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FINANCIAL TIMES 


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Europe's Business Newspaper; 


WEDNESDAY JUNE 22 1994 


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French government 
considers selling 
part of Renault 

Tbe French government is considering a partial 
privatisation of Renault, the State-owned car 
group, by the end of this year, according to Philippe 
. U; Auberger, a senior member of the French. National 
*■ Assembly’s finance committee. The move follows 
the collapse of merger plans with Volvo of Sweden 
" •; at file end of last year. Page 17 

. - J * Procter & Gamble given go-ahead: 

The European Commission cleared the way for 
Procter & Gamble, the US consumer goods mul tina - 
... tional. to take over Schickendanz, a leading Ger- 
man maker of sanitary pads. Page IG 

' Cofonla, Germany’s third-biggest insurance 

group, confirmed it was holding talks which could 
lead to an international alliance for Cologne Re, 
its reinsurance subsidiary. Page 17 

:*r^> Lotus Development shares plunged more 
*£•; than a quarter in New York following the US 
* software maker’s gloomy sales and profits projec- 
tions. Page 17 

Mediobanca, the powerful Milan merchant 
bank, postponed its Ll,5O0bn ($835m) rights issue 
on Monday following the decline in its share 
price. Page 17; Details, Page 18 

Music boss trebles salary package: 

Jim Fifield. who heads 
Thorn EMTs music 
business, has trebled 
his salary package 
to around £13.5m 
($2Q3m) - a figure 
mare than 23 times 
higher than the package 
paid to the company 
chairman. Sir Colin. 
Southgate. The package 
consists of a basic 
salary of £2J.05m and 

a performance-related bonus of £5.046m, £L5m 
of which, he is to take to ordinary shares. Page 18 

. ; European telecoms liberalisation: 

’• The European Commission will liberalise the 
supply of telecommunications if this week’s heads 
of government meeting in Corfu endorses the 
principle of competing networks. Page 2 

US trade deficit rises 22%: The US trade 
deficit in goods and services rose a sharp 22 per 
cent in April to $8.4bn as exports weakened, the 
government said. Page 9; Weak dollar complicates 
Greenspan’s task. Page 9 

Ftamm presses UN oust Rwanda: France 
_ last night pressed a sceptical United Nations 
Security Council to sanction the despatch of up 
to 2,000 French troops to Rw anda to protect civil- 
ians caught in the vicious civil war. Page 6 

•r/U Russia to sign deal with Nato: Russia will 
today end nearly six months of uncertainty by 
signing up to the Partnership For Peace, the mili- 
tary oHjperation programme designed by Nato. 

Page S: Russia’s ‘economic calm’ set to end. Page 4 

Foreign Investors shin British Coab The 

UK government's efforts to attract foreign bidders 
for British Coal appear to have largely failed 
after it emerged that at least 23 of the 25 companies 
considering tenders far the corporation’s five 
• core regions are based in. the UK. Page 10 

Hosokawa denies he lied: Morihiro Hosokawa, 
Japan's former prime minister, denied that he 
had lied to parliament over a loan repayment 
and share purchase. Page 6 

Sweden set to oust Bfldb For Sweden, joining 
tbe European Union involves abandoning a deeply 
entrenched aversion to big power blocs, and prime 
minister Carl Bfldt is set lose nest month's general 
election over the issue. Page 3 

MQtior to quit bank Job: Lothar Midler, a 
B und esb ank council member, will resign from 
his position as head of the regional central bank 
in Bavaria at tbe end of June. 

UK rail network shut down: Britain's railway 
network is shut down today because of a strike 
by gi enaffing staff. Two further 24-hour stoppages 
are planned. Page 10 

Graf beaten In first round: Steffi Graflast 
nipht became the first Wimbledon women’s defend- 
ing champion to lose in the first round when 
she was beaten 7-5 7-G by unseeded American 
Lori McNeil. 

CSosmg British Fund prices loere •uruwailable yester- 
day as a result of technical problems at the London 
Slack Exchange. FT-A UK gilt indices mere also 
affected. 




« STOCK MARKET mmCES 


FT-SE 10ft 2902 (-30.9) 

yws 

FT-SE Euratradc 100 -130148 (> 2 . 95 ) 

FT-SE-A Afl-Swe 147803 (-ft«0 

mm 2*813.16 (-33*87) 

lew r«fc kmefttime 

0mJai»aMAsn — 370722 (-34.88) 

S8P QoraposflB 45083 (-4.58) 

■ US LUNCHTIME RATES 


Federal Funds: 4*s% 

3-mo Treas Mb: YM -.4293% 

Long Bond B5£ 

VfcW 7505% 

hUMDON MONEY 

3-aio Interbank 


54% tsams) 


UBe long gffl toture; —Jva SSi’t (Jin 99tfl 

« NORTH SEA OB. (Anpnt 


Breri 15-Osy (tagud) -$1759 

■ Gold 


11731) 


few York Comes (tag) -.53963 (3909) 
London $380.7 (390<fl 


Neff Yoik lunchtime: 

$ 1.54385 

Lotion: 

$ 15374 (1-5393) 

DM 2M\2 (L«06) 

FFr 85123 (8.4099) 

SFr 25747 (25752) 

155523 (1 56557) 


£ Wat 795 

■I DOLLAR 


New YOrti tenchftnc 
DM 1533 
FFr 54475 
SFr 154326 

Y 10BL3 
London: 

DM 15009 (15988) 
FFr 55718 (146369 
SR 13486 (13482) 

Y 101355 (10157) 

SMBX 645 (64.1) 

Tokyo dose Y 102.15 


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Singapore 3JOO 
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Sweden $016 
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Tun U» DM300 
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UAE DM100 


US group genetically engineered high-nicotine tobacco 


By Jeremy Kahn in WUhhgtcm 
and Tony Jackson in London 

The US subsidiary of Britain’s 
BAT industries is using a geneti- 
cally engineered form of tobacco 
with high nicotine content in 
some of its cigaret t es. 

Brown & Williamson Tobacco 
publicly admitted the use of the 
high-nicotine tobacco yesterday 
after Mr David Kessler, head erf 
tbe US Food and Drug Adminis- 
tration, accused it in Washington 
of secretly developing the strain. 


Mr Kessler told a House of Rep- 
resentatives subcommittee that 
officials at B&W had instructed 
contract researchers who helped 
create the genetically altered 
tobacco plant, codenamed Y-l, to 
mislead his agency about its exis- 
tence. 

He said Y-l, which is grown to 
Brazil, contained more the twice 
the amount of nicotine found in 
normal tobacco plants. Nicotine, 
a toxic substance, is a stimulant 
In small doses. 

Mr Kessler’s accusation is the 


latest in a series of potentially 
damaging charges against the 
tobacco industry. The House sub- 
committee is seeking to deter- 
mine whether the FDA can 
legally regulate tobacco as a 
drug. 

The FDA chief also said some 
chemicals on a list of tobacco 
additives released by six ciga- 
rette manufacturers in April 
were used to increase nicotine 
levels. 

Tobacco companies, for exam- 
ple, routinely added ammonia to 


cigarettes as an “impact booster”, 
doub ling the ararmnf of nlf pflrm 
a smoker inhales. 

”10(108117 representatives have 
repeatedly stated for the public 
record that they do not manipu- 
late nicotine levels to cigarettes,” 
Mr Kessler said. “The findings 
lay to rest any notion that there 
is no manipulation." 

B&W officials admitted pri- 
vately to tbe FDA last week that 
this high-nicotine tobacco had 
been used to its Raleigh, Rich- 
land and Viceroy brands, accord- 


ing to Mr Kessler. These ciga- 
rettes were “distributed nation- 
ally in 1993". 

B&W said last night that Y-l 
bad been originally developed by 
the US Department of Agricul- 
ture in the late 1970s, under 
instructions from the Carter 
administration to find a tobacco 
which would yield less tar for a 
given amount of nicotine. The 
company bad taken up the work 
applied unsuccessfully for a 
patent for Y-l in 1991. 

It claimed the brands to which. 


Y-l was used represented less 
than 05 per cent of the total US 
market last year. Some brands 
containing Y-l contained less nic- 
otine than other blends for the 
same products, the company said. 

Mr Martin Broughton, BAT’s 
chief executive, said last night 
that cigarettes containing Y-l 
had proved unpopular with 
smokers and bad been largely 
withdrawn. 

Philip Morris chiefs committed 
to change, Page 17 


US currency falls to postwar low against yen 


Dollar slides as 
traders test resolve 
of central banks 


By PtOlp Coggan and Motoko 
Rich m London 

The dollar fell to a postwar low 
against tbe yen yesterday as for- 
eign exchange markets tested the 
willingness of the world's central 
banks to intervene in support of 
the US currency. 

to late European trading, the 
dollar dipped below Y100, reach- 
ing a new low of Y99.85. While 
the dollar later bounced above 
Y100, it felled to climb back to its 
previous low of Y100B5. The US 
currency also briefly fell below 
DML59, setting a nine-month low 
against tbe D-Mark. 

Central banks last stepped to 
to support the dollar in early 
May, when it had appeared to be 
testing the Y100 level Fallowiigf 
the intervention, the dollar grad- 
ually climbed back to Y105, but 
in recent days tt has been felling 
steadily against the yen and the 
D-Mark. 

Analysts warned that without 
central bank: intervention this 
time, the dollar could quickly fell 
even further. 

Agency reports quoted a US 
Federal Reserve official as saying 
that the bank was unlikely to 
respond to the dollar's decline by 
increasing interest rates. The 
unnamed official blamed rising 
US inflationary Bi gyctaHon-g and. 
the widening trade deficit for the 
dollar’s fail. 

Yesterday’s plunge came after 
figures from the US showing that 
the April trade deficit widened to 
$&4bn from a revised $6£7bn in 


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March. However, the key trade 
gap with Japan actually nar- 
rowed to $S.4Sbn from 55.8bn in 
March. 

Earlier in the year, traders had 
believed that the us administra- 
tion was trying to drive down the 
dollar against the yen to exert 
pressure to the trade talks with 
Japan. Mr Lloyd Bentsen, US 
treasury secretary, has since 
tried to dispel the impression 
that the US is happy to see the 
dollar fafl. 

However, a recent change to 
sentiment towards the D-Mark, 
on the grounds that German 
interest rates may have reached 
a low, has increased pressure on 
the US currency. 

Fears that the Japanese gov- 
ernment might lose a vote of no 
confidence also hit the dollar, 
since a change of administration 
in Tokyo might make resolution 
of the trade dispute more diffi- 
cult 

The dollar's fell did little to 


help sentiment on Wall Street 
yesterday. By shortly after 2pm, 
the Dow Jones Industrial Aver- 
age bad dropped 54^2 to 3,687.68, 
after 34-point declines on each of 
the previous two days' trading. 

Europe’s markets closed too 
early to reflect the Ml impact of 
the dollar’s fladlhm , but contin- 
ued to be driven down by fears of 
higher US interest rates and 
inflationary pressures. Early 
weakness to the US Treasury 
bond market also had a knock-on 
effec t on European Honda. 

Ms Justine Roberts, global 
strategist at SG Warburg, added 
that a lower US currency was 
bad for the profits of many Euro- 
pean companies with dollar earn- 
ings. 

-In London, the FT-SE too index 
fell 305 to 23402, ending only 
nine points above its low for the 
year. In Germany, the DAX 
index, which fell 4 per cent dur- 
ing Monday's official trading, 
yesterday managed a 14-point 
rally to 1383.27. But in after- 
hours trading, it dropped- back to 
135738.' • 

Barber,, eastern stock markets 
also showed sighs of negative 
sentiment In Tokyo, the Nikkei 
225 Index dropped 338.87 to 
20313.16 white to Hong Kong the 
Hang Seng Index fell 140.40 to 
8357.7a 

Weak dollar complicates 
Greenspan’s task. Page 9 
US trade deficit up. Page 9 
Lex, Page 16 
Bonds, currencies and world 
stocks, second section 


Japanese recovery stronger 
than expected in first quarter 


By Wiliam Dawkins in Tokyo 

Japan's economy recovered more 
strongly than expected in the 
first three months of this year, 
with a 33 per cent annualised 
increase to gross domestic prod- 
uct 

The rise of 1 per cent over the 
previous three months, the best 
for three years, shows that the 
“wor s t period is over”, said Mr 
Tsutomu Tanaka, vice-minister 
of the economic planning agency. 

However, the stagnation of the 
economy was reflected to the 
meagre 0.03 per cent growth in 
the fiscal year to March, the 
worst performance since zero 
growth to 1974, to the aftermath 
of the first oil price shock. 

Most private sector economists 
are slightly more cautious in 
their forecasts than the EPA, and 
believe the economy might con- 
tract slightly in tbe second quar- 
ters, as it did after first-quarter 
g r ow th to the past two years. 

Market consensus is for 0.7 per 
cent growth to GDP to the cur- 
rent calender year, below the 
government’s target of 2.4 per 
cent, which even officials pri- 
vately admit is high. But Mr 
KgMiflki Harada, chief economist 
at Sanwa Bank Research Insti- 
tute, said: “The economy passed 


German money supply grew at a 
lower than expected annual rata of 
13.7 per cent fci May, down from 
15l4 per cent in April, and by 05 
per cent between AprB and May, 
the lowest month-on-month 
increase since November last year. 

The figures were encouraging 
for the Bundesbank but econo- 
mists warned that there was no 
chance the bank would meet its 
4-6 per cent target for M3 growth 
for the year. Page IB 

the bottom to the third quarter of 
1993.” 

The main features of the first 
quarter's stronger than expected 
rise were a 08 per cent quarter- 
on-quarter Increase to personal 
spending and 3.7 per emit rise in 
exports. Those are unsustainable, 
but that does not threaten an 
overall gentle upturn, analysts 
said. 

Private sector demand recov- 
ered by 0.2 per emit to tbe first 
quarter and public sector demand 
expanded by 0.6 per cent, indicat- 
ing that the economy is still 
being propped up by the effect of 
previous governments’ four 
pump-priming packages, worth 
Y45,000hn ($441bn), over the past 
18 months. Among the uncertain- 
ties is the value of the yen, which 


yesterday rose sharply against 
the dollar, to dose in Tokyo at 
Y102.15, up from Y102.5S. An 
unexpected jump in the Japanese 
currency, to nearly Y100 to the 
dollar last August, helped to 
choke recovery last year. 

Lang-term interest rates have 
also risen to the past few days. 

Another imponderable is the 
impact of a Y5350bn income tax 
rebate due this month. That rep- 
resents L2 per cent of this year's 
GDP, the EPA estimates, but cau- 
tious Japanese consumers may 
save rather than spend the 
money. 

The EPA announced that Its 
leading index of economic indica- 
tors rose from 763 in March to 80 
to April, the fourth consecutive 

month, above 50, the dividing Line 

between growth and contraction. 
The index, while sometimes 
erratic, is designed as a barome- 
ter of economic conditions three 
to six months ahead. 

Meanwhile, the finance Minis- 
try said corporate confidence con- 
tinued to recover in the three 
months to June, for the second 
quarter in a row. Its business sur- 
vey index, the balance between 
businesses reporting an improve- 
ment and a decline, stood at 
minus 7.7 per cent, a 4.7 pant 
improvement on the first quarter. 


CONTENTS 



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Pop star George Michael arrives at the High Court to London 
yesterday to hear that he has lost his legal battle with Sony to have 
his contract ruled unenforceable. He claimed the judgment effectively 
upheld “professional slavery”. Report, Page 16; Analysis, Page 14 pa 


Council of 
Ministers 
refuses 
to release 
vote records 

By David Gardner In Luxembourg 

The Council of Ministers, the 
most powerful European Union 
institution where ministers of the 
12 EU member states decide on 
hundreds of European, laws that 
are later put on national statute 
books, has no record of how its 
members have voted. 

In a letter to the Financial 
Times turning down a request for 
voting records, the general secre- 
tariat of the Council says it can- 
not provide them because it does 
not compile them. 

The rejection L<as been con- 
tested by the Netherlands and 
Denmark, and reservations about 
tbe decision have been expressed 
by the UK. Voting records do 
exist, but they are contained in 
the minutes of meetings, which 
the Council has refused to 
release. 

The EU system of qualified 
majority voting (QMV) brought 
the UK and Spain into dispute 
with their partners this spring in 
the worst row since the crisis 
over ratification of the Maas- 
tricht treaty. 

However, the often tendentious 
claims made during that dispute 
could not be tested against a pub- 
lic record of bow majority voting 
worked in practice. 

Such a record would show that 
the EU culture of consensus 
means very few legislative pro- 
posals are put to a vote, to order 
to avoid isolating member states. 

Continued cm Page 16 
EU fails to keep 'open 
government* pledge; Delors 
brushes off jibes, Page 2 


© THE FINANCIAL TIMES LIMITED 1994 Mo 32,399 Week No 25 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 




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ijiMAMniT, TIMES WEDNESDAY JUNE 22 1994 



NEWS: EUROPE 


The much-vaunted policy on openness is now in such confusion as to risk bringing the Union further discredit 

EU fails to keep pledge on open government 


By David Gardner 

France's National Assembly 
recently paimiated that nearly 
two-thirds of the laws it has 
considered in recent years orig- 
inated from decisions taken by 
the Council of Ministers of the 
European Union. 

Given the torrent of nearly 
300 laws which has flowed 
from Brussels since 1968 alone 
to put in place the single Euro- 
pean market, this is only 
mildly surprising. 

What is surprising, however, 
is that the EU Council -the 
arena of serial voting by 
elected nati onal ministers an 
behalf of 340m people - claims 
not to be able to give even the 
sketchiest account of how its 
members w™** up on this cor- 
pus of Euro-law, now mostly 
transposed on to national stat- 
ute books. 

Yet this is the rflann maria to 
the Financial Times by the 
Council bureaucracy, or gen- 
eral secretariat while rejecting 
in writing the paper's request 
for selected voting records of 
the 12 member states since 
1989 on foreign affairs, the sin- 
gle market social affairs, and 


agriculture. The request was 
made under the Council’s new 
code an public access to infor- 
mation. It was turned down by 
the secretariat but is now in 
the hands of the Council itself 
after an appeal. 

Voting records do exist But 
they are contained in the min- 
utes of the meetings which 
decided the proposals, and 
these the Council refuses to 
release. The much-vaunted 
new code, passed last Decem- 
ber after EU leaders took fright 
at the public alienation, from 
Europe revealed by the ratifi- 
cation crisis over the Maas- 
tricht treaty, is in such confu- 
sion as to risk bringing the 
Union further discredit 

The “openness* policy was at 
its high tide intended to emu- 
late the Scandinavian tradition 
of open government or at least 
the US Freedom of Information 
Act It originally proclaimed 
full right of public access to all 
EU information, except where 
national security, monetary 
stability, commercial confiden- 
tiality, privacy, or relations 
with non-EU countries could 
be endangered. But last Decem- 
ber, a majority of the 12, acting 



on civil service advice, slipped 
In a discretionary clause for 
refusing access “to protect the 
confidentiality of the Council’s 
proceedings*. 

Of 27 requests for Informa- 
tion made by the end of May to 
the Council, six were fully met, 
seven were met in part, nine 
were refused, one was under 
consideration, and four— prob- 


ably including the FTs - were 
subject to farther review. 

But it is too early to judge 
how the catch-all clause is 
being employed. “The system 
is in shock," one EU diplomat 


The Council is the only legis- 
lature in Europe which meets 
behind closed doors. Experi- 
mental televising of parts of 


some of its sessions has yielded 
the uninformative spectacle of 
minis ters talking at each other 
In stilted set-piece speeches. 

There has been no televised 
dohftte on openness, and one 
can see why. A year ago, a 
moctmg between the Council 
and the European Parliament 
reached an impasse ov er a 
majority of the 12 ’s restrictive 
interpretation on confidential 
documents. The parliament 
delegation went into an adjoin- 
ing roam to allow tte Council 
to collect its thoughts. But 
microphones into that room 
were left on for several min- 
utes, enabling them to hear 
two member states express 
very different views from those 
made in the joint meeting. 

Many ministers emerging 
from Council meetings habitu- 
ally give a heavy national 
“spin” to their version of what 
wait on inside. But most stop 
short of mendacity, if only 
because they risk bring found 
out; they are in competition 
with ll other member states, 
some of which, like the Nether- 
lands and Denmark, are com- 
mitted to open government. 

But many countries, among 


*h*»m Belgium. France, Portu- 
gal and the UK, are not so 


The Dutch government is 
challenging the new code in 

The controversy 
is already 
stemming the flow 
of leaked 
information from 
EU institutions. 
f When you create 
a channel you dry 
up most of the 
tributaries , 9 as 
one British 
official put it 


the European Court in Luxem- 
bourg, supported by the Euro- 
pean Parliament. 

But the controversy is 
already stemming the flow ai 
leaked information from EU 
institutions. Officials now 


appear less willing to provide 
documents. “When you create 
a nhsmnri you dry up most of 
the tributaries," as one British 
official put it 

Moreover, ambassadors of 
the 12 have proposed that the 
relatively low-level General 
Affairs Group of the Council 
(with the multilingual acro- 
nym of Gag) should adjudicate 
by simple majority on informa- 
tion requests, and that the 
Council - of elected national 
ministers - “will undertake in 
principle to approve [this] 
without debate". 

The Dutch and Danes refuse 
to accept tills, but as one of 
their adversaries said yester- 
day. “the reality is it’s 10 
against two". 

The odds will change IT Swe- 
den, Norway aw* Finland enter 
the EU next year. 

They have attached declara- 
tions to their accession treaties 
reaffirming their traditions of 
freedom of information, to 
which the EU has attached 
counter-declarations expecting 
the newcomers to abide by EU 
law. 

The “openness" battle looks 
set to run for a good while yet 



Delors brushes off UK jibes 


EU president Jacques Delors: satisfaction over the growth of the presidency's power and prestige 


By Lionel Barber in Brussels 

Mr Jacques Delors yesterday 
brushed off British govern- 
ment charges that he had 
turned into a “philosopher 
king” during his 10 years as 
president of the European 
Commission. 

Mr Delors, co-architect of the 
Maastricht treaty, powerhouse 
b ehind the European Single 
Market, and putative French 
presidential candidate, said it 
was wrong to suggest he had 
spent all bis time in Brussels 
dr e am ing up grand dpsig na for 
the Europe’s future. 

“If that was the case, I would 
have been able to go to 10 foot- 
ball matches a year instead of 
two. I would have heat less 
tired,” he said in advance of 
this week’s E u r op ean s ummit 
in Corfu. 


Mr Delors, who leaves office 
in December, offered a hint of 
satisfaction on how the Com- 
mission presidency had grown 
in power and prestige since he 
took over in 1985. Yesterday, 
he counted 89 articles on the 
contest to succeed him; his 


Delia ene. the Belgian prime 
minister and current favourite. 

In a sympathetic reference to 
Mr Lubbers, blocked by France 
and Germany, Mr Delors said 
he had tried to ensure all can- 
didates received “fair treat- 
ment” among heads of gO V gS- 


EU president denies he spends his 
time dreaming up grand designs 


appointment, 10 years ago, 
received only three lines down- 
page in the French press. 

But he avoided commenting 
on the prospects of the three 
declared candidates to succeed 
him: Mr Ruud Lubbers, outgo- 
ing Dutch prime minister. Sir 
Leon Brittan, chief EU trade 
negotiator, and Mr Jean-Luc 


ment whose choice must be 

nnanimnng 

Fears are growing the Corfu 
s ummit, which opens on Fri- 
day. could be deadlocked over 
the Delors succession. This 
could force Germany, which 
takes over the rotating EU 
presidency from Greece on 
July 1, to hold a special sum- 


mit in the autumn. Mr Delons 
offered a low-key assessment of 
prospects for the meeting. He 
hinted he would not press EU 
leaders to support extra Euro- 
pean Commission borrowing 
powers on the capital markets 
to finance trans-European net- 
works. But he wanted a com- 
mitment for work to begin on 
the U “top priority” cross-bor- 
der road and rail projects. 

He expressed concern that 
EU leaders might use the incip- 
ient economic recovery to 
shirk from tough choices to 
improve competitiveness 
through reform of labour mar- 
kets and paring the cost of hir- 
ing people - matched by 
greater support for the disad- 
vantaged and unemployed. 
These worries were voiced this 
week by Unice. the European 
employers' f ed eration. 


UK vows 
to back 
Brittan 
at Corfu 
summit 


By PhJfip Stephens In London 
and Robert Graham in Rome 

The British government 
insisted yesterday it would 
maintain its backing at the 
European Union summit in 
Corfu this week for Sir Leon 
Brittan as the next president of 
the European Commission. 

Minting that Mr John Major, 
the British prime minister was 
prepared to see the decision on 
the successor to Mr Jacques 
Delors deferred until a special 
summit in the autumn, senior 
nffirfais refused to discuss the 
candidacy of Mr Jean-Luc 
Dehaene, the Belgian prime 
minister. Instead they said the 
prime minister would insist 
that Sir Lean would make an 
“excellent president". 

But the officials pointedly 
side stepped the question of 
whether Mr Major would use 
Britain’s national veto, stress- 
ing instead that the 12 heads of 
government were obliged to 
r each a “consensus”. 

In Rome, the Italian govern- 
ment made dear yesterday it 
was prepared to bargain hard 
over the choice of a successor 
to Mr Delors. 

Mr Antonio Martino, the Ital- 
ian foreign minister, told par- 
liament it was vital to link the 
dunce on the succession to the 
broader issue of obtaining a 
strong Italian presence in run- 
ning international organisa- 
tions. 

“All tiie current candidates 
have the qualities to make 
excellent presidents," Mr Mar- 
tin5*told the foreign affairs 
commission of the chamber of 
deputies. “But the issue is of 
the utmost importance and 
cannot be resolved in a hurry." 

In weighing up the various 
candidates^ it was important 
“to take account of the balance 
among member countries in 
tiie allocation of senior posts in 
other international organisa- 
tions which are shortly due to 
be filled". 


EU may liberalise telecoms infrastructure soon 


By Andrew Adonis 

The European Commission will 
take immediate steps to liberal- 
ise the supply of telecommuni- 
cations infrastructure across 
the EU if this week’s beads of 
government meeting in Corfu 
endorses the principle of com- 
peting networks. 

Most of the ElTs state tele- 
coms operators are opposed to 
early competition in infrastruc- 
ture, but pressure on the heads 
of governments from the Com 
mission and business groups is 
Intense following the report by 
the Bangemann group 


of prominent industrialists. 

The Bangemann group, 
established by the last EU 
heads of government meeting. 

Most EU state 
telecoms 

operators oppose 
early competition 

has recommended setting a 
“clear timetable” for tiie liber- 
alisation of “telecoms infra- 
structures and services still in 
the monopoly area” - an 


advance on previous EU policy 
of opening services alone to 
competition by 1998. 

Dr Herbert Ungerer, head of 
regulatory divirion of the Cam 
mission’s telecoms directorate, 
said yesterday. “Outride the 
UK the provision of liberalised 
services is substantially held 
back by the limited avaftabDity 
and high price of capacity.” 

Addressing an FT conference 
on European telecoms in Lon- 
don, Dr Ungerer said that if 
political support was forthcom- 
ing, the Commission would 
seek agreement this autumn 
for “general principles and a 


firm time schedule Unking the 
liberalisation of in fr a str ucture 
to the liberalisation schedule 
for services”. 

Such a step would give an 
immediate impetus to invest- 
ment in networks competing 
with those of state operators, 
particularly to the conversion 
of cable TV systems to cany 
telecoms. Mobile cellular ser- 
vices, data telecoms, and pri- 
vate corporate networks are 
already liberalised across the 
EU, but competitors are 
obliged to rely on state opera- 
tors' infrastructure. 

The main public “voice" 


business of state operators wiB 
not be open to competition 
until 1998 across most of the 
EU but some prospective com- 
petitors are already active in 
other liberalised sectors. Tim 
Commission believes they and 
others would find it cost effec- 
tive to install infrastructure 
before the 1998 deadline. 

Fears for Europe’s competi- 
tive edge are behind the Com- 
mission's desire to accelerate 
telecoms liberalisation. Dr 
Ungerer highlighted a 10-to-l 
differential in the cost of 
leased telecoms tines between 
Europe and north America. 


Mr Umberto de Julio, vice- 
president of tiie networks divi- 
sion of SIP, the Italian state 
operator, said current network 
investment alone would reduce 
the cost of calls by 20 per emit 
within five years - irrespective 
of staff productivity. 

Less than 20 per cent of SIP’S 
investment is planned to go 
into rnfTpggrng tiie n umb er of 
phone Tines, a reduction from 
50 per cent in tire recent past 
Investment would focus on 
“intelligent networks” and 
spreading digital technofogy to 
boost network fra flic and intro- 
duce new services. 




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German politicians 
decamp to the east 


By Judy Dempsey fa Berlin 

Bonn, the seat of government, 
becomes a virtual political des- 
ert over the next few days as 
Germany's most senior politi- 
cians decamp to the eastern 
state of Saxony-Anhalt 

Government ministers are 
not going there to witness the 
outcome of the opposition 
Social Democrats special party 
congress which opens today in 
Halle, the second largest dty 
in Saxony-Anhalt tempting 
though it might be. The SPD 
hope to use the congress to 
end their internal squabbling, 
deride on an electio n strategy 
and nominate Mr Rudolf 
Scharplng, party leader, as 
candidate for Chancellor. 

While the SPD charts their 
route to tiie October federal 
elections. Chancellor Helmut 
lTnW, Mr Klaus tffalrri, chair- 
man of the FDP, and Mr fiaus- 


Dietrich Genscher, the PDFs 
former foreign m i nister, are in 
Halle to win support before 
the Saxon- An baits go to the 
polls to elect a new state par- 
liament next Sunday. 

The locals, who probably 
have sighted a handful of 
Bonn’s political elite since 
they were wooed during the 
last federal elections in 1990, 
have already caught several 
g li mpses of Mr KohL 

His campaign managers 
have had the Chancellor visit- 
ing chemical works and refi- 
neries, digging foundations for 
new enterprises and shaking 

hands. 

Once called Red Halle 
because of its traditional 
socialist support, it was here 
that Mr Genscher, who was 
born in Halle, received a rap- 
taous welcome soon after tiie 
Berlin Wall was ten down. 
But memories are short A 


crowd of about 300 turned up 
in early June to hear him 
speak. But over 3,000 turned 
oat for Mr Gtoegor Gyst the 
charismatic leader of the Party 
for Democratic Socialism, the 
successor to the former east 
German communist party. 

Indeed, ft is the appeal of 
the PDS, , who did well in tiie 
recent European Parliament 
and local government elec- 
tions, which appear to be 
unsettling sections of the 
establishment. 

“They are draining votes 
away from us,” sighed MS Dag- 
mar Szab&dos, tiie SPD vice- 

mayor of Halle. 

But Mr Kohl does not want 
to waste all Us energy on the 
PDS. His high profile is 
designed to shore np the Saxo- 
ny-Anhalt’s incumbent CDU/ 
FDP coalition, and attract 
back disillusioned voters to 
the FDP. 


Berlin poll call 
as link to far 
right revealed 


By Judy Dempsey in Berfin 

Berlin’s coalition government, 
or Senate, was last night 
thrown into turmoil after party 
officials said they would call 
new elections failing any 
agreement on the future status 
of the interior senator. . . 

The Social Democrats, who 
are in coalition with the Chris- 
tian Democrats, have insisted 
that Mr Dieter Heckehnann, 
the senator responsible for 
interior affairs, should resign 
after it was disclosed that his 
press spokesman had ties to a 
far right-wing group of intellec- 
tuals known as the “Tuesday 
Circle”. 


Social Democrats 
have insisted the 
interior affairs 
senator should 
resign after it was 
disclosed his 
press spokesman 
had ties to a far 
right group 


Mr Heckehnann, CDU, has 
already survived two votes of 
no confidence by the SPD. But 
yesterday, the Party for Demo- 
cratic Socialism, the successor 
to tiie former east German 
communist party, and the 
Greens/BQndnis 90, which 
groups together environmen- 
talists and independent move- 
ments, called for another no- 


Test for currency mastermind 


By Michael Lindemann in Bonn 

The German opposition Social 
Democratic party yesterday 
called for further investiga- 
tions into the irregular activi- 
ties of Mr Alexander Schalck- 
Golodkowski, the man who 
masterminded the import of 
the hulk of foreign currency 
intn the former East Germany. 

The call comes after a 13 per- 
son parliamentary committee 
published the results of a 
three-year L5m page report on 
the methods Mr Schalck-Golod- 
kowski used to obtain foreign 
currency, at least DM29bn 


($17.7bn) to fill East Germany's 
government coffers until 1989. 

Between 1966 and 1989 Mr 
Schalck-Gotodkowski ran Kom- 
merzielle Koordinierung, better 
known as KoKo, a depar tment 
of the East German foreign 
trade minis try 

According to the parliamen- 
tary report, as part of its 
attempts to gather foreign cur- 
rency, KoKo spawned at least 
160 companies worldwide 
through which East Germany 
traded political prisoners, 
stolen art works and toxic 
waste and stole embargoed 

technology. 


As head of KoKo Mr Schalck- 
Golodkowski was one of the 
half dozen most important peo- 
ple in former East Germany. 
He appeared six times before 
the committee, but Mr Axel 
Wernitz, the SPD deputy chair- 
man of the committee, said he 
stQl had a "series of ethical, 
moral and political questions 
to answer." A fresh probe was 
necessary, he said, when the 
new parliament convenes in 
October. 

Mr Schalck-Golodkowski left 
East Germany in December 
1989, a month after the collapse 
of the Berlin Wall, and now 


lives in a villa on the 
Tegenisee in Bavaria, home to 
many other wealthy Germans. 

There has been widespread, 
speculation in the German 
press that no c riminal charges 
have been brought a gainst him 
for fear of unearthing 
unwanted information about 
connections Mr Schalck-Golod- 
kowski had with hundreds of 
leading German politicians, 
including the late Mr Franz 
Josef Strauss, the revered for- 
mer Bavarian state premier 
who arranged a DMlbn loan to 
East Germany in 1983. 


confidence vote. 

Mr Eberhard Diepgen, the 
CDU mayor of Berlin, and Mr 
Ditinar Staffald, head of the 
Social Democrats, said they 
would be forced to call elec- 
tions if they could not resolve 
the dispute 

Last night, Mr Diepgen said 
tiie elections would probably 
take place in October, when 
tiie federal, and other state 
elections are held. The coali- 
tion has been in power since 
1992. He said a confidence vote 
would be a “hostile” gesture 
that would destabilise the 
coalition* TT it comes to a des- 
tabilisation of the coali- 
tion -and a vote of no confi- 
dence is destabilising -then I 
would prefer calling new elec- 
tions,’* Mr Diepj^n said at a 
news conference. 1 

The coalition's existence 
hinges on the SPD, which last 
night said they would decide 
soon if they would hold 
another confidence vote 

They are likely to face pres- 
sure to can for another formal 
vote since its support in Berlin, 
particularly east Berlin, is 
drifting increasingly to the 
PDS. 

During tbft pW-Hrma for the 
European Parliament, the PDS 
received more than 44 per cent 
of the votes in Berim-Mitte, the 
heart of Berlin before the sec- 
ond world war, and over 40 per 
cent in east Berlin as a whole. 


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FINANCIAL TIMES WEDNESDAY JUNE 22 1994 


NEWS: EUROPE 


EUROPEAN NEWS DIGEST 

Russians to sign 
military security 
pact with Nato 

Russia will today end nearly six mrmthH of uncertainty by 
signing up to the Partnership For Peace, the military co-opera- 
tion programme designed by Nato. Mr Andrei Kozyrev, the 
Russian foreign minister, will also set in motion a broader 
co-operation arrangement between Russia and Nato, whose 
precise formulation was being haggled over by diplomats in 
Brussels until late yesterday. 

The Russian side has stepped back from some of its bolder 
demands over the wording of the broad agreement However 
the very fact Nato h as b een prepared to negotiate a separate 
deal to supplement PFP is a substantial concession by the 
alliance. The supplementary agreement will state that Nato 
and Russia have an important contribution to main* to the 
security of Europe, and it will call for long-term co-operation 
between Moscow and the alliance, both inside and outside 
PEP. 

It will call for political consultations and an exchange of 
information on European security. Negotiation was going on 
until the last moment over whether the would rrmtaiw an 
explicit reference to Russia’s importance as a nuclear power; 
and also whether it would envisage - as Russia has suggested 
- that the two sides* formally co-ordinate their peace-keeping 
activities. Bruce Clark, Defence Correspondent 

Romanian government crisis 

The Democratic Agrarian party, which has a pivotal position 
in Romania’s hung parliament, said yesterday it was with- 
drawing its support for the ruling Party of Social Democracy 
and that it intended to lodge a no-confidence motion In the 
left-wing minority government 
The PSD government has relied on the DAP and three small 
neo-communist and nationalist parties to reach a S3 per cent 
majority in parliament since narrowly winning elections in 
September 1992. None of the four parties has Lodged a no-confi- 
dence vote in the government to date. The DAP, a small 
centre-left party supported by farmers, said it was bringing the 
motion, on grounds that the government’s economic and social 
policies had foiled and that, in particular, ft had done little to 
solve the problems facing the agriculture and food sectors. 

Romania's centre-right opposition parties, which control 47 
per cent of parliament, have also said they win lodge a 
no-c onfidence motion in the 20-month-old government this 
week. The DAP said yesterday it would cooperate with any 
party sharing the same criticisms of the government. Virginia 
Marsh, Bucharest 

Denmark makes fiscal pledge 

A tighter fiscal policy and a reduced budget deficit in 1996 
were promised by the Danish government yesterday. Mr Paul 
Nyrup Rasmussen, the prime minister, said after a routine 
cabinet meeting, at which the 1995 finance bill was discussed, 
that the impact of government ftnanrag m the economy next 
year will be to dampen the GDP growth rate by about 0.3 per 
cent In the current year, a strongly expansive fiscal policy is 
estimated to add L2 per cent to the growth rate, which is 
expected to be about 4 per cent The 1995 finance bill will bring 
the budget deficit to under DKRSObn (£5bn), said Mr Rasmus- 
sen. The government's most recent estimate is that the 1994 
deficit will be about DKRSlbn, same 5.5 per cent of GDP, about 
the samp as in 1993. Hilary Barnes, Copenhagen. 

OECD may bring in Poland 

Poland has a realistic chance of becoming a member of the 
OECD by 1996. Mr Jean-Claude Pays, the secretary general of 
the Paris-based organisation said yesterday at the dose of a 
visit to Warsaw. Poland and the other central European post- 
communist countries, Hungary, Slovakia and the Czech 
Republic have since 1990 participated in a “Partners in Transi- 
tion” programme with the OECD, and last February the four 
formally applied for m em b er s hip . Negotiations for foil entry 
are to start “shortly”, Mr Pays said. He noted that Poland was 
doing well in its transition to a market economy and that its 
macroeconomic situation was under control. Mr Pays said the 
talks would include subjects such as the necessary changes in 
Polish legislation to bring the country's laws into line with 
OECD rules, on issues such as the right to transfer capital 
freely. Christopher Bobmski, Warsaw. 

Slovaks forecast growth of 2% 

The Slovak finance minister, Mr Rudolf Filkus, said yesterday 
he expected gross domestic product to rise by 2 per cent next 
year, the first such rise in four years. Mr Filkus said the target 
was included in the government's draft 1995 budget, due to be 
approved by the end of July. Slovakia’s GDP foil by 4 per cent 
in 1993 and the National Bank of Slovakia is forecasting zoo 
growth this year. The budget sets targets of 142 per cent for 
unemployment and 13.8 per cent for inflation. The govern- 
ment’s GDP target is broadly in line with preliminary fore- 
casts of GDP growth of between 1-5-2 per cent Mr Jutsq 
J anosik, a national bank economist, said there are signs the 
Slovak economy is emerging from recession, with the buiMmg 
and chemical industries performing strongly so for this year. 
Vincent Boland, Prague. 

Macedonia border protests 

Macedonia yesterday protested to neighbouring Yugoslavia 
about several incursions into Macedonian territory, including 
the taking of a strategic hilL The Macedonian Foreign Minis- 
try said yesterday the moves by the Yugoslav army could have 
“unforeseen consequences”. The ministry repeated calls for an 
urgent meeting with the government of Yugoslavia, now com- 
prised of Serbia and Montenegro, to define the border. The 
protest follows a warning by the Macedonian cbief-of-staff that 
he would send the army to put a halt to the violation of what 
he sees as Macedonian territory. Laura SUber, Belgrade. 

ECONOMIC WATCH 


Danish trade surplus declines 


De nmar k 

Currant account (OKr bn) 
14 



» 91 82 99 04 


Denmark's first quarter 
current account balance of 
payments surplus declined to 
Dkr7J2bn (£700m) from 
DkrS-39bn in the same period 
last year, according to a pre- 
liminary estimate by the offi- 
cial statistical office. The 
decline reflected the foot that 
imports are rising foster than 
exports for the first time for 
several years, under the influ- 
ence of a strong economic 
recovery this year. Merchan- 
dise exports rose by 5.0 per 
cent to Dkr61-5bn and imports 
by 7.6 per cent to Dkr50-4bn. 
The total surplus on trade in 
goods and services declined 


1889 

Source; FT Grapfifte ^ 

by DkrLSbn to Dkrl2.6bn. Over the past four quartos the 
current account surplus increased by DkABbn to DkrS-Ulhn, 
which is about 3.5 per cent of GDP. Hftary Barnes, Copen- 

■Hfoflation in Italy looks set to foil for the first time in 25 
years below an annualised 4 per cent. According to the 
national statistics office. Istat June inflation in a sample of 
nine cities was running at 02-0.3 per cent, ghnng an annml- 
ised 3.7 to 3.8 per cent The inflation figures for the big cities 
have tended to be an accurate reflection of monthly figures. 
■ French consumer prices rose 0.2 per cent in May, to give a 
year-on-year rise or L7 per cent, the national statistics insti- 
tute, Insee, said. 


Swedes may oust PM before EU entry 

Prime minister Carl Bildt is set to pay a high price for his reform programme, writes Hugh Carnegy 


O rnately-decorated may- 
poles are sprouting in 
villages and parks all 
over Sweden as the country 
prepares for the traditional 
midsummer dancing and par- 
ties to mark the start of the 
July summer holiday. 

After that the cation will fall 
almost silent, for almost a 
month. But thi s year the long- 
cherished summer break will 
be little more than a lull in a 
political storm. 

A general election on Sep- 
tember 18 will be followed by a 
referendum on November 13 on 
whether Sweden should join 
ihe European Union. Coming 
after a period of deep reces- 
sion, during which some of the 
most basic tenets of Swedish 
society have been challenged, 
either poll an its own would 
have been a watershed: 
together, they represent a fate- 
ful and complex double choice. 

The election pits the incum- 
bent right-centre coalition of 
the prime minister, Mr Carl 
Bildt, comprising his conserva- 
tive Moderate party, the Folk 
(or Liberal) party, the Centre 
party and the Christian Demo- 
crat party, against the Social 
Democrats, led by Mir Ingvar 
Carlsson, a former prime 
minister. 

Boosted by opinion poll rat- 
ings of around 50 per emit, the 
Social Democrats are confident 



Bildt: losing battle about nature of Swedish society uAantruw 


of returning to power, ending 
three years in which Mr Bildt 
set out to transform Sweden 
from a country dominated by 
its famous welfare state into a 
full-blown, open market econ- 
omy. 

It is a battle about the funda- 


mental nature of Swedish soci- 
ety. But so, too, is the cam- 
paign on EU membership. For 
the Swedes, joining the Union 
involves abandoning a deeply 
entrenched aversion to big 
power blocs that has led them 
throughout this century to 


maintain their neutrality. The 

Social Democrats have plenty 
of election ammunition. Point- 
ing to record unemployment 
- the real jobless rate stands at 
an unprecedented 14 per emit 
of the workforce - a large bud- 
get deficit and the fastest-ris- 
ing national debt among OECD 

countries, they argue that Mr 
Bildt's reformist mission has 
exacted too high a social price. 

“Their policy erf fighting an 
inflation that wasn’t there any 
more deepened the recession 
and postponed the u p tur n," Mr 
Carlsson says. He insists the 
“Swedish model" requires 
refinement, not wholesale 
reform, in which the target is 
to preserve the main structure 
of the welfare state. “It was not 
the cost of the Swedish model 
that caused the crisis, it was 
an enormous boom in private 
borrowing. It was not the pub- 
lic sector that suddenly 
exploded." 

Mr Bfldt's response is that 
three years of reform, in which 
there has been privatisation, 
deregulation (in areas such as 
energy, telecommunications, 
transport and broadcasting) 
and trimming of welfare provi- 
sion, has made the Swedish 
economy significantly more 
competitive. .But with state 
spending still close to 70 per 
cent of gross domestic product, 
he argues that more reform is 


needed to consolidate this 
year’s return to growth. 

“if you go back 7040 years in 
this country the Social Demo- 
crats were the modernisers and 
the traditionalists were the 
right. Now it is the other way 
around. The Social Democrats 
are the feudal barons trying to 
retard the advent of a modem 
society. They are appealing to 
people who fear the future, 
people who fear change." Opin- 
ion polls suggest, however, 
that the electorate has tired of 
the government's reformist 
zeal, making the Social Demo- 
crats dear favourites to win in 
September- But the question of 
EU membership presents an 
awkward problem for both Mr 
Carlsson and Mr Bildt. 

Despite a decision by the 
Social Democrats' party con- 
gress last weekend to support 
Swedish membership, polls 
show that more than 50 per 
cent of the party’s supporters 
oppose joining the Union. 

M r Carlsson has thus 
adopted a cautious 
approach to the EU 
question. Insisting that the 
emphasis must be on winning 
the election, and only then 
should the party throw its hill 
weight into the campaign for a 
Yes vote in the EU 
referendum. 

This has infuriated Mr Bildt, 


for whom EU membership is 
an overriding political goal. 
Faced with polls showing a 
solid lead for the well-organ- 
ised and united No to the EU 
campaig n, the prime minister 
has allied on Mr Carlsson to 
take a more active role in win- 
ning over opinion within Social 
Democratic ranks. 

Only yesterday, in a letter to 
Mr Carlsson, be repeated his 
appeal and suggested the two 
men meet in August to discuss 
a joint approach to Swedish 
membership. “It is their silence 
that is the problem," declares 
Mr Bildt To which Mr Carls- 
son replies: “Every time he 
speaks, we (the pro-EU lobby] 
lose more votes to the No 
side." 

Mr Bildt stresses the Impor- 
tance of participating in 
Europe’s political and security 
structures and of building open 
markets; Mr Carlsson speaks of 
bow co-operation within the 
EU will strengthen left-of-cen- 
tre policies against unemploy- 
ment and attacks on the wel- 
fare state. 

Mr Bildt faces a dilemma. 
The painful - and ironic - real- 
ity may be that Swedes will 
accept the historical step of 
joining the EU that he so pas- 
sionately advocates only if it is 
taken under the guidance of 
the Social Democrats, guard- 
ians of the “Swedish model". 





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«rii*jAM<~!iAX. times Wednesday junb 22 . 9*4 



Russia’s ‘economic calm’ set to end Poll holds key 

Pressures are building that political will alone cannot withstand, writes John Lloyd to Belarus 

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independence 


T he second halt of the 
year is always the worst 
for the Russian econ- 
omy, says Mr Boris Fyodorov 
who, as former deputy prime 
minister for finance, should 
know. It is the time when the 
lobbies step up their demands 
and all the signs are that the 
period of calm is coming to an 

At root, the problem is sim- 
ple: sharply rising demands on 
spending, especially from the 
military and agriculture, 
sharply falling tax revenue and 
very high real interest rates. 
They add up to pressures that 
political will alone can proba- 
bly no longer withstand. 

“The situation, is not sustain- 
able,” says Professor Charles 
Wyplosz of France’s Insead 
business school, an expert on 
the Russian economy. “Some- 
thing has to give.” 

An impasse, though perilous, 
does not necessarily mean 
disaster, western experts and 
Russian economists say. Per- 
versely, it may point to Russia 
becoming “normal”. Not in the 
sense of an advanced market 
economy for which the Rus- 
sian reformist governments 
were striving, but of a politi- 
cally and economically precari- 
ous developing country. 

“Russia is now likely enter- 
ing the so-called Romanian or 
Latin American way - with 
periods of high infla tion and 
attempts at financial stabilisa- 
tion following each other,” 
says Mr Andrei Illarionov, dep- 
uty head of the Economic 
Reform Centre. 

“We could see a market 
emerging which is rather 
monopolistic with huge gov- 
ernment i n tervention, massive 
state regulation, depressed and 
fragmentary market competi- 
tion, highly protectionist eco- 
nomic policy, very efficient 


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of decrees came out from gov- 
ernment under the prompting 
of President Boris Yeltsin, 
aimed at stimulating invest- 
ment through tax cuts and 
other measures. Mr Yeltsin has 
harshly criticised acting 
finance minister Mr Sergei 
Oubynin and, by implication, 
prime minister Mr Victor Cher- 
nomyrdin, for inaction, 
reflecting the tension that 
exists over the economy. 

Privatisation, the only active 
economic reform still being 
undertaken, has produced a 
new class of owners. Mr Ana- 
toly Chubais, the deputy prime 
minister for privatisation. 
takpg pride in the 1m propri- 
etors of the shops and restau- 
rants he has helped conjure 
into being in the past two 


production and high prices. We 
already have an exam- 
ple - Moscow’s real estate 
market - heavily regulated, 
protected and corrupt.” 

The implicitly comforting 
message in this, that Russia 
can “muddle through" peace- 
folly if bumpily, is increasingly 
believed in Russia and else- 
where. But not by all, espe- 
cially not by Professor Jeffrey 
Sachs of Harvard University, 
the highest profile former 
adviser to the Russian govern- 
ment, who gave a passionate 
address to a conference of 
reformers and experts in Stock- 
holm last week. 

“This is a country with 2.1m 
men under arms; It has 30,000 
nuclear weapons. We can't 
afford to sit and wait fin: it all 
to go wrong,” he says. 

It could indeed go wrong, 
poised as it Is on the knife edge 
of a “slow reform” which many 
economists thought (and still 


think) impossible. Some things 
are going right inflation is 
down from nearly 30 per cent a 
month at the end of last year 
to around 8 per cent last 
month; very high real interest 
rates are keeping credit tight; 
and credits winch once Sowed 
freely to the other former 
Soviet republics a re largely 
stopped. 

“The end of the rouble zone 
last autumn is one of the main 
reasons for the drop in infla- 
tion,” argues Ms Brigitte Gran- 
ville, senior research fellow at 
the Royal Institute of Interna- 
tional Affairs and a Moscow 
resident 

However, the costs of these 
and other policies are growing 
fast The budget for 1994, still 
being tossed about between the 
two houses of parliament and 
the government is way out of 
line. Mr Illarionov reckons 
that in the first three mouths 
of year, less than half of 



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budget revenues were col- 
lected. 

Mr Wyplosz’s figures (see 
graph) are less dramatic, but 
still show a serious shortfall in 
the first quarter. Industrial 
production has plxmged to lit- 
tle more than half its early 
1992 level, and, though that 
misses out the private sector, it 
still means a disaster for the 
dominant state economy: 
closed plants, idle workers, 
regional and city budgets 
starved of revenue. 

The industrial directors, as 
usual, blame the government 
Mr Vladimir Shcherbakov, 
head of the Interprivitizatsia 
industrial investment fond 
(and a former Soviet first dep- 
uty premier) says that without 
urgent actum, the government 
and society are at risk. 

“We know what is happening 
to companies,” he says. They 
cannot get credit at the price it 
i& They have no money, no 


supplies, no modem manage- 
ment expertise, often no mod- 
ern technology. They are usu- 
ally not restructuring; the 
rnanagwmgnt has simply with- 
drawn from activity and waits 
- for something. 

“Most of them are techni- 
cally bankrupt In the refinery 
and the petrochemical sector, 
most work at 30-40 per cent 
capacity. And. I don't believe, 
like the prime minister, that 
this is the bottom of the crisis. 
I think that in the autumn 
there will be a further deep foil 
as these plants which are 
working part-time close 
because they lack customers 
and lack supplies.” 

This has stimulated the 
opposition to call for changed 
policies, though with much 
less vehemence than in the 
early part of the reform, when 
Mr Yegor Gaidar was in 
charge. 

Earlier this month, a flurry 


But entrepreneurs in today’s 
Russia must cope with a lot 
-huge taxes which must be 
evaded to exist, contradictory 
laws and regulations, terrible 
communicatio ns and organised 
crime working without modi 
hindrance and becoming 
mcreasmgly violent. 

Mr Wyplosz says “there has 
been a clear shift in Russia 
from extreme laxity to extreme 
ti ghtness in monetary policy”. 
Though this produces “good” 
figures for inflation, it means 
Russia plays a high price: 
indeed, Mr Wyplosz has con- 
structed a “misery Index” 
which shows how for produc- 
tion foils for every one percent- 
age point reduction in infla- 
tion. 

Russia, argues Mr Sachs and 
others, would not be suffering 
so much had it really insti- 
tuted shock therapy rather 
than foe appearance of it two 
years ago: now. stuck In a 
trough between reform and 
retreat, it is In the worst of all 
worlds. 


