman at thn annual meet- 
ing. He will be replaced by Mr 
Hamish Gros&art, who has 
been a non-executive director 
since October 1991. 


Provisions 
hold back 
CE Heath 
to £11.8m 

By Richard Lapper 

Provisions against losses on 
Australian workers’ compen- 
sation business held bade pre- 
tax profits at CE Heath, the 
insurance broker, in the year 
to March 31. 

After exceptional items pre- 
tax profits amounted to 
2115m (£l.5m restated). The 
new provisions have arisen as 
a result of a judgment earlier 
tide month by the Australian 
High Court which overturned 
earlier lower court decisions 
in favour of a Heath subsid- 
iary and other Insurers 
against the Victorian Accident 
Compens a tion Commission. 

“The decision has been a 
totally unexpected and unwel- 
come atinrlr ami hoc clouded 

what would have been an 
excellent result,” said Mr 

tflfhapl Her, chairman 

As a result of the rating CE 
H eath Underwriting and Insur- 
ance will not be entitled to 
recover certain amounts from 
the commission and a provi- 
sion of A$50m (£22.8m) has 
been established. 

Operating pr o fits increased 
marginally to £75m (£7 Am). 
Profit from the sale of part of 
the company's stake in 
annthar Australian subsidiary, 
Heath International Addings, 
amounted to £LSbl 
B roking profits increased by 
20 per cent to £lft5m (2155m). 

Business from fawinn mar- 
ket reinsurance declined but 
thou was growth of UK whole- 
sale, jntomtinnal facultative 
and some other operations. 

Profits from underwriting 
increased to £8.4m (£7m). 
These twrhvfa the contribution 
of Heath International Hold- 
ings, the Australian under- 
writing operation in which 
Heath had a 23 per cent stake. 
The sale proceeds were A$45m, 
of which £llm has been used 
to repay some medium-term 
b or r owin gs. 

Computer services profits 
rose by 13 per cent to 25.3m. 

Losses per share were cut to 
0.6p (225p). The dividend is 
held at 16p with an unchanged 
lip final 

• CO— NT 

The markets had already 
taken an the news of new Aus- 
tralian provisions at Heath j 
and after last week’s sharp ; 
fati, the share price rose yes- , 
terday. The good news is that 
the core broking operations 
appear to be in a relatively 
healthy state, with ex pense s 
under control and some attrac- 
tive growth possibilities in a 
number of markets. Pre-tax 
profits of at least £3Sm should 
be possible over the next 12 
months. Investors can only 
hope there are no farther sur- 
prises in store and decide 
whether the prospective p/e of 
about 12 - a lower rating than 
other comparable Insurance 
brokers - is an adequate 
reflection of the extra 
risk. 



Michael Hurdle: further growth expected this year but market conditions likely to remain difficult 

Marston improves 16% in 
spite of flat second half 


By Tony Jackson 

Marston Thompson & 
Evershed, the Burton-based 
regional brewer, lifted pre-tax 
profits by 16 per cent to £235m 
in the year to March 26. 

However, second half profits 
were flat as a result of sharply 
increased marketing costs an 
its Pedigree brand 

Volume sales of beer rose by 
45 per cent in the year, com- 
pared with a claimed fall of 2 
per rent across ♦iw industry. 
Sales of Pedigree bitter rose by 
7 per cent, while the Low ’C 
brand of low-calorie bottled 
beer was ahead by 12 per cent 
Food sales In the group's pubs 
were up by 28 per cent 

Mr David Gordon, managing 
director, tha rise in under- 
lying trading profit bad been 
fairly level throughout the 
year. 

However, Pedigree and Low 
'C had te»n heavily advertised 
outride Marston’s native Cen- 
tral TV region in the mwhwI 
half , with the annual advertis- 
ing MU up 87 per cent at W flw, 
of which £2m was spent on 
Pedigree. 

The rise in group beer vol- 
ume was attributable to sales 


to other brewers and the free 
trade, Mr Gordon said. Beer 
sales to Marston's own pubs 
were slightly down, with a rise 
in managed pubs more than 
offset by a fall in the tenanted 
estate. 

Capital expenditure for the 
year was £88m, compared with 
£19m. Balance sheet gearing 
rose from 12 per cent to 85 per 
cent A total of 53 new pubs 
were bought, 46 of them man- 



aged, while 22 pubs were sold. 

Marston said that in its ten- 
anted estate, there was “an 
Increasing divide between 
houses which clearly have a 
profitable future and those 
which may not” Volume sales 
of beer to fawanfad houses fall 
by 7 per cent in the year. 

On group sales of 21425m. 
against 2127.7m, operating 
{unfits were up 105 per cent at 
£245 ul 

Interest payments doubled to 
21.1m. 


After tax of E65m (£5.4m), 
earnings per share were up 16 
per cent at 1951p (1655p). The 
dividend is raised 10.4 per cent 
to 5-96p, via a final of 456p. 

Marston's shares were 
unchanged at 270p. 

Mr Michael Hurdle, chair- 
man, said that while market 
conditions were likely to 
remain difficult, further 
growth was expected this 
year. 

• COMMENT 

Assuming a similar rise in 
profits this year to about £26m, 
the shares are on about 13 
times earnings. Despite the 
unfashionable status of the 
brewers, this could be a bar- 
gain. Marston has an asset 
which bigger rivals would pay 
dearly for its Pedigree bitter 
brand, which has long since 
broken its regional boundaries. 
It has also stitched up a series 
of deals with the big brewers 
which gives the brand national 
distribution. It is encouraging 
to note that Whitbread's dis- 
posal of a large block of shares 
in March has been easily 
digested, with the shares 
slightly outperforming the 
market since then. 


Mansfield ahead to £14.4m 


By Tony Jackson 

Lower interest charges helped 
Mansfield Brewery to raise 
foil-year pre-tax profits by 15 
per cent from 2125m to 214.4m. 
This was despite a slight fall In 
beer volume on a hke-fbrhke 
basis. 

The co m pany aaiH this year 
so far was “nicely ahead” of 
last year, largely because of 
better summer weather and 
strong growth in its cask ales. 

In the 53 weeks to April 2, 
draught beer volume increased 
by L2 per cent, with a 25 per 
cent rise in ales offset by a 25 
per cent drop in lager. On a 52 
week basis, however, total beer 
volume was down by 1 per 
cent 

Mr Paul Handley, finance 


director, said thn drop in lager 
sales was in linn with the mar- 
ket. On-trade sales of standard 
lagers in the UK market bad 
fallen by 5.5 per cent in the 
year, compared with a fall of 
42 per cent in beer overall 

Standard lager in pubs 
appeared “to have reached its 
penetration level,” he said. 
Mansfield sells McEwans lager 
from Scottish & Newcastle and 
Foster’s from Courage. 

The main growth area, Mans- 
field said, was .cask beer. Rid- 
ing bitter bad shown strong 
growth, and the launch of 
Mansfield bitter and Old Baily 
strong ale in cask had proved 
successful. 

A review of the pub estate 
had resulted in a fall in book 
values of 212.6m, or 7 per cent 


of the totaL As a result, and 
despite retained profit of 27.6m, 
shareholders' funds fell from 
£143m to 2139m. Mr Handley 
claimed the fall in pub values 
was temporary. “We already 
have evidence erf a pick-up in 
the market," he said. 

On sales of 2121m (2118m), 
operating profits were up 3 per 

rent at t193m- 

Interest charges were 21 per 
cent lower, as a result of 
higher operating cash flow and 
lower interest rates. 

After a tax charge of 27 per 
cent (30 per cent) earnings per 
share increased to 16.39p 
(1355p). The full-year dividend 
is raised by 14 per cent to 4.4p 
via a final of 3.15p. 

Mansfield’s shares rose 8p to 
203p. 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 

GNI HOLDINGS LIMITED 

Acquisition by Gerrard & National Holdings PLC 
of the outstanding 32.4% of GNI Holdings, 
the international futures and derivative instruments broker 
and derivative product asset manager, in a transaction 
which valued GNI Holdings at £110 million 

J O HAMBRO MAGAN & Co 

acted as financial adviser 
to GNI Holdings 

J O HAMBRO MAGAN & COMPANY LIMITED 

32 Queen Anne’s Gate London SW1H 9AB 
Tel: 071 233 1400 Fax: 071 222 4978 

Member of The Securities and Futures Authority 


PUBLIC WORKS LOAN BOARD RATES 


14 


Quota loans* 

An mm 1 4 m 

i 5% 

Over 1 up to 2 6 6 7Ji 6H 

Over 2 up to 3 W W 7ft 6> 

Over 3 up to 4 7* 7* B% Th 

Over 4 iq> to 6 71 7» W 7» 

Over 5 up to 6 8 8% 8% 8% 

Over 8 up to 7 Bit H 9 8H 

Over 7 up to 8 814 894 9 6% 

Over 8 up to 9 894 8* 9 8* 

Over 9 to 10 894 851 9 Bft 

Over 10 up to 15 9 9 8 9% 

Over 15 up to 25 9 9 8% 9* 

Over 25 9 8% 8* 9% 

HaMWImAMl prcM hftficr and norvquata loam B Z par cart 
quota loam. fEojai InaMnma st prim^aL tt n apaymaw by Mt 
hUyady p^inoua id taefada pifadpM and Intone). § win MTy«riy 


m 

6V4 
6% 
71 k 
8 

814 

avi 

844 

8* 

B 

994 

994 

914 


5* 

714 

8 

814 

8 * 

9 

9M 

914 

944 

994 

9*4 

914 

914 


n d BUNBK OOlf. 


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COURTAULDS 


Courtaulds pic 

has merged its 

European viscose and acrylic fibre activities 
into a joint venture 
with those of 

Hoechst AG 

Morgan Grenfell advised Courtaulds 
on the formation of this joint venture 


Morgan Grenfell & Co. Limited 
23 Great Winchester Street 
London EC2P 2AX 


Morgan Grenfell GmbH 
Bodtenheimcr LandstraBc 42 
60323 Frankfurt am Main 
Germany 


MORGAN 

GRENFELL 








imsiAwnAr. TIMES THURSDAY JUNE 1$ ISM 


COMPANY NEWS: UK 


Perkins buys 
Dorman Diesels 
in $ 50 m deal 


By Andrew Baxter 

Dorman Diesels, one of the 
oldest and most famous names 
in the diesel engine industry, is 
being bought by Feterboroogh- 
based Perkins Group for about 
$50m (£33.3m), Including the 
assumption of Jl2m of debt. 

The agreed deal, which is 
dose to completion, has been 
under discussion for five 
T nflwth-q and is the most impor- 
tant ownership change in the 
UK diesel industry this decade. 

It comes less than two 
months after Varity, Perkins' 
US parent, sold the Massey 
Ferguson tractor business to 
concentrate an its core busi- 
nesses of Perkins diesel 
engines and Kelsey-Hayes 
automotive parts. 

Dorman, es tablished In Staf- 
ford in the 1870s, supplies high 
horsepower diesel engines for 
the power generation market 
and is also at the forefront of 
natural gas engine technology. 

Part of English Electric in 
the 1960s, it was later absorbed 
into GEC, which sold it in 1987 
to Broadcrown Group, a pri- 
vate company based in Stone, 
Staffordshire. 

Broadcrown would not com- 
ment on the sale yesterday, 
beyond calling it a “strategic 
disposal”. Dorman, which has 
650 employees worldwide, most 


of whom are based at Stafford 
and TJncnln, haw spwi profits 
rise in recent years. 

Pre-tax profits last year were 
about £3m, on turnover in 
excess of $75m Perkins’ sales 
last year were 1702m. 

Parkins approached Dorman 
as part of its strategic plan to 
expand its product range, 
either through acquisitions 
and alliances, or through 
direct investment in new prod- 
ucts. 

“One of the real attractions 
of Dorman was its product 
range, which is the newest In 
its power band,” said Mr Tony 
Gilroy, chief executive of Per- 
kins. 

Perkins offers engines from 
five to 1,500 bhp. The Damian 
engines extend the range to 
2£00 bhp and will enable Per- 
kins to move quickly into 
power generation, a key 
growth sector of the diesel 
engine market, and natural gas 
engines. 

The deal will also bolster 
Per kins ' expansion plans In 
south-east Asia, where Dorman 
has built a significant pres- 
ence. 

Dorman Diesels will be 
renamed Perkins Engines 
(Stafford) although the Dor- 
man name win be retained in 
some markets for the time 
being. 


British Thornton 
advances 60% 


By Graham DeOer 

British Thornton Holdings, foe 
packag ing and specialist furni- 
ture group, lifted profits by 60 
per cent from f-T-32m to £2. 11m 
pre-tax during the 12 months 
to April 30. 

The advance was achieved 
on turnover of £10-3m (£8.74m), 
including £1.61m from the 
acquisition in September of 
Masterfbrm, a manufacturer of 
packaging and display materi- 
als. 

Mr Brian North, chairman, 
said, however, that Master- 
form’s profits - it contributed 
just £13,000 at the operating 
level - had fallen well short of 
expectations. “11100016 arising 


from new orders in the second 
Half is encouraging but has not 
compensated for the income 
lost through the cancellation 
last October by Sega of a large 
order for display units," he 
said. 

The educational and scien- 
tific furniture operation swung 
into the black with profits of 
£274,000 (losses of £317,000). 
The company plans further 
investment in capital equip- 
ment to enlarge capacity. 

After tax at 24£ per cent, 
reflecting losses brought for- 
ward from previous years, 
earnings per share improved to 
12.4P (9.8p). A proposed final of 
3-5p lifts the total for the year 
by lp to (Jp. 


Bristol Water 
higher at £8m 


By Gary Evans 

Bristol Water Holdings raised 
pre-tax profits by 18 per cent 
from £6 5m to £8.01m In the 
year ended March 31. 

Turnover grew 15 per cent to 
£59J9m. The core water busi- 
ness accounted for £54 An - a 6 
per cent rise - largely benefit- 
ing from a permitted price rise 
of 45 per cent above inflation. 

Fully diluted earnings per 
share rose to 76p (73 .9p) and a 
final dividend of 22.4p Is rec- 
ommended for an increased 
total for the year of 335p (31p). 

Attributable profits came out 
3 per cent higher at £551m, 
some 58 per cent of which wHl 
be retained for reinvestment in 
the core business. 


Capital expenditure totalled 
£22m (£l7m). The company's 
principal investment continues 
to be a large development at 
Purton Treatment Works 
which is due for completion 
later this year. Work h as also 
started on two other signifi- 
cant contracts to improve 
water quality at treatment 
works in the southern part of 
the supply area. 

Sir John Wills, chairman, 
said the completion of these 
projects would mark the end of 
a period when Bristol had 
invested over £40m in large 
schemes at water treatment 
works. Capital spending would 
start to fall from its current 
peak, but would remain at a 
“relatively high level". 


Placing 
at 150p 
for CPL 
Aromas 

By Caroline Southey 

CPL Aromas, the fragrance 
and flavour manufacturing 
company, yesterday 
announced a placing price of 
150p to raise £4m net from 
its flotation in a week’s 
time. 

The float, sponsored by 
Credit Lyonnais Laing, 
involves the placing and 
employee offer at 4.18m shares 
which will bring the total 
number of shares in issue to 
1058m. 

The family of Mr Terry Plck- 
ihaTI, founder anJ fhafrmaii, 

will hold 36.4 per cent of the 
shares, down from 57 per cent 
prior to the Dotation. Ensign 
Trust, wholly owned by the 
Merchant Navy Officers Pen- 
sion Fund, will own a further 
17 per cent 

CPL’s waring ca p italisation 
at the placing price will be 
£165ul A month ago the com- 
pany predicted its value would 
be up to £20m. 

The historic p/e multiple at 
the placing price was 125 
based on earnings per share 
for the year to March of l&3p. 
The notional gross dividend 

yield is 2j> ner cent 

Mr Pickthall said £2m of the 
money raised would be used to 
develop a new plant on Tees- 
side to manufacture aroma 
chemicals. He said aromatic 
ingredients were an important 
growth area and the plant 
would develop the company's 
capacity. 

Aromatic ingredients 
account for 40 per cent of 
group turnover, compared to 
60 per cent from fragrance and 
flavours. In the year to March, 
pre-tax profits stood at £L4m 
(SLlm) on turnover of £17J3m 
(£145m). 

The balance of the proceeds 
will be used for working capt- 
taL Mr Pickthall said priori- 
ties include developing the 
company's position in the 
own-brand market 


Wiseman 
jumps 61% 
to £5. 13m 

Robert Wiseman Dairies, the 
Scottish liquid milk processor 
and distributor, yesterday 
reported a 61 per cent jump in 
pre-tax profits from £3.19m to 
£5.13m for the year to April 2. 

This was slightly ahead of 
the £5.09m forecast made at 
the time of its flotation in 
March. 

Turnover rose 30 per cent to 
£59. 7m. Mr Alan Wiseman, 
chairman, said the company 
enjoyed strong volume growth 
due to its position as a leading 
supplier to multiple retailers. 

Competitive pressures aris- 
ing from multiple retailers’ 
fresh milk pricing policies had 
assisted volume growth at the 
expense of gross margin. 

Earnings were 7-22p (4J58p) 
or 6.64p (6.14p) before excep- 
tional and non-recurring 
items. No dividend is pro- 
posed, but interim and final 
payments are anticipated for 
the current year. 

The company announced the 
sale of Gossesslie Farm, for 
£l-83m, which was recently 
acquired as part of the £8.1m 
purchase of Juronom, the par- 
ent company of Kennerty 
Farm Dairies. 


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Financial Times. 





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• Finance news 


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NEWSLETTERS 


Cause and effect of restructuring 

UBS’s market share of equity business fell last year. William Lewis reports 


I n January this year Lou- 
don staff of UBS, part of 
the Union Bank of Switzer- 
land, stepped up to the fourth 
Door of the company's nff\n» 
in Broadgate to hear presenta- 
tions from senior management 
In recent years they had 
become used to hearing news 
of market share gains. The 
investment bank's share of 
Institutional investors’ cash 
equity business leapt from 3 
per cent in 1980 to 8 per emit in 
1992 to make it one of the 
City's top securities houses. 

However, this January staff 
were greeted with a different 
message. DBS’s average mar- 
ket share had finnan to about 6 
per cent last September, down 
from UBS’s perceived “opti- 
mum level” of 8 per cent 
DBS ranked “fifth or six 
overall in UK equities”, Mr 
John Smith, head of OK equi- 
ties research, told his analysts. 
At a time when a few very 
large institutions are dominat- 
ing the fund management 
industry, DBS was “weak with 
large clients”, he said. 

Publicly, UBS blames this 
downturn on a restructuring 
that took place during 1993 and 
Which is ccntirming this year. 

A “new global strategy” was 
being undertaken to turn UBS 
from “conventional stockhrok- 
lng into a more integrated 
house", Mr Hector Sants, a 
UBS vice chairman with 
responsibility for European 
equitie s, sai d. 

It is trying to win more busi- 
ness from large fund manage- 
ment in s t i t u tions artH change 
the role of analysts and sales 



Hector Sants: changes had 
gone further than personnel 

staff from simple stock pushers 
to advisers on strategy who 
ran offer recommendations tai- 
lored to each dieni. 

Such a refocusing was bound 
to hit UBS’s market share in 
the short term, Mr Sants said. 
Tbe firm had gone as for as it 
could with a conventional 
braking operation with a nar- 
rower range of services. 
Restructuring was needed to 
facilitate further gains. 

However, former DBS man- 
agers disputed tbia description, 
of orderly nhnng p and said that 
Mr Sants’ view of cause and 
effect should be reversed. “Any 
restructuring has been born 
from their horror at the drop 
off in business from institu- 
tions” said one forma senior 


executive. 

Evidence for that lay in the 
latest Greenwich Associates 
report, the highly influential 
annual survey by the US-based 
consultancy of institutional 
investors’ views on the brokers 
that service them. 

It found that the 53 largest 
institutions who pay more 
than fi tty a year in commission 
ranked UBS’s research service 
joint seventh with Hoare 
Govett, down from joint fourth 
last year. 

The story was the same 
when grrmTiffr institutions, who 
UBS have traditionally focused 
on, are included. Overall the 
135 institutions questioned, 
including the 53 largest, 
ranked UBS seventh, down 
from fifth last year. 

Competition believed that 
one factor for UBS has been 
the departure of several senior 
executives, I nehwhng Mr Terry 
Smith , head of UE research, in 

1992. 

Mr Sants said that staff 
changes bad troubled UBS dur- 
ing 1993 but that the restruct- 
uring had gone further than 
just personnel 

According to UBS docu- 
ments. the staff were told in 
January that the company 
wanted to be rated among the 
top three firms with an core 
t-Hmrrts arid attain a “UK mar- 
ket share in high single fig- 
ures”. 

To achieve that UBS needed 
to “foots on those clients who 
can reward the full UBS ser- 
vice:” This was described as a 
“maximum of 50 clients, to be 
reviewed quarterly”. 


Mr Sants said that a policy of 

offering a wide range of ser- 
vices to a limited number of 
big institutional clients was 
not brand new. He also 
believed that the focus carried 
no risk despite the firm’s tradi- 
tional reliance on smaller insti- 
tutions after its takeover of 
stockbroker Phillips & Drew in 
1985. 

However, one senior fund 
ywnnog pr said that “there is a 
real possibility that UBS’s refo- 
cusing of its services on people 
Ufa* me will leave them in no- 
mans’ land - yet to convince 
the big boys and having alien- 
ated their smaller clients." 


UBS 


Mr Sants rejected that. 
“Smaller institutions will con- 
tinue to receive what they 
want, which we believe is a 
conventional stockbroker ser- 
vice." 

Mr Sants said that profitabil- 
ity had remaine d good during 
fhfwa changes and that UBS’s 
market share was now back up 
to 8 per cent after the “tempo- 
rary” dip last September. 

For larger chants Mr Sants 
said he was encouraging a 
chang e in the traditional role 
of the analyst “The large insti- 
tutions in general do not want 
stock pickers any more. They 


want *talking partners' who 
know the business and know 
the Industry. What they want 
to do with us is discuss options 
and get us to design solutions." 

The sales force is also 
affected. Mr Sants said he bad 
been “reorganising sales to 
change salesmen from being 
ticket writers to account man- 
agers and problem solvers”. 

Another Important part of 
the change process is aggres- 
sive exploitation of (IBS's tri- 
ple A-rated balance sheet to 
push its derivatives business 
and “total problem solving 
facilities” to institutional cli- 
ents, according to Mr Sants. 
UBS believes that larger cli- 
ents now want tailor-made 
advice executed through a 
sophisticated and broad prod- 
uct range. 

Some of UBS's competitors 
said that strategy was sound 
but unlikely to mark it out 
from the crowd. "All that Hec- 
tor has talked about we are 
doing ourselves." one said. 

Outside analysts believe that 
UBS's focus is now more and 
more on proprietary trading - 
where the bank takes positions 
on market movements using 
its own capital - to compen- 
sate for declining customer 
business. 

Mr Sants said that view may 
have emerged as a result of 
UBS offering its clients more 
“aggressive” use of derivatives. 
“It is dear that banks such as 
UBS, through the strength of 
their balance sheets, can differ- 
entiate themselves in these dif- 
ficult markets from competi- 
tors.” 


Morrison rises to f 5m despite tough trading 


By James Buxton, 

Scottish Correspondent 

Pre-tax profits at Morrison 
Construction, the privately-owned con- 
struction company, increased by 56 per 
cent from £3^m to £5.1m, despite what 
Mr Fraser Morrison, chairman, 
described as “continuing difficult mar- 
ket conditions.” 

Turnover in tbe year to March 31 
increased by 6 pm* cent, from £208m to 
£22Qm. 

The company, which operates 


throughout Britain, obtained about 5 
per rent of sales abroad, principally 
from Kuwait, Bahrain and eastern 
Europe. 

Morrison, based in Edinburgh, 
increased pro fi ts before interest in its 
building and property development 
division, which accounts for 
41 per cent of sales, from 
£2mto£4Am. 

But its Civil anginpgring division, 
making up 39 per cent of sales, lost 
£900,000 (profit of Elm), which Mr 
Morrison attributed to unsettled claims 


against clients on road contracts in 
a market where margins were very 
tight 

The utility and energy division, and 
the bousing division, which operates 
only in Scotland, virtually doubled 
their profits before interest 

Mr Morrison said the company's 
broad base could absorb losses in the 
civil engineering division. 

Its success was founded on its com- 
mitment to quality, on its development 
of trained staff and on b uilding closer 
relatinnshipa -with ritents. 




Mountview 
Estates 
rises to £7m 

Mountview Estates, the 
property dealing group, 
increased pretax profits by 7 
per cent from £6.79m to £724m 
in the year to March 31 on 
sales up from £13 .4m to £14.4m. 

The result marked an 
improvement cm the first half; 
when the group suffered a dtp 
to £3 37m. Directors said at the 
time that there was “reason- 
able expectation" that the full 
year’s results would match the 
previous outcome. 

A final dividend of I2p is rec- 
ommended, for an increased 
total of 22p (20p). Earnings per 
share were 105J3p (99.3p). 

Drayton Recovery 

Drayton Recovery Trust 
rep o rt e d a net asset value of 
139.2p per ordinary income 
share as at April 30, against 
132.8p at the trust's October 
year-end and UOp 12 months 
earlier. 

Attributable revenue for the 


six months to end-April was 
flat at £331,000 far earnings of 
4p (4.02p) per share. The 
interim div idend is maintained 
at4p. 

Exmoor Dual 

Exmoor Dual Investment Trust 
raised net assets per ordinary 
share to 63p at the end of May, 
against 34£p a year earlier. 

Net assets per income share 
were up from 6Llp to 6L3p and 
from 178-9p to 2Q22p per zero 
coupon preference share. 

After-tax revenue for the 
nine months to May 31 dropped 
to £53(1334 (£602,455) and earn- 
ings per income share came 
through at 6.08p (6J33p). The 
thir d interim dividend is 2J25p 
(2-7p) per income share for a 
total of 6.75p (7.8p) to date. 