By Leyte Boulton in Moscow 

Belarus, -the least 
ind ependen t-minded of former 
Soviet republics, tomorrow 
elects Its first president in a 
contest which could determine 
whether it finally gta® U P its 
main attributes of indepen- 
dence. 

The contest appears to be led 
by Prime Minister Vyacheslav 
Kebich, a neo- communist 

whose unrivalled access to 
state-owned TV has won him 
the sobriquet of Uncle Kebich 
- after equally frequent adver- 
tising for Uncle Ben’s rice. 

Having foiled to reform what 
has become a stagnant econ- 
omy, Mr Kebich is campaign- 
ing on a promise to merge the 
Belarus economy with that of 
Russia. 

He claims that a provisional 
agreement he concluded last 
winter with Russian Prime 
Minister Victor Chernomyrdin 
for a monetary union between 
the two states is the only way 
to save the Belarus economy 
from its catastrophic state. 

If endorsed, despite growing 
doubts within Russia, the 
treaty would require Belarus to 
place its central bank under 
the tutelage of Russia, and to 
adjust all Its economic legisla- 
tion to Russia's. 

Since Belarus has already 
given up nuclear weapons 
inherited from the Soviet era 
and has no pretensions 
towards an assertive foreign 
policy - it would have very fit- 
tie else to give up in the way of 
real independence once it 
hamift over its central bank 
and the power to print money. 


Mr Kebich pledges economic 
support for Byelorussians 
which Russia is unlikely to 
endorse. By 1995, he has prom- 
ised 100 per cent indexation of 
pensions and savings, and says 
he will prevent bankruptcies 
among ailing industrial enter- 
prises -a pledge which effec- 
tively ends hopes of economic 
reform. , . 

Vying for the educated vote 
of those Byelorussians who Teel 
something of a national iden- 
tity are Mr Zenon Pozdniak, 
the leader of the nationalist 
Popular Front and Mr Stani- 
slav Shushkevich, the reform- 
ist former chairman of the par- 
liament. Both men are 
promising fast market reform. 
While Mr Shushkevich is seen 
as amiable but somewhat inef- 
fectual, Mr Pozdniak inspires 
some nervousness as to what 
his more nationalistic message 
would entail in foreign policy. 

Competing with Mr Kebich 
for the less sophisticated vot- 
ers who want order and secu- 
rity above all else is Mr Alex- 
ander Lukashenko, an 
anti-corruption campaigner, 
who says his first decree as 
president would cleanse the 
administration of corrupt offi- 
cials. 

Mr Anatoly Kiryushkln, a 
member or Belarus' small pri- 
vate business community, was 
not alone when he noted that 
the only advantage of voting 
for Mr Kebich was predictabil- 
ity. 

"Under him, Belarus will 
become a province of Russia, 
but I have prepared contin- 
gency plans to adjust my busi- 
ness to that" 


EASTERN GERMAN ECONOMY 


Growth of 10% expected in first quarter 


By Judy Dempsey In Batik) 

The east German economy is 
expected to grow by 10 per cent 
in real taros in the first quar- 
ter this year compared with 
last year and the productivity 
gap in some sectors is narrow- 
ing between western and east- 
ern German enterprises. 

However, the upswing In the 
economy is for from becoming 
sett-sustaining, with the region 
still reliant on west German 
financial transfers. And growth 
in gross domestic product 
comes from a very low base. 
Gross domestic product fell by 
more than 30 per cent in 1990. 

In separate reports, the Fed- 
eral Statistics Office, the Bund- 
esbank, and Deutsche Bank 
Research, conclude that the 
“de-industrialisation” in the 
five eastern states since 1900 is 
now complete, providing a 
foundation for gradual growth. 


This involved a massive 
restructuring of industry, 
including modernisation and 
closures. But export demand, 
the main engine driving the 
west German economy, 
remains extremely weak in 
eastern Germany. 

Car plant 
productivity can 
match, if not 
exceed, west 
Oerman levels 

According to yesterday's 
annual report by the Statistics 
Office, east German exports 
totalled DMl2bn (£4£8bn) last 
year, a foil of over DML79bn 
on the previous year. 

East Germany’s total exports 
last year represented only 2 


per cent of Germany’s total 
export trade, compared with 30 
per cent in 1989. 

Last year, over 52 per cent of 
east German exports were tar- 
geted on the countries of east- 
ern Europe and the former 
Soviet Union, consisting 
mainly of mechanical engineer 
tng, chemical, and machine 
tool bunding products. East 
Germany’s exports to the 
regkm shrank by 80 per cent In 
the first few years after unifi- 
cation, following German mon- 
etary union and the collapse of 
Comecon, the former eastern 
trading organisation. 

But as the Bundesbank and 
Deutsche Bank Research Indi- 
cate, the restructuring since 
unification, and continuing 
high level of investment, 
which was up a real 17 per cent 
in the first quarter, is improv- 
ing competitiveness in some 
sectors. For example, car pro- 


duction at plants built since 
u n ifi cation by Opel, BMW, and 
Volkswagen, rose by 45 per 
cent in the first quarter this 
year - and can match, if not 
exceed west German productiv- 
ity levels. 

Competitiveness in retailing 
and construction is also 
approaching west German lev- 
els, according to the Bundes- 
bank and Deutsche Bank. 

Deutsche cautions that pro- 
ductivity across the sectors 
varies widely, depending on 
the nature of the investments, 
lay-offs and restructuring, and 
high unit wage costs, which 
are on average 50 per cent 
higher than in west Germany, 

Continue- tO delay kifrawational 

competitiveness. 

Overall industrial production 
in eastern Germany is expec- 
ted to increase throughout 1994 
after growing 21.6 per cent 
year on year in the first quar- 


ter. New orders - for the whole 
German market - grew by 20.1 
per cent in the same period, 
and domestic orders rose by 
27.6 per cent, an Indication 
that the east German economy 
is producing items which 
industry requires. 

However, the region remains 
heavily dependent on western 
German goods, particularly of 
consumer products, which last 
year were six times as high as 
eastern German deliveries to 
western Germany. 

But there are signs that west 
German companies that have 
invested in eastern Germany 
are “importing” the products 
back into western Germany. 
“More east German firms are 
now establishing a foothold in 
the west German market with 
new, improved products. The 
investments in recent years 
are bearing first fruit," says 
Deutsche. 


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financial times Wednesday june 22 1994 


NEWS: WORLD TRADE 


Japan foreign minister for US trade talks 


By Mlchlyo Nakamcfo in Tokyo 

Japan’s foreign minister, Mr 
Koji Kakizawa, plans to visit 
the US this weekend for talks 
with Mr Mickey Kantor, US 
trade representative, on the 
two countries’ framework 
trade negotiations. 

The announcement, which 
came as US and Japanese trade 
negotiators continue efforts to 
agree on trade issues before a 
Group of Seven summit In 
Naples next mouth, height- 
ened hopes that an accord was 
near. 

Mr Kakizawa’s plans, how- 
ever, are subject to the volatile 
political situation in Japan, 
where the minority govern- 
ment may face a vote of no 
confidence as early as Friday. 

Japanese trade officials were 
also nn w illin g to place much 
hope in the possibility that Mr 


Kakizawa’s visit will achieve 
the breakthrough the two 
sides have been seeking since 
the framework talks were 
resumed last month. “It Is not 
yet time for a political deci- 
sion,” one Japanese trade offi- 
cial said yesterday. 

Mr Kakizawa has been keen 
to meet Mr Kantor, who 
expressed a desire to meet the 
Japanese minister as soon as 
the latter was appointed. 

The two tides have not yet 
held talks below cabinet level. 
Also, no discnstions have been 
held on quantitative indica- 
tors, the most difficult obsta- 
cle, the official said. 

Considerable progress has 
been made towards agreement 
on government procurement, 
which with Insurance and 
trade in vehicles and auto 
parts makes up the three pri- 
ority areas on the agenda. 



Mr Koji Kakizawa, Japan’s foreign minister, wQl be meetin g the US trade representative 


However, there was still much 
work to be done before the 
summit “ft may be difficult to 


reach an agreement before 
then,” the official said. 

The US embassy in Tokyo 


yesterday issued a statement 
welcoming Japan’s efforts to 
deregulate its economy. 


Relief in sight on high petrol prices 

Michiyo Nakamoto on moves to liberalise Japan’s oil imports and pursue deregulation 

A t a glance, there is , Jaman; oil products despite the fall in crude prices But discounters such as Kan- 

nothmg unusual about 1 ■ ^ r ■ in recent years and the sharp are BeDtoku, which buy greets 

the petrol stand lust off imports hb a ,% of . imoon-mR » « nt rise of the vert nrndnrf mode hv nil rafinorc 

o3 product demand 

QQ ^ 


A t a glance, there is 
nothing unusual about 
the petrol stand just off 
the Knmatri interchange, about 
200 miles west of Tokyo. 

But the price of Y100 (63p) a 
litre at which Kanare Beikoku 
sells its petrol is about 20 per 
cent cheaper than the norm 
and the service station has 
attracted six to seven times as 
much business as tte average 
station in Japan. 

Kanare's bold pricing strat- 
egy, which has earned it the 
wrath of the oil industry, high- 
lights the high price Japanese 
consumers pay for petrol. Japa- 
nese petrol, at an average of 
Y121 a litre in May, is about 
four times the price of petrol in 
the US and 20 per cent more 
than in France or Germany. 

There are expectations that a 
report on oil policy published 
this week will put the govern- 
ment on track to liberalise 
imports by March 1996 and 
bring Japanese petrol prices in 
line with those in other indus- 
trialised countries. 

The report calls for the aboli- 
tion of a law restricting 
imports of petrol, kerosene and 
diesel to oil companies with 
the capacity to refine, upgrade 
and store these products. The 
law, it notes, has widened the 
gap between petrol prices in 


imports, as a « of 
off product demand {1891} 
* r — 40 



. • -7 ws 00 • 85 .90 SB 
SdortacOfeCOhawaa*- 

Japan and other industr ialise d 
countries. 

With growing calls by politi- 
cians and business leaders for 
the industry to be deregulated 
to help stimulate the economy, 
the high price of gasoline has 
become symbolic of the burden 
Japanese consumers bear as a 
result of tight bureaucratic 
regulation. 

Mr Shoichiro Toyoda, chair- 
man of the powerful business 
organisation, the Keidanren, 
expressed support for abolition 
of the law. In a meeting with 
Mr Tsutumo Hata, the prime 
minister, Mr Toyoda suggested 
that regulations prohibiting 
self-service petrol stations be 


p§«is m 


, C r : 


lifted to lower petrol prices, a 
proposal welcomed by Mr 
Hata. 

At most Japanese service 
stations cars are welcomed by 
a host of attendants who direct 
the car into the premises, fill 
the tank, wipe all the windows, 
empty the ash tray and guide 
the car out again with a chorus 
of thank yous and deep bows. 

Those who favour deregu- 
lation charge that such exces- 
sive service and a highly con- 
voluted distribution system 
add to costs. They also note 
that restricting competition 
through tight regulations on 
imports allows the oil compa- 
nies to keep petrol prices high. 


despite the fall in crude prices 
in recent years and tin sharp 
rise of the yen. 

“Oil companies admit that 
-margins on gasoline are 
around, three times margins on 
other products," notes Mr 
Nicholas Smith , industry ana- 
lyst at Jardine Fleming, the 
securities company. 

The high marg ins are partly 
explained by the fact that pet- 
rol Is probably the only profit- 
able oil product for Japanese 
oil companies and they need 
fat margins on petrol to make 
up for the others. 

Moreover, to support indus- 
try, oil companies were 
required by bureaucratic fiat to 
keep the price of oil products 
used in industry low and in 
return were allowed to keep 
petrol prices high- For similar 
reasons, tax policy on oil has 
favoured industry over the 
consumer. 

Regulatory controls on the 
retail sector meanwhile 
allowed oil companies to keep 
a tight-knit group of affiliated 
service stations to which they 
distribute petrol, and thereby 
protect their TnargTTUL 

This allowed a highly ineffi- 
cient Industry, badly in need of 
restructuring, to survive under . 
the protective shield of regula- 
tion. 


But discounters such as Kan- 
are Beikoku, which buy excess 
product made by oil refiners 
through an informal market, 
are widening the crack that 
has opened m that structure. 

Liberalisation of imports 
would push the industry fur- 
ther towards restructuring and 
possibly consolidation. 

If imports are liberalised, as 
seems likely, the profits of Jap- 
anese oil companies could be 
severely hurt, says Ms Lahta 
Gppta, industry analyst at UBS 
Securities in Tokyo. 

Mr Tadashi Maekawa at +>»» 
Petroleum Industry Associa- 
tion warns that liberalisation 
would force domestic refiners 
to reduce their capacity, lead 
to a heavier dependence on 
petrol imports and make it dif- 
ficult for Japan to secure 
enough petrol in a crisis. 

But the momentum behind 
liberalisation appears unstop 
pable. Neither can the industry 
count on the ministry of inter- 
national trade and industry its 
long-time guardian, to cone to 
the rescue. Recognising the 
need to introduce greater com- 
petition Into the industry, Miti 
has gradually taken steps 
towards deregulation and the 
oil industry cannot remain 
immune to a wide-ranging and 
long overdue restructuring. 


Singapore 
to place 
$5bn air 
order 


By Paul Betts, 

Aerospace Correspondent 

Singapore Airlines (SIA) is 
expected to announce today an 
order for up to 50 wide-body 
airliners worth more than $5bn 
(£3JZbn). which would doable 
the size of the airline’s fleet by 
the year 2003. 

The order is expected to 
involve both Boeing 747-400 
jumbo airliners, as well as 
European Airbus A340 
long-range aircraft for delivery, 
starting in 1997 and running to 
2003. 

SXA, one of the most profit- 
able airlines, has also been 
looking at the new Boeing 777 
twin-engine 400-seater airliner. 

The airii-na told the bidding 
manufacturers of aircraft and 
aero-engines four months ago 
it needed 22 Boeing 747-4005 
and 80 Airbus A340s, in addi- 
tion to the 12 Boeing 747400s 
and 13 A340s it already has on 
option. 

However, the precise number 
of new aircraft it will order is 
only to be disclosed today. 

The deal is particularly 
important for the airframe and 
aero-engine manufacturers 
because orders of this magni- 
tude are now rare in the trou- 
bled airline industry. i 

All three leading aero-engine 
manufacturers - including 
Pratt & Whitney and General 
Electric of the US. and the UK 
Rolls-Royce group - have sub- 
mitted bids to supply power 
plants for the new Boeing and 
Airbus aircraft. 

SIA said this year it needed 
the new aircraft to meet expec- 
ted annual growth of 8 to 9 per 
cent over the next 10 years. 
The airiTTM* jug aigo hart a long- 
standing policy of renewing its 
fleet cm a regular basis so as to 
maintain an average aircraft 
age of five years. 

SIA has now earmarked 
China, India and Vietnam as 
its main new growth areas dur- 
ing the next 10 years. 

It is also seeking to operate 
services from London to the 
US, if it can secure the neces- 
sary traffic rights and airport 
slots. 


NEWS IN BRIEF 


Brazil awards 
contract for 
Amazon watch 

Brazil has awarded a $600m (£389m) contract to US and French 
consortiums for a satellite and radar system to monitor the 
Amazon jungle, AP reports from Brasilia. 

Two consortiums, led by Raytheon of the US and Tbompson-Al- 
catel of France, will build a network of radar, satellite, sensor, 
data- process tag and communications systems over a six-year 
period to monitor the 2m square mile expanse of tropical forest. 

The selection of Raytheon and Thompson- Alcatel will be 
announced officially at the end of the month. The equipment will 
be paid for over 20 years. 

EU to discuss broadcast directive 

Mr Joao de Deus Pinhelro, the member or the European Union's 
executive agency responsible for broadcasting, said that the EU 
would convene a conference to considered proposed changes in 
the broadcast directive. He promised that these would not be 
anti-US and that quotas would not be tightened, writes Nancy 
Dunne in Washington. 

The 1989 broadcasting directive has been at the centre or a long 
row between the US and EU. It requires EU- based television 
channels to allot at least half their broadcasting time to Europe- 
an-made programmes, not including news, sport, games or adver- 
tising. 

Washington is also unhappy about subsidies for European 
film-makers. However, the European audiovisual industry 
believes the support is essential to counter competition by cheap 
US imports. 

Mr Jack Valenti, president of the Motion Picture Association of 
America, said he was encouraged by signs that the European 
industry might be willing to compromise. 

US merchandise exports decline 

Mr Ron Brown, US commerce secretary, yesterday reported a 
decline in US merchandise exports for last month, writes Our 
Foreign Staff. 

Noting that the US trade position had deteriorated in every 
major foreign market area excep Latin America, he cited lower 
shipments of non-monetary gold as a big factor in last month's 
decline. Analysts have attributed the trend to business cycle 
factors. 

The secretary said the US trade balance in services, led by 
travel expenditures, improved last month while the deficit in 
goods deteriorated. 

Taiwanese re-exports down 

Recent tensions and China's economic woes were reflected in 
May orders for Taiwan's exports to Hong Kong, which dropped 
16.4 p er cent from the April level, but climbed 9-3 per cent 
year-on-year, writes Lanra Tyson in Taipei. Most of Taiwan’s 
exports to Hong Kong are re-exported to China. 

Taiwan’s total export orders last month were $7.77bn, down (15 
per cent from April but up 4.1 per cent from May 1993, the 
economics ministry said yesterday. Jan-May export orders were 
$36J8bn, up 4-4 per cent from the equivalent period last year. 
Orders received from the US, Taiwan’s biggest market were 
$2JJ9bn in May, up 9.4 per cent from April and 4.6 per cent from a 
year earlier. For Jan-May, orders from the US were up 2.9 per 
cent from the same period in 1993. 







Japan greets recovery signs with caution 

Gerard Baker on a spring spurt that has fizzled out by summer three times before 



NEWS: INTERNATIONAL 


F ar the fourth year in a 
row, Japan's economy 
has started the year 
with a spurt In each of the last 
three years, the spring surge 
has quickly given way to a 
summer slump, however, and 
analysts greeted yesterday’s 
figures with caution, anxious 
not to be embarrassed yet 
again by premature predictions 
of recovery. 

But the economic signals 
have been more encouraging 
for longer this time and hints 
from the government’s Eco- 
nomic Planning Agency yester- 
day suggested that the second 
quarto: of 1994 would demon- 
strate that the recovery Is 
being sustained. If growth, con- 
tinues in the second quarter, it 
will be the first time for three 
years that gross domestic prod- 
uct has grown for two consecu- 
tive quarters. A small achieve- 
ment, but it would start to look 
lftrp a trend. 

But what sort of a recovery 
wiD it be? The strength and 
duration of the upturn will 
depend entirely on the extent 
to which output has been lost 
during the current recession 
- the output gap, or the differ- 
ence between long-term pro- 
ductive capacity and actual 
output Japan has been used to 
rapid growth, punctuated by 
brief, shallow recessions, but 
these days in Tokyo it is hard 


'Real. GDP: growth (aw r^yseraiywr'94 .focweteT •' 





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to find much optimism about 

the country’s long-term pros- 
pects. 

In the 1950s and 1960s Japan 
registered average annual 
growth rates (measured from 
peak to peak of successive 
business cycles) of a remark- 
ably consistent 8 to 9 per cent 
The first ofi shock in 1973 
halved that, however, and 
average annual growth bad 
slowed by the early 1980s to 
about 4 per cent 

There is little doubt that the 


salad days of the Japanese 
economy are over. The decline 
Is principally the result of eco- 
nomic maturation. In the 1950s 
and 1960s, starting from a low 
base, Japan’s economy grew 
rapidly. There were plentiful 
supplies of capital, and indus- 
try was able to import vast 
quantities of modern technol- 
ogy that would have taken the 
country years to develop indig- 


Tor most of the period 
Japan was able to grow fast 


because it was in the process 
of rfltrfriwg up,” says Mr Hiro- 
hflt n Okunmra, ehirf economist 
at Nomura Besearch Institute 
in Tokyo. "Now that it has 
caught up there is little scope 
far those rates of growth.” 

If Japan is now a mature 
economy is it condemned to US 
or even European rates of 
growth of around 2 to 3 per 
cent a year? Two factors will 
influence Japan’s lon g-term. 
growth prospects: productivity 
and an ageing population. It is 


widely believed that both foo- 
ters work against Japan- Few 
would argue that it would be 
able to maintain its ra pid rat e 
of increase in manufactu r in g 
productivity compared with 
most industrialised economies, 
the key to Japan's post-war 

eor v n n rrrin hn nm 

The labour force Is projected 
to peak in the late 1990s and 
fall sharply thereafter as 
Japan’s ageing population 
ensures number of 

people above working age 
grows rapidly in the first part 
of the 2lst century. On this 
view the economy cannot any 
longer expect to achieve faster 
growth than its competitors. 

But this is a gloomy view, 
typical of the saturnine out- 
look often associated with busi- 
ness at this stage of the cycle. 
The key area for future produc- 
tivity increases is not manufac- 
turing, which now accounts for 
just a third of Japan’s output, 
but services. While it is true 
that manufact uring productiv- 
ity has readied western levels, 
services productivity lags well 
behind - by as much as 50 per 
«mt in same sectors, according 
to a recent study by McKinsey, 
the wianwgamant c onsultan ts. 

As Mr Geoffrey Barker, chief 
economist at Baring Securities 
in Tokyo points out, “if the 
Japanese service sector can 
achieve the same sort of pro- 


ductivity improvements seen 
In manufacturing, the growth 
potential fra - the whole econ- 
omy is enormous”. The scope 
for deregulation and increased 
competition in services sec- 
tor could, some economists 
feel, produce significant pro- 
ductivity gains. 

The contraction of the labour 
force expected after the late 
1990s may also be illusory. The 
EFA’s prognosis is based on 
the size ctf the population aged 
between 15 and 60. But the 
labour force is actually likely 
to grow, since more women 
will work and the retirement 
age may well recede as labour 
becomes scarce. 

The striking aspect of Japa- 
nese performance in the last 20 
years has been not a straight- 
line fail in long-run growth 
that could be explained by 
maturation, but a single step 
down after the 1973 oil shock. 
Shice fhwi , the average growth 
rate has been consistent at 
slightly more than. 4 per cent 

If that continues, the impli- 
cations for the next few years 
are considerable. The output 
gap would be dose to 10 per 
cent of gross domestic product 
and Japan’s economy would 
have room to grow at 5 per 
cent a year »mtfl the end of the 
century before the gap was 
dosed - a spritely performance 
for a mature economy. 


Hosokawa denies he lied to parliament 


By WBHam Dawkins 

Mr MoriMro Hosokawa, Japan’s 
former prime minister, yesterday 
denied that he had lied to parliament 
over a loan repayment and share 
purchase. 

Mr Hosokawa dismissed as 
“insulting" his summons before a 
parliament committee yesterday 
by the two main opposition groups, 
the Liberal Democratic party and 
Social Democratic party. 


They summoned Mr Hosokawa 
in an attempt to embarrass the 
present minority government, a 
preliminary to a possible vote of 
no-confidence. 

Leaders of bath opposition groups 
want to vote the coalition out of 
office after the budget clears 
pa rliament , possibly on Thursday, 
and before the parliamentary session 
ends on June 29. 

However, they have yet to get the 
s up port of a significant section of 


their own ranks, who want to 
continue negotiating to join the 
coalition rather than rush into a 
parliamentary showdown. 

LDP-inspired allegations 6mt a 
YlOOm (£636,000) personal loan to 
Mr Hosokawa in 1982 from Sagawa 
Kyuhin, a gangsterUnked trading 
group, was an iliirit political 
donation, prom p ted Iris resignation 
in April, after just eight months in 
power. 

Mr Hosokawa was also questioned 


yesterday on claims that he had tried 
to cover up the purchase of shares 
in NTT, the privatised 
telecommunications company. He 
again denied wrong-doing. 

The ruling coalition initially 
resisted the summons on the grounds 
that there was no consensus to 
interrogate Mr Hosokawa before 
parliament. But its changed its min d 
for fear of being accused of seeking 
a cover-op, a possible pretext for 
a no confidence vote. 



Hosokawa: summons ‘insulting’ 


Officials say China’s doubts about airport seem to have been met 

Hong Kong talks make good progress 


By Simon Hoberton 
In Hong Kong 

The former mansion of Banque 
Indochine’s general manager 
in Hong Kong was the venue 
yesterday for what might well 
have beat the turning point in 
Britain and China’s long run- 
ning row over Hang Kong. 

Standing an the steps above 
the terrace of Seabourae Villa, 
a large colonial house built in 
1906, Mr Hugh Davies, the UK’s 
representative to the Joint 
Liaison Group (JLG), which 
dual? with datails of Hong 
Kong's 1997 transfer to China, 
proclaimed that “excellent 
progress” had been made on 
the first day of the three-day 
meeting. 

Mr Davies said a top bilat- 
eral group would meet on Fri- 
day tO discuss financing Hbng 
Kong’s HKH59bn (£L3£bn) air- 
port project 

Government officials later 
said China’s previous concerns 
about financing the airport and 
its connecting railway, includ- 
ing the issues of land sales and 
debt, appeared to have been 
met Short or fresh demands, 
officials could think of no rea- 
son why the financial plan 
could not be agreed on Friday. 

Over the past few months 
China has signalled a desire to 
repair relations with Britain 
and get back to work on Hong 
Kong’s transfer of sovereignty. 
But in terms of what Britain 
and China need to do by 1997 
the airport is Hfee the visible 
part of an iceberg - largely hkl- 



Hugh Davies (left) pours a drink of water for Guo Fengmin as the two delegation chiefs get down to talks in Hong Kong yesterday ap 


den from public view is a vast 
amount of work which remains 
to be done. 

Awaiting the attention of the 
JLG is, among other things, 
the regularisation of Hong 
Kong’s law, sorting out the cot 
oily's air services agreements, 
the extension of the colony's 
container port, and determin- 
ing what sort of travel docu- 


ments Hong Kong ril ia wis wfTl 
use after 1997. 

At Seaboume Villa, Mr 
Davies and Mr Guo Fengmin, 
his Chinese counterpart both 
acknowledged the tightness of 
the timetable ahead. 

Mr Guo noted at yesterday’s 
photocall: “There are only 
three years until 1997 and 
there are a lot of problems for 


the JLG to discuss if a smooth 
transition is to be guaranteed.” 

The need for a “smooth tran- 
sition” may well be the motive 
propelling China toward agree- 
ment. But some Hong Kong 
government officials will only 
believe Beijing has had a 
ftlwng B of heart when they see 
concrete evidence of it 

The Chinese walked away 


from a deal on military land 
and are busily trying to extract 
further concessions from the 
UK. At Friday’s meeting of the 
Airport Committee, Beijing 
may decide qn one further turn 
of the screw to see if more can 
be extracted from a colonial 
g a ll iu m mont 1mm to show 
world that its relations with 
China are returning to no rmal. 


Hongkong Bank may curb home lending 


By Louise Lucas in Hong Kong 

Hongkong Bank, the colony's biggest 
mortgage lender, may tighten lending 
to 60 per cent on mass-market homes 
from the current 70 per cent following 
an 18 per cent year-on-year surge on 
loans last month. 

Ike bank, which is estimated to have 
a 28 per cent share of the domestic 
mortgage market, saw new loans tip 
HKS2bn (£l70m) in May. Mr Edwin 
Lao, head of retail banking at Hong- 
kong Bank, said: “We are concerned 
that we have been taking in a lot of 
new mortgages every month despite all 
earlier measures, and we don't want to 


reach the stage where we have to say 
to the market: “Hongkong Bank will 
no longer accept mortgages. ..We feel 
we might have to do something sooner 
rather than later -" 

He said the bank was considering 
tightening lending by 10 pm- cent. 

Requiring home buyers to put up 
deposits of 40 per cent on medium-sized 
properties worth less than HK$5m is 
unlikely to have more than a limited 
impact on prop er ly prices -it would 
follow two rounds of banking curbs in 
10 months -but analysts say it may 
undermine government measures to 
damp rising house prices. 

Reduced loan ceilings could force 


buyers into the primary market, where 
special financing deals prevail. This 
pre-sale market is one of the key tar- 
gets of the government measures: 
under the new rules, buyers cannot sen 
on the entitlement to an uncompleted 
flat - which in effect leaves them sit- 
ting on a non-liquid asset for some six 
months* 

Developers such as Hutchison Wham- 
poa, the ports- to-property hong con- 
trolled by Mr Li Ka-shing, offer loom 
of up to 85 per wait of property price. 

Developers have been cutting prices 
by around 10 per cent in recent 
months, since the government’s inten- 
tions on property were first signalled. 


Hutchison is bringing some 80 fiats to 
market this week at HK$5,112 per 
square foot, 10 per cent below the 
HKS5.700 per square foot peak price 
achieved in the same development's 
last sell-off three months ago. The 
development. South Horizons, is 
exempt from government curbs on 
resale as consent to assign was granted 
to the entire development before the 
measures were introduced. 

Hang Seng Bank, the listed Hong 
Kong banking subsidiary of HSBC, is 
also keeping a watching brief on 
mounting loan applications, although 
it 1ms no plans now to introduce far- 
ther curbs. 


Indonesia 
cracks 
down on 
press 

By Marxrala Saragosa 
in Jakarta 


The Indonesian government 
yesterday banned three leading 
pub licati ons in what amo u nts 
to its most severe crackdown 
on the media in years. The ban 
is a reversal of the govern- 
ment’s pledge over the past 
year to stimulate more public 
debate. 

The weekly magazines. 
Tempo and Editor, and the 
weekly tabloid newspaper, 
Detik. have been lost their 
licences to publish, following 
critical reporting of the govern- 
ment's acquisition of a fleet of 
former East German warships 
and articles speculating about 
a successor to President 
Suharto. 

However, Mr Subrata, direc- 
tor-general of press and graph- 
ics, said Editor and Detik had 
been banned because of admin- 
istrative reasons. 

With a circulation of more 
than 450,000, Detik is by far the 
most popular of the three. 
Tempo, a pro-establishment 
journal, has a circulation of 
200,000, while Editor sells 
87,000 copies a week. 

In the last week Mr Suharto 
is repeated to have accused the 
media of playing one party 
against the other on the case of 
the purchase of the East Ger- 
man warships. The purchase 
was organised by Mr J JL Habi- 
bie, minister for technology 
and research and a Suharto 
protege, but was opposed by 
thp military. 

Last week, Indonesia 
announced that its year-old 
period of unprecedented open- 
ness would continue, but 
warned journalists to adhere to 
what It called ethical reporting 
after recent coverage of politics 
drew fire from senior officials. 

Under Indonesian press laws, 
the Information Ministry can 
revoke the licence of publica- 
tions. The last ban was in 1990 
when the Monitor tabloid pub- 
lished an article considered 
blasphemous to Moslems. 

Diplomats and activists said 
the move was aimed at muzz- 
ling the more outspoken of the 
country’s revitalised media. 


Taiwan ready 
for N-power 
showdown 

Laura Tyson on a debate over 
a fourth nuclear facility 


T aiwan’s ruling National- 
ist party is marshalling 
its forces for a parlia- 
mentary showdown with the 
opposition over the budget for 
the government's planned 
$&3bn (fi'LLbn) nuclear power 
plank 

Lawmakers will tomorrow 
review the state power monop- 
oly Taiwan Power Company’s 
proposed $4J2bn fiscal 19 95 bo d- 
get for the country’s controver- 
sial fourth nuclear facility, 
slated to be ready for produc- 
tion in 2001. 

Debate over the plant’s bud- 
get last year sparked a 
full-scale melee outside the 
Legislative Yuan (Taiwan’s 
parliament). Fending legisla- 
tors’ supporters battled for 
hours before police were able 
to overwhelm the m . 

In a bid to mollify public 
concerns over safety and costs, 
Taipower yesterday released a 
white paper outlining the 
country’s energy requirements 
jmri emphasising the need for 
the plant. 

Funding for the project bad 
been frozen following the Cher- 
nobyl disaster in 1986 until 
1992, when parliament released 
enough money to restart the 
prqject and get the bidding pro- 
cess going. 

Taiwan’s demand for power 
is growing at 6 per emit a year. 
The margin of surplus has 
been running at between. 4 and 
8 per cent, against a recom- 
mended ratio of 2080 per cent 
Tripower has been forced to 
ration electricity to industrial 
users during the summer 
months for toe past several 
years. 

Taipower’s existing power 
generation capacity stood at 
19#5MW at the end of 1993. Of 
total capacity, 13J per cent is 
hydroelectric, 60.1 per cent 
thermal and 26.6 per cent 
nuclear. By 2001, assuming 
construction proceeds as 
scheduled, installed capacity is 
projected to nearly double to 
34JJ0QMW for a reserve margin 
of 20 per cent 

It is for from dear whether 
the Nationalist party can mus- 
ter enough support to push the 
budget through, despite hold- 
ing two-thirds of parliamentary 
seats. 

“The major difference 
between national energy policy 
in the 1980s and energy policy 
in the 1990s is now yon have to 
take the public's views Into 
consideration,” observed a 


Boutros Ghali supports move 


Paris presses UN 
over Rwanda plan 


By Mfchaal Littlejohns 
at the UN, Now York 

France last night pressed a 
sceptical United Nations Secu- 
rity Council to sanction the 
despatch of up to 2,000 French 
troops to Rwanda to protect 
civilians caught in the vicious 
civil war. 

Despite opposition in some 
quarters and serious reserva- 
tions in others, the plan is 
expected to be approved 
because It has the harfriwg of 
Mr Boutros Boutros Ghali. UN 
secretary general, and no one 
wants to be seen standing in 
the way of a h nwiarritarinri mis- 
sion. 

Mr Jean Bernard Merimee, 
the French delegate, has 
repeatedly emphasised that 
France seeks no political or 
military advantage and that 
the mission would be "abso- 
lutely” protective. 

However, he will have to 
spen out just how and where 
the troops would enter Rwanda 
since the Patriotic Front rebels 
have promised to turn them 
back. Mr Merimee said toe 
French would do everything to 
avoid such a co nf ro ntat ion. 

In Rome, Mr Antonio Mar- 
tino, Italian foreign minister 
sharply criticised the French 
proposal, voicing fears that 
any white troops entering 
Rwanda would be “torn to 
shreds". In Geneva, toe World 
Council of Churches urged 


France to abandon the plan 
saying the entry of French 
troops would worsen the crisis 
and m ak e a solution even more 
difficult. 

Mr Boutros Ghali, who dis- 
cussed the crisis yesterday 
with Mr Douglas Hurd, UK for- 
eign secretary, is trying to 
assemble a 5,500-man all-Afri- 
can UN force. Because of logis- 
tical problems he has told the 
Security Council that it would 
be impossible to have it in 
place in much under three 
months. 

Ethiopia, Ghana, Senegal, 
Zambia, Zimbabwe, Congo, 
Malawi, Mali and Nigeria have 
all offered infantry soldiers, 
but in most cases only on con- 
dition that equipment needs 
are met by the more affluent 
countries. 

This will create further 
delays because the troops must 
be trained in the use of unfa- 
miliar equipment - another 
reason why the French plan 
seems likely eventually to gain 
acceptance. 

Britain has o^ered 60 trucks 
to infantry and cargo and the 
us will lease 50 armoured 
vehicles. A South African offer 
of armoured vehicles still is 
undCT consideration. Russia is 
®™enng whether to supply 
eight transport helicopters and 
a nu mber of heavy cargo air- 
craft. 

See Editorial Comment 


Third World child health improves as violence worsens position in west 


By James Herring 

The widening net of immunisation and 
better primary health care are improving 
the lives of children in developing coun- 
tries, while growing violence in industria- 
lised societies is leading to a worsening in 
their security, according to a United 
Nations report* published yesterday. 

The 1994 Progress Of Nations report. 


issued by Unicef, the UN children's fund, 
assesses global developments in child 
health, nutrition, education, family plan- 
ning and p ro g re ss for women. 

The report e xplains the need for an 
examination of social development as 
opposed to strict economic indicators by 
citing cases such as Vietnam, which, with 
a per capita GNP of $240, has a far better 
child survival rate than Algeria with a 


GDP per capita nearly seven times higher. 

The assessment of quality of fife for chil- 
dren in the industrialised world is the 
most striking confirmation of OniceFs 
view that social development is not “an 
automatic by-prodact of economic 
advance”. It rites the US where one in five 
children is living in poverty, 8m lack 
health coverage, 3m a year are reported to 
be neglected or physically or sexually 


abused • triple the number in 1980. 

Unicefs account of social development 
in the Third World is predominantly 
upbeat Fifteen years ago. benefits of 
Immunisation were restricted to no more 
than 15 per cent of the developing world’s 
population; today they reach almost 80 per 
rant preventing shout 3m child d paths a 
year. 

Falling infant mortality is coupled with 


a drop in fertility. Since I960, toe family 
fanning rate in the developing world has 
risen from about 10 per emit to 65 per cent 
and family size has fallen steeply to an 
average of 3.7 from 6. 

Nevertheless, 2m children die each year 
from vaccine-preventable disease and a 
further 8m from diarrhoeal disease. The 
report forecasts Aids will claim up to 
850X100 extra child deaths a year by 2010. 


01311 150 nations signed 
SfnJ 9 ® < S®5 TClltlQn on the Rights ofthe 
Rotations continue to escalate. The 
report h ig h l ight s the growth in the sex- 
to^m industry, estimating lm chfid 
prostitutes in Asia alone. 


senior researcher at a govern- 
ment-backed think-tank, the 
Chung Hwa Institution for Eco- 
nomic Research. 

Residents living near the 
proposed site in Kungliaa 
township near Taipei are fight- 
ing the project. Some 10,000 
people joined an anti-nuclear 
protest march in the capital on 
May 29. Critics of the plant say 
that, apart from safety con- 
cerns, waste disposal win be 
problematic in crowded 
Taiwan. 

Opponents say that adding 
coal- or gas-fired thermal 
plants would address the 
energy supply problem without 
creating the public uproar ^ 

fomented by nuclear power. ” 

Meanwhile, contractor bid- 
ding on the prefect remain in 
limbo pending the outcome of 
the legislative session. Three 
companies - ABB, toe Swiss- 
Swedish concern, through its 
US entity Combustion Engi- 
neering, Westinghouse in part- 
nership with Nuclear Electric, 
toe UK public utility and 
France’s state-run Frama to me 
-are in the running for the 
nuriiwr reactor contract, set to 
cost $2.2bn. 


I f MPs pass the budget, con- 
tracts are should be 
awarded late next month 
or in August Bidding for the 
plant’s turbine generators, set 
to cost $L9hn. is still in the 
prequalification stages. 

Further down the road, the 
government has drafted regula- 
tory changes which would 
break Taipower’s monopoly on 
toe power industry by allowing 
private sector companies to 
own and run power plants. 

The proposed changes were 
in response to an application 
by Formosa nasties, Taiwan's 
largest private conglomerate, 
to build a coal-fired plant Tai- 
power Is discussing toe logis- 
tics and technicalities of such 
changes with the Ministry of 
Economic Affairs. It is unlikely 
that a result will emerge for at 
least one or two years, Tai- 
power officials say. 

Mr Gordon Wu, head of Hong 
Kong conglomerate Hopewell 
Holdings, came to Taiwan on a 
reconnaissance trip in March. 
Hopewell is credited with allev- 
iating chronic power shortages 
in toe .Philippines. But Taiwan 
has many battles to fight 
before Mr Wu can begin to 
hope for a piece of the 
action. 






financial times 


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^idct-ew. 


• :.. , - • I-' •*-^:k>: / .;.;V.» 

:?>■/. •„•. VI- 








199 4 


specific^ly designed for business 


use. 


Wd he designingsome- 
thing hk e the Gdifitre^^ i wouldn’t have 

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dream. But m 1995, when the Gulfstream V flies, it 
will be a reality.” ' 1 

Xtetottodactkm of the Gulfitream Vwill mark 


*e fifth tune Charlie ha, guided the launch ofa hew standard 

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e-art technology, it is built around a proven concept 

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Setting the Standards 
Others Follow. 



FINANCIAL TIME* WEDNESDAY JUNE 22 1994 


NEWS: THE AMERICAS 


Threat to 
kill Mexican 
kidnap victim 


Argentina miracle needs more foreign capital 

W' _ . .... i. . nmlvihiliK' that raa 


Stephen Fidler and John Barham on a threat to 
high-growth, low-inflation economic policies T— !-» 


By Damian Fraser 

hi Mexico City 

Hie kidnappers of Mr Alfredo 
Harp Helfi, joint head of 
Mexico's largest bank, have 
threatened to kill him unless 
bis family and partners agree 
to pay a ransom by tomorrow, 
according to letters sent to 
Mexican newspapers. 

Mr Harp Held, the president 
of Banamex-Accival and one of 
Mexico's wealthiest men, was 
abducted in March. His kidnap- 
ping sent Mexico's stock mar- 
ket tumbling, and heightened 
concerns about political and 
social instability this year. 

The latest letter from the 
kidnappers, if authentic, con- 
tradicts recent reports that the 
family of Mr Harp Hehi had 
already agreed to pay a ran- 
som. The kidnappers wrote 
that his representatives had 
refused last Monday to pay the 
ransom demand, reduced from 


an initial $90m (£59 -2m) to a 
reported $60m. 

The kidnappers promised to 
kill the captive financier 
unless his son, his lawyer and 
a representative of the Catholic 
Church appear on Mexico's 
main TV news programme and 
declare their willingness to pay 
the ransom, and agree not to 
involve the police. 

• Sub -comandan te Marcos, 
leader of the rebel Zapatistas 
in the southern state of Chia- 
pas, has warned of imminent 
civil war in Mexico unless 
there Is a “democratic transi- 
tion”, according to an inter- 
view in La Jornada newspaper. 

He said there were armed 
groups in Mexico ready to rise 
against the government if 
there were no genuine demo- 
cratic opening before the 
August presidential election. 

The warning appears mainly 
an attempt to lift the profile of 
the rebels before the poll 


F or three years. President 
Carlos Menem of Argen- 
tina and his economy 
minister, Mr Domingo Cavallo, 
have looked like economic 
miracle workers. 

Since 1990, when consumer 
prices rose by more than 2,300 
per cent, they have brought 
inflation down to single digits, 
with the figure for the year to 
May, 3.4 per cent, the lowest in 
41 years. But this 1ms not been 
achieved at the price of a reces- 
sion - in fact, just the oppo- 
site; from 1991 to the end of 
1993, the Argentine economy 
expanded 25.5 per cent 
The medicine for this magic 
combination of low inflation 
and high growth has been big 
inflows of foreign capital. 

The government's fiscal rec- 
titude, the settlement of its 
1980s bank debt defaults and 
Mr Cavallo' s convertibility 
plan - which fixed by law the 
Argentine peso at parity to the 
US dollar - have led to enthu- 
siastic support of the Argen- 
tine economy by foreign inves- 
tors. An estimated $33.5bn 
(gfflbn) of capital flowed into 
the country in three years, 


more than half - $l7.Sbn - 
entering last year. 

This year, though, things 
look different. Since February 
4, when the US Federal 
Reserve raised interest rates, 
foreign Investors have been 
stingier and inflows to ahnnift 
all emerging markets have 
slowed. In Argentina, where 
the convertibility plan 
there is a direct relation 
between capital inflows and 
money supply, slower capital 
inflows niRan slower growth. 

As a result, Mr Miguel Angel 
Broda, who runs an economics 
consultancy in Buenos Aires, 
expects growth to fall this year 
to 35 per emit, from 6 per cent 
last year. 

Yet slowing growth and 
dependence on volatile foreign 
capital are not the only eco- 
nomic worries for Mr Menem, 
who is seeking, from a special 
assembly now in session, a 
constitutional revision to let 
him seek re-election next year. 

Argentine trade sank further 
into deficit in the first four 
months of the year - $2Abu. 
against only $500m in the 
equivalent period of 1993 - pro- 


viding grist for critics who say 
the peso is much overvalued. 

Yet Mr Cavallo says he is 
unwonted. Although the defi- 
cit is high In terms of Argen- 
tina’s trade - it has been run- 
ning at more than half the 
level of exports - it is small 
compared with the size of the 
economy. Even if the deficit 
continues at this rate for the 
rest of the year, which is 
unlikely because of higher crop 
prices from May, it will be 
equivalent to less than 3 per 
cent of GDP. 


W hat's more, Mr 
Cavallo says, the fig- 
ures also indicate a 
big jump in capital goods 
imports, providing the base for 
a new export sector. 

But economists say govern- 
ment statistics are inadequate 
and probably overstate Invest- 
ment Even Mr Cavallo recog- 
nises that investment, 18.4 per 
cent of GDP last year, is too 
low, although he says it was 28 
per cent higher in the first 
quarter than a year earlier. 

For more than a year, Mr 
Cavallo has promised mea- 


ner es 88 80 91 SB W 84 
SoucK Bflucflo Broda • 

sures to encourage domestic 
saving - necessary to reduce 
dependence on capital inflows 
- and investment 

But the government’s private 
pension fund plan has got off 
to a disappointing start and, 
says Mr Rosendo Fraga. a polit- 
ical analyst, there has been a 
paralysis in new structural 
economic reforms as Mr 
Menem has manoeuvred for 
the chance of re-election. 

The elections in April for the 
constituent assembly were also 
a setback, with Mr Menem 
doing less well than he had 
hoped, and a strong showing 
by the left being interpreted 
as an indicator of increasing 


concern about social issues, 
such 85 poverty and rising 
unemployment. 

Indeed, says Mr Broda, the 
overall strong economic indica- 
tors hide some profound 
w eakness es. “There are some 
provinces where GDP has 
fallen 2S per cent in three 
years. There are geographical 
and sectoral distributions 
which are very different to the 
overall picture." 

This has emphasised, says 
Mr Broda, “that Menem is 
more dependent on Cavallo 
and the performance of the 
economy". It has also “put the 
government on the defensive. I 
don’t think that, in the next 
year, they can advance the 
reform.” 

Yet, while developments 
such as riots last December in 
the provincial capital of Sant- 
iago del Estero have given 
cause for concern, few observ- 
ers believe Argentina is on the 
verge of imminent social crisis. 


M r Broda says the gov- 
ernment bad pushed 
through 85 per cent 
of the necessary reforms but 
that , without labour and social 
security reforms, “you can’t 
guarantee that you aren’t 
going to have problems.” 

He and others believe there 


is a strong probability that cap- 
ital flows will be sufficient to 

main tain growth in positive 
figures until beyond the presi- 
dential election, due to take 
place in the ApriWune period 
next year. 

The government has some 
leeway to supplement those 
flows for the coming 12 months 
- for example, by selling its 
remaining stakes in privatised 
companies. The sale of its 
gfigrehnidinp in YPF, the priva- 
tised national oil company in 
which the government retains 
20 per cent, could raise close to 
$2bn. 

Yet this cushion will not last 
for ever. By next year, the gov- 
ernment will have run out of 
assets to privatise. Without 
growth in its capacity for 
exports and in domestic 
savings, there will remain 
grave doubts about Argen- 
tina's capacity, in the long run, 
to pay its way in the world. 

Until these doubts are 
removed, the inexorable logic 
of the convertibility plan 
mpans that a slowing of capital 
inflows will cause a decelera- 
tion of the economy. The sur- 
vival of the Argentine eco- 
nomic plan will then depend 
on the willingness of Mr 
Menem - or of a successor - to 
tolerate recession. 



Niceness reigns in the heat of battle 

Jurek Martin in Washington finds plenty to cheer about as the tournament gets into its stride 

It won’t last, of 
course. Somewhere, 
somehow, soccer 
must beget may- 
XVN hem because that it 


Goalkeepers caught out 
by spin of high-tech ball 


it won’t last, of 
course. Somewhere, 
somehow, soccer 
must beget may- 
WV hem because that it 
is the natural order of things. But it 
has not happened so far. Over the 
first four days, 10 matches in eight 
cities produced only sweetness and 
light, on the field and off it 

First, the players are being nice 
to other players from other teams. 
Only two have been sent off one a 
Bolivian substitute who clearly 
wandered on the field by mistake 
for three minutes thinking he was 
playing in the last World Cup - and 
even then the referee’s judgment 
seemed a little harsh. 

Next, the fans are being nice to 
each other. Even the Dutch, more 
boorishly English than most, con- 
tained themselves after their vic- 
tory over Saudi Arabia here on 
Monday night, perhaps because 
they realised they were a little 
lucky to get a win at alL Their 
orange-clad masses made a lot of 
racket compared with the Saudis, 
but doubtless the 50 princes present 
would have frowned on unseemly 
behaviour. 

Finally, the great American 
watching public, both the couch 
potatoes seeking relief from the 
heat and inexorably drawn to the O 
J Simpson drama played out live, as 
well as those at matches, seemed 
quite beguiled by it alL In the TV 
ratings on Saturday afternoon, Italy 
against Ireland outdrew the US 
Open golf, even though Nicklaus 
and Watson, two American icons, 
were at the time contending for the 
lead. 

The on-field vignette that most 
caught the spirit featured Jostein 
Flo and Jorge Campo. Flo is a very 
tall Norwegian striker, Campo a 
very short Mexican goalkeeper who 
compensates by wearing a jersey 
and shorts that would make a psy- 
chedelic Sumatran parrot look 
dowdy. 

Flo. sensibly playing to his advan- 
tage, spent most of the first half 
climbing all over Campo. who fre- 
quently ended up on the turf. The 
Hungarian referee, who had obvi- 
ously been reading up on the impor- 
tance of Nafta, considered this an 
unfair trade in bodies and repeat- 
edly blew his whistle, though objec- 
tive observers thought Flo was a 
little hard done by. 

But, as they waited for a comer 
kick in the second half, their 
tongues hanging out in the stifling 
96" heat, there was Campo handing 
Flo a water bottle, not laced, as far 


T» HI ■ ?--V. 





Two Saudi Arabia fans during Monday night's game against Holland tn Washington. The Saadis lost 2-1 puwka p 


as can be told, with tequila or jala- 
peno peppers. Moreover, Flo did not 
throw it back at him but politely 
returned it They might even have 
smiled if they had had energy left to 
spare for lip movements. 

It was much the same in the 
Saudi-Dutch match. The sons of the 
desert kept offering a hand to any 
doggie they bad just hacked down, 
which they managed frequently and 
with enthusiasm. This unnerved the 
Dutch at first, who tended to treat 
any fallen Saudi with suspicion, 
largely because the Saudis fall often 
and with a dramatic effect that sug- 
gests that their latest South Ameri- 
can coach had been reading Law- 
rence of Arabia rather than, the 
Koran. But, in the end, the Dutch 
became positively benign, too. 

E ven the Russians, beaten far 
worse by Brazil than the 2-0 
score implied, contained 
themselves, though they conceded 
the only penalty so far awarded. 
Not that there were many sympa- 
thetic Russian supporters out at 
Stanford Stadium in Palo Alto to 
egg them on to dirty deeds. The few 
ancient and hardy Sovietologists 


from the Hoover Institution were 
easily outnumbered by the travel- 
ling Brazilian press corps alone, 
most of whom spent their time get- 
ting Pel6’ s autograph. 

A contributory factor may be the 
referees. This is not because they 
have been railing gamas tight F urd 
flashing yellow cards at the hint of 
a nudge. The more likely answer is 
that their authority has been 
enhanced by new uniforms. No lon- 
ger garbed in sinister black, the refs 
now sport a rather gorgeous mau- 
veish-purple, uncannily similar in 
hue to that of a Church of England 
bishop, t ho u g h flashier. 

Fan contentedness also matters. 
Washington has been a sea of cele- 
brants, driving round in cavalcades 
and making polite merry in George- 
town's bars. Norwegians did not 
impale Mexican sombreros on 
horned hrimsts after their Sunday 
victory. A local Catholic priest 
urged his constituents on the morn- 
ing after the loss to Ireland to pray 
for the Italian team rather than to 
make Norway an offer it could not 
refuse before tomorrow’s match in 
New York. 

US media coverage has also been 


conspicuously helpful to the unini- 
tiated. Where US sporting jargon 
has been introduced into commen- 
taries, it has tended to enlighten, 
not confuse. Thus, from ice hockey, 
comes the expression that a goal- 
keeper was beaten “on the high 
side,” and from baseball that a 
player “steps up to the plate” to 
take a free kick. Less felicitous is 
the word “rejected” for any kick 
into touch, because a blocked shot 
in basketball is one of the game's 
high points. 

But US broadcasters have also 
adapted and begun to speak of 
draws, not “tied games,” and of one- 
nil, not one-zero. The absence of 
commercial interruptions has been 
an urunixed bl essing , though the 
commercials that dominate half- 
time and the pre- and post-game 
shows do not speak much for the 
creative talent and knowledge of 
soccer of the American advertising 
industry. 

US mania with sporting statistics, 
in which simple soccer is funda- 
mentally ripJitTiwnf , [ qihe less easily. 
After each quarter of a basketball 
game, the press boxes are provided 
with minute detail about every 


shot, pass, assist and fouL So, after 
half-time here, sheets are issued 
with no less than 16 statistical cate- 
gories, including the number of 
times the hair has been headed, by 
whom and in what part of the field. 
The foreign hacks crumple them 
quickly. 