Business Technology 

In its first set of results since 
the change of manageme nt in 
October, Business Technology 
Group, the photocopier and 
facsimile sales and service 
company, reported a 1993 pre- 
tax loss of £4.1m (£6.31m 
restated), including Elm 
(£4J2m) for discontinued activi- 
ties. 


NEWS DIGEST 


Sales from continuing 
operations came to £11.8m 
(£17.4m). On a per share basis 
losses were 12Jp (29.1p). 

Bumdene 

Bumdene Investments, the car- 
avans and mobile homes group 
which also has interests in 
hosiery and property develop- 
ment, nnnmiTH-Bd a fell in pre- 
tax profits from £2^9m to 
£L82m In the half year to April 
2, with a decline shown in all 
divisions. 

Turnover improved to £29m 
(£27.7m) but operating profits 
fell to £2.48ra (£2JB7m) while 
net interest charges rose to 
£217,235 (£153,449). 

Earnings per share declined 
to L15p (L45p). The interim 
dividend, however, is stepped 
up to 0.75p (OAp). 

Epwin 

Epwin Group, a maker of 
PVC-u windows and doors, is 
paying £5m to acquire Perma- 
door, which specialises in the 
manufacture of composite door 
and door sets. 

Fermadoor made pre-tax 

profits Of £368,417 (£324,695) in 

the year to March 31 after 


charging £175,000 for emolu- 
ments and o ther costs of fam- 
ily directors which will be dis- 
continued after the acquisition. 
Turnover was £2£ftn (£223m) 
and. net assets at eud-March 
were £557,345. 

The consideration will be 
met as to £4^m through the 
issue of 1.3m ordinary shares 
and £700,000 in cash The new 
shares are being placed with 
institutions at 330p per share 
by means of a vendor placing. 

Chartfield Invest 

fihartfiaM Investment Manage- 
ment, a subsidiary of Chart- 
field Financial Holdings, is 
reversing into Bell Court Fund. 
Management, a publicly traded 
Imro member. 

Wrexham Water 
Wrexham and East Denbigh- 
shire Water lifted pretax prof- 
its by 37 per cent, from £2.6m 
to 13.57m, in the year to March 
31, on turnover 4 per cent 
higher at £L0.7m. 

Earnings per £1 stock unit 
were 490p, against 399p or 845p 
after adjusting for a £265,000 
surplus on the sale of fixed 
assets. The recommended final 


Fiduciary Issue by Kredetbank S A Luxambourgedse 
to funds fosn to be made by ir to 

ISVEIMER 

(statute per to Svfluppo Economical 
deftTta&a Markfionafe 

Italian Lire 150000000,000 
Floating Rate Notes due 1997 

In accord an ce with teTtons are! Conditions of lha Notes notice is here- 
by given that for the Interest Period from June 16..l994toSeptem- 
ber 16 l 1994 the Notes wB cany an trttrea Rata of 834375% par amum. 
The inkiest Amount payable an tie itiewnt Interest Payment Data Sep- 
tember^, 1 994 wil be ITL 1 06,61 5 par m 5.00CX000 prindpel amoun 
of Note and fTL 2. 1 32J292 per fTL 1 00,000,000 principal amount of Nona. 

The Agent Bank 

KredeibankSA Luwamboufgeolsa 


1 FRF 500.000 


FLOATING RATE 
NOTES DUE 2001 

For the period 
June 15, 1994 to 
September 21. 1994 the 
new rate has bear fixed 
at 5,5625% P.A. 
Next payment date: 
September 21, 1994 
Coupon nn 14 
Amount 
FRF 302.85 

for the denomination of 
FRF 20 000 

The Principal Paying 


Agent 

OGENA 


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SQCIETE GENERALE 
GROUP 

15, Avenue Emile Reuter 
LUXEMBOURG 


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‘ Bl — "> tM. Rqp»a*d ok 


jfiFJ* 

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M.RfpaMM IMr Hm, “ 7" “ “ “ “™ “■ " ™ — — — — 


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*■ 


He said firmer signs of economic 
recovery boded well for the construc- 
tion industry. 

Shar eholders funds rose 25 per cent to 
£15 m; the company has net cash of 
OL9m. 

Morrison is largely family owned. Mr 
Morrison said the long-term objective 
was to become a quoted group “in some 
shape or form” but there were no cur- 
rent plans to do so. 

“We will react to the right 
opportunity when it comes along,” he 
said. 


aS • 


dividend is 14L.45P for a total £■ 
of 180 SP (13A9p). 

the company Is calling an 
EGM in order to convert to pic 
status. 

Gestetner 

Gestetner’s Australian subsid- 
iary, Soper Color, Is making a 
recommended conditional offer 
for tbe remaining 50.1 per cent 
of Babbit Photo not already 
owned by Super Color and 
Hanimex. another wholly 
owned Australian subsidiary of 
Gestetner. 

The offer - 25 cents cash per 
share - values Rabbit, a photo- 
finishing business with retail 
outlets throughout Australia, 
at AHATrn (£7J 1m). 

Wagon 

Wagon Industrial Holdings, the 
materials handling, engineer- 
ing and automotive products 
group, has acquired Barrett 
Engineers, a maker of pressed 
metal components for the auto- 
motive industry, for £5m in 
cash and shares. 

Barrett had turnover of 
£L0.3m for the year to July 31 4 

and was debt free at the acqui- 
sition date. 









fk 







23 






FINANCIAL TIMES THURSDAY JUNE 16 1994 







™ E IDEAL CLIMATE FOR 
KSffSBf.' BUSINESS SUCCESS 

Welcome to the European Community's newest 
International Business Centre, a last developing free 
trade zone, an up-and-coming offshore financial centre, 
‘ £ a highly efficient international services centre and an 
international shipping register. 

Let us introduce the Autonomous Region of Madeira. We hope that 
whatever your international business, you will consider Madeira as a 
base. 

Endowed with great natural beauty and much local talent and initiative, 
Madeira is poised to become one of the European Community's most 
exciting centres. Strategically placed within easy reach of the major 
Atlantic shipping routes, Madeira is your stepping stone into Europe and 
other international destinations. 

LIVING IN MADEIRA 

The island enjoys a mild mediterranean climate that has helped develop 
a thriving tourist industry over the last century. SdU a major staging 
post for international cruise liners. Madeira's volcanic origins have 
produced spectacular contrasts in scenery and vegetation. The island 
is rightly famous for its wine, fine embroidery, flowers and today 
boasts a fast growing international shipping centre. 

Housing is readily available, to rent or purchase, with efficient services. 
The island also offers international schooling. 




trading 




International 

business 

centre 















V-’. i :v 






wra: 








COMMUNICATIONS IN MADEIRA 

Funchal airport is just 3 hours away from most major European capital 
cities, and just over 1 hour from Lisbon. 

The island has a modem digital telecommunications system, with 
direct dialling anywhere in the world. 




Free Tkade Zone 




|¥-» 


All industrial and commercial activities are 
permitted within the limited area of the free 
trade zone, subject to the preservation of the 
natural environment and to foe standard rales of 
public health and national security. 




/? 






T i 


W 5 . 


> 


,N 


Offshore Financial Centre 


RanW arwi fiiwnrial i r re t t t n tinnn may establish 
offshore operations anywhere in Madeira. Such 
-institutions way engag e in foreign exchange 
operations free from domestic restrictions. 
Transactions may be carried out in any currency. 
Supervision of these activities shall be conducted 
by foe Central Bank of Portugal. 


International Services 


Madeira welcomes international companies 
whose business is that of trading, management, 
invoking, ship operating, holding and trusts. The 
granting of a licence to operate lies with the 
regional authorities. 


Madeira's International Business Centre is 
managed and administered fay 
SDM — Madeira Development Company, a private 

operated company 
that has the full support of the 
Autonomous Region of Madeira. 
Tfae Madeira Development Company is 
committed to providing 
international companies, and those who work 

within them, 
with the finest standards of any 
offshore centre in the 
European Community. 

For further information on 

— Free Trade zone 
— The Offshore Financial Centre 
— International Services 
— International Shipping Register 

please contact 


International Shipping Register 


Madeira now boasts an International Shipping 
Register — MAR. 

MAR offers the global shipping industry some of 
foe most favourable and competitive conditions 
available today. All vessels registered will fly the 
Portuguese flag. 


Ta a 

SDM - Madeira Development Company 
R. Imperalriz D. Amelia 
P. O. Box 4 1 64 - 9052 Funchal Codex 
Madeira - Portugal - Tel.: (351 91) 225466 
Fax: (351 91 >228950 -Tlx.: 72271 SDM P 





24 



COMMODITIES AND AGRICULTURE 


Green light expected for 
milk board reincarnation 


By Deborah Hargreaves 

The British government is 
expected to announce plans 
today to open up the £&3bn 
milk market to competition by 
November. Mrs Gillian Shep- 
hard, the agriculture minister, 
is likely to give the go-ahead 
for the Milk Marketing Board's 
scheme to re-organise itself 
into a voluntary fanners’ co- 
operative called Milk Marque. 

The liberalisation of milk 
gales will mean that dairy com- 
panies can buy their supplies 
directly from farmers for the 
first time in 60 years. 

But the plans to open up the 
market have been surrounded 
in controversy with many 


dairies claiming that Milk 
Marque would be left with too 
dominant a position and be 
able to force up prices. 

Mr Chris Haskins, pH airman 
of Northern Foods, the large 
UK dairy group, said yesterday 
that unless the government 
had forced Milk Marque to 
change transportation arrange- 
ments originally proposed, he 
might- complain to the Office of 

Fair Trading. 

Mrs Shephard rejected initial 
plans by the wink board for its 
reincarnation as Milk Marque, 
saying she was not happy with 
its aim of transferring the bulk 
of the board's assets to the new 
cooperative. This delayed the 
liberalisation of the market 


which was initially set for 
April tins year. 

But doubts remain among 
the dairy companies about 
Milk Marque’s proposed sales 
system and arrangeme nt s for 
collecting milk from farms. 
The Dairy Trade Federation, 
which represents the dairy 
companies, has complained 
that the sales system remains 
too monopolistic. 

In remarks to a food industry 
conference, Mr Haskins said 
that continual confrontation 
between the federation and the 
milk board in the past had 
been “totally sterile and uncan- 
s tractive. That's what we’re 
trying to do: get rid of all this 
garbage." 


Shephard launches £10m scheme 
to help improve farm marketing 


By Deborah Hargreaves 

Mrs Gillian Shephard, UK 
agriculture minister, yesterday 
launched a scheme worth £l0m 
over the next three years to 
help farmers and amaii food 
ctwwpanfaa improve their mar- 
keting qfrfnK 

“Primary producers are mas- 
terly at planning production, 
but their marketing skill n are 
undeveloped, particularly 
when they are producing an 
undifferentiated product,” Mrs 
Shephard told an Adas food 
industry conference. 

The aid scheme will give 
grants of up to 50 per cent to 
help producers, processors and 
others in the industry 
“sharpen up management and 
adopt better marketing prac- 


tice”, she said. 

The purpose of the scheme is 
to enable producers to forge 
Closer links with the market 
pl ac e, an atm that, has consis- 
tently eluded the majority of' 
British fanners. Mrs Shephard 
said the grants could help with 
market research and feasibility 
studies as well as contributing 
to the salaries of important 
staff. 

The National Farmers’ Union 
said it would conduct a feasi- 
bility study into ways of devel- 
oping markPtiTip opportunities 
for its farmers. It hoped to be 
able to give fanners advice cm 
how to take advantage of the 
government’s srhemw 

Mr Chris Haskins, chairman 
of Northern Foods, stressed the 
importance of working 


together with farmers when he 
said that the only way he could 
add value and increase his 
profits was through “alliances 
with suppliers and consum- 
ers”. 

However, Mr HarMim and Mr 
Terry Leahy, marketing direc- 
tor for Tesco, the UK retailing 
group, conceded that it was 
much harder for farmers to 
work closely with food compa- 
nies and retailers when they 
were producing commodity 
products that were in oversup- 
ply. 

Mr Leahy said that, never- 
theless. better marketing 
would enable farmers to get 
more information from the 
market place an what type of 
products were wanted, how 
much and when. 


MARKET REPORT 

Coffee futures recover early losses 


Lo ndon Commodity Exchange 
COFFEE futures recovered 
from an early reaction against 
recent strong gains to finish 
the day only marginally lower. 
Traders saw the morning’s $56 


fen to &340 a tonne for Sep- 
tember delivery as a correction 
in a continuing bun run. The 
price dosed at $2^388, down $8 
on balance. 

Coffee's later strength helped 


COCOA, although it had not 
emulated the initial fall 
At the LME ALUMINIUM 
price s belatedly followed COP- 
PER’S retreat 
Compiled from Reuters 


Opec cancels meeting to bolster confidence 


By Robert Coctine In Vienna 

The Organisation of Petroleum 
Exporting Countries last night 
agreed to cancel a planned 
September meeting in a move 
that should reinforce market 
c o nfidence that it intends to 
stick to its present production 
ceiling until the end of the 
year. 

The idea of cancelling the 
September meeting was first 
put forward by Saudi Arabia, 
the cartel’s largest producer. 

flaTiepilaHrm of the informal 

session means that the earliest 
opportunity for Opec to review 
its quotas will not be until 


November 16, well into the 
fourth quarter when demand 
for its members’ oil is usually 
approaching its seasonal peak. 
Opec officiate said there was 
no opposition to the decision, 
w hich should send a positive 
signal to the market, according 
to analysts. 

The organisation also agreed 
yesterday to form a new sub- 
committee to monitor adher- 
ence to the 2L52m barrel a day 
ceiling. Recent production has 
been running above that fig- 
ure, with May output reported 
as 24932m b/d. 

The committee will be 
chaired by Venezuela, it 


includes representatives of 
Nigeria and Kuwait as well as 
the organisation’s secretary 
general 

The question of who will 
replace Dr Subroto as secretary 
general was put off nwtii today, 
when the meeting is expected 
to And 

The buoyant mood of most of 
the yesterday was tn 

sharp contrast to their last 
meeting in Vienna last Novem- 
ber. 

That conference, in which 
delegates foiled to agree on 
widely demanded production 
cuts, gnded with ofl ministers 
amti-ting out of Vienna in a 


rainstorm as oil prices crashed 
around them. 

Yesterday they returned to 
an Austrian capital bathed 
with late spring sunshine 
braking in the knowledge that 
oil prices had recovered 
sharply in recent months. 

A warning by Mr Abdullah 
A1 Attiyah, the Opec president, 
that the present improvement 
in fl OTnan d “may be limited,” 
did little to dent in their opti- 
mism. 

One Gulf Arab official 
thought there was scope for 
prices to rise by “another S3 or 
$4 by the end of the year". 
That, if it <*»*» to pass, would 


take the price of the bendi- 
mark Brent Blend to about S20 
a barrel, compared with a five- 
year low of around $13 reached 
last February. Mr Al-Attiyah 
noted that the Opec basket 
price (an average price of 
seven crude oils) has recovered 
tn around $16 from its five-year 
low of $067 in February. 

But Opec oil revenues, which 

. . dropped by about 8 per 
cent in 1993. . . may fell fur- 
ther by two decimal points in 
1994”, he said. 

Ministers appeared deter- 
mined, nevertheless, to savour 
a rare opportunity to meet in & 
relatively relaxed atmosphere. 


Norway and Iceland spoiling for arctic cod war 


By Karan Fossil In Oslo 

A bitter dispute between 
Norway and Iceland over fish- 
ing rights in arctic waters 
scaled new heights this week 
and threatens to become a 
full-blown cod war, reminis- 
cent of that between Britain 
and Iceland in the 1970s. 

Yesterday, Mr Bjoem Tore 
Godal, Norway’s foreign minis- 
ter warned Iceland that Nor- 
way was prepared to take 
whatever measures were 
ntwMiwd to deter T«wism«iin trawl- 
ers from fishing in a so-called 


fisheries protection zone, 
200km around the arctic archi- 
pelago of Svalbard, where Nor- 
way has sovereignty under a 
1920 treaty. 

The warning was issued to 
the Tcpiamdtc ambassador after 
the Norwegian coast guard an 
Tuesday night bad fired warn- 
ing shots and cut the wires 
holding- the nets of the Icelan- 
dic trawlers fibbing in the dis- 
puted area. It was the first 
time the Norwegians had 
resorted to such measures. 

Earlier this month Norwe- 
gian shipyards in the northern 


part of the country refused to 
repair Icelandic trawlers. 

Mr David Oddsson, Iceland’s 
p rimp minister, s aid yesterday 
in a radio interview that the 
warning shots had been an ille- 
gal act by Norway and threat- 
ened to tekp the case to the 
international court in The 
Hague if Norway did not find a 

/Hplrvmatfr* mlntinn. 

Norway said it did not plan 
any meetings with Iceland but 
expected it to respect the zone, 
where it, Russia and some EU 
w wmW w> have historical fish- 
ing rights, and would also seek 


to maintain a dialogue with 
Iceland on the issue. 

Tcriarid has no cod quotas in 
the region and no historical 
fishing rights. Fish accounts 
for about 80 per cent of Ice- 
land’s sport earnings. 

“No one really wants a con- 
flict but we also are aware of 
the differences in opinion 
between Norway and Iceland 
over the zone," a Norwegian 
foreign ministry spokesman 
said yesterday. 

Last year the two countries 
tewiw* embroiled in a similar 
dispute over the “loophole”, a 


62,400 sq km protected zone in 
the Barents Sea jointly man- 
aged by Norway and Russia, 
where arctic cod spawn and 
where Icelandic tra wlers had 
refused to withdraw from cod 
fishing. They were also in dis- 
pute last year over the fish- 
eries protection zone. 

. The Icelandic government 
subsequently ordered its fish- 
erman to withdraw from the 
fisheries protection zone and 
the ambassador to Iceland told 
the Norwegian foreign minister 
yesterday that this declaration 
was still in force. 


Rubber traders see pressure on prices 
as Thais scale down official purchases 


Lead output 
begins to fall 

Production of refined fare! is 
falling , according to the Inter- 
national T-rari and 7tnr. Study 
Group. 

Latest data from the ILSZG 
shows that mim* production 
during the first four months of 
1994 was 72 per cent down cm 
the same 1993 period while 
refined output was 1 per cent 
lower. 

Consumption was 42 per 
cent above the January-April 
1993, mainly reflecting strong 
demand growth in the US. 

In April, producer stocks of 
lead fell 13.000 tonnes to 
200,000, but stocks in London 
Metal Exchange warehouses 
continued to rise. 


Thai officials buying rubber on 
hahaif of the gov ern ment have 
been told to cool down their 
purchasing thfa week so as not 
to compete with private 
traders, according to an official 
of the central rubber market, 
reports Reuters from Bang- 
kok. 

“Our buyers, some 30 of 
them from the state Rubber 
Estate Organisation, will from, 
now on not compete with the 
private sector for supplies,” Mr 
Chakarn Saengruksawong, 
director of the Rubber 
Research Institute said. In 
recent months Thai rubber 
prices have surged to around 


Bt24-25 (63p-65p) a kilogram in 
response to tightness of sup- 
plies and Mg government sup- 
ply contracts, notably a con- 
tract with UMna that s till baa 
some 100,000 tonnes outstand- 
ing. 

“Officials are negotiating 
with the Chinese to postpone 
deliveries for two to three 
months when rubber supplies 
axe expected to get back to 
n or m al, " Mr Chakarn said. 

He explained that the gov- 
ernment did not want to see 
traders going out of business 
because of losses sustained 
from honouring contracts that 
were concluded when prices 


were about Btl9 earlier in the 
year. 

Singapore rubber traders 
said the Thai news could send 
the market lower. 

“This means that the govern- 
ment is not going to chase the 
market," one senior broker 
said. “The current upsurge In 
Tokyo and Singapore is mainly 
due to the Thai government 
competing with the inrails for 
supplies.” 

With the latest Thai govern- 
ment’s move, Singapore trad- 
ers said they were not sure 
how the government could 
now meet its contracted rubber 
shipments. 


Guyanese gold 
output up 20% 

By Canute James 
In Kingston, Jamaica 

Gu yana ’s gold production in 
the first quarter of this year 
rose 20 per cent to 8&300 troy 
ounces, mainly because of 
higher than expected produc- 
tion from the country's largest 
miner. 

Omai Gold Mines, which pro- 
duced 67,670 ounces in the 
quarter, 4£72 above projection, 
is owned by Camblor Incorpo- 
rated and Golden Star 
Resources of Canada and the 
Guyana government It started 
production in January 1993 
with a target 20,000 ounces a 
month. 


COMMODITIES PRICES 


BASE METALS 


Precious Metals continued 


LONDON METAL EXCHANGE 

(Prices from AmMgsnwted Mate Trading) 

■ ALUMFflUM, 98.7 PUHJTY (S per tonne) 


Cash 3 mtha 

CtOM 14034-45 14334-4 

Previous 1413-4 1442-24 

HBlVtaw 14014/1401 1435/1427 

AM Official 14014-2 1432-24 

Kerb doee 1426-7 

Open InL N/A 

Tote dafiy Wnover N/A 

■ ALUMNUM ALLOY (S par tonne) 

dOBB 

1415-20 

1420-6 

Previous 

1426-30 

1425-30 

Hghflow 

1410 

1425 

AM Official 

1405-10 

1417-20 

Kart* dOM 


141020 

Open EnL 

N/A 


Tote dally tunover 

N/A 


■ LEAD {3 per tonne] 


Ctaaa 

5204-14 

530-91 

Previous 

5344-6 

5514-2 

HtoMow 


550/538 

AM Official 

824.544 

542-24 

Ksrt> doss 


540-1 

Open Ira. 

N/A 


Total dafy turnover 

N/A 


■ NICKEL {S par tonne) 


Ooee 

6345-55 

6441-6 

Previous 

6380-90 

6475-80 

WfltVtow 

6346 

B473/B370 

AM Official 

6340-5 

6441-5 

Kerb dOM 


6375-60 

Open InL 

N/A 


Tote da By turnover 

N/A 


■ TIN (S per tonne) 



Ck»a 

5560-70 

5640-60 

Previous 

5620-5 

5696-700 

HjjhAow 

5580 

5680/5630 

AM Offlciel 

5575-80 

5655-60 

KM) dose 


5620-30 

Open Int 

N/A 


Total daOy turnover 

N/A 


■ zmc. epedaf Mgh grade (S per tonna) 

CtOM 

974-6 

999-1000 

Previous 

9814-24 

1008-7 

HigMow 


1004/993 

AM Official 

9754-84 

10014-2 

Kerb dose 


993-4 

Open InL 

N/A 


Tote doty wnover 

N/A 


■ COPPER, grade A (5 per tome) 


Ctaee 

2377-8 

2395-8 

Previous 

2383-5 

2409-10 

HWVtow 

2380 

2407/2375 

AM Official 

2380-1 

2397-8 

Kart) don 


2387-8 

Open tnL 

N/A 


Tote da#y uanover 

N/A 


■ LME AM Official £/S rate: 14203 

LME Closing C/S rate: 14209 


SpOtLSaXI 3m&Kl417B 6ndta14158 9 iiAc14143 

■ HIGH GRADE C0PPS1 (COMEX) 

Oaf* 


Opre 

Otea rtengi 

> Mp lew 

W va< 

Jwi 11 two +a« 

110.40 10349 

464 71 

Xt 11030 403S 11000 10080 30403 11487 

tag 11Q.40 +045 110.10 10945 

577 B 

Sap 11040 +045 11070 109.10 17479 4408 

Oct 100.70 +030 

. 

272 41 

Nw 10925 +025 

- 

203 4 

TeM 


92,433 15^84 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Priow «WpBed by N M Hgthwnad) 


Odd (Troy oz.) 
Oqm 
Opertng 
Morning fix 
A Aa moon fix 
Day’s Ugh 
Day’s Law 
Previous ebss 


S pries £ Bquiv. 

3Sa50.387.00 
383*0-88340 

38340 252436 

384.10 262481 

386.75-387-26 
383^0-36340 
383.70-364.10 


Loco Ldn Man QoM Landtag Rataa (Vs USS 
1 month —4.38 fi months _„A36 


■ QOLD COM EX (100 Troy oz.; Vtroy at} 



ted 

Oafs 

aw 


Opn 



price 

donga 

low 

U 

VOL 

JDD 

38&S 

+48 

3874 

3844 

671 

23 

Ji4 

3874 

+24 

- 

• 

. 

- 

tag 

3894 

+24 

3894 

3654 72481 

12442 

Oct 

3824 

+24 

3924 

mi 

5.135 

104 

Dec 

3854 

+27 

3964 

3824 24400 

336 

FW> 


+2J 

- 

• 

8.194 

247 

ToW 




138422 14,178 

■ PLATINUM NYMEX {90 Tiny coy Vtroy at} 

■Mm 

3984 

+2.1 

. 

_ 

_ 

. 

JW 

4074 

+34 

4084 

4034 

11.758 

1,115 

Ort 

4104 

+4.1 

4114 

4084 

a.433 

1444 

ten 

4124 

+4-1 

4124 

4100 

1223 

51 

tar 

4144 

+4.1 

4144 

4114 

1,189 

5 

ToW 





22403 

2413 


■ PALLADIUM NYMEX p 00 Troy az4 tftroy cgj 


Job 

13840 

♦045 

S 

1 

Ste 

13945 

+045 

3441 

89 

On 

13875 

+045 14040 13040 

811 

8 

te 

Total 

139.75 

+/LK 14040 13740 

1 

06 


■ SB-VEH COMEX (100 Troy ax.; Centa/troy oz.) 


Jwi 

5514 

+134 

. 

. 


JW 

5524 

+134 

5554 

5374 74402 

9795 

tag 

5K.1 

+134 

- 

1 

1 


557.1 

+134 

5804 

5424 16471 

1417 

On 

5644 

+134 

5674 

5484 17444 

470 

Jn 

5884 

+113 

- 

- 32 

- 


TUN 12*407 12,173 


ENERGY 

■ CRUDE OIL NYMEX (42400 US pate, jftgrej 


Latest Day's Open 

price ctemga Ngb Law M VM 

JM 18.18 +023 18.19 1848 64.170 4U70 

Mg 1844 +030 1346 1822 33/02 +3.454 

te 18.18 +4X24 18.18 1740 51.132 19,887 

Oct 1745 +0.19 1745 17J3 28,050 17494 

Rav 17.78 +0.14 1741 1741 24435 7.454 

Doc 1748 +0.10 1773 1746 32431 7435 

TOM <28428146412 

■ CWUPEOILIPEffrtttgreQ 



UflNt 

Day* 



Open 



ffifce 

cteaga 

ate 

Low 

H 

Vd 

JW 

1847 

+022 

1642 

1040 44483 20493 

tag 

1840 

+025 

1844 

1645 60460 21,769 

tea 

1&48 

+018 

1052 

1644 

22AtB 

3479 

Oct 

1341 

+015 

1648 

1640' 

9483 

2460 

No* 

1644 

+0.11 

1844 

18.17 

5433 

696 

ON 

1635 

+013 

1845 

16,18 

7484 

1,159 

TOM 




15A888 50492 


■ HEATING 01- HYIBX (42400 03 QgB8^ QU5 gfcj 



UM 


Open 



price dwnge 

K* 

low fa* 

Vd 

Jd 

4650 +057 

4650 

47.75 84,486 14451 

ta| 

4840 +042 

4840 

4640 19.484 

8432 


*055 +037 

4945 

49.10 13J41 

1431 

Oct 

6045 +042 

5055 

5015 9,778 

503 

Ne* 

51.45 +042 

51.45 

51.15 6433 

578 

On 

5245 +042 

52.40 

5200 15.139 

738 

ToW 



125443 2S4» 

■ OASOILFE(MhmJ 




Sen oafs 


OPN 



prira dnnge 


fair W 

VM 

4 

151 JO +145 12100 14075 31 422 

4491 

taQ 

15340 +140 153.75 15140 10450 

1,153 

Sre 

15645 +140 

T55J0 13340 7,833 

407 

Oct 

15845 +145 

15845 

15650 7,«9 

354 

No* 

16045 +140 18000 15840 5.430 

305 

Ok 

16240 +0.75 18240 16045 13.723 

327 

ToW 




7450 

■ NATURAL GAS Knot (10400 RHIti&L; VtomG&U 


fatal Dot's 


tow 



prloa 

Mgh 

Low fan 

W 

Jd 

2.140 +0415 

2185 

21X 15.451 

8465 


2.163 +0406 

2190 

2150 15,700 

3,440 

tap 

2165 +0406 

2.180 

2155 11J1B 

1461 

Del 

2185 +0406 

2195 

2100 9440 

399 

Hot 

2255 +0405 

2480 

2230 10489 

185 

On 

2455 +0405 

2480 

2350 14464 

as 

TDtel 



122217 H923 


■ UNLEADH> GASOLINE 
IttMBC 1424QQ QS gate. flUS gs*U 


2mmhe 

3 months 

-~A06 12 mentfK ... A 

4.11 

SReerFOt 

p/lroy oz. 

US as equiv. 

Spot 

35246 

535J0 

3 months 

3S6J35 

54140 

6 months 

360.7Q 

54745 

1 yew 

37240 

98340 

Gold Colne 

5 price 

Eeqi*/. 

Krogwimn] 

388-381 

256-2S7 

Maple Lee) 

387,00-399.40 


New Soramlfln 

8942 

58-61 



Label 

Bay's 



to* 



tote 

ttange 


Law 

b* 

tat 

M 

5216 

-043 

5220 

SI JO 

37^51 

12028 

tap 

5240 

+0.16 

5240 

5150 

26^85 

5838 

tap 

5215 

+221 

5215 

5150 

1U43 

2702 

Del 

5050 

+0.11 

5050 

SOU 

4v484 

545 

Sot 

4940 

-044 

49JS 

42K 

4.040 

341 

On 

TPM 

5170 

+4.01 

5180 

5170 

2010 259 

8931 2138 


GRAINS AND OIL SEEDS 


■ WHEAT LCE (S par tonne) 



SaS 

oaf* 


Opw 



Price 

cfcwge 


tar W 

VM 

JM 

11150 

+1J» 11100 

11250 188 

23 

SW 

10155 

+03 

101 JO 

101.10 440 

82 

He* 

10200 

+4L40 

102.00 

101 JO 2.138 

149 

JW 

10340 

+03 

10190 

10150 1^83 

121 

tar 

105.46 

+0-30 10145 1053 402 

77 

MOT 

10190 

+025 

10185 10985 372 

23 

Iteal 




4J23 

408 

■ WHEAT C8T (5J300bu ten; centeffiOR) buahaQ 

Md 

340/4 

+80 

3440 

338/4118/710 30040 

tap 

347/4 

+40 

350/4 

3*50 85J3S 

7J15 

ON 

39»0 

+3/4 

3820 

356M1QSJ75 10/740 

Hw 

38Z n 

+3ffi 

383/2 

3590 12/530 

1995 

tew 

3W0 

+5/4 

3SO 

3500 320 

- 

Jd 

338/0 

+4M 

3400 

3370 1/840 

100 

ToW 




300700 8*00 

■ MAIZE CBT SLOOO bu nta; canta/56&> bushel) 

JbI 

28081 

+4/8 

2840 

280/0 467 J85 71,160 

SN 

Z758 

+4ffi 

2700 

275/4 194J95 19J05 

Dm 

271/2 

+&2 

274/4 

27M) 470/735 130,435 

mr 

277/2 


2900 

Z77/0 54/J56 

1386 

MOT 

2B0Q 

+5/2 

2630 

2808 8,170 

1© 

JM 

ZB1VB 

+5/2 

284/2 

mn 15/340 

480 

Tate 




1JQ8M22L74B 

■ BARLEY LCEfE per tome) 


Sap 

08.75 

. 

• 

- 191 

* . 

NOT 

10UE 

+025 

10000 

8980 339 

11 

Jwi 

10190 

+073 

- 

28 

- 

Hr 

HELOO 

+035 

10280 

102J0 15 

10 

Mot 

10490 

+060 

. 

4 

. 

Tate 




877 

21 

■ SOYABEANS CBT 9JQQQbu tea; canMQb batwQ 

JM 

705/2 

+14/8 

7150 

703rtJ223J25 62JOO 

UK 

701/4 

♦13/4 

712/4 

701 A) 90,935 20J25 

sw 

683/Q 

+18B 

7030 

082A) 41200 

MOO 

SOT 

B84/2 

+iao 

693/4 

632W 337995 155J1 8 

Jw 

887/4 

+16/0 

B08/4 

B87/0 27305 

1.415 

Mr 

896/2 

+20/0 

7000 

894/D 12340 

700 

TttM 




TB3JB0290J78 


■ SOYABEAN OB. CUT MOJOCfcBS canteM 


JM 

Z7^1 

+032 

2840 

2720 21X» 

1002 

tap 

27.79 

+030 

2&3E 

2728 15#» 

1678 

Sw 

27.75 

+027 

2822 

27.75 10.799 

1,106 

Oct 

Z7M 

+034 

2720 

27.45 7^51 

840 

tec 

7332. 

+044 

27.80 

2720 21,797 

VW 

Jw 

27.15 

+045 

2722 

27.15 1918 

91 

TeM 




84/163 13,720 

■ SOYABEAN NCAL CBT (100 torwSAorO 


JM 

205J 

+05 

2000 

2005 21563 

1207 

tap 

2002 

+09 

2000 

2062 17^96 

1874 

Sw 

2013 

+07 

2015 

2080 10981 

1.238 

Oct 

90*1,0 

+8.1 

2D7X 

21X0 5,780 

317 

Dec 

204A 

+04 

2072 

2042 IB/168 

4*497 

JM 

3X7 

+05 

ms 

2D4.7 1810 

97 

ToW 




80,118 18,297 

■ POTATOES LCSCSVtome) 



m 

enn 

re 

re 

. 

. 

Mr 

1010 

- 

- 

- 

- 

tar 

1508 

+42 

1542 

m J 736 

171 

MW 

1400 

- 

- 

- 

- 

Jw 

107J 

• 

- 

- 

- 

TMM 




725 

ITT 

■ FREIGHT (BtFFDQ LCE (SlOAndex poi(4 


JW 

1278 

. 

1275 

1275 529 

8 

JM 

1206 

+6 

1206 

1200 951 

99 

taB 

1218 

+fi 

1217 

1215 187 

21 

Oct 

1296 

+5 

1296 

1295 440 

55 

Jwi 

1321 

+14 

1320 

1315 222 

4 


1345 

+fi 

- 

83 

- 

Tote 




zm 

158 


dew 

ten* 




8H 

1321 

1329 




Gotten 





For the second euccesatee weak no spot or 

shipment sales were recorded Hi UverpooL 

Ordering m restricted and the offtake wee 

corAied ta minimum quentitlea. Slow Iradhg 

perabted tn certain rwrla/ht grawtfa. 



SOFTS 


■ COCOA lC6g/tonnte 



tatt 

Oaf* 


Opw 


price < 

Ekwga 

Bfl* 

law U VM 

JM 

1019 

+17 

1021 

993 11884 1712 

sw 

1041 

+18 

1043 

1015 18/529 3^91 

On 

1059 

+16 

1061 

1035 21337 584 

Mr 

1079 

+14 

1079 

1058 27743 eas 

May 

1091 

+13 

1033 

1071 10452 287 

JM 

1103 

♦12 

1102 

1083 1364 106 

TotM 




TIL2DB 1078 

■ COCOA CSCE (10 tanner Stemea) 

JM 

1377 

+18 

1388 

1353 1097 1397 

sw 

1411 

+24 

1413 

1382 33/360 7.400 

Dec 

1448 

+19 

1480 

1421 10381 861 

Mr 

1477 

+10 

1483 

1452 7,907 171 

«OT 

1498 

+10 

1504 

1488 1009 132 

JM 

1518 

+19 

- 

- 1346 1 

TOM 




71 ,460 15,182 

■ COCOA 0CCO) (SOfYoAorma) 

fc— u 



Price 

Pin. Pay 

Daflv 





10 Or awape — 


— KM 

N/A 

■ COfflSE LCE CS/tereMI 



JM 

2483 

-11 

2435 

2355 10/MS 1/363 

tap 

2388 

-8 

242S 

2340 11000 1401 

tor 

2353 

-11 

2400 

2310 

7,129 

465 

Jw 

2334 

-10 

aao 

2303 

1820 

784 

Mr 

2300 

-4 

2335 

2264 

1714 

475 

■w 

2280 

-14 

2284 

2284 

128 

4 


Tote) 487935,1021 

■ OOWFBE *0* CSCE (37400ton; cena/Tbs) 

JM 138.10 -035 14040 13475 11488 OSH 

tea 13020 +040 13040 13445 24,12412403 

Dm 136.18 +145 13740 13240 12725 671 

Mr 13248 +140 13340 12B28 7420 488 

May 13240 +145 13240 13040 1422 85 

JM 13140 +145 - - 133 12 

TMM 884301*870 

■ COffg (ICO) (US cgtiWpoarxfl 


Jwi 14 Mm hr. ttey 

CmvLdaOr 12344 12 587 


16 dqr awtaga 11748 117.19 

■ No7 PHHMUM RAW 8UQAR LCS (oent»4bs) 


JM 

1184 

-4101 

1230 

1179 

3334 

491 

oca 

1271 

+8JR 

- 

- 

1,101 

- 

Jw 

1182 

- 

- 

- 

- 

- 

Mar 

1218 

-acn 

- 

- 

BO 

- 

TMM 





4395 

491 

■ WHITE 8UOAR LCE (S tome} 



Aap 

35150 

-080 35380 351.40 11341 

771 

Get 

33LB0 

-L20 31150 33130 

834O 

SI 

Dec 

32100 

-1JD 

32530 

32180 

833 

43 

Mr 

32180 

-1J20 32100 32130 

1588 

221 

Ifl^f 

32130 

-L20 

• 

- 

201 

- 

*W 

32130 

-130 

- 

- 

295 

“ 

Tote 





21880 1/808 

■ SUGAR 11' CSCE (lllDOOtee: certatoa) 


JM 

1133 

-004 

1142 

1220 30363 4385 

Oct 

1141 

-034 

1147 

1133 71391 

5JB7 

Mm- 

IKK 

-0j03 

1237 

1136 27315 1.488 

Bay 

11.88 

-004 

110* 

1138 

4,145 

288 

JM 

11B4 

-004 

1230 

1134 

1328 

121 

oct 

11J0 

-am 

11.80 

1135 

733 

7 

1PM 




19141211300 

■ COTTON NYCC (MhOOtes centaAbs) 


JM 

7183 

+014 

8030 

7930 

a wn 2/K2 

Oct 

77,81 

+157 

7730 

7075 

5 

1 

Dec 

7873 

+031 

7633 

7590 

8.781 

841 

Mr 

77^8 

+053 

7736 

76.78 29360 1968 

m*t 

77B5 

+045 

7735 

7735 

3300 

230 

JM 

713 

+063 

7B23 

7738 

13K 

22 

TOte 





813*« 1288 


■ OHAHQC «ABC£ NYCE (16,00QtoB; certta/lbs) 


JM 

9570 

+035 9730 

9530 

7334 

523 

tap 

9048 

+035 10130 

9620 

1146 

874 

tear 

10010 

+OTS 10130 

9080 

1,858 

165 

JW 

10120 

+020 10123 

10230 

3362 

121 

Mr 

10170 

-030 10510 

10170 

1,160 

29 

MW 

10570 

-OS 10525 

10825 

48 

1 

Tate 




23,134 1313 


VOLUME DATA 

Open Interest and VQftana data shown lor 
c ai t iaLte trotted on COBOL NYfcCC C8T. 
NYCE, CME, CSCE and PE Qute 06 are ana 

m vm-r nfl iri+s- 2. 

INDICES 

■ REUTERS Bm* 1OTQ1MOO} 

Jins is jim 14 month ago yaw *9° 

2027.1 2030.4 18SS .2 16604 

■ CRB Futures goes: 4/a/Efalgj 

Jm 14 Juts 16 month sob year ago 

23540 235.50 22444 20344 


MEAT AND LIVESTOCK 


■ UVE CATTLE CUE (404006*; canteriha) 



9Mt Oof* 

Opw 



price ctetoa MbD tar 

W 

W 

Jw 

65.100 +0275 65200 64325 

5212 

1906 

AW 

64^0 +0150 84200 81100 29314 

8251 

Oct 

67375 +04® 88300 68300 14345 

2333 

Dw 

63350 +0525 89300 87300 10363 

1.428 

tab 

69300 +0600 60675 60650 

7333 

484 

tar 

70350 +0550 71300 701® 

3252 

186 

TeM 


71 341 

1087 

■ LIVE HOGS CME (40/XXXbs; centlribe} 


Jw 

4aa0 +0175 48373 473® 

1375 

1,176 

JM 

<0375 +05® 483SJ 47360 

8,724 

K31 

tap 

47350 - 473® 47225 

0723 

1333 

Oct 

44325 +0250 44750 44.150 

4330 

464 

Dae 

44J® +OI® 447® 44250 

saw 

245 

Fta 

44.173 +0350 44360 44350 

777 

57 

TMM 


*7364 

SJ7B 


■ PORK BELUEB CME f*Q>000B»: centeflba) 


JM 

412® +08® 41000 41350 

4393 

1.153 

ta 

41323 +06® 42250 406® 

3358 

681 

FN 

477® - 46360 47350 

<88 

62 

Mr 

473® 

37 

4 

MOT 

48330 

33 

3 

JM 

502® 

12 

2 

TOte 


>323 

13BB 


LONDON TRADED OPTIONS 

soft* pries $ tonne —-Cats Put* — 


■ ALUMNI UM 


(99.794) LME 

AUB 

Nov 

Aub 

Nov 

1375 

N/A 




142S 

N/A 




1475 

N/A 




Bl COPPER 





[Grade A) LAC 

Aug 

Nov 

Aug 

Nov 

2390 

N/A 




2400 

N/A 




94S1 

N/A 




■ COFFEE LCE 

JM 

Sap 

JM 

Sep 

aiao 

253 

351 

_ 

113 

2200 

203 

320 

- 

132 

2250 

153 

292 

— 

154 

■ COCOA LCE 

JM 

Sep 

JM 

Sep 

B7S _ 

44 

89 

_ 

23 

lOftn 

19 

73 

_ 

32 

1090 

- 

48 

31 

55 

■ BHENT CRUDE IPE 

Aug 

Sep 

Aug 

S«P 

i<mn 

72 

. 

27 

_ 


40 

. 

48 

_ 

1700 _ _. 

24 

39 

82 

- 


LONDON SPOT MARKETS 

■ CRUDE OP ROB (per bante/JuQ +or 


DubM 

815.7M38W 

+0235 

Brent Bland (dated) 

SI 6^-0 66 

+028 

Brent Send (JuQ 

£18.78-633 

+030 

W.TJ. tlpm wfi 

$1921-92Evr 

+043 

■ O*. PRODUCTS NWEprOffip* dMivery OF fame} 

Premksn Qaacrine 

£183-184 


Gw 0* 

Si 51-182 

+2 

Heavy Fuel OB 

*77-79 

-2 

SI i ll. . 

rflspfana 

*158-1® 


Jet Fuel 

SI 62-163 

+1 

taaotewi Apu» aaeata 



■ CTTHB4 



GqW (par troy oztf 

$388.75 

+1B5 

SB var (par tray azft 

55150c 

+1150 

PMfansn (per troy oz.) 

3401.78 

-025 

PMtaflun tpor troy ccL) 

5137S0 

-o» 

Copper (US prod) 

IIOOC 

-1.0 

Lead (US prod) 

35.76c 

+0.75 

Tin (Kudo Lumpur) 

14.47m 

+002 

Tfai (Nsw Yort) 

25750c 

-ZOO 

zinc (US Prime w.) 

Unq. 


CatSs (Bvs wMghQt 

12S.66p 

-1.7V 

Sheep (Cue wMgh9r4 

11ZB3p 

+6.74* 

P*9» "MgWJ 

8125p 

-4J8* 

Lon. dey sugar (mw) 

$303.20 

+020 

Lon. day sugar (wte| 

S35926 

-173 

Tate & LyM export 

£311X0 


Bariey (fog. feed) 

£104Jt 


Mete (US No3 YcBow) 

si-tax 


Wheat (US Dark North) 

P180.0 


Rii3ber{JM}9 

78.7Sp 

+1.® 

Htoter (Autff 

78.75P 

+1.00 

RMteer^nsSNol JM) 

27100m 

+1.50 

Coconut 09 (Ph0)§ 

£630 .to 

+16.0 

PrinOt^ay.^ 

SEOS.Oq 

+100 

Copra [PhD§ 

$406.0 


Soybeans (US) 

E217.Q2 


Cocon Outlook A Inda* 

863SC 



WooRopa Q54B Super) 426p 

E par tome unless efeanatea stated p pence/!®. a 
cents/Ib. rtert Mg . m Malaysian esmx/kg. q Aug. 
t Qot/Dea z JunUuL wr JuL V London PhyMcM. § 
OP Rotterdam. 4 Biteon market dosa * Sheep 
(Ure walgtt prices*. * Change on we*, prevteteral 
prices. 


CROSSWORD 


No.8,4£l Set by FETTLER 



12 Of is 


dusd by afngfo words 


ACROSS 

1 Disease (6) 

4 Finished spin with a hum- 
ming sound, then pounds as 
does a tornado (8) 

9 Concern (6) 

10 Hoop skirt needed for a dance 
<*4) 

12 Wonder at curious way to 
demolish (4,4) 

1& Look (6) 

16 Castle (4) 

16 Fail to alight in arable field 
00 ) 

19 He took the canine out and 
the molar (10) 

20 Identify (4) 

23 Tree god dressed stone (6) 

25 Lot* in the state pen certain 
strong arm man (8) 

27 Expression of pain when 
wearing child's slipper (8) 

28 Grumble (6) 

29 Photographic process raaMug 
a boring illustration (96) 

30 Wizard (6) 


6 To face a revolutionary 
worry (8) 

7 It's all about about (5) 

8 Stepped up and down in 
way Astaire did (7) 

11 Gulp (7) 

14 Flags (7) 

17 Spite? It is absent in 
touching look (9) 

18 Auks soar to deceive ana 
of their Ok (4-4) 

19 Irascible crustacean on 
sea-bottom (7) 

21 Wooden cover for queen's 
soup bowl (7) 

22 Sounds like rough pari 
meal (6) 

24 Pastime (5) 

28 Talk (4) 

Solution 8,480 


□QQDQQaa □ 
n q n b 


DOWN 

barman, 


patters 


1 Such as 
about (7) 

2 A girl more inclined to be pro- 
flx and Incoherent (9) 

3 Chock outside that which Is 
queer, cheap and nasty (6) 









FINANCIAL TIMES THURSDAY JUNE 16 1994 


* 




LONDON STOCK EXCHANGE 



MARKET REPORT 

Earnings data spur further advance in shares 


By TerTy Byland, 

UK Stock Market Editor 


Kjrourable news on domestic wag* 
iCTds encoiiraged the UK stocS 
market yesterday to retest the toi 
of ns latest trading range as both 
“ares and bonds extended the 
gams of the previous session. Trad 
mg volume, and market attendance, 
was curbed by the effects of the 
national rail strike in the UK, and 
shares slipped back from their best 
levels as business died away 
towards the end of the day. 

the FT-SB 100 Index edged above 
3,050 in early trading as govern- 
ment bonds led the market’s firm 
response to the announcement that 
UK average earnings growth had 
slipped to 3.75 per cent in April, 
while i nflati on, as measured by the 
retail price index, had remained 


steady. By the close the gain on the 
FT-SE 100 had been cut to a net 6JZ 
tor a final reading of 3.045A 

The FT-SE Mid 250 Index, stall suf- 
fering from the aftermath of expi- 
ries of over-the-counter contracts, 
fen a further 19 points to 3^59.7, the 
second successive underperform- 
ance against the Footsie. 

The stock market was restrained 
by adverse developments in the util- 
ity sectors, which have been the 
mainstays of the big Investment 
funds during the period of bond 
market weakness. 

British Gas fell heavily after the 
chief executive responded nega- 
tively to the Ofgas ruling on gas 
pricing. He warned that the ruling 
could fence British Gas to “peg” tts 
dividend next year, a prospect 
which hit the shares and also other 
utility stocks which have been 


Account Beating Dates 

-CM DaaOoSK 

Jun 6 

JuiZO 

JU 4 

Optfoa DfdfelfiW 
Jm IS 

Jwi 30 

Jul 14 

Last Perinnr 

Jun 17 

Jul 1 

Jri IS 

Aeapurit Pip 

An 27 

JK 11 

Jut as 

mew One (uUngi nay taka ptaee troai two 
haskwn den aoisc. 


sought out for their dividend paying 
capacity. The sector took fresh pres- 
sure when Thames Water disclosed 
that it was malting new provisions 
against some recent acquisitions. 

However, these adverse pressures 
on market indices were counter- 
balanced by strength in Glaxo 
shares as news of the impending 
retirement of the chairman brought 

B l l g g i p g /. lrtnn frhafr Gl fl T O mi ght uow 

follow some of its European rivals 


in seeking a major acquisition in 
the US. 

After its prolonged period of 
watching the European bond mar - 
kets, London refocused yesterday 

OQ the host of flnraos rir pmwjrnip 
data, and an prospects for tonight’s 
speech in the City af Loudon by Mr 
Kenneth Clarke, the UK rhanraiinr 
of the exchequer, little heed was 
paid to the modest reduction in 
money market repo rates in Ger- 
many, or to toe dull response from 
European bond markets. 

Although equity trading picked 
up following announcement of the 
average earnings data, the Anal 
total of Seaq reported business, at 
562 , 8 m shares, compared with 
709 Am registered on Tuesday. 

Some City professionals had 
arranged to work from home 
because of toe national rail strike. 


and many others left their offices 
early yesterday afternoon. On Tues- 
day, retail business in equities 
Jumped to a healthy SlASbn. 

Strategists commented that the 
City’s fears of renewed inflation 
pressures have to some extent been 
calmed this week by the flow of 
economic data on both sides of 
the Atlantic. The expectedly poor 
showing of the UK Conservative 
party candidates in both national 
by-elections and the elections for 
the European parliament has fed 
hopes that the British government 
may cut taxes In order to restore its 
standing with voters. 

At the same time, the sudden 
wave of nervousness over Federal 
Reserve policies was also seen to 
subside a little following favourable 
news this week on US retail sales 
and nfincirmpr prices. 


FT-S&A All-Share Index Equity Shares Traded 



Hxmowr by wriuma pHttst ExefcKtaff 
Irtra-nuriurt bus**** and ouarWHM tumore 
1,000 



1994 


■ Key Indicators 


Indices and ratios 


FT-SE 100 

3045.8 

*02 

FT-SE MW 250 

3559.7 

•19.0 

FT-SE-A 350 

1535.4 

+0.5 

FT-SE-A AU-Shar* 

1526.59 

+0.36 

FT-SE-A All -Share yieW 

3X6 

3X6 

Best perforating sector* 







+1.2 

3 Household Goods ... 





-.. +1.0 

5 Consumer Goods ... 


.-. +1.0 


FT OnXnary Index 

2399.8 

+11.7 

FT-SE*A Non Fins p/e 

19-29 

19.30 

FT-SE 1 00 Fut Jun 

3042.0 

+3.0 

lOyr GOt yield 

8.59 

8X6 

Long gdt/equity ytd ratio: 

2 2B 

2X7 

Worst pmforinliifl sectors 





2 Electricity _ 


..>.-2.0 




4 UtSUes 


.-1.4 

S BuBdlng a Cons 


>...-1.0 


U ‘^ 1 ,!i ' yjj 

iv- ■ ::;f put up it 


: ROSS WORD 



HI 

II 



m a 



III 

■ 

ail 
■ H 
H 





Hopes of 
change 
at Glaxo 

The retirement anno n nopTnant 
from Glaxo chai rman Sir Paul 
Girolami brought a flurry 
of excitement to pharmaceuti- 
cal stocks, with speculation 
that his departure Triarmt the 
company was about to 
anwnimrio a major acq uisition , 
following the path taken by 
SmithKlme Beecham with its 
recent $2Abn purchase of phar- 
macy benefit manager DPS. 