But, in the end, it is the matches 
themselves which have most enter- 
tained. Even if goals have not cone 
by the glut, all games have been 
competitive, except possibly Brazil- 
Russia. Some favoured teams - 
Italy, Colombia. Spain, Mexico - 
have been found wanting at the 
first hurdle. The gap between the 
touted and the unsung has not 
appeared that great 

S audi Arabia, indeed, could - 
though not should - have 
beaten Holland. Fuad Amin's 
first-half header was a deliciously 
clinical piece of work and not the 
only example oT his eye for the goaL 
For the 45 minutes he played, Majed 
Abdullah, the “Desert Pete," gave 
Koeman and van Goebbel in the 
Dutch defence fits, as did his 
replacement, Falatah, and Owairan. 

It took a mighty strike by Wim 
Jonk and an 87thminnte error by 
the previously excellent A1 Deayea 
in the Saudi goal - a weak punch 
gave Taument a header into an 
open net - to bring Holland 
through. The Saudis did tire badly 
in the last 20 minutes, but their 
worst fears of humiliation were eas- 
ily avoided. After the game, faithful 
retainers handing out information 
leaflets about the Kin gdom even 
found some takers. 

For what it is worth at this early 
stage, and with Nigeria and Argen- 
tina due to play their first gamaq 
later yesterday, Brazil and Germany 
(though not at their best in beating 
Bolivia) still look the cream of the 
crop. In their respective ways, 
Ireland, Ho lland and Norway have 
shown they will be no easy marks. 

Today’s match between the US 
and Colombia looms as the next big- 
gie. The US did not impress in 
drawing with Switzerland, but Col- 
ombia, picked by no less than Pete 
to win it alL were simply awful in 
losing 3-1 to Romania. If Colombia 
recover form and score the goals 
they now need, US progress into the 
second round will be doubtful, and 
so will domestic interest in the com- 
petition. 

Or so conventional wisdom has it, 
hut it could be wrong. If the World 
Cup continues to overflow with Us 
present spirit, the national hang- 
over may endure. 


Already, World Cup goalkeepers 
are winning - and losing - 
matches. Michel Preud’homme of 
Belgium, Romania’s Bogdan Ste- 
lea and Ireland's Padrie Bonner 
starred in their sides’ opening 
games. But when it comes to Col- 
ombia’s Oscar Cordoba or Carlos 
'friicco of Bolivia - don t ask. 

However, Preud’homme has 
criticised the World Cup’s new 
Quadra ball, from adidas. While 
it helps tiie forwards, the lighter, 
swifter Questra ball makes goal- 
keeping even trickier. 

“Look at Hagl's goaL" said 
Preud’homme, referring to 
Romania’s second goal in their 3-1 
win against Colombia. From the 
left side, Romania’s Gheorghe 
Hagi kicked the ball - a fluke 
cross or a brilliant lob? debate 
still rages - and it sailed into the 
net over Cordoba's head. 

"The ball carls early on and 
suddenly it stops. If it starts that 
way, it has to continue that way," 
said Preud’homme, complaining 
of inexplicable deviations in the 
ball’s flight 

Cordoba concurred. “The flight 
of the ball fooled me," he said, 
refusing to take frill blame far 
Colombia’s loss. “1 don't think I 
can be considered [solely] respon- 
sible. The team has always cele- 
brated success together. Why not 
defeat?" 

The authorities wanted to 
encourage goal-scoring, so the 
new ball has a glossier surface 
that cuts air resistance, allowing 
it to travel up to 15 per cent fas- 
ter. ft is made of five separate 
materials, Including a new 
polyethelene foam; when com- 
bined, says adidas, they “provide 
high energy-return properties, 
strength, durability and control.” 
The Questra was developed at adi- 
das ball-research facilities in 
France, a nd field-tested in France 
and Germany. 

“It’s always the same,” says 
Preud’homme. “Ahead of each 
World Cup they change the 
balls.” For the World Cup teams, 
peculiar happenings may lie 
ahead. Just ask the goalies. 

Argentina cruise 
to first victory 

Gabriel Batistuta scored a hat- 
trick and Diego Maradona got 
another as Argentina thrashed 
Greece 4-0 in their op ening Group 
D game in Boston last nig ht 

Greece had a disastrous start to 
their first-ever World Cup «nnic 
match going a goal behind after 


■ Rovutta 

GROUP D 

Argentina 4 Greece. 


M Today*» games 
GROUP A 

Romania w Sw teeria nd 
Detroit (900 pm SSI} 

United States vs Cotorobia 
Lea Angeha pZ30 an TJiurs. BST) 


some s lack marking in the second 
minute. 

Maradona's goal on the hour 
recaptured his great days of 1986, 
when he led Argentina to its last 
title. In the final minute, Greek 
defender Stratos Apostolakis han- 
dled Just inside the penalty area 
and Batistuta hit his third goal 
from tiie spot kick. 

Irish effort lor 
ticketless fans 

Senior Irish government officials, 
in Boston on a state visit, are 
trying to find World Cup tickets 
for 379 Irish fans whose arrange- 
ments with a British travel firm 
have not worked ont brilliantly. 

The affected fans paid $1,800 
each for Sportex packages that 
included round-trip transporta- 
tion to the US, flights between 
soccer venues in New Jersey and 
Florida, and tickets. 

“[Sportex] has given assurances 
to compensate or make good on 
their commitments," said Conor 
O’Riordan, the Irish counsul- 
general in Boston. 

Balder Batin, the Sportex law- 
yer, refused to say what went 
wrong with the two tours. “This 
is the first time something lifc* 
this has happened." he said. 

All at stake for 
Colombia and US 

Colombia’s assistant coach Her- 
nan Gomez said the team were 
more united than ever, ahpqfl of 
today’s match against the US in 
Pasadena. Poor results in their 
opening Group A matches mean 
that defeat today, for either, could 
seal elimination. 

The US drew 1-1 with Switzer- 
land. If they lose to the South 
Americans, their place in the sec- 
ond round would depend on win- | 
plug big over Romania in their 
last group match and hoping for j 
other results to fall their way. 

Defe at for the US would almost 
certainly mean a first-ever first- 
round elimination for the host 
country. 


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US trade 
deficit up 
as exports 
decline 


The OS trade deficit rose 
sharply in April to $8.4bn 
(£5.5bn) against a revised 
»6.9bn to March, official fig- 
ures indicated yesterday, pnt- 
ting additional downward 
pressure on the US dollar in 
foreign exchange markets, 
Michael Prowse writes from 
Washington. 

The rise in the deficit was 
larger than most economists 
expected and mainly reflected 
a 3-3 per cent decline In 
exports from March to 
$56J2bo. Imports fell slightly 
to $84.6bn. Part of the weak- 
ness in exports, however, 
reflected an erratic decline in 
exports of gold bullion. 

The figures pointed to a wid- 
ening gap in the trade perform 
mance of goods and services. 
The deficit on goods rose to 
$13.3bn against $li.5bn in 
March. The surplus on services 
rose to $4.9bn against $4.6bn. 

The overall deficit for tbe 
first four months was $3Z.7bn 
against $20.8bn last year, 
indicating a deterioration in 
tbe US's external position. Tbe 
deficit on goods so far is 
$50.2bn, indicating the US is 
beading for its worst showing 
on merchandise trade since 
1987 when it exceeded $152bn. 

The poor figures, however, 
mainly reflect faster economic 
growth in the US than in other 
leading economies, rather than 
a loss of US competitiveness. 
The deficit may thus decline 
once Europe and Japan emerge 
fully from recession. 


Weak dollar complicates Greenspan’s task 

Michael Prowse on market-created tensions on the eve of Fed chairman’s House testimony 


M r Alan Greenspan, 
the Federal Reserve 
chairman, faces an 
unusually difficult c hallen ge in 
today's testimony before tbe 
House of Representatives bud- 
get committee. 

Gobal financial mar ke t s will 
be looking for signals that the 
Fed is willing to take tough 
measures to defend the dollar, 
which has plunged on foreign 
exchange markets in recent 
days. Many investors believe 
tbe Fed must tighten monetary 
policy a n oth e r notch and lead 
another round of global inter' 
vention to support the US cur- 
rency. 

Yet Mr Greenspan's Capitol 
Hill audience will not be 
greatly concerned that the dol- 
lar ha<t fallal through key sup- 
port levels against the yen and 
D-Mark. 

Legislators worry about 
domestic growth and jobs; they 
care about dollar weakness 
only to the extent that it 
pushes up long bond yields and 
thus threatens to depress US 
economic activity. Many are 
still not convinced the 
increases in short-term interest 
rates announced earlier this 
year were necessary, and 
worry that the tighter policy is 
already retarding growth. 

The views of senior adminis- 
tration officials fah somewhere 
between these two extremes. 
They certainly want to avoid a 
dollar bee fall, yet they see no 
reason why domestic US eco- 
nomic policy should be dic- 
tated by fleeting shifts of mood 
in gjLobai financial mar kets 
But for the turmoil in mar- 


Inflattori may accelerate as full 
employment is approached 


Consumer spending has 
outpaced income 


Non-accelerattog inflation rate of 
unompkjymert irwrtus actual unemployment rata 
2 


• CPf Inflation 
{annual rate of change} 


Percentage change, 

year ago.S-mortf] moving average 



BoV* OVMoGnmM . ■ 


kets, US policymakers would 
probably feel fairly relaxed. 
Most forecasters believe the 
underlying pace of economic 
growth is moderating from an 
annual rate of about 5 per cent 
in the second half of last year 
to a more sustainable 3 to 3Ji 
per cent. Some believe growth 
could slow to an annual rate of 
2 to 3 per cant in the second 
half of this year, in ting with 
the economy’s long-run poten- 
tial. 

At the same time, despite 
increases in commodity prices, 
there is little hard evidence of 
strong upward pressure on 
inflation. The administration 
view is that nearly all compo- 
nents of demand point to more 
moderate growth. Consumer 
spending must decelerate 
because consumption outpaced 
personal incomes last year, 
sharply depressing the savings 


100 * ' ' 1090 
L-. forecast— J 

rate. Housing will provide less 
of a boost because the sharp 
increase in mortgage rates 
since February is reducing con- 
sumer demand. 

Growth of business invest- 
ment will remain healthy but 
must moderate somewhat 
since spending on information 
processing equipment cannot 
grow at double-digit rates 
indefinitely. Government 
spending will remain weak, 
reflecting continuing efforts to 
reduce the federal deficit 
Net exports are likely to 
remain an economic drag at 
least until early next year 
because the US is still growing 
more rapidly than most of its 
trading partners. 

Several recent reports 
appeared to support this com- 
forting prognosis of sternly, but 
not worryingiy rapid growth. 
Retail sales fell in April and 


1988 - . 1080 , 1090 

nouns* Di^nwWarcoaimmt 

May. Housing starts have 
failed to regain last year’s 
peaks. Growth of industrial 
production has slowed sharply. 
Figures yesterday showed a 
decline in exports in April and 
an Increase in the trade deficit. 

But administration officials 
admit the economic picture is 
blurred. The jobless rate has 
fallen far more rapidly than 
anybody expected - to 6 per 
cent in May against 7 per cent 
in December. This puts it at or 
below most estimates of the 
natural or “non-accelerating 
inflation rate of unemployment 
(Naim)". 

In the late 1980s inflation 
began to rise quite rapidly 
once unemployment fell below 
the Nairn. But officials say the 
data may be misleading 
because the way unemploy- 
ment is measured has recently 
been changed. 


1904 


Since payroll employment is 
also growing rapidly, estimates 
of output based on projections 
of hours worked and productiv- 
ity point to much faster growth 
than suggested by tbe spend- 
ing data. Hours worked, for 
example, point to real growth 
at an annual rate of 6 to 7 per 
cent in the second quarter, 
more than double the pace 
Indicated by expenditure esti- 
mates. 

On domestic grounds, Mr 
Greenspan probably regards 
further increases in short-term 
rates as desirable but not yet 
an urgent priority. He is proba- 
bly less confident than the 
administration that growth is 
slowing to a sustainable pace 
and more worried about the 
inflation outlook: producer 
prices, for example, rose at an 
annual rate of more than 3 per 
cent in the first five months, a 


sharp acceleration from last 
year. Leading indicators sug- 
gest consumer price inflation 
could rise this autumn. 

The dollar's weakness, how- 
ever, complicates matters. Last 
month, the Treasury signalled 
that it cared about the dollar's 
absolute value, not just its rate 
of change against other curren- 
cies. It wanted to do more, in 
short, than maintain “orderly" 
conditions in currency mar- 
kets. 

Yet on a longer view, the 
administration believes that 
currencies must reflect eco- 
nomic fundamentals, including 
differences in relative inflation 
rates. It may thus feel ambiva- 
lent about defending any par- 
ticular nominal exchange rate 
for fear this would provide a 
one-way bet for speculators - 
rather as Britain did when it 
tried to maintain an unrealistic 
parity against the D-Mark. 

History suggests US policy 
will be geared mainly to the 
needs of the domestic econ- 
omy. Mixed signals on growth 
and inflation suggest the Fed 
will raise short-term rates 
again but perhaps not as 
aggressively as demanded by 
some global investors. The 
Treasury and Fed will try to 
keep currency markets off bal- 
ance by intervening to support 
the dollar when least expected. 

But while anxious to prevent 
erratic currency shifts, it is not 
yet clear that US officials put 
the same priority on exchange 
rate stability as their col- 
leagues in more open, and thus 
more vulnerable, European 

economies. 


Amish win exemption from Clinton health insurance plan 


In the back rooms of Congress, a 
small and soft-spoken group has 
moved quietly to knock a small hole 
in. President Bill Clinton's promise of 
universal guaranteed health insur- 
ance, winning itself an exemption 
from any US healthcare reform MIL 
The Amish, an Anabaptist sect 
which has tried to remain separate 
from the modem world and whose 
descendants continue to shun 20th- 
century conveniences such as care 
and electricity, persuaded the House 
of Representatives ways and means 
committee to allow them to opt out 
of universal health coverage on reli- 
gious grounds. 


Sect members prefer to make their own arrangements, reports George Graham 


Mutual help is a strong tradition 
among the Amish. When a member 
of the community loses his bam in a 
fire, the neighbours gather to build a 
new one - a scene that became 
familiar to fflmgoers in the thriller 
Witness, starring Harrison Ford, 
part of which is set in the Amish 
country of Pennsylvania. 

"One of the most basic tenets is 
that they don't believe in public or 
private insurance because they 
believe that it breaks down the com- 
munity," says Mr Mark Weller, a 


spokesman for a coalition of busi- 
nesses that employ Amish, which 
has led tbe effort to win the religious 
exemption. 

The Amish came to the US, in 
search of religious freedom, in the 
middle of the 18th century, and in a 
second wave in the early 19th cen- 
tury. About 130,000 now live in 22 
states and in Canada, although the 
population is mostly concentrated in 
Pennsylvania, Ohio and Indiana. 

In some areas, such as Pennsylva- 
nia's Lancaster, the black-clad 


Amish in their horse-drawn car- 
riages have become a popular tourist 
attraction. 

While the core of the Amish tradi- 
tion. Is farming, farmland is scarce 
and Amish families are often large, 
so many members now work outside 
their community. 

Many are employed in Indiana 
building the sort of motor-powered 
recreational vehicles and camper 
vans that their own customs would 
not allow them to drive. 

The exemption agreed by the ways 


and means committee, which is 
closely modelled on a similar excite 
Eton from the social security pension 
system, would also cover the 
Mennonites, who have a similar reli- 
gious objection to insurance. 

Advocates note, however, that it 
would not Include religious groups 
who reject medical treatment of any 
kind. 

The Amish do, in fact, visit doc- 
tors, and have even been able to 
negotiate substantial discounts from 
hospitals because, when a member is . 


ill, the community pays in cash and 
in advance. 

Few Amish take part in the politi- 
cal process, although they have won 
exemptions from social security, 
state unemployment insurance and 
hard-hat regulations, as well as from 
the requirement to send their chil- 
dren to school after the age of 14. 

The lobbying for the health insur- 
ance exemption was largely carried 
out by their employers - who stand 
to benefit if they can also win 
exemption from the obligation to 
pay the employer’s premium envis- 
aged in the Clinton reform plan. 


N-waste 
row to be 
taken to 
court 


By George Graham 
fin Washington 

The decade-old quandary over 
what to do with the US's 
nuclear waste has erupted into 
legal controversy, A coalition 
of utilities and state power 
regulators has filed a suit acc- 
using tbe federal Department 
of Energy of defaulting on its 
promise to take spent fuel. 

The suit contends that the 
Energy Department has col- 
lected nearly $lObn (£6.5 bn) in 
fees from nuclear power gener- 
ators under the 1982 Nuclear 
Waste Policy Act, but is now 
backing off the act's require- 
ment that it start collecting 
spent nuclear fuel in 1998. 

The Energy Department said 
the suit was “unfortunate, 
since we are in the middle of a 
formal public process to 
address these concerns*. 

The search for a permanent 
unclear waste dump has 
dragged on for years with lit- 
tle discernible progress, and 
the energy department says its 
proposed central waste dump 
at Yucca Mountain, Nevada, 
will not he ready until 2010 at 
the earliest 

Under the 1982 law' and 
additional legislation passed 
in 1987, the federal govern- 
ment would have to pay 
Nevada for accepting the spent 
fuel at Yucca Mountain, but 
Nevada would in turn have to 
give up its right to veto the 
site, which it has not done. 

Bnt many unclear power 
plants, which were built with 
limited storage facilities on 
the assumption that their 
spent fuel would be repro- 
cessed or stored elsewhere, are 
fast running oat of room. 

The Nuclear Energy Insti- 
tute, an industry grouping, 
estimates that 23 plants will 
have ran out of spent fuel stor- 
age space by 1998, when the 
act foresaw that the federal 
government would take over 
the responsibility for this 
highly radioactive waste. 

Ms Hazel O’Leary, energy 
secretary, argued last year 
that the federal government 
was not obliged to take the 
spent fuel if it had no central 
depository. 


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NEWS: UK 


bidders shun British Coal sell-off 


Foreign 

By Michael Smith 

Government efforts to attract foreign 
bidders for British Coal appear to 
have largely failed after it emerged 
yesterday that at least 23 of the 25 
companies considering tenders fbr the 
corporation's five core regions are 
based in the UK. 

N.M. Rothschild, the merchant 
bank advising the government on coal 
privatisation, is thought to have sent 
out prelimfaaiy sales memoranda to 
nearly 100 companies, 30 to 40 of them 
overseas in countries todndmg the 
US, South Africa and Australia. 

However only 33 companies applied 


to qualify to bid fbr the five packages 
and six mfops which are bring sold 
separately. Rothschild considered 25 
companies eligible to tender for the 
five regions. 

Research by Coal UK, a Financial 
Times newsletter, has 23 of 

the companies - all of them British. 
Rothschild has refused to name any of 
the companies, but it is possible that 
none of the 25 are based overseas. 

Althoagh there are enough. UK com- 
panies interested to ensure each 
region attracts one bidder or more, 
the government will be disappointed 
by the lack of foreign response. 

A tender from an overseas company 


would have added prestige to the pri- 
vatisation and could have increased 
the amount of money raised. 

Coal UK’s research shows the deep 
mine areas of the central south 
(mainly Nottinghamshire) nnfl 
north (mainly Yorkshire) regions are 
the least popular with 10 and n™ 
potential hlds ewh 

Sooth Wales and Scotland have 
have 14 potential bids each, fallowed 
by the north-east with 13. There is 
only one deep mine left open in these 
regions; T/mgannet jn Scotland. 

Some of the qualifying companies 
are thought to have only limited 
interest Larger companies like RTZ, 


the international mining c on gkang- 
ate, and National Power and Power- 
Gen, the electricity generators, are 
considered unlikely bidders even 
though they have qualified to bid tor 
all five regiqis 

Apart from them, only three compa- 
nies, CP Holdings, NSM and RJB Min- 
ing, have qualified for all five regions, 
although. Coal Investments, headed by 
former British Co el commercial direc- 
tor Malcolm Edwards, has done so 
through a mi xture of and indi- 
rect interest 

Other potential bidders are: AMEC, 
the construction group, for Scotland 
and South Wales; Banks . Turning 1 com- 


pany, for the northeast; Caledonian 
Mining for Scotland, and South 
Wales; management buyout team 
headed by Mr Alan Houghton for cen- 
tral north; Her Mining for Scotland, 
north east and south Wales; Law Min- 
ing for Scotland; Rackwood, mining 
group, for Scotland; management buy- 
out tomi beaded by Mr Bryan Rid- 
(Heston for South Wales; Ryan Group 
for sooth Wales; Ryan/Alcan for north 
east; ScotCoal for Scotland; manage- 
ment buyout tea ™ haadad by Mr Alan 
SiddaTI for the En glish regions; Tay- 
wood for all regions except central 
north; Wimpey and Powell DufEryn 
for the northeast and south Wales. 


Trade 
gap with 
non-EU 
widens 

By Ptifflp Coggan, 

Economics Correspondent 

The UK’s visible trade deficit 
with non-European Union 
countries widened to a season- 
ally adjusted £767m in May, as 
imports rose 2J» per cent and 
exports fell z.5 per cent on the 
month. 

However, the Central Statis- 
tical Office revised down 
April’s deficit to £493m, from 
the previously announced 
£566m. And if oil and malic 
items, such as ships and pre- 
dons stones, are excluded. 
May's deficit was just £669m, 
compared with £614m in April. 

In toe three months to May, 
the visible trade deficit was 
£1.95bn, compared with 
£2.09bn in the previous three 
months. If the volume, rather 
than the value, of trade is con- 
sidered, the UK is witnessing a 
modest improvement The GSO 
says that on a trend basis, 
export volumes are unchanged 
while Imports are tolling by % 
per cent per month. 

Mr Michael Saunders, UK 
economist at Salomon 
Brothers, said "the dip in 
import volumes is a further 
sign that suggests that the UK 
economy is not accelerating 
into an unsustainable boom 
and contrasts with the late 
I9SOs import surge.” 

However, Mr Sanjay Joshi, 
head of bond research at 
Daiwa Europe, said the figures 
showed “a disappointing 
export performance.” 

Import prices rose faster than 
export prices in the three 
mouths to May, with the main 
increase coming in basic mate- 
rials, which may reflect the 
recent upturn in world com- 
modity markets. 

After the recent rise in 
North Sea production, the oil 
account was once more in sur- 
plus. 

In the three mouths to May, 
the CSO said there was a sharp 
rise in imports from other 
OECD countries, mainly 
Japan, Australia and New Zea- 
land. Exports to North Amer- 
ica and the rest of the world 
rose over the three month 
period. 

Meanwhile, the UK’s trade 
with Malaysia showed little 
sign of being affected by the 
ban on state contracts for Brit- 
ish companies. Exports to Mal- 
aysia in May were £l61m, sub- 
stantially higher than April's 
mom. 



At the moment when the sun should have been risen over Stonehenge yesterday, the high point of 
the calendar for Britain's latter-day sun-worshippers, a police helicopter hovered over the rite in 
pouring rain. Several intruders broke through a police exclusion rone but were ejected by guards. 
Mr Tim Sebastian, Arch Druid of Wiltshire, berated the assembled press: “This is a symbol of our 
nation. It is known throughout the world. Stonehenge is England and this is our culture.” 


Further strikes 
planned as rail 
dispute hardens 


By Robert Taylor 
and Kevin Brown 

Two further 24 hour stoppages 

by si gnalling sti ff are pfennad 

to shutdown Britain's railway 
network over the next two 
weeks, following today's dis- 
ruption in a further hardening 
of the increasingly bitter dis- 
pute. 

"My irmnn hag nn a nativ e 

but to continue the action”, 
said RMT rafl onion general 
secretary Mr Jimmy Knapp 
yesterday after the firfhir e of 

lata night taTIrs fo resolve the 

conflict 

He said the si gnalling staff 
would strike again on Wednes- 
day 29 June and again on 
Wednesday 6 July. 

“I hope the public will recog- 
nise that toe responsibility lies 
firmly with the government 
and Rafifa-arfc the employers", 
added Mr Knapp. 

Mr Bob Horton, RaHtradc's 
chairman, warned further 
strikes would damage the com- 
pany's future modernisation. 
He rhaTlpngPd the RMT execu- 
tive to reconsider its rejection 
of Rail track’s productivity 
based pay offer. 

“This strike will har m the 
industry our customers 
and will inconvenience passen- 
gers and damage British busi- 
ness”, he said. “Ev ery day toe 
network is closed by strike 
action we are losing income 
that could c ontri b ute to fixture 
investment”. 

“We have offered a restruct- 
uring package which recog- 
nises the importance of the sig- 
nalmen to the rail industry and 


of the modem railway”, he 
said. 

But Mr Knapp said Halftrack, 
which owns the track, signals, 
and stations of the rail net- 
work, had refused “to address 
the grievances of signalling 
staff”. 

“There is a danger in this 
dispute of losing sight of the 
issue”, he added. “This is 
RUT’S claim for a payment to 
recognise past productivity". 

Rail track said it hoped to 
run twice as many trains today 
as it did last Wednesday dur- 
ing the first 24-hour strike but 
this will still mean most of the 
network wifi be severely dis- 
rupted. 

Tn the Mr John 

Major sought to exploit 
Labour’s refusal to condemn 
the dispute by labelling Mrs 
Margaret Beckett, the opposi- 
tion leader, “the strikers’ 
friend.” 

Mrs Beckett said it was 
“crystal dear” that the strike 
had been caused by govern- 
ment interference in negotia- 
tions between Railtrack and 
RMT. 

The prime minister repeat- 
edly dgeiori that his nfflcft had 
played any part in pay negotia- 
tions, which were a matter for 
Railtrack and RMT. 

Downing Street is bracing 
for a long-drawn out series of 
one day signallers’ strikes. 

A committee of senior minis- 
ters has been set up to coordi- 
nate tiie responses of govern- 
ment dopM r imwi 

Ministers believe that the 


strikes will prove unpopular 
with commuters, and. could 
which is about restructuring reduce Labour's recent popu- 
ttds industry to meet the needs larity in toe south of England. 


Lobby group still opposes Brussels code 


By Robert Rice, 

Legal Correspondent 

Contractors called on the government 
yesterday to publish new ground rules 
on compulsory competitive tendering 
and market testing. 

The move followed a recent Appeal 
Court ruling that European employ- 
ment protection rules covered the 
transfer of a hospital cleaning contract 
hum one private contractor to another. 

The Business Services Association, a 
public-sector contractors’ lobby group, 
said, following the court decision, it 
was no longer possible to sustain the 


position that the European rules - 
translated into En glish law by the 1981 
Transfer of Undertakings (Protection of 
Employment) Regulations, known as 
Tope - did not apply to contracting out 

Tim association said in fixture con- 
tractors would have no option but to 
tender on the basis that Time applied in 
most cases. 

When Tope applies, contractors must 
take on the existing workforce on 
unchanged pay and conditions. 

This makes it more difficult for pri- 
vate contractors to undercut pablic-seo- 
tar costs. 

The Association will continue to 


press for contracting out to be removed 
from the ambit of the European rules 
contained in the Acquired Rights Direc- 
tive. 

But to the meantime it was essential 
for the government to reconsider details 
of its market tasting and OCT rules to 
order to maintain, genuine competition, 
it said. 

Mr John HaD, the association's direc- 
tor-general. said contractors wanted: 
express warranties from public authori- 
ties as to the accuracy of employee 
information, together with an indem- 
nity for any undisclosed liabilities; 
indemnity for historic liabilities 


accrued while staff were to toe public 
sector; and, longer contract periods to 
maTbnisp opportunity for cast saving 
reorganisations of the workforce. 

It also wants the government to 
change its advice that contractors must 
offer comparable pensions to those to 
the public sector. 

Another group of contractors repre- 
sented by the Clause 26 Group con- 
firmed yesterday that up to 200 compa- 
nies holding contracts for work to the 
local authority sector may sue the gov- 
ernment for up to ffiom for mKiMiHwg 
than over the application of Tope to 
contracting out. 


Britain i n brief 

m. 



Superhighway 
may carry 
public data 

Information “superhighways” , 
a fywifwi communications 
networks capable of carrying 
text and moving video images 
to the home and office, are 
being considered as a means 
of disseminating official 
info rmation to the public. 

The government said 
yesterday it was coordinating 
a review of toe possibflWes 
presented by superhighways 
following the submission of 
a consultative document 
prepared by toe Central 
Computers and 
Telecommunications Agency, 
a government body which 
provides central advice on 
Information systems. 

The Hnwimait, “Information 
superhighways: opportunities 
for pu blic s ector application 
in the UK” was prepared for 
Mr William WaMegrave, the 
public service minister. & 
welcomed its publication, 
arguing that technology could 
be used to facilitate the 
openness and accessibility that 
were key principles of toe 
Citizen’s Charter - the prime 
minister’s campaign to 
improve piddle accountability. 

information superhighways 
do not yet earist except in 
r udimentar y form. The major 

friiwimmnnliiiH niK and 

computer companies have 
made dramatic advances 
recently, however. British 

Tpbrfrni T mmipatin iw k 

expected to begin 
“video-on-demand”, a choice 
of movies over conventional 
telephone lines, by the end 
of the year. 

In toe US, a number of trials 
are under way which exploit 
toe technology to make 

fiifo l Uliutioff 
available. Among toe 
possibilities are access to 
government reports and 
statistics, access to job 

TOBTidw i and flw plpfynnlp 

submission of application 
forms. 


PO code to 
protect services 

The government outlined a 
new regulatory framework far 
a privatised Post Office whose 
main function would be to 
guarantee services than 
stimulate competition. Mr 
Patrick McLoughhn, trade and 
industry minister, node it 
dear that the DTI expects to 
win over MPs to privatisation 
with a regulatory structure 
aimed at strengthening rural 
services and the uniform letter 
delivery. 


Inner-city 
plans 'failed 5 

Government policies for 
Inner-city regeneration during 
the lata 1980s failed to arrest 
the decline to toe centres of 
England’s largest cities, 
according to a report hy the 
Environment department 
The report says that the 
£10bn spent on more than 20 


programmes under toe Acton 
tor Cities Initiative between 
1988 and 1991 had achieved 
a “measurable positive 
impact". The gap between the 
57 urban priority areas 
targeted and other urban 
areas bad narrowed. 

But in many of the moat - - - 

intractable inner-dty areas, 
conditions continued to .. 
decline, despite large sum* . 
of money to regeneration. 


Legal challenge 
over Pergau aid 

Mr Douglas Hurd, toe foreign 
secretary, is due to face a legal 
challenge in the High Court 
later this week over his 
rtpriainn to endorse a donation 
of aid to Malaysia tor toe 
Pergau dam project 

The World Development 
Movement, a London-based 
pressure group on third worid 
issues, is seeking a judicial 

review of Mr Hurd’s decision 
to fluid the projec t to the 
qimtnpr of 1991. Government 
lawyers are expected to appear 
in court to contest the case. 

The WDM says that it is 
ratling for the review of the 
funding of £234m for the 
Pergau dam on the grounds a 
that Mr Hurd broke the 1980 
Overseas Development and 
Co-operation Act. 

According to the WDM, fixe 
Act specifies that aid can only 
be given for the econo mi c 
benefit of a foreign country 
or the welfare of its people. 

Hie WDM will seek to argue 
that the dam project has been 
proved to be uneconomic, and 
was not to toe interests of the 
local population. 

The hearing is due to take 
place on Friday- The High 
Court must rale that there is 
a case to answer before a foil 
scale hearing can be held. 

Mr Ben Jackson. WDM’s 
Campaigns Coordinator, said: 

“At issue is whether or not 
aid is used for the purpose far 
which parliament votes its 
budget and the public gives 
its support” 

Judge sentences 
Thomas Ward 

Mr Thomas Ward, the US 
attorney who advised 
Guinness on its 1986 takeover 
of Distille rs, has been 
sentenced to six months 
imprisonment by a High Court 
judge for faffing to co-operate 

with the om-going Department 
of Trade and Industry inquiry 
into the £2.7bn bid battle. 

Mr Ward was sentenced in 
his absence last month after 
he failed to comply with DTI 
requests to give evidence to 
inspectors. Mr Ward, who was 
acquitted at the Old Bafley 
last year of stealing £&2m 
from Guinness, has instead 
remained in the US from 
where he filed a £58m writ 
against the drinks company 
last mouth. A DTI spokesman 
confirmed that Mr Ward 
would now be imprisoned if 
be returns to the UK. 

The DTE inquiry toto the 
takeover of Distifiers was 
announced in 1988 and an 
interim report was produced 
in 1968 but never published. 

The DTI said it is not known 
when the ins pec to rs will 
complete their inquiry. 

In his writ against 
Guinness, Mr Ward is 
claiming loss of earnings from 
his law practice, libel and 
slander. The company has said 
It win strongly defend the 
action. 


Milk Marque attracts ‘70-80% of farmers’ 


By Alison Maitland 

Milk Marque, toe producers’ 
cooperative that will succeed 
the Milk Marketing Board in 
November, is confident it will 
sign up between 70 per cent 
and 80 per cent of toe SOJJOO 
dairy farmers to En gland nod 
Wales. 

Mr Andrew Dare, chief exec- 
utive, said yesterday that con- 
tracts and interest so for indi- 
cated this target would be 
achieved. He had previously 
confirmed only that over half 
of all dairy formers had signed 
Op- 

Farmers will be free to sell 
their milk either to Milk 
Marque or direct to dairy com- 
panies under toe board's plans, 
approved by the government 
last week, to open the £3J3bn 
market to competition on 
November L 

Mr Dare’s confidence of 
attracting the vast majority of 
producers will fuel concern 


Salad growers warn of sector collapse 


Salad growers last night urged the government 
to take action to prevent the collapse of the 
£I54m sector in the face of cheap imports. 

Sir David Naish, president of the National 
Farmers’ Union, led a delegation of growers 
who told MPs from both sides of the Commons 
that many UK salad businesses would go bank- 
rupt unless the government helped. 

He said overproduction of salad to the Euro- 
pean Union had poshed down prices to growers 
in the UK. Imports of iceberg lettuces from 
Spain alone had more than doubled since 1988 
to 70,000 tonnes last year, driving homegrown 
produce off supermarket shelves. 

Foreign lettuces, tomatoes and cucumbers 


were being sold in Britain “at prices for below 
those which could reasonably be set for home- 
produced items,” said Sir David. 

Mr Roger Sayer, managing director of Hum- 
ber Growers, which produces nearly a quarter 
of tire country’s cucumbers, said spring prices 
were 40 per cent down on last year. 

Mr Sayer said the govern m ent should investi- 
gate whether other EU growers were receiving 
state aid which distorted co mpe titi on. He also 
urged foster approval of pesticides, so UK grow- 
ers had access to the variety available to EU 
competitors. "We're just as efficient as our 

European colleagues, but unless we get a fair 

crack of toe whip, the business will disappear.” 


among dairy groups that MDk 
Marque will be too big a 
player. 

The Dairy Trade Federation 
said it was worried “the 
arrangements provide consid- 
erable potential for the abuse 
by Milk Marque of the domi- 


nant position it seeks to 
achieve." 

Mrs Gillian Shephard, agri- 
culture minister, said last 
week she expected toe Office of 
Fair Trading and the European 
Commission to ensure that 
Milk Marque did not abuse its 


market power. The trade feder- 
ation. which has threatened 
legal action tn the past, said it 
would consider whether the 
assurances met toe needs of 
buyers and producers for a fair 
trading environment 
The milk board also 


announced yesterday it expec- 
ted Dairy Crest, its processing 
subsidiary, to be floated on the 
stock market in late September 
or October. But it did not rule 
Out that the Sale might fcahw 
place after the launch of Milk 
Marque, if stock market condi- 
tions did not improve. 

The proportion of Dairy 
Crest that ends up in public 
h a n d s will depend on whether 
dairy formers, who are entitled 
to £S5m from the sale for past 
Investments in the company, 
decide to take toe money as 
cash or shares. 

Mr Dare said the board 
would announce an indicative 
price next week for Milk 
Marque's sale of milk to dairy 
companies, asking them for a 
response by mM-July. 

*TT we get more demand than 
we have supply available, we 
shall have to look again at 
prices and adjust upwards, or 
vice versa if prices are too 
high,” said Mr Dare. 


Rifkind accused of setting 
scene for Rosyth closure 


By Ivor Owen 
and James Buxton 

Mr Malcolm Rifkind, UK 
defence secretary, was accused 
in parliament yesterday of 
making political preparations 
fbr toe closure of the Rosyth 
naval base, in Fife, instead of 
fi ghting for its survival. 

At the same time the Rosyth 
naval dockyard took its diver- 
sification from warship refit- 
ting a stage further by launch- 
ing a company to carry out 
steel fabrication for outside 
customers. 

The attack on Mr Rifkind 
was was made by Mr Alex Sal- 
mond, Scottish National party 
leader, who said the govern- 
ment’s intentions had been 
made dear fay Mrs Susan Bell, 
Tory candidate in the Monk- 
lands east by-election. 


Mr Salmond said had 
described the Rosyth base as 
"yesterday’s installation, 
unable to meet the demands of 
tomorrow”. 

Mr Rifkind said the future of 
the base was being examined 
with that of other installations 
as part of the “front line first” 
study of defence support costs. 
He expected final proposals to 
be announced nest month. 

Babcock Facilities Manage- 
ment, which operates the dock- 
yard, has invested nearly Sfim 
to new steel fabrication facili- 
ties and yesterday annmmfwi 
a £3m contract to supply steel- 
work for upgrading the Forth 
road bridge, dose to the yard. 

It expects the subsidiary, 
Babcock Rosyth Fabricators, to 
win contracts for modules for 
offshore platforms and other 
wort 


The contract for the Forth 
road bridge involves supplying 
L600 tonnes of structural steel 
over 20 months to Grootcon 
UK, the contractor upgrading 
the towers cf the bridge to take 
increased traffic, 

Babcock Facilities Manage- 
ment, a subsidiary of Babcock 
International, employs 3,500 at 
Rosy th. About a quarter of the 
yard's weak Is for civ ilian 
tamers. It would like this to 
Increase to 40 per cent. 

The dockyard already refur- 
bfehes trains for the London 
Underground and makes join- 
«7jproducts. Babcock Rosyth 
Fabricators is building rudders 
for ships, modules for gas tur- 
and the bull of a highl 
Peed ferry for Hong Kong. 

Mr Rifkind insisted no deci- 
dm had yet been taken about 

the Rncvfh v Ul 




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FINANCIAL TIMES WEDNESDAY JUNE 22 1994 


MANAGEMENT 


• . : ‘H 


Change 

brings 

results 


management is 
often viewed sceptically 
by shareholders, media 
commentators ami employees. 
Bat a new survey* of senior 
American and European 
executives suggests those at 
the top are still confident of 
producing positive results. 

Roughly two thirds of the ISO 
or so companies responding to 
the poll claimed they had 


employees to focus on quality 
issues, while half reported big 
strides in boosting productivity 


awareness of customer needs. 

Other results, though, were 
more mixed. Just over half 
reported an improved share 
price and better profitability, 
but only 80 per cent said they 
had made significant gains in 
market share. Only one third 
believed they had been 
successful in winning employee 


workers' adaptability to change. 

The survey, by the business 
organisation The Conference 
Board, found that most 
companies began their current 
round of change management 
in 1989. More than half said 
they had made marked changes 
in their organisation stru c ture , 
business strategy, and the size 
and composition of their 
workforces, while at least half 
had overhauled their leadership 
style and company culture. At 
least 40 per cent had also 
changed their use of 
information technology, 
decision-making styles, baric 
work processes and reward 
systems. 

The difficulty of implementing 
anew culture and values was 
cited by 40 per cent of 
respondents. “Vision and values 
now serve as the glue that holds 
the decentralised organisation 
together", says. the report 

Tim Dickson 

'Change management an 
overview of current irndatioes. 
Report No 1068-94-RR, from The 
Conference Board Europe. 

Avenue Louise 207, Box 5, B-1050 
Brussels. Tel (322) 6406240, Fax 
640-6735. Price {25 for members, 
$100 for non-members. 


P eter Turnbull faces a 
daunting task Hire pmnth 
as he settles into his new 
office on the edge of the 
City of London. He has become one 
of only a handful of outsiders to be 
hired in a senior position by an 
accountancy firm. 

His appointment as chief operat- 
ing officer marks a renewed attempt 
by Robson Rhodes, the UK’s 15th 
largest firm by fee income, to bring 
in external expertise from his roles 
as managing director of Lex Service 
and as an independent consultant, 
to help with the ni anagwnmt of its 
professional practice. Two years ago 
the firm appointed Ray Fierce, a 
non-accountant, as executive, 
but he was subsequently head- 
hunted by Guardian. Direct, the tele- 
phone insurance company. 

The changes at Robson Rhodes 
reflect a broader trend among 
accountancy firms in the UK, the 
05 and elsewhere, which are seek- 
ing new approaches to Tnar>BgwnBnt 
as the traditional structure and 
operations of partnerships are 
increasingly seen as redundant. 

“We have all spent ages trying to 
make it work, but the partnership 
model isn’t sustainable. Genuine 
partnerships collapsed with size,” 
says Hugh Aldous, managing part- 
ner of Robson Rhodes. 

Deregulation by professional bod- 
ies in the early 1970s removed for- 
mal restrictions hunting the total 
number of partners in accountancy 
firms, at a time when they were 
already fast expanding in size, 
offices and the range of services. 

The days are now long gone - if 
they ever really existed - when all 
partners in the bigger firms could 
get round a single conference table, 
let alone meet regularly to control 
their practice by consensus. 

The role of the senior partner has 
consequently changed to focus more 
on management, with its occupant 
increasingly selected on merit “in 
the 1970s we were dominated by old 
men nearing retirement. You 
became senior partner at 60, and 
the plane was fail of nice old gentle- 
men,” says a partner in one firm. 

One of the first British firms to 
appoint a nan-accountant to a top 
executive position was Casson 
Beckman, a London-based practice, 
which hired John Pearce, joint 
founder of Hoskyns Group, the can- 
suntancy, as chief executive on a 
three-year contract in 1988. “He 
s tru ct ur ed us along tighter divi- 
sional lines,” says Geoff Barnes, the 
accountant who took over as chair- 
man from within the firm, 

A small management committee 
reviews day-to-day operations, 
while all 25 partners meet each 
month to discuss topics such as hir- 
ing or removing partners. “Yon can- 
not make every decision around a 
25-seat table. Many partners want to 
be involved only in client work and 


Andrew Jack on the future for 
accountancy partnerships 

Outsiders 
move in 



Peter Turnbull: bringing external expertise to Robson Rhodes 


are happy provided they are com- 
municated with,” he says. 

The introduction of outsiders has 
been resisted by most firms, with 
the exception in many large US 
firms of general counsel, a senior 
lawyer appointed in a reflection of 
file country's litigious environment 

Evidence of broader changes to 
internal management is more wide- 
spread. Coopers & Lybrand, the 
UK’s biggest firm, has for a number 
of years beat headed by a chairman 
and an exec u ti v e cnminttfr»P_ Simi- 
lar structures exist in all its big 
competitors. Most are based on hier- 
archical, traditional corporate-style 
approaches. 

“1 Saw signs Qf fate be ginning fij 
the early 1980s,” says Alan Hodgart 
of consultants Hodgart Temporal 
“There was enormous trauma and a 


tendency to centralise power.” 

In response, many partners 
within the bigger Anns began to 
feel alienated, demotivated and iso- 
lated from decision-making. The 
consequence has been cynicism and 
a temptation to ignore or frustrate 
senior management's strategies. 

Hodgart says reformers at the 
tmiP came to the wrong conclusion 
because they were often guilty of 
sophistry: they wrongly suggested 
that the partnership was the cause 
of manag e ment problems, and that 
the solution was to introduce alter- 
native, corporate structures. 

The changes by accountants iron- 
ically have taken place at a time 
when many compa ni es are trying to 
remove layers of hierarchy hi then* 
own organisations and to flw 
most powerful element of partner- 


ship - sense of ownership as a moti- 
vator. 

Hodgart says a number of the 
accountants also mistakenly 
believed they were following the 
feed taken by one of the world’s 
biggest and most successful firms, 
Arthur Andersen, in fact, Andersen 
may have tight management but it 
continues to involve its partners 
actively in strategy discussions. 

“Andersen, and other successful 
partnerships like McKinsey and 
Goldman Sachs, spend a fortune dy- 
ing partners around the world to 
debate strategy,” says Hodgart 
“Because the partners know where 
they are going, they are wining to 
weak within the strategy ” 

The structure also works because 
Andersen has grown organically 
rathe? than through merger, with 
partners around the world sharing 
a common culture, training and 
approach. 

The firm retains a strong element 
of democracy, with partners voting 
on the admission of their peons, and 
being consulted on the appointment 
and performance rtf their managing 
partners. Perhaps most important, 
partners are also receptive to the 
strategy adopted by the firm 
because it has manifestly worked, 
with Andersen widely perceived to 
have among the highest levels of 
profits and growth in the sector. 

However, David Maister. of Mais- 
tar Associates, a US-based consul- 
tant to professional firms, argues 
that simply focusing on senior man- 
agement st ru ct u res and on the 
of part icipa tion in strat- 
egy is not enough. “I have seen the 
strategic plans of all the major 
firms and they are identical,” he 
says. "That is not a mistake. They 
are all stressing the right things. 
The race Is about who can imple- 
ment them best.” 

Maister argues that while firms 
may have altered their st r uctur es 
daring the 1980s, they did not intro- 
duce management so much as ad- 
ministration by numbers. “There 
was a sense that people will leave 
you alone as long as you meet your 
target,” he says. 

“Very little changed until the last 
recession. For the last 20 years they 
were asked to be effective, not effi- 
cient. Now clients are reafishig that 
a lot of what the accountants pro- 
vide is methodology-driven and not 
brain surgery.” 

While they have long made 
money selling management infor- 
mation system to others, the firms 
are only now installing them inter- 
nally. “The real need is not for man- 
agement at the top of the organisa- 
tion bnt for tetter front-line 
coaches,” he says. 

For firms hoping to flourish in 
the late 1990s, learning the manage- 
ment lessons from their more pro- 
gressive clients will be of vital 
importance. 


Diversification 
brews success 

Emlko Terazono meets shipbuilder 
turned tea-seller Michio Ota 


orporate venturing has 
a chequered history in 
1 Japan. Recent forays by 


breweries into the flower business 
and ban bearing manufacturers 
into semiconductors demonstrate 
this. But the decision by Hitachi 
Zosen, a leading shipbuilder, to 
invest In TurChung Chinese tea, 
has proved a notable exception. 

The venture, started in 1986, 
has grown into a YlObn (£64m) 
business and profits contributed 

to half of the company's- 2&3 per 
cent pre-tax earnings growth last 
year. 

Like other shipbuilders in the 
mid-1980s, Hitachi Zosen faced 
a sharp decline in demand and 
plunging profits due to the high 
yen. In an effort to reduce 
dependence on its core business, 
the company appointed Michio 
Ota, an wi ginoer who had spent 
the previous 39 years constructing 
ships, as general manager of the 
new biotechnology division. 

Ota’s new career began 
unpromisingly with the failure 
of projects to grow mushrooms 
and make a type of fish bait But 
he was sure that the idea of a 
healthy Chinese tea would be 
popular given Japan's ageing 
population and growing interest 
in health products. 

The tea’s effectiveness had been 
tested in several university 
hospital laboratories. “Having 
a background in phystes. I liked 
the concept of manufacturing »nd 
selling the tea with a lot of 
scientific research data,” he says. 
Thai people in China have been 
d rinking it for 5,000 years was 
also reassuring; be adds. 

Market research was carried 
out on 30 Hitachi employees, who 
confirmed that the tea induced 
a favourable effect, including 
weight loss, a decline in 
cholesterol and lower blood 
pressure. However, introducing 
a product and being new to the 
business proved to be a handicap. 
“No one would buy the tea for 
the first few years,” be says. 

Neither Ota nor Hitachi had 
experience in dealing with 
consumer products. The company 
did not hare a retail network and 
Ota was unable to entice any of 
the beverage or foods makers into 


a tie up. As a result he decided 
to go it alone, walking from 
retailer to retailer, asking barber 
shop Afonina and cosmetic sales 
staff to offer the tea to their 
customers. 

Hitachi's president ordered the 
company to use Tu-chung tea 
internally, while sales staff in 
the shipping divisions were told 
to give clients and business 
contacts samples of the tea and 
special kettles to brew it with. 

Hitachi attracted the interest 
of large stores with health food 
departments in 1989, but the big 
break came in 1992 when the 
product was introduced to a wider 
audience by a health magazine. 
When a television feature 
described the tea as an effective 
dietary aid, food companies, 
including Coca Cola and Asahi, 
which had shunned Hitachi's 
initial requests, all rushed into 

The tea’s 
effectiveness was 
tested In several 
university hospital 
laboratories 

the market 

Hitachi, which now sells its 
tea In more than 5,000 retail 
outlets, faces growing competition 
with over 50 companies active 
in the tea distribution business. 
Quality control is an increasingly 
important competitive weapon; 
tea leaves imported from China 
wluch do not hove enough adds 
to cut cholesterol or anti-stress 
substances are now removed. 

The company’s diversification 

into envir onmental machine ry 

- for instance, incinerators - has 
also succeeded, and it has 
managed to reduce its dependence 
on shipbuilding to only 30 per 
cent of sales. For the business 
year just aided last March, Ota 
expects to post YlObn in tea sales, 
2L5 per cent of total sales. 

Food feds, though, come and 
go quickly in Japan, and the 
popularity of Chinese tea could 
stmt to wane. “We want to start 
marketing the tea as an ordinary 
beverage rather than just a health 
remedy,” says Ota. 


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™«S WEDNESDAY JUNE 32 1994 


BUSINESS AND THE ENVIRONMENT 


W ould you put recycled 
oil into your car? 
Some Californians do, 
providing a business 
for Evergreen, a company that spe- 
cialises in collecting and re- refi n in g 
lubricating olL S imilar oil is avail- 
able through Wal-Mart, the US 
retail fthain And UK motorists will 
soon have the chance to use a re-re- 
fined oil, Envirol, produced in the 
UK by OrcoL 

But is recycling the best environ- 
mental option for dealing with 
waste oil? The answer depends on 
your commercial position. The oil 
business tends to think used oil 
should be burned as fuel in certain 
high-temperature processes, such as 
cement making and roadstone prep- 
aration. 

Environmental campaigners 
think it should be treated and 
returned to its original use. Both 
sides have strong economic and 
environmental arguments in favour 
of their opposing positions. 

There is no disagreement on the 
problem of used oiL Roughly half 
the oil sold is “lost" in use. Some 
escapes through leaks, some is 
burnt inside the engine, some is 
burnt as a heating fuel and the rest 
is dumped illegally. 

In the US, it is estimated that 
more thnn i.4m tonnes of used oil is 
dumped in landfills, on land and 
down sewers each year. That is 
equivalent to 35 Exxon Valdez 
disasters a year. The UK consumes 
about 800,000 tonnes of lubricating 
all a year and roughly half of that 
disappears. West Germany (before 
unification) consumed just over lm 
tonnes a year with just over half 
collected after use. 


A gallon of dumped 
oil can contaminate 
up to lm gallons of 
drinking water 


The dumped oil is not only a 
wasted resource but a powerful pol- 
lutant which can contaminate land, 
poison water supplies and destroy 
wildlife. A gallon of dumped oil can 
contaminate up to lm gallons of 
drinking water with heavy metals, 
chlorinated solvents and carcino- 
genic compounds. 

hi Europe, an EU directive makes 
member states responsible for 
ensuring the safe collection and dis- 
posal of waste oil The preferred 
option is to regenerate and re-use 
it Failing that it should be used as 
a fuel. European countries have 
used different policies to encourage 
collection. Taxes and subsidies have 
been tried by Germany, France, 
Italy, Spain and Finland. Sellers of 
motor oil have been obliged to take 
it back in Germany. 


Debate fuelled 
by recycled oil 

Peter Knight looks at why environmentalists are 
for re-refining and the big companies against 


Some countries, such as Ger- 
many, treat some used oil as haz- 
ardous and therefore subject to spe- 
cial handling. Other countries, such 
as the US, have decided against this 
classification. No country or state 
appears to have found the Ideal 
solution, especially to encourage 
do-it-yourself oil changers to bring 
back their used ofl. 

A UK survey found that in one 
city 63 per cent of motorists 
changed their own ofi and 80 per 
cent of those admitted pouring the 
old oil down the drain. 

Re-refining used to be a messy 
process which used sulphuric add 
and day to extract the impurities. 
This created by-products that were 
more hazardous than the original 
waste ofi. 

Newer technologies now use a 
combination of distillation, filtra- 
tion and hydrogenation to finish the 
ofi. This removes the water, most of 
the contaminants and additives. It 
produces a base oil which can be 
blended to make a product that is 
claimed to be as good as that made 
from virgin ofi. 

Angela minus, editor of Indus- 
trial Waste Management, says used 
oil is treated at three levels. 
“Although the equipment may vary 
and companies may use proprietary 
processes the basic levels are fuel 
oil, recycling, and re-refining.” 

To produce fuel oil the waste is 
dewatered, filtered and then centri- 
fuged. Road stone makers, cement 
makers and power stations buy this 
oil, which has a lower sulphur con- 
tent than virgin fuel oil. 

Recycled oils are usually those 
used in hydraulic equipment or 
other industrial machinery. The oil 
is returned to its original specifica- 
tion after residues, contaminants 
and water are taken out 

Re-r efining produces a number of 
different fractions: diesel, lubrica- 
ting cfis and asphalt. The lubrica- 
ting oil fraction is finished to pro- 
duos a base oil, which is blended 
with additives to make the final 
product Modem re-refining meth- 
ods create no harmful by-products. 

Makers of such oil, such as Ever- 
green in the US and Orool in the 
UK, say their products can meet all 
the engine makers' performance 


^ ■s a t q 




Now for old: ofl recycling at Lanstar Hydroc a rbon's Hataso wn o n site 


specifications. But the oil majors 
are sceptical. 

Nick Wilkinson, a business 
adviser to BP Ofi Marketing, says 
re-refined oil would not meet Ids 
company's standards for health and 
safety. "In our estimation most re- 
refining processes are insufficient 
to overcome the health and safety 
aspects because of the presence of 
PCAs.” 

PC As, or polycyclic aromatics, are 
formed when the oil is circulating 
in the internal combustion engine. 
PCAs are harmful if they come into 
contact with the «kfa- 

But according to Jeff Underhill, 
vice president for business 
development at Evergreen: “We do 
not see this as a problem. Our base 
oil meets all the standards and 
passes all the tests for health and 


safety.” 

Wflkinson is also sceptical of the 
energy efficiency of the re-refining 
process. The EU says preference 
should be given to re-refining 
because of the energy savings it can 
bring, but the oil industry doubts 
the accuracy of this statement 

Underbill is not convinced: "We 
think that when you consider all 
the issues, re-refining is the most 
energy-efficient option. I don’t see 
burning used oil as a long-term 
solution anyway, because air purity 
standards will get tougher." 

Re-refining can also be highly 
profitable if the systems of 
collection are efficient “From a 
green investment point of view the 
business of re-refining lubricating 
oil is very attractive because of the 
margins that can be achieved,” says 


Mark flampanah* an analyst fOT the 

NH Global Care Fund. “By using 
recycled oil you are also replacing a 
virgin product with a recycled raw 
material, it must make both 
business and environmental sense." 

But if margins are to be 
realised the collection, systems have 
to be reasonably close to the 
refineries and well-managed to 
prevent lubricating oil becoming 
mntominafpd with other oils and 
liquids, such as synthetic cooling 
oris. 

The efficiency of collection 
systems depends largely on 
government policy - especially its 
enforcement - as well as the 
demand from industry for recycled 
ofi. Even in those countries where 
the law has been strict, such as 
Austria, enforcement is slack.- 

In the UK, illegal disposal can 
lead to a fine of £20,000 or six 
months in prison. But the collection 
systems are at best haphazard and 
there is little from industry 

for re-refined ofi. 

While the crude oil price remains 
low and margins tight in the oil 
business, the big oil companies 
have little Interest in promoting 
collection or recycling. 

“The government needs to do 
more to encourage recycling. The 
existing collection systems are well 
established local governments 
are providing fa ties hut we need 
the government to provide the push 
for the next step up. The recovery 
and recycling companies can cope 
with any increase in the volumes 
recovered,” says Arthur Rennie, 
general manager of Lanstar 
Hydrocarbons, a recoverer and 
recycler. 

Orcol, the UK's biggest collector, 
is trying single-handed to stimulate 
recovery. It has launched a 
collection promotion called “Earth 
Defender” where service stations 
will provide finalities for DIY oil 
changers to deposit their waste ofi. 

This might be sufficient to 
guarantee a flow of sufficiently 
high-grade raw material for Orcol’s 
production of Envirol, but it will 
not ™»k» much of a difference to 
the UK’s waste oil problem. 

While the German system is for 
from efficient, some used oil is 
treated and returned to the 
lubricating oil cycle by using it as a 
feed alongside virgin oil in some 
major refineries. 

“This is a highly subsidised 
activity. If you have to install new 
equipment in oil r efineri es to use 
waste oil as a feed it will increase 
costs and the exercise will not be 
economic,” says Wilkins on. 

Without nncon tested figures to 
back re-refining, effective 
government policy and a change in 
the motorist's perception of 
recycled afl, the problem of used oil 
seems set to grow as fast as the 
world’s expanding car population. 


Andrew Jack meets a company 
president with a green mission 

Assessing the 
damage 


E chart Wintzen is a rare 
combination of the 1960s 
and the 1990s: his longhair, 
beard and idealism are offset by 

bis presidency of BSO Origin, 
a successful high-tech 
Dutch-based computer services 
company. ' 

Nowhere are the two sides of 
bis character better matched than 
In the annual report of his 
business, which adopts a highly 

innovative approach to 
environmental reporting and 
shareholder communication. 

Each year he hires a different - 
company of de signe rs to help 
produce - Hip wwmrai report. Two 
years ago it was printed using 
a comic book format; last year 
it included a teabag and a 
sticking plaster; tins year, a 
series of philosophical m usings 
on interrelationships. 

But one thing has remained 
constant in the animal report 
over tiie last four years: d e ta ils 
of an assessment in monetary 
terms or the environmental 
impact of the company. 

BSO has pioneered the use of 
q uan tifiable information 
attempting to show the “extracted 
value”, or the effect of the 
company’s operations, on the 
environment 

“We calculate the theoretical 
costs to repair the damage done,” 
says Wintzen. 

“It is impossible to achieve any 
serious structural improvement 
unless yon know the cost of the 
alternatives.' 1 . 

He says his initial interest in 
environmental matters dates from 
reading the influential Club of 
Rome report in the early 1970s 
which warned that as be puts 
it “you can’t have unlimited 
growth on a limi ted planet”. 

He worked with a series of 
scientists to develop a 
methodology that could express 
a price for the ecological impact 
of his company. It makes a series 
of assumptions in order to 
estimate the costs at a point at 
which the marginal cost of 
clean-up is equal to its marginal 
benefits to society. 

The results provoked some 
surprise. In the current year, the 
environmental impact of BSO 

was F13.7m <£1.3m), offset by 


environmental spending of 
F1452.0O01 Of the total. Fl&8m 
came from road traffic alone - 
the costs or staff commuting to 
work. 

“We found out where the 
damage was and it is nonsense 
to talk about using plastic cups 
- the cost of accounting for them 
is more expensive than their 
impact," he says. 

Using the data. BSO has 
instituted campaigns in its 
operations around the world: 
from cutting back on the use of 
cars to using double-sided 
photocopies, turning off the 
heating and air conditioning 
outside office hours, and 
dispensing sugar in jars rather 
than disposable sachets. 

There are questions about the 
techniques BSO uses. It includes 
in its calculations the 
environmental costs incurred 
by clients on whose premises 
many of its staff work: and it 
does not count the waste of old 
computers because these are 
normally donated to schools 
rather than thrown away. 

The company's effect is minimal 
compared with polluting 
industries. But, as Wintzen says: 
“We say Took at the damage even 
a service company does'. We are 
not going to change things on 
our own hut we are doing our 
little bit-" 

He points to the growth of the 
term “extracted value” by 
politicians and senior business 
people over the last few years, 
and continues to spend time 
discussing the issues. 

Next year he plans to place 
greater emphasis on assessing 
the results of unemployment, 
arguing that it is part of the same 
problem as ecological damage. 

It is caused by a tax system that 
generates most revenues from 
employment and a tiny fraction 
on raw materials. He would 
like to see the situation 
reversed. 

But Wintzen has no plans to 
abandon business and proselytise 
full time. “If I gave up business 
and Just went around in sandals 
no one would listen to me,” he 
says. “Because I also make 
money, they have to pay 
attention.” 


PEOPLE 


Sir David White to 
chair Coal Authority 


Sir David White, chairman of 
Mansfield Brewery and Not- 
tingham Health Authority, has 
been appointed the first head 
of the Coal Authority winch is 
being set up by the govern- 
ment to supervise coal mining 
when the industry is privatised 
later this year. 

His appointment as chair- 
man-designate of the authority, 
whoa he wfil work one day a 
week, means he will step down 
as part-time non-executive 
director of British Coal. He has 


been an the board at the corpo- 
ration since last October. 

Sir David’s work in the coal 
industry continues a long asso- 
ciation with energy. Early an 
in his career he served at sea 
working for Shell Texaco and 
Gulf Ofl. 

The gover n ment announced 
yesterday that the authority 
would be based in Mansfield in 
a building already part-occu- 
pied by British Coal Opencast 
The (foal Authority will take 
over British Coal’s ownership 


of coal reserves, license coal 
mining operations and deal 
with liabilities arising out of 
former British Coal-owned pits. 

It will employ up to 100 people. 

Sir David, 64, said appointing 
a chtef executive would be 
gwirnTg - his first twfcg- 

He said Ms appointment as 
chairman, which is expected to 
be effective from July when 
coal privatisation receives 
royal assent, was a terrific 
opportunity to help facilitate 
the development of private sec- 
tor Coal mining . 

Sir David, 64, was brought 
up in Nottingham, where he 
now lives. “1 am steeped in 
Mn tKnghnwBthiy iB and therefore 
the coal industry," he said. 


Non-executive 

directors 



Larger portfolio for Castleman 


Standard Chartered, the 
UK-based international bank- 
ing group, has reshuffled the 
responsibilities of its senior 
directors, freeing its current 
head of investment banking, 
Christopher Castleman, to take 
charge of large rffent relation- 
ships. 

The hank has tried to 
sharpen its management fol- 
lowing the appointment of Pat- 
rick GUlam as its chairman, 
and Malcolm Williamson as its 
chief executive. It has yet to 
shake off decisively its image 
of being accident-prone. 

The reshuffle places Castle- 
man in charge of major client 
relationships for the group 
around the world as well as 
some strategy issues. Peter 
'Wood, who already controls 
finance and risk, will take 


overall responsibility for strat- 
egy. 

John McFariane, who heads 
treasury and capital markets, 
will take over responsibility for 
merchant banking, capital 
markets and stockbroking. 
This is intended to create a sin- 
gle unit for all trading and. 
markets activities. 

David Moir, the executive 
director responsible for the 
Asia Pacific region and group 
personal banking, will assume 
responsibility for custody, pri- 
vate banking and private trust 
businesses within the bank’s 
Eqvritor group. 

David Brougham, the execu- 
tive director responsible for 
banking activities In Europe, 
America, Africa, Middle East 
and South Asia, will take addi- 
tional responsibility for credit 


and credit services. 

■ Lloyds Bank has appointed 
Kent Atkinson, 49, as its chief 
financial officer from mnrt Jan- 
uary. He will succeed Colin 
Wflks, who retires at the end of 
this year after completing 37 
years’ service with the bank. 

Atkinson, who joined the 
Bank of London and South 
America in 1964 before it was 
acquired by Lloyds, worked in 
South America and the Middle 
East He moved to the UK in 
1988 and is general manager 
for UK banking retail 
operations. 

■ Alex Pilate, a vice-pr esident 
of J.P. Morgan, has been 
appointed head of risk manage- 
ment advisory services within 
HSBC’s treasury and capital 
markets division. 


Bay Green moves up at Kleinworts 


Bay Green, 51, has been 
rewarded for returning to the 
Kleinwort Benson, fold. Three 
years after he resigned as Hili 
Samuel's head of corporate 
finance, he has been appointed 
head of Kleinwort Benson's fin- 
ancing and advisory division. 

Green, a chartered accoun- 
tant who first joined the mer- 
chant bank in 1971, takes 
charge of one of the biggest 
parts of Kleinworfs business. 
It covers everything from cor- 
porate lending and tearing to 
privatisation advice and public 
issues. It has a staff of around 
600. 

HLs appointment follows last 
year's management reshuffle 
when the group’s investment 
bank business was put under 
the control of two joint chief 
executives David Clemen ti and 
Sir Nicholas Redmayne. At the 



time the corporate finance and 
financing divisions were 
merged; Ctemeuti took over as 
head of the new division and 
Bay Green was appointed his 
deputy. Having overseen the 
merger of the two divisions. 
Clsmenti has decided to hand 
over control to Green and con- 


centrate on his job as joint 
chief executive of investment 
banking. 

Kleinwort portrayed Green's 
appointment as a natural pro- 
motion but it is understood 
that there has been some jock- 
eying for power behind the 
scenes. Earlier this month, Ian 
Peacock, 46, the main board 
director who had headed Elein- 
wort's financing division 
before the merger with de- 
menti’s division, left to join 
BZW as CO-head Of merrhant 
banking in the US. 

Meanwhile, Kleinwort Ben- 
son has merged its project 
advisory and medium term 
export finance businesses into 
a new project and export 
finance department chaired by 
Patrick de Pelet Adrian Mon- 
tague and Simon Parker have 
been appointed co-bead. 


■ lord Moore of Lower Marsh 
(above), former secretary of 
state for health and social 
services, and chairman of 
Credit Suisse Asset 
Management, at 
ROLLS-ROYCE. 

■ Jack Cynamon, Co-founder 
of JACQUES VERT, having 
retired as joint executive 
chairman. 

■ Lionel Stammers, former 
director of BTR, at BARLO 
GROUP. 

■ Timothy Redman at 
GREENE KING, having wanwi 
to be executive. 

■ Brad Hanson, a 
vice-president at Warburg 
Pincus, and Desmond Presto n, 
a retail consultant, at WEW. 

■ George Gwflt and Sydney 
Mason have retired from 
HAMMERSON.' 

■ Christopher Sporborg, 
deputy chairman of Hambros, 
at TRADE INDEMNITY 
GROUP. 

■ Sir Harry Llewellyn has 
retired from CHEPSTOW 
RACECOURSE. 

■ Sir David White has retired 
from Y.J. LOVELL 
(HOLDINGS). 

■ Willia m Gov ett has resigned 
from GO vurr AMERICAN 
ENDEAVOUR FUND. 

■ Ro bert M cGee as chairman 
at BRITISH VITA, having 
stepped down from his 
executive rote. 

■ Marjorie ScanUno (below), 
chief executive of The 
Economist Group, at W.H. 
SMITH. 



\\ 1 

i*' i 




V 


•'*-*•* 3 g. 


SSL. 


4 





FINANCIAL TIMES WEDNESDAY JUNE 22 1994 


(iuarii 


Jv- - 




indications that somefiifwg 
odd was happening readied me 
at 2.45 on Saturday morning. 
Listening to Radio 5 Live as I 
cleaned my teeth I heard Kch- 
arn uanyn (sensibly grabbed from LBC by 
fte BBC’s new contumous news network) 
patching into a Uve transmission between 
a helicopter hi Orange County, California, 
and Ted Turner’s 24- hour television news 
channel, CNN. Someone called OJ. Simp- 
son was being chased op Interstate 405 by 
umpteen “black and whites" (Los Angeles 
police cars) with TV choppers following 
overhead. By noon of the same day I was 
talkin g live on air, via the telephone, to 
Brian Hayes in his Radio 2 programme 
Noyes On Saturday. We were 
the way in which matters develop instan- 
taneously into media events these days. 

Before Saturday I had never beard of 
OJ. Simpson. By lunch time of that day, 
having been tanked up with media cover- 
age like a racing car at a pit stop, I was 
able to suggest knowledgeably to 2 
listeners that in order to understand 
American interest in the incident we 
needed to imagine IS Metropolitan Police 
cars on the Ml chasing a Range Rover in 
which passenger Gary Lineker was hold- 
ing a gun to his own head while taTirtng 
on a cellular phone to a detective in Scot- 
land Yard, explaining his suicidal 
instincts after being accused of the mur- 
der of his wife and her toy boy. AH tins I 


ARTS 

Television/Christopher Dunldey 


Don't blame the messenger 


had gathered from virtually non-stop cov- 
erage of the incident on Sky News which 
relayed America’s ABC News to British 
viewers, and from terrestrial television 
news which also provided extensive 
inserts of American footage. 


H owev e r, it is the subsequent 
reactions in the other mass 
media that are so interest- 
ing. More often than with 
any other medium, the tele- 
vision messenger is routinely blamed for 
the messages it delivers, and here was a 
classic instance. News stories of tills sort 
- visually dramatic, long lasting, and 
occurring in peak viewing hours - are 
meat and drink to 24-hour news channels, 
though they occur very rarely. Apart from 
wars, CNN has won its top ratings with 
coverage of the frantic attempts by emer- 
gency services over some days to rescue a 
child t ra p ped down a welL Television did 
not put her there, nor force the public to 
watch: it simply provided the newsreels, 
but CNN was likened to a vulture. 

So too with the OJ. Simpson story. In 


Monday’s Bally Mail we were told that 

“Big Brother television" had been watch- 
ing, and that “the dividing line between 
true life sad movie fantasy has become 
dangerously blurred". As with much com- 
mentary elsewhere this seems to have 
been prompted by the fact that many 
American viewers left their screens to 
drive out on to the fr eew a y and cheer 
their hero (Simpson having moved on 
from fame in American football to greater 
tome in Hollywood fHmsX But the viewers 
chose of their own free will to do that; 
television was merely the technology 
which conveyed the pictures - a technol- 
ogy which, incidentally, in these sorts of 
circumstances leaves newspapers and 
even radio looking pretty flat footed. 

What is so striking is the widespread 
desire to blame television for matters 
over which it has little if any control. Yon 
might ™»prn>, from the v ilificati on being 

aimed this week at television sports 
departments, that broadcasters con- 
spired to arrange a clash between World 
Cup football, Wimbledon tennis and Test 
cricket “A hundred and fifty hours of 


sport In one week! How can they possibly 
justify it?" ask the radio and newspaper 
commentators. The answer, presumably, 
is that the television chiefs would be the 
first to avoid such dashes if they could; 
they must be at their wits’ end finding 
enough outside-broadcast equipment, and 

seething at the way that the different 
sports will damage one another’s poten- 
tial ratings. 


Y et many people seem to fed a 
need for something other than 
ourselves on which to blame 
the bass: instincts of mankind. 
There have been supercilious 
reactions to th e inclusion to the final epi- 
sode of TTY'S excellent documentary 
series about the British royal family. The 
Windsors, of extracts from the "Squidgy” 
and “CainUl agate" tapes. In the first 
someone who sounds awfully Uke Prin- 
cess Diana uses the *T" word while 
talking to a man friend about the royal 
family, and to the second someone who 
sounds awfully like Prince Charles says 
how he needs several times a week the 


woman an the other mid of the line who 
sounds awfully like Camilla Parker 
Bowles. Television did not commission or 
create those tapes and I for one was grate- 
ful to hear them, rather than simply to 
see them transcribed in print Royalists 
may not like what they convey, but view- 

er/voter/snbjects in this mature old 
democracy are surely entitled to consider 
such vivid bits of evidence. 

Television can rightly be blamed for its 
messages when the broadcasters are 
responsible for commissioning them. Last 
week’s Dmbleby Lecture was an example. 
By inviting as lecturer the heed of MI5, 
the BBC made itself a part of an old 
British problem (a powerful instinct 
among politicians and civil servants to 
conceal matters from those who elect and 
pay them) rather than part of a possible 
answer (mass media with an instinct to 
disclose and a policy of digging and chal- 
lenging). 

Stella Riming ton was given 45 minutes 
of public service broadcasting time to 
deliver a PR hand-out - the gist being 
“We are honest, trustworthy, over 


stretched, endlessly accountable and gen- 
erally rather charming don’t you like this 
buttercup yellow outfit?" - and of coarse 
nobody was allowed to challenge her. She 
admitted “A cynic may say ‘How can 1 
know that what yon are saying Is true?’" 
Actually you only need to be ordinarily 
sane to ask that question, to which, of 
course, she had no answer. 


B ut the most important time to 
blame television is when it 
foils to provide the messages 
that it ought to. True, it was 
not the broadcasters' fault 
that cameras, and thus the general public, 
were excluded from the Scott Inquiry 
investigating the arms-for-lraq imbroglio 
which so vividly illustrated both the insti- 
tutionalised secrecy of the British state 
and the contempt in which some politi- 
cians and civil servants now hold the pub- 
lic. In the US, television coverage would 
have been routine and public interest con- 
sequently enormous. But if fringe theatre 
can come up with a way of tackling the 
job, so should television. Nicholas Kent's 
production. Half The Picture, currently at 
the Tricycle in Kilburn is a fascinating 
stage documentary on the Scott Inquiry 
which could easily be transferred to the 
small screen. The quicker somebody in 
television snaps up this message and 
delivers it to a national audience, the bet- 
ter. 


W e had a leaflet raid in the 
Palais Gamier on Friday 
night From the little gallery 
that runs round the inner 
dome of the ceiling papers- fluttered down 
just before curtain rise. A protest, of 
course, and one part of a campaign by the 
Opera's unions to protect jobs at a time 
when Gamier’ s palace closes for refurbish- 
meat (the ballet goes to the Opfera BagHTiw 
next season) and a new administration is 
foreshadowed. 

The rights and wrongs of the matter are 
not for me to rehearse here, but one 
phrase in the leaflet made me foe! immedi- 
ately sympathetic to the cause: "substan- 
tial savings can be made by forward plan- 
ning on productions, and by not yielding 
to so many of the caprices of producers 
and designers.” These words, decorated 
with audience bravos, should be inscribed 
in every opera house. Why yet another 
re-designed and politically galvanised 
cycle, or another tarted-up ballet classic, 
or someoneelse having his go at Swan 
Lake or Figaro'! Opera houses plead pov- 
erty and screech for thuds. Let them con- 
centrate their cash on new work, new art- 
ists, and spare us the desperate cosmetic 
exercises that cloud and minimise the 
established repertory with radical decora- 
tion and wrong-headed recensions. 

The Opera Ballet is ending this season 
with two triple bills under the title Twenti- 
eth Century Classics. And if for “classics” 
you read "enduring repertory items", then 
the title is a good one. What the pro- 
grammes demonstrate yet again is the 
superlative quality of the Opera Ballet as a 
performing ensemble, stunningly well- 
trained, bursting with talent. 


T he first bill concentrates, not 
without wit, on the company as 
an assembly of virtuosos. Harald 
Lander’s Etudes has been a cele- 
brated show-piece for dancers since he 
made it in Copenhagen in 1948. It hymns 
the disciplines and rewards of academic 
training, and with the Optra’s dancers it is 
a thrilling display of French style in its 
present and most exultant form. You 
watch the girls working at the barre, and 
notice the clarity and sensitivity of their 
feet, the taut outlines of each step. Too see 
the boys beating and turning with unfoil- 
ing ease. And, as the heart id the aff air, on 
come Agnes Letestu and Jose Martinez 
(both making debuts, though their author- 
ity was absolute) and Nicholas le R iche, 
tossing off prodigies of movement They 
are three young angels. They look proud, 
happy, commandingly good. Radiant secu- 
rity in effects; unforced charm; elegance of 
means: these qualities mark the work of 
the principals and also the dancing of the 
least member of the cast. And, because 
Op6ra schooling is strong, unified, coher- 
ent, the whole affair has the gloss given by 
finest craftsmanship. It is exactly this 
assurance that Derek Deane, in bis recent 
comments upon failings in dance training 
here, wants our dancers to find. 

The closing hi the middle, somewhat ele- 
vated looks like an abrasive response to 
Etudes. William Forsythe’s choreography 
is a kick in the slats of academic dance. 
The brutish Thom Willems score is 



Ballet in London/ /Clement Crisp 

A happy ‘Coppelia’ 


W hat a wonderful, odd ballet is 
CopptHa. Odd because of its 
blatant unreality - those 
peasants wearing a perma- 
nent rictus of joy; the whiff of alchemy in 
its second act - and wonderful because its 
joy touches our hearts. Delibes, of course, 
set it towards glory with an unflawed 
score. Whatever choreographic hands have 
fashioned its text today - and I do not 
think it is now possible to unravel who did 
what - they have taken the music as their 
guide, and blessedly so. The story may 
owe something to Hoffmann; it owes more 
to a Mud of dramatic good genpf* that 
responds to the idda of a girl winning her 
boy after a trial by magic. 

Frantz must pass through Act 2 to Cop- 
pfelius’ workshop and learn the difference 
between, a dream, love and bis real fiancee; 
Swanilda must know disappointment, and 
fight for her errant lover’s return to a 
waking world. It is basic folk-myth that is 
the armature for this enchanting comedy. 
We may not notice it, but it gives a sub- 
liminal str en gth to the tale, and because of 
it we care about Swanilda, and even about 
Frantz, who is a less appealing figure (a 
roving eye; liable to pan butterflies to his 
jacket would you let your daughter marry 
this man?) 


We care most immediately about the 
production which expounds this drama 
and London City Ballet - at the Wells this 
week with their happy version - do not 
cheat us, or Coppelia. The text is neat but 
not gaudy, and so are the performances 
and the staging. I found it well-meant and 
well-reasoned on Monday evening. Peter 
Fanner’s sets are discreet and pretty. The 
company bounced through the general 
dances; the principals - Tracey Newham 
Alvey as Swanilda, Roger van Fleteren as 
Frantz, Terry Hayworth as a jovial and 
touching Coppfellus - worked with a wiH 
I record with gratitude that in the audi- 
ence was Pamela May, whose Swanilda 
was one of the abiding joys of our national 
ballet - witty, musical, deliciously pout- 
ing, shining in step, and serenely grand in 
the last act duet Her performances taught 
me a lot about Coppilia's greatness - not 
least that is a ballet which rewards its 
audiences as handsomely as it does the 
finest dancers. London City's identity and 
task is as a missionary taking medium- 
scale ballet to a public who might other- 
wise never see a serious classic produc- 
tion. It is valuable work, and this CoppOia 
shows how well LCB does it. 

At Sadler’s Wells all week 


-oncei 


Monique Loudiferes and Jean-Yves Lormeau in Jerome Bobbins’ ‘In the Night 1 


Borodin plays Shostakovich 


Opera Ballet in superlative form T 

•** heard tl 

Clement Crisp reviews 'Twentieth Century Classics' in Paris 


matched by ferocious energy to the chore- 
ography, disjointed, deconstructed, disas- 
sembled, and perversely lit so that you 
think you can see, but actually can’t - 
which Is Forsythe's neatest trick. 

On any other company it looks as if the 
Forsythian bull has done his worst to the 
daintiest of balletic china-shops. The 
Opfera cast is so strong, and so stylish, 
that the mayhpm frag an odd fairirwHnn: 
there are the wonderful Manuel Legris and 
Lionel Delanoe, Nathalie Riqufe and 
Nathalie Aubin, polishing every jagged 
shard of movement as if it were of worth. 
They are superb- The piece is a con-trick. 

Separating these two displays of bravura 
- Hyperion to a satyr - was Jerome Rob- 
bins’ fit the Night. Haul Barda playing 
Chopin nocturnes with grace; three cou- 
ples; emotion ranging from serene to 
stormy; the Optra's stars at their most 
gffnlg gnt in fowling and technique. And, 
because it is the women’s ballet, Monique 
Loudiferes, Carole Arbo, Isabelle Guferin 
floating mi the music, or transfixed by it. 


with exquisite sensitivity. Kitsch at 
moments, but marvellous all the time. 

The second programme was rather more 
solemn in mood. 1 do not think that 
Tudor’s Jardsn aux Idas has a cha n c e at 
the Opfra. The location is too vast for a 
ballet first given on a stage 18 ft square; 
the lighting on Friday, when I saw the 
performance, was sepulchral; the garden 
looked as if the Douanier Rousseau had a 
hand in planting it; interpretations had no 
chance to show those subtleties - of 
glance, of under-ihe-skin tension - which 
are the fabric of Tudor's dances. Monique 
Loudiferes and Manuel Legris are ideal for 
the roles of Caroline and her lover their 
readings were swamped. 

About Paul Taylor's Speaking in 
Tongues which followed, 1 comment with 
reluctance. This study in ecstatic re li gio n 
in the American Middle-West, with its fun- 
damentalist hysteria, is the only Taylor 
work that I do not enjoy. I find it over- 
long, inexact Its Opera performance - led 
by Kader Belarbi, as a darkly powerful 


preacher - was fine. And I still do not 
understand it 

In the closing Song of the Earth, the 
dancers gave performances of beautiful 
and proper simplicity. MacMillan’s con- 
templation of death and renewal needs no 
applied solemnities, and a strong musical 
account (the Lamoureux orchestra with 
Catherine Keen and Ian Caley, under Jon- 
athan Darlington) inspired no less uncom- 
promising dancing. In Tgahnnn Guferin, the 
role of the Woman finds a most eloquent 
interpreter - dignified, s el fl ess. She tells 
everything of the woman's griefs her isola- 
tion, and she pours out MacMillan’s 
dances in a grand stream of movement - 
the sequence of pas de bourrfees at the end 
of the last song exquisite in shape and 
feeling. Laurent Hilaire was the Man, Wll- 
frled Romoli the M e ssen g e r both readings 
were, like Guferin’ s, admirable, truthful. 

The Tndor/Taylor/MacMillan triple biD 
can be see at the Opfera Gander on June 
23, 24. 25, 27, 28. 


T he Borodin String Quartet is with 
us again, this time to play all 15 
of Shostakovich’s quartets at the 
Barbican. Music-lovers who have 
heard these Russian artists will need no 
more than this reminder, but some further 
description is to order for the others. So: 
this is a peerless ensemble, whose every 
performance has the patina of long-consid- 
ered experience and musical wisdom. The 
playing is technically superb - but one 
scarcely notices that, because expressive 
musicianship is so completely to the fore. 
Hearh«: the Borodin can be a revelation of 
the miraculous range and depth of the 
string-quartet m ediu m . 

Unfortunately they cannot be recom- 
mended to novice listeners, who might 
find subsequent quartet-recitals grey and 
disappointing by comparison- The Borodin 
exemplify the quartet ideal: four strongly 
individual voices (even the second violin), 
perfectly matched, able to slip between 
solo status and supporting roles at a 
moment’s notice, always retaining the 
sense of a contrapuntal dialogue. It is a 
mere bonus that their palette of tone-col- 
ours happens to be unsurpassed, as like- 
wise their long-sighted perspective on 
every quartet they play. 

Shostakovich's rich cycle of quartets has 
two quite peculiar strengths, (toe is that 
they are all “mature” works: the First 


which we heard on Monday with its two 
immediate successors (the Borodin pro- 
grammes are chronological, not mix-and- 
match), was composed after the Fifth Sym- 
phony - and 13 years after his preco- 
ciously brilliant Symphony no. 1. The 
other is that as the composer grew ever 
more fearful of the "ideological’’ scanning 
to which his large-scale works were sub- 
jected by cultural apparatchiks, be came 
to reserve his most candid, heartfelt sce- 
narios for the quartet medium, relatively 
un-public and safely under-noticed. 

The Borodin owns the special authority 
of having studied every quartet with 
Shostakovich himself. (Or at least its 
incomparable violist and cellist did: they 
are original members from 1945, whereas 
the two violins joined them a mere 20 
years ago, the year before the composer 
died.) Not a page goes by without some 
illuminating touch uuthought-of by other 
ensembles, and the calculated force of 
each whole work develops in a clean tra- 
jectory. If novice listeners will risk going 
to bear these players and spoiling their 
appetite for any less exalted team, they 
will at least have the satisfaction of know- 
ing how a great, irreplaceable quartet 
sounded. 

Rematotog conceits to the cycle: tonight, 
Friday, Monday and Wednesday next 


INTERNATIONAL] 


■ BAD K3SSINGEN 

The annual muse festival in this 
north Bavarian spa opens on Fri 
and continues tin July 17. Among 
this year’s events are a Schubert 
recital by Andras Schiff, song 
recitals by Edita Gruberova and 
Wolfgang Hotzmair, a Mahler 
concert with mezzo soloist Chris ta 
Ludwig, and symphony concerts 
conducted by Donald Runnicles 
and Vladimir Ashkenazy (tel 
0971-807110 fax 0971-807191) 

■ BONN 

Oper The season ends with Les 
Contes d' Hoffmann tonight, Tosca 
tomorrow and Antonio Caries 
Gomes' II Guarany on Fri 
(0228-773667 ) 

■ BORDEAUX 

Gfanti-Thfedtrs A new production 
of Carmen, staged by ABta Bakfl 

and conducted by Alain Lombard, 

opens on Fri with Beatrice 
Uria-Monzon in the title rote and 
Christian Papis as JosA Repeated 


June 26, 28, July 1, 3, 5, 8 (5648 
5854) 

■ COLOGNE 
Phaharmonie The summer season 
consists of three American 
programmes - the stage show 
Speffoound from June 23 to July 
10, the Gershwin dance and song 
show My One and Only from July 
12 to 24, and AMn Afley American 
Dance Theater from July 26 to Aug 
7 (0221-2801) 

Opemhaus Gwyneth Jones sings 
BnmnhSde in Die WalkQre tonight. 
Gounod’s Faust can be heard 
tomorrow and Sen, with Die 
Zauberfi&te on Fri and Der 
WUdschQtz on SaL The season ends 
next Tues with Jochen Ulrich’s 
choreographic version of Peer Gynt 
(0221-221 8400) 

■ COPENHAGEN 

Tivoli Tonight Kontra Quartet plays 
works by Mendelssohn, Norgard 
and Brahms. Tomorrow: Lothar 
Zagrosek conducts Tivofi Symphony 
Orchestra in Mozart and Bruckner, 
with piano soloist Yefim Bronfman. 
Sun: Vtadimk Ashkenazy conducts 
Berfm Radio Symphony Orchestra 
and Tivoli Concert Chorus In 
Mahler's Third Symphony, with 
mezzo Sara Fulgent. Tues: Yuri 
Bashmet directs Moscow Soloists 
in Mozart, Stravinsky and Brahms 
(3315 1012) 

■ DRESDEN 

SemperoperThe main event this 
week is the first night on Sun of 
a new production of Aribert 
Reimann’s Mekjsfne, conducted 


by Marc A&recht and staged by 
Fred Bemdt, with a cast headed 
by ClaucSa Baralnsky and Helga 
Demesch (repeated June 29. July 
2). Repertory also includes Ariadne 
auf Naxos, la clemenza di Tito and 
Don Giovanni (0351-484 2323) 

■ FRANKFURT 

Alta Oper A German-language 
version of the Kopit and Yeston 
musical The Phantom of the Opera 
runs daMy 01 Sun (089-134 0400) 
Oper Cornelius' comic opera Der 
Barbter von Bagdad can be seen 
tomorrow and SaL Christoph 
Marthaler's new production of 
Pel Isas et Mfellsande, conducted 
by Sylvain CambreBng, can be seen 
on Fri ffid Sun, with a cast headed 
by Catherine Dubose, Urban 
Malmberg and Victor Braun 
(069-236061) 

■ GOTHENBURG 

Konsertiiuset Tonight Jesus 
Lopez-Cobos conducts Gothenburg 
Symphony Orchestra in works by 
Weber and Musorgsky/Ravei, plus 
opera arias sung by baritone 
Kart-Magnus Fredriksson 
(031-167000) 

■ HAMBURG 

Staatsoper Tonight, Sun: Coa fan 
tutte with Karita Manila. Jeanne 
PBand and Robert GamML 
Tomorrow, next Wed: Ariadne auf 
Naxos rath Luana DeVol. Tracy Dahl 
and Klaus Kfinig. Fri, Tues: II 
barblere di ShrtgUa with Keith Lewis 
and Hdten Kwon (040-351721) 
MusikfiaBe Sat Yevgeny Kfeski 
piano recital. Sun morning, Mon 


and Tues evening: Gerd Albrecht 
conducts Hamburg State 
PhfQiarmonlc Orchestra in works 
by Bach, Handel, Vtattl and Gluck 
(040-354414) 

■ LYON 

Op6ra Tonight John Nelson 
conducts Klaus Michael Gruber’s 
production of La traviata. Fri: Louis 
Erio’s adaptation of Die Zauberfldte. 
End of season (tel 7200 4545 fax 
7200 4546) 

■ MUNICH 

CONCERTS 

• Dmitri Kitaanko conducts 
Munich Philharmonic Orchestra and 
Chorus tonight, tomorrow. Fri aid 
Sun morning at Gastaig. The 
programme consists of Berlioz's 
Grand Messe des Morts. The 
Gasteig programme also includes 
concerts by A! Jarreau on Mon and 
Yevgeny Kissin on Tues. Daniel 
Barenboim conducts the Munich 
Philharmonic next Wed and Tburs 
(089-4809 8614) 

• A series of recitals built around 
the music of Orlando di Lasso runs 
at various venues tifl July 17. This 
week's events Include a programme 
of motets by Lasso and Palestrina 
at St Michael's Church on Fri and 

a concert by the Tallis Scholars 
at the Cathedral, Frauenplatz, on 
Sal (089-2900 8014/089-299901) 

OPERA FESTIVAL 
This year’s festival (July 6-31) has 
two new productions - TarwhSuser 
in the National Theater and 
Eckehard Mayer's Sansfoar in the 
Cuvflltes-Th eater. The Wagner (June 
6, 9, 14, 18) is conducted by Zubin 


Mehta and staged by David Aldan, 
with a cast headed by Renfe Kollo, 
Bemd Welld. Nadine Secunde and 
Wattraud Meier. Mayer’s new opera 
(July 8, 10, 12, 15) is conducted 
by Bernhard Kontarsky and staged 
by Kurt Homes. The festival offers 
a retrospective on Peter Jonas’s 
first season as attendant, with 
performances of La Damnation de 
Faust, Un baflo in maschera, Gfulto 
Cesare and Cosi fan tutte. There 
are also revivals of La traviata (with 
Cheryl Studer), Lady Macbeth of 
Mtsensk (with Hildegard Behrens), 
Le nozze di Figaro, Meisterslnger 
and Rosen kavalier. plus recitals 
by Thomas Moser and Hermann 
Prey (089-221316) 

■ SCHLESWIG 
HOLSTEIN 

The Schleswig-Holstein Festival 
opens on Sat in LQbeck with the 
first of two performances of 
Beethoven's Missa Sotemnis by 
the North German Radio Symphony 
Orchestra and Chorus conducted 
by John Biot Gardiner. Vladimir 
Ashkenazy conducts the Berlin 
Radio Symphony Orchestra and 
Chores in Mahler's Third Symphony 
at Ftensburg on Mon and in a 
Sibelius, Grieg and Dvorak 
programme at LQbeck on Tues. The 
1994 festival, which runs till August 
21, places a special emphasis on 
Jewish muste, with concerts by foe 
Israel Philharmonic and Jerusalem 
Symphony Orchestras, and 
performances of music by Jewish 
composers banned during the Nazi 
era. Visiting artists include Thomas 
Hampson, Midori, Yevgeny Kisski 
and the Kirov Opera Orchestra (tel 


0431-567080 fax 0431-569152) 

■ STRASBOURG 
Palais de la Musique Tonight: 
young pianists in recital. Frh 
Jean- Pierre Ram pal is flute soloist 
with Franz Liszt Chamber Orchestra. 
Sat, next Mon, Wed, Sat Theodor 
Guschlbauer conducts Tobias 
Richter’s new production of Don 
Giovanni, with cast headed by Lucio 
Gaflo, Jean- Philippe Latent, Joanna 
Kozlowska and Dag mar 
Schellenberger (8852 1845) 

■ STUTTGART 

STAATSTHEATER 
Tonight. Sun: Gabriele Ferro 
conducts Hans Neuenfels’ new 
production of Meisterslnger, with 
Wolfgang Probst as Hans Sachs. 
Tomorrow, Sat Stuttgart Ballet In 
Bfejart’s choreographic version of 
Die ZauberflOte. Fri, next Tues: Cost 
fan tutte. Mon: Mozart* s opera Die 
ZauberflOte 0)711-221795) 

LUDWTGSBURG FESTIVAL 
Paul Taylor Dance Company from 
New York presents Taylor’s latest 
choreographies tomorrow and Fri. 
Vladimir Ashkenazy conducts Berlin 
Radio Symphony Orchestra and 
Chorus on Sat in Mahler's Third 
Symphony, with mezzo soloist Sara 
FidgonL Also on Sat, Wendy Warner 
gives a cello recital at foe 
Ordenssaal. Highlights in July 
include two performances of John 
Biot Gardiner’s semi -staged 
production of Don Giovanni and 
a Jessye Norman song recital. The 
festival runs till September 
(07141-939610) 


ARTS GUIDE 

Monday: BeiHn, New York and 
Paris. 

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

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 123a 

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; 


v- 





Ian Davidson 


S Smart Alecs an 
the European 
circuit have 
lately taken to 
poor-mouthing 
Jacques Delors 
as if he had 
over-stayed his 
welcome and 
over-stretched his powers. But 
if you want an objective mea- 
sure of what Delors has 
achieved in his 10 years as 
president of the European 
Commission, you only have to 
look at the international cali- 
bre of the politicians who want 
to succeed hhn. A decade may 
or may not be too long. But the 
fact is that Mr Delors has 
raised the status of his job to a 
level where only those with top 
qualifications need apply. 

Walter Hallstein, the first 
president of the Commission, 
was also by far the most 
impressive, until Delors came 
along; and yet Hallstein, came 
from a modest background as a 
junior minister in the German 
government. Roy Jenkins was 
another distinguished presi- 
dent, and he had had a much 
more prominent national polit- 
ical career; but Jenkins never 
quite made it to the top in Brit- 
ish politics. 

Today, in contrast, the battle 
to succeed Delors is being 
fought out between prime min- 
isterial candidates: Jean-Luc 
Dehaene of Belgium, and Ruud 
Lubbers, until recently the 
long-serving premier of the 
Netherlands. Not long ago, 
there was a third prime minis- 
ter reported in the running, 
Felipe Gonzfles of Spain. And 
when Chancellor Helmut Kohl 
seemed to be facing certain 
defeat in the German federal 
elections, nobody laughed 
when it was suggested that 
even he might be a contender 
for the Brussels job. 

So fierce has the battle 
become, that if it isn't finessed 
through a compromise on one 
of the lesser candidates, such 
as Peter Sutherland or even Sr 
Leon Brittan, it could even 
deadlock this week's European 
summit on Corfu. 

But the paradox of the battle 
over Delors' successor, is that 
it seems to be largely based on 
misplaced expectations. For 
the one thing we know almost 
for sure, is that the next presi- 
dent, whoever he is, wfll be a 
much less important figure 
than Delors; not for reasons of 
personal incapacity, hut 
because the circumstances 
which favoured Delors have 
changed or are changing. 
Indeed, it is possible that no 


Apres 
moi, le 
vide 

The race to 
replace Jacques 
Delors is based 
on false 
expectations 

president will ever again play 
as big a role in the construc- 
tion of Europe as Delors has 
played in the past 10 years. 

First, the volume of Euro- 
pean legislation is likely to 
shrink, and with it the role of 
the Commission as its motor. 
The single market white paper 
and the S to g ie European Act 
stimulated an unprecedented 
proliferation of legislative pro- 
posals in the run-up to the 
Introduction of the. unified 
market in 1993; but that pro- 
cess 'is now complete, so the 
pace of legislation will subside. 

No president will 
ever again play as 
big a role as 
Delors has played 
in the past decade 

Second, the anti-European 
backlash in many member 
states, and the new stress an 
subsidiarity mghrinaH in the 
Maastricht treaty, should 
ensure that the Commission 
will think twice before trying 
to push forward the fr o n tiers 
of European integration with 
gratuitous new initiatives. 

Third, and the most impor- 
tant factor, is that Europe’s 
agenda is now changing from 
the technical to the political; 
as a result the centre of gravity 
will move from, the Commis- 
sion to the member states. 

In the 1980s, Delors was bril- 
liantly successful in inventing; 
and then in riding the bureau- 
cratic processes which led, 
with apparently inexorable 
logic, from the white paper to 
the Single European Act, then 
to the so-called Delors commit- 
tee on Economic and Monetary 
Uhlan, and finally to the Maas- 
tricht treaty. But the reason 
why he was able to dominate 


this process, was that it could 
be represented as little more 
than the implementation of 
long-established EU goals: the 
single market was the logical 
extrapolation of the Rome trea- 
ty's customs union, while mon- 
etary nninn had been a declar- 
atory objective of the member 
states since the early 1970s. All 
Delors was doing, was putting 
■ the power of the Brussels 
machine behind political objec- 
tives of uncontested legiti- 
macy. 

His successor will not be 
able to match thte bureaucratic 
tour de force, because the next 
phase in the development of 
the European Union, the 
enlargement to the east, lies in 
uncharted territory. No one 
knows exactly how east 
Europe can be accommodated 
within the Union; but every- 
body knows the enlargement 
process will require far-reach- 
ing revisions of Europe’s treaty 
arrangements. These revisions 
will undoubtedly be bitterly 
contested by different govern- 
ments. It is already dear, for 
example, that the 1996 Inter 
Governmental Conference will 
be a fierce battle between sup- 
porters and opponents of a 
more explicitly federalist 
Europe. 

hi this battle, the Commis- 
sion has no leadership role. It 
has a mandate to uphold exist- 
ing treaty obligations; and per- 
haps it can fridge a mandate to 
extend existing treaty obliga- 
tions; but since it has no inde- 
pendent legitimacy, it has no 
mandate to invent new politi- 
cal objectives. Those can only 
be determined by the member 
states. 

So when you hear that 
Britain opposes the appoint- 
ment of Dehaene, on the 
grounds that he is a federalist, 
you know that the British gov- 
ernment is once again talking - 
through Its collective hat Not 
merely will the future shape of 
Europe not be determined by 
the preferences of the next 
president of the commission, 
he will not even be asked to 
draft the a genda . 

What will count, in 1996, will 
be the line-up of Fiance and 
Germany. In next spring’s 
presidential election, French 
conservatives may be tnmpted 
to play the nationalist card, 
though in practice they would 
almost certainly revert to the 
traditional pro-European alli- 
ance with Germany. But it 
would be a delicious irony if 
th e next phase in the develop- 
ment of Europe were led fry 
President Delors - of France. 


W atching George 
Michael giving 
evidence in the 
High Court in 
London last October, it was dif- 
ficult not to like him. He was 
confident and personable, and 
Mr Justice Jonathan Parker, 
the presiding judge, was 
clearly not immune to his 

r-Harms 

In his 273-page judgment yes- 
terday on the stager's dispute 
with Sony, the music company, 
the judge described George 
Michael as ‘Intelligent and 
articulate" and “refreshingly 
candid” and said that his evi- 
dence bad been given “fairly 
and honestly". 

The judgment contained no 
other good news fox the stager. 
Mr Justice Parker dismissed 
Michael’s data) that his con- 
tract with Sony should be 
declared an unreasonable 
restraint of trade therefore 
unenforceable. 

The judge said that Sony had 
behaved fairly towards the 
singer. He rejected Michael’s 
claim Hint the company haH 
tried to “kill ” his last album as 
a prmighmpnt for his refusal 
to appear in a promotional 
video. 

The judgment comes as a 
relief to the music Industry 
which feared that, had George 
Mirhaoi succeeded, of 

other artists would have 
demanded changes to their 
recording contracts. 

Hie relief has been tem- 
pered, however, by the news 
tha t Michael is considering an 
appeal- Music companies recog- 
nise, too, that the George Mich- 
ael judgment was based on a 
specific set of circumstances, 
which might not apply to other 
artisb and contracts. 

In addition, sympathy for 
Sony among music companies 
has been limited throughout 
the case. Senior executives at 
rival companies believe Sony 
should never have allowed its 
relationship with one of its 
leading artists to deteriorate to 
the point where be decided to 
goto court 

In his judgment Mr Justice 
Parker said that one of the 
problems appeared to be the 
singer's over-sensitivity. He 
referred to a concert Michael 
gave in Toronto in 1991, winch 
the singer described as <ma of 
the low points in his relation- 
ship with Sony. 

Two senior Sony executives 
arrived at the concert by pri- 
vate jet When the singer 
looked for them after the con- 
cert be was told they had left 
halfway through. Michael told 
the court during his evidence: 
“I was very offended by 
this... I felt it was actually a 
fairly deliberate move." 


Computer buffs 

keyed in 
to Singapore. 

What else 
is on the menu ? 

The PC Show *92 wasn't the only successful convention that showcased Singapore as Asia's leading meeting 
destination. Each month there are new exhibitions, new conferences and new meetings where you can exchange the 
latest on your industry or products. Not to mention a whole new world of entertainment in the city where the best 
of the East and West come together. Convention City Singapore. You won't find a better programme anywhere else. 


CONVENTION 


□ 11-13 September 1994 
16th ASAC Conference 
(Asian Securities Analysts’ 
Council Conference) 

D 12-16 September 1994 
6th World Meeting on 
Impotence 


D 19-21 September 1994 
10th Asia-Pacific Petroleum 
Conference (APPEC *94) 

□ 5-7 October L994 
World Aviation Forum 

□ 26-28 October 1994 
61st Union Des Foire 
IntemationaJe(UFT)Congieis 



Q 2-5 November 1994 
1st International Congress 
on Dialysis in Developing 
Countries 

□ 6-1 1 November 1994 

3rd International Conference 
on Automation, Robotics 
& Computer Vision 
(ICARCV^) 

D 10-12 November 1994 
16th Aria-Pacific Forex 
Assembly *94 

Q 7-9 December 1994 

Seatradc Asia Pacific Cruise 
Convention 

EXHIBITION 

U 5-7 September 1994 
Hl-PER FAB ^ (High 
Performance Fabrics) 

□ 23-25 September 1994 
Post-Congress Meeting oF 
the international Society of 
Urology (SlU) Exhibition 


□ 13-16 October 1994 
Singapore Informatics *94 

0 28 October - 2 November 
1994 

TRESORS - The 
International Fine Art & 
Antiques Fair for Asia 

□ 15-19 November 1994 
AutomAsia '94 

□ 30 November - 2 December 
1994 

Shop Asia ”94 

□ 7-10 December 1994 

8th International Conference 
on Biomedical Engineering 
(ICBME) Exhibition 

□ 15-18 December 1994 
Singapore Information 
Technology Exposition 
(SITEX ’94) 


I want the bib and bytes to your ' 
forthcommj e»enti. 

PW»e send me 

□ marc information about the Conventions 
(r&xh&ticoi Indicated 

□ the Sfapporc Carnation & Ex&L&od 

Calendar 


Name:. 
TUIe: - 


Company 
Addicts; _ 


Tet. 


.Fa*. 


T« The Singapore Convention Bareau, 
lit Floor, CniuijfUni Haute, 

126-130 Regent Street, 

London WIR 5FE, United fGngdom, 
Fes p71)7W 219]; 


m CONVENTION CITY 


George Michael lost in court - but have music 
companies won, asks Michael Skapinker 

Designer stubble 
that got burnt 


Mr Justice Parker said he 
was satisfied the two execu- 
tives had stayed nntti the 
encores. He added: “Mr Mich- 
ael has demonstrated a degree 
of touchiness which I find sur- 
prising and which needs, in my 
judgment, to be borne In mind 
as the story continues and as 
Mr Michael's relationship with 
Sony progressively deterio- 
rates." 

Some rival music executives 
tafcp a different view. If yon 
cannot deal with touchy, sensi- 
tive individuals, they say, you 
s ho uld not be in the music 
business. Most artis ts go 
through periods of insecurity. 
Many feel they are not fatty 
appreciated by their compa- 
nies, the press or the public. 

The job erf a music company 
manag er is to make sore that 
these feelings do not grow to 
the point where the artist can 
no longer perform. If music 
companies cannot get on with 
their successful artists any lon- 
ger, some executives believe 
they should consider ending r 
their relationship. To reach 
this point is widely seen as a 
failure. To go further and 

engage in a widely-publicised 
acrimonious legal battle is 
regarded by many as worse. 

One executive said yester- 
day: “I never see law suits as 
being happy. This should never 
have come to court These 
thing s should be settled an the 
basis of mutual respect" 

Other music companies fed, 
too, that Sony's victory does 
not TTiesm the contracts with 
their artists wifi now escape 
scrutiny. Had George Michael 
won the case, other artists 
would probably have 
attempted to alter their con- 
tracts. HlS loss might riissnarie 
some f rom doing so, but music 
executives said yesterday there 
would still be legal rhaneng PR 
in the future. 

Mr Rupert Perry, UK chief 
executive of EMI Music and 
rhainnan of the British Phono- 
graphic Industry trade associa- 
tion, said that while the 
George Michael dispute had 
attracted more publicity than 
previous cases, there had been 

fnctanrpg nf artiete challenging 

their record companies and 



w irining 

In 1989, the Court of Appeal 
found that the contract 
between Holly Johnson, lead 
singer of the group Frankie 
Goes to Hollywood, and the 
recording company Zang Tumb 
Tuum was unenforceable. The 
court said that the contract, 
intting up to wtop years, was 
"grossly onesided". 

Mr Perry said the law 
appeared to be evolving. It was 
too soon to draw any definite 
conclusions from the George 
Michael case. 

Mr Justice Parke- made it 
clear that his decision was 
based on Michael’s relatively 
powerful negotiating position 
with Sony, resulting from the 
high level of sales he had 
achieved and previous success- 
ful attempts to renegotiate his 
contract. 

The singer's attempts to 
alter big contract dote hank to 


1983, when George Michael was 
part of the duo Wham! He 
claimed then that his contract, 
with a company called Inner 
Vision, was an unreasonable 
restraint of trade and took 
legal action. This was settled 
and resulted in a new agree- 
ment with CBS, the US enter- 
tainment company. 