Sir Paul’s retirement was 
described as “the end of an 
era" by Mr James CulverweH 
at Hoare Govett, who added 
that Sir Paul epitomised an 
older style of drugs company, 
which nrinnontr ^ f i fd qq organic 
rather than acquisition-led 
growth. 

However, Mr CulverweQ was 
sceptical about the probability 
of an early purchase. “Glaxo’s 
route is more Hkdy to be with 
alliances and relationships 
with other drug companies, 
particularly in therapeutic 
areas,” he said. Glam closed 22 
higher at 585p following heavy 
turnover of iim. 

Other drugs companies were 
equally strong on the back of 


US buying, with Wellcome 

adding 24 at 618p, Zeneca clim- 
bing 19 to 727p and SmitoKttne 
Beecham rising 13% to 419%p. 

British Gas hit 

Shares in British Gas tum- 
bled 17 to 272p as volume 
soared to 25.7m, making the 
stock the day’s most active 
issue, after the chief executive 
warned that tough new propos- 
als from industry watchdog 
Olgas could hit profits and 
force the company to peg its 
dividsnd next year. British Gas 
also suggested that the new 
proposals could farce cuts in 
its w w w i i w Mit programme. 

The report from Ofgas was 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures dosed 
below the day’s best after 
dealers focused on the poor 
shape of earty trading on Wall 
Street, writes Joel Kibazo. 


The June contract on the 
FT-SE 100 Index ended at 
3,042, up 3 from Hs previous 
finish but at a 3-point discount 
to cash. 


■ FT-86 100 WPEX FUTURES (UFFE) 225 per U index point 


(APT) 



Open 

Sod price 

Change 

High 

LOW 

EsL vol 

Opel fait 

Jun 

3033.0 

3042.0 

+3.0 

3050-0 

angun 

17909 

omo 

s*> 

3046X 

30640 

+2X 

3062J) 

3030.0 

8877 

34646 

Dec 


30040 

+3JD 



0 

752 


■ FT-ae wro go wnex futures (uffq cio per m fa*** point 

Jun 3557.5 3558.0 -17.0 35580 3557.5 31 2848 

Sap 3577.0 35700 -ISO 3577.0 35700 34 2980 

■ FT-86 MD 250 INDEX FUTURES (OML)qeiO par tUUndan poW 

Jun - 3558.0 .... 771 

Alopcn knarest flow* an (or pnwtaua dip. T wfena slMMi 

■ l^-Sg 100 r304^ EIQpcr futlndaat port 


2850 


2900 


2900 


3000 


3060 


3100 


3200 



C 

P C P C P 

C P 

C 

P C 

P 

C 

P C P 

JM 

t9»j h U6h h BBh h 

46*2 3 

19 

19*2 1 

61 

h 

111 h 161 

Jd 

m 

10 let ISh 120 25 

X 39*2 

S7 

fiZ 35*2 

91 

20 126*2 9*2 168*2 

Aug 

224 2Sh 184 35 VOh4&blWi 86 

95*2 88*2 . 63 

114 43*2 T45 . 39 182^ 

Sap 

249 

37 203*2 SO 196*2 03*2 135*2 02*2 

100 

103 91*2 130 

81 

160 46*2 194 

Oact 


239 02 

190.120*2 


127*2 169 


82*2 222 


cm 7X52 mu wr 

■ HJBOSTYia FT-sa immoex option gjrgeio par fcainCkacpoim 
2875 2925 2978 30SS 3075 3126 3178 




Jtan 

167*2 

*2 

117*2 

*2 99*2 1*2 

23*2 7 

3*2 

35 

1 

63 *2 

133 *2 183 

U 

162 

11 

140 

19 tt7*z 31 

70*2 4B*g 

49 

74*2 

28 

166 16*2 

143*2 7*2 185*2 

Aug 



195 

40 

190 74*2 



53 

125*2 

24 196 

Sap 



181*254*2 

129 91 



71 

141 

37*2 206 

fact 



221*2 06*2 

169*2122*2 



112 

171 

75 231*2 


7jm PM 2JZ17 * UmMUng ted* Mb. Pnmlm earn am And on nOammt prim. 

Ling dBM npfty iinitfi 

BIBO STYLE FT-SE MB 280 INDEX OPTION (QMLX) CIO par M hick* point 

3850 3700 3750 3800 3850 


3500 

Jm n 2 

cab 0 Pub o SM 


3650 3000 

a 14 5>2 45 


IBM MBBtf43«B. 


Earlier, a tentative start to 
trading at 3,032 was quickly 
followed by a bout of selling 
from independent, or local, 
traders, which saw June fan 
to 3,025, the low of the day. 

However, favourable UK 
average earnings data boosted 
UK gifts and helped to bring 
about a recovery in June, and 
dealers reported the return 
of some of the very big 
Institutions to tiie market which 
had remained on the sidelines 
in the previous two sessions 
of the week. 

June continued in positive 
territory over the next few 
hours, reaching a high of 3,050 
before it was undermined by 
the poor opening In New York. 

Total volume at the dose 
stood at 17,906, with 6 ,977 
lots traded in the September 
contract as “roll over activity 
continued ahead of tomorrow’s 
expiry. 

In traded options, which will 
also see the expiry of the 
Index options, turnover rose 
to 33,182 contracts, of which 
13,692 was in the FT-SE 100 
option and 4,584 In the Euro 
FT-SE option. Glaxo, also busy 
in the equities, was the busiest 
stock option with a total of 
2,438 lots dealt 


FI' - SE Actuaries Share Indices 


BaaaM 


Dwa 

Jun 16 chff*M Jin 14 Jun 13 Jun 10 


Yaw 

■BO 


Dtv. Earn. 
yMd% yteMW 


WE 

ratio 


Xd acQ. Total 
ytd Return 


FT-SE 100 
FT-SE MM 250 
FT-SE MM 2S0 aa bw T>wrt» 

FT-S&A 350 
FT-SE SmaKap 
FT-SE SraaMCap ax kw Trusts 
FT-SE-A ALL-SHARE 

■ FT-SE Actuaries All-Share 


30454 

+02 

30300 

3016X 

3055X 

2BB3X 

4X6 

9X9 

8569.7 

-4X5 

3578.7 

3595X 

3606X 

321 2X 

3X0 

6.78 

36609 

-4X7 

3534.4 

3603X 

3915X 

3229X 

3X4 

6X2 

153&4 



1634X 

1S27X 

15442 

1437.7 

3X3 

653 

1857X8 

-4X1 1B59J23 1681.73 1863.17 1837X7 

2X9 

axe 

1833X4 

-4X2 1830X4 1838X1 1839.16 1644X9 

3.15 

4X3 

162059 


152323 1619X5 1536.01 1483X4 

3X8 

043 


1728 4823 
21.07 4403 
19L08 44X0 
1801 2333 
3 83 8 2037 
31X4 21.48 
1832 22.77 


1137X1 

130222 

1305.05 

1172.57 

142729 

141221 

1188.16 


Days 

Jun 16 chgo% Jun 14 Jun 13 Jun 10 


Year 


Dhr. Earn ' 
yield* yteM-% 


P/E Xd adj. Total 
ratio ytd Ratum 


UMMBRAL EXnwenONna 
Extractive fciduBtrt ofl( 4) 

30. tmejyaredP) 

3D Ex p loration 3 Procttll) 


287727 -ttl 268007 283030 283523 222820 349 

390323 3904.74 3872.75 389129 3054.70 340 

262833 -0.1 2632.17 2S67.13 2571X7 2150.40 8X0 

1883.07 +0.1 1B80LB7 191992 1B2243 1947 JO 3X7 


4X9 29X4 37X8 1084X1 

6. IB 2423 4339 108520 
4X1 27X8 4043 1066.79 

122 aaOOt 1522 107927 


EH MANUFACTURERSP82) 
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hwnlcatapi) 
hraraUed lndustriata(16) 

btfrcrfc S Beet 6quW34) ■ 
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rioting. Paper & PdqjPO) 
tees 6 AppereCO). 


197033 -02 197447 1978X7 1996X9 1782.00 

1171.19 -IX 118357 119747 120140 10S5X0 

1875.72 -0.7 1888.79 1S2Q22 1940X9 167220 

2406X6 ~QA 2417X8 2429X0 2458.72 223120 
1975.61 -*OA 1968X2 1991X4 1B7BX7 1841.70 
2007X3 +0X 190720 2013.80 204622 2043X0 

182413 -OX 1838.17 183622 1845X8 158860 
2301.77 -OX 2307.75 231003 231820 1772X0 

2768.73 +0.1 2764X0 275226 2781.18 2316X0 

1756.72 -0.7 1789X7 1756.06 175023 1515.70 


3X3 

4X2 

Z7X3 2929 

091X1 

3.19 

4.16 

31.08 15X2 

009X0 

3X0 

4.17 

3028 3023 

374.48 

3X6 

4X4 

31X6 42-32 

1056X9 

4X0 

4X2 

27.49 38X8 

999.05 

3X7 

347 

18X7 13X6 

960X6 

301 

4.T2 

£0.72 S1JB 

1031XS 

4X5 

225 

61X9 32X8 

1101.10 

2X6 

5.12 

23.13 37X3 

1087.71 

4X0 

5.71 

22X0 29X6 

387X2 


ONSUMER GOODSSq 

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puts. Wkxn & ClderafUO 
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288827 i-IX 
2183X3 +02 2179.17 2162X2 2189X3 200S20 

284127 -02 2845X8 2819X6 2861X6 2802.70 

2200X4 +02 2196X4 2192X3 2208X0 2250X0 

2484X0 +12 245642 2461.07 2484X7 2282.70 

1878.72 +02 1675.07 1888X0 1881X1 1801X0 

2898X3 +02 2907X6 2749X6 2731X0 296&10 

3488.88 -1. 4 MlBJg 3515 X3 382409 370470 

1 1960X4 1956X5 197822 1796X0 


4X8 

7X8 

15.43 

B0X6 

907X4 

4X2 

7.73 

15X8 

3016 

971.17 

189 

6X9 

17X0 

6078 

948.70 

4X5 

8X2 

14.16 

42.75 

915X6 

3X3 

7X0 

1025 

40.74 

885X4 

a 04 

3X2 

71X3 

moo 

063X8 

4X1 

7X7 

1021 

47X0 

907.10 

8X6 

9X2 

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772X5 


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m. tees(40) 

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196428 

2744X5 

2150.09 

297611 


1B80X5 

156221 

2300.84 

119627 


-OX 2758X0 27SQ44 279647 2659X0 
+04 2141X8 213401 2180.12 1820X0 

2978.71 2968X2 3006X7 2331X0 

-0.1 1931X2 1B2SX8184aX6 1961X0 
-OX 1888.79 188321 1701X4 1490X0 
-OX 1688X8 1578X5 158543 1494X0 
-IX 2324X7 231 B. 78 235447 2073X0 
4.1 X 1184X7 1190.19 1195X6 1232X0 
-14 2246X5 2240X1 2283X4 2147.60 
-2X 219046 2174X1 2196X7 1776.70 
_5X 1918X7 1921X6 1060.10 1965X0 
+04 194471 1946X0 199146 2006X0 
_rt ft 1795.76 1730X6 172043 1677.10 
-0.1 1BS1.77 18*404 166073 1542X9 


3.11 

324 

340 

2.18 

3X0 

3X4 

2.63 

3X6 

447 


627 
6X3 
444 
490 
11.10 
6X4 
8X2 
5X8 
1 90 


18X9 23X5 
18X8 38X4 
28.19 1942 
2344 3SX5 
10.77 28.16 
19X7 24X8 
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21.71 15.14 
80XW 5X1 


95a 19 


104622 
1C 


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1012X7 


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tiarfonsfl) 


2214X2 

2148.78 

180826 

195321 

1719.80 


4X9 

4X7 

8X8 

11.74 

14X1 2002 
10X6 24X7 

834X2 

871X8 

6X3 

* 

44 53X3 

825X8 

4X3 

7X6 

15X0 0.08 

81 2X8 

5X1 

14X7 

act 19J2 

837X8 


iCMLS(B31) 


1649X9 


215026 

2607-82 

123040 

2304X2 

2795.72 

131427 

1519X5.. 


+0.8 2138X8 2131.10 2154X6 202090 
+12 2773X4 2758X6 2787J72 2516X0 
+08 1221X4 1206.09 1230X0 133740 
+O4 2294X4 2300X0 2322X125B3X0 
+04 2786X7 281629 2836.70 2642X0 

191424 1892X3 1826.07 1400X0 

_n.l 1B8142 1529X9 1S3BXB 1343Xg_ 


3X7 

8X7 

19X9 23.10 

1150X8 

4.18 

noc 

14X8 44.73 

845X0 

3X6 

ROR 

14X7 59X7 

831X7 

5X4 

11.72 

8X4 28.44 

831X3 

5X9 

7X0 

1555 66X8 

874X7 

3X8 

12X6 

9.72 44X5 

834X9 

3.74 

7X1 

19.09 25X7 

957X3 

4JJ1 

4.13 

29X9 23X0 

882X9 




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*n a OTdfJir 37S0M 2788.18288820 222 137 5407 2742 221X8 
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30392 3047.4 

3S74X 3668X 

15343 1537X 


11X0 12X0 13X0 14X0 

3048.7 3050.1 3047X 3046X _ 

3566X 35858 35641 3582X 

15378 1837X 1836.7 1S3SX 


1&00 


16.10 tfigh/day low/rfmr 

30488 30484 30504 30384 

35028 3S0ai 3581.0 3S59L7 
1536X 1535X 1637X 1S32X 


1.40am Lo* “■ <7am 

Hies 350 Industry 
^ ODD 10X0 17X0 

mas iioe2 now 

H 2843.7 28603 

f.7 17293 IgSX IgjX 
5.7 2823X 28314 8B37JJ 


13X0 14X0 16X0 18.10 CtM* Pnwkwa Chanqa 



10892 1099X 10994 10992 
2851.7 2875.1 28742 28716 

1721X 1721.4 1717X 17173 
2837X 26415 2B41X 28423 


11154 -102 

Z7B1X +013 
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28072 4344 


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iv t vriiua » MB»“«J>axnoi*: nmc aom PS 


“a little tougher” than many 
market watchers had antici- 
pated, but it was toe strong 
negative reaction to the report 
from British Gas that took the 
market by surprise and 
brought the setback in the 
share price. 

Analysts swiftly downgraded 
current year dividend fore- 
casts, with the consens us mov- 
ing from 15p to 14J5p. Strauss 
Turnbull, one of many to 
reduce its dividend forecast, 
mamf-gfnoH ifre bottom of toe 
range current year profits esti- 
mate at £885m, but shaved toe 
fallowing year’s figure by £85m 
to £900m. 

Mr John Toalster at toe bro- 
ker said: “The best prospect for 


TRADING VOLUME 


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i vMnto ior • Mkedon of nWor 
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IfKMnHIunt 


the dividend is that it will be 
frozen at 1993 levels for the 
next two years, and a reduc- 
tion of a third to lOp cannot be 
ruled out.” 

Another analyst seeking to 
explain toe stock’s retreat said 
simply: “The share price reac- 
tion is about politics rather 
than fundamentals. I would 
have been surprised if British 
Gas reacted any other way.” 

Thames weak 

A farther raft of provisions 
moves by Thames Water sent 
analysts scurrying to down- 
grade the utility company yes- 
terday, amid fears erf worse to 
came. The shares slid 9% to 
470p with a hefty 2£m traded. 

Thames said it was taking a 
further £11 .5m charge with its 
final results for its non-core 
businesses, adding to the 
adjusted £23 .5m taken at the 
interims. The charges helped 
push international operations 
and process contracting into 
an operating loss of £43m 
against a profit of £1.4m, 
although Thames mid it was 
hoping for breakeven on its 
n on-regulated businesses this 
year. 

The losses meant the rise in 
Thames dividend was lower 
than gypwitpri at a disappoint- 
ing 7 per cent Mr Kevin Lap- 
wood at Smith New Court said: 
“Thames, which is supposed to 
be toe fla gship of the sector, is 
now on one of toe lowest rat- 
ings. And the potential for 
more skeletons to come out of 
the cupboard on the nan-regu- 
latory businesses is huge. The 
shares have more downside.” 


NEW HIGHS AND 
LOWS FOR 1994 


NBW MQH8 (18L 

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TWrapart Dm-.. WATER (1) Mid Kad. 
ANPUCAN3 B CANADIANS »■ 


Recent comment from banks 
that bad debts were faffing fas- 
ter than anticipated prompted 
a reconsideration of selected 
banking stocks from two lead- 
ing broking houses. 


Hoare Govett upgraded its 
current year profit forecasts 
for Barclays from £1 ,400m to 
£l,600m, largely on the back of 
the improved position on bad 
debts. With property values 
stabilising, there would no lon- 
ger be the need to increase bad 
debt provisions. Barclays 
closed up 10 at 560p. 

Mr Mark Eady at NatWest 
Securities, which recently 
upgraded his profit forecasts 
far National Westminster from 
£ 1,330m to £l,465m, said the 
strength was not In the sector 
as a whole, but in particular 
stocks. Lloyds, for. example, 
lost 6 to 560p on fears about its 
proposed £L8bn acquisition of 
Cheltenham & Gloucester 
building society, while Abbey 
National was also weak in 
sympathy, dropping 3 to 427p. 
NatWest added 10 to 474p, and 
HSBC bounced 14 to 715p. 

The regional electricity com- 
panies were a weak factor after 
the British Gas story broke, 
amid fears of a tougher regula- 
tory environment. However, 
dealers said the falls were 
more likely to have been 
caused by the sector’s recent 
strong performance and Inves- 
tors looking to take profits. 
Among the fallers, East Mid- 
lands dropped 20 to 579p, 
Northern 18 to 670p and Man- 
web 20 to 690p. Figures in line 
with expectations from London 
were little protection against 
the bearish mood and the 
shares tumbled 16 to 571p. 

News that BTs affianna with 
MCI had been approved by the 
US authorities came late in the 
session and had little effect on 
the shares. They anHad a half- 


penny ahead at 372p. 

The dubious honour of the 
day's worst performer among 
FT-SE 100 constituents was 
claimed by freight group NFC, 
which reported interim figures 
below market expectations. 
The shares plunged 21 to I98p, 
after heavy trade of 6.1m. 

Worries that investors may 
not take up a large part of 
Eurotunnel's recent rights 
issue continued to hurt the 
shares and they closed U dawn 
at 317p. 

Bid speculation for Gestetner 
continued to boost toe shares 
and they gained another ? to 
175p. Inchcape, 4 lighter at 
464p, which has a stake in the 
office equipment group, is still 
thought to be the most likely 
predator. 

Regional brewers Marston 
Thompson were steady at 270p 
after announcing results in 
line with expectations. Nat- 
West Securities, reiterating its 
positive stance, upgraded its 
1994-95 profit forecast by 4 per 
cent to £26Jm. 

Premier league football club 
Tottenham Hotspur tumbled 17 
to 63p at the opening of trading 
on news of the heavy fines 
imposed by the Football Asso- 
ciation. However, the shares 
rallied to close unchanged as 
the club announced it was con- 
sidering an appeal and pursu- 
ing legal action, against former 
directors. 

MARKET REPORTERS: 

Christopher Price, 
dare Gascoigne, 

Joel Kibazo. 

. ■ Other statistics. Page 19 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 




___ 

Cab 

— 

— 

PI* 

— 

OpiOQ 


Xd 

oa 

Jei 

JK 

Oct 

Jan 

AflHKymi 

540 

45H 

51 

_ 

0 

14 

- 

rw4j 

s ao 

14; 

H% 

— 

29 

35 

— 

ARB** 

240 

BH 

17% 22% 

13 

17% 

23 

ra«4) 

200 

3 

19% 

15. 

2BK 

si%: 

15% 

AS DA 

SO 

7 

BM IBM 

1% 

4 

4% 

rss) 

00 

2 

4 

■ 

BM 

10 

11 

ertAtvera 

380 

MH 

30 35% 

14% 

zs%; 

29% 

nafli 

420 

SM 

17 23% 

35% 41% 

47 

SadO Beta A 

390 

37M 

49 

55 

5 

14 "21% 

T419) 

420 

17M 

SOM 38% 

10 

20% 

35 

Booh 

500 

38M 

51% 89% 

5% 

13%: 

20% 

CS») 

550 

BM 

M 

33 

28% 

37 

45 

BP 

380 

25% 

30% 

43 

6 

16 

20 

f4MJ 

420 

FM. 

29% £5% 21% 30% 

35 

MM SW 

130 

10 

19 19% 

4% 

010% 

ns#) 

140 

5 

1013% 

9% 

13 

15% 

Bras 

500 

32% 

49 

SB 

9% 

18% 

31 

rsi7) 

550 

BM 

21 30% 

39 

48% 00% 

Mhsmi 

425 

21% 



13 

_ 

_ 

r*saj 

450 

9% 

— 

- 

29 

- 

— 

Omrtidds 

300 

25% 

42 51% 

11% 

22 29% 

ntoi 

sso 

OM 

10% 

29 

44% 

az 

SO 

OeanLUsB 

500 

31% 

41 

49 

10 

21 

28 

rsio) 

550 

7% 

IBM 23% 

39 

53% 

SB 

n 

m 

44 

SB 

72 

11% 

29% 

38 

r777) 

800 

W 

32 

47 

35% 

581 

MH 

raeuwr 

500 

77 

SOM 

52 

12 

28: 

32% 

(TOO) 

880 

7 

23 29% 

48 

52% 1 

n% 

LmD sacar 

BOO 

39 

50 1 

SBM 

SM 

12 1 

17% 

r«25 i 

050 

a 

21%; 

29% 

30% 

38 ' 

12% 

Halts 5 6 

380 

27 

37% 44% 

4% 

10% 

14 

T4MJ 

420 

BM 

20 2BM 

17H 

23% 27% 

NsONsst 

400 

2B 

30 47% 

9% : 

22% 

Z7 

r473 J 

500 

7' 

18% 

a 

33% 

45% 48% 

Sstarimy 

390 

a 

31% 

39 

12% 

22 

28 

C3MJ 

420 

7 

18 26% 

32 

38% 

45 

SMO 7m. 

700 

20 

41 

51 

12 

2EH : 

90% 

m3) 

7B0 

IM 

17% £7% 

41 

55% 50% 

SfantsRsn 

200 

20 

» 

29 

3% 

7% 

11 

P218) 

220 

SM 

T3% 

11 

13 

17 

21 




__ 

cafe 

_ 

— — 

Pi* 

— 

Option 


** 

■w 

M 

A* 

Nw 

FM 

Hawn 

240 

20% 

25 

a 

3 

6 

11 

P255 ) 

250 

BM 

14 

17% 

11% 

17 

20% 

1*910 

134 

14 

IBM 

> 

5 

8% 

- 

r*43 ) 

154 

4M 

10 

_ 

15% 

IBM 

- 

Lucas fails 

180 

19 

22: 

M% 

9% 

14 

16% 

nso) 

an 

• 

12% 

IB 

18% 

2EM 

29 

P A 0 

000 

64 

00 

77 

9M 

24 

30 

CB37) 

680 

29 

41% 1 

Bf% 

31 

50 

55% 

POdnubn 

ISO 

22 

27 

30 

3% 

7M 

10% 

m*) 

1B0 

1% 

IBM 

10% 

13 

16 

19% 

mused 

200 

20% 

S3 

57% 

5 

12 

13% 

PM) 

300 

13% 

21% 

27 

12% 

21% 

23 

RIZ 

050 

« 

70 

07 

19 

38% 

48% 

P«70) 

BOO 

21% 

40 

82 

48% 

65% 

71% 

IW*M 

480 

44% 

89% BH 

71* 

18 

23 

P490) 

500 

20% 

33% 41%: 

23% 

30 

43% 

Hoysi hsae 

240 

23% 

31 30% 

6 

14% 

16% 

rw) 

250 

12 

21 20% 

IS 

25 : 

25% 

Tfasco 

220 

n 

IBM 

23 

9% 

«% 

10% 

ran) 

240 

4% 

10% 

(4% 

22 

28 

31 

Kristas 

500 

20 

40 

56 

18% 

30 

38 

rsi«) 

550 

BM 

25%: 

BM 

51% 

80 i 

37M 

mans 

354 

« 

25 

> 

13 

21 

- 

P3B8) 

384 

5 

12% 

- 

33 

40 

- 

Option 


Jri 

Oct 

JSB 

Jul 

Oct 

Jh 

BM 

900 

45% 

07 80% 

14 

as: 

J4M 

(-337 ) 

BSD 

17% 

30% 1 

53% . 

39M 

51% ! 

56% 

TtaMWIr 

490 

10 

26 

29 

IB ; 

28% 

35 

P<70) 

500 

3% 

19%' 

M% 

52 

55 

82 

Option 


JB 

S«P 

Dm 

Jon 

56P 

Dsc 

Abbay Ns8 

420 

8 

a 7 

30 

1% 

19 

24 

P438> 

460 

1 

urn: 

19% 35% 

44 

48 

Amored 

30 

2% 

0 

6 

1 

3 

4% 

rsij 

35 

1 

3 

4 

4% 

5H 

7 

Barries 

550 

10 

36 

48 

1 

26 

32 

P558 ) 

600 

1 

14% 

20 • 

CM 

56 

01 

BtaB CM 

280 

cm : 

21% 

28 

2 

IB 

22 


(■281 > 300 1 12% 19 21 2814 33U 

Brffiah 0» 260 1414 M 27 1 714 14 

(*272 ) 280 14 T2J4 W 8 17 23 

Hrn 180 10 18 23 1 12 15 

(-188 ) 200 1 8H 14W 14 24 2SH 


Tnttoa 88 614 - - 5 - - 

(W) or a - -11 - - 

UManr 1000 STM Bl 7B» 18H 31 3BJ4 

naiq losoizuasw 82 4«4 sbh tm 

Zonal 700 41 55Vi 68H 926M32N 

(*728 > 750 1214 2M 44 M52J4 56H 

Option IW H MHH HW W 


Ond IM 

420 

20% 

34 i 

«% 

is%: 

23% 30% 

P4») 

460 

5% 

t7 : 

23% 

44 48H54M 


ISO 

TO: 

am; 

24% 

7 ' 

I1M 13% 

P165 ) 

180 

5M 

12 

10 

ISM 

24 25% 

Ufa) Bfccrife 

300 

34 

42. 