Following the break-up of 
W ham! in 1986, Michael pro- 
duced his first solo album. 
Faith, which was a huge com- 
mercial success. Michael then 
asked to renegotiate his con- 
tract, so that he would be 
treated on a par with other 
supersta rs. This resulted In a 
new agreement, requiring 
Michael to record additional 
albums, but improving his 

financial terms. 

In 1988, CBS was taken over 
by Sony. The stager spent that 
year tonring outride the UK, 
which had favourable tax 


Implications for him. He asked 
Sony to bring forward payment 
of money due to him, so that 
he would receive It during his 
Hme outside the UK. The com- 
pany agreed and paid him 
advances and royalties of over 
film. 

In 1990, he successfully rene- # 
gotiated his contract once 
more, further improving his 
terms. However in February 
1992, the stager's lawyers told 
Him he could argue that his 
agreement with Sony was an 
unreasonable restraint of 
trade. Six days later, Us 
accountants wrote to Sony 
requesting an advance of (tin 
due for his next album. Sony 
paid the advance. 

T he judge said that In 
August 1992. George 
Michael repaid the 
advance. In October of 
that year he started legal 
action. Mr Justice Parker raid 
that when the contract moved 
from Inner Vision to CBS. this 
was the result of an agreement 
to end a legal dispute. It would 
not be right for Michael to 
attempt to claim the subse- 
quent agreements were unen- 
forceable. He had expert legal 
advice at all times. Moreover, 
by accepting the Sim advance 
he affirmed his agreement with 
Sony. 

In a statement after the judg- 
ment was announced. Michael 
said that the renegotiations of 
his contract were an attempt to 
improve an agreement first $ 
made when he was 18. He 
added: “I was trying to make 
the best of a bad job." 

The problem with recording 
contract the singer said, is that 
when you sign your first one 
you are stuck with it "There is 
no such thing as resignation 
for an artist in the music 
industry. Effectively, you sign 
a piece of paper at the begin- 
ning of your career and you 
are expected to live with that 
decision, good or bad, for 
the rest of your professional 
life." 

Rival music executives 
believe that if the singer is not 
successful in any appeal, he 
and his music company will 
have to find a way to live with 
one another. One solution 
would be to shorten the length 
of the contract. 

Sony said yesterday that it 
looked forward to continuing 
its relationship with Michael. 

The singer has said in the past 
that be would never record for 
Sony again. One music man- 
ager said that would be the end 
of George Michael’s career. 
“Kids' tastes change very rap- 
idly. Nobody can afford not to 
record for years, except Frank 
Sinatra, of course." 



Where the wodd comes together. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


Effectiveness of single market 
rests with member states 


From Mr Raniero Vantti 
d’Arddrafi. 

Sir, If you bad found time to 
read the two earlier reports 
concerning the internal market 
council. (“Foot-dragging slows 
p ath to single market”. June 16 
and “Brussels shelves pension 
deregulation” June 17), you 
might have chosen to revise 
your editorial, “Slipping Mar- 
ket" (June 17). 

In one of them, I was 
described as being "on the war- 
path". Indeed, I left the council 
of ministers on June 16 in no 
doubt of my continuing com- 
mitment to bring about a folly 
effective internal market 

Since 1992 the Commission 
has systematically taken mem- 
ber states which do not fulfil 
legal ob lig a t i on s an time to the 
European Court of Justice. 
Last week I told the council of 
ministers the Commission 
would in appropriate cases use 
its power under Article 171 of 
the treaty, which provides for 
recommendations of fines to 


the court once an mfrinp>mimf 
has been proven. 

The Commission has made 
public for the first time which 
member states have fallen 
behind in which areas, in order 
to increase pressure on 
national governments to make 
transposition their number one 
priority. At the next council 
meeting in October we will 
look at the quality of national 
transposition measures in 
detail- This vigorous approach 
was endorsed by ministers. 

As for mutual recognition of 
national rules, to describe tbe 
Commission proposal for a 
notification procedure as “a 
plan for national civil servants 
to report on other governments 
that do not stick to the rales" 
is either a migunrier fi tanritog or 
a misrepresentation. This pro- 
posal completes existing mea- 
sures by providing a practical 
means whereby national 
authorities would inform Aai»h 
other and the Commission 
whenever they decided to 


refuse access to their markets 
to particular products for rea- 
sons related to the protection 
of health, safety, the environ- 
ment or tbe consumer. 

Some member states (a 
minority) dislike our proposal 
and will label it bureaucratic, 
but tbe lively debate in the 
council last week demon- 
strated that it goes to tbe heart 
of the issue. I note from your 
article that the UK minister 
responsible for deregulation 
fully supports it and has 
referred to it as a “crowbar to 
prtae open markets”. 

Your editorial makes tbe 
mists fca of shooting the mes- 
senger. It is the member states 
which must decide at tbe end 
of tbe day bow effective they 
want the single market to be. 
Meanw hile I w31 continue to 
do everything in my power to 
ensure that the member states 
live up to their obligations. 
Raniero Vanni d'Archirafi, 
Single Market Commissioner, 
European Co mmis s io n, Brussels 


Different 
concept of 
income 

From iff Rickard Clements. 

Sir, Michael Prowse (“Clin- 
ton v Friedman on welfare”, 
June 20) is wrong. The propo- 
nents of a guaranteed “bask 
income” In Britain do not 
advocate negative income tax. 
The concept of baric income - 
now usually called citizen's 
income - is based on a differ- 
ent approach. 

Citizen's income is a univer- 
sal benefit, not means-tested or 
work-tested as neg a t i v e come 
tax. It is based on the individ- 
ual not the family unit. Nega- 
tive income tax tarings with it 
all the limitations of tbe exist- 
ing welfare systems - adminis- 
tratively complex, a disincen- 
tive in that it extends poverty 
and unemployment traps, 
a bureaucratic nightmare. 
Richard Clements, 
director. 

Citizen's Income Trust, 

Citizen's Income Study Centre, 
St Philips Building, 

Sheffield Street, London WCZ 


High ground 
in question 

From Mr Terence Feely. 

Sir, If John Postgate (“Reli- 
gion: are we better off without 
itT, June 18) wishes to claim 
tbe high moral ground for sci- 
ence and scientists we bad best 
look to his climbing rope. 
When Einstein, for instance, 
produced E=MC2 as an 
untainted intellectual crystal, 
who were all those brilliant 
beings at Los Alamos who 
turned it into the primal night- 
mare of our time? Priests? Mul- 
lahs? Ac cou nta n t s ? 

Terence Feely, 

The Garrick dub, 

Garrick Street, London WC2 


Innovation index would help rate R&D success 


From Dr Fiona Steele. 

Sir, Your feature, “Technol- 
ogy: R&D Scoreboard” (June 
17) is a welcome recognition of 
the importance of technology 
in underpinning the wealth- 
creation process. As you also 
recognise, R&D is only one of 
the contributors to a compa- 
ny's competitiveness. Without 
attention to the whole range of 
innovation indicators - includ- 
ing capital investment, market 
research and training - w&n 
on its own can be misleading 
Indeed, the latest Confedera- 
tion of British Industry/Nat- 
west Innovation Trends Sur- 
vey, weighted to reflect the 
performance of all sectors, 


indicates a reduction in the 
amount of expenditure, not an 
increase, as the R&D score- 
board suggests. Differing time- 
frames can possibly «* p»ajn 
this apparent contradiction, 
and certainly trends survey 
predictions for the next 12 
months are more bullish. 

But in the accompan y in g 
interview with Michael 
Heseltine, trade and industry 
secretary, it is acknowledged 
that it is the quality of the 
output from innovation invest- 
ment in terms of profitable 
products that counts; and this 
points to the need for an inno- 
vation index to assess out- 
comes. 


The CBI/Natwest survey ha 
influenced much of the thin! 
tag behind the development < 
such an index, not Uwft by pn 
vidtag the database of comp; 
nies for toe joint CBI/Depar 
meat of Trade and Indus tr 
activity on best practice. Th 
survey will help place indivlc 
ual company performance ii 
the context of its related set 
tor. The indicators need to b 
developed in parallel and w 
are in close touch with the DI 
on the way forward. 

Fiona Steele, 

head of technology group. 

CBl Centre Point. 

103 New Oxford Street, 

London WCLA IDU 


Attack on life insurance industry comes rather late in the day 


From Mr Andrew Moulder. 

Sir, How commendable it is 
that once again, Mr Joel Joffe 
should bring the misdeeds of 
those rascals in toe life insur- 
ance industry to the public’s 
notice. He is to be thanked for 
this, toe latest effort in his cru- 
sade against these despicable 
people (Letters, June 18/19), 

Of course, a cynic might well 
inquire as to the rationale 
behind Hs s adden missionary 


zeal and further inquire as to 
why a man with such strongly 
held views on such pressing 
matters did not chose to sir 
them during his time with a 
company - the name erf which 
temporarily escapes me but, 
surely, not one of those 
“driven by an unprincipled dis- 
regard for the best interests of 
the public” - and why be 
should now choose to bite the 
very hand that fed him so wefl. 


But, of course, I am not that 
cynicaL 

ta the meantime, as per Mr 
JoSe’s calling, J for one will- 
ingly express my deep regret 
for bring a part of such a unre- 
gulated mia sma and, yes, I cer^ 
tainly am grateful to Mr Joffe’s 
new-found friends, those finan- 
cial journalists of the school of 
incisive reporting, for their 
labouns in this field. However, 
it is Mr Joffe who really 


deserves our thanks and I 
certainly sleep easy in mj 
in the sure and certain 1 
ledge that Mr Jofite is sti] 
there doing his bit for the 
us still trying to earn an 
est shilling from the tadi 
he now finds so distastefu 
Andrew Moulder, 
Eoenlode, 

93 Manor Rood, 

Donidge. 

Solihull BSS 8TT 








FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Wednesday June 22 1994 


Britain’s 

labour laws 


Labour law could, be on the 
of re-emerging as a central issue 
in British political debate. The 
immediate images of a rail strike. 


flickers of militancy in pay bar-’ 
gai n in g , and the right of Labour 
leadership candidates Jousting 
over how much of Conservative 
trade union legislation to abolish, 
suggest that such a re-emergence 
may not be on terms that British, 
business would welcome. Most 
business leaders, after ail, like 
most Conservative politicians, are 
happy enough with the current 
regulatory mix. Strikes remain 
rare, unemployment is falling, 
why tamper with the system? 

This is unlikely to be a sustain- 
able approach. A Labour party led 
by TOny Blair is almost certainly 
electable, and if elected it wOl owe 
a big debt to the trade unions. In 
any case, labour market changes 
have raised new questions about 
the appropriate balance between 
employee rights and employer 
flexibility. Moreover, Britain’s sys- 
tem of labour law is becoming 
over-complex. It combines tradi- 
tional contract law, in which col- 
lective trade union rights are 
expressed as Immunities, with 
both domestic and European posi- 
tive rights le gislati on Rationalisa- 
tion of this hybrid is required. 

The subject is best subdivided 
into the issue of individual 
employment rights and the over- 
lapping issue of the framework 
within which unions should oper- 
ate. Contrary to much rhetoric, 
union decline has not left employ- 
ees unprotected before the whims 
of bod employers. The last two 
decades have seen a mushrooming 
of workplace rights, hum protec- 
tion against unfair dismissa l to all 
the fields now covered by Brussels 
directives. It is true, however, that 
thanks to the complexity of the 
law and the slow operation of the 
industrial tribunal system, many 
employees feel less protected than 
they should, while many busi- 
nesses complain of an excessive 
regulatory burden. 

Employee rights 
One answer, which could appeal 
to either a Conservative or Labour 
administration, is to make greater 
use of the formal contract of 
employment. Written into that 
contract could be a Citizen's Char- 
ter for the workplace, outlining 
employee rights. Such a clarifica- 
tion of rights (and -obligations) 


could reduce uncertainty for both 
employers and employees, espe- 
cially in smaller companies. It 
might be supplemented by a code 
of practice, drawn up the Confed- 
eration of British Industry and the 
Trades Union Congress, on those 
matters not covered by the law. 

Union role 
Where do unions fit into this? 
Many union officials say, with Jus- 
tice, that individual rights are 
most meaningful when unions 
enforce them. That mfgfa. make a 
case Cm- a right to union represen- 
tation. But a full-blooded right to 
bargain coQectivety is more prob- 
lematic. A law to this effect did 
not work effectively in the late 
1970's - remember Grunwick? - 
a nd m any companies which have 
effective wwnrmmtratinn and par- 
ticipation without unions might 
find themselves hussled into 
unsuitable arrangements. Simi- 
larly, although contract law 
means that the right to strike has 
to be expressed, anachromstically, 

in farwia of h m r ur ni iy from dam- 
ages, a positive right to strike 
might - in a British context - 
shift the balance too far in favour 
of strikers. Most iwntingntai Euro- 
pean countries do have a positive 
right to strike, or not to be dis- 
missed while on strike, but these 
derive from tar more legalistic 
systems where unions often have 
to jump through many more 
hoops than in Britain. 

A Blair-led government would 
prohably only tinker with Conser- 
vative union lp piglatinn ft might 
flisn steal a imwji on Conser- 
vatives by making available to all 
employees the rights to consulta- 
tion, in fields such as heal th mid 
safety, which still remain linked 
to anion recognition. But T^b oi i 1 * 
is currently also oommitod to a 
right to hargain collectively and a 
right to strike. Even more worry- 
ing from the point of view of job 
creation and effective manag e- 
ment is the party's pledge to abol- 
ish the probationary employment 
period by insfnting on full protec- 
tion firm unfair rifemwaal from 
the first day of employment. 

Mr Blair himself is no doubt 
aware of the dangers of hefty re- 
regulation of the labour market 
for a party committed to rapid job 
creation. But whatever the colour 
of the government, there will be a 
need for continued modernisation 
of Britain’s labour laws. 


Guilt trip 
to Rwanda 


The slaughter in Rwanda began 
well over two months ago, after 
the death of President Juvenal 
Habyarimana in an air crash on 
April & it quickly became dear 
that the death toll was running 
into hundreds of thousands. The 
UN’s first reaction was to pull out 
most of the 2£00 troops it then 
had in the country. By May 16 the 
Security Council felt sufficient col- 
lective shame to decide that a 
larger force of 5^00 men should be 
sent in. After a certain amount of 
arm-twisting, African countries 
from Senegal to Zimbabwe came 
up with offers of troops. But the 
logistics, weapons and specialised 
units were to come from industria- 
lised countries. For most of those 
the UN is still waiting. 

Suddenly last week, as if waking 
from a deep sleep, the French gov- 
ernment informed the world that 
what was happening in Rwanda 
was intolerable, that something 
should be done to stop it, and that 
France was ready to send troops. 
Why? The usual explanation 
applies. The massacres had 
become unpleasantly visible on 
French television, aided by a visit 
from the ever-tdegenic Dr Bern- 
ard Kouchner. minister for 
humanitarian affairs in the previ- 
ous French government 

Western conscience 

Better late than never, perhaps; 
and conscience is still conscience 
even when pricked by television. 
But the French co n s cien ce in this 
case, like the western conscience 
in the case of the Iraqi Kurds 
three years ago, is pricked not 
only by solidarity but also by 

guilt The Rwandan government 

and army, instigators of the cur- 
rent genocide, were bolstered until 
very recently with French mili- 
tary Qnri financial support 

France’s desire to halt the unin- 
tended consequences of its past 
policies is no doubt laudable. But 
understandably the guerrillas of 
the rebel Rwandan Patriotic Front 
distrust French motives, believing 
the real object of the planned 
intervention is to deny them an 
outright victory in the civil war. 
They have rejected the plan, warn- 
ing that they will treat any 
French soldiers in Rwanda as hos- 
tile- Yesterday they rejected an 
invitation to Paris for talks. 

The French plan also appears to 
lack any dear objective beyond 


the immediate emotional- impera- 
tive of rescuing civilians trapped 
in the conflict But as the Somali 
imbroglio made clear, rushing into 
a humanitarian intervention with- 
out a political masterplan carries 
the risk of trapping soldiers in a 
military operation without clear 
goals or a defined exit 

It is somewhat naive to believe 
that French forces will be able to 
protect civi lian s without getting 
caught up in the conflict libera- 
ting civilians from government 
concentration camps would 
involve taking on unruly militias 
enlisted by the army to halt the 
rebel advance. Nor is it clear bow 
public opinion will react in France 
if the intervention force begins to 
suffer casualties. 

UN plan 

In short France would do much 
better to throw its weight behind 
the pvigting UN plan, with a view 
to beefing and speeding it up, than 
to proclaim, a brand new French 
initiative and charge in at the 
head of an ad hoc force. It could 
also play a useful diplomatic role, 
by exercising leverage on its for- 
mer prot£g§s in the Rwandan gov- 
ernment. On the RPF side (which 
gprferfwiy needs to show modera- 
tion if genocide is not to be 
avenged by the Imposition of 
minority rule) leverage could best 
come from President Yoweri 
Museveni of Uganda. Ethnic ties 
being stronger than state fron- 
tiers. many RPF fighters owe 
weapons and training to previous 
service under his command. 

But many more questions need 
to he addressed by the UN mem- 
bership as a whole, and especially 
by the permanent members of the 
Security Councii. Perhaps these 
two are the most urgent: 

• Should they be sending troops 
to Rwanda, in the prohably vain 
hope of stopping a massacre when 
so many thousands are already 
dead; or would they do better to 
deploy a force in neighbouring 
Burundi, where genocide between 
the same two ethnic groups might 
yet be prevented? 

• If they really want the UN to 
be able to intervene effectively 
and In good time when such hor- 
rific conflict breaks out, should 
they not endow it with a properly 
trained and equipped standing 
force, ready to leave at a 
moment's notice? 



Race for the fflyste Jacques Delons, Commission president; prime minister Edouard Bahadur; Henri Rnunmanneffi. Socialist leader; Francois IAotard, defence minister; RPR’s Jacques Chirac 


T he French presidential 
election campaign is sud- 
denly under way, even 
though th» ftna] round 
of voting is 11 months 
away. Yesterday saw Mr Jacques 
Chirac, leader of the Gaullist RPR 
party, publish hfa campai gn mani- 
festo, masquerading as a book 
under the title of Une Nouvelie 
France. The French media found 
this so exciting that yesterday they 
were out in farce to film people buy- 
ing the book. 

The race for the Elysde palace 
always transfixes France’s atten- 
tion. It is the ultimate prize of 
French politics. It can confer on the 
winner more relative power - when 
he also has a parliamentary major- 
ity - than a US president can wield, 
and for a term of seven years that is 
nearly twice the four-year term 
allowed under tte US constitution. 

It was always evident that the 
election for members of the Euro- 
pean Parliament on July 12 would 
mark the effective beginning of the 
presidential campaig n. But nntii the 
Socialist party dumped Mr Michel 
Rocard a week later, it was not 
clear how dramatic the start would 
be. 

On the face of it, the m plnrinn of 
the Socialist party after its dismal 
showing in the Euro-election seems 
to confirm the swing to the right 
that gave French conservatives 80 
per cent of the in the 1993 
parliamentary elections, and to 
reinforce the likelihood that the 
right will take the E3ys6e next year. 
But into the Socialist vacuum may 
eventually be drawn Mr Jacques 
Delons, the outgoing European Com- 
mission president, to carry the par- 
ty's presidential colours a gainst a 
possibly divided centre-right 
The Socialists’ present abject 
weakness is encouraging among 
conservatives a similar sort of 
rivalry to that which helped elect 
Socialist President Mitterrand in 
1981 and 198a The Euro-election, in 
which mainstream parties of left 
and right gamari only 40 per rant of 
the vote, has helped splinter an 
already fragile party structure. 

In replacing Mr Rocard as its first 
secretary with Mr Henri Rmirnnan- 
nefli, the Socialists have chosen a 
capable caretaker. With his stated 
dislike of the party's recent elitism. 


Elbows out at the 
starting blocks 

The race for the French presidency is heating up now 
the European elections are over, says David Buchan 


Mr Wmiwwmeiii vviD try to recap- 
ture some of the working-class sup- 
port that has poured away to Mr 
Bernard Tapie. The latter quipped 
that he and Mr BmmamiPiK had in 
common the fact that they have 
both been under judicial investiga- 
tion; Mr Emmanuelli’s case con- 
cerned allegations of impropriety in 
party finances when he was party 
treasurer; Mr Tapie’s current prob- 
lems revolve around his burin ess 
affairs. But Mr Emmanuelli has 
openly criticised Mr Tapie’s call for 
youth unemployment to be made 
Illegal as pure demagoguery - a 
stance that wOl make a Socialist 
rapprochement with the Marseille 
politician no easier. 

The task of resurrecting the 
Socialist party will be hard. To dis- 
tinguish itself fr om the Communist 
practice of suppressing dissent, the 
party invented a system of propor- 
tional representation which wpaiw 
that each of its various ideological 
“courants" are always present in its 
executive. Over time, these cour- 
ants have become warring clans 
grouped around individual chief- 
tains. Last Sunday Mr Rocard pro- 
posed abolishing the system, and 
was voted down and out; so the 
system goes on. 

Nor does France's governing 
Gauflism, particularly in the gener- 
ally cautious hands of Prime Minis- 
ter Edouard Ballad ur, give the 
Socialists much to kick against. 
True, they have been able to exploit 
Mr Balladur’s slip-ops when he 
tried to permit some public financ- 
ing of private schools and when he 
tried to reduce the minimum wage 
for young apprentices. . But the 
prime minister is, for instance, pur- 
suing privatisation too gently for 


the Socialists to object plausibly. 

If Mr Delors could be persuaded 
to run, he might conceivably prove 
equal to the Herculean task of keep- 
ing a Socialist in the Elysde. 
According to a CSA institute opin- 
ion poll this week, 47 per cent of 
those questioned said they would 
have confidence in Mr Delors as 
president, one point behind Mr Bai- 
ladnr at 48 per cent but well hHmiI 
of Mr Chirac at 37 per cent This is 
highly encouraging for the Social- 
ists. whose real fear about Mr Roc- 
ard was that he might not have 
made it into the final two-candidate 
run-off for the presidency. 

M r Delors knows his 
poll standing is a 
hit illusory, includ- 
ing a "prime d‘4- 
laignemenF (a dis- 
tance premium) that would 
disappear if he were actually to re- 
enter French politics and have all of 
the country's complaints about 
Europe heaped on him. His candi- 
dacy would confront the right with 
its own divisions over Europe. But 
it is questionable whether the cere- 
bral Mr Delors could, or would want 
to, boil 10 years knowledge about 
European integration down into the 
simplistic terms of “what’s in it far 
France?" that a national electorate 
Would demand. 

However, the greater the chance 
of Mr Delors staging a “second earn- 
ing" to French politics, the shorter 
the odds on Mir HflTlariifr prev ailing 
over Mr Chirac to be the right's 
presidential candidate next May. 
For the prime minister has long 
portrayed bhngelf as the only lead- 
ing member of his own Gaullist 
RPR party who can also carry the 


centre-right UDF federation with 
him to beat off any serious left-wing 
threat. This threat was once posed 
by Mr Mitterrand, might be by Mr 
Delors, but patently cannot be by 
Mr Rocard. 

immediately after Mr Chirac and 
Mr Raymond Barre, the former 
prime minister split the conserva- 
tive vote in 1988, Mr Balladur 
started campaigning for a single 
RPR-UDF candidate in 1995. Others 
took up the idea. By 1991 Mr Chirac 
and Mr Valfay Giscard d’Estaing, 
president of the UDF, agreed on a 
formal “charter" under which a sin- 
gle candidate would emerge from a 
series at regional primaries held a 
week apart and modelled on the 
American system. 

This charter is championed nowa- 
days raly by Mr Charles Pasqua, 
the interior minister. It has 
remained a dead letter perhaps 
because it is not the French way - 
and not incidentally in Mr Balia- 
dor’s Byzantine style - to resolve 
inter nal conflict in public. However, 
Mr Balladur has since pursued the 
samp goal by other wi»an« After the 
1993 elections in which the RPR 
wan more seats than the UDF, he 
named no fewer than 16 UDF minis- 
ters and rally 13 RPR ministers to 
his government. 

The UDF, or key parts of It, has 
since rewarded him by discreetly 
giving him their backing for the 
Elysge. A key part Is the Republican 
party (HP), which accounts for 40 
per cent of the UDF*s 213 parliamen- 
tary seats and is much the largest 
of the UDF*s components. 

ft was perhaps inevitable ideologi- 
cally that the Republicans would be 
most susceptible to the wooing of a 
Gaullist of Mr Balladur’s stamp. 


They represent liberal free-market 
thinking - always relative in 
French terms - that is on the right 
of a federation whose leader, Mr 
Giscard d'Estaing. has drifted more 
towards the centre, where the 
Christian Democrats better reflect 
his pro-Europeanism. 

Indeed, within the Republicans 
there is now an ABG (Anyone But 
Giscard) element which regards the 
former president as a patrician 
has-been. Twenty-seven of them 
threatened last week to break away 
from the UDF parliamentary group 
in order to prevent being corailed 
into endorsing a UDF presidential 
candidacy for fear, possibly 
founded, that Mr Giscard d'Estaing 
might have another go at the Ely- 
see. They were temporarily dis- 
suaded by the convening of a RP 
convention this coming weekend to 
discuss the issue of a single candi- 
dacy. The HP's honorary president, 
Mr Francois lAotard, the defence 
minister, has indicated that he 
might run for the presidency, if Mr 
Giscard d'Estaing does. 

By the opposite logic, Mr Chirac 
gives every sign of wanting the 
UDF to field a candidate because it 
could not then back Mr Balladur. 
His RPR loyalists now openly ques- 
tion the need for a single RPR-UDF 
candidate. These loyalists are led by 
Mr Alain Jiipp*. who is the RPR 
secretary-general as well as foreign 
minister. 

Mr Juppe took time off from 
pressing business on Rwanda to 
publish in yesterday's Le Monde 
newspaper a review of Mr Chirac's 
book, praising the RPR leader's 
"energy and contagious enthusi- 
asm”. These are indeed the quali- 
ties, coupled with a certain gener- 
ous lack of calculation, that endear 
Mr Chirac to the Gaullist machine. 

He certainly miscalculated with 
Mr Balladur whom be has regarded 
more as a sort of sage chamb erlain 
than a top-flight political rival, it 
was Mr Chirac who wooed Mr Balla- 
dor back into politics in the late 
1970s, made him finan ce minis ter in 
1986 and backed him for prime min- 
ister last year. It is ironic that Mr 
Chirac, one of the most experienced 
of French politicians In terms of 
offices held, should take so long to 
learn that in politics favours are 
rarely returned. 


Common perceptions about how wealth is created are misleading, argues Tony Jackson 

Minds over matter 


C ollectors of dotty opinions 
may have noticed a fine 
example in The Guard- 
ian's letter columns a few 
weeks back. It came in response to 
a thoughtful and informative article 
in that paper on the subject of New 
Age travellers, squatters, crust! es 
and the like. The writer, Jo- Ann 
Goodwin, had ventured the rash 
thought that some of those she 
talked to made "no connection 
between Income Support and the 
work and taxes of others”. 

This was too much for Mr David 
Richardson, of Westcliff-on-Sea. 
Essex. Did Ms Goodwin, he asked, 
ever wonder about her own income? 
Did it not come, like the giro 
cheques of the New Agers, "oat of 
the general pool of available 
resources?" 

As a journalist, the letter contin- 
ued, Ms Goodwin was no more pro- 
ductive than those she wrote about 
If only the obviously productive 
were to be rewarded, “it would be 
miners their familfpg featuring 
in the gossip columns”. 

The striking thing about this 


argument is not so much its absur- 
dity as the assumptions which 
underly it. Along with many of 
Britain's captains of industry and 
not a few Tory ministers, Mr Rich- 
ardson evidently believes that 
wealth is created exclusively by 
producing physical goods that you 
can bark your shin on. The rest of 
us, whether journalists, New Agere 
or piano teachers, feed on the 
wealth thus created. 

As a journalist myself, I am 
tempted to stand this nonsense on 
its head. The newspaper industry 
involves quite a lot of physical pro- 
duction: the growing and cutting of 
trees, the manufacture of news- 
print, the printing and production 
of the newspapers themselves. But 
all of it depends on the ability of us 
journalists to inform and entertain. 
No readers, no papers. No papas, 
no jobs. 

Even upside down, the argument 
is still nonsense. It is partly based 


on what might be called the Desert 
Island fallacy. In a state of nature, 
such as a desert island, certain 
things such as food, warmth and 
shelter are essential to survival, 
and thus take legitimate priority 
over other things. But the mmtom 
developed world is not a desert 
island. Everything connects, and 
everything depends on everything 
else. 

hi such a world, primary goods 
may or may not be of primary 
importance. If Britain's farms were 
to vanish in a puff of smoke, life 
would go on: food would simply be 
imported through existing distribu- 
tion systems. If, on the other band, 
tire nation’s computer software ami 

teloffnintmmlcatin ns were to v anish 
the result would be instant chaos 
and mayhem. 

Behind this lies a deeper confu- 
sion: the notion that services - any- 
thing from rock concerts to den- 
tistry - are somehow luxuries to be 


paid for, rather than a source of 
wealth in themselves. But in crude 
terns, the wealth of a society - 
however that latter term is defined 
- consists of the sum of its outputs. 
The more productive the members 
of that society are, the more out- 
puts there are to go round: and the 
more highly my output is valued by 
others, the more of their outputs I 
can get in exchange. 

As to the importance of tangible 
outputs in a society, one simple 
indication is how people choose to 
spend their wages: that is, what 
kind of outputs they seek out in 
exchange for their own. If we take 
ho usehol d <*w^ u rapH«n in the UK, 
as measured for the purposes of 
compiling the retail price index, we 
find that about a third of expendi- 
ture goes on non-physical things 
such as holidays, insurance or tele- 
phone charges. 

That is only part of the story. 
About 85 per cent of people’s gross 


income in the UK is paid in taxes. 
Most of the things bought with that 
money are non-physical: education, 
health, social security - which is 
chiefly another form of insurance - 
and even defence. On the perhaps 
slightly dicey assumption that the 
pattern of government expenditure 
ultimately reflects society's wishes, 
that means that the average UK 
inhabitant chooses to spend around 
half of his or her resources on 
intangible rather than tangible 
goods. 

The trouble about the New Agers, 
of course, is that they produce noth- 
ing which the rest of us would will- 
ingly swap for the results of our 
own labours. Thus, while they dip 
into the pool of available resources, 
they do nothing to top it up again. 

But Mr Richardson should not be 
disheartened. The dispelling of the 
manufacturing fallacy, after all, 
cuts both ways. If the New Agers 
could find a way of transmitting 
inner peace and harmony to the 
rest of us. they would be doing 
quite as productive a job as any 
other worker by hand or brain. 


Observer 


Pound of flesh 
for IOC 

■ The International Olympic 
Committee, in Paris tonight for 
its centennial birthday party, win 
be attending closely to Dick Pound, 
IOC marketing boss and odds-an 
favourite to succeed Juan 
Samaranch as IOC president. 

Found, a Canadian lawyer, has 
warned US attorneys to stay out 
of the 1996 Atlanta Games. "Some 
means must be found to keep the 
Olympics in Atlanta free of 
litigation," says Pound. 

Hfe anxiety stems from a recent 
kerfuffle between the International 
Amateur Athletics Federation and 
its multi-million dollar sponsor, 
Coca-Cola. They were involved in 
a $27m damages claim - just 
overruled - against the IAAF by 
Butch Reynolds, an athlete banned 
after dope tests. 

If sponsors like Coca-Cola 
dispense huge wads to sporting 
associations, perhaps only to see 
them disappear into the wallets 
of lawyers, they might think twice 
in future. Such boatrockmg is bad 
news for the IOC, hoping for at 
least $2b n in sponsorship at 
Atlanta. 

There might even be fewer 
celebratory dinners. 


Stifling Ariel 

■ So much for the breath of fresh 


air supposedly sweeping through 
the corridors of the BBC as it 
adjusts to the competitive world 
marketplace. 

Whan John Tusa, a former senior 
executive and current BBC TV 
presenter, delivered animal 

Janies Cameron memorial lecture 
at the City Universit y last week, 
it was widely reported in the 
outside world. 

Tusa had some unflattering 
tiling to say about the regime of 
John Birt, who beat Tusa to the 
BBC director-general’s job. 

However, Ariel, the BBCTs staff 
magazine, chose to ignore the 
speech. 

Was it only last year that Birt 
denounced the old-style BBC as 
a Soviet-style command economy 
with arcane structures? Perhaps 
he should start by introducing some 
producer choice into Arid, the 
BBC's answer to Pravda. 


Plumb job 

■ After last week’s Euroelection 
debacle, it might be thought thi? 
remnants of the Tory MEPs would 
hunker down and pull together. 
Instead, they are now squabbling 
about Who is to be the chairman 
of their ever-dwindling group. 

Will it be Edward MdffiHan-Scott, 
ex-PR man and former adviser to 
the Falkland Islands? Or perhaps 
the bearded MEP for Surrey, who 
caught Observer's eye by signing 
off his election literature with an 
endearing “love, Tom Spencer'*? 



And they are not the only ones 
hrrifHng for the chair. 

Given that the 18 Tory MEPS 
have already anointed dear old 
Lord P himh as their leader, why 
on earth do they need a chairman 
as well? 

Are we talking power politics 
here or jobs for the boys? 


Via dolorosa 

■ Britain’s greatest living 
film-maker, Peter Greenaway, will 
tonight be musing cm how 
ultimately life imitates art 
His 1987 movie The Belly of an 
Architect was about an artist who 
visits Rome to mount an exhibition. 


but who is hopelessly thwarted. 

Greenaway's plan to stage a son 
et hamere in one of Rome's loveliest 
squares, the Piazza del Popolo, 
designed by Pope Sixtus V, has 
just been scotched by contemporary 
Roman bureaucracy. His 
"Cosmology of Piazza del Popolo" 
was to have been the climax of a 
British Council programme of 
British art and theatre. 

The Idea was to compress a 
24-hour day into 10 minutes of 
pyrotechnics, accompanied by 
music. But he has run foul of the 
local authorities; despite having 
performed all the rituals required 
by the municipality, last-minute 
objections have dimmed 

(hmiaways lights. 

But maybe he’s just fallen foul 
of Italy's new arts minister, the 
neo-Fasdst Domenico ffisteheOa: 
“We accord the status of 'arf only 
to aesthetic works several centuries 
old." 

So, that takes care of Pasolini, 
Modigliani, Feltiiri. Primo Levi . . . 


Checking out 

■ if the mafia didn’t get you, the 
rate and cockroaches surely would. 
But no longer. The hotel Rosstya. 
the world’s hugest ami least 
at t r a c t i ve hotel, occupying a prime 
site next to the Kremlin, is dosing: 

The overwhelming presence of 
scuttling vermin has prompted 
Moscow's sanitation department 
to shut down the Rosstya, pwidtng - 
fumigation. A 1960s architectural 


monstrosity, the hotel stands on 
a site which had been densely 
populated with churches. Its 
present plight is thus something 
of a revenge by Moscow's underline. 

In the past few years a 
home-fro ra-bome for provincial 
Soviet and then Russian 
parliamentarians, the Rossi ya has 
suffered the familiar miseries of 
rising prices and falling incomes. 

Its many restaurants are rarely 
ablaze with carefree deputies 
carousing on government expense 
accounts. 

The final blow came with the 
abolition of the Congress of People's 
Deputies, the full Russian 
parliament which met several times 
a year and which brought more 
than 1,000 legislators to town and 

to the Rosaiya. 

Can the hotel be saved? It has 
neither the splendour of the 
pre-revolutionary Muscovite 
palaces, now home to some new 
western-built hotels, nor even the 
Stalin wedding-cake kitsch coming 
into vogue. The Rossiya must await 
a revival of interest in 
glass-and-concrete boxes. 

By then, the rats and the 
cockroaches may be firmly 
ensconced. 


Pardonable 


■ Wbat do you get when you cross 
an actuary with a member of the 
mafia? 

An offer you cannot refuse, but 
do cot understand. 




16 


\ A FINANCIAL TIME 




I xa&Stt I 

Economists say 4-6% target will not be met 

German money supply 
growth slows in May 


FINANCIAL TIMES 

Wednesday June 22 1994 


EXCO 


By Davtcf Waller in ftanfcfurt 

German money supply grew at a 
lower- than-expected annual rate 
of 13.7 per cent In May, down 
from 15.4 per cent in April, and 
by 0.5 per cent between April and 
May, tie lowest month-on-month 
increase since November last 
year. 

The figures were encouraging 
for the Bundesbank, facing a 
credibility problem with flwawnfal 
markets after runaway monetary 
growth over the past six months. 
Bat economists warned that the 
reduction in M3 growth could be 
temporary and said there was no 
chance the German central bank 
would meet its 4-6 par cent target 
far M3 growth for the year. 

The improvement in the fig- 
ures reflected one-off factors, 
such as the removal of the Bund- 
esbank's profit, which had 
inflated 'the previous month’s 
d»fa>- But twnif towMwg - continued 
to rise last month and capit a l for- 
mation did sot improve, boding 
HI for monetary development in 
coming months. Bank lending, a 


key factor behind monetary 
growth and potentially a trigger 
for fixture inflation, rose 93 per 
cent over the previous six 
months on an annualised basis, 
an Increase from the 9.5 per cent 
rate in May. Capital formation 
stagnated at the same level as in 
the previous month. 

The Bundesbank blamed “spe- 
cial factors” for confirming high 
levels of monetary growth, espe- 
cially the world-wide uncertainty 
over interest rates. 

However, economists disputed 
whether the state of the world 
capital markets could be 
described as a special factor and 
called on the Bundesbank to 
mak e a clear statement of its 
monetary policy aims. 

As Mr Hans Tietmeyer, Bund- 
esbank president insisted last 
week, M3 remains the German 
central bank’s most trusted guide 
to future inflationary develop- 
ments. 

A credibility problem has 
arisen because the central bank 
has cut interest rates aggres- 
sively despite the fact that 


money supply has overshot its 
target in each of the past two 
years and is virtually certain to 
do SO a priri this year. 

Some economists say that the 
appropriate response is to raise 
interest rates to bring M3 down, 
but the Bundesbank justified its 
most recent cot in the discount 
rote by arguing that this would 
lead investors away from 
short-term deposits into 
long-term investments, turning 
conventional monetary wisdom 
on its head. 

The figures released yesterday 
were too early to have been influ- 
enced by the latest change in 
interest rates, but economists 
warned that the current poor 
state of world financial markets 
is likely to have prevented the 
desired shift in as set s from tak- 
ing place. 

“There could be a farther accel- 
eration in M3 growth in June as a 
result;'’ Mr fifpl gw Fahrink- 
rug at Schweizerische Bankge- 
seUschaftfUBS in Frankfurt. 
“This would put the Bundes- 
bank’s strategy into disarray.” 


Brussels clears way for P&G 
to take over German group 


By Emma Tucker In Brussels 

The European Commission 
yesterday cleared the way for 
Procter & Gamble, the US con- 
sumer goods multinational to 
take over Schlckeudanz, a lead- 
ing German maker of sanitary 
pads, after deriding that the com- 
pany would not dominate the 
German apd Spanish markets. 

Brussels approved the contro- 
versial deal after P&G agreed, at 
the last minute, to sell Camelia, 
one of the Bavarian company’s 
mam brands, within 12 months of 
the takeover. 

The Commission had been, wor- 
ried that the joint farces af P&G’s 
Always brand of «a irffor y pads 
and Vereinigte Papierwerke 
Schickendanz’s Camelia would 
hinder competition by giving 
P&G 60 per cent of the German 
market and 61 per cent of the 
Spanish market. In Germany, 


P&G’s nearest competitor, John- 
son & Johnson, the US health- 
care products company, has only 
a small market share. By selling 
Camelia. the merger will increase 
P&G’s share to about 40 per cent 
- by value - with Camelia hold- 
ing about 25 per cent and John- 
son & Johnson about 10 per cent 

Mr Karel Van Miert, competi- 
tion commissioner, said the 
merger, together with the divest- 
ment of the Camelia business by 
P&G was “a good tiring for com- 
petition and a good thing for the 
consumer”. 

The case has been one of the 
most complicated takeovers to 
come before the Commission. It 
was on the verge of being 
blocked earlier this month, but at 
the last minute, P&G came for- 
ward with the offer to sell Came- 
lia in order to win clearance for 
the deaL 

The Commission has blocked 


only «ip dp?i in the two-and-half 
years since it was given 
increased powers to vet large 
mergers. 

Only 10 per cent of the mergers 
that have been notified to the 
Commission have bad to be sub- 
stantially changed to win 
approval 

Mr Van Miert said y e ste r day 
thi« case had caused the Commis- 
sion difficulty because of the 
speed with which it had to deal 
with last-minute undertakings 
from P&G. 

He said he would Him to nmlm 
Commission procedure on merg- 
ers more transparent. 

The need for greater transpar- 
ency was more urgent in view of 
the sharp rise in notifications of 
magus received by the Commis- 
sion this year, said Mr Van Miert 
He added that the increase possi- 
bly reflected the pick-up in econ- 
omic activity across the EU. 


Council refuses to release voting records 


Continued from Page 1 

After the spring row, and 
because the dispute will resur- 
face before the 1996 constitu- 
tional review of Maastricht the 
Finan c ial Times sought informa- 
tion on the workings of QMV in 
decisions made by the Council of 
Ministers for foreign affeirs, the 
internal market social affairs 
and agriculture, back to 1989. 

Under the single market pro- 
gramme alone, ministers agreed 
over 200 Euro-laws during that 
period, most under the QMV sys- 
tem. 


The FT request was made 
under the code of conduct on 
public access to information, 
which was established after five 
successive summits of EG leaders 
called for more open government 
to "bring Europe closer to the 
people". Most votes taken since 
the code was passed last Decem- 
ber are now made public. 

in reply, on May 31, the general 
secretariat of the Council said it 
did “not compile voting records” 
and was unable to supply the 
information requested. On June 
6, the FT exercised its right to a 
"confirmatory application”. 


which means that the rejected 
request must pass from the Coun- 
cil secretariat to the member 
states for reconsideration. 

The member states received 
the correspondence on the morn- 
ing of June 17, when the 
low-level General Affairs Group 
of the Council tried to push 
through a second rejection. That 
was vetoed by the Dutch and 
Danes, while the UK sought more 
tinw to consider a change in thg 
appeal procedure. 

The request is expected to go to 
ambassadors of the 12 countries 
next week, EU diplomats say. 


George 
Michael 
loses court 
fight over 
contract 


By John Mason, 

Law Cou-ts Correspondent 

George Michael the pop singer, 
yesterday lost Ms legal battle 
with Sony, the Japanese elec- 
tronics and entertainment group, 
to hare bk le cu t i Hi ig contract 
ruled unenforceable. 

Id a case which attracted small 
armies of media and dewy-eyed 
fims to the High Court, Mr Mich- 
ael argued he should be allowed 
greater freedom to pursue his 
career as a c reati v e a r tis t 

The pop star had riarmwl Ms 
contract with Sony to produce 
eight s h p nid be declared 

void because it amounted to 
unreasonable restraint at trade 
and was contrary to competition 
provisions of the Treaty of 
Borne. 

Mr Justice Jonathan Parker 
yesterday rejected the singer's 
rfftbiK — ruling life contract with 
the record co m p an y was “reason- 
able and fair”. The singer had 
access to expert legal advice 
when he signed the contract, the 
judge said. 

A disappointed Mr Michael 
said it was likely he would 
appeal against the judgment 
which, he claim ed, effectively 
uph eld “ p mfa cginrmi slavery”. 

But the ruling was widely wel- 
comed by members of the record- 
ing industry. Some have argued, 
that bad the j udgment gone the 
other way, it would have led to 
the renegotiation of many per- 
formers' contracts and to compa- 
nies being discouraged from 
investing in new and untried tal- 
ent 

Mr Rupert Perry, UK chief 
executive of EMI Music and 
chairman of the British Phono- 
graphic Industry trade body, 
said; "As an industry, we invest 
substantial am ou nts of money in 
this country. If the judgment 
stands, we wfll be able to con- 
tinue to do so.” 

Sony appeared to offer an olive 
branch to the vanquished super- 
star. "We have great respect for 
George Michael and his artistry 
and look forward to continuing 
our relationship with him,” it 
said. 

Mr Michael however, told a 
press conference he was confi- 
dent the court's decision could 
he overturned. He said that 
under the terms of his contract 
with Sony, he had no control 
ova how Ms work was exploited 
and no guarantee it would even 
be released. 

The court has yet to decide 
how much Mr Michael should 
pay towards the legal action. 
One unofficial estimate put the 
cost of bringing the case at £3m 
<*A5$m). 

Mr Michael was formerly in 
the group Wham! which had a 
string of hits in the early 1980s. 
ffis first solo IP Faith, released 
in 1987, sold 14m copies world- 
wide. 


Designer stubble that got burnt. 
Page 14 


FT WEATHER GUIDE 


Europe today 


Active low pressure over Scandinavia will 
cause mainly overcast skies and prolonged 
rain. The British isles wffi also be cloudy with 
ten mainly over northern and central parts. 
Noar gale force westerly winds wifi Until the 
maximum temperature over Scotland to 13C. 
The Benelux, northern France and Germany 
wffl be mostly cloudy with patchy rain. 

Southern France and Germany, Poland and the 
Alps wfll have frequent sunny spells with 
temperatures reaching 2SC-30C. The Iberian 
peninsula will have abundant sunshine wtth 
afternoon temperat u res reaching 35G In the 
interior. Sunshine will be plentiful ova Italy and 
southern Greece too, but highest temperatures 
wfll stay near 30C. The southern Balkans will 
have thunder showers. 

Five-day forecast 

Western and centra! Europe will have sunny 
spefe as warm air eraefuafly spreads north. 
During the weekend, maximum temperatures 
of ova 25C win reach as far north as central 
England and southern Denmark. Thunder 
showers wfll develop over France from 
Saturday. The Mediterranean wTC be mainly 
sunny and warm. Scandinavia wDl have 
outbreaks of rain, especially on Thursday. 



TODAY’S 


AUuDIwU 

Accra 

Algiers 

Amsterdam 
Afftena 
Adams 
B. Aires 

BJwm 


Bscwma 


MaxJnun 
Celsius 
sun 42 
fair SB 
sun 30 
did 20 
sun 32 
ttwnd 33 
Ur 13 
doudy 20 
stamr 32 
sun 27 


StaMfan td IS OUT. TvnpMOras mwdmum for day. forecasts by Mateo Consult of the Nathutmda 


Belgrade 

Botin 

Bermuda 


Bombay 


Chosen 

Cairo 

Cape Town 


tar 29 
rain is 
bus so 
fair 28 
28 
18 

shower 32 
cloudy 25 

*m 33 

rain 20 
sun 40 
cloudy 16 


Caracas 
Coder 

Casablanca sun 

Chicago fair 

Cologne cloudy 

Dakar shower 

Mas fat 

Delhi sun 

Dufcte sui 

Dublin ten 

Dubrovnfc ttwnd 

Edhbixgb min 


Lufthansa, Your Airline. 


Lufthansa 

German Airlines 


24 Faro 
19 Frankfist 

26 Qanera 
30 abater 

27 Glasgow 
30 HamEurg 
34 Ha&rtd 
44 Hang Kara 
40 HonofaAi 
18 Istanbul 
29 Jakarta 

17 Jer»y 

Karate 
Kuwait 
L Angeles 
Las Palmas 
Lima 
Lisbon 
London 
LjficJboug 

asu. 


an 

fair 

sui 

sun 

ten 

rato 

ten 

shower 

«r 

fair 

fair 

cloudy 

Mr 

an 

fair 

sun 

cloudy 

fair 

cloudy 

cloudy 

fair 

an 


30 Madrid 

30 Majorca 

28 Malta 

||U,. Jinntna 

t“i PrUnuKfiHuT 

15 Marla 
22 Metooums 

18 MadcoOiy 

29 Mate 

31 M 3 an 
28 Montreal 
31 Moscow 

19 Munich 
35 Nairobi 
42 Naples 

25 Nassau 

26 Now York 

20 Nice 
34 Nlcosb 
24 Oslo 

28 Paris 

29 Perth 
« Prague 


sun 

36 

Rangoon 

ten 

30 

am 

30 

HwWaeSi 

cloudy 

11 

ter 

30 

Rta 

fat- 

28 

ten 

17 

Rome 

eun 

30 

cloudy 

33 

S. Freco 

fa* 

21 

rah 

17 

Seoul 

shower 

27 

shower 

20 

Singapore 

dcudy 

31 

fair 

33 

Stockholm 

ten 

17 

sun 

33 

Stmboura 

riaudy 

30 

fair 

cloudy 

sot 

25 

23 

30 

&32 

TdAvW 

fair 

ah 

'am 

18 

32 

35 

cloudy 

25 

Tclgo 

ter 

26 

sun 

30 

Toronto 

am 

25 

shows- 

32 

Vancouver 

ter 

23 

sun 

31 

Venice 

sun 

30 

sun 

27 

Vienna 

Ur 

32 

sun 

35 

Warsaw 

ter 

27 

rah 

21 

Washington 

sun 

32 

****** 

26 

WeBnaton 

fair 

10 

Ur 

17 

Writ** 

fat- 

27 

ut 

31 

Zurich 

ter 

26 


THE LEX COLUMN 

Dollar under fire 


The Naples summit of industrial 
leaders in two w eeks will look a sorry 
right- jf these market conditions con- 
tinue. A weak dollar is dragging down 
the US bond market, Other bond mar- 
kets - illogically in view of its strong 
currency mrUnriing Germany - are slid- 
ing in its wake. That in turn is upset- 
ting equities. Against that background 
the summit leaders cannot credibly 
congratulate themselves about eco- 
nomic recovery. Pressure an central 
banks to the dollar with inter- 
vention will grow, now that the cur- 
rency has tested levels below 7200. 
Yet apart from the Bank of Japan, 
which obviously has most at stake, it 
is bard to see them showing much 
enthusiasm. 

Inter v ention t »» y mim the market 
temporarily but without accompany- 
ing policy action it is unlikely to have 
much lasting effect The Federal 
Reserve would need to signal its deta- 
minatfap with anotha sharp rise in 
interest rates. Yet the US economy is 
showing signs of cooling and the Fed 
has indicated it would prefer to wait 
Fear of another rate rise has dearly 
spooked the equity market but it 
stands to lose both ways. Bond market 
nervousness and higher long-term 
interest rates are hardly a recipe for 
sustained recovery. 

Similarly the Bundesbank is in a 
bind. With M3 money supply still 
growing at a 13.7 per cent annual rate 
and economic recovery in the air, it 
cannot relish the thou ght either of 
intervening or of cutting nfffrial rates 
again. The last rate cut explicitly 
designed to curb M3 by encouraging 
inve sto r s to move out along the yield 
curve, does not seem to be working 
yet even though 10-year bonds yield 
200 basis points more than three- 
month money. With markets in such a 
state, investors’ natural inclination is 
to stick with cash. 

Sony 

The music industry will be relieved 
at Sony’s court victory over pop star 
George MichaeL Defeat could have led 
other grumpy pop stars to break their 
contracts. The rot could even have 
to other industries based on 
intellectual property such as book 
publishing or film production. Even 
so, Sony’s victory is something of a 
hollow one. The Japanese electronics 
giant will not be able to force George 
Michael to produce a stream of smash 
hits between now and 2003. Sony’s 
hard line may even deter other artists 
from signing up with its music arm. 


FT-SE Index; 2940.2 (-30.9) 


Oraimany 

Interest rates, % 

7£ 1 ; 



It is, of course, easy to understand 
how Sony got into a no-win situation. 
When music companies promote a par- 
ticular giHnm, they are marketing not 
just the particular songs but the artist. 
So it is natural to try to recoup their 
investment over a series of albums by 
si gning long -term contracts. A s imilar 
phenomenon is increasingly apparent 
in the book world where some novel- 
ists receive multi-million dollar con- 
tracts for committing themselves to 
write a series of pot boilers for a single 
publisher. But the George Michael 
case shows that such contracts on 
their own contain little value. The les- 
son for afl companies dealing in intel- 
lectual property Is that a legally solid 
contract is a poor substitute for a good 
relationship. 

Wessex Water 

Even after yesterday’s 3 per cent foil 
in its shares, Wessex remains one of 
tiie two best performing water compa- 
nies since privatisation. Since it again 
delivered the largest dividend increase 
in the sector, some outperformance is 
not surprising. As well as having mer- 
its as a utility - operating costs on the 
water ride have fallen two years run- 
ning in real terms — the joint venture 
with Waste Managpmgnt Intern ational 
appears to be delivering the promised 
growth. Earnings per share rose frac- 
tionally even after adjusting for the 
rights issue made 18 months ago to 
fund diversification. 

Wessex wfll have to drive the waste 
side hard if it is to avoid diluting earn- 
ings in the years to come. By 1998 
there could be 160m, shares in issue, 
against little ova lOQm at privatisa- 
tion. With £65m rights money still in 


the kitty - and more to come as other 
Hapsfls of capital convert into ordinary 
shares - Wessex and Its partner do 
not have to rely on organic growth. 
Yet little more than £10m was spent 
on waste acquisitions last year, which 
underlines that attractive assets are 
thin on the ground. 

ft Wessex does manage to spend its 
money wisely, the stock market will 
have to decide bow to value a com- 
bined water and waste group. Putting 
this year’s likely waste earnings on an 
average market multiple makes Wes- 
sex’s interest in the venture worth 
about £1 a share. Floating a portion of 
the venture would be the bod way of 
putting such valuations to the test, as 
well as lifting the veil a little more an 
exactly where the growth is coming 
from. 

Manweb 

Manweb shows the virtues of a util- 
ity sticking to its knitting. Out of the 
12 regional electricity companies. Man- 
web stands out as the one which has 
diversified the least since privatisa- 
tion. It has duly bear rewarded with 
the highest stock market rating, with 
its yield on a 10 per cent discount to 
the sector. 

The most obvious reason is that 
Manweb has avoided the foolish acqui- 
sitions of its peers. It has not wasted 
money on contracting in the way that 
East Midlands and, to a lesser extent, 
Swalec have. Nor has it piled into 
retailing, a business to which it is 
hard to see recs adding much value. 
Nor even has it invested in generation, 
a move that has so for been profitable 
for most recs but where again it is not 
clear they possess any competitive 
advantages. 

But the avoidance of foolish invest- 
ments is only one reason why sticking 
to the knitting pays off, Even more 
important is that Man web’s senior 
management has not been distracted 
from improving efficiency in its core 
distribution business. Manweb has 
done more than other recs, with the 
possible exception of Eastern, to 
reduce costs. 

In theory, that should leave it well 
placed to survive the tighter price 
caps due to be unveiled In August by 
Professor Stephen Littlechild, the 
industry regulator. The idea is that 
those which have made the biggest 
strides to improve efficiency will be 
rewarded by being allowed to keep a 
share of toe benefits. Those that have 
done the least will be spurred on with 
a tougher challenge. 


Handelsbanken 

Investment Banking 

Selected recent advisory assignments 




Stockholm 


London 


Paris 


Helsinki 



Thratwanaowianien&appM-miatmmral wco nl tMrr 


Specialists in Nordic corporate finance 


SWAkhohn 

HMMUbankM Investment Banking 
Corporate Finance 
to s n srecfcMJflt 
Sweden 


A M«Mr a! tea SMmm and Itan xubouqi ami <0 ma London Omsk Grating* 

A ant t r arr^S nnmka H* mt »| jp *iil m Croup 



London 

Kandetsbuiken Investment Banking 
Corporate Finance 
3-3 Newgate Street 
London EClA 7 Da 








A 



r- > 

' V 








Overseas Moving 
by Michael Gerson 


. A A 081-446 1300 



IN BRIEF 


PepsiCo opens 
plant in Prague 

PepsiCo has opened a rnawnfa^ pTi g g nd 
distribution facility in Prague, Us largest to 
in central and eastern Europe. Page 18 

M flotation goes ahead 

31's flotation is to go ahead today despite the 
weakness of the London stock market Institutional 
funds have bid for £1 3hn of equity. Page 18 

Microsoft takes stake In Stac 

Microsoft is taking an equity stake in Stac Electron- 
ics, en din g a patent conflict between the two 
companies which could have cost Microsoft 8120m 
in damages. Page 19 


Deutsche Bank provisions stable 

Deutsche Bank will not have to increase its budget 
far provisions against bad and doubtful debts 
this year. Page 19 

Mexican derivatives product planned 

The Chicago Board Options forc hy ogp plans an 
equity derivatives product to mirror the perfor- 
mance of the Mexican economy. Page 20 

Russian coal exports dry up 

Russian coal e xport s have almost dried up since 
a ca rryin g charge was levied by the transport 
ministry, but producers' hopes of a reduction 
look slim. Page 26 

Warning on Caspian Sea Investment 

Investment in the oil and gas reserves in the 
Caspian Sea is a risky business, according to 
the Russian energy minister. Page 26 

Manweb posts 13% profit rise 

Manweb re-affirmed its concentration on core 
business as it announced profits up 13 per cent 
rise and dividends up 16 per cent Page 22 

400 Jobs go at Comet 

Four hundred Jobs are to go at Comet, the result 
of a ElOm investment in new technology and 
a reduction in opening hours. But the moves 
could save up to £4m a year. Page 22 

Groat Southern under attack 

The quiet world of undertaking is being shaken 
up by Service Corporation International's 
attempted takeover of Great Southern Group. 

Page 23 

FHofax back bi Mack 

FUofax, the ultimate symbol of the 1980s Yuppie, 
has returned to profit and worldwide sales are 
increasing. Page 24 

IWP on acquisitions trait 

IWP reported a 27 per cent increase in pre-tax 
profits and Mr Joe Moran, group chief executive, 
said further acquisitions are likely to double 
to profits over the next five years. Page 25 

Derivatives column 

The Financial Times to mo rro w launches a new 
weekly column an derivatives. The coharmxmU 
analyse trends ond developments in this growing 
market by drawing an the expertise of its specialist 
writers. lit will replace the Risk and Reward column 
which had appeared m Monday’s edition. 


Companies m this Issue 


3i 

18 Lotus Development 

17 

Acqfafm Enter 

IS Macquarie Bank 

20 

Autastt Assocs 

23 Manweb 

22. 18 

BAT 

1 Mediobanca 

18 

Brown & Jackson 

22 Mkrosoft 

19 

China Inv Trust 

25 News Corp 

19 

Christiania Bank 

18 PepsiCo 

18 

City Site Estates 

24 Psrusahaan Otomobi 

20 

Colonia 

18, IT PWtip Monte 

17 

Dairy Crest 

23 Phoenix Timber 

25 

Dawson Inti 

25 Polar 

23 

Deutsche Bank 

19 Poseidon Gold 

20 

Eastman Kodak 

19 Procter a Gamble 

16 

Electrowatt 

18 QuaBty Care Horwb 

24 

a LBy 

19 Renault 

17 

Essex & Suffolk 

23 Schicfcendanz 

IS 

Euratherm 

22 Service Corp Inti 

23 

FHofax 

24 Sfierrtnrght 

22 

Goodyear 

19 Sony 

16 

Great Southern 

23 Stac 

19 

Karris (PhUp) 

25 Standard Chartered 

12 

Hazlewood Foods 

23 Starting Inda 

25 

Hongkong Bank 

6 Templeton Emerging 

22 

Hoyts 

20 Thom SW 

18 

IWP inti 

25 Total Systems 

23 

isuzu 

18 Trio 

23 

Kingfisher 

22 Vebe 

20 

Klein wert Benson 

12 Watson a Philip 

24 

London & Clydeside 

23 Wessex Water 

16 


Market Statistics 


ftanuaJ reports service 
Bandrmar* Govt bonds 
Bond tufcres and options 
Bond prices and yMds 
CommodMas prices 
DMdends asHinced. UK 
EMS currency rates 
Eurobond prices 
Rsari Inte rest Indices 
rr-A Worid Mess Book 
FT Gold Iftws index Back 
FMSUAMf bond sac 
FT-SE Actuates Mess 


29 Foreign exchange 34 

21 GBts prices 21 

21 Lffte eqrfy options Back Page 

21 London stare serfcs 29 

26 London trad options Back Page 

22 Managed funds sarrics 30-34 

r? Money markets 34 

~ New kid bond fasues 21 

Pro Iterant issues. UK 27 

pro Short- terra Ht rates 34 

2t US Interest rates 21 

27 WWW Stock Markets 35 


Chief price changes yesterday 


/ 


\ 


nUNKFURrMfl 



1920 


10S 

re»— 



Beteaae 

+ 

BIHI 

782 ♦ 

15 

Mtecta 

508 

+ 

26 

Catena ill 

2355 * 

55 





tfeffimm 

870 + 

2D 

fiTHBaepoM 

394 


17 

Ltehana 

1717 + 

10.7 

- 

Ms 



tmnatenqua 

875 

- 

18 

HartB 

358 - 

11 

Haute UtW 

550 

_ 

a 

Mb 875 - 

teVTamn 

35 

TOKYO (Ten) 




ca*nte 

1MM - 

3ft 

itmnoi 

1050 

♦ 

a 

Garni Motor 

53* - 

1ft 

Ms 




tree Per 
HacotBcii 

371* - 
1« - 

T4H 

2ft 

MteiOm 

745 

- 

25 

mm 

30ft - 

1ft 

HMrM 

745 

- 

24 

Osi«r Oats 

73V* - 

8H 

CteoeSdea 

3300 

_ 

120 

PAHWtFftj 



IfctoWM 

GB3 

- 

20 

EOS 

750 + 

15 

Yntefta 

795 

- 

34 

He* York prices at 1230pm. 





UMBOH (Pence) 



a 



Hm 



Staten 7W 

— 

4 


185 ♦ 

5 

Hate m>i 

123 

- 

10 

wt 

Ate 

W * 
250 * 

S 

7 

HtetetWA 

m 

- 

21 

States fete 

243 * 

12 

IWP w 

352 

- 

16 

Tara 

1<4 + 

7 

umxwp 

403 

_ 

21 

TnWprHsra 

VtaWIBI 

88ft + 
166 

3ft 

5 

MR Farters 

140 

- 

6 

Ate 



auftrdi 

200 

— 

23 

Gatina 

Sift - 

14ft 

FtooM 

199ft 

- 

7ft 

Boater 

Eaton 

435 - 

369 - 

16 

28 

SHanteght 

219 

- 

24 

Gum Mg 

900 - 

33 

TeWSptero 

22 

- 

S 


17 


FINANCIAL LIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Wednesday June 22 1994 


brother. 


Renault may start sell-off this year 


by John RidcBng in Paris 

The French government is 
considering a partial privatisa- 
tion of Benault, the state-owned 
automobile group, by the end of 
this year, according to Mr Phil- 
ipps Auberger, a senior member 
of the National Assembly’s 
finance committee. 

Mr Auberger's comments yes- 
terday follow speculation In busi- 
ness erodes that the government 
wifl seek to implement a progres- 
sive or partial privatisation of the 
automobile company, following 


the collapse of merger plans with 
Volvo of Sweden at the end of 
last year. 

During the negotiations with 
Volvo, the French government 
had said it aimed to sell its con- 
trolling stake in Renault this 
year. But the failure of the 
merger, the political sensitivity 
involved in privatising one of the 
flagship companies of the French 
public sector, and the possibility 
of trade union opposition 
prompted a delay in the privati- 
sation timetable, flffiwais have 
since indicated that a sale of the 


government's 80 per cant stake in 
the automobile group is unlikely 
before next spring’s presidential 
elections. 

According to Mr Auberger, the 
idea of a partial privatisation is 
being studied by the office of Mr 
Edouard Bahadur, the prime min- 
ister, and by Mr Gferard Longuet, 
the industry minister, who has 
pushed for the company’s privati- 
sation. Mr Louis Schweitzer, Ren- 
ault's chair man, is also eager for 
the company to be transferred to 
the private sector. 

Mr Auberger said that no deci- 


sion had been taken and the 
operation, if implemented, would 
be unlikely before October or 
November. He hinted that it 
could take the form of a sale of 
shares to industrial or financial 
partners rather than through a 
public offer for sale. 

Government officials declined 
to discuss the mechanisms of a 
partial privatisation. But indus- 
try observers in Paris suggested 
that it could involve the sale of 
between 15 and 25 per cent of 
Renault’s shares and the forma- 
tion of a so-called “noyau dur” - 


a core of long-term shareholders. 
This could include Lagardere 
Group, which co-operates with 
Renault on the design and pro- 
duction of its Espace vehicles, 
and Elf-Aquitaine, the oil group. 

A partial privatisation would 
bring several advantages for the 
government. It would confirm its 
co mmi tment to privatise the 
automobile group, one of the 21 
companies slated for sale by the 
centre-right government of Mr 
Balladur. It could also facilitate 
the reduction of the Volvo's 20 
per amt holding in the company. 


Philip Morris 
promises to alter 
management style 


By Richard Tomkins in New York 

The new bosses of Philip Morris, 
the US food and tobacco group, 
yesterday promised a sharp 

change in managemen t style in 

an effort to restore the compa- 
ny’s flagging share price. 

Mr William Murray, who took 
over from Mr Michael Miles as 
chairman at the weekend, said* “I 
want to say categorically that we 
are not committed to doing 
things in the way they were done 
in the past I want to emphasise 
that point" 

Mr Murray and Mr Geoffrey 
Bible, who took over Mr Miles's 
role as chief executive, were 
speaking to reporters in New 
York just three days after their 
promotion to the top two job6 at 
Philip Morris following Mr 
Miles’s sudden resignation. 

Their de cision to speak to the 
media so soon after taking office 
appeared to signal the start of a 
more open style of management. 
Their predecessor almost sever 
gave press interviews and rarely 
spake to stock market analysts. 

Mr Murray said their overrid- 
ing priority would be to produce 
rates of earnings growth that 
compared “very favourably" with 


the rest of corporate America. All 
the group’s businesses were per- 
forming well, and the domestic 
and international tobacco busi- 
nesses “had never been stron- 
ger”, he said. Options for improv- 
ing shareholder value could 
include a bigger share buy-back 
programme, higher dividends, 
acquisitions or debt reduction. 

Mr Murray confirmed that an 
earlier plan to demerge the 
tobacco businesses - seen by 
some as having brought about Mr 
Miles’s demise - was off the 
table. Mr Murray Green, Philip 
Morris’s general counsel, said a 
demerger had been abandoned 
because of the danger that it 
would be challenged in the courts 
as a fraudulent conveyance by 
those seeking damages over 
smoking-related dimacas 

Mr Bible sought to play down 
l eg al and political challeng es. 
“You must remember that we 
have never lost a case," he said. 
He described attacks on the 
industry in Congress as the rhet- 
oric of “a handful of anti-tobacco 
legislators’*. The signs were that 
the federal excise tax on ciga- 
rettes would not be increased at 
anything lifrp the “outrageously 
high" levels first proposed. 


Italian market: fall before the Hood 



■'Tito- 

Mtoiat-. ■ ^ 

1994 - 

*-» : ’-650 

Jim 


\ - 

Souncac FT Graphs* 

SS 7 -. 

1 



faa (insurance) '. - . % Shares (privatisation) Opens June 27 ' 4JS00SJB00 


Mediobanca -be 


Mondadori (pohtehfcjg) •• 



fMttontto 


Nervous Milan fears glut of issues 


Mediobanca, the powerful Milan merchant bank, 
postponed its Ll.50Qbu (5935m) rights issue on 
Monday following the decline in Ms share price. 
But there are still more than Ll 0,0001m of bond 
and share issues competing for investors’ attention 
in Milan over the next six weeks, creating the risk 
of a glut in an already nervous market 
Advisers preparing for the L4^S00bn-L5,500bn 


privatisation of Ina, the state-owned insurer, next 
week, hope that its special characteristics will 
stimulate public enthusiasm. Analysts believe Ital- 
ian equities could still outperform, but much 
depends on how the new Italian government can 
reassure investors who are beginning to question 
its commitment to a strict economic policy. 

Share flood dampens Milan's enthusiasm. Page 18 


Colonia seeks international ally for Cologne Re 


By David VtfaUor m Frankfirt and 
ADce Rawsthom fn Paris 

Colonia, Germany’s third biggest 
insurance group, confirmed yes- 
terday that it was holding talks 
which could lead to an interna- 
tional strategic alliance for 
Cologne Re, its reinsurance sub- 
sidiary. 

Mr Claas KJeyboldt. Colonia’s 
chief executive, said that the 


talks were taking place with a 
number of companies but as yet 
•there were was no preferred part- 
ner for the match. He was speak- 
ing in Cologne as Colonia - now 
a subsidiary of the French Union 
des Assurances de Paris (UAP) - 
reported pre-tax profits up by 
nearly a quarter for 1993. 

He stressed that under no cir- 
cumstances would Colonia sell 
its 75 per cent direct and indirect 


holding in Cologne Re or contem- 
plate a full-scale merger with 
another party. The only require- 
ment was for a partner which 
pursued a similar strategy to that 
of the German company, Kley- 
boldt said 

He refused to comment on 
reports that the company, the 
fourth largest reinsurance group 
in the world with gross income of 
DM4-5bn (J2J5bn) in 1992, would 


forge links with either General 
Carp Re or Employers Reinsur- 
ance Corp. two US reinsurance 
companies believed to be looting 
independently for European 
partners. 

Although the talks are appar- 
ently at an early stage, they high- 
light the move towards co-opera- 
tion and consolidation in the 
global reinsurance industry. 

UAP confirmed that in princi- 


ple it would not be opposed to 
Cologne Re forming a strategic 
alliance with an international 
partner in the reinsurance 
field 

The prospect of a US alliance 
would be novel for UAP which, 
until its privatisation this spring, 
was a state-controlled company 
anij banned from investing in the 
US. 

Colonia figures. Page 18 


TYPEWRITERS 
WORD PROCESSORS 
PRINTERS 
COMPUTERS 
FAX 


Profits 
warning 
hits Lotus 
shares 

By Richard Waters In New York 

Shares in Lotas Development 
plunged more than a quarter in 
New York yesterday following 
the US software maker's gloomy 
sales and profits projections. 

Disenchantment with Lotus 
has been growing in the Invest- 
ment community, prompted by 
slowing sales of applications 
software products, which 
account for 70 per cent of reve- 
nues. By midday the shares were 
trading at $27% down $14’.;. This 
capitalised the shares at less 
than half the level reached at 
their peak in mid-March, when 
Lotus was valued at $3.9bn. 

The company maintained its 
long-term prospects were unaf- 
fected by the profits warning 
issued on Monday, and blamed 
the share price fall on its failure 
to meet market expectations for 
one quarter. 

Mr Robert Schecfater. senior 
vice president for international 
business, said: “Over the long 
run, we feel very confident" He 
said that the company’s fast- 
growing communications soft- 
ware products, already 36 per 
cent of sales, continued to grow 
“at or ahead of expectations". 

The Massachusetts-based com- 
pany had warned that second- 
quarter sales would be $230- 
$240m, similar to the previous 
year, and that earnings per share 
would be 26-25 cents. Most ana- 
lysts had been expecting dose to 
50 cents, ft revised its earnings 
projection for the year to $1.80- 
$2.00, down from its earlier fore- 
cast of $2.0032.15. 

The company said the sales 
faD-off was due to delays in the 
release of a number of upgrades 
to its biggest applications soft- 
ware products, including 1-2-3. a 
spreadsheet package, and 
Approach, a database product. 

Mr Schechter said that sales 
expected for the second quarter 
would come in the third quarter 
instead. He added that sales gen- 
erally were influenced by eco- 
nomic weakness in Japan, 
France and Germany, which 
number among Lotus’s biggest 
markets, but that the company 
expected demand for software 
products to continue to grow at 
5-10 per cent over the longer 
term. 

Lotus's shares are now back to 
the level prevailing at the end of 
last summer. Their rise was 
based on optimism over the com- 
pany’s communications soft- 
ware, one field where it is 
regarded as ahead of arch-rival 
Microsoft 

Worid Stock Markets, Back Page 


Barry Riley 


Pensions point to clash 
in capital market styles 



Last week’s 
formal abandon- 
ment of the mori- 
bund draft EU 
directive cm cross- 
border pension 
fond investment 
emphasises the 
continuing gulf 
between the capital market styles 
of the UK and most of the rest of 
the EU. The single market in 
investment and financial services 
seems as far away as ever. 

The directive was the less 
ambitions of a pair introduced 
two years ago to open up pension 
schemes. The first, aimed at 
facilitating cross-border member- 
ship, collapsed because it chal- 
lenged the tax sovereignty of EU 
states. Northern countries feared 
they would hand out tax relief an 
lifetime earnings only for the 
workers to disappear to the Costa 
del Sol, where a grateful hut 
undeserving Spain would gather 
income tax on the pensions. 

The second di re c tive aimed to 
harmonise i nv e s t m ent rules and 
open the way for investment 
management firms to compete 
throughout the EU. But few 
member s fafas have been willing 
to relax their grip on institu- 
tional investment strategies 
when captive domestic investors 
are urgently needed to help 
absorb EU g overnm ents’ borrow- 
ing, recently running at an 
annual rate of $40Qtm. Hence the 
“prudential" rules which require 
heavy investment in bonds and 
domestic currency assets. 

Germany and France, holders 
of the next two EU presidencies, 
have no interest in opening up 
the scope for international fund- 
ing of pensions They are strong- 
holds of unfunded sc heme*, with 
German companies generally 


retaining their liabilities on their 
balance sheets and France rely- 
ing on pay-as-you-go systems 
(although these are increasingly 
threatened with insolvency). 

German companies are regain- 
ing their nerve as economy 
begins to recover after what was, 
in the event, not all that deep a 
recession. There have been 
shocks, such as last year's deci- 
sion by Daimler-Benz to adopt US 
accounting principles and seek a 
New York listing, and the crisis 
at Metallgesellschaft. On the 
other hand. BMW has absorbed 
Rover and Jungheinrich has 

The stream of 
flotations and 
dividends promotes 
a dynamic 
recycling of wealth 

grabbed control of the forklift 
truck businesses of the collapsed 
British group Lancer Bras. 

German executives are quick to 
criticise the short-termism of 
British companies, with high div- 
idend payments - also criticised 
by Mr Stephen Darrell, the Brit- 
ish Treasury minister investiga- 
ting savings and investment 
flaws - low fixed investment and 
short payback horizons. But 
these high dividends are the 
other side of the coin of the envi- 
ably strong British occupational 
pension schemes, which own 
more than 30 per cent of the 
shares Of British nrvmpflnipg . 

Continental observers also find 
it hard to understand the success 
of the London Stock Rrcbang e in 
attracting new listings 

at a recent rate of more than 200 


a year. New lis t i n gs on continen- 
tal bourses are tiny by compari- 
son; far cultural and tax reasons 
most continental businesses pre- 
fer to stay (very) private. But 
executives at the London 
exchange are wondering whether 
it might be possible to market 
the attractions of a UK flotation 
more widely on the continent 

Is this just another aspect of 
British short-termism? in the late 
1980s the City’s financial vultures 
made money through corporate 
raids and takeovers. Now they 
are luring quite small and often 
young companies to early flota- 
tion through a get-rich-quick 
promise. The obsession, continen- 
tals feel, is with “eat” rather 
than long-term commitment. 

On the other hand, the stream 
of flotations and dividends also 
promotes a dynamic recycling of 
wealth. Money piles up less 
readily in big, dull businesses, 
but is diverted through contribu- 
tions and dividends Into their 
own and other companies' pen- 
sion schemes. Growth is achieved 
through the development of 
smaller, focused companies 
rather than the sideways expan- 
sion of big, rambling groups. 

The British government’s 
reluctance to promote the UK’s 
capital market style is disap- 
pointing and puzzling; indeed, 
there has recently appeared to be 
a hankering after the German 
approach. The failure to open up 
a Europe-wide investment mar- 
ket is also very damaging to Brit- 
ish interests. No wonder the Brit- 
ish business community is 
becoming disillusioned with con- 
tinental Europe. The UK Is a 
global centre of excellence for 
portfolio management, but more 
business is to be had in the US 
than in the remainder of the EU. 


Leading Financial Advisor in Sweden 


f Ai tries* shares- rtave been roU ^ 

; TlfeafrarfvoamflppMffEK a man* o( record city. \ 

Privatisation of 


AssiDomSn 

53,500.000 shares 
SEK 7,623,750,000 

AdvcoMo ins Mnisrr of a 
kviuerv and Ccmmeroo * 

Lead Manage) n tie UtMkfflonal OHwtag 

idn Lead (temper Jn (he Pubic OBMtb 


CaMOGE FtMowsn AS 
. S = g= 




Advisor to the Parties 
in the 

35SK 

merger with 

Wr 

Domon 


in forming 


AssHtoman 



Advisor to 


AssiDoman 

in the Acquisition of 


Neb 


Cameos FOWMOMBSam AB 


V. 


Carnegie Fondkommission AB 

. Gustav Adolfs Toig 18 - 5-103 38 STOCKHOLM Sweden • 
TM.: 4S-8-676 38 00 Fax; J6-8-21 28 40 



J 


jr 


J 




IS 


times WEDNESDAY JUNE 22 1994 



INTERNATIONAL COMPANIES AND FINANCE 


Colonia upbeat as profits 
rise to DM308m for year 


By David Wader in Frankfurt 

Colonia. Germany's third 
largest insurance group, yes- 
terday reported a sharp 
increase in pre-tax profits for 
last year and predicted that 
earnings in the current year 
would again be satisfactory. 

Mr Claas Kleyboldt, chair- 
man of the German insurer, 
which is a subsidiary of UAP, 
the largest insurance group in 
France, said the group had 
improved pre-tax profits to 
DM308.9m (9189.5m) up from 
DM248m in the previous year. 
Gamings per share climbed to 
DM55 from DM37.50. 

The improvement reflected a 
combination of reduced claims 


and increased premium 
income, a trend which had con- 
tinued in the current year to 
date, Mr Kleyboldt said. 

In 1993, the gross premium 
for what is to be known as the 
CKAG group rose by 11.4 per 
cent to DM13.6tm, while the 
ratio of money paid to settle 
insurance ciairns to premium 
income in mainstream insur- 
ance business fell by SL3 per- 
centage points. 

In the life insurance sector, 
payments to policyholders 
increased by 9.3 per cent com- 
pared with an 11 per cent rise 
in premium income. 

In the first four months of 
the year, premium income at 
the group's two non-life insur- 


ers - Colonia Versicherung 
and Nordstem Allgemeine Ver- 
acherungs - increased by 9.6 
and 7-9 per cent respectively, 
while claims expenditure 
decreased. Premium income at 
Colonia Lebensversicherung 
and Nordstem Lebensverei- 
cherung, the two life subsid- 
iaries, rose by 8.7 and 1&3 per 
cent respectively. 

Income from investments 
rose 37.1 per cent to DMmSrn. 
The group is rationalising Its 
domestic operations to make 
Colonia a more efficient com- 
petitor to Allianz, the biggest 
insurer in Europe, and 
Aachener und Mflnchener 
Beteiligungen, the second big- 
gest German insurer. 


PepsiCo opens plant in Prague 


By Vincent Boland in Prague 

PepsiCo, the US soft drinks 
company under pressure along 
with its rival, Coca-Cola, from 
own-brand colas in western 
markets, yesterday launched 
its latest thrust into post- 
communist eastern Europe 
when it opened a manufactur- 
ing and distribution fetifity in 
Prague, Its largest to date in 
central and eastern Europe. 

The plant, located in a build- 
ing originally designed as a 
munitions factory, is the result 
of an $85m investment in the 
Czech Republic, and is expec- 
ted to produce up to 150m lit- 
res of Pepsi products a year. 
PepsiCo has also opened seven 


sales and distribution centres 
around the country. 

Mr Wayne Mallloux, presi- 
dent and chief executive of 
Pepsi-Cola European Bever- 
ages, said the company expec- 
ted sales of Pepsi products in 
the Czech Republic to rise to 
$ 100 m annually by the end of 
the decade. 

Sales in the past year had 
grown four-fold and should 
double in two years, Mr Mall- 
loux said, though, he declined 
to give figures. 

PepsiCo estimates that the 
Czech Republic has the highest 
soft drinks consumption rate of 
any country in central and 
eastern Europe. Per capita con- 
sumption is low, however. 


Czechs drink an average 220 
8oz servings a year, compared 
with 770 in the US. The com- 
pany also claimed that sales of 
Pepsi now equal those of its 
fierce rival, Coca-Cola, in 
Prague. 

Mr David Jones, president of 
Pepsi-Cola International's east- 
ern Europe and central Asia 
division, said Pepsi and Coca- 
Cola between them account for 
just 40 per cent of the soft 
drinks market in the Czech 
Republic, compared with 90 per 
cent in the United States. 
“There is plenty of room for 
everybody to compete," he 
said. “There are enormous 
opportunities for soft drink 
companies.” 


Swiss energy 
group steady 

By Ian Rodger In Zurich 

Electrowatt the Swiss electric 
power generation and engi- 
neering group, has reported 
unchanged net income in the 
six months to March 31, of 
SFr94m ($713m), on sales up 6 
per cent to SFr2.47bn. 

Mr Oskar Ronner, president, 
said that a mild winter and 
weak economic conditions had 
hurt sales and profit growth. 
However, he forecast that last 
year’s record net profit of 
STrl76m "should he almost 
equalled". 


Christiania in NKr575m 
offer for mortgage group 


By Karen Fossil In Oslo 

Christiania Bank, Norway's 
second largest bank, yesterday 
unveiled its offer to acquire 
Vestenfjeldske Bykreditt, a 
domestic mortgage institution, 
which values the company 
NKr255m (936.69m) higher than 
its market level on June 9, the 
last day its shares were traded 
on the Oslo bourse. 

Christiania has offered 
NKi575m for Vestenfieldske, or 
NKrl95 a preference share and 
NKrSS an ordinary share. Only 


the preference shares are listed 
on the Oslo bourse. They last 
traded at NKrl33. 

The Bergen-based mortgage 
institution has assets of 
NKr7.4bn. “The bid reflects the 
view of Christiania's board 
that Vestenfieldske's range of 
products complements Christi- 
ania B ank' s loan products in 
strategic terms and that the 
market for fixed rate interest 
loans secured by mortgages on 
real estate will continue to be 
attractive in the coming 
years," the bank said.' 


Share flood dampens Milan’s enthusiasm 

Mediobanca’s rights withdrawal was response to strains at the bourse, says Andrew Hill 


M ediobanca is the mer- 
chant bank at the 
centre of many of 
the industrial and flnanmai 
deals which feed the Milan 
stock market So It was per- 
haps appropriate that its 
Ll,500bn (9948m) planned 
rights issue should be the first 
to be sacrificed to Monday's 4 
per cent decline in Italian 
equity prices. 

Late on Monday night, the 
bank announced it was post- 
poning the operation, after its 
shares fell by 5 per cent in a 
day, dropping to below the 
floor-price it had set for the 
issue. 

It was a cruel blow for a 
bank which prides itself an its 
Italian market expertise. 
Indeed, Mediobanca had itself 
provided support and advice 
for a number of the dozen, or so 
share or bond issues which 
have been launched or are doe 
to be launched on to the Milan 
market in June and July. 

The decision probably marks 
at least a temporary halt to 
Italian companies' unseemly 
rush for stockmarket funding 
which has characterised a 
buoyant Milan market since 


Mr Silvio Berlusconi's election 
victory. But the bank’s with- 
drawal still leaves more than 
Li0,000bn of share and convert- 
foie bond issues, from compa- 
nies as diverse as Finanza & 
Future, Mr Carlo De Benedet- 
ti’s finan cial services opera- 
tion, and Pirelli, the tyres and 
cables group, fighting for 
investors’ attention. 

Taking into account forth- 
coming privatisations, Acttnv- 
est, a small investment firm 
based in London and Milan, 
estimates th** amou nt required 
of the market over the next six 
months at about L25,0Q0bn. 

For Mr Fabio Basagni, 
Actinvest’s head, the follow- 
my-leader attitude of many 
Italian companies to capital- 
raising "tells you a lot about 
the immaturity of the Italian 
financial institutions: they cre- 
ate bottlenecks any time the 
market performs well”. 

Significantly, Monday also 
marked the moment when the 
Milan equity indices slipped 
back below the level at which 
they stood before the March 
general election. 

So what now happens to the 
small wave of paper about to 


break over a weakened market, 
in particular the immin ent pri- 
vatisation of Ina, the state- 
owned insurer, which is to be 
priced this weekend and 
hunched on Monday? 

Analysts caution against too 
much pessimism, although 
they admit the overhanging 
weight of rights and bond 
issues was one factor in the 
correction, and may affect the 
market for some weeks to 
come. However, Mr Enrico 
Ponzone of Kteinwort Benson 
believes that the rally of the 
past two mp"ths was based on 
strong fundamentals, in partic- 
ular the likely decline in inter- 
est rates, and that the Italian 
market will continue to outper- 
form its European counter- 
parts. Yesterday morning, as if 
to underline the point, equities 
bounced back more strongly in 
Milan than in other European 
bourses. 

Moreover, most of the com- 
panies seeking to raise capital 
are not in immediate need of 
funding, but are taking advan- 
tage of the opportunity offered 
by a rising market. Medio- 
banca, for example, Intends to 
use the funds to continue its 


programme of Investments, 
perhaps with a particular eye 
on the privatisation of Stet, the 
telecoms holding company. But 
that sell-off will not happen 
before the autumn, giving 
plenty of time for the bank to 
return to the market 
What is more, there is 
clearly still a buyer, as the 
market clichfi goes, for the 
right product at the right price. 
Only last Friday, for example, 
Mediobanca announced that 
the L890bn issue oF shares in 
Mondadori, the publishing 
comp an y belonging to Mr Ber- 
lusconi, was four tunes over- 
subscribed only a day after the 
offer opened. 

A s for Ina, the mood 
among advisers was 
calm yesterday. 
Although the L4,500bn- 
L5£Q0bn sale Is the largest of 
the issues planned in the next 
six weeks, its special character- 
istics should make it impervi- 
ous to all but the worst type of 
market collapse. 

A priority tranche of shares 
intended for policyholders is 
already attracting strong inter- 
est, and bank branches up and 


down the* country are fielding 
regular inquiries foam the pub- 
lic. According to analysts, the 
most important factor is that 
even if Ina shares are sold at 
the higher end of the promised 
price-range, they still look like 
a cheap alternative to Italy's 
quoted insurers like Generali 
and Ras. 

But such bullishness, and 
yesterday's small recovery in 
Milan equity prices has not 
quite eradicated the sense of 
unease in the market about 
what really triggered for the 
last week's 10 per cent Falk 
that is. new doubts about the 
way in which the new right- 
wing government is handling 
the economy. 

The real hope of many inves- 
tors lies in the Tact that this is 
the first Italian government tor 
many decades which cannot 
afford to alienate the bond and 
equity markets. 

Under the circumstances, 
however, Mediobanca’s unprec- 
edented decision to suspend its 
rights issue seems not only a 
logical decision by a market 
expert, but a strong signal 
to Mr Berlusconi to stop 
dithering. 


3i flotation to go ahead today 


By John Gapper, 

Banking Editor 

The flotation of £700m of 
equity in 3i, the largest Euro- 
pean investor in unquoted 
companies, is to go ahead 
today despite the weakness of 
the London stock market, 
driven by strong interest from 
institutional investors. 

Institutional funds have bid 
for £L2bn of equity, more than 
twice their £540m allocation. 
The bids were based on the 
offer price to be announced 
today by 31, which is jointly 
owned by seven banka and the 
Bank of England. 

The company will announce 
that it is floating 45 per cent of 
equity rather than the 40 per 
cent first envisaged. Shares 
will be priced at a discount of 
slightly more than 13 per cent 
to their net asset value, or 
about 275p per share. 

The weakness of the market 
since 3i announced its inten- 
tion to float in February led to 
speculation that it might have 


to postpone. Yesterday's fell 
led to the postponement of an 
issue by EuroDollar, the car 
hire group, and other compa- 
nies cancelling flotation plans. 

Advisers, however, have 
found strong demand for 3i 
shares in an informal "book- 
building” exercise over the 
past few weeks. Large funds 
were asked to submit informal 
“bids” for equity at various 
prices, altho ugh these bids are 
not binding. 

Some 385,000 retail investors 
had registered for details of the 
share pricing by the deadline 
of Monday. This is thought to 
be the largest expression of 
interest by individuals in a flo- 
tation. excepting government 
privatisations. 

One reason for institutional 
interest in 31 shares is that 3i 
may enter the FT-SE 100 index 
later this year. This means 
that it would become a core 
stock for funds which want to 
hold a balanced weighting of 
the largest UK companies. 

The 3i flotation, however. 


also offers investors a chance 
to hold an indirect stake in a 
range of small and medium- 
sized unquoted companies. The 
company currently holds about 
3£00 investments, and invests 
some £400m annually. 

The level of institutional 
interest has encouraged 3i and 
its advisers to select a rela- 
tively modest discount to its 
net assets compared with other 
UK-listed investment trusts, 
such as Electra, which is trad- 
ing at a 17 per cent discount 

But 3i is likely to argue that 
the price is fair because its 
holdings are weighted towards 
higher-return investments in 
small unquoted firms. It also 
believes that its regional 
branch network reduces the 
risk of its investments. 

If retail investors foil to take 
up the full 25 per cent of the 
offering, the company will allo- 
cate more shares to large 
funds. Failing that, they will 
be taken by Baring Brothers, 
the merchant bank which is 
underwriting the issue. 


Thorn EMI rewards 
head of music unit 


By Christopher Price 
In London 

Mr Jim Fifield, who heads 
Thom EMI’s music business, 
has trebled his salary package 
to about £l3£m (S22.5m) - a 
figure more than 23 times 
higher than the sum paid to 
the company's chairman. Sir 
Colin Southgate. 

The package includes his 
£2. 105m basic salary and a 
£5.046m performance-related 
bonus, of which El.5m is in 
ordinary shares. This was 
partly an annual bonus 
awarded by the Thom EMI 
board for achieving internal 
group targets, and partly from 
the music division's long-term 
incentive scheme. Thom EMI 
Isa leading UK leisure to elec- 
tronics group. 

In addition, Mr Fifield 
received 619,592 ordinary 
shares free of charge as com- 
pensation for changes to his 


terms of contract although the 
company did not clarify what 
the changes. IT any. had been. 
At Thom’s financial year-end, 
the shore price stood at l,063p, 
but even at yesterday's closing 
price of l,034p, Mr Flfleld's 
bonus shares were worth 
£6.4m. However, under the 
terms of his remuneration 
agreement, the shares cannot 
be sold until March 31 1998. 

Mr Flfield's remuneration is 
revealed in the latest report 
and accounts. Sir Colin’s pack- 
age includes a salary of 
£474*147 and a £110,630 bonus, 
which he took in shares. In the 
previous year, he received a 
total Of £702,759. 

Thom’s profits grew from 
£273 .5m to £326 .5m last year, 
with the music division 
increasing from £l96.9tn to 
£246.1m. Thorn also announced 
it was renaming its rental busi- 
ness Thorn Group, separating 
it clearly from EMI Music. 


£ 


AU of these securities fume been sold. This announcement appears as a matter of record only. 
June 8, 1994 

6,900,000 Shares 

Columbia/HCA Healthcare 
Corporation 

Common Slock 

(<380000 Shares 
International Offering 

J. R Morgan Securities Ltd. 

Dean Witter International Ltd. 

Morgan Stanley International 


Deutsche Rank 

iUtlinfgNflKlu& 


Nikko Europe pic 

Puribns Capital Markets Robert Fleming & Co. Limited UBS Limited 


54520,000 Shares 

United Stales Offering 

J. R Morgan Securities Inc. 

Dean Witter Reynolds Inc. 


Morgan Stanley & Co. 

Incorporated 


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Deutsche Bank maintains 
provisions below budget 


By David Walter In Frankftut 

Deutsche Bank's budget for 
provisioning requirements 
sgainst bad and doubtful debts 
wUl not have to be increased 
this year, according to chair- 
man Mr Hilmar Kopper. He 
stressed that provision for 
problem cases such as JQrgen 
Schn eider, the collapsed prop- 
erty company, and Balsam, the 
sport- floorings manufacturer, 
had come in under budget, as 
of the end of May. 

Mr Kopper said this was in 
spite of having to set aside 
DM500m ($31*1 ,5m) for the 
Schneider case, 40 per cent of 
the bank’s total DMi.2bn expo- 
sure to the property group. 

He said be hoped to mainta in 
the provisions at below budget 
throughout the rest of the 
year. 

Mr Kopper said the bank - 
the biggest credit institution in 
Germany - was still “well 



Hilmar Kopper bank has set 
aside DM5 00m for Schneider 


ahead” on its own-account 
securities trading activities 
this year. This was in spite of 
the need for increased write- 
offs because of poor conditions 
in the bund market this year. 


Mr Kopper refused to give 
any more details pending pub- 
lication of the bank’s half-year 
figures. 

In May, he told shareholders 
at the bank's annual meeting 
in DOsseldorf that provisions 
would fall during 1994, from 
the DM3.3bn set aside last 
year, in spite of Schneider. The 
fall would reflect the German 
economic recovery. 

The provision charge last 
year was more than doubled, 
from DML4bn in 1992. 

Mr Kopper said the bank’s 

total operating profits were 
down by more than 10 per cent 
in the first four months of the 
year, and he cautioned that the 
record profits made by the 
bank in 1993 would not be 
matched in the current year. 

He pointed to pressure on 
the interest margin on main- 
stream lending business, and 
poor market conditions for 
own-account trading activities. 


Poland targeted for 
satellite TV venture 


US video 
games group 
in acquisition 

Acclaim Entertainment, the US 
video games group, has agreed 
in principle to buy a minority 
equity stake in Digital Pic- 
tures, based in California, Reu- 
ter reports from New York. 
Financial details were not dis- 
closed. 

Digital Pictures is the cre- 
ator of Sewer Shark and 
Ground Zero Texas, the indus- 
try’s two best-selling Sega 
Enterprises compact disc titles. 

Acclaim said its investment 
in privately held Digital Pic- 
tures will be used for future 
projects. It said the move 
makes Acclaim Digital Pic- 
tures’ second investor, follow- 
ing Times Mirror which 
recently purchased a minority 
equity position and. agreed to 
finance several joint ventures. 


By Raymond Snoddy 

A new selection of subscription 
satellite television rharmais is 
to be established in Poland by 
autumn, through a joint ven- 
ture which infinites Mr Rupert 
Murdoch's News Corporation. 

The new company, Multi- 
Choice Poland, which will sup- 
ply the channels, is a joint ven- 
ture between News Datacom, a 
News Corporation subsidiary, 
and Nethold, the parent com- 
pany of European pay-TV oper- 
ator FflmNet. 

Poland has been targeted 
because it is already the third 
largest satellite television mar- 
ket in Europe, after the UK 
and Germany. 

there are an estimated L5m 
satellite dish owners in Poland 


and im cable television house- 
holds. This will be the first 
time a package of subscription 
channels will be legally avail- 
able in Poland. 

Nethold has already set lip 
MultiChoice subsidiaries or 
offices in several European 
countries, including the Bene- 
lux and Nordic regions, Hun- 
gary, the Czech Republic and 
Slovenia. 

Channels already wring the 
News Datacom subscription 
technology, VldeoCrypt n, 
include! FilmNet’s Complete 
Movie Channel; the Discovery 
Channel, which concentrates 
on factual programmes; The 
Children’s Channel; Country 
Music Television Europe; the 
Adult Channel; and QVC, the 

Shopping rhannel 


Isuzu omits payout as sales suffer 


By Mfctriyo Nakamoto in Tokyo 

Isuzu, the Japanese truck and 
bus maker, yesterday 
announced a Y6.3bn ($61.8m) 
pre-tax loss at the parent level 
for the half-year ended April It 
passed its interim dividend. 

The loss compares with a 
deficit of Y8j4bn in the same 
six-month period a year ago, 
and was made mi sales 6 per 


cent lower at Y541.5bn. 

Isuzu, which is 37 per cent 
owned by General Motors, the 
biggest US carmaker, blamed 
the disappointing performance 
on weak markets and the 
strength of the yen. 

Domestic sales, battered by 
the slump in the Japanese mar- 
ket, fell 6.4 per cent Overseas 
sales plunged SB per cent, 
largely as a result of weak 


demand and the decision by 
Isuzu to terminate passenger 
car production outside Japan. 
Total unit sales declined as a 
result by 19.5 per cent . 

Isuzu has been cutting costs 
through increased procure- 
ment overseas, improved pro- 
ductivity and restructuring. 

On the brighter side, sales of 
components far overseas pro- 
duction rose during the period. 


Goodyear 
spells out 
five-year 
strategy 

By Richard Waters 
m New York 

Goodyear chairman Mr 
Stanley Gault has spelt out a 
new five-year plan for the US 
tyre company, including a div- 
idend policy allowing a payout 
of between one-fifth and one- 
quarter of the previous year's 
earnings. 

Mr Gault, who recently 
agreed to stay with the com- 
pany until the end of 1995 
rather than retire at the end of 
this year, has overseen a 
strong recovery since joining 
Goodyear three years ago. 

Goodyear has lilted Its divi- 
dend from 5 cents a quarter in 
1991 to 15 omits now, after a 
share split last year. At the 
current level, it will pay out 
8120m in dividends this year - 
close to a third of last year's 
net income of $3S8m, and 
ahead of the new dividend 
rate. 

With the US automotive 
industry performing stro ngly , 
Goodyear’s after-tax earnings 
are widely expected to rise to 
between $560m and 8570m this 
year. 

Targets set this week 
include a reduction in the 
company’s gearing from 40 per 
cent to between 25 and 30 per 
cent by the end of 1998. Good- 
year's defat has already come 
down to $L4bn, from $3.7bn in 
1991. 

Sales are expected to grow 
at between 4J> and 5 per cent a 
year until the end of 1998, 
twiee the projected rate of 
growth in the tyre industry as 
a whole, Mr Ganlt said. 

Former IBM 
man appointed 
Kodak treasurer 

Eastman Kodak, the US 
photographic products group, 
has appointed Mr Jesse 
Greene, former assistant trea- 
surer at Internationa] Busi- 
ness Machines, as treasurer, 
Reuter reports from New York. 

The company said Mr 
Greene would report to Mr 
Harry Kavet&s, senior 
vice-president and chief finan- 
cial officer of Kodak. 

Mr Greene joined IBM in 
1971 as an engineer and held 
several management positions 
before becoming assistant 
treasurer. He also held 
positions at IBM Credit 


Microsoft and Stac settle dispute 


By Alan Cane 

Microsoft, the world's largest 
personal computer software 
company, is taking an equity 
stake In Stac Electronics, a 
small Californian software 
house. The purchase is part of 
an agreement dp^gnpd to put 
an end to a conflict between 
the two companies which had 
become deeply embarrassing 
for Microsoft 

In February, a jury decided 
that a key Microsoft software 
product infringed two Stac 
patents and ordered the com- 
pany to pay $l20m in damages. 


Hie patents concern a tech- 
nique for compressing com- 
puter data, so that double the 
amount of information nan be 
stored on a computer’s bard 

disk. 

This month, a US federal 
judge ordered Microsoft to 
recall versions of the offending 
software - its flagship operat- 
ing system MS-Dos - of which 
close to 100m copies have been 
sold. 

Under yesterday's agree- 
ment, Microsoft and Stac will 
cross-license all their wasting 
disk compression patents, as 
well as any other compression 


patents either of them receives 
over the nest five years. 

The agreement calls for 
Microsoft to pay Stac royalties 
of $lm a month over 43 
months. 

It will also buy S39.9ra of 4 
per cent non-voting convertible 
preferred stock maturing in 
2004. Converted Into common 
stock, Microsoft would own 15 
per cent of Stac. 

Mr Gary Clow, Stac chair- 
man, said the agreement put 
an end to legal fees, created a 
royalty stream, put money 
in the bank and ushered in a 
new era of co-operation 


between the companies. 

Microsoft will no longer have 
to pay Stac the $120m awarded 
in February, while Stac will 
not have to pay Microsoft 
$13^n awarded for misappro- 
priation of trade secrets. 

Both companies pointed out 
yesterday that they believed 
the deal was in the best inter- 
ests of their customers and 
shareholders. 

Dealers, personal computer 
manufacturers and customers 
would be able to continue to 
use Microsoft products contain- 
ing Stac technology without 
fear of legal repercussions. 


US backs Russian project to 
link equity clearing centres 


A US-funded project for 
Russian equities will soon link 
clearing centres In Moscow 
and St Petersburg. The link-up 
may be followed by the 
creation of a Nasdaq-style trad- 
ing system, banking sources 
said, Reuter reports from 
Moscow. 

Chase Manhattan Bank of 
the US is acting as an adviser 
to the project, undertaken by 
consultants Deloitte and 
Touche for Russia's privatisa- 
tion committee, said the 
bankers. 

The US computer company 
SunGard Data Systems is pro- 
viding the software for the 
project, which is funded by 
USAID (the US Agency for 


NEWS DIGEST 

News Corp 
ratings seen 
as ‘positive’ 

By Nildti Tail in Sydney 

Moody’s, the U8 credit rating 
agency, yesterday described as 
“po sitive " the outlook for the 
debt ratings of News Corpora- 
tion, Mr Rupert Murdoch’s 
Australian-based media 
group- 

Moody’s said that this assess- 
ment was based on an “expec- 
tation that the company's debt 
protection measurements will 
continue to improve as cash- 
flow increases”. 

However, the agency warned 
that “farther rating improve- 
ments could he tempered by 
aggressive investment strate- 
gies”. 


International Development). 

Under the plan, two clearing 
centres far share trading have 
been set up in Moscow and 
Yekaterinburg. A third is being 
considered far Novosibirsk. 

The Moscow centre is 
already in operation, with 
about 10 Russian banks and 
brokerages as members. Settle- 
ment, so far on a wiamiai fra sift, 
is trading day plus five days. 

The Moscow clearing centre 
is hnnriting set tlements in the 
shares of newly-privatised 
Russian enterprises, ranging 
from the big Kosmos Hotel to 
the Krasny Oktyabr sweet 
factory. 

It will be computerised by 
September. 


The agency has the group's 
senior debt cm a Bal rating, 
and last upgraded this ranking 
in October 1993. 

Wine producer 
acquires brands 

Mildura Blass, one of the grow- 
ing number of quoted wine 
producers in Australia, is 
acquiring the Black Opal and 
related wine brands from Mr 
Mark Cashmere. 

The Adelaide-based company 
has made and marketed the 
brands since 1990, under a five- 
year licensing agreement, a nd 
they now account for 13 per 
cent of Mfldura's total sales 
volume. 

The wines have sold particu- ■ 
larly strongly in the US, 
allowing Mildura to corner a 
one-fifth market share of 
total Australian wine 
sales there. MSdura is Austra- 
lia's fourth largest wine 

producer. 


Separately, the consultants 
KPMG Peat Marwick are 
involved in the creation of 
another share-clearing centre 
in St Petersburg, which bank- 
ers say will be linked to 
Moscow electronically by 
December. 

“ Eve ntu ally , all these 
regional clearing centres will 
be finke d to each other," one 
banker said. 

This will be fallowed by the 
creation of a US Nasdaq-style 
share-trading system in Russia, 
banking sources added. 

“The intention at the end of 
the day is to develop share 
trading in Russia on an inter- 
regional basis," a consultant 
with Deloitte said. 


Gantry increases 
stake in target 

Gantry, the corporate vehicle 
through which an investment 
partnership owned by Enron ol 
the US and the California Pub- 
lic Employees Retirement Sys- 
tem is making an A$356-7m 
(US$283 -2m) bid for Bridge Oil 
is thought to have increased its 
stake in its target to around 4 
per cent The Gantry bid, of 85 
cents a share, now tops a rival 
offer of 80 cents a share, from 
Texas-based Parker & Paisley. 

Dominion move 

Dominion Mining, on the 
receiving end of an unwanted 
A$L80m (US$L33m) bid from 
the smaller Gold Mines of Aus- 
tralia, has begun legal action 
against its suitor. Dominion 
said the Federal Court action 
centred on the formal offer 
documents sent out by GMA 

on June 9. 


Eli Lilly 
details plan 
for non-core 
sell-off 

By Richard Waters 

Eli Lilly has given details of 
plans to sbed Its non-pharma- 
ceuticals businesses, including 
an Initial public offering later 
this year for a new medical 
devices company with sales of 
$800m. 

In January, the US drugs 
company indicated it planned 
to group six of its devices busi- 
nesses into a single company 
for sale. 

Under the plan announced 
yesterday, one of these six 
businesses, I vac, would be sold 
separately. 

Lilly said this was because 
the company operated in a dif- 
ferent market to the others, 
and would benefit more from 
being bought by another com- 
pany. 

It said it was in talks for the 
sale of the business, but 
refused to name a potential 
buyer. 

The remaining five busi- 
nesses, all of which operate in 
the area of cardiovascular or 
minimally invasive systems, 
will he floated in the fourth 
quarter of this year, Lilly 
said. 

The aim is to sell 20 per 
cent of the shares In this 
new company, to he known 
as Guidant, with the remain- 
ing shares being distributed 
to Lilly shareholders 
within the following six 
months. 

This would either be done by 
issuing shares in the new com- 
pany to existing Lilly share- 
holders, or allowing Lilly 
shareholders to exchange some 
of their shares far shares in the 
new company. 


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Growth, competitiveness and 
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B. PnvavJ 

J. Panala 

E. PM 
a Post 

W.Prtnz 
S. Rand 
a Rfcfiwl 
J. Rtoktord 
P. Salto 

U. SSvnrtri 

H. Sniff! 

1_ Stones 
M-TMaseH 

tto 


MORGAN STANLEY 

OLIVETTI 

RESEAU 

GMD 

TTAUEL 

RESEAU 

BRITISH IBECOM 
MSTTTinE FOR THE FUTURE 
TH3BTEL 
BUL ATLANTIC 


STET 
SU» 

HiManMimi 
H. Ungstvr UHTME EUftOFEA 
A Mtatapai tapwi MORGAN SWttEY 
M. Zanona Parra TELEt 


atoknea 


CONRNDUSTRU 

IMSTRYRT. 