45% 

3M 

I0» 14 

{*326 ) 

330 

14 

24% 28% 

id 

24 28 

Option 


Jta 

on 

Dm 

Jun 

Sep Dec 

Ram 

140 

18% 19% 23% 

1 

8 13 

PM8 ) 

180 

1 

6M 

14 

13% 

10 25 

Opflon 


*■6 

Mm 

M 

Aug 

Me FA 

ttttra 

460 

34 

84% 

88 

23 ‘ 

41% 49% 

P4B7 1 

500 

17% 

37% 

50 

46% 

84 71% 

BAT In* 

390 

34% 

42 : 

HH4 

10% 

17 21 

P41») 

420 

18 

BH 

34 

a 

33 35% 

Bin 

380 

19 

28 

35 

10% 

16% 22% 

raw? 

SSO 

5% 

14 

22 

a: 

30% 39% 

niMacon 

300 

20% 

26 

30 

12 

17% 24% 

CT72 ) 

390 

S 

12% 

10% 

32%: 

HH 42% 

camnsa 

420 

33% 

43% 

50 

5% 

14 IBM 

P443) 

480 

11 

o: 

23% 

a: 

m 37 

Eelam Bsc 

560 

50% 

a 

70 

14 

S 33 

P591 ) 

600 

18% 

34 

40 

40 

51 59 

Nut 

4E0 

22 

33 

42 

10% 

21 24% 

nan 

m 

5% 

15 

23 

37% ■ 

(4% 40% 

GEC 

300 

11 

17 

22 

14% 

19 22% 

P301 ) 

330 

2% 

7% 

tt% 

40 

41 43 


HBRtam 

180 

7 

19 19% 

1% BM 8 

P1B5 ) 

180 

1 

9 11 

17 19% 21% 

Lcetn 

130 

2 

1210% 

2 12 15 

rt30i 

140 

1 

8 12% 11% IBM 2T 

Had Ran- 

420 

18 38% 44% 

1 18 22% 

(*433 ) 

480 

1 IBM 25 

a 37% 44% 

Seal Power 

380 

5 

22 a 

IM 22% 26% 

(*362 ) 

380 

1 10% 10% 

a 42K45H 

Sees 

120 

2% 

9% T2M 

1 6% 9 

pin ) 

130 

1 

5 7% 

10 12 15 

Fans 

220 17% 

B 30% 

1 7% 11% 

pass ) 

an 

1 

18 19% 

BM 18% 21% 

Tarmac 

*35 

10 

- - 

1 - - 

n«Bi 

185 

1 

— — 

B - - 

Thom BH 

10S0 

35 67% 91 

1 48% 65 

P108Q 

1100 

1% 

43 88% 

25 78 93% 

138 

220 

6 

18 22 

1 13H 18% 

(*224 ) 

240 

1 

713% 

18 a a 


TOTMB 

220 

SM 

17% 

a 

1 12 

15 

P228 ) 

240 

1 

8% 

u 

15% 24% 27% 

WAras 

600 

a 

53 1 

87% 

1 31% 

43M 

(■B18) 

650 

T 

29 44% 

37 60 

70% 

Option 


Jri 

OCt 


Jul Oct 

Jan 

Ob* 

SSO 

a 

a 74% 

9 31 

39 

P555) 

800 20% 37% 

a 

31% a 

66% 

use 1$ as 

700 

44% 

70% 

88 

a 50% 

53 

prw ) 

750 

21% 

45 84% 

54% 78% 

80 

Run 

475 

19% 

32 

- 

IBM 28% 

- 

PflS) 

487 

M 

a 

- 

22 35% 

- 

Option 


Aug 

Mm 

Feb 

Aug m 

Fad 

Mb-fluvce 

m 

17%: 

24% 

a 

6 11 

14 

n») 

200 

7 

15 ' 

18% 

18 22% 

25 


* Unrirrtylnfl many pries. Piantam ihown m 
band on cknino oda prtcaa. 

Juno 19 . ToM canUEtc 33X50 Cafe 17X49 
Pin* 16X07 


FT GOLD MINES INDEX 


Job Jb Jh fm Brands 52 no* 

14 a*r n 10 ag> im% mgBUra 

1 98259 41 3 1327X4 1MUE ISMS MS 2367X0 1S2X8 


MfcanO) 2006.44 +- 1 X 275224 2710.16 2094 X 5 477 344080 100223 

imrMiB MPB 1 V 1 +04 2820 X 6 2 S 1 SX 5 1854.13 1 X 6 30089 1093.18 

SfOt AflntWfll) 1601 X 5 +- 1 X 1581 X 8 150871 144403 am 2039 X 5 1383 X 0 

Copyright, The Fhmdri TVum LMM 1B94. _ 

Fiona b baclate (Ha flanba el eoinaiin. Bari* US Dolans. BatalMuac: 100000 31712 / 32 . 
Piad*e**a» Oafet kenc indac Jm 1 & BSX: UBFaimiiOK -TX palnK Y«r * 9 K 173 X t P*nU 
Ltta prica* wera umfeU la thri addon. 


RISES AND FALLS YESTERDAY 

fflsee 

FnHs 

Sem 

















r^rnm ynfff fPwfw 








Uteri*. . 



10 









Others 

45 

44 

47 

Totals 

522 

608 

1545 


Dub bawd on 8ww t a npm an MM! on n» London shod Soufco. 


TRADITIONAL OPTIONS 

First Deefngs Juno 13 Last Declarations Sept IS 

last DnaftiB» June 24 For seMamara Sept 28 

CMs: Aran Energy, Cool bw WM, QBE, GraanwMi Rm, LBUS, Mtanri, Oea, 
Ransmaa, 8ttn Puri na a s . TuSow 08, VMabsun* Wra nMay. Puts; W nmet . TUhnr 
OB. Puts & Cans; BbsbM Toys, Rs n so m e s, Tadpole Tech, YTV. 

LONDON RECENT ISSUES: EQUITIES 

Issue Amt MM. Cloee 


price prid 

P UP 

cep 

(EmJ 

IBM 

H( 0 i Low Slock 

price 

P 

+ 7 - 

Not 

dv. 

Dtv. Gra 
cow. yld 

FVE 

net 

§120 

FP. 

08.7 

123 115*2 Aero. Hand* 

122 


W 3.74 

2 X 

3 X 

12.1 

ien 

FP. 

48.1 

165 

180 Amy 

185 

+2 

LN 1 XB 

OX 

Sj* 

29 X 

255 

FP. 

146 X 

267 

256 Argent 

268 


— 

— 

- 

- 

100 

FP. 

4&3 

108 

100 Automotive Puses 

106 


LN 4 X 

OX 

4.7 

35 X 

§150 

FP. 

300 

154 

150 Brawfai Doipl*i 

160 

-2 

L 5 X 

2 X 

4 X 

11.1 

- 

FP. 

222.7 

81 

73 CAMAS 

73 

-h 

1 * 3.75 

0.7 

84 

34 X 

> 

FP. 

105.9 

lie 

107 OS 

107 


- 

- 

- 

- 

§143 

FP. 

11.7 

100 

143 Own* 

160 

42 

W 3 X 

- 

3 X 

1 Q .7 


FP. 

1 BX 

3 G 

35 Chi™ Comm*. 

35 


— 

- 

- 

- 

W 5 Q 

FP. 

1702 

248 

228 DCC 

228 


LQ 34 *. 

3 X 

3 J 3 

11 X 

130 

FP. 

4 SA 

TS 7 

153 Osrty 

W 8 

+1 

mi 

ZB 

23 

132 

- 

FP. 

77 X 

03 

80 Honing Indton 

82 


- 

- 

- 


- 

FP. 

7 X 0 

50 

42 Do Warrants 

47 


- 

- 

- 


- 

FP. 

1.48 

37*2 

33*2 Gow* GH 81 Wt 

334 


— 

- 

— 


105 

FP. 

54 X 

105 

83 Hacrihcaf 

99 

+1 

WN 4.0 

IX 

5.1 

14.1 

225 

FP. 

108 X 

233 

225 MamwSats 

232 


LN 9 X 

2.1 

5 X 

8.1 


FP. 


77 

85 JF H Japan Whs 

74 


— 

- 

- 


5 

FP. 

4 X 0 

6*2 

5 Kays Food 

SU 


— 

- 

— 


ICO 

FP. 

57.4 

163 

159 Lombard ins. 

181 


WN 7.7 

22 

6 X 

9 X 

200 

FP. 

164.1 

232 

200 ^London Outs 

232 

+2 

W 11 X 2 

IX 

84 

1 TX 

105 

FP. 

4 &« 

113 

108 Nunfrirignt 

103 


RX 38 

2.0 

4.1 

138 

120 

F.P. 

34.7 

130 125*2 Norcor 

129 


W 4 X 6 

2 X 

44 

118 


FP. 

90 H 9 

131 

118 Redrew 

120 


WN 2.7 

ZX 

2 X 

152 


FP. 

4 SX 

82 

91 Scudda Latin 

91 


- 

- 

- 

- 

_ 

FP. 

6.16 

44 

43 Do WHS 

44 


- 

- 

- 

- 

100 

F.P. 

24 X 

a 

98 SMras HY Smfr C 

99 


- 

- 

- 

- 

§95 

FP. 

14.1 

113 

108 Spared Cons 

113 


LI .6 

1 .E 

IX 

44.6 


FP. 

28.7 

IM 

128 Spedttty Shops 

130 


12.4 

- 

2 J 

“ 

- 

F.P. 

58 X 

100 

a TR Euro Qwttl C 

88 


- 

- 

- 

- 

100 

FP. 

73.7 

100 

92 TR Prop Mv C 

92 


- 

- 

- 

— 

§108 

FP. 

45 jt 

ISO 

JOB UPF 

120 

+1 

W 9 X 7 

2.7 

ax 

103 

150 

FP. 

41 X 

163 

154 Vymua 

163 


L 4 X 4 

22 

3.4 

15 X 


RIGHTS OFFERS 

Issue Amount Latest 
price paid Renat, 
p up dote 

1904 

Hgh Low 

Stock 

dosing 

price 

P 

40T- 

150 

NJ 


6pm 

5*zpm 

Britton 

6*2pm 


2 

Ni 

23/7 

4pm 

1*2 pm 

£Com. Sendees 

2pm 


180 

Ml 

20/7 

23pm 

3pm 

Doton Rtoton 

3pm 


285 

NI 

- 

65pm 

28pm 

Eurotunnel 

29pm 

-8 

425 

ra 

- 

35pm 

22*2pm Euan Kakttzw 

22bpm 


185 

M 

11/7 

25pm 

Bpm 

Headam 

10pm 

*2 

105 

M 

20 rr 

2pm 

1pm 

MbbsSHB 

1*jpm 


230 

Ml 

_ 

34pm 

19pm 

■tends Porte 

19pm 

-1 

205 

M 

18/7 

28pm 

13pm 

McAlpfan (A) 

13pm 

-1 

100 

li 

25/7 

11pm 

7pm 

NSM 

7pm 


s 

m 

21/7 

9pm 

7pm 

S&mdaidPtri 

ftvn 

-1 

24 

w 

- 

12pm 

10pm 

Una 

12pm 


250 

w 

27/7 

38pm 

23pm 

WBBsai 

23pm 

-5 


FINANCIAL TIMES EQUITY INDICES 

Juno IS June 14 June 13 June 10 June 8 Yr ago ttipn tow 



239BX 

22972 

2386X 

2419X 

2401 X 

225X2 

2mx 

23212 

Ort.tfu.yteW 

4X1 

4X2 

4X4 

4.18 

4X0 

4.11 

4X2 

3.43 

Earn. yld. K tuti 

5.66 

5.67 

5.63 

5X1 

5X4 

4X7 

5J8 

3X2 


18X6 

18.82 

18.75 

19X2 

18X0 

29X9 

33X3 

1559 

P/E ratio nl 

19X3 

19X1 

10.44 

19.72 

10X9 

24.48 

30X0 

19.18 


-Fa IBM. Onfinay Slim index smm ooipfcBn high 2713.8 2702/94; low 444 26/dMO 
FT Ordkiay Shoe Ms bass dris 1/7/36. 


OnSnary Shsra howty ohangee 

Open 9X0 10X0 11 JO 12X0 13X0 1400 16uOQ 10X0 High Low 
2399.6 23900 2405.4 24045 24042 2402.0 2400,4 2360.4 2400.7 2405.4 2393J 


June 15 June 14 jme 13 June 10 June 9 Yr ago 


SEAO baigakia 22X83 23,141 22,939 22.955 

Equity tumovar (Emit - 15627 94&5 12647 

Eqiity bargafeKt - 25.196 24X54 26.036 

Show traded Mt - S34X 373.8 517.7 

t Bnanftig Kra+ raiim brahm and onwm* asnawe. 


23X53 

1711.0 

27,746 

682.1 


28,150 

1389.0 

32.177 

5404 








FINANCIAL TIMES THURSD AY JUNE J6 1 


LONDON SHARE SERVICE 


SB 154 
31 138 

288 147-3 
31 S3* 

78 209 
46 108 
45 408 
348 U5 
47*2 478 

13*2 3tA 

103 M.1 


flcndoatte — <B 70 


nvmtCam □ 


23b +b 


Hfcl - Up 

171 — *292 

80 80 

SB -1 «2 

088 +7*2 831% 
387 — «M 
78 -1 >a 118b 

M* 177 

112 -1 141b 

TT7 *1 143 

l> tb 8 

148 -1 186V 

SOt — 98 

u 4 n 

88*2 4-1*1 E7b 

31 30 

894 812 

BM 4-1 *288 

143 *414 1841. 
Sill +3 382 

3P, 4-1 «b 

El 141. A £130 

HH -4 220 

27B& 411 MBV 

*2 




80 -I 31 
581 -3 708 






to»0 «□ 388 -6 *380 

nttfl fftO 227 +3 283 

leEW -Vi 208 

« *134 

118 4-1 W« 

310 *448 

27*0- -6 *t!4b 

404*a +V 404V 

119 -1 M 

111, — 13b 

380 -1 1414V 

138 *178 

168*3 111 




ftrl 


4b 

% 


91 



190 

-b 

a 

s 

a 


■a 


Mb 

-1 

281 

♦4 

m 


tab 



283 



17 



*638 

-2 

*308 

-V 

M 

*b 

H 

-i 

283 


a 

„ r 

3SV 

-4 

MB 

w ^ m 

110 

* 

202 



447 



*n 

+10 

an 

-4 

MB 


« 

44 

74 



638 

-2 

78 


K3B 

♦b Ml 


38 

♦V 

Bib 


a 


MSI 

-G 

771 



73 


283 


W 


Brb 

PIE 

07 


04 

_ 

45 

05 

2.1 


8.1 

125 

15 


15 

— 

2A 

134 

IA 

335 

L9 

04 

16* 

« 

414 

7.1 

ISO 

U 


VI 

_ 

aa 

124 

(A 204 

£1 

201 

12 


TA 

98 

06 


08 

07 

ai 

00 3>A 

U 

140 

09 

♦ 

55 


« 

26? 

1J 

SB7 

U 


2A 

215 

12.4 

_ 

U 

295 

U 

ml 

25 

162 

_ 


aa 

. 4 

57 

195 

04 

■93 

20 


15 

* 

08 

T 

42 

161 

11A 

21 

- 

748 

15 

u 

raS 

25 

328 

U 

310 

18 

178 

15 

775 

18 

161 

24 

544 

55 

* 

09 


— 

no 

TO 


an 

WE 

55 

208 

57 

_ 

38 

— 

59 

778 

17 

too 

SO 

- 

48 

21.1 

52 

165 

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LONDON SHARE SERVICE 


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32 


CURRENCIES AND MONEY 


nN .Ml-.1T, TIMES THURSD AY JUNE 16 1994 

money market funds 


MARKETS REPORT 


POUND SPOT 


UK data buoys futures 


Jib IS 


Cloeteg Change Mfeffar 
mW-gcW on day ipriad 


Day's MU 

Wflh »aw 


One month Ttava wuSa 
Rat® MPA Ml MPA 


aar Bank of 
MPA &». Indatc 


Eurapa 


The short sterling futures 
contract for December rose 
more than 20 basis points yes* 
terday as better than expected 
UK economic data prompted 
the markets to revise interest 
rates slightly downwards, 
writes Motaka Rich. 

A below-forecast underlying 
rate afUK average earnings in 
April also drove up gilt prices, 
but Galled to help the pound 
breakout of its narrow trading 
margins in the aftermath of 
flie European and by-elections. 

The December short sterling 
contract closed at 9K94 from 

93.72, discounting a short-term 
interest rate of 6.06 per cent 
Sterling dosed in London at 
DM2.4562 against the D-Mark, 
from DM 2.4951 on Tuesday. 
Against the dollar, the pound 
closed at 3L5203 from $L5175. 

The market's bearish atti- 
tude toward the dollar was 
confirmed by weaker economic 
riafei from the US and it fel l 
close to SFrL38, its Lowest level 
against the Swiss franc since 

September 1993. 

■ A raft of UK statistics gave 
further evidence of a gradual 
economic recovery with sub- 
dual inflationary pressures. 
The markets welcomed a 
mnaTigr than expected 3.75 pear 
cent rise in the underlying rate 
of UK average earnings in 
April. The annual rate bad 
beeu expected to rise to 4ftJ5 
per cent after March’s 440 per 
cent 

In the three months to April, 
the UK’s unit wage costs were 
L9 per rumt hi gher than in thfi 
same period of 1993, compared 
with annual growth of 12 per 
in the three months to 
March. 

The retail price index, the 
economy’s key inflation mea- 
sure, rose a year-on-year 2.6 
per cent in May, the same as in 
April, but the underlying rate 
rose to 24 per cent Analysts 
attributed this rise to one-off 
seasonal factors which the 
markafai did not take seriously. 
U nemp loyment fell to 9.4 per 
cent in May, down from 94 per 
cent in April. 

Mr Neil MacKinnon, chief 
economist at Citibank in Lon- 
don, said short sterling futures 
contracts reacted positively to 
the news. “The markets drew 
the conclusion that the proba- 
bility of an early base rate 




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increase bas receded,” be said. 

Sterling itself did not show 
any dramatic reactions to the 
data "The absence of an inter- 
est rate increase obviously 
taiKw away some support for 
the pound,” said Mr M ac Km -, 
nm He said, the markets were 
waiting for more clues on 
interest rates from last night's 
Chancellor’s Mansion House 
speech. 

In the UK money markets, 
the Bank of En gland provided 
late assistance of £245m. Ear- 
ner it bad provided £13m after 
forecasting a shortage of 
£500m. The overnight lending 
rate traded between 6 and 4% 
per cent 

■ Weak US data, combined 
with a change in sentiment 
regarding the Fed’s plans to 
raise interest rates this sum- 
mer, forced the dollar to 
breach its limit against the 
Swiss franc and to test its 
downside against the D-Mark. 
Analysts described the US cur- 
rency’s drop against the Swiss 
franc as a technical fan, which, 
was also reflected in the dol- 
lar’s performance a gainst the 
D-Mark. 

The US currency closed at 
DML6354 against the D-Mark 
from DML6443 and at Y102.750 
from 7102.665. Mr Adrian Cun- 
ningham, senior currency 
economist at UBS, said the dol- 
lar was now expressing its own 
weakness rather than the 
Strength Of the n -Mar k aarKar 
this week. “The weakness of 


the dollar is in contrast to the 
pattern of the last few days 
where the stability of the US 
Treasury market has allowed 
the dollar to hold up,” he said. 

US industrial output rose (12 
per cent in May against fore- 
casts of remaining unchanged 
from April, white the capacity 
n+THaatinm rate foil to 634 per 
cent, in line with market 
expectations, from April's 834 
per cent Business inventories 
rose 02 per cent, after Galling a 
revised OJ. per cent in March, 
and business sales Ml 04 per 
cent after a revised increase ctf 
l A per cent in March. 

Mr Anthony Norfield, UK 
treasury economist at ABN/ 
AMRO, said inv e st ors are wary 
of breaching certain limits 
against key currencies such, as 
the D-Mark or sterling. "But 
the Swiss franc tends to be a 

free animal," be naffl- 

He said the markets were 
drivin g the dniinr down in an 
attempt to search out the cen- 
tral banks. Although the Rank 
of Japan iirt w v w nrai earlier fMn 
week to shore up the dollar, at 
present there is no sign that 
the Bundesbank will do the 
same: Mr Norfield said: “If we 
saw another drop to DML62S, 
then I think that would rouse 
the central banks to prevent a 
dollar collapse." 

■ Elsewhere in Europe, as 
expected, the Bundesbank 
announced a five basis point 
fill in the repo rata to 5.05 per 
cent. The D-Mark remained 
fairly stable against other 
European currencies. Against 
the French, franc, tin* D-Mark 
finished at Ffr3.410, from 
ffrS .412 and against the Dawiali 
krone, it closed at DkrSBll, 
almost unchanged from 
Dkr3-912. 

A five basis paint cut to 545 
per cent in the key central rate 
by the Belgian National Bank 
and a foil in the overnight 
interest rate to 645 per cent 
failffH to move the Belgian cur- 
rency. The D-Mark closed at 
BFr 2047 against the Belgian 
franc, down slightly from 2048. 

■arm 


Auitria 

pen) 

Balgkira 

(BR) 

Danrwk 

(ON) 

FHand 

(FM) 

Franca 

m 

Oancany 

(DM) 

Oresca 

m 

Mrad 

K 

My 

W 

Lunrnfaaug 

£R) 

Ntehatenda 

PI 

Norway 


Portugal 

W 

Spate 

(PM) 

Sweeten 

(BN) 

UMuiuna 

(Sfi) 

UK 

« 

Era 


SOR 

- 

tenartw 

Aiganftea 

Fmo) 


BJZffl 

Bases 

8.4781 

£4882 

375J30 

unit 


2.7836 


£0881 


-00733 838 
-02138 894 
-0038 188 
-4X0194 279 
-00357 740 
-00088 862 
-0977 288 
-00062 170 
-MS 838 
-02138 804 
-00106 816 
-OQZB 8 888 
-127 640 
-0516 582 
-00487 312 
-0OT5 B70 


972 1 75875 
61.4280 
£7834 
85780 
85312 
£5058 
172 377536 
187 UQ283 

124 248828 
803 51.4200 
25007 
831 108482 
181 250796 
735 208.107 
4flB 12JB30B 
882 2.1078 


291 

489 

821 

872 


- ase 


175838 

615804 

817285 

85180 

8.4740 

£4882 

378588 

15170 

241038 

514904 

£7816 

10.7888 

257540 

204582 

115312 

£0070 


- 15908 -05037 804 - ! 


15178 400026 m-170 15186 15138 

(Q) 338855 48826 797-912 340340 333140 

Canada (MS £1080 40406 062-087 £1087 £1006 

Modes ptm* Pmo) 8.1126 -05068 072-180 5.1180 5.1052 

USA (S) 15203 405028 200-205 15225 14187 


Matayata 


(AS) 24816 400007 806-820 £0884 £0778 

Hong Kong gKKQ 115823 *05133 496 - 550 11.7881 11.7241 

Ml (Rs) 475884 404841 748 - 018 47.7930 475630 

188206 *04-17 104-307 156480 160.104 

35474 *04083 462 - 486 34521 35371 

25887 -04001 881 -012 £SB5B £6868 

41.1988 +05759 880 - 007 415007 4018154 

6.7017 +05108 005 - 098 5.7097 64885 

£3201 +04040 270 - 302 £3322 25251 

55063 +05188 032-073 S4122 54801 

72744 -0517 580 - 908 72008 72580 

122546 4-12 558-813 122740 122357 

41.1200 +05778 122 - 205 41.1788 415287 

382101 +05704 078-406 382800 30.1580 
taOR MB ter Jhi 14. BUUbr nasals fa tm Knur Spot MM* stow rata «m 
but an knpM by cunws HM mm. Staten bdatedstoted bytetortt el B 
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CO 
(MS) 

(NZQ 
<Pmh 9 
Saudi Arabia (Sfl) 

»»" (3® 

S Africa (Com) (FQ 
S Africa Fin.) (H) 

South Ktaraa (Won) 
Taiwan (Tt) 


17.4867 

03 

172611 

02 

- 

- 

114.1 

51.1199 

02 

812800 

02 

51.0349 

02 

1154 

£7297 

- 1 J 

£7434 

-09 

£7675 

-04 

1162 




. 

■ - 

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BAP 

£4823 

-06 

04877 

-02 

84871 

Ol 

1082 

£4884 

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£4888 

- 0.1 

£4858 

07 

1242 

1.0182 

-02 

12181 

-06 

12107 

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1042 

242841 

-£0 

243728 

-22 

247721 

-24 

772 

51.1199 

02 

61.080B 

02 

512340 

02 

1184 

£7884 

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£7838 

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£7852 

07 

1104 

10.7842 

08 

107967 

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107879 

02 

8S2 

288288 

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260231 

-42 

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205.159 

-£0 

200079 

-22 

208274 

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8£2 

112619 

-£3 

112068 

-12 

122048 

-12 

742 

£087 

08 

22848 

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22S42 

1.1 

119.7 





- 

- 

802 

12919 

-09 

12682 

09 

1282B 

-02 



- 

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- 

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£1075 

-02 

£112 

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£1348 

-14 

884 

- 

■ 

■ 

■ 

- 

- 

— 

1.8106 

02 

12183 

02 

12128 

02 

B42 

£0600 

04 

£0703 

04 

£0783 

02 

- 

112442 

02 

11.7404 

04 

11.7872 

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166228 

£0 

166221 

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161281 

32 

1807 

£660 

02 

22826 

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1 M Mt toady quoted to tbo nW 
X Otar Ml IM-ncbs to bon tbte and 
■d by tha F.T. 