Heaaau-vtoS. VRIora. 39 - 20123 Man (l)-M.0038JL4B1SG800 tax 008B2.43B0635 


A Prime Site for your 
Commercial Property Advertising 

Advertise your property to approximately 
1 million FT readers in 160 countries. 

For details: 

fjnfl E mma MuQaly on 071 873 3574 
or Fax: 071 873 3098 


May 1994 

Guinness Feat Group pic 

has sold 

Eagle Management and 
Trust Company 

to 

Boatmen’s Trust Company 


The undersigned advised 
Guinness Peat Group pic 
in dos transaction 


Putnam Lovell 


New York 
212233-0700 


Loa A ngel ea 
310 545-3000 


U.S. $1 65^)00,000 

Rattahrea Finance 
Corporation 

Guaranteed Floating Bate 
Bonds due 1998 
BonMdara an advised Bui tor the afar 

rtwrah a Manat Period from Jana 22, 
1B94 Id December 22. IBM the Bonds 
wfi carry an Horeat rate of 5.125% ptr 
annum. TtoanjUFCpogato on Demn- 
bar 22, IBM wtt be US, S2BCLS2 par 

U&$t0,000prtndpal amount. 

Bf. The CStte Hrahaftai Bank, JLA. 
London, Apart Bank 

Jure 22, 1994 


DMOSMB’DffilSIS 

ELBCTRSMOU 

PtrbHcPwwCarponatonJ 


NOTICE IS HEREBY OVEN that tor 
Intaraat Parlod commencing 
23rd Jura. WM. the Now wDl I 
merest ethuntl par arm — 

The Moran payable on 2M Saptambe* 
109« against Coupon N& 32 wH be 
ECU M319U per ECU TAX) nombiaL 

Rem Agent 

ROYAL BANK OF CANADA 
EUROPE LIMITED 


REPUBLIC OF LEBANON 

MINISTRY OF CULTURE AND HIGHER EDUCATION 
COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 

LEBANESE UNIVERSITY NEW CAMPUS 
PRE-QUALIFICATION OF CONTRACTORS 


Further to the previous azmoancemeiit relating to the above mentioned project, 
the Government of Lebanon, represented by the Ministry of Culture and Higher 
Education and the Council for Development and Reconstruction (CDR), announces 
that the starting date to receive the prequattficalion document relevant to the Lebanese 
University New Campus project, is Thursday 23/6/1994 and that the deadline for 
returning these documents with all supporting material to CDR is Wednesday 3/8/1994 
before twelve o'clock noon, Beirut local time. 


UOB SUPER ECU FUND MANAGEMENT COMPANY SJL 
Sod&f Aarajme 
fra BqtridaUea) 

Jt>, Btxderard tto Prince Heart, b-1724 Lnrabonrr 
R.G. Lnmmboarg B No. 27.7B4 


AVIS AUX PORTS UBS DE PARTS 



Cenifto eiocire cl cooftwmc 

UOB Soper Ecu Fbnd Manegemad Compeay SA 

| JipUtnwY 


United Overseas Baak 
(LuKmbonqgSA. 
Braque TUpadtafn 


P. Outran 


G. Lcvfcnx 


LOW COST ART 944 0 111 

SHARE DEALING SERVICE , ' 7 1 1 1 1 


C ! IS(.S*-i £10 MIM'HM TO 

t'OO \i vmmi ov \\v l ':\in: 


U.S. $200,000,000 

B.B.L. International N.V. 

Floating Rate Notes Due 2001 

Guaranteed on a Subordinated Basis 

as to payment of principal and interest by 


HBL 


Banque Bruxelles Lambert S.A ./ 
Bank Brussel Lambert N.V. 


Interest Rate 
Interest Period 


4.925% per annum 


22nd June 1994 
22nd December 1994 

Interest Amount due 

22nd December 1994 

per US. $ 10,000 Note U.S. $250.35 

per US. $250,000 Note U.S.5025&85 


CS Fiust Boston 

Agent 



i 


\ 


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r 







20 


INTERNATIONAL COMPANIES AND FINANCE 


CBOE to trade options on 
Mexican companies index 

The CBOE has been in the 


Macquarie updates plans for float 

.. and lending margins, 30 f 


By Nikki tsdt in Sydney 

Macquarie Bank, the Sydney-based 
investment bank, expects to circulate flo- 
tation plans among shareholders in “the 
early part of next year”, allowing than to 
decide whether the bank should become a 
listed company. 

Macquarie is owned by more than 40 
institutions, with Will Samuel Bank of the 
UK holding the largest single stake, at 14.4 
per cent Management and staff also own a 
sizeable minority interest. 

The update on the flotation possibility 
was provided yesterday by Mr David 
Clarke, chairman, as he unveiled profits of 
A$73.9m (OS$SL5m) after tax for the year 


aided March, up 24 per cent on the previ- 

°*OiSrating revenue was A$570-5m, up 
from AS530.7m. Interest paid and accrued 
on deposits dipped to A$2313m from 
AS249.7m, while operating expenses rose 
to AS245.4m from ASMiam. This left oper- 
ating profits before tax 19-2 per cent 
higher, at A$&2m. 

Mr Allan Moss, Macquarie’s managing 

director, said that gains had come from ml 

the " win business groups, although the 
equities business had fared particularly 
well with brokerage income "surging” . 

As a result, the break-down of Macquar- 
ie’s <*?r nfn g g changed last year, with fee 
inco me accounting for about 40 per cent, 


and trading and tending margins, 30 per 
cent apiece. In the past, these ( three areas 
have accounted for about flntfhMejch. 

Mr Moss added that the bank had a 
number of overseas expansionary moves 
in sight - including the opening of equity- 
related operations in Hong Kong and New 
York - and was "discussing the possibility 
ofbntnch status in the UK". 

He added that Macquarie was optimistic 
about domestic economic prospects tor the 

Macquarie’s shareholder funds at the 
year-end were A$3Sft6m, up 17.6 per cent 
Total capital, including subordinated debt, 
was AS520An. and toe capital adequacy 
ratio was 13.77 per cent. 


Energy arm powers Veba turnover 

QqUc at PrAnccpnFIpIrtrq Visivf* surged 28%. reports Judy Dempsey 


By Laurie Morse in Chicago 

The Chicago Board Options 
Exchang e plans to create an 
equity derivatives product to 
mirror the performance of the 
Mexican economy. 

It is to trade options on an 
index of 10 Mexican companies. 
Pending regulatory approval, 
the launch date is set for later 
this summer. 

The CBOE already offers 
options on the American 
depositary receipts of nine of 
the 10 stocks in the index. All 
of the shares trade as ADRs or 
American depositary shares on 
the New York Stock Exchange. 

Mr Alger Chapman, CBOE 
chairman, said: "No proxy for 


The National Stock Exchange 
of India plans to launch a 
screen-based secondary debt 
market from June 30, Beater 
reports from Bombay. 

The NSE said securities 
totalling $44-2bn could be 
traded on toe new exchange. 
The order-driven market will 
trade in government securities, 
treasury bills, public-sector 
company bonds and floating- 
rate bonds. It will link large 
Indian cities though a satellite 

Knlr pnahting real time trading. 


Malaysian car 
group declines 

By Ktoran Cooke 
In Kuala Lumpur 

Perusahaan Otomobll 
Nasional, manufacturer of Mal- 
aysia's Proton car, has 
announced pre-tax profits of 
M$282m (US$108m) for the year 
ended March, a 9.3 per cent 
drop on the previous year. 

While group revenues rose 35 
per cent to M$3.09bn, net earn- 
ings declined by 6J5 per cent to 
M|247m. Earning s per share 
fell to 4&8 Malaysian cents. 

The Proton is manufactured 
in co-operation with Mitsubishi 
Motors of Japan. 

Proton said that the decline 
in pre-tax profit was mainly 
due to a drop in investment 
income and the rise of the Jap- 
anese yen. 


the performance of the Mexi- 
can economy is currently avail- 
able in the US derivative mar- 
kets, and options on toe index 
will provide investors with a 
low-cost means to participate 
in toe performance of Mexico 
or to hedge against the risk of 
Investing In the economy.” 

After a strong performance 
late last year following US 
approval of the North Ameri- 
can Free Trade Agreement, 
Mexican share values have 
fallen bads this year. 

However, recent US trade fig- 
ures show that foreign invest- 
ment in Mexico is growing, 
theoretically creating 
a positive environment for toe 
OBOE'S options. 


Creation of toe debt market 
is the first step in a govern- 
ment plan to establish a fully- 
computerised national stock 
market At present there are 22 
stock exchanges in India. 

The NSE is expected to begin 
trading later this year or next 
year. India’s equity markets 
are capitalised at $220bn. 

The government and finan- 
cial institutions backed the 
launch of the NSE following 
the 1992 securities scandal, in 
which banks and brokers were 


By NBdd Tait 

Poseidon Gold, which is part of 
Mr Robert Champion de Cres- 
pigny's Normandy Poseidon 
group, has launched an innova- 
tive A$200m (US$147m) fixed- 
interest “gold bond” issue, 
where both principal and inter- 
est payments are denominated 
in the metal 

The issue overall will repre- 
sent 400,000oz of gold, and each 
note 25oz. The 10-year bonds 
will carry an Interest rate of 
2J>5 per cent for the first five 
years, and 3.8 per cent there- 
after. 

Investors will be able to 
redeem their bonds after five 
years, although PosGold said 
that it expected that the terms 


forefront in attracting deriva- 
tives business on Latin Ameri- 
can ADRs. The exchange 
launched options on the ADRs 
Of Telefonos de Mexico, toe 
telephone company, in L99L 
They have since become the 
most actively traded equity 
opiums in toe US. 

The 10 companies in the 
Mexico index are track maker 
Dina; three construction con- 
cerns; Telefonos de Mexico; 
media company Grupo Telev- 
isa; Coca-Cola’s Mexican divi- 
sion; the cigarette company 
Empresas La Modema; bank- 
ing company Grupo Financiero 
Serfin, and shipbuilder Tran- 
sportacion Maritfma Mexicans. 


accused of siphoning money 
from the Inter-bank securities 
market to invest on the-then 
booming Bombay Stock 
Exchange. 

Brokers see toe NSE as part 
of pressure on toe regional 
stock markets to reform trad- 
ing activities. 

Mr R-fLPatfl, NSE manag- 
ing director, said it will com- 
pletely transform secondary 
debt trading, bringing full 
transparency to a market pre- 
viously dogged by secrecy. 


of the issue “would ensure that 
investors retain the bonds to 
maturity in 2004”. 

The redemption or maturity 
values will depend on the price 
of gold at that stage. 

PosGold said it believed the 
issue, which was lead-managed 
by Merrill Lynch, was toe first 
of its type in international cap- 
ital markets — aiiifeig that it 
knew of one other issue, by 
Freeport-Mc Moran of toe US, 
which was "remotely similar”. 

PosGold, which is believed to 
be one of Australia's largest 
gold producers, said that the 
aim of the issue was to refin- 
ance gristing hank debt. 

The bonds have been rated 
BBB- by Standard & Poor's, the 
US rating agency. 


Hoyts plans 
to spin off 
its cinema 
operations 

Hoyts Group, the 
Australia-based cinema and 
radioHttation operator, plans 
to raise up to A£40Om 
(US$296m) by spinning off its 
rinena operations In Austra- 
lia, New Zealand and the US, 
AP-DJ reports from Sydney. 

Hoyts operates 112 cinemas 
with a total of 707 screws in 
the three countries. It has 
been controlled by toe Fink 
family since 1985. 

Shares in the new company 
— to be ranprf Hoyts Cinemas - 
will be sold through an initial 
public offering to investors in 
Australia and elsewhere. How- 
ever, Hoyts Cinemas will only 
be listed on toe Australian 
Stock Exchange. 

The company expects the 
offering to be completed before 

the end of tfaia year “if an runs 
smoothly”. 

The Fink family wifi buy a 
“small minority” stake in 
Hoyts Cinemas through toe 
IPO. 

In the US, Hoyts operates 79 
cinemas, most of them in the 
suburbs of several north-east- 
ern cities. It plans to expand 
in region by 
screens over five years. The 
company said there wore also 
also significant opportunities 
in Mexico. 

Hoyts Cinemas plans to add a 
further 100 screens to its Aus- 
tralian operations as part of 
its expansion strategy. 

The Fink family formerly 
controlled a large radio, cin- 
ema and advertising group 
with two listed companies, 
Hoyts Media and Hoyts Enter- 
tainment. 

However, a growing debt 
burden, shrinking revenues 
and a sharp fall in the value of 
its radio licenses during the 
late 1980s forced the family to 
r e stru c tur e its operations, sell- 
ing; its radio stations to the 
listed Village Roadshow. 

The ontdoor and cinema 
advertising activities, under 
Hoyts Entertainment, were 
restructured and renamed 
Televirion & Media Services. 
They continue to trade on the 
Australian Exchange. 

The Fink family wants to 
use the majority of funds 
raised through the planned 
IPO of Hoyts Cinemas to repay 
bank debt 


V eba, the German ener- 
gy-based conglomerate, 
began a roadshow in 
the US on Monday - its second 
In two years - and wifi travel 
to Canada later this week as 
speculation mounts that it 
might be about to follow 
Daimler-Benz cm to the New 
York Stock Exchange. 

Its arrival in the US coin- 
cides with a 14.6 per cent 
increase Ln turnover for the 
first quarter of 1994, to 
DM17.49bn (JlOJbn). 

The biggest contributor to 
the overall result came from 
the group’s energy sector, led 
by toe PreussenElektra subsid- 
iary. PreussenElektra’s torn- 
over for the quarter jumped 
27.8 per cent to DM4^hn. 

Mr Hans-Dieter Harig, chair- . 
man of PreussenElektra, 
exudes a quiet confidence 
about the grins. Signifi- 
cantly, he is confident that 
PreussenElektra, the second- 
largest force in the German 
energy market behind RWE 
Energie, can respond to grow- 
ing pressure from both Brus- 
sels and Bonn for deregulation 
and libe ralisatio n of the indus- 
try. 

“I support these plans for 
deregulation. But Germany 
should not go it alone. We 
should have reciprocity for 
third-party access,” said Mr 
Harig. 

Mr Harig believes that Preus- 
senElektra is well placed to 
defend its position when the 
German energy sector opens to 
outside competition, partly 
because of geographical loca- 
tion. It enjoys a dominance in 
energy distribution from 


Veba . 

Share price (DM) ■ * 



Frankfort to Kiri, and across 
the northern swathe of eastern 
Germany. 

“This m e ans we do not share 
a border with France, so we do 
not have to worry about com- 
petition from Electricity de 
France, the state-owned util- 
ity," he says. 

PreussenElektra earlier this 
year concluded a deal with the 
Treuhand privatisation agency 
to acquire five units in eastern 
Germany, cementing its 
regional monopoly. 

The company, which last 
year made profits of DM968m 
on turnover of DM12.4bn. is 
keen to defend its position 
against future competition by 
tapping Scandinavian markets. 
In 1991, it set up Baltic Cable, a 
joint venture with Sydkraft 
and Vattenfall, the Swedish 
utilities. 

The venture will build and 
operate a 250km undersea 
cable between Germany and 
Sweden. The link, costing 
DMSOOm, is due to be com- 


pleted in 1994 and mil allow 
direct exchang e of electricity 
between the two networks. 

Under the deal, Preussen- 
Elektra will import hydro-elec- 
tric power during the day and 
deliver power back to Sweden 
at night. PreussenElektra 
believes it will benefit from the 
ability to import low-cost 
hydro and nuclear power, 
while the Swedish side will 
have have access to nuclear 
and coal-toed generation 
power in Hmi»s of low rainfall. 

PreussenElektra has been 
working with Norwegian utili- 
ties since last year to build 
pnpthgr undersea cable across 
the North Sea. 

These cable links play two 
roles: apart from increased 
co-operation with Scandinavia, 
they open up the possibility for 
PreussenElektra to expand in 
Poland and the Baltic States. 
“We are not rushing in there. 
We have to consider economic 
viability. But we are very 
interested.” 

Closer to home, the company 
faces problems: opposition to 
nuclear power and falling 
energy consumption in eastern 
Germany. 

Of toe electricity generated 
by public utilities in western 
Germany, about 37 per cent is 
sourced by nuclear power. 
PreussenElektra 1 s share of 
Tm clear power accounts for 47 
per emit of that Yet due to 
local opposition in Lower Sax- 
ony, the company has not been 
able to recommission its two 
nuclear power stations at 
BnmsbQttei, off-line since late 
1992, and Krflmmel, at a stand- 
still since mid-1993. These two 


units are costing Preussen- 
Elektra DMIOm a month. 

H I really see no end in sight 
to these problems," says Mr 
Harig. However. Mr Harig adds 
that its five other nuclear 
power stations last year oper- 
ated with an average availabil- 
ity of nearly 90 per cent, well 
above the average for the past 
10 years. 

T he other problem is that 
PreussenElektra’s 51 per 
cent stakes in five 
regional utilities In eastern 
Germany coincide with a con- 
tinuing fall in energy consump- 
tion in the east, and an 
Increasing use of gas. Preusse- 
nElektra paid DMSOOm for its 
an d will invest DMSbn 
upgrading the region’s power 
stations over the next several 
years. Energy consumption in 
the east fell by 45 per cent 
between 1989 and 1990. 

“Our investments will pay 
off in the long term,” says Mr 
Harig. But he does not expect 
electricity sales to grow by 
more than 1 per cent a year, 
implying that no new power 
station capacity will be needed 
until 2005. For the moment, the 
period of expansion has ended. 

However, PreussenElektra 
will continue its research into 
electric vehicles. It has already 
set up a station on the island 
of RQgen. 

“We are in the very early 
stages,” said Mr Harig. And 
like PreussenElektra^ invest- 
ments ln Scandinavia and east- 
ern Germany, he believes it is 
a long-term project. 

"This Industry is based on 
the long term.” 


National debt market for India 


PosGold issues innovative 
fixed-interest ‘gold bond’ 


Banco Contra! de Mrazuata 
E2VTWJ00 

Hotting Rate Bonds due 20D5 
3TG Now Hons? Sartos B-M> 

Banco Central da Venezuela 

£21,1744300 

RooUna Rata Bonds due 2005 
STG Haw Money Series 84> 

In acewtance woi tv pravttmaot toe 
Banda, nows b hMby own «W tor 
*w kwaot Pdriad Iroa Jim 20. «9« to 
OeewWmr 2a 034 too Bondi ** cany 
on Moan Rato d par man. 

Tin Warn! paBtotoratoai an ww we e 
MOM date Daoraov 2ft 054 we da 
O&ae par CE00 prindpd atnourt. 

By. The Chase Hartman Bank. HA 
tort** O 

Jura 22. *99* 


The RepuMc of Uanoxueta 
C28JB2jOOO 

Boating Rata Bonds duo 2005 
STONmi Honey Sortoa A 
In nccortafloo «rti toe pn Mste a d toe 
Banda, no bog n Umbr atom tod tor 
toa htomt Ponmt WM Jura 2a 08 < to 
Decanter 20. sw toe Bands *4 any 
an toman Ran d 05625% par raraan. 
THe nasad pawHto on toa tdarmtowaa 
offmm dm. Oocenter 30. 094 w* In 
CK 68 per CSM twnood amount 
Or- The Cftaaa ttanhadan Bm*. HA. 

SeaWBau Q 

Jura 22. >994 


Tha Republic of Vonoaiela 
Ct19,402£00 

Floating Rata Bonds dua 2067 

STG Debt Conversion Series 
In Mcontnca *di toe prartriara d bo 
Bonds. notco b hereby gnan Mat tor 
toa miM Period tom Jura za 094 m 
Decanter 2a 094 toe Brads mi carry 
on Moral Rue d pa man. 

The merest myabtoraa m ato m s Ma w 
BWmofll dab. Daeanter 2a t984 ad be 
D&3B pa £100 prinopd arman. 
By.ThaChaaeUanMtanBrat^HA. 

AoemBtoto Q 

Jura 22. 094 


THERE'S A 
HANGING 
EVERY MONTH 

Great Art demands the 
greatest space; that's why on 
the flrat Saturday of each 
month the FT publishes a fuH 
colour At* section devoted to 
art end antiques. 

The weekend FT la read by 
an estimated 1 mfllion people 
in 160 countries, reaching 
affluent International 
Investors and col lect o rs, 
providing flie Art worfd wfth 
exceptional and effective 
advertising opportunities. 
37% of Saturday FT readers 
have bought paintings or 
antiques tn the last two years 
(FT Reader Survey 1992) 

For more Information about 
advertising please contact: 

Genevieve Marenghl (071) 
873 3185 
James Burton 
(071) 873 4877 

THE financial Tomes - 
PUTTtNQ 7HE COLOUR BACK 
into Art 


U.S. $45,000,000 

Pulp and Paper International 
Investments Limited 

f/ncwparafsc/in Tortola. British Virgin Islands with limited BatMy) 

Floating Rate Guaranteed 2& year 
Amortizing Notes 

Unconditionally and irrevocably guaranteed by 

C.A. Wenezolana de Pulpa y Papel S.A.CA 

(Incorporated in Venezuela) 



U.S. S500.000. 

By: The Chase Manhattan Baric, NA. 

London, Agent Bank 
June 22, 1994 


o 


CHASE 



NBD BANCORP, INC 

US$100,000,000 
Floating rate subortfinated 
notes due 2005 

Notice b hereby given that for 
the Interest period 22 Jane 
1994 to 22 September 1994 
the interest rate has been 
fbxdatSJ25%. Interest 
payable on 22 September 
1994 tom amount to 
USSI34.I7 per USS10,000 
note. 

Agent Morgan Guaranty 
Trust Company 

JP Morgan 


HMC MORTGAGE NOTES 6 PLC 

£t*ununo 

Class A 
and 

E7JXMMX» 

Ctaaa B 

Mortgage Becked Floating Rafis 
Notae duo September 2030 
Nodes to hereby ghran that lor the 
Period from 


Juno 20. 
1994 to September 19. 1994 toa 
Clan A Notes and Ctaaa B N otes 
wM carry Interest rates at 5L437BM 
and 9.1975% respectively. The 
interest payable on the relevant 
Interna payment data. Sep te mber 
19. 1904 tor die Ctess A Notes wtt 
be £1,274.65 per E94.040 nominal 
amount, and tar the Class B Notes 
WO be £1442.64 par £100,000 
nominal amowrt. 

Bytltenw — nfc—1 mMJL 
(oodoa.Anait8aM 

June 22. 1994 


Explorer 

Securities Limited 

{Incorporate! tridi hated UAtj 
In die Cayman Islands) 

US. $50,000,0 00 

Secured Rooting Rate 
Notes due 1993-1996 
F<jr the Interest Period 2 2nd 
June. 1994 to 22nd September, 
1994 the Notes "will cany an 
Interest Rate of 5-6875% 
per annum with Interest 
Amounts of U.S. $908.42 and 
U.S. $2,271.05 for Notes with 
original principal amounts of 
U.S. $100,000 and U.S. 
$250,000 respecdwlTjpayabl* 
on 22nd September, 1994. 


QBuktnlhK 


Company, lsmdoa Agent Bank 


¥50,000,000,000 



Province de Quebec 

Floating Rate Notes Due 1999 
Notice to harabjr Often met tor the 
Merest Period from Jm 22. 1994 u 
Septtenbv 22, 1994 the Notes w» 
carry on Interest rate of 2-3975%. 
Tbe Merest payable on tfn relevant 
Interest payment dais. Sepunbor 
22, 1994 edit be 1*3^60.014 per 
VStXMNtMMO nominal omoixiL 

frltaOnfesUBBaRMU. 
h0*a,flgBlSnk 0 

Jure 22 . 1994 



^HvMakekraiWcabMirn 

W^areMaaeariMMatoftwa 

IMM. Anpzia « UNra ■> note asti rWnmnn 

—M anmara mdkwii am mi fcaten md 

snspn, Uonte to Ftoteh 


u„15% 

off electricity 


.:'.f CrO.ra 



U5- $150,000,000 

MARINB MIDLAND 
BANKS, INC. 

Rooting Rata 

Subonfinated Notes Due 2009 


5X* per 


Period 


and Jura 1»4 
22nd SsaBmbw IBS* 

totes* *««wl 

22nd On— Him 1334 

pra US. atOMO No* US.aiJ4.TJ 

per U&WUUO Nate US.WTOB3 


1 GS PlHT Bo-to" 


COMPANY NOTICES 


THE FIRST MEXICO INCOME FUND N.V. 

Cure gw>. NaBi a t w d a Artties 
Annual General Meeting of Shareholders 

Notice to hereby given that the Annual General Meeting of Shareholders of 
THE FIRST MEXICO INCOME FUND N.V. has been called by the Menacing 
Director, MSSPIERSON TRUST (CURASAO) N.V. and wB be held on «My 
5. f 994 3.-TO pjn. (Nethart a nd a AnMaa time) at the office of the Corporation at 
John B. Gc rair aw o fl 6, WBemsteri, Curasao, Nathertanda Artflea. 

Tha Agenda and Annual Report 1883 may be obtained born the offices of the 
Corporation end from the Paying Agent mentioned hereunder. Shareholders 
wfl be admitted to the meeting on presentation of thair sh are certiflcates or 
vouchers, which may be obtained starting Jure 20, 1984 from the Paying 
Agent 

WEemstad, Curasao. Nethertwds Antilles, June 16, 1994. 

MEGS PIERSON TRUST (CURASAO) N.V. 

EavtnaAaent 

M EES PIERSON N.V. 

Roirfci 55, 

1072 KK Amsterdam. 

The Netherlands 

MEESPIERSON TRUST (GURACAO) N.V. 


CONTRACTS & TENDERS 


C0MPANH1A PARANAENSE 
DEENEHGIA 


COPEL 


ADVERTISEMENT FOR BIDS 
PUBLIC INTERNATIONAL TENDER Al» C-101 

jTbe purpose of this tender Is the construction of the Sato Csxtas Hytfro- 
Utoctric Plant, located in the State of Parana. Brazil. The veotfes include 
I rhrer diversion, dam. spillway, power intake, penstocks, pow e r house 
land switchyard. 

[Companies with headquarters in any country may participate. 

Contract Drawings, as well as Bidding Documents. wHI be available for 
jeonsuitat/on from June 06 to July 18. 1994. at the same place where 
leach sat may be obtained upon a receipt of a non-refundabla payment 
[of 500JK) URV, at the following adress: room 708- 7th floor, 233 Vottuv 
terios da Pdtria Street, Curitiba, Parani. Brazil. 

Seeled proposals will be received at 3X10 p.m_ on August 31. 1994. at 
COPEL'9 headquarters, 10th Hoar, 800 Coronef DutefcfloStraec Curitiba, 
Pa rani. BraziL 

Any further Information may be requested through Phone n« (041) 223- 
2463 or Fax n* (Mil 331-3265. 

eng" JQAO CARLOS CASCAES 
Oiretor Presidents 


NendMrtDKlertfN 

BUSINESSES 

In the Bifih Court of Justice 
OKnDmdoa 

FOR SALE 


la the matter at GWR (heap pk sed 
fa tka mater of tea C miqua t ri Att 1915 

Nonce IS HEREBY CIVEN tire Om Orta 
of Ike H«h Coat of Jiarict Cbmany Dmriaa, 
dual toe 8m toj of fma 1994 wsflrmas toe 
raractoeia of toe toan pRoriam aeceeat of toe 
(tel Cbapmy of £t7^ IWOO ms (epaend by 
da Vt&m td Owyw l m OO ISO dry of Jane ISM. 

DATED toil 22al day or Am 1994 

NKHOUON GRAHAM to JOtES 
IMlMoMggsu 
- Leaden «aa fiAR 
Soticttea fix toa Cteepmy 


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Interest Period June 20. 1994 

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interest Amount due on 
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CMES WEDNESDAY JUNE 22 1994 


INTERNATIONAL CAPITAL MARKETS 


21 


US Treasuries fall as dollar hits low against yen 


By Frank McQurty fa New York 
and Conner Iffidcteftnarai 
In London 

US Treasury bonds fell further 
yesterday morning as the dol- 
lar briefly hit a record low 
against the yen. 

Just after midday, the bench- 
mark 30-year government brad 
was down ft at 85&, with the 
yield rising to 7517 per cent, 
breaking through the impor- 
tant psychological barrier of 
7.50 per cent At the short end. 
the two-year note was off % at 
39g, to yield 5359 per cent 

As the dollar gave up more 
ground against the yen, the 
travails of the US currency 
provided a pessimistic back- 
drop for bonds. At noon, it 
dipped below YlOO for the first 
time In history, but inched 
back over a few minutes later. 

The fear Is that the Federal 
Reserve will soon be fenced to 
support the dollar by lifting 
short-term interest rates for a 


fifth time this year. Traders 
now believe a move could 
come in early July, rather th ^n 
at the end of the summer, as 
once thought likely. 

Such speculation brought 
renewed selling pressure to the 
entire maturity range, but 
activity intensified at the short 
end as traders adjusted their 

GOVERNMENT 

BONDS 

positions ahead of the Trea- 
sury’s sale of $17bn in two-year 
notes. Many were «dBng short, 
betting on further declines 
when the new securities were 
issued during the afternoon. 

Meanwhile, the market was 
on high alert for more infla- 
tionary signals from the com- 
modity markets. Fortunately 
there was a softer tone in 
prices for the second day run- 
ning, easing one source of pres- 
sure cm bonds. 


With concerns over the dol- 
lar, bond supply and commodi- 
ties piling up, the day's eco- 
nomic news passed largely 
unnoticed. The Commerce 
Department said the trade defi- 
cit had widened in April to 
$&4bn, from a revised March 
deficit of S&87bn. Economists 
were expecting last month’s 
figure to be about J7.68toi. 

After the two-year note auc- 
tion, the market was feeing the 
sale of $llbn in 5v 8-year notes 
this afternoon. 

■ After Monday’s sharp 
declines, European govern- 
ment bonds ended yesterday's 
calmer session unchanged to 
slightly weaker. 

Early on, bonds clawed back 
some of the previous day's 
losses, helped partly by tower- 
than-expected German M3 
money supply data. However, 
as investors continued their 
buyers' strike, markets drifted 
sideways until weaker DS 


Treasuries dragged them lower 
in the afternoon. 

Europe is likely to continue 
to track the US in coming 
days. “Until Treasuries stabi- 
lise, volatility and bearishness 
tn Europe will continue," said 
a trader in London. "Our mar- 
kets are very fragile and 
there’s no cash activity to 
apeak of - if US yields lurch 
higher again, we’re in for 
another rough ride," he added. 

■ In Germany, news that M3 
money supply had grown at an 
annualised 13.7 per cent rate in 
the five months to May gave 
bunds a brief lift. Although the 
rate is well above the Bundes- 
bank's 4 to 6 per cent target 
range, it was below market 
expectations of around 145 per 
cent. 

However, it was not enough 
to lend solid support to the 
market “People will need some 
convincing that it’s really 
heading back towards the offi- 


cial target range,” said a Ger- 
man dealer. 

Preliminary Jane infla tion 

data, expected to be released 
this week, are also unlikely to 
give the market a sustainable 
boost Even if the year-on-year 
number falls below the psycho- 
logically important 3 per cent 
level, "It probably won’t 
prompt more than a brief 
uptick in the futures," said the 
dealer, “ynn ^^ pi e ntpi* 1 aren't 
driving the markets these 
days." 

At today’s repo allocation by 
the Bundesbank, German 
money market traders sur- 
veyed by MMS International 
expect the minimum repo rate 
to fall by five basis points to 5 
per cent 

■ TO gilts ended slightly 
weaker, dragged down by other 
markets. Traders reported 
scant cash activity, with prices 
led mainly by the futures mar- 
ket 


The Bank of England 
announced that it would auc- 
tion £2hn of gilts on June 29. It 
said the auction would be of a 
farther tranche of Floating- 
Rate Treasury stock due 1999, 
fungible with the existing 
issue. The stock will be fully 
paid. 

Today, traders will study the 
release of the minutes of the 
May 4 meeting between Bank 
of England governor Eddie 
George and chancellor Ken- 
neth Clarke for any hints on 
the direction of UK interest 
rates. 

■ Italian bonds derived some 
cheer from favourable inflation 
data, but continuing worries 
over the budget deficit and 
weakness in other markets 
dragged them lower towards 
the close. 

The 10-year bond contract on 
the Italian futures exchange 
closed at 101.73, down 0.11 
points and oil its 108.56 high. 


Generate des Eaux taps the 
10-year sector for FFrlbn 


NEW INTERNATIONAL BOND ISSUES 


By Antonia Sharpe 

Issuers took advantage of the 
temporary recovery in Euro- 
pean government bond mar- 
kets yesterday to tap the euro- 
bond market before renewed 
volatility set in. 

Generate des Eaux, the 
French industrial group which 
has significant m«Wn interests 
as well as its core construction 
and utility activities, raised 
FFrlbn through an offering of 
10-year eurobonds. The pro- 
ceeds were swapped into float- 
ing-rate francs at an all-in cost 
to the borrower of 24 basis 
points over three-month Pibor. 

Lead manager BNP said 
most of the bands were sold to 
French investors, although 
there was also demand from 


Switzerland and the Benelux 


By the mid of the day, BNP 
had sold more than half its 
allocation and only had to buy 
back a aman quantity of bonds 
from syndicate members. 

The bonds were priced to 
yield 38 basis points over 10- 

INTERNATIONAL 

BONDS 

year French government bonds 
and when they were freed to 
trade, the spread widened out 
marginally 

Several French corporates 
are said to be looking at the 
French franc sector and could 
tap the market if favourable 
swap conditions persist. 


Indian Development Bank 
raised SlOQm through an issue 
of five-year floating-rate notes 
which lead manager JP. Mor- 
gan said was the first conven- 
tional eurobond offering by an 
Indian borrower since 1990. 
The issue, callable and porta- 
ble at par in 1997, is designed 
to act as a benchmark off 
which future o f fe rin gs by other 
Indian issuers win be priced. 

The bonds were bought 
mainly by Middle Eastern and 
Asian accounts, aWwngh the 
144a tranche also brought in 
US investors. The discounted 
margin on the bends to the put 
was 110 basis points over three- 
month labor arid the bonds are 
expected to be freed to trade 

tiii< morning 

JJ?. Morgan also put the 



Amount 

Coupon 

Price 

Maha+ty 

Ran 

Spread 

Book neuter 

Bomxteer 

US DOLLARS 

isl 

% 



% 

bp 


SotSges ParapsmarSodkns Sur 

ISO 

W* 

WR 

JuL1990 

1JJR 

W(Wi Syr) 

Men* Lynch (ntrenadonal 

maw* 

100 

(bl) 

B8.73R 

JULIBSS 

CL375R 


JP Motgsn Seatattes 

YEN 

World Bank 

lOObn 

zero 

8422R 

Sap.1099 

046R 


Ntitko Europe 

Auetnrian lnd_D«w Coip.(c} 

iSbn 

(cl) 

100.15 

JUL19S7 

Q.15 

- 

CSFB/rotofa Bank Europe 

FRBMCH FRANCS 

Cornpognie Gfo&ato dee Eaux 

Ibn 

8.125 

B8402R 

Aog2004 

0L425R 

■+» W 

Banque Nattontfe de Parie 

AUSTRALIAN DOLLARS 
L-Bank(a>*t 

129 

W# 

10000 

DOC. 1996 

uvflecL 


Nomura bdemattonal 


120 

m 

100.00 

DOC.1998 

undtacL 

- 

Nomura International 


Final terms and non-caSsbia unless stated. The yield spread (over relevant government bond) at bunch ta suppGod by the lead 
ma na ger . rirUnBstsd. Jfluatkig rate note. B Oem l- a nnual coupon. ft mad re-offer price; tarn are shown at the re-char level a) Meed 
today at 370-37Sbp over Treasuries, b) CaSabte and puttable on 7/7/97 at pv and cariabte on ooupon dates thereafter at par. bl) 
JMnlh Ubar+IH. ci Colette an 18/7/BS & 96 at pv. cl) 2W4 to JULBO. teen Site to JiO06 and 4.1W thereafter, d) Over interpolated 
yield. 4 Tranche 1. 1st coupon 2096; 2rtd-4th coupons 4H; and 8-mth B8R -45bp. mb 8%. mas 996, m s roafla r - f) Tranche 2. 1st 
coupon 2096; teta-41h coupons 496: and 6-nnh BBR -OTbp, irtn 696. max 1096, thereafter, g) Long last coupon. 


final touches to the first global 
bond offering from Fannie 
Mae. The $L5bn issue of 10- 
year -bands is expected to be 
formally launched and priced 


Elsewhere, the World Bank 
brought its widely-expected 
zero-coupon euroyen offering. 


The YlOOtm issue of five-year 
eurobonds was targeted mainly 
at Japanese retail investors, 
who can get tax breaks on 
such investments. 

The World Bank is also 
believed to be considering a 
yen global offering. 

• Quebec has filed a shelf 


offering fur up to &Zbn in debt 
securities and warrants with 
the US Securities and 
Exchange Commission. 
Together with previous offer- 
ings, the Canadian province 
may now issue as much as 
$35bn of debt, according to the 
shelf registration. 


BNP doubles its 
options business 
with US purchase 


By Antonia Sharpe 

Banque Natlonale de Paris, the 
French bank which was priva- 
tised last autumn, plans to 
become a leading player m the 
international options b usiness 
through the purchase of most 
of the operations of Cooper 
Neff the options trading and 
research firm based in Radnor, 
Pennsylvania. 

BNP's decision to buy a 
ready-made derivatives busi- 
ness fellows a simitar, success- 
ful move by Swiss Bank Corpo- 
ration which bought O'Connor 
Securities, a specialist options 
firm based in Chicago, in 1992. 

Market observers said BNP's 
acquisition made financial 
sense since developing a simi- 
lar standard of technology 
in-house would probably have 
involved a much greater 
investment “BNP Is also buy- 
ing expertise and a modern 
financial culture," said one 
derivatives expert 

Mr Philippe Bordenave, head 
of BNP Global Markets, said 
the purchase of Cooper Neff 
would double the bank’s pres- 
ence In the options business - 
both firms have more than 100 
traders and market-makers - 
and would raise BNP's profile 


in the US to the same level 
which it has achieved in 
Europe and Asia. 

“We have complementary 
teams," said Mr Bordenave, 
"Cooper Neff has advanced 
technology and 13 years of 
experience of trading in 
options. We bring name, credit 
rating, customer base and 
global coverage." 

Mr Bordenave declined to 
give any financial details of the 
deal, which will be completed 
at the end of this year. 

However, Cooper Neff’s part- 
ners, Including the firm’s 
founders Richard Cooper and 
Roy Neff, have been "heavily 
incenti vised" to help BNP 
build a successful operation 
and to stay with the bank well 
into the next century. "1 hope 
to be very wealthy at the end 
of this period." said Mr Cooper. 

BNP will buy some 90 per 
cent of Cooper Neff's 
operations at this stage and its 
equity index market-making 
operation in Chicago later 
when US regulations are met 

BNP is also acquiring the US 
exchange-based currency 
options business of Mitsui T&B 
Options, which Mitsui Trust & 
Banking bought from Cooper 
Neff four years ago. 


Japanese banks branch out 


Asahi Bank and Yasuda Trust 
& Banking have established 
wholly-owned securities sub- 
sidiaries, Renter reports from 
Tokyo. 

Asahi Securities will be capi- 
talised at Y35bn and Yasuda 
Trust Securities at Y20bn, the 
two banks said. 

Japan's financial reforms 
enable banks and brokerages 
to engage in each other's busi- 
nesses. Five banks have estab- 


lished such divisions in the 
past year. Several more are 
expected to follow suit in the 
next 12 months. 

• Philippine National Bank 
plans to raise its authorised 
capital by ISO per cent to con- 
solidate its position as the 
country's biggest commercial 
bank, agencies report 
The state-controlled bank is 
to lift authorised capital to 
25bn pesos from lObn pesos. 




WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Had Day's Weak Monte 

Coupon Dare Prion change YMd ago ago 


Italy 

■ MOTIONAL ITALIAN GOVT. BOND (pi*) FUTURES 
(UFFET Ure 200m tooth# of 100% 


Australia 


8000 

09704 

95.1200 

-0-870 

9.75 

aw 

828 

Belgium 


7250 

04AM 

933000 

-AIM 

827 

720 

720 

Canada' 


6A00 

06AM 

81.7000 

-0250 

927 

827 

8.42 

Denmark 


7.000 

12AM 

ooluooo 

-0220 

820 

827 

726 

ftsnoa 

BTAN 

aooo 

05IB8 

102^500 

- 

721 

&7B 

627 


OAT 

5j500 

04AM 

83.7400 

-0500 

7W 

7.48 

6L91 

Germany Trauhand 

6.750 

05AM 

95-9900 

-0090 

723 

7.10 

073 

Italy 


&5DO 

OIAM 

B8JJ000 

+1.000 ineot 

10.D9 

P 90 

Japan 

NO 119 

4300 

06fi9 

108.7860 

+0130 

590 

324 

013 


No 164 

4.100 

12433 

973390 

-0060 

420 

428 

3.75 

NW Hands 


5.750 

01AM 

69.1800 

- 

. 728 

7.12 

625 

Speki 


18500 

10A» 

97.1200 

-0.060 

1020 

10.18 

B22 

UK OtB 


6J300 

08AM 

89-23 

-6132 

822 

822 

723 



6.750 

11AM 

B5-28 

-12/32 

a 88 

824 

8.10 



8000 

A0A» 

101-07 

-17732 

824 

828 

8.18 

IS Treaeuy 

• 

7^30 

05AM 

100-10 

-10732 

720 

721 

7.11 



5250 

08723 

85-06 

-14732 

721 

720 

725 

ECU (French Govt) 

8000 

IMAM 

84.7100 

-0290 

823 

723 

725 


Open Sett prica Change Low EsL vol Open fait 

Sep 102.00 101.75 - 102-65 1Q1J01 52689 64620 

Dec - 100.70 ... 0 100 

■ ITALIAN QOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ura200m lOOths of 100% 


Stafra 

Prica 

Sep 

■ CALLS 

Dec 

■ ' PUTS ■ 

Sep 

Dec 

10180 

225 

3-06 

220 

326 

10200 

229 

224 

224 

4.14 

10250 

2-05 

224 

220 

444 

Ear. wL soul Cels 1277 pals B17. Pimtaue dre/e open lot. Crib a Puls a 



London daring. -Now Yo* irid-day . — 

t area pndudinu nWMdkig ■* at 125 par rent p ay a ble by neneskhmi) 
Pikas U8, UK k> 32nte, steen fai dcdmt 

US INTEREST RATES 


YMdK L«a6 maw ebnted. 


Sam*: MMS MoneDoW 


Spain 

■ NOTIONAL SPAM8H BOND FUTURES (MEFF) 


LuncWnn 


FedJkMb 

FoUrta 


7\ lYmwtfi _ 

S UM note. 

- teeiara — 


TteswyBfls and Bond YUds 

174 TWo year. 


Open Sea price Change High Low EsL voL Open Ml 
8&00 87.71 -004 88.75 87J» 80Z74 91.589 

8953 2 


4.10 Tbn*jeaf_ 
433 Ret fear _ 
4J0 ItHfter 
525 Scorer 


526 

521 

BJB 

7.20 

720 


BOND FUTURES AND OPTIONS 

France 

■ NOTIONAL FRENCH BOND flJffUREB (MATtfl 


S«P 

Dec 


UK 

■ NOTIONAL UK GILT RJTUBEB jUFFET E6P.000 32nda of 10096 

Open Salt price Change H#i Low Est vol Open W. 

I Jtei 89-28 89-14 -0-12 100-00 89-11 734 8517 

Sep 96-28 88-07 -0-12 98-31 87-18 80990 121212 

Dec - 97-07 -0-12 0 67 

■ LONG (MLT FUTURES OPTIONS 0JFFE) ESOjOOO frWacMOOte 


Open Sen price Change High 
Sep 112.64 11230 -0-54 11014 

Dec 111.74 111.40 -054 112.18 

Mar 110.94 11080 -064 HOW 

■ LONG TERM FRENCH BOND OPTIONS (MATIF) 


Low EeL voL Open M. 
112.06 282,483 120307 

11126 1200 9,8» 

110W 2 


SWn 

Price 

Sep 

■ CALLS 

Dec 

s*> 

- PUTS 

Dec 

08 

2-32 

2-82 

2-18 

340 

99 

2-01 

2-38 

2-61 

4-21 

100 

1-38 

2-11 

3-24 

4-61 


Jiri 

- CALLS - 

Sep 

Dec 

Jul 

- PUTS — 
Sep 

Dec 

120 

2L71 

2AS 

885 

228 

3.10 

0.73 

2.10 

222 

1A3 

222 

- 

025 

125 

121 

125 

322 

- 

0.14 

1.25 

- 

2.78 

3W 

- 

020 

022 

- 

3.88 

422 

- 


Eat. wL total. Cate TOM P«e 8738. ftratew dam op* ta. Cea» 0 P» 0 


i open WL. Cafe 323472 PWS 34800. 


Straw 
Price 
112 

113 

114 

115 
118 

EsL veL total, Cate 42j30* Pum *i&* . PreritMt day* i 

G er m an y 

■ NOTIONAL GERMAN BUND FUTURES (URFQ* DM25QOOO lOOthaoMOOH 

Open Sen price Change Hflh Low EsL wH Open Ir*. 
Sep 80.47 8038 +0X0 00.73 9000 126055 159308 

Dec 8080 88J6T +002 8857 8054 210 2446 

■ BUND FUTURES OPTIONS OJFFQ DMgSftOOO porta Of 10096 


Ecu 

■ ecu BONO FUTURES CMA.TSF) 


Open 

81.40 

80jB4 


Sett price Chanae 
81.08 -034 

8024 


High 

8158 

BOW 


Low 

8090 

8084 


Sep 
Deo 

US 

■ US TREASURY BOND HITUHESffgT) 3100000 32nds 07100% 


EsL voL Open tet 
2.178 8,500 

2 





CALLS “ 


— 


PUTS 

Dec 

Price 

Jii 

Aug 

Sep 

DOC 

Jid 

Aug 

Sep 

9000 

ojse 

1.48 

1.78 

120 

023 

1.10 

1A2 

9.sa 

9080 

021 

1.18 

120 

126 

0.45 

122 

124 

2.49 

9100 

0.13 

025 

126 

1.44 

0.77 

129 

120 




Open 

Late* 

Change 

Htfi 

Lon 

EM. wL 

Open (nL 

Jun 

103-27 

103-18 

-0-10 

104-00 

103-17 

10225 

16269 

Sep 

1Q2-2S 

102-16 

-0-12 

103-01 

102-18 

399269 

373/134 

Dec 

102-02 

101-25 

-0-12 

102-09 

101-25 

2.418 

37245 


Era. VOL tote. Crib 20347 Fun 11815 pKHttm da/* open W- Cate 0 Pria 0 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BONO 
(BQ6L)(UFFq~ DM2SO.OOO looms, ol 10096 

Open Sett price Change Ugh Low 


9055 


EsL vol Open ML 
0 76 


■ NOTIONAL LONG TBttfl JAPANESE GOVT. BOND FUTURES 

(UFFEj YIQOffl 100818 Ol 10096 

Open Ctoee Change Low EsL iral Open W. 

Sep 108.18 - - 10628 107.05 4120 0 

- UFFE um Vrana traded an APT. M Open knereet Igs. m tar predate day. 


UK GILTS PRICES 


YMd — IBM — 

H Red Price E+w- IRA toe 


_VW6_ — 1984 — 

U Red FriceE-fw- Htfi Lire 


(I) 


U_ — 1994 — 

BPrtaE +or- Low 



'(Urea op bRw Treat 

Tran. UJpcUL 19*8- 1<U» 

Btail2%KlBB4 1246 

Treat Dpc 10*8 MB 

13JK10M. 

BrtSpef 

Ttrae1M.BC 19 
I4pc1« 

!W*eiS 
EteilSItfCH 
Csmeatoa ldpc lBSB. 

0*71*19978—. 

TtaraWrfK 19978 *1.72 

BmWjycIWT 8JM 

Trees Mtfc 1W78 usi 

t*n 1 tec 1 997 12J4 

19* *3« 

Th*»7t||* 19888 7A9 

ireraB4M*l995-«8- 7« 

14pe"98-1 

Tires 15^-888 il« 

&BK12PC 1S9B 1088 

trees 9*tfC 1999# 11B 


nratomwvTran 

tan I3**pc lt» <0.78 

Tires 1D>HC 1988 881 

Wm Hoc 1898# M8 

Qwnrekn I0l«pc I0M— BA7 
Trees ftp MB 98—— - 

tec2omrt 

Trees 13pc3M0 <0» 

1 0ne 2001 OSS 

TSc-OItt 7.75 

Tpc-OlA T.7T 



Wipe SDK- 
8Dc3003tt- 


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1 0pe axn.. 

100 Trere IHaicZODI-4 — 

IDO* finds* aiapeW-4 

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1BJ% Tires Bl^cJCOm 

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list 

MBU 

101H 

11BJJ 

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MB Trees 8pc 2DQG 

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treu be 3013ft 

71(|* 201 2-15ft 

TneeBlH* 2017ft 

M12PCT5-T7 

113% 

ion 


(MS 

1035 

4JQ 

aw 

722 

815 

1048 

&42 

85B 

1030 

&71 

1U9 

on 


813 HES 

oi rni 
788 72>z* 
80S 103U 

on boa 

801 303S3 
Ml 110B 
880 93 

8JB5 ass 

840114AN 
088 97m* 
839 12% 
8lM 101% 


+J. I27i 
+A 129H 

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+i MPa 

I25ia 

*1* 14M 
+i 11ZH 
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+& 138i 
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+& iBia 

— i2*a 


105H 
llfj% 
71 U 
103 


4ye -98ft — (UOQ 

2'rfwm. 

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4*pcvtft (135JS 

2peW BOB 384 

t'ifiCtK (TUB 175 

JVjPCll 04A 8JT M, ^ 

2*rf*T3 083 U1 399 126^ 

2*tpc-16 393 490134%* 

2'deTo. mm i» Am 128% 

57 J) 188 490108%* 

l (135.1) 399 491105%* 


sat 

090 101% 

aa 

390 W5&* 
187 14*, 
— 1B*4 


-A 20% 

-% MU 



854 

883 

93% 

-ft 

115ft 

784 

863 

79% 

-% 

soft 

8TB 

8T81ffii hM 

^4 

i»a 

877 

877 

10% 

-H 

127% 

721 

840 

73% 

-A 

93% 

85Z 

870 

93a 

-a 

1T7H 

842 

607 

« ft* 

-% 

114% 

803 

860 

lOlfi 

-% 

129% 

UO 

860 

129 

-H 

159% 


in" 


- *4% 

- 40a 

-ft 

50V 


_ 960 

-ft 

S4H 



57 


71 



- 99% 


44% 



- 2Bft 

-ft 

38% 

Mft n*n.2%pc 

_ 896 

- Z7B 

-ft 

37% 


78A 
«n* 
laid 
T2b 
82A 
31 i 

127% 


m 

3812 

55% 

33% 

m 


Notre 


— .TUI— —1994 — 

U Bed WccE + cc- W> tree 


NriCB Deri 11,2010—. 
Arire DB 10%|* 20»— 

BTs»11ljj*2012 

briredCepftpcna — 

tec Cm i860 

TteeW-2 

HjAbOssbecItecSOll. 

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LWtporiJ'jpe fared. 

ICC3pc70flt 

Uuxtester 11 tape 7007. 

■Col Htr. apeV 

STride Angle 3%pc3QZi. 

4%flti 0.2034 

UdH*SBH16>ZKZ0a9 


880 818 
844 817 

1090 872 
Ml 
990 
11-BO 

1830 1090 
1071 
872 
83! 

1027 884 
451 880 

- 494 

- 493 
1Z.13 


11% 

Toay 

115 

08% 

- 100 

-is 
128 
* 
31t 
112 
®l 
1201 z 
124 
136 


FT-ACTUARIES FIXED INTEREST INDICES 

Price Indces Tub Day's Irion Accrued xtf acf. 

UK Bits Jun2T change % Jun2Q Werant ytri 


— Low coupon yield— — MetBun coupon yield High coupon yield- 

Jm2\ Jun2D Yr.aao Juti 21 20 Yt.apo Jungl Juti20 Yr.aga 


1 

Up to 5 yeara (24) 

120.41 

4025 

12025 

146 

5.77 

5 yis 

624 

823 7.0 0 

828 

828 

720 

821 

821 

726 

2 

5-15 yearn (22) 

13729 

40.04 

13723 

121 

642 

16 yra 

827 

8.68 7.70 

823 

621 

814 

9.12 

8.13 

8.41 

3 

Over 15 years (9) 

15429 

-025 

154,93 

2.62 

5>IT 

20 yra 

820 

627 728 

B. 63 

881 

025 

OBI 

090 

046 

4 

biedQemabl83 (8 

17321 

-023 

17424 

123 

628 

kred-t 

6.71 

626 625 







5 

AB stocks (61) 

13529 

-023 

13523 

128 

629 



















— -bitarttan 6%- 

— 


InfiaOon 10% 



IndeN-IMmd 







Jun 21 Jtsi 20 Yr. ago 

Jun 21 Jun 20 Yr. ago 


6 

Up to 5 yearn (2) 

185.42 

-026 

16526 

1.11 

223 

Up to 5 yra 


3.90 3-88 

227 


223 

2.79 

2.18 


7 

Oeor 5 yeant(11) 

169.12 

-024 

168.71 

0.60 

225 

Over 5 yra 


329 326 

323 


3.7B 

3.76 

324 


8 

A» stocks (i^ 

169.94 

-021 

17047 

064 

2.63 



5 year yield 

__ 

15 year j 

ywld 



25 wear ylt 

iM 


Debontano® and Loans 


B Debs & Loons [76) 125.14 

Average ^oee radmyriian yield, era ritown 


-1-39 12B.91 296 5.55 990 8.80 8.78 8.87 999 812 

ebovn. Coupon Bands: Loot; 0H-7UK: bMurre BK-ltWK; Htf= IIS* and over, t FW yWd. yid Veer m date. 


9.76 990 9X7 


FT FIXED INTEREST INDICES 

June 21 June goJuna 17 Jum IBJuna 15 Yr ago High- law 

Govt Sac*. QUK) 9Q_93 91.14 91.79 91.60 9238 95-50 107.04 B0J» 
Hutd interest 107.70 10U1 10837 106.73 108.12 11X78 133-87 107.70 


QILT EDGED ACTIVITY INDICES 

Juno 20 June 17 June 18 Jure IS Jura 14 


tat Edged 

5-day awraga 


96.7 

100.6 


93.1 

101^ 


963 

101.8 


1023 

105.5 


1173 

102J 


l aid Rad kiteraec 1BZ8 SE 


•JS# 


FT/ISMA INTERNATIONAL BOND SERVICE 


Use* are the Meet Wsmtecnri 


bonds Isr teifch Dura in an ade*4dt seccndny marigsL Latest prioea *7500 pot on Ant 21 

BU Oder Chg. YMkf beuad BM OBer Chg. YMd 


Inuod BU OBer Chg. YMd 


US. DOLLAR SIRNBHIB 
Mbey Nat Treewy ft’jCB- 
Abate firatece 7% 08 . 


.1000 91% 
.1000 101% 


92*1 

W1^ 


780 

7.10 


ArakhB%00 

400 

W5% 

105% 

-% 

725 

Bank of Tt*yo 8% 96 

100 

ite% 

103% 

-% 

650 

Bafgint5%(a 

1000 

85% 

85% 

-% 

7.70 

BTCE7%B7 

150 

HB% 

103% 

J 4 

689 

EHUGra02i 

1500 

»% 

10% 

-% 

854 

CaM*9 06 

torn 

104% 

104% 

-% 

823 

Cheu* Keng Rn 5% 96 . 

SCO 

90% 

91% 

-% 

821 

Ok* 6% 04 — 

1000 


87% 

-% 

070 

COund BmpeSBB __ 

100 

102% 

10ft 

-% 

&« 

Cledt Fbnctar 0% 99 

300 

100% 

wft 

-% 

721 

Danwk5% 0B 

1000 

98% 

90% 

-% 

680 

Erat J*wi Rafcay 8% 0* 

600 

91% 

92% 

-% 

724 

ECSC8V9S 

193 

705% 

104 

-% 

682 

BBC 6% 98 

100 

103% 

10ft 

-% 

840 

ffl 7% SB 

SO 

W2% 

103 

-% 

834 

BB9>«37 

1000 

107% 

107% 

-% 

021 



100% 


-% 


Bstflcre9%S6 

TOO 

wh 

101% 

-% 

633 

BMmBakJqranBtB — 

500 

iaz% 

10ft 

-% 

729 

Expat Cte CWp 9% 90 _ 

150 

106% 

108% 

-% 

7.12 

Fitsta 6% 97 

5000 

W% 

100% 

-% 

890 

Rmtsfi Expert 9% 35 — 

200 

104 

104% 

-% 

014 

Frid Mo*r Oredt 8% 98 _ 

1500 

97% 

97% 

-% 

723 

Gen Bee a*** 9% 96 _ 

300 

105% 

105% 

-% 

044 

GMAC9%9B 

200 

103% 

w*% 

-% 

879 

W Bk Jsxri Rn 7% 97 _ 

200 

KB% 

iaz% 

-% 

695 

Hv rimer Oh 7% 96 — 

ZOO 

102% 

TOft 

-% 

848 

it* 6% 23 

3500 

82% 

aft 

-% 

870 


IMod KS*dcm 7»e 97 _ 

MApngen Hifti 7 03 . 

VMdBMkO 15 

HMIBa*5)m 

Ydaid Bark 8% 00 


. 5500 101% 101% 

.1000 OS’s 95^ 

2000 20% 2D% 

3000 89*2 89% 

1250 106% 100 


-*i 

-H 


855 

771 

7A8 

746 

&8B 


SUMS FRANC SIRNOKIS 

Aslan Dev Berk 5 10 TOO 100 

Austta4l| 00 WOO 08 

enured Beeps 4% 36 250 90 

Damn* 4% 99 1000 05% 

BB6% 04 300 TO5 


ilaics 11% 97C. 
Brian Lmd 8% 23 E — 

Darenatk 6% SB C 

BBW97E 

HaMta 10% 97 £ . 


Qc de Fanes TV OH . 
fintaid 7li 89 . 


100 1W4 
300 106 


HjukU Moor Rn alj 97 TOO 105 

belaid 7% oo 100 105 

Kobe 01 340 103 

OnIa<o6% 03 400 101>2 


OjebdC Hytta 5 OB . 

9*3=704 

VHeU Baric 5 03 __ 
Wcrid Barit 701 


mo a>% 

450 lOTlj 
150 97% 

no 107 


YEHSnWGHIS 

BetfifaSS 

88 8% 00 

Mandril 98 

Har Anrar Dev 7% OO . 
Wfriaoi 


.75000 1031? 
110 % 


-4 n . . 

-ft 118% 

-A « 

-h 1^.. 

-h. ire% - . 
-% 148% iSWs 
-i 1E7A 134% 
-? 1S2JI 13«% 
-h 129ft 106% 

raaa 1^ 

Prospective real redan*tton rate cn mfaciad fedtalfsa ol(ll lOK 
rata (Q 9 H. W Hgraaa In preantaeas ehoa RP1 ban tar 
tadradng 9e 0 month* prior tt tasu* and hava beeo a*jsted to 
reflect Mrateta of RPI te 100 bi Jaretay 1987. Oorreantan tactor 
3W5. RPi tar October 1993: 141 Jand tar May 1984; 144.7. 

Other Fixed Inte r est 



Japan Dav Ek 5 99 — 
Japan Dev Gk 8% 01 . 
NppanTMTri 5% 96 

M»qr5%97 

SNCFB%00 

sptteri|02. 
VtoUMS%02 


.50000 105% 
.30000 113% 
ffi% 


10X00 103% 
.120000 110% 
.50000 T05% 


,150000 103% 
. 30CDQ 110% 
126000 106% 
.150000 101% 
.250000 



TOO 

l Lux 9% 99 LR 1000 107 

k 8 B6 LFr 1000 TOO 

BrakYaatM€ran7%<J2R _ 1000 100% 

EtwgjeBdiearriiSBR 500 109% 

Atartrftosra1D%96CS 500 102% 

BtaCawtaia%«C6 150 TOZ% 

BritriiCuksnfaleTOaSCS SOD 101% 

STO%03CS 130 WXrik 

BecdafimariiBBGL 275 08% 

Gai Bee Capite TO 96 CS 300 101% 

KMHFhlODICS 400 100 

NgptnTdTdW%99Ql 200 101% 

1003 CS 


DEUTSCHE HARK STRAIGHTS 

Areas 6% « 2000 

Ora* lone* ?% CO 2000 

OmerkritSB 2000 


DepbFinroB%03 . 


1500 


. 2000 


-tH l*ft 115N 
-1ft 136% 10W 
-3% 142 115 

— 116% 96% 

-I 103% 100 

— 115% 106% 
-2ft 1MB 

-% 149% 126 

-% 44% 33% 
-1% 40% 29% 
1»% T12 

_ 7B 66% 
-1% 160% 139% 
-1% 145% 12* 

-3 160% 138 


DUEhe Be fin 7% 09 . 

SC 6% 00 

BS 6% 00 1500 


.2900 


FWtnd7%00 

hvyfton 

3000 

SOUP 

LKBBaden-WreitftOB. 
Nfltete 6%» 

— zm 

1500 

Ontato0%« 

IfiDO 

«B0 

3—0*097 — . 

2500 


B1% 

97% 

08% 

92% 

BB% 

97* 

95% 

100 % 


90% 

97% 

TO3% 


92% 

07% 

98% 

101 

100 % 


90*8 

97% 

109% 


-% 

->2 

* 

-h 

■h 

* 

-H 


&14 

13i 

BL6S 

750 

720 

706 

7jOO 

7X2 

695 

790 

657 

7.74 

790 

602 



Briy 70% OOEai . 
SpehOOBEcu. 


Ui*edKb*dtnS%0l Ecu . 
ATOCTO99AS . 


BPAmria12%9BAS 

ConrnekAun*e13%S9AS. 
EB 7% 99 AS. 


VWJ 103% 
. 125 102% 
1125 105% 

- 8X3 106% 

. woo 110% 

.WOO 103% 
.2790 W 

- W0 101% 
-TOO M5% 


.100 

.350 


IIS 

98 


UcOoMtfaCm*1595AS. 
NSW Daauy 2eo 0 20 AS - 

fl A I Bak 7% 03 A$ 

SOAtBtGGWRi902AS — 
UhtowAJEtafc1208AS — 


TOO 107% 


.TODD 
. 125 
-150 


8 

04% 

02 % 


.150 107% 


TO0% 

96% 

99% 

85% 

105% 

1<B 

108% 

107 

107 

104 

102 

92 

106% 

90 

107% 


103% 

110 % 

105% 

114% 

02% 

103% 

110% 

105% 

H>4% 

in 

105% 

101 % 

100 % 


101 
109 
101 
101 
writ 
102% 
102 % 
1® 
104% 
100 % 
101% 
TO 0% 
103% 
90% 

KM% 

102 % 

102 % 

103% 

103% 

103% 

106% 

106% 

110 % 

103% 

104% 

101 % 

106% 

115% 

09% 

107% 

B% 

04% 

03 

109 


4% 

4% 

♦% 

•% 

4% 


BOO 
533 
505 
533 
000 
935 
509 
871 
600 
4% 534 

4% BJD1 
4% BOO 
800 
t% 535 
-% SJ1 


Karen 10% 972 

HS8C Hcttngs Tim 02 E , 

briylO% 14 E 

Jfcai DWBt7DD£ 

Laid Secs 9% 07 2 

Qmno 11% 01 C 

Pow*gen£f% 03C . 


SMm Tib# 11% 99 £ — 
Tokyo Bee firaer 1101 E , 
Abbey NteotaO 96 MZS- 
TCNZRn9% 02 N3 

CS^C1096FFr. 


&c defiance 8% 22 Rt. 
SNCF 9% 97 Hr 


100D 

90% 

90% 

-% 

929 

- TOO 

107% 

H8 

-% 

828 

_ 150 

8ft 

88% 

-% 

1073 

-800 

93% 

Bft 

-% 

882 

- 837 

104% 

106 

-% 

728 

- 100 

W5% 

wft 

-% 

80S 

-500 

104% 

106 


880 

- 1SS 

107% 

107% 

-% 

1034 

-TOO 

108% 

10ft 

-% 

074 

-200 

90% 

90% 

-% 

809 

- 200 

06% 

97 

-% 

807 

TOO 

TOft 

107% 

-% 

920 

- 25D 

94% 

95 

■% 

9L7B 

150 

100% 

109 

-% 

931 

150 

raft 

107% 

-% 

920 

-TOO 

Bft 

B4% 

-% 

814 

— 75 

103% 

104% 

-1% 

858 

son 

wft 

10ft 

■% 

634 

3000 

100% 

10ft 

-% 

871 

TOOO 

10ft 

106% 

-% 

725 


HXWma RATE NOTES 


OBer Cqm 


-% 

-% 

-% 

-% 

-h 

-% 

-% 

-% 

-% 

-% 

-% 

-% 

-% 


434 

4-55 

339 

452 

490 

429 

473 


Abbey NrilT«w»y -ft W. 


, 1009 


456 Onatvna 
400 


4.13 

«76 


Boko Am 0 99 — — — — 

- 200 

Bdrin/<97 0M 

BFCE-QUZ98 

- 500 
_ 350 









DresdWfire—iWOM 

1000 








LKB Ebdon-WUnt Ffai -% SB — 
Ltojds flu* Pe* S 8TO 

1000 

600 



0—099 

2000 

RmtaOSB 

-SCO 


99.16 

9978 

100.14 

9871 

9991 

9925 

aaia 

9771 

9841 

9998 

TOOlOO 


9930 

9995 

10023 

9863 

100.01 

S932 

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9832 

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10006 

10020 

naas 

10008 

99.74 

10040 


45000 

aarso 

58750 

47300 

53500 

43(25 

80156 

50000 

37500 


44750 

14141 

52900 

40800 

41250 

45025 

41000 

52500 

30125 

40125 

5120 

40312 

5l6B* 

35344 



*% 

-% 


872 

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TOO 

52% 

•96% 

Bft 

020 

OibbCapuriBSB — 

290 

86 

0)1% 

08 

UB 

Grid Krisocrie 7% 00 _ 

65 

12554 

114% 

1TO 

839 

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500 

25875 

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109% 

721 

Hanoi Jrrarica 239 01 . 

TOOO 


74% 

75% 

744 

HmfayPMB02 

400 

«1 

135% 

13ft 

SJM 

VandSerefttSt 

84 

072 

96% 

96% 

044 

Lramo 7% 05 2 

00 

624 

05% 

Bft 

725 

MaiBaik2%03 

200 


8B% 

90% 

830 

Mtwt be Rn 0 1 j 97 — 

TOD 

?aa 

105 

105 

9171 

NtfRraarftQBE — 

250 

439 

08% 

107% 

0.49 

OgdenfiCC 

05 

30077 

88 

90 

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Itan— 14% 08 - 

500 58087 

9B% 

90% 

841 

Suttinmo Oak 3% 04 300 

amna 

Bft 

Bft 

735 

Sm Afencc 7% 06 C — 

155 

33 

94% 

95 

10X0 

Testa Cepiri 0 OS E 

200 

261 

111% 

112% 

1152 

Tts—Metainenrift 02 

300 

.aft . 

105% 

105% 


-1% 957 


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t Oriy one martrat makai wprital ■ pace 


*48 

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HXM1M6 RATE NOTES: ntsiainreirt h trCw ii tra ten araue Hte rae rt Qrejpon tetsen s ekkresit SpresuMpgst rotnu teMiurii cflaed are (Usut+ncidi sabmanwn oral fcv US efn. Cxpn>T1ie mnl 

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JT 


- - 


i 






FINANCIAL times 


WEDNESDAY JUNE 22 1994 


COMPANY NEWS: UK 


Policy of concentrating on core businesses set to continue 

Advance to £126m at Manweb 


By Michael Smfth 

Manweb, the Cheshire-based 
electricity distributor and sup- 
plier, re-affirmed its policy of 
concentrating on core bad- 
nesses yesterday as it 
announced a l&6 per cent rise 
in annual profits. 

The company proposes to 
pay a final dividend of 17.35p, 
tplring the total to 24L35p, a 26 

per cent increase. 

“Our view Is if we tocos on 
the core we can best add value 
for shareholders,” said Mr 
John Roberts, chief executive. 

In the tour years since priva- 
tisation, Manweb has been less 
k een other recs to diver- 
sify into other businesses and 
Is the only one which has not 
taken a stake in a combined 
cycle gas power plant 

Mr Roberts saw no reason to 
change the policy of caution on 
diversification, even though 
Manweb had cash deposits of 
w3i9m at the year-end and is 


therefore seen by some ana- 
lysts as being likely to be 

temp ter ! hi in nyilrfng acquisi- 
tions. 

hi the year to March 31, Man- 
web increased profits from 
£lllm to £l26m pre-tax on 
turnover op from £92 Om to 
£930m. Earnings per share 
growth of 206 per cent to 836p 
was helped by a lower than 
expected tax charge of 2L4 per 
cent 

The tax charge reflects 
higher capital spending, higher 
capital allowances, and resolu- 
tion of long-standing issues 
with the Inland Revenue. The 
company expects a tax charge 
of about 23 per cent in future 
years. 

Although supply profits rose 
to £276m (£66n0, profits in the 
wiarin distribution business toll 
9.4 per cent to £91. 9m as a 
result of increased insurance 
arvri depreciation charges 
investment in customer ser- 
vices. 




John Roberts: sees no reason 
for Manweb to diversify 

Unusually far a power com- 
pany, job numbers rose - from 
4J46 to 4,428- Manweb said it 

had taken out rune costs than 
most other companies since 


privatisation and had *h*»d 23 
per cent of jobs in the cme 
businesses, but last year had 
concentrated on improving 
customer services. 

“We expect to bring in fur- 
ther efficiencies in future 
years,” said Mr Roberts. Ana- 
lysts expert a further round of 
Job cuts after completion of the 
regulator’s distribution review. 

Retail profits rose by £100,000 
to £600,000. in spite of a 4 per 
cent fall In turnover to £3Ram, 
and contracting showed a 
£100,000 profit against a £Llm 
loss in 1892-93. the company 
made £700^)00 from wind farms 
and continued to make a pro fi t 
from supplying gas to more 
than 1,000 sites. Expenditure 
on the distribution network 
and business infrastructure 
rose 20 per cent to £103m. 

Manweb is seeking share- 
holders’ approval at the annual 
meeting to buy back 10 per 
tv nt of Rs sharp * ? 

See Lex 


Lower expenses boost Eurotherm 


By Paul Taylor 

Euro therm, the industrial 
process control equipment sup- 
plier, reported a 32 per cent 
tncrp as g fn pre-tax profits in 
the six months to the end of 
April, despite flat sales. 

Profits were £12. lm, against 
£9 Jim on turnover little 
changed at £81. 9m (£81m). 
However Mr Jack Leonard, 
chairman, said the order book 
Is a last beginning to move 
ahead”. 

The increase mainly 
reflected a reduction in admin- 
istrative expenses to 228.6m, 

agairnrf- £3L&H which inrlrwfari 

£500,000 of redundancy costs. 
The average number of 
employees Ml by 5 per cent 


from 2024 to 2,029. 

Earrings per Bbare increased 
by 31 per cent to S6p (66p) and 
the interim dividend is raised 
by 14 per cent to 2p (L75p). 
Despite this the shares closed 

28p lower at 369p. 

The geographic .revenue pat- 
tern was only moderately 
changed from last year. Sales 
in the US were flat at £24.4m 
(£23.7mX but there was some 
improvement in UK sales to 
£liUin (£17.2m). And the group 
said most parts of continental 
Europe, with the exception of 
Germany, showed signs of 
economic recovery. Adjusted 
for currency movements, ship- 
ments grew by 2.5 per 
cent 

Mr Claes H Hitman, chief 


executive, emphasised that 
order book growth had begun 
to accelerate helped by the 
steady introduction of new 
products. The new order rate 
was now running at about 5 
per cent ahead of last year. 

Operating profits in the first 
half advanced to £lL9m 
(vfl-flm) ft wM by the reduc- 
tion In the wage bUL Pre-tax 
profits were also helped by a 
swing from net interest costs 
of £100,000 to net receipts of 
£200,000 as the group used its 
strong cash flow to reduce bor- 
rowings. 

The group ended the period 
with net cash of £LL9m after 
repurchasing certain minority 
holding s in subsidiaries for 

flijm in raefi. 


Once a gain Eurotherm has 
proved It can keep profits mov- 
ing ah»f»i by Improving effi- 
ciency and squeezing out more 
productivity. As a result most 
of its key ratios have been 
transformed over the past 
three years. Despite optimistic 
forecasts, the waiapmmt has 

yet to prove it can engineer a 
long-awaited resumption of 
sales growth. That may now be 
in sight If order book improve- 
ments are translated into 
M ghnr sales, fal l year pre-tax 
profits of £2ton look possible, 
producing earning* of about 
19.2p. Although the shares took 
a tnrnhie in a ju m py market 
yesterday, they still deserve 
their premium rating. 


Templeton Emerging net assets up 40% 


By Bethan Hutton 

Templeton Emerging Markets Investment 
Trust, the largest in its sector, announced 
growth in net asset value per share of 40 
per cent to 34(L2p over the year to end- 
ApriL 

Investment income and interest 
Increased from £5 -2m to £9.9m, but 


expenses rose from £2.4&n to £&98m- Earn- 
ings declined from 2.75p to 2.73p per share, 
while the proposed dividend of 2Jp marks 
an increase of 23J> per cent on the previ- 
ous year. But Tanpidon warned that its 
primary focus was capital growth, and it 
could not indicate future dividend levels. 

Higher dividends tend to result from 
large temporary cash and bond holdings 


after raising new funds, as yields an 
emerging markets are low. This year’s div- 
idend was also boosted by new rules on 
tax treatment of foreign income dividends. 

At pnd- Aprfl. tiie geographic split of the 
trust’s investments was central and south 
America (25.6 per cent), Asia (35.9 per 
cent), Europe (196 per cent), Africa (03 
per cent), and 18.4 per cent in cash. 


SUentnight 
shares fall 
on warning 

By Peter Poarae 

Shares in Sflentnight Holdings 
foil by more than 10 per cent 
after Europe's biggest manu- 
facturer of beds announced 
that the results seen in the 
first four months in the core 
UK bed division had been “dis- 
appointing”. 

Yesterday the shares dosed 
down 24$ at 219p, having at 
one point fallen as low as 
209p. 

Mr Bill Davies, executive 
chairman, said that the UK 
bed businesses remained 
“under significant margin 
pressure”. Not counting clo- 
sure costs, which would be 

^ - - w — 

spn^ imimigs ; 

Store 'pn» (psnca) 

*400" — — r»~ “ . 


300 ; r 


> foeo' M 92 ea 94 

SauCKFrgaptf*- 

taken in the accounts for the 
current year, he expected 
“results for the first half to be 
lower than the first half last 
year”, when profits grew 27 
per cent to £5J2m. 

He explained there had been 
ittHp change in the cond i tion 
of the UK f urni t ure market in 
the last couple of months. 

However, not all the news 
was bad: there had been an 
upturn in the US operation; 
the German bed business had 
been pe rfo r m ing satisfactorily; 
and there had been ^mtitenpri 
healthy growth in the UK cabi- 
net businesses. 

In March the group’s shares 
tumbled 18p to 355p following 
a wanting that profits for the 
year to January would be 
“slightly below avenge mar- 
ket expectations”. The result, 
announced in May, was 3 pm* 
cent ahead at £ 12.4m. 


Kingfisher to cut 400 jot 
at Comet after sales fall 


By DanridWtghton 

Kin gfishar is phnwring to cut 
the equivalent of 400 ftzQ-tisze 
Jobs from the workforce of its 
Comet electrical retailing 
chain following the introduc- 
tion of new technology and a 
reduction in (voting hours. 

Comet staff were told yester- 
day of the plans to cut total 
working hours by 10 per cent 


ana to move me weexoay open- 
ing htih> from 9am to item. 

The changes, winch follow a 
six-month review of Comet's 
store operations, come against 
a background of trad- 

ing conditions. Comet's sales 
fell by 2.1 per cent in the first 
quarter, although gross mar- 
gins improved. 

Mr Nigel Whittaker, King- 
fisher’s corporate affairs direc- 
tor, said: “The object of the 
changes is to enhance service 


and therefore sales and to 
reduce costs so that we can 
operate profitably and success- 
fully in a very competitive 
market” 

Of the time freed by the 
shorter opening hours about i_5 
per cent will be used for addi- 
tional staff training to improve 

product knowledge. 

Comet is investing £10m on 
the latest generation of elec- 


LUAlAi JA/UU V* '•I A 

which is currently installed in 
SO stores »nd w£Q be in all 233 
outlets by the end of the year- 
This should reduce the time 
staff spend on stock taking, 
p receding credit agreements 
and reading reports from head 
office. 

Comet is also adopting some 
techniq ues developed at Darty, 
Kingfisher’s French electricals 
nhate including the focus on 
“key performance indicators” 


such as sales per Axil-time 
equivalent and cus t o mer con- 
version rates. 

It is thought that the 
changes will cost Kingfisher 
Iks Hum £3m. of which the 
bulk are one-off redundancy 
costs. But the moves could 
save an estimated £4m a year. 

The total number of fobs lost 
will depend on how many 
Adi-time posts ate involved 
Knar mnnv staff are rede- 


ployed elsewhere in the group. 

The change In opening 
hours, which will be intro- 
duced before the end of July, 
follows research which shows 
that sales between 9am and 
i qptw are minimal. 

Last week Dixons announced 
plena to sell off 100 of Currys' 
remaining high street shops to 
concentrate on superstores. 
Comet has already completed 

this shift. 


Brown & Jackson criticises 
its restructuring bankers 


By Andrew Jack 

The directors of Brown & 
Jackson, the Poundstretcher 
retail group rescued recently 
by Pepkor, the South African 
group, are poised to launch an 
unusually outspoken attack on 
their bankers. 

The company’s annual 
report, which is posted to 
shareholders today, inehiHes a 
report saying its banks “unnec- 
essarily placed at risk the 
future of the group and the 

inter net* of ■eharaViMpm , other 

creditors and employees”. 

The 1 m<i hank during three 
years of restructuring was Mid- 
land. Arthur Andersen was 
appointed as investigating 
accountants to the company. 

The latest attack follows a 
letter in the Financial Times 
from Mr John Jackson, the 
company’s chairman, last 
Thursday criticising the exist- 
ing rules which allow investi- 
gating acco u ntants to a com- 
pany in financial ffifflmitiM! to 
be appointed as receivers. 

Mr Jackson yesterday critic- 
ised the banks for charging 
£L5m in "success fees” contin- 
gent on injections of fresh 
equity over three years during 


which he said their loans fell 
tram £27in to £7m. 

The company's negotiating 
position was made more diffi- 
cult by its protracted discus- 
sions with the banks, he added. 
*T found the whole experience 
fru s tra ting and baffling. There 
was a lack of people [at the 
banks] with sufficient experi- 
ence outside banking to enter 
into a meaningful dialogue 
with the directors.” 

“It’s time these sort of tilings 
were discussed. There are not 


many companies that have 
been through this and lived to 
tell the tale.” 

Some observers of the Brown 
& Jackson restructuring, how- 
ever, pointed out that the com- 
pany's problems were deep and 
complex. It was saved by an 
equity injection and new bank- 
ing lines brought by Pepkor. 

Mi dland said last night that 
banking confidentiality pre- 
cluded it from commenting on 
its relationship with a cus- 
tomer. 


DIVIDENDS ANNOUNCED 


Current 

payment 


Cones - 
ponding 
dividend 


Ewrothenq tnt 

Harris (PhBp) Bn 

HBztawood Foods —fin 

fWPtaU fin 

London A Chide § bit 

LPA tnduatriee hit 


Date Of 
payment 

Oct 14 
Aug 2 
Oct3 
Sept 16 
July 26 
Aug 3 
Sapt9 
Aug 12 
Aug 1 
Aug 12 
Sept SO 


DMdends shown pence per share net accept where atherufee stated. tOn 
increased capital *Equ fr ela n t altar aBowing for scrip Issue. §USM stock. 
♦Irish -pence.' <6 


Potto- § 

Quality Care 


Templ e ton Emerg fin 

Total Systems § — ... fin 

Trio Int 

Watson 4 PtiMp Int 

Wessex Water Ih 




“I can assure members 
that our pension scheme is 

fully solvent 5 ’ a ””° rd ‘ 

J But the fact is that a combination 


■ :y ' ./'.i 

W 


lit: ...... 




33 Brave words. 

But the fact is that a combination 
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■, ... Do they guarantee benefits and 
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By Do they risk being unable to 
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91 employees? 

\Sm What strategies can they adopt to 
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And how best can trustees protect members' interests, and ensure 
that the complex issues are fully understood? 

As consulting actuaries with BS5750 accredited actuarial valuations, 
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For more details on our services, please call Aiastair McLean or Mark 
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Problem plants 
cut Hazlewood 
down to £48m 


By David BlackwoH 

Hazlewood Foods raised its 
dividend by 5 per cent despite 
losses at four problem plants 
which were behind a foil from 
£55m to £48. lm pre-tax for the 
year to end March. 

Mr Chris Ball resigned as 
chief executive of UK 
operations as Mr Peter Barr, 
chairman, warned that the sit- 
uation at the problem plants 
had deteriorated in the open- 
ing months of this year. 

The latest profit was struck 
after £3m of exceptional costs 
relating to the disposal of 
two snack and confectionery 


Underlying earnings per 
share fell from 17.51p to 16p. A 
final dividend of 43p is pro- 
posed, taking the total for the 
year to 6.7p (6.4p). 

The group's business is split 
two thirds in the UK and one 
third in the Netherlands. It hag 
been refocusing its activities 
on added value prepared food 
products, where it s ees good 
long term growth prospects. 

The grocery and non foods 
division reported operating 
profits of £15.4m on sales of 
£156m, down from Eisjfrn on 
sales of £170m previously. The 
fan in turnover reflected dis- 
posals which formerly contrib- 
uted £2Sm of sales. 

Mr John Simons, finance 
director, said the grocery side 
of the business had improved 
operating profits from £IL4m 


to fi12.3m. helped by the new 
Selby bottling plant for picw&c 
and sauces. The mm food side, 
had retreated from £4.4m to 

tasm - 

hi the frozen division, which 

includes fish, shellfish anrt 
ready meals, operating profits 
fen from £27 Jm to man. The 
fish aide was hit by both the 

higher cost of Dutch flatfish 
and e xch an g e losses. 

The fresh foods business, 
which includes three of the 
four lossmaklng plants, 
reported operating profits 
down from to £l9.7m. 


• CO M— C UT 

While Chris Ran has fallen on 
his sword, the UK strategy 
must have been endorsed fay 
the board. They are likely to 
find it hard to boost the 
group's declining margins. 
Hazlewood now finds itself 
with a lot of expensive assets 
which are not generating cash. 
There are no signs that the 
markets it is arming for w£Q 
get any easier. While the fan in 
the share price could leave it 
vulnerable to a predator, It is 
by no means clear that a new 
owner could do better. The 
group's recent history has been 
disappointing. In 1989, when it 
made £4&5m an sales of £45&n, 
the dividend was more than 
four fimpg covered - this tmw 
it is just over twice covered. 
Pencilled in profits of £45m 
look like leaving little room for 
any fizrther increase. 


Exceptionals leave 
Dairy Crest at £3m 


By David Blackwell 

Exceptional items totalling 
£35. 5m almost wiped out prof- 
its at Dairy Crest, the milk 
processing and dairy products 
arm of the Milk Marketing 
Board which earlier this 
month announced the loss of 
600 jobs. 

Hie group, which is to be 
spun off in the changes 
planned for the milk market, 
reported pre-tax profits of 
£2. 8m, against £28. 2m, struck 
after an exceptional charge of 
£19m. 

Mr John Houliston, chief 
executive, said that operating 
profits from continuing 
operations, before allowing an 
£8m pro vision for the recently 
announced restructuring, had 
risen 7 per cent, from £88-6m 
to £41.4m. However, he 
wanted of “extremely tough” 
market conditions which 
would be reflected In the 
interim results. 

Turnover fell from £1.16bn 
to £997.7m, including £1 67.1m 
(£336.4m) from discontinued 
operations, resulting in sales 
from continuing operations 
being flat at £830. 6m 
(£819.4m). On the same basis 
operating margins were 
slightly higher at 5 per cent 

“Dairy Crest continues to 


mate sound progress and is 
well positioned for the free 
market in mflk " he said. 

He did not role out floating 
part of Daily Crest before 
November 1, when the new 
milk marketing plans fr»k» 
effect However, details woe 
not likely for some weeks. 

Exceptional items included 
losses of £2tMhn on disposals, 
mainly reflecting goodwill 
written hack an the sale of five 
bottling dairies. A 12 per cat 
in Hie decline of doorstep m3k 
deliveries led to a provision of 
£9fon against the book value 
of the group’s diary in Chad- 
well Heath, Essex. 

Hie fall in doorstep sales 
was the main reason for the 
decline in operating profits 
at the food services division 
from £23.4m on sales of 
£5443m to £2L3m on sales of 
£505Jhn. 

Operating profits in con- 
sumer foods, which includes 
liquid milk sales to supermar- 
kets, rose from £l5.2m to 
£2D.lm on sales of £324. 7m 
(£275u2m). 

The disposals helped the 
group to ad the year with 
net cas h of £23 m compared 
with net borrowings of £69.5m 
previously. Net interest 
payable foil from £8.3m to 
11.5m. 


NEWS DIGEST 


Expansion 
costs behind 
fall at Trio 

Pre-tax profits of Trio 
Holdings, the international 
money and securities broker, 
fell by almost £im - from 
£L39m to £l.45m - over the six 
months to end-March, despite 
turnover almost doubled from 
£24JSm to £48.4m. 

The company said the out- 
come reflected costs involved 
in rapid organic growth and 
subdued activity in its tradi- 
tional core doliar/D-Mark mar- 
ket, particularly in Asia and 
Europe. 

Earnings per share fell to 
0.69p (L59p) and in view of this 
the directors said they felt it 
would be imprudent to pay an 
interim dividend - lp was paid 
last time. 

Polar 

Polar, the USM-quoted elec- 

tronic components company, 

reported a 59 per cent increase 
In pre-tax profits for the 26 
weeks to April I. The result 
was helped by improved UK 
rtpmanii and the group's move 
into the design of semi-conduc- 
tors. 

On turnover 29 per cent 
ahead at £12.4m (£9-57in) prof- 
its were £781,000 (£490.000). 
Earning s per share were 6.4p 
(4,lp) and the interim dividend 
is raised to 23p (2p). 

Aukett 

A flow of new orders helped 
Aukett Associates, the design 
and architectural services 
group, swing back to the black 
with a first half pre-tax 
profit of £131,000, against losses 


of£235m. 

In the six months to March 
31 work done totalled £ 3.5 m , 
against £8.57m including 
£536,000 from a discontinued 
activity. Continuing activities 
showed a 15 per cat rise. 
Operating profits cm continu- 
ing activities were £232,000 
(£207.000 loss). 

Earnings per share were 
086p (losses l£.91p). 

London & Clydeside 

London & Clydeside Biddings, 
the USM-traded housebuilder 
and property developer, 
achieved a jump in pre-tax 
profits from £31000 to £327,000 
for the half year to March 3L 

Turnover advanced to £U.5m 

(£8.47m)- 

The interim dividend is 
maintained at l-8p, payable 
from earnings per share up 
from 0.2p to 2Ap. 

Total Systems 

Total Systems, the USM-quoted 
software supplier, reported a 
recovery in the second half of 
Its year to the end of March, 
resulting in a return to operat- 
ing profits. 

The pre-tax figure, however, 
was down at E14&90D, against 
£833,000, cm turnover of SL09m 
(£2.87m). Earnings per share 
came out at 0£6p (6.08p) aid 
the final dividend is passed as 
was the interim. Last time 
there was a total payment of 
3p. 

Essex and Suffolk 

Essex and Suffolk Water, an 
offshoot of Lyonnalse Europe, 
reported pre-tax profits of 
£21 ,9m for the year to March 
31, against £18.9m. Turnover 
improved from £66.5m to 
£71.7m. Earnings per share 
were 204p (222p). 


An offer that’s all but dead and buried 

SCI has made a hostile bid for Great Southern. Simon Davies reports on why it is unlikely to succeed 


T he most intriguing feet 
regarding Service Cor- 
poration International’s 
offer document for Great 
Southern Group, which was 
released yesterday, is that its 
“premium nffar by a premier 
company” has no apparent 
chance of succe ss. 

However, the UK’s first hos- 
tile takeover for a funeral busi- 
ness looks set to develop into a 
lengthy saga of power and pos- 
sibly greed within the hither- 
to quiet traditional family- 
oriented world of undertak- 
ing. 

The US funeral giant’s bid 
for a shoe of Britain’s funeral 
market got off to an inauspi- 
cious start, whan JD Field & 
Sans, which controls 56.1 per 
cent of Great Southern, 
spumed the offer within min- 
utes of its arrival. 

Great Southern's own board, 
which comprises four Field 
family members, yesterday fol- 
lowed up its earlier rebott- 
aL 

Mr James Smfllle, chairman, 
said: “The offer document con- 
tains no new information 
which would cause the board 
to change its view that SCI 
UK’s unsolicited and unwel- 


come offers are totally inade- 
quate." 

Many might have rrmoiiWy^ 

the game was over, but Mr Bill 
Hefflg hrodt, the former marina 
and unabashed Texan cowboy 
who is rfigirman of the com- 
pany, has set himself the task 
cf roping in Great Southern, 
and he is in no mood to give 
up. 

The stock market is giving 
him some credence. The share 
price closed unchanged yester- 
day at 614p, compared with a 
SQOp hid, tmti rating the expec- 
tation that there is more to 
come. 

Mr Hefligfarodt. who arrived 
an May 30 hoping to line up a 
deal with the Field family, said 
yesterday; *Tm happy to dis- 
cuss my value with them, and 
if there is something I’ve 
missed, m talk about it But if 
they just don’t want to sell out 
then they should say SO." 

He ran afford some degree 
of confidence. His employers 
buried 205,000 people last year, 
and boast a 9 per cent share of 
the US market along with a 
large chunk of the Australia 
and Canadian, markets. The UK 
is a logical evtpnHm^ 

Sd has a market capitalisa- 


tion of about $L2hn (£1.44tm) 
but it is faced with a mature 
market ad enormous ra»h 
flow. 

In the past three years it has 
used this to increase its num- 
ber of funeral homes by 54 per 
cent, and its cemeteries by 32 
per cent, to consolidate Its 
position as the world's largest 
private funeral operator. 

It has no interest in diversifi- 
cation - “what other business 
has no inventory, a low asset 
base and no need for technol- 
ogy”, says Mr Heiligbrodt - 
but it wants to break Into new 
markets with uimiiar tradi- 
tions. 

Mr Heiligbrodt says SCI has 
coped with the enormous cul- 
tural range of the US and has 
no fears of upsetting British 
traditions. It wants to use 
Great Southern as a base to 
expad into the fragmented 
UK market 

SCTs document focuses on 
the slowdown in Great 
Southern’s projected earning? 
per share growth, and sets this 
out against the fact that it 
made 20 acquisitions between 
1988 and 1990, but only one in 
the past three years. 

“If JD Field is to maintain its 



<«reat Southern Group 

Shore price (pence) 

TOO 


800~ 


500 


400 - 



300 , 


200 


100' 


J I 


Barry Field: chairman of 
family-owned JD field 

control of Great Southern, the 
potential to make acquisitions 
is limited in the future." claims 
the doc umen t 

Brokers have not been con- 
vinced. They claim the offer 
ignores Great Southern’s 
expansion into crematoria, and 
its build up of Chosen Heri- 
tage, the prepaid funeral busi- 
ness which has become a main 
money spinner. 


1990 B1 
Sours FT GrapNte 


93 94 


“There Is not much more 
opportunity for consolidation 
in the conurbations”, said one 
analyst 

However, at this stage JD 
Field & Sons, the Field family's 
holding company for Great 
Southern, is the real issue, ad 
it is proving an awkward 
adversary. 

The Field family have appar- 
ently been in the burial busi- 


ness since 1690, putting SCTs 
founding Waltrip family to 
shame - their initial Houston 
funeral home was not set up 
until 1928- 

Great Southern was listed In 
1986, but the Field family have 
scarcely lightened their grip. 
JD Field is 26 per cent owned 
by patriarch Mr Edward Field 
ad three sons, with a further 
70 per cat owned by five fam- 
ily trusts. 

It is these trusts that have 
been targeted by SCI for a £458 
per share offer, which com- 
pares extremely favourably 
with the last transaction in the 
shares, eight months ago, at 
£55. 

However, all of the trusts 
have a Field family member as 
trustee, and Mr Peter Wills, a 
family friend ad company sec- 
retary of JD Field, is the other 
trustee for most of them. 

Since the JD Field board is 
unanimous in its opposition to 
the offer, there seems little 
hope, regardless of its merits. 

Mr Heiligbrodt remains opti- 
mistic that he is paying a gen- 
erous premium ad its value 
will shine through. But he 
may have to offer a lot more 
value. 


INFORMATION FROM THE BANK OF ENGLAND 



ISSUE OF £2,000,000,000 

FLOATING RATE TREASURY 

STOCK 1 999 

INTEREST PAYABLE QUARTERLY AT LIBID LESS 1/8% 

FOR AUCTION ON A BID PRICE BASIS ON 29 JUNE 1994 

PAYABLE IN FULL WITH APPLICATION 


72* Shack wW, am fame, be aa taoBM Jotting widtia Pan Q of dir Ftm Scbahtic 
la tilt Trustee htvesantna Act 1961 . Application has been mode to &e London Stock 
Exchange Jbrtiie Stock to be admbuti la rheOffidoi List on 30 June ] 994 . 

L THE GOVERNOR AND COMPANY OF THE BANK OP ENGLAND invito 
bkh for fee above Sock. 

I The nriadpal of and taereat on fee Stack wffl bo a done on fee National Lnara 
Itaat w i d tieccunetoilmC ta n nil ii tata dRtadoffecthatPdJaugdoin. 

3. The Stack wffl be repaid most ou the iattrerepyoca date (as defined inpaiagrapb 

I I brio*) faffing in Mareh I9» 

| 4, A ppH e a ri c ra ana heferpoi leas t h an fSOuPOOnominul of Stock. 

nacSaacly h t| Mr. wtdffeo’aritoag Stock and waTbo"««J*mitod with the 
| exiting Stack in ibe Central G2o Office (CGO) on iame and on (be regiaer cu 
grenafe ai Cbnseqcesdy. the pries payable far the Stack will be the prineMd pirn 
f n ut riy n l taacctaed tracicre front fee tat itSereatpa ymcnf dare cnrilic frt c uirnt 
1 30 Jura 1994 at feme of £0201* per £100 nominal off Stock. 

& The Stock wiH be regtaered at the Baric of England or at the Bank of Irrirad, 
BeUari, and wffl bo na mi frn i W g by taaramrat fat writing in accoedanoe wife the Stack 
Tkanafa Ac* 1903. Stack regBacbd at fee Bank of Beglaud bald tor die aocoutaT 
taanbcnoffec COO Strata wffl aim be t tras ftnbfa by exempt tranafcrht accordance 
wfch the Stock Transfer Act 1982 and die referral rahncrtriarc kgUakre. Tmate 
will bn free of nap drey. 


aab or iac d rn a ritnl fo m . wkhm tbo of the A a 1987, which. 

ifiiiCf arfre g any wh<tarih»wimti«M«mfr««rf In hclnw, hail — XI 

IV. mlw miiwrrmj r ill .rimn iU —i M |ii l i ito ih hyn 

Muling efigfcte Hnhifitiea m ririrrminr d by die Bank of r^gtant Hr this purpose 
diet stag bo ex cl uded any innkntiai which la a wholly-owned tahrirfuay of another 


'emitted taaoefa Stock and; 


i dttmmg any I 


hwtatinn if that other iaa timtinn itself it. or win by i 
t rfc Iren e bank 


i of such exclusion be, a 


11.00 am one 


16. Tbetataofb 


t period will bo act on the I 
taalaacreatdBMB rii i a tiD 


i day of 


I any reran i 

■hereto, both be treatad aa entitled to such Sock as if dm member were the holder of I 
a teac r of a fl etm eo t and be Sable for tbo payment of any amount dnehnespcct of sadi f 

27. Application fimat red copies oftheproopecou may be obtained by poatfinn dm 
Bank of Enghmd, New braes. S oo th ga te House. Southgate Street Gtoocaacr. CJLI 
IUW; at the Ceatrel Ob Office, Bank of En^and. ] Bank Btrfkfiogs. Princes Street. 
Ixndon. ECZR. SEU or at a^r of die Bmcfacs or AKcncks of the Brak of Eariaad; at 
the Bank of Irehred. Moyne Building*. 1st Floor. 20 CaUender Street. Bd&o. BTJ 
5BN: or at any office of me L 

Govanamau Statement 
Attention it drewa to the statement issued 1 
198S which eap b dn e d that, in the intaast of diet 
neither Her Majesty's Government n» tie Bank of 5 _ 
servants or agnts ondenrioe to disclose au changes d erided on but not yet 
may medficaDy affect the tarns on which, or the 
_ ... . _ Suck is isaned or sold by or on behalf of the 

Government or the Brek; that no respoosfbiEty can therefore be accepted for any 


; London Stock Karhaage. 


conditions under 


; of England. New fanes. PQ Bat 444 . 
BJ0 AM ON WEDNESDAY, 29 JUNK 


7. 


till 


8. h wnt Ip a tawetioa of Hre>qfraq , *a Treasury renter Section 30 of dm thoorao 
and Ga qata rionlbxes Aa 1968. fanegg oa die Stack wiD be paid wfabontd ortnetinn 
for or on aocumofUaifed Kingdom bcemotn. Howe***, the imeresi has n United 
Kingdom aonacn and therefcre nay be cfa n ge a ble to Uritad K mg rinm can by tfirect 


17. Bids must be rahmhtad on dm m&arioo form prifthri with the prospectus. 

Application tarns aam be sere n the 

GreP0Mtat,GLV INPreanWeacthaen 
19M, crloctad by bred ax tbo Chanal ( 

19 OidJowiy, London not later ihaii 18u80 AM ON WEDNESDAY. 29 JGNK . 

cr loted by bred at any of the Branches or Agcodea of dre Bank of Eoghtod not later 
than JJO PM ON TUESDAY, 28 JUNE 1994. Gft-edg«*l nreket maims nwy bid 
by telephone m the Bank of Bwhnd not later than 1000 am on Wetbeacby. 29 June 
1994 Bidswfiloocberefocafafcbe 
1000 amouMouday. 4 Jufy 1994. 


omkaion is nuke m* dtsriosure; and ffiu such omiSBon shall umber render I 
a^r tmxancrioc UaMc to be set arido nor ghm rise to any claim far compensation, f 

BANK OF ENGLAND 
LONDON 

21 June 1994 


Wednoaby.^^ 

lOOOimoo WettooKtay. 29 June 1994 and , TQ THE GOVERNC* AND COMPANY OF THE BANK Cff ENGLAND" 


18. 


| 9. The Stock wffl be inuedbgr Her Majesty’s Tnamy with the cooddoos dne 
to aokngaaStadtisinihebcaiefirialowiiaridpofpeaarewfaoaroaotanSnarily 
idem kdre linked Kmgdcra, the' 

[rad 


t thereon shall be exempt from income me 


i bid i 


Aataati of Slock t 


dm and m con pike. eaaMog wtreed bttereai. ; UWe apjAy in 
r red oust be fbra ntbrimam of ZSDjno noutbial I as follows: - 


: with Are gems of the p ro s pec tu s dated 21 June 199* 


Nominal amonnr of Floathig Bate Trcrewy Stack 1999 applied 
for: 

Amount t 


I (b) so long as Stack is in the bcneficiri o wnari tip of pentane who are noitber 
drenidlnd nor onSoarity rerideet in the Unfeed SJngaom. nehber the capital ifacreaf 
1 are dtahwratfibcrecnriBB be Baric P soy tnarirei present or ftmrr 

. . y resident in the IMtod Ktagdam if 

they ag regarded aa not orefiaarily resident fe the purposes of United Kingdom 
! income tax. 

prions win not apply so aa to exclude the interest from any 
war taxation purposes of tbo profits of any trade or business carried 
1 oa in the United Kingdom Moreover, fc araflabmy of these r i ffiwinns is 
law, present or figure , of the Untied Kingdom 
t_oftoriaDj>y petswoa domtrilrri. ceaidcat or 

10. baddhion.ihehilamlltcivCBBe has confinwdtfaflt.cn the barisofalnag-—fihg 
ftofi a tedOOMearitaL haretat on ria Stock wiB act be charged to Bailed Kingdom ax 
■ tttnhaada of asaoddnider who Is not ■ any dma to dm relevanitax year reardan in 
tbe (Mad Kktgdera. aacept where raeh Atckhoider 

to ia riiaigeriil enirigS«ctka>78ofmeTtaenMa i a gHnna Act 1970 in rienamo 
cfatiancoorothcrtiq eacijiati w m c uTiramri fat Secxicn 72 of dal Act or in the name 
of an agent or bread in tbe United Eagdora baring the management or coasrol of the 

(b> necks ta data rriirf in reapac* of taxed income fiom United Kiatpiomaoiacea; 


of any law,. 

Awwif i Twl I 

. . lar, the interest win not 

tax where, infer any such provitian, it fails to be treated 
of tbe income Tax Acta aa income of any person resident or 


19. Unless dm app B ca o t is a me mber of the CGO Senics a 

i c uKBca t iM PAYMENT IN FULL AT IBE RICE BID 
INTEREST AT THE BATE OF JBA2831* PER £208 NOMINAL CM? STOCK 
mmt accoopany each Ud. [>. rtmwn /■» ■ » affitf, ■na ^i 

within the Town Clearing area, ofa wttletnem tnanbcr of CHAPS atriTtareOeamig ' 

QlM p Uy I juimi 

20. Tha Bank of Eaglaad rcserres tbe tight to reject any bid cr part of any bid. Bidt 
wffl bo tanked in descending order of price and Stock wffl be sold to appBans whose 
rids are at or above die lowest pries at which tbe Bank of England deddoa that any , 
bids tiuuU be i nanrel (the Toweat tcceasednrica - )- APP LICAN TS WHOSE 1 
BIDS A RE AC CENTED WILL PURCHASE STOCK AT THE PRICES AT 
WHICH THEY RID CPLUS ACCRUED INTEREST): rids which are accreted and 
which are node re print above the tanst accepted price wffl be satisfied in Wl; rich , 
wind) are accepted and wfaictiBB made at tholoweat accepted price nay be satisfied 
in bD or in pan only. 

2L Tbe Bank of Bnriand may sefl leas than tbe fuD amount of tbo Stack on offer at 


£1.000.000 or greater 


£1.000,000 


Price bM per £198 nominal of Shrek, 
bring a mnitifde «f me penny; 


Phsaceracd falcreaf al the nte of XBL28318 per 
£100 nominal of Stock: 


Tlntnl price payable per £100 nominal of Stock: 

Sam anriowd (d, b ring Urea — tmt tta dnd fin 
ptmtSBR IN FUIXATTHE PRICE BTOPLUS 
ACCRUED INTEREST fb) for every £100 
NOMINAL of Stock gfHb; 


£ 


0 

28318 

£ 





£ 


22. T he Slock wffl > 

Taxes Act t968orac 
Act 1989. Rnthoric 
:H»perai 


laftbei 


dreandcesadanttnmmdrrittilwffliBtte 1 
retafteic<Uo4tofbeIneaitaandCorootaiion . 
y fin the purposes oF Schedule 11 toflnRnaacc \ 
; nary be at a deep tfcicunnt (broadly, x tfarawa | 
i iris could resutl in all of tbe 


FOR CGO MEMBERS ONLY 
COO PARTICIPANT NUMBER 


-Tri No_ 


[(c) b chatgearin n coqtotatian tax on tbe tamo of a Unhed Kmgdore bnch or 

itSu i i —a fa -m B m u lJU » 

I of Blade on in the Unhed 


the Stack is brand wffl not t 


i ■ security. Howbwk; it b the intention of Her , 
i of Stock wifi be conducted so at id prevent any 
acountaccuriy or a drep gain aocairy far Uahcd , 
s Stock b ndtaer a deep riaconnt tcanky nor i 
i tmh, sty ifitcoumtothe nominal vahie at which 
i taxable mcome far tbe prepares of the rdevara 




(d) b chatgeable to i 
Kfagdon to which the 
bderrifoneBiita 

IL hae w at wffl accrue from 9 Jure 1994 and rack hi l n i ai wffl be payable on 9 
Scpaeofaer 1994 and oa eaduben tfanreafiar wrich (except as stared below) falls three 
maths after the nrn c cri i iig {merest pay m e m dree (cock such date bring an *brarest 
payment data^. If ray braxeat payment date would otfa e tw ae fall on a day wrich b 
dm a hriara day (as defiaeid bdow) it abafi be po tipnnrd In the max bnunrri day 
ordeas it would thereby fari in the not calendar raomti, m which event dra faureai 
payment dam shall bn fan hn aa tiliarl y p ro c e d ri g bnamcat dy and each srinequent 
mtaest pmseai due abaB bn die Ian bntaieia dqr of die thhotaonifa after (be onrii 

p re ced ing iataot paymea date fefl In this proapectua the period tarn 

txSag) one interest payment date to the next interest paymeadase i* called an uL L— - 

period* and Taraaess day” mom a (by (caber than Saturday or Sunday) cm 
which banka aro open Sir badness in London. in w i rttr 

late of lateral 

of the Stack breach r 


TEDS SECTION TO BE COMPLETED BY ALL APPLICANTS 

1 I/We request that any letter of eUotmeat hi respect of Stock sold to 

mc/us be sou by post at tuy/our risk to mete at the address shown bdow. 

IN THE