Jon 15 


Casting Chang* 

mfcFpokit on gay 


Austria 

(Sch) 

112060 


Q2S -075 

112035 112026 

112125 

-02 

11218 

-04 

114408 

08 

1032 

Belgium 

(BFr) 

33.8325 

-nana 

180-470 

332800 332160 

332575 

-02 

33.7028 

-02 

33.7376 

-02 

1042 

Danmark 

(DKri 

82890 

-02876 

040 -060 

84468 

82840 

£4036 

-12 

6418 

-14 

846 

-02 

1042 

as a -J 

1 ■■UrG 

fFS# 

54830 

-0:0229 

789 - 889 

62206 

£4883 

54891 

-02 

£4964 

-09 

62489 

-12 

742 

Franco 

(Ffi) 

62788 

-02338 

730 - 78S 

88208 

62735 

82838 

-12 

82008 

-12 

62683 

04 

1042 

Qenoany 

P 

12354 

-02089 

350 - 368 

12480 

12335 

12384 

-0.7 

12373 

-02 

1232 

02 

1042 

Qraaca 

(PO 

247.160 

- 1.1 

900 - 400 

248.700 246200 

2482 

-82 

34826 

-32 

25126 

-12 

672 

faWand 

80 

14936 

+02118 

928-948 

14948 

1.47B7 

14924 

12 

14809 

12 

14838 

07 

- 

My 

« 

imiw 

-828 

170-240 

1604,10 1591.70 

19969 

-£7 

1606.7 

-34 

183726 

-22 

• 772 

Luxembourg 

(LR) 

332328 

-0203 

180-470 

332800 332180 

332S75 

-02 

33.7023 

-08 

33.7375 

-02 

1042 

Netherlands 

R 

12310 

-00105 

300-320 

12468 

12300 

12321 

-02 

12332 

-05 

1228 

02 

1044 

Norway 

(NKi) 

72874 

-02927 

084 - 984 

7.1489 

72948 

7.1009 

-02 

7.1100 

-02 

72440 

07 

9SJ 

Portugal 

Es) 

180260 

-1.16 

500 - 800 

171230 180200 

171206 

-11.7 

173725 

-06 

178 

-42 

924 

Spain 

(PM) 

134216 

-029 

580 - 550 

135220 134280 

13522 

-32 

135.735 

-32 

138275 

-£6 

803 

Sweden 

eao) 

72S33 

-02488 

495 - 570 

72209 

72496 

72708 

-£7 

72023 

-22 

awy 

-22 

792 

Switzerland 

(SR) 

12735 

-nnwK 

730- 740 

12886 

12730 

12738 

- 0.1 

12731 

Ol 

12646 

07 

1052 

UK 

(0 

12203 

+02028 

200 - 206 

12225 

12167 

12195 

02 

12183 

05 

121 28 

05 

8£7 

Ecu 


1.1777 

*02055 

774 - 779 

1.1781 

1.1897 

1.1781 

12 

1.1737 

14 

1.1BS3 

-02 

■ — 


SDR 


- 152275 


(Pou>) 05883 
CO) 223552 
15853 
35830 


IB 


HU 0 *y 1HLB07 - 196900 
km BBJO - 288300 
0.4516 - 04530 
342912- 343785 
06456-2060.15 
55186 - 55879 


Km* 

Mind 

Mi 

UA£ 


101000-101190 

174100 - mono 

02971 - 02878 
mm n . 228104 
19SI0D- 
10715- 35735 


Argentina 
BrazS 

Canada (CS] 

Mexico (NtwPH 
USA « 

PacMc/MhMte EaatMMea 

(AS) 15682 
(HK3) 7.7306 

(Ra) 315888 
(V) 102750 
(MS) £6066 
PCS) 17035 
(Paso) 27.1000 

(SR) 37505 

(SS) 15320 

(R) 34213 

FO 4.7850 


-05001 082-083 
+8854 551-553 
404007 850-856 
-05105 600-860 


05084 09081 
•ramei mum 
15864 15832 
35880 35800 


1587 -15 
3584 -04 


15006 -15 
35868 -05 


Hong Kong 
Indta 
Japan 
Makqnta 
N«w Zaatend 
PHBppinaa 
Saudi Arabia 
Sfcl fl^ Wia 
3 Africa (Com) 
S Africa (Hit) 
South Korea 
Taiwan 
ItaM 


-05021 687-887 15736 15887 15886 -05 15888 -0.1 

-00055 300-310 7.7365 7.7285 7.73 0-1 7.7325 -0.1 

-05025 860-726 315725 315860 31.4488 -3.1 315838 -22 

+0086 700 - 800 103520 102430 102558 25 102.106 25 


(Won) 808550 
(I?) 275488 
(BQ 25.1400 


+05013 065-075 
-44032 027-042 
- 000-000 
- 503 - 506 
+05001 315 - 325 
+05065 206-220 
-052 750-850 
-0.7 300 - 400 


25975 25040 
17066 17027 
275000285000 
37806 £7906 
15325 15315 
34228 34115 
47960 47780 
807.100 806500 


a ran as 
1.7064 -15 

£7511 -05 
15313 04 
£8368 -6.1 
44187 -85 
80056 -45 


258S6 17 

171 -15 

£7531 -05 
1531 05 

£6851 -45 
44776 -77 
81245 -37 


1.4088 -14 
35732 -05 


15733 -05 
77487 -05 

0058 £8 
24188 -05 
17317 -1.7 

£7858 -04 
1533 -Oil 
£7418 -35 

83156 -3.1 


825 

805 


B8.1 


1474 


+00013 475 - 500 274580 274475 274688 -09 27.1088 -04 - 

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CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Aaw 15 BFr DKr FFr 

DM 

E 

L 

FI 

MCr 

Em 

Pta 

BKr 

BFr 

E 

CS 

S 

Y 

Era 

ITs^jiiEii 

(BFr) 

100 

1921 

1628 

4282 

1291 

4733 

6X46 

21.10 

5042 

4002 

2325 

4284 

1258 

4119 

2273 

3052 

£525 

Dunk 

(DKi) 

5229 

10 

8720 

£557 

1247 

2489 

£884 

11.10 

2852 

2105 

1228 

£146 

1229 

£166 

1283 

1B£7 

1228 

France 

(PR) 

6031 

1147 

10 

2232 

1201 

2854 

£284 

1273 

3042 

2412 

1428 

2463 

1.180 

2484 

1.793 

1842 

1223 

Germany 

PM) 

2057 

3211 

£410 

1 

0409 

9732 

1.120 

4240 

103.7 

8220 

4203 

£840 

£402 

0247 

0211 

6223 

£519 

Wand 

(OJ 


0550 

£328 

£442 

1 

2377 

£736 

1060 

2532 

2012 

11.73 

£051 

0282 

2.088 

1.483 

1534 

1268 

Mr 

(Li 

£113 

0.402 

0250 

CL1D3 

0242 

10£ 

£115 

£445 

1028 

a465 

0493 

0280 

£041 

0-087 

0.003 

6455 

0253 

NotfMrisndE 

(H) 

1827 

3.432 

£045 

0293 

0286 

8692 

1 

3278 

92.64 

7349 

4280 

£750 

£369 

0-768 

£546 

56.11 

0464 

Norway 

(NKr) 

4720 

9210 

7.BS7 

£30* 

0943 

2243 

£580 

10 

2392 

1802 

1127 

1235 

£927 

1252 

1409 

1442 

1.196 

Portugal 

m 

1923 

£770 

£287 

0264 

0295 

9382 

1.079 

4.184 

10£ 

7923 

4.630 

0210 

£368 

0217 

0-589 

6057 

0501 

Spain 

m 

2420 

4252 

4.144 

1215 

£488 

1183 

1261 

5274 

126.1 

100. 

£838 

1.021 

0489 

1.029 

£743 

7624 

0231 

ante 

(MO) 

4£B2 

£142 

7.101 

£082 

0853 

2027 

£332 

0237 

2100 

1714 

10 

1.749 

0238 

1.7B4 

1273 

1308 

1281 

Switzerland 

(Sfi) 

24.49 

4256 

4.060 

1.191 

£488 

1159 

1233 

5.1 OB 

1232 

9729 

£71B 

1 

0473 

1209 

£728 

7421 

£618 

UK 

M 

51.13 

0732 

£478 

£486 

1218 

2420 

£784 

1£79 

2572 

204.6 

1124 

22B8 

1 

£106 

1220 

1562 

1291 

Canada 

(DS) 

2426 

4218 

4226 

1.180 

£483 

1149 

1222 

£123 

1222 

97.15 

5270 

0291 

£475 

1 

£722 

7417 

aei3 

US 


33.64 

6296 

6278 

1.636 

£670 

1592 

1232 

7.098 

160.7 

1342 

7255 

1274 

£668 

1288 

1 

1022 

0240 

Japan 

w 

3272 

6224 

6428 

1622 

£817 

15403 

1722 

oao6 

1651 

1310 

7844 

1327 

6402 

13.48 

£731 

1000- 

£265 

Era 


30L6O 

7231 

6267 

1226 

£789 

1876 

£168 

£358 

1992 

1682 

9.249 

1217 

£775 

1231 

1.177 

1212 

1 

Ten per ite DaM Kriroer, Ftandi Franc, Nor 

wagsn Itonar. and Seisadi Kronor par 10( Belgian 

E* 

i 

1 

1 

i 

1 

1 







■ D-MUm; RTIimS (MM) CM 125200 per DM 





■ Jl 

iMm 

IvmnVTUMSpMM) Yen 122 par Yan 100 





EBBS EUROPEAN CURRENCY UNIT RATES 

Jra 15 Era can. Rata Chang* %+Atram % spread Ohx. 

rates agalnatEcu on day can. rrie v waa ta at tad. 


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2.19672 

405123 

144964 

653883 

7.43879 

154260 

192564 


NON ERM MS48StS 
Qraaca 284513 

Italy 1733.19 

UK 0786749 


Spain 


£16181 

397240 

153060 

658732 

756115 

150440 

200426 


-040168 -1.80 

-04117 -151 

-040023 -058 

-040484 074 

-000663 ' 154 

+0083 £11 

-0212 £93 


-0037 
+857 
0.773480 +0000173 


291501 

188154 


1050 

452 

-159 


851 

£81 

£20 

446 

£16 

255 

079 

040 


-5.70 

-004 

671 


16 


-8 

-11 

-22 

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IZOCkfapteM, UMM 

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sis I «js| m 


ISS— Mitel-, 

tSDjBODv U Ui I* (-Ha 

ram+wa — . ut ua ui a-saa 

SSSSSa^zS SS SJ3S2 


UI US|lM>a 
2M\ US|*teM 


tiaoooawanw — I O 1 M I 4571 MK 

WmMct That Wgh hrteniaf Chagua Aco 
PaNteaiBatenniteteteTUlM . ors3E+i4i 

BSMS+ 4JS USB 

. EBJ0IS-CI4JMt Ut UI 

■UOMAWS— US 3.10 


pa ft ra 

BSM 

ilsf 


MW-* 

EHMOO-a+UM- 

E& to CMda— 




I US Ste I USIS-HO 

in us Mf s-tan 
us saal.uTS-iaa 

UI U>i UZlS-Mb 
■ MSH-MOHM 


1— — — » M mm terwte. m 
MOa MOHte te aw OMMloa of tatec rate bsm m 
Mt MM of MaM Hia iter tenma kr Mteaia 
MMtante MBCMD«n^^M 

a( aMtmndbQ id mmml imh 


wtjai 

naaama 


HtMkmawbteMML 



Open 

Latest 

Change 

Hgh 

Low 

Bd. wd 

Open teL 


Open 


ten 

02070 

02109 

+£0035 

£6112 

02065 

36204 

62,128 

Sap 

09794 

£9799 

Dec 

£8085 

£6113 

+02037 

02116 

£6085 

230 

1,272 

Dac 

02869 

02860 

Mar 

- 

- 

- 

- 

- 

- 

- 

Mar 

- 

02934 


Change 


High 

05810 

05873 


Low 

09784 

09860 


Eat voi OpanbrL 
23481 64^450 

183 1464 

11 383 


atetarEcioapo— hatewnar dani^i 
■rtrih mOTWHE!nW i i P l fi !’i > * 

madam pamteted pteotntega datedon M tea euranotAi ihW 
Lba aitewodtd bom BM A^Mlmaat oMadMal by Ma 
tn OrnOMBe31550 ^enta par pound) 


tar a comncy. and *n 
( 17/MH) Steribig and 


■ WW83HUUWC wmipm paid) 3R- 126400 per Sflr 


■ wwiiQwmjjMjjiMrojoopre 


Sap 

£7218 

07270 

*02081 

£7282 

07205 

10,282 

302&7 

Sap 

12174 

12200 +02028 

Deo 

£7288 

£7290 

+02045 

0.7288 

£7268 

82 

871 

- Dac 

_ 

12180 

Mar 

' 

£7300 

- 

£7300 

- 

1 

1 

Mar 

- 

12160 


15208 

15100 

15180 


15148 9.108 


34,753 

33 275 

1 15 


Strike 

Price 

M 

— CALLS ~ 
Aug 

Sap 

Jtri 

— PUTS - 
Auo 

Sop 

142S 

928 

923 

922 

- 

- 

£12 

1460 

625 

629 

7.13 

- 

£08 

035 

1476 

453 

*78 

5.13 

£03 

£35 

073 

1200 

£41 

£99 

341 

03fi 

£05 

121 

1225 

028 

12* 

£10 

121 

£03 

222 

1260 

Q9Q 

- 020 

1.18 

ao7 ' 

321 

'418 


WORLD INTEREST RATES 


MONEY RATES 

June 15 Oner 

night 

Ono 

month 

Tim 

mths 

Six 

mths 

One 

year 

Lamb. 

inter. 

Ote. 

rate 

Rapo 

rate 

Bslgluni 

64 

54 

5H 

5ft 

58 

7.40 

420 

_ 

weak ago 

5K 

54 

5ft 

5% 

5fl 

7.40 

450 


Wranca 

6H 

5» 

5V4 

5ft 

58 

620 

_ 

£75 

weak ago 

5lt 

5» 

5ft 

5*fc 

5ft 

520 

_ 

£75 

Granny 

5.05 

525 

620 

520 

528 

£00 

420 

5.05 

weak ago 

5:10 

525 

525 

5.10 

5.12 

620 

420 

5.10 

Inland 

5* 

54 

5ft 

5ft 

8ft 

- 


625 

weak ago 

5B 

5fi 

5ft 

5ft 

8ft 

- 

_ 

£25 

«»* 


7S 

7B 

8ft 

8ft 

- 

720 

720 

week ago 

7W 

ril 

7ft 

7ft 

&ft 

— 

720 

720 

Netherlands 

5.08 

5.01 

522 

525 

520 

_ 

525 

_ 

weak ago 

5.06 

621 

5.11 

5.14 

£28 

_ 

52S 

_ 

TTteiN nwalMiif 
vWkZflfINTC 

3H 

4* 

4ft 

4ft 

4ft 

6.625 

320 

_ 

week ago 

4 

*4 

4ft 

4ft 

4* 

WBOW 

320 

— 

US 

44 

4K 

4 a 

4ft 

5ft 

— 

320 

_ . 

waak ago 

4Vt 

4H 

4H 

4ft 

5ft 

- 

320 

_ 

Japan 

24 

24 

2ft 

2ft 

2ft 

- 

175 

_ 

week ago 

IB 

24 

2ft 

214 

2ft 

- 

1.75 

- 

■ * LIBOR FT London 








Interbank Ftafeig 

- 

44 

4ft 

4ft 

5ft 

- 

- 

_ 

wo* ago 

- 

4ft 

** 

4% 

Bi 

- 

- 

- 

US DoOer COe 

- 

414 

424 

422 

won 

_ 

_ 

_ 

week ago 

- 

414 

426 

427 

521 

_ 



SOR Unkad Da 

- 

3» 

3* 

3K 

4 

- 

_ 

_ 

week ago 

- 

3B 

3ft 

3ft 

4 

- 

- 

- 


l FUTURES QJFFE)* DM1 m points of 10096 


Open Sett price Change Hgh 


Low 


Eat vol Open M. 


ECU LhM Dm mfel «« i iMbc Sfc 3 mtec sg; S m»* J® 1 ytm: 6*. S UBOR Wwt»* fttn 
nna am attend m tar 810n quocad to dn onrint br lour Manna bartn at lim aadi anttn 
ter. lba tanka m eaten Trust Bate o4 TohyOk Badajs aid Mdkmte MMmnobK 
Md mm am Mown lor tea dgmnDc Money Rana, US % cm and SOR Unkad Dapateta (M! 

EURO CURRENCY INTEREST RATES 


Jan 15 

Start 

larm 

7 days 
notlca 

One 

month 

Thnm 

months 

ax 

months 

One 

year 

Beltfan Franc 

5%-5 

5%-5 

5ft -5ft 

5ft - Sft 

ft-6% 

ft - ft 

Danish Krone 

&4-S 

64» - A*a 

0-5% 

0>a-6% 

ft-6 

ft -6 

D-Mark 

6i-4U 

5-4% 

3-4% 

5.-4% 

6-4% 

6ft - 5ft 

Dutch Grider 

5-4a 

5-4S 

5-4S 

S-4B 

5-4B 

5ft - 5ft 

fiandi Franc 

■ (ft - Sh 

5*2-5% 

6*2 - 6% 

ft - 5% 

5ft - 5ft 

5S-5& 

PortuguBW Esc 

154-14% 

10b - 15*2 

1613-16 

15-14 

13*3-13% 

12% - 11% 

Spurtsh Peseta 

7% -71a 

7i*-7a 

7% -7ft 

7fi-7tt 

7% -7% 

8ft -7{j 

Starting 

5% -4% 

4%-*% 

4S - 4% 

5% - 5ft 

ft - 5ft 

6-efS 

Swiss Banc 

3% -3% 

®-3a 

4-3% 

4>4'4% 

4%-ft 

4*2 ■ 4% 

Cm. Dote 

5%-5% 

5%-5% 

6%-5% 

8ft - 6ft 

ft-ft 

7%-7% 

US Datar 

«»-4l6 

4ft -4ft 

4ft - 4ft 

4ft -V. 

4% -4% 

6ft - 5ft 

RateiUl 

0*2-7 

7%-7\| 

7« - Tft 

7% -7% 

ft-7S 

8ft -8ft 

Yon 

Zh-tA 

ih-iU 

2% -2ft 

2ft -2ft 

2% -2ft 

ft - 2ft 

MraSSteg 

3%- 3% 

3%-3% 

4ft - 4ft 

4%-4% 

5ft - 5ft 



Sep 

0528 

0525 

-£02 

aw no 

9528 

85163 

190399 

Dsc 

8427 

9486 

-£02 

948Q 

9481 

26243 

208214 

Mar 

9482 

8459 

■£03 

0464 

9466 

20330 

204389 

Jun 

9426 

9423 

-0.03 

9426 

9418 

10842 

101885 

■ tw*je mouth bumum terjuns nmmas (liffq Liooom points of ioo% 


Open 

Sett price 

Change 

H&l 

LOW 

Est voi 

Open Int 

Sep 

9126 

9194 

-£02 

9197 

9121 

8419 

44505 

Dec 

91.66 

0122 

-0.04 

91.86 

3124 

6607 

51470 

Mar 

0128 

9120 

-£04 

9121 

9125 

1112 

13215 

Jun 

9029 

9088 

-026 

0029 

9023 

717 

7883 

■ TM 

es MOfrm 

BUMSm 

■ FRAKC PUTURKS (JJFFQ SFrlm points of 100* 


Open 

Sett price 

Change 

Htfi 

LOW 

Eat vol 

Open kit 

Sep 

S&49 

8520 

*023 

0593 

9£43 

4712 

30006 

Dec 

9525 

os on 

+003 

9520 

9523 

2853 

9162 

Mb 

9496 

9406 

- 

9520 

9420 

309 

7094 

Jun 


9428 

-021 



0 

890 

■ TWt 

■ WWIH 

■cu lemmas (Uffej Ecuim prints of iooM 



Open 

Sett price 

Change 

High 

Low 

Est voi 

Open brt. 

Sep 

9420 

9420 

- 

9420 

9416 

244 

12670 

Dec 

9420 

9401 

- 

9404 

93.96 

313 

■ 8251 

Mm 

93-74 

83.75 

-021 

93.78 

83.73 

£16 

3370 

dan 

0325 

9326 

•025 

93.40 

9323 

168 

60 

■ UFFE tutuBB traded ctt APT 






m THH 

EB WHm BKODOUJUt 0MM) tint potets OT 100% 




Opm 

Latest 

Change 

»0h 

Low 

EsL vol 

Open Int 

Sep 

3404 

9420 

+£02 

9498 

9493 

173242 

443,771 

Dec 

9423 

9426 

+£03 

9429 

9421 

286279 

394^460 

Mar 

0405 

9405 

+£03 

9428 

9424 

87,110 

276289 

■ US TREASURY BBXPUTlJRBOriM) Sim per 100% 



Jun 

0524 

9523 

- 

9524 

9523 

£519 

£447 

Sep 

9521 

9541 

+£03 

95.43 

9440 

1266 

16217 

Dec 

9421 

0401 

+009 

9483 

9420 

329 

7212 

M Open InteMt Iga. aie tar pmku d^ 





■ SUnOMAreC ornoiu (UFFq.OMlm points of 100% 




Shat ban atm noallof ttw US Mw and Van olhaa; two tea 1 note 
■ imteii. MONTH P 1 BOB RTnJBWS ^lATF) Paria Intartarit offered rant 


Strike 

Price 

Jul 

Aug 

CALLS — 
Bap 

Dae 

M 

Aug 

pure — 

Sap 

Doc 

9500 

£11 

ais 

£17 

■ ai8 

OJK 

£10 

£12 

003 

955 

£03 

£08 

0.08 

£10 

023 

£26 

£26 

£50 

9660 

021 

£02 

£03 

£05 

048 

047 

£46 

£7D 



Open 

Sett price 

Change 

Hgh 

Low 

ESL VOi 

Open IriL 

Sap 

0453 

9452 

+£03 

9456 

9450 

1£128 

B£481 

Dec 

9434 

9430 

+£01 

9454 

9488 

10.483 

3£447 

Mar 

9406 

9440 

-am 

0406 

9396 

10,060 

9W,9M 

Jun 

93.71 

03J35 

- 

93.72 

9358 

4643 

24478 

■ TIOm MONTH EURODOLLAR (UFFEJ* Sim points of 10014 




Open 

San price 

Change 

Hgh 

Low 

EaL vol 

Open Int 

Sap 

9494 

9490 

+£07 

9496 

9404 

55 

2235 

Dec 

0485 

9425 

*094 

942S 

94.25 

6 

. 1790 

Mar 

94.04 

9406 

+007 

9406 

9404 

SS 

1086 

Jun 

93.78 

93.78 

+OO0 

93.78 

93.76 

55 

255 


BM. Can IS83 Rua 703. Pnvfeua aqm opai ML, Ctfm 184701 Mb 120S37 
3W133 FNANC OPTIOItg (UFF^ Sfr 1m p<*tta Of 1009t 


Price 

0660 
967S 
9800 
BA ML 


017 

008 

004 


GttlB 

Dec 

018 

010 

008 


M v 
018 
Oil 
047 


Sep 

017 

053 

064 


pure 

Dac 

040 

057 

078 


Mar 

072 

090 

1.11 


tote Cals OPUS 0. Piteous te» open hu Cafe 275 Puto 157S 


Plrmtaa tefte vaL (MM -MOT Mm 8MB0 . Plat <te» flpai^ hi. Ctete S0SJS7 PUS MUM 


UK INTEREST RATES 


LONXKJN HONEY RATES 

Jon 15 Ovar- 


7 days 
nonce 


One 

month 


Three 


Sbc 


One 

year 


Matte Stedng 6-4% 4%-4% 4» - 5%-S Si-5i tt - 5& 

SbteCDt - - 4S-4JI 5A-S Sft-5d 5%-6H 

Tirauy B*d - - 4B-4H 43-4% 

BarfcBBs - ‘ - 4B-40 43-4% 5A -5% - 

Locte aithonty (taps. 5%-8% <3 -4f4 5-43 8% - Mr 5%-5£ «i-5H 

Oacoud Mahat dapa 5%-4% 4Q - 4% - 

UK tearing bade base tending rate S 3 * par cant tom Fttnmy £ 1094 : 

Up la 1 34 M 0-12 


Cate al Tax dap. (E100400) 1h 4 3% ' 3% 3% 

Cate cl Urn tea. mte £100000 ta ifepe. DaxMfea wShdraai far ante *pc, 

/om. tendw<B»«( team usiTpo- BOODibidite as*. Boat FiMnoKNkia later Mwm. 
MM taad ate tar paiod Jun 30. IBM to Jul 26. 1994. SOwnwa I a ■ S47pa Rteranoa tea tar 

pariod Apr 30. IBM k>Mw SI. IflM.SdwnM IVS Vi222pa Fhma HntMaBmHteaSJjpc bom 

Juoa 1,190* 


i gjn=g esoqooo pointa at iook 



Open 

■Sett price 

Change 

High 

Low 

EsL vol 

Open teL 

Jun 

9454 

9488 

+004 

9487 

9483 

6793 

49093 

Sap 

9*57 

9447 

+£11 

9448 

9438 

32815 

103097 

Dac 

93.73 

9354 

+£22 

9397 

6358 

63268 

142067 

Mv 

9353 

9327 

*£23 

9328 

annn 

18568 

61236 

Haded on fPt. Al Opan htmst igs. m tar pmkM day. 





OLmsg E50O000 points OflOON 


Strike 

Price 

Jun 

- CALLS - 

Sap 

Dac 

Jun 

— PUTS 

Sap Dao 

9475 

£13 

606 

£07 

0 

£33 £88 

9S00 

a 

£01 

004 

0.12 

£64 1.10 

9925 

0 

0 

£01 

£37 

£76 1.32 

Eat v* ntsL Cota 7661 Putt 2465. fterious dqra opan K. cab 814170 Pun 106*2+ 


BASE LENDING RATES 


% 

Adan &Ccrrpany — 525 

Ated Trust Barfc 525 

AIBBSPk £25 

8HanryArafacdw 526 

Bar* rf Batata Sl2S 

Banoa Blbao NAstete. 523 

Berk Of Cyprus 626 

Bateaftotand 525 

Harterfbute sgg 

BankolSoottand .— £25 

Banters Bar* 325 

MBkoUBdEait 525 

•6nNnSKplw&CoLta525 
CL Bank Nederland 52S 

CSbankNA — S2S 

Oydaodale Bank 52s 
The CooposAie Bark. 525 

Coaa&CO 525 

CradkLyurraiB 525 

Cyjdus topuiar Bank _525 


% 

Duncan Laaita 525 

Enter Bank Unted- 625 
Ftaa xte &Qai Ban* _ 8 
•Hobart Flaming A Ca_ 125 

Qtobank 625 

•QuhvnMdw 325 

HtfbBarfcAG Zurich .625 
•HratesBank 323 
HatobtoftOenlnvBk.525 

HSate 525 

C. Heara ACa _525 

Hongkong £ Shanghai 52S 
. 40an Hodge 625 
Maapokt Joseph 8 Sera 525 

Lloyds Bank 525 

Mo#xa| Bart Ud £23 

hbdtandBa* 523 

* Mount Banking 6 

NtfWssMnstor 625 

•tea Bream £25 


* RaidM( |fia Guarantee 
CorponatanLlmiadisno 
longar aJOwteadn 
abattqMUtan 8 

Royal BkotSoMtand-, £25 
•Gmkh&WIman Secs. 525 

188 525 

•UrtedOearKuwak- 525 
Ikey TTiuU Bark Plo— 525 

Western Tiuei £25 

WMaatoy Lakf&w 525 

Yorkshire Bart 625 

• Mamban of BriOah 
Mandtant Banking £ 
Saoirkfa* Houaas 
AlrtXioBon 



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Duff Forecasts and Market Myths for 1994 

.-.H- j:. C ”■ c: v;! : '.OC^ Cl o'ldi CSn!.r>'JC.. qold & V~0'.\ CC^T'C-J'^rs 


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rite spec ctisis IcrovsrJQ yo;i fqi< 071 -43? 

os:r.-35* Vo-.- 0 : 


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London 
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WORLD STOCK MARKETS 


EUROPE 

AU5IWl{JunT5/Scty 


+t- 


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PtaPM 1.950 
BWUial IfllBad 
CmdPi TtSnS 
LA Bor 3.435 
BN 1X70 
Looms 1X06 
OeMv D$l* 
MZm 930 
tadtodl 47B 
SIWO 249 
YHOitq 370 
VMM 632 
VW» 453 
MMg 3*66 jO 


+12J0D 
♦51J70 
+14 834 
+35 4JBD 
■*» 1.T18 
+3 1,387 
*81*71 
-1 1.050 
+3 488 
-3 Z38 
- 406 
+15 791 
+3 600 
+254,340 


1.750 2X 
ns ox 
036 1.4 
X3B0 BA 
1.130 1A 

’-BOB'* 

889 1* 
830 £J 
403 2.1 

in ** 

328 14 
546 24 
435 1 4 
3X11 14 


Ba flWM X a WBMUuntS/Rr) 


Aflttp 2.715 
4d«ns 44004 
WM 7,70014 
AlWd 4400 
BBL 4,170 
BHrtji 17,150 
BGnLPT 28400 
BnqMB 30425 
B4J1 25.12&4 
CSROm 12.400 
CMB 2,400 
CobBoa 5480 

55# iso 

Sffi ,j£3 

BBC3) 6.770 
BtnflC 3.725 
BBL *,460 

C&rfv 4*80 
KB Go 1X60 
HonBnq 8260 
Gxwn ai20 
ami 4400 
ftomsol 3.145 
Knb* 5.740 
OrttAF £710 
MOW 6X50 
Moroni 1,5804 

PbtLux l£js 

Ptflm loxoo 
PMfln 8,105*1 
Read 602*1 

S8&IS2S 

SocQ* 2J7S 
SBoAFV ■•170 
SoBna 15X26 
SMMC 1X28 
Satin 15.100 
TrCtn SX90U 
UC8 24,176 
UnMn 2485 


-30 34062450 24 _ 
+10 4440 3.700 1.7 Z 
-JO 8490 7X00 3.1 _ 

-505J004400 - __ 

-254X70 4,02) 4 J — 
... 18*80 17.130 24 _ 
-250 *£3022740 __ 

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-^ssasa = 

-70 8X00 5410 44 _ 

-X 202 154 74 _ 

+40 8400 6.100 IX _ 
+6 1X50 1X30 24 _ 
_ 6*20 6*70 74 _ 
-5 3400 3410 34 
__ 4400 3470 4 A — 
+10 4.470 3450 4X — 
+5 1480 1430 2.3 _ 
-30 ELI 80 8400 64 _ 
+2010X00 8400 14 _ 
+1005X60 4.160 24 _ 
-56 3,885 3,070 4.7 _ 

+110 8X00 8X00 14 _ 

+10 7460 e.880 1.7 _ 

— 8480 8400 4.1 — 

— 1.6301X33 64 _ 

+125 1S.1Q51B.0n0 _ _ 

+25 10,775 8496 2.7 — 
”45 3460 3426 4-5 _ 
-6 688 420 34 _ 
-20 8X00 4430 4.1 — 

+50 5.880 5.000 44 — 
-30 1838 2X50 64 _ 

— 2436 2409 44 — 
— UnOUAS 47 — 

— 1473 lAflz 04 — 
+5017JHM4X3D 44 — 

— 11400 9X00 44 _ 
-25 26.100 22X00 2 A — 

+5 2430 2.440 4X — 


UhMl 1.117 -261X951480 OX 

Ixqmd B48EM -77X6 6X00 5*80 ox 
285 -4 288 7?fl5 — 

516 -ft 624 511 35 

226 -3*0 274 207.10 74 

136.70 +2X0 1S7«t£S 4X 
SJM 1434 +6 14*a sea ta 

NWEw 14240 +4018030139.10 SX 
214-20 „ 260 190 — 

MM 373.4061 -6*0 626 366 44 
385 -6 630 382 64 

go™ 181 +1X0 234 >40.10 3J 
hnte 38840 -440 445J6 387JD 8.1 
rtgt 818 -10 830 753 IX 

Jnft aaa +1 1406 m* _ 
Pipp'd imw -10 1,150 857 14 
j*"* 48M -3X0 60436210 _ 

">HM 131X0 -2X0107*012X30 27 
£«* 684 -« 752 580 1.4 

gLC 817 045 770 £7 

Saawi 2,730 -10 3X90 2X12 IX 

g™ m -4 764 678 13 
1502 -17 1J89 1XZ7 34 

S=hn» 346X0 +.7040X034300 _ 
513 -o ex 513 24 
Srtmp 469X0 -.10 610452.10 8X 
gjco 4M -240 700481X0 OX 
adBfl 1X79 -1 2X70 1X31 _ 

SocGl Solid -7 7B2 606 3.7 
SwmA 1X61 -12400 1X90 24 

342 -71 528 3x3 — 

SuKO 284 -4X0 37727540 44 
Syr4W 100X0 -050287*0 TH7.S0 _ 
2460 -603.120 £261 IX 

TfraCSf 183 -2 2141033 55 

7 ®S® ^BXOd -1X030460263.10 £5 
UJP 1« —2X0224X0 14180 3.1 

UFBLDC 423 +3 404 416 3X 

MBd 438X0*1 +2X0 580 42810 SX 

Iffn B- 535 -15 800 636 6X 

Woo ajUQal -6X0 307 235.10 3X 
287*0 -2-10 336 240 3X 
NtnQ 277X0*1 +4*0 366 252 48 

Pun 15 /Ddl) 


_ METTsajurepuiis/Rsi 


mm w 


Mtoi law W WE 


■ /- 1696 MjLM Eote 


+/-I 


— AEGON 96X0 
_ M(M 47.10 
_ AXZD N 209.70 
_ AowOnmiM 
_ BBHfa 36X0 
_ Beam 42 
_ CSH 06X0 

— DSM 127X0 

— CtaWe 184.70 

— Baqw 168X0 
_ HODpA 15X0 
_ tem 100X0 
_ eaopn 48.io 

_ topogr un jo 

MfeM 213X0 

_ HNBa 321 

71.70 
74X0 
Man 
MBDpft 78JU 
mama a 
KLH 61*0 
KWBI 47 

ia>N 80.10 

XPkDpfl 4&2D 
HeajC 5&7D 
•JTanC 78X0 
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OartOr 74 
Pi«p 52-40 
P«*& 78 

Mow 110.10 
FtoCmco GB *0 
fkdnc 12 TX 0 
Ftann 86X0 
ROW* 1B8X0 
S&KN 47.10 
Un*E3p 1B2XO 
VNU 174X0 
VnOOpft 61-90 
HMDpR 111X0 


— 73X0 58-50 4X 
-*01105090X0 3X 
+J05&40 46 — 
+10 220187X0 31 
-X0 88.40 66X0 4.4 

— 47X0 38*0 3X 
-JO 8241X0 2.6 

+177X068X0 — 
-170 14610UB 1J 
+1J0 20817370 2-5 
-1 1057010279 IX 
_ 2513X0 4J 

+JOH150 98 4X 

-X8E8X0 47 27 

-1X0157X0 125 _ 
-32MJS21QJ0 IX 
+1300X0 284 3X 
+XQ 78 48X0 6.1 
+X0 83X0 88X0 2J 
-MO 453830 S3 
_ 94.70 7420 02 

— 80X078X0 2.7 

-JO 56.70 40X0 IX 
+XS 62 44 IX 

+.10 50-70 50 — 

-JO S7 JO 47X0 11 
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-30 10020 78.70 2L5 
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+1X0 HO Hfi mm £0 
+.10 57X0 40 IX 

+184X0 73X0 IX 
+.10 131 11620 3X 
+10 68 8830 S3 

_ 135.40 T1 120 2X 
— 100*0 88X0 SX 
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+1.10 50304030 1.7 
-80 236 167 3X 
+3020080 IBS 2.1 
-30 58X0 4530 IX 
—JD 133X0 10420 1* 


1.170 +31X401.130 — 

Bene9n2XS0Md +40HMO uxoo 0 * 
(6986(10X80(1 -11D 7J7D 8,150 OJ 
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_ " 719 

1X80 
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— ffakfl 777 

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— mifla 666 

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-14 1XG6 775 13 
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-4 B8S 707 _ - 
-2 870 063 _ _ 
-65 1X50 1,480 2X — 
+1 1,100 8*5 IX _ 
-6 551 356 4.1 — 

-3 259 180 4.1 — 
-15 816 810 — — 
-11 770 5M __ _ 

+6 686 736 - - 
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738 

618 

754 

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732 _ _ SMOf 
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551 _ — Erawu 
425 1 J — SnaOcn 
318 — — smew 


13-W 

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633 +12 534 488 _ _ Uc&u 

1 X 00 — 1 XQ 0 99i ax — ESSa 

M|MB 1X20 -301X50 878 _ - SET 

IJOO +20 1X20 861 — — uJcEn 

1XU> +*0 1*£0 1X70 — — StaCC 


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+10 1X30 940 — — UMr 
+8 634 482 IX - 
— 6X00 3*80 — — HHa* 
+60 5330 4X70 OX IfiOxp 


-10 1300 1X30 — 

-201 JSC 1.100 - — SST 
-1 803 560 1 J — MbSo, 
-10 1X90 1X40 _ _ SSmT 
+15 614 410 CLB — EE2, 


DODMiKpun 15/Kr) 


AMPA 635 
Motel 232 
Cart* 287 
Cadtn 5.700 
IVS1ZA 134.000 

940 
329 

EMM 176 
FLSB 515 
69M 535 

ISEB 221 
JyaXaR 348 
LitznB 1JB0 
NKTA/S 295 
NvNnS 653 
RndoB 565 
SoptaA 567 
SoptoS 565 
Slteto 423V 
TatOan 318.75 
TopOmi 845 
IHdnA 223 


— 730 585 2* 
+3 261 215 22 
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-160 7£00 5.700 09 
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2S2 3* 
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530 OX 
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126 +2 15410X6 IX 

129 -1 176 127 IX 

BS 105 80 _. 

38X0 +1X0 46X0 35X0 IX 
172 +1 233 170 22 

10X0 +JO 17*0 10X0 — 


A§0 176 +2X0198X0 153 OX 

AfltndV 566 +3X0 BSE 544 2.1 
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Ate 2*22 +4 2X11 2X87 OX 

AON 827X0-11130 670 SX 2X 

«0M 1X23 +13 >,101 697 - 

BOO +16 1X26 7B7 OX 
302 +1-SOS43X0 276 2X 
496 _ BIO 435 IX 

361 -2X0 485 348 2X 

uBfu 356 +1.70 40480 338 3.1 

toteH 427X0 +XOB318D 424 3* 

iMMr 7g +6X0 829 836 IX 
450 +1X0 575 435X0 2X 

917« -350 990 815 IX 

sannr 26G50 +13*686 236 IX 

MFBk 396X0 +50 328 393 3.7 

BBBo 790 -SO 051 730 1J 

1J40 -401X30 1.140 OX 

860 _ 1X30 B40 IX 

3Z7 +170 386 323 3.7 

.. 241*1 -XO 290 23S \3 

DLW 468 -650 600*6330 0* 

Detail 732 -6 914 726 1.1 

□Ww 488 -2 560 443 1* 

Oaro 224 -15028850 224 - 

DKhBk 74050 +6 86750 72X70 2J 

DWWtk 166 +2-50 186 132 2* 

DOOM 550 -6 607 531 2J 

Oq^dC 281 +2 310 260 IX 

,361. +448650 370 3£ 

56S*1 -1 618 485 IJ 

04 -1 307 260 IX 

700 ... 716 590 2X 

200 — 246 196 3J 

1JBO +201X60 1,180 IX 
006*1 +2.20 681 BOO IX 

372 -6 440 370 2.7 

1X75 +1 1X82 1X40 IX 

338 -1X03*526*3 2.1 
8S5 -5 1X69 630 15 

220 -3 S3 229 2.7 

KB 261 —3 324 281 35 

MWk 382XD -250 433 363 21 
Kutl&S 141 -2 169 141 — 

tasn BOO -16 649 ST6 2-2 
iCthal 509 -5 MB 451 2.7 

KHD 138X0 +5X0 181X0 11&» — 

»xte 144 -1 17910270 3-5 

Lahaiyr 581 +1 BOO SCO IX 

LdW 770 -11 850 695 IX 

+12 960 830 IX 
+2 410 352 22 
-2 22030 1B5 — 
-2X0 216 158 1* 


WMBtr Pun 15 /Khmer) 



UHA 

VBdA 


Z spurn pm is/ mj 


— AretaCh 

_ AHBD 1*80 

_ MM 515 

= gp sg 

— Manor ijso 

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— Mane ixTO 

_ mao bid 

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_ Atatte 825 +S 679 5SO _ _ SH 

BrertPB 617 +6 966 B» _ _ 

1X70 -101,890 1.260 OJ — 

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1,190 -10 1X20 842 S£ _ EfcSn 

700 -1J.7W.M - — Z&B 

-6 462 337 1.1 _ 

947 +22 687 641 _ _ 

1X10 +501*40 1X40 OX _ 

747 -4 78* 671 OX _ 

-10 2X70 2X20 — _ 

+101X301.130 — _ 


+10U401X10 _. ShwMn 

+10 813 406 _ _ OlwSfiJ 
+70 2.780 2X20 Z Z ayta 
+» 7X30 5X60 __ _ amftW 

5 3S 32“ - 52, 

-3 80S 7B9 _ StanB 

-4 1,050 90S _ StanSM 

-202^02X20 SunMt 

_ 782 53S aunCan 

-101J30 758 _ Z SumCta 

— 1X40 BBS OX — 

-17 B40 S12 _ _ 

...12201X80 _ _ 

+1 aeo 428 _ _ 

+25 «75 780 1.7 _ 

+17 440 321 _ _ StfTM 

-1X801*20 IJ SunkBM 
-30 1^0 1.700 _ _ SunRH 
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— 1+20 990 IX _ SumtrB 

—40 3X40 2.770 _ _ SutaWIta 

-4 KO m _ _ Suntd 

-« S36 367 _ TDK 

+11 882 G8S _ _ Wad 

_ 720 557 _ _ TanoRl 

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4 M (JO _ _ Turn 

-10 693 380 _ _ Tto3xi 

— 1230 no ox _ TanSd 


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575 

1*B0 

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788 

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727 

2.180 

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1.040 

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460 

463 

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296 

972 

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+20 1JS0 1.140 _ 
_ IJBO 1.120 _ 
+7 B3B 506 OX 
+19 609 411 _ 
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700 soo ... 
-6 823 481 „ 

- 2 flixsoi.no — 

+30 2X20 2X40 _ 
802 700 (LB 
-106,460 5*60 _ 
+14 540 618 _ 
+5 747 42S _ 
-SD2J901J00 — 
+3 573 432 _ 
-2 543 404 _ 
-101.100 837 _ 
-20 1X60 1X60 _ 
-3 475 360 ... 
+19 465 288 _ 
-ID 1X30 651 0.7 
-6 308 252 _ 
-2 SB 864 _ 
-ID 734 611 IX 
1,060 _ 1X00 BI5 _ 

1XB0 -401X201X80 _ 

BOO +3 BIS 674 „ 

1.480 _ 1X20 TXSQ _ 

4X80 -305XS03JB0 _ 

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7X0 -.10 0X2 7.40 15 „ 
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4X25 
B»(ar 13X20 
BSMOd 4XOOX- 
BDSBta 1X60 
CEPSA 3J20 
imtaat 4,700 
Qteta 11X00 
30*8 2.190 

BnatO 1X06 
2X00 


BrDurf 871 
MUCH 3X05 
BtelP 875 


681 

770 

Linda 906 

LtaDH 370 

LrfSm 185 

HAM 1B3X0 


— MAM p| 


ngpota 


52 

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45 

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580 

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551 

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208 

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1£10 

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908 +3 367 302 28 

412-14X0488X0 387 IJ 

790 _ 822 755 _ 

MMto 213X0 +X0 288175X0 3.7 
Ahtaffig 2.680 -60 3X1 7 2,660 D* 

PWA 226X0 +X0 262 210 _ 
PMtoTOI 323 -2 330504X0 3.7 

Pond) 758 -4 888 BBS 03 

427X0 +fl 408 41B 2X 
430X0 —1X0 52X1 420 2-B 
343X0 +XO 424 33S3X 
tMnE 1X60 -5 1X20 1X40 OX 

RtaHMB 307 -13 372 306 2X 

243 -6 267 22S 3J 

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5,160 

fWW 11.700 

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Stela 650 

ScvS 831 

TBOacA 3J20 

Tdafii 1X60 

Tudor 1X66 

UoFan 654 

Ltafflrt 1X60 

UraBt 1X25 

2X00 
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-100 6X00 5*00 4J 
-10 3X33 2X90 5* 

-85 3*00 2X50 7.7 
-19 4 JSO 3*75 4.1 
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+31*35 700 UU 
-110 3X90 2*10 3.1 
+130 4*70 3*00 2X 
-160 12*88 6X20 IX 
-63 2>13 2X00 4.1 
—70 1J75U80 1.7 
-40 3X602*55 XI 
+43 8,100 6,140 2X 
-20 1.100 655 _ 

-2-1 82* 41 B 133 
-65X140 3X00 X4 _ 
-2S1J10 921 _ _ 
+60 7*90 4X00 XI _ 
-50 7X30 5*00 2J _ 
-50&480 4X10 IX _ 
-180 T2X00 9J10 IX — 
-704JO0 3X80 2£ _ 
+5 355 102 _ _ 
-13 BOB 351 7J _ 
-12 815 610 &2 
-105 4*50 3X00 5.5 
-10X185 1X05 3* 

-55 1*35 850 IX 
-16 788 578 7X 
-180 2*00 1,41511.7 
-86 1J1 01,150 4£ 
-100X120 X315 IX 
-110 3X80X290 OX 



487 


316 — TokMI 


570 _ 
676 0-7 
-SO 1.490 1.070 _ 
-101X401X90 _ 
-21X40 887 _ 
+2 5B7 400 _ 
+13 796 61 B OX 
— 1,100 705 OX 
-11 828 566 as 
+7 555 367 1* 
-t 7» SB _ 
+6 531 570 _ 

BZO -2 907 533 

20X00 +400 21 SOO 17+SO _ 
X650 +20 3X30 2.000 _ 

-10 1*201.110 __ 


1*20 

1.100 


792 

965 

807 

822 

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ABO 
3SX0 
11.10 
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— cnPgn 41.76 

— Oittr 71 

— CimEa a.10 

— COUP 2260 

— cnaro iuaal 

— DFam 1020 

— £B0t +£0 

— Goto 34 

— KE8C 85 

— K+rv5 1130 

— WteBB 5X50 

— Hanoi n.io 

— Hanta* 6X5 

— HOflUd 39175 

~ (90M 15.50 

rt®« 13 

— IK Af 42.75 

— HKBa 34.70 

— HOted 20X0 
~ MOBA 2230 

IK Id 15. IDS 


JtWB 
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-10 1.180 841 _ 

+4 786 514 _ _ StTtaT 

+13 833 767 _ _ {2TiB 

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FBMKEPun 15/FreJ 


679 *50 


748 27 


ACF 45X30-10X0 
Accor 873d +8 788 

MU 7B9 —3 896 

AJdM EM -10 613 

An 252at -520 330 24X10 1X7 

BjC. USD -51*351.162 2* 
BSN 835 -3 1.0G2 BOS 2-8 

BNP 243 +2X028980 240 IX 
Bncte 524 -20 683 GOB 2X 

3X50 +51750 2X21 3X 

804 -20 7B7 800 2.7 

1,160 -42 1.480 1.111 XI 

CaW+ 885 -20 1,155 843 42 

CapGnm 172.10 -4 22&5015SX0 A1 

CnUa 188.10* -4X021X20185.10 _ 
Odour 1X46 -17X19S1XEO X4 

Cask* 143X0* -1X0 205141X0 32 
Cbnm 1*13 -251X701X21 30 

CtaDMd 417 435 346 22 

CCF 223 -23DOJO 213 IX 

CrfflrtF 1X13 -2 1265 900 5X 

Qua 560 -IB 856 BOD 2.7 

Crtixf 301* -14.10 48838720 _ 
ON* 519* -1 737 50511.7 

5X00 —70 6.160 5220 A7 

670 -5 830 662 _ 

417X0 +2X0 438 361 1* 

855* -1 960 700 28 

-. 2280 -60 2X64 X210 0.7 

ECCO 770 _ B40 636 IX 

BtAni 396.70 -1X0 435 36550 4X 


832* +81,127 818 43 

BOfl -10 1.088 B50 
775 +10 885 740 _ 

670 -24 830 655 IX 

1450 _ 3*67 2,750 2X 

1X18 -21XEB91X05 33 

838 -fl 702 5B4 X5 
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143 —* IBS 138 AS 

810 -40 838 BOO 27 

4.700 -10 6X20 4XB0 1.1 

421 — 676 418 ZJ 

2250 -25 275+ 2X92 07 

672* -33 1X20 670 OX 

580 +1 645 S56 2X 

42020 -520493.30 415 2X 
543 +3 080 E3> 26 

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82 --BO 119 72 3-7 

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396 -2 480 350 IX 

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HOtel 575 

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motel 750 

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390 

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Kawasaki Steel . 
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Nippon Steal , 
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3.8m 


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2170 +20 

412 -3 

504 -IS 
362 -4 

1130 -10 


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If this page gets your heart racing, you need a Pulse. 


Pl;!S 0 C' -r-C'E ycj “T: jre news iro r w rnore c t r e wond': rnarveis ‘.nrin any v t t t p p 

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CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1154 ; v U !m ; W^'n'L 


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Financfial Times. Europe’s Business Newspaper. 




4 pm dose Jung 15 


NEW YORK STOCK EXCHANGE COMPOSITE 




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36 


AMERICA 


FINANCIAL TIMES 


Thursday June 16 1994 


Dow subsides as bond 
market turns softer 


Wall Street 


US stocks foiled to sustain 
their forward momentum yes- 
terday morning as a soft bond 
market encouraged Investors 
to book profits after Tuesday’s 
rally, writes Frank McGurty in 
New York. 

By 1 pm. the Dow Jones 
Industrial Average was 13.64 
lower at 3,800.88. while the 
Standard & Poor’s 500 was 
down 0.74 to 461.63 in moderate 
trading. 

In the secondary markets, 
the American SG composite 
dipped 0.53 to 442.12, while the 
Nasdaq composite edged 0.65 
ahead to 736.63. 

As the session opened, inves- 
tors were inclined to extend 
the 32-point rally by the Dow 
industrials during the previous 
session. The day's economic 
news presented no obvious 
obstacles to that ambition: the 
Federal Reserve reported that 
industrial production last 
month had risen by 0-2 per 
cent, while capacity utilisation 
dipped to 83.5 per cent from 
83.6 per cent in April. 

The figures, although a 
shade stronger than econo- 
mists had forecast, were con- 
sistent with the view that the 
economy had returned to mod- 
erate, noil-inflationary growth. 

A firmer bond market was 
supportive, and stocks posted 
modest gains across the board 
In early trading. 

But seemingly conflicting 
remarks by two Fed governors 
on the outlook for inflation 
triggered a reversal in Trea- 
sury prices. Equities followed 


suit, and shifted into negative 
territory. 

Cyclical issues, which led the 
previous session’s advance, 
gave back most of their early 
gams. Caterpillar dipped $% to 
flOStt and Allied Signal edged 
$% lower to $38%. 

Exxon remained one of the 
weakest components in. the 
Dow index: The stock, hard hit 
by an unfavourable court rul- 
ing on the Exxon Valdez oil 
spill, dropped a further $1% to 
$57%, a new 52-week low. 

Elsewhere in the energy sec- 
tor, Mobil lost $1 to $83% and 
Texaco retreated $% to $63%. 

In the beverage industry, the 
misgivings among investors 
which hurt PepsiCo and Coca- 
Cola last week finally caught 
up with Cott, an aggressive 
Canadian-based bottler. Its 
share price plunged $2fi to 
$15£ on a downgrading by Leh- 
man Brothers, which said that 

escalating competitive pres- 
sures could backfire on the 
company. 

Meanwhile, PepsiCo added 
$% to $32% and Coke held 
steady at $39%. Snapple, the 
iced-tea bottler, continued to 
wilt under the summer sun, 
dropping a further $1 to $23%. 

Scott Paper jumped $2% to 
$53% foe day after a company 
briefing was described by ana- 
lysts as “upbeat and positive”. 
The issue gained extra support 
from reports that its Chairman 
had boosted his stake in the 
company. 

Geon, a leading producer of 
vinyl resins, climbed $1% to 
$28% in unusually active trad- 
ing of l.lm shares. The com- 
pany said that it was unaware 


Industrial sector is highlight in Johannesburg 

Industrial shares provided one of the main features of foe day in a thinly traded session, foe index 
climbing 33 to 6,757. The overall index receded 16 to 5,746 and foe golds index shed 31 to 2,090. 

De Beers retreated wa-M to R116, while Anglos lost R6 at R24L. Gencor eased 30 emits to R1L70 
and, in golds, Kloof declined RL25 to R64J30. Argus Newspapers saw its first trade since its listing 
on Monday and jumped R4 to R15. 

• The Johannesburg stock exchange, which faces a threat from the Merchant Bankers Association 
to form a rival exchange in South Africa, said yesterday fouat it had embarked on proposals for a 
so-called “evolutionary” change in its practices. Critics of this approach had called for foil 
deregulation. 

EMERGING MARKETS: IFC WEEKLY 1NVESTABLE PRICE INDICES 


Market 

No. of 
stocks 

June 10 
1894 

Dollar terms 
% Change 
over week 

% Change 
on Dec TO 

Local currency terms 

June 10 % Change % Change 
1994 over week on Dec *93 

Latin America 

(210) 

62734 

-13 

-3.5 




Argentina 

(25) 

920.67 

-4,0 

-6.8 

568,627.12 

-4,0 

-63 

Brazil 

(57) 

209^0 

+3.0 

+15.7 

776340399.7 

+12.4 

+0633 

Chile 

(25) 

077.07 

-0.4 

+22.7 

1,144,41 

-03 

+20.1 

Colombia 1 

cm 

90929 

+0.6 

+41.0 

1349.60 

+03 

+45.6 

Mexico 

(69) 

86834 

-3.8 

-13.0 

1360.12 

-23 

-0.6 

Peat 1 

HD 

149.80 

-ao 

+233 

200.15 

-0.0 

+253 

Venezuela* 

(12) 

576.08 

-7A 

-2.7 

2,19139 

-6.4 

+543 

Asia 

(558) 

24430 

+2-5 

-153 




China 4 

(18) 

9533 

-2.0 

-353 

10436 

-23 

-36.1 

South Korea® 

f!56) 

126.72 

-2.0 

+73 

13439 

-2.0 

+7.0 

PHJippJnas 

tw 

29051 

-3.1 

-12.S . 

38430 

-13 

-13.4 

Taiwan. China" 

m 

13234 

-03 

-23 

• 134.44 

-03 

+03 

India 7 

(76) 

13046 

+2.7 

+14,8 

14738 

+2.7 

+143 

Indonesia* 

(37) 

103.60 

-07 

-183 

121.93 

-07 

-14.4 

Malaysia 

(105) 

26538 

+4.7 

-213 

254.15 

+43 

-243 

Pakistan 0 

(15) 

353.75 

-07 

-8.8 

49138 

-07 

-6.9 

Sri Lanka" 

(5) 

172.77 

-23 

^3 

18632 

-2.3 

-2A 

Thailand 

(55) 

38834 

+13 

-iae 

389.54 

+13 

-19.4 

Euro/Mid East 

(125) 

101-14 

+2.0 

-403 




Greece 

(25) 

203-16 

-4.4 

-108 

34439 

-4.1 

-104 

Hungary" 

P) 

18136 

-5.0 

+83 

228.01 

-43 

+123 

Jordan 

(13) 

162-33 

-1.0 

-1.9 

234.43 

-07 

• -Z1 

Poland® 

m 

588.70 

-11.1 

-283 

845.40 

+102 

-23.4 

Portugal 

(25) 

11138 

-13 

-2.1 

13230 

-13 

-3.8 

Turirey" 

(40) 

89.19 

+14.4 

-58.0 

1349-02 

+133 

-73 

Zimbabwe** 

(5) 

27838 

-3.6 

+373 

32066 

-33 

+533 

Composite 

(892) 

312.16 

+03 

-123 





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Ok 31 IMS; fJIJOec 31 IMS* flSOoc 31 t«KS (tWug 4 1SS* fMJJUy 2 Tsaa 

Venezuela’s banking crisis reached a new level on Tuesday as the government closed 
eight financial institutions which it had been supporting since the beginning of the 
year. The equity market reacted immediately with a 3 per cent fall, but regained most 
of the ground yesterday, rising 2 per cent 

Analysts commented that the news was actually positive since it showed that the 
Caldera administration was now determined to tackle the country's economic problems 
with resolution. 

Ms Janet Krengel of Kleinwort Benson Securities in London noted that emergency aid 
to the banks, which had been crippled by the collapse of Banco Latino in January, had 
cost $3bn. Taken together with ajpledge by the finance minister to raise domestic fuel 
prices, the new policies signalled that the government had been forced by events to 
seriously address Venezuela’s economic difficulties. 

“The seizure by regulators of the eight languishing banks is bat a sign of tilings 
to come,” Ms Krengel said. “Investors should expect a series of potentially destab- 
ilising arrests of prominent members of the financial sector and judiciary in what 
to be a rocky road to recovery.” 


EUROPE • 

Thyssen up as Mannesmann falls again 

^ Mdt I'anmin TlW 


t! 


of any developments which 
may have triggered the upturn. 

On Nasdaq, most technology 
stocks meandered within a 
fraction of their opening val- 
ues. 

But Applied Materials added 
$1% to $42 and Oracle gained 
$I%to $37%. 

Canada 

Toronto stocks were lower at 
midday foflowing weakness in 
the Canadian dollar and bond 
markets. 

The TSE-300 composite index 
fen 2539 to 4J.72A8 in volume 
of 29.2m shares valued at 
C$389. 5m. Declines led 
advances by 372 to 202, with 
290 issues unchanged. 

The Canadian dollar hit 
C$1.3901 against the US dollar, 
while the domestic 30-year long 
bond lost C$1 .50 to yield 9.1% 
per cent 

All Toronto's sub-sectors 
were down with the exception 
of precious metals, which 
jumped 1.24 per cent on a 
stronger bullion price. 

American Barrick gained 
C$% to C$33 % while Placer 
Dome climbed C$% to C$31. 

Bank of Montreal shed C$% 
to C$2Z%. 

Brazil 

S3o Paulo was up 3 per cent by 
midday, but traders did not 
expect substantial activity in 
the afternoon following on 
from the settlement of the 
futures imtoY during the morn- 
ing session. The Bovespa index 
was up 903 at 31,077, in low 
turnover of Crl45Jbn ($63m). 


Bourses turned from Sat to 
mildly bearish in the afternoon 
as the US bond market slid off 
its highs, writes Our Markets 
Staff, and professional opinion 
was divided on prospects. 

European cyclicals were 
overvalued, said Mr Joe Roo- 
ney of Lehman Brothers, 
underweighting Germany and 
Sweden. Merrill Lynch, mean- 
while, expected Germany to 
ou tp e rform on Easter earnings 
growth, fuelled by costcutting 
and rising exports. 

Other strategists focused on 
bond yield differentials, and 
came up with different conclu- 
sions. On a shorts* terra view, 
the Smith New Court team 
gfliri that UK equities should 
outperform their German coun- 
terparts on a narrowing of the 
yield differential between UK 
and German bonds. 

However, Mr David Roche’s 
Independent Strategy expected 
German bunds to strengthen 
considerably iu the next three 
to six months, that German 
equities would outperform and 
that the French market - with 
more lftwHnd room for upward 
movement in bond prices - 
would be an u nderperformer. 

FRANKFURT, not surpris- 
ingly, went nowhere on the 
day, the DAK index standing 
still on the session at 2JI74.70 
and easing just slightly to 

ASIA PACIFIC 


2,073 JU in the past-bourse. 

The main excitement of the 
day was provided by Mannes- 
Tnann and Thyssen, once stolid 
steel and engineering compa- 
nies but recently enlivened by 
their diversification Into 
mobile telephone networks. 

Mannesmann dropped 
DM1L30 to DM412, and another 
DM4 JO to DM407 JO in the Lon- 
don afternoon, down DM38J50 
this week and DM81, or over 16 
per cent below its high for the 
year. Thyssen, on the other 
hand, climbed DMKX30, or 3 8 
per cent to DM28380. 

Thyssen impressed German 
analysts at a meeting this 
week and whfle their earnings 
estimates diverge - DM11 a 
share, and DM20 are both 
respectable forecasts for the 
1994-95 year beginning next 
October - most of than are 
buyers on the prospect of steel 
price increases, and accelerat- 
ing earnings growth thereafter. 

In Mhnnesmann’s case, pub- 
lic prosecutors in DOsseldrof 
said yesterday that there was 
no evidence linking the compa- 
ny’s chairman, Mr Werner 
Dieter, to improprieties as 
alleged by Der Spiegel in an 
article over the weekend. 

PARIS turned lower once 
more as Tuesday’s rise proved 
to be unsustainable. In a mar- 
ket that is currently unable to 


FT-SE Actua- 


Share Indices 


Jun IS 
Hsorty daman 


Opal 1030 ItflO I&M 11M 


tm EUROPEAN SB*ES 

K00 1£W cm 


FT-SEBnAvklOO 

FT-SBlifcackZDO 


1383.78 T 38070 1381.60 1381.80 138022 1377.24 137&2S 
i5shH 141201 M13X8 141335 141239 140033 14 07.12 140000 

Jbo 8 


Jun u Jtn 13 


JUT 10 


Juj 9 


FT-SE Bwaaek 100 138194 138832 MI1.45 1WS7 1«&« 

FT-SE GtntmcK 200 141331 141234 143230 143094 143W8 

aw wBnanw* in ■ nui; » - «'M« mmmr i» - 80 - M0U5 


attract buyers, the CAC-4Q 
index shed 25.60 to L96&39. to 
bring the loss on the week so 
for to 2.7 per cent 

Turnover was FFr3 .7bn. 

In a technical analysis of the 
French market, James Capel 
suggested that in the 
short-term the downside might 
find support at the 1,800 level, 
even though economic funda- 
mentals were soand. “Getting 
hfirft through 2,100 will be a 
struggle," it added, “having 
been a level of strong support 
on the way down”. 

Rif Aquitaine, off FFrL90 at 
FFr398.70. attracted negative 
comment from Hoare Govett, 
which maintained its sell 
recommendation. The broker 
said that foe group had suf- 
fered due to over-expansion in 
recent years while, under its 
new management, it had been 
p niiing back in order to pre- 
vent a further rise In the debt 
burden. “Cost cutting will be 


the next phase, but Elf starts 
three to four years later than 
most of the other companies in 
the sector," it added. "What is 
more, a large scale restructur- 
ing might still not be easy to 
realise in France's troubled 
labour market” 

AMSTERDAM was easier 
with the AEX down 0.54 at 
40085, after a high of 40231. 

Philips and Begemann. the 
industrial group, both went 
against foe trend on news of 
investments outside Holland, 
The ^wanner products group, 
up io cents at FI 52.40, is to 
invest FI 75m in its Brazilian 
unit which manufactures tele- 
vision tubes. The group said 
foat this would help meet foe 
growing demand for television 
sets in Latin America. 

Begemann advanced 20 cents 
to FI 45 JO on news that it was 
to purchase a 75 per cent stake 
in Deutsche Waggonbau. a 
Tnufrw of railway rolling stock. 


from the east German Tren- 
band privatisation Agency. - 

MILAN fen on t he test d ay of 
the account as investors posi- 
tioned themselves ahead of 
capital increases and equity 
offerings. The Comifc Index 
eased 2.53 to 715.42. 

Mcndadori tumbled 13,200 to 
L15.300 following the 
armni mgement tele on Tuesday 
tha t its issue price had been 
set at the top end of expecta- 
tions. However, analysts do not 
expect there to be a problem in 
getting the issue away. 

ZURICH had a nervous after- 
noon as a weak dollar and for- 
eign selling added to negative 
sentiment. The SMI index fell 
35.4 to 2.704.6. 

MADRID combined the fell 
of the dollar with weak bands 
and political uncertainty, 
emerging with the general 
index 4A8. or L4 percent fewer 
at 317.80; the fell was the more 
worrying as it was sustained in 
high turnover of PtafllBm., 

ISTANBUL finished AS per 
cent higher in spite of fete 
prom-taking. The composite 
index rose 609.49 to l&OO&SB 
but caution remained ahead of 
a constitutional court decision 
on the government’s privatisa- 
tion programme. 

Written and edited by WOHam 
Oocftrana and John PtM ; ; 


Nikkei easier in mixed regional sentiment 


Tokyo 


Tacking support from overseas 
investors, foe Nikkei 225 aver- 
age closed marginally lower, 
writes Emiko Terazana in 
Tokyo. 

The index lost 71.01 at 
2L28296 after a day's high of 
21,496 A0 in the morning and a 
low of 21334.65 just before the 
close. Bargain hunting in the 
morning session from domestic 
institutions lifted prices, but a 
fell in the futures market in 
the afternoon p ro mpt e d index- 
linked selling. 

Volume remained flat at 
470m shares. The Topix index 
of all first section stocks 
dipped 453 to 1,69837 and the 
Nikkei 300 eased L16 to 30&50, 
but rises led fells by 527 to 476, 
with 179 issues unchanged. In 
London the ISE/Nikkei 50 
Index put on 2.71 at LS96.0Z. 

Large-capital steels and ship- 
builders lost ground on profit- 
taking. The high-liquidify 
shares had led the market's 
recent advance due to their 
accessibility and low prices, 
but the sudden rise in share 
prices, and sluggish profit pros- 
pects, had begun to make them 
look unattractive an a valua- 
tion basis. Mitsubishi Heavy 
Industries, the day's most 
active issue, fell Y14 to Y798 
and Nippon Steel declined Y4 
to Y362. 

Toyota Motor, the vehicle 
manufacturer, rose Y20 to 
Y2.170 on improved sales and 
profits prospects. Other compa- 
nies within Toyota's keiretsu, 
or corporate grouping, also 
gained ground, with Toyoda 
Automatic Loom Works up Y4Q 
to YL830 and Aisin SeOn ahead 
Y20 at YL370. Other car mak- 
ers were hurt by profit-taking: 
Honda Motor shed Y30 to 
YL900 and Nissan Motor Y12 
to Y87L 

Arbitrage selling hurt bank 
stocks. Industrial Bank of 
Japan easing Y10 to Y3.220 and 
Dai-Ichi Kangyo Bank Y20 to 
Y 1,970. Electronics makers 
were also softer, Hitachi losing 
Y10 to Y1.080. 

Textile issues, favourites 
among short term speculators, 
were actively traded. Unitflca, 
the day’s second most active 
issue, rose Y18 to Y390, but 
Kurabo industries lest an ini- 
tial gain to end Y4 off at Y500. 


FT -ACTUARIES WORLD INDICES 


JoMfy compand by The Hnancfcrf Times Ltd, Goldman. Sachs 4 Co. and Newest Securities Ltd. in confcjndtton wth the Institute of Actuaries and the Faculty of Actuates 
NATIONAL AM) 

REGIONAL MARKETS TUESDAY JUNE 14 1W4 MONDAY JUNE 13 IBM DOLLAR INDEX 

Figures tn parentheses US Day’s Pound Local Loom Grass US Pound Local Vev 

show numb# of Ones Dote- Change Searing Yen DM Currency % Otg Dfv. Dotar SfertUg Van DM Currency 62 era* 52 week ®o 
stock tndw % index index Index Index on day Yield indent mdac Index hd« Index Low frpprox) 


Australia (GO) _ 
Austria (17),.... 
Belgium 07) 
Canada (IDS)., 
Denmark (33)_ 


173.05 
■ 180.71 
-1ST4B 
.128.15 


FWantJ (23)_ 
Franca 07) 

Germany (5B)„- 

Hang Kong (56). 

Ireland (14) 

mm 

Japan (469) 


25*37 

-133.60 


-16442 

134-23 


J372.B7 


-185-78 


. 88-08 


.106.10 


MwdCOPSJ 

Nathorhnd (27) 

New Zealand (14). 

Norway (23) 

Snpapore (44). 


-475.17 
.196432 
— 20050 


-07.61 

.183.77 


South Africa (to) 

Sp*t(42> 

Sweden <3$. 


- — 20034 
— 143.72 

21234 


Switzerland (47)- 


Unitad Kingdom (205).. 
USAfSIfiJ 


.10139 
, 18&37 
..188-43 


-03 

- 1.1 

&2 

-03 

-0.7 

- 2.1 

06 

-13 

0.0 

- 0.1 

-1.4 

-0.1 

-4X1 

-a« 

0.6 

-21 

- 0.8 

-13 

03 
07 
0.0 

04 

as 

07 


16937 

17636 

1033f 

12531 

249.12 
13030 

161.13 
131.18 
364,40 
16130 

8438 

16239 

48435 

191938 

105.60 

6000 

17934 

329.15 

273.90 

14041 

207.78 

157.07 

184.04 

1B4.10 


11230 

11737 

10830 

83.17 

105.47 


10732 

87.11 

24234 

12036 

653S 

107.79 

308.37 

127439 

12092 


11938 

21833 

16133 

8337 

13000 

10433 

12234 

12232 


14738 

154.48 

14032 

10935 

21736 

114j44 

14098 

114.75 

31834 

15080 

7337 

14230 

40631 

167037 

171.15 
57.00 

157.09 

28739 

23936 

12235 

181.78 

13022 

161.03 

101.15 


157.82 

15445 

13000 

12049 

22337 

154.72 

14014 

114.75 
37043 
17065 

102.75 
107.79 
47433 

724537 

16027 

6127 

17735 

23732 

294.42 

14730 

24068 

13833 

184,04 

18&-U 


0.4 

-13 

-02 

01 

- 1.1 

-13 

as 

-13 

ao 

-03 

- 1.1 

-06 

03 

-02 

ai 

- 1.0 

-12 

—13 

03 

05 
02 

-02 

06 
07 


348 

1-03 

334 

234 
122 
034 
3.10 
130 
321 
334 

136 
0.71 
1.70 

137 
328 
330 
130 
1.77 
2.14 
3 33 
1.61 
1.75 
4.08 

235 


17333 

18234 

18733 

12042 

25031 

136.75 

10054 

13533 

37230 

1B833 

S720 

16634 

47536 

203236 

19939 

6934 

16528 

34231 

278.70 

142.74 

21230 

10135 

18739 

18727 


169.78 

17828 

163.33 

12535 

25068 

133.49 

15934 

13Z39 

38431 

16139 

85.10 

10238 

48431 

1964^6 

19434 

67.40 

18085 

33335 

27236 

13833 

207.43 

15720 

18232 

18230 


113.40 

119.06 

10939 

83.73 

167.43 

89.16 

106.63 


243.13 

12129 


31013 

1325^8 

12931 

45.02 

12030 

22239 

181.71 

8336 

13839 

10630 

122.18 

122.10 


14920 

15637 

14333 

11018 

22020 

11731 

14029 

11052 

31088 

15838 

7435 

142.70 

408.03 

174331 

17078 

5923 

15833 

29338 

239.07 

12244 

18234 

13015 

10075 

16084 


15720 
16035 
140.14 
12839 
22047 
167.76 
14438 
110.52 
37048 
17737 
10935 
10046 
47437 
740936 
10836 
6236 
18030 
241 AI 
23239 
146.48 
24836 


18232 

1*737 


169.16 

19041 

17037 

14531 

276.79 

168.72 

1S037 

14737 

50636 

20033 

07,78 

16834 

621.03 
2647.08 

207 A3 
77.59 
206,42 
37Q32 
28034 
155.78 
23135 
17056 
21436 

198.04 


13019 

14230 

145.02 

121.48 

20738 

8534 

145.60 

10739 

271.42 

15533 

6738 

12434 

31231 

1438.19 

16422 

4077 

16061 

24046 

17533 

11033 

16335 

124.46 

17032 

17635 


13232 

14924 

14534 

12738 

21734 

9039 

16066 

114,18 

29016 

163.35 

6830 

1S536 

349.34 

1438,19 

1703 

48.77 

15339 

256.12 
192.16 
13015 
17735 
12047 

179.12 
18236 


ETJftOPE (719)- 
Nordc (115). 


-16438 

-20237 


PaeWc Baski (7t5Q) 17044 

B*d-Pae»e (J4«?-. 180® 

North America (825) ^-.184,75 

Europe Ex. UK (51 4) 148,47 

PacHks Ex. Japan (281) 24730 

Worid Ex. US (1652) 17037 

Worid Ex. UK (1966) 174.30 


WoridEx.So.Af.ei12) 17432 

WWW Be. Japan (17®) 18238 


01 

-03 

-03 

- 0.1 

08 

- 0.1 

JOA 

- 0.1 

01 

02 

03 


18136 

19732 

169.45 

1ffi.7B 

18030 

145.05 

24132 

16&74 

17039 

17080 

17839 


10638 
13136 
11235 
110.1 2 
11939 
9635 
16042 
11078 
113.11 
11331 
11039 


14092 

17091 

14837 

14536 

16733 

12092 

21132 

14539 

149.00 

14938 

15634 


15337 

20435 

11730 

13233 

18438 

13430 

22238 

13533 

148,88 

15091 

17838 


OO 

-05 

-03 

-03 

06 

-04 

-01 

-03 

ao 

03 

03 


3.05 

1.48 

133 

IMS 

234 

2.43 

237 
136 
2.02 
231 

238 


164.62 

20528 

17576 

lffl.76 

18582 

14560 

248.16 

17081 

17436 

17432 

18231 


160® 
19543 
189-60 
<66.73 
17524 
145. OS 
24234 
160.73 

injn 

17045 

17736 


10733 

13234 

11336 

11070 

119.72 

90® 

16130 

11137 

11546 

11585 

11837 


14131 

17438 

14006 

14534 

15731 

12737 

21238 

14832 

14931 

14079 

16639 


15539 

20531 

11733 

13546 

18523 

135.01 

222.79 

136.78 

14572 

150® 

17635 


17638 

22060 

173.75 

170.78 

192.73 

157.47 

29021 

172.61 

17538 

17836 

18520 


141^8 

1SX82 

134,79 

14136 

175.67 

12237 

18236 

14234 

15522 

155.00 

106.72 


147.13 

168.40 
159.07 
154.05 

179.41 
12730 
19020 
15428 
16126 
162.78 
16832 


77» Wortd Wde» ei7l)_ 17536 02 17133 115S3 15000 15137 00 2 21 17&2S ITIjOT 11426 13034 <3134 17637 15017 162.® 


In Osaka, tite QSE average 
dipped 42^6 to 23,€2620 in vol- 
ume of 475m shares. Profit-tak- 
ing depressed electronics and 
pharmaceuticals, Ono Fhanna- 
ceatiaL falling YIQQ to Y4^00. 

Roundup 

Overnight gains in US equity 
and bond markets had a lim- 
ited effect on sentiment in the 
Pacific Basin. 

KUALA LUMPUR finished 
higher as corporate develop- 
ments gave retail investors an 
incentive to buy, the ELSE 
composite index gaining 15.46, 
or 1A per cent, at 1, 028.95. 
Volume jumped from 184m to 
838m shares. 

Idris, which received finance 
Ministry approval to negotiate 
the acquisition of a majority 


stake in Bank of Nova Scotia's 
Malaysian operations, rose 5 
cents to MISL20. Time moved 
ahead 20 emits to M$&70 after 
being awarded a licence to 
operate a domestic telecommu- 
nications service. 

KARACHI rose II per cent, 
the KSE 100 dosing 24.12 stron- 
ger at 2,254.85, but declines 
outscored advances by 167 to 
154. Dealers said investors 
were taking positions, now 
that confusion about new taxes 
in the June 9 budget was being 
removed. 

SINGAPORE made a late 
comeback, the Straits Times 
Industrial index ending 8.21 up 
at 2,286.51 after dipping to 
2^70.76. Creative Technology 
closed at S$29.50, against an 
offer price of S$25A0. 

WELLINGTON recouped 


some of Tuesday’s losses to fin- 
ish with the NZSE-40 Index 
24.32 higher at 2,100.87 In 
turnover of NZ$34. 4m, helped 
by the overnight advance on 
Wall Street and in US bond 
markets. 

TAIPEI majored in electron- 
ics exporters and financials as 
the weighted index moved for- 
ward 16.12 points to end at 
6J.15JJ6 in turnover down from 
T$75.7bn to T$57.4bn. Strong 
bargain buying in electronics 
issues, reflecting the weak Tai- 
wanese dollar, took United 
Microelectronics and Acer up 
by T$4 and T$L50 to T$I83 and 
T$7&50 respectively. 

Financials saw buying from 
brokerages and other major 
investors. China Trust rose 
T$&50 to T$67 on expect a tions 
of Improved profits this year. 


HONG KONG, back from two 
days' holiday, saw tote demand 
from overseas investors for . 
banks and large conglomerates 
and closed 38.38 higher at 
9, 149.52. 

The utilities sector row 
101.92 to 10.87&30. boosted by 
recent buy recommendations 
on potential gains in the China 
market HK Telecom finned 10 
cents to HKSl5.lt). 

SYDNEY rose at first on foe 
Dow, but the All Ordinaries 
index closed 22 down at 2,074.4 
after a high of 2,064.1. 

SEOUL dropped 1.4 per cent 
on the lingering North Korean 
nuclear issue, the composite 
index ending 12.80 lower at 
890.92. COLOMBO'S all-share 
index fell 1&50, or 1.9 per cent, 
to 944.30 on general uncer- 
tainty and profit-taking. 


Oopyri^tf, Th* HtMW Tfenaa UmmxL Goldman. Sadn ana Co. md NadMet Seantfln Umfced. 1H7 

uaaat pneas am rnwla* tot mis adttm MorKei ckaed Hong Kov 


y$- 



Vrv, 


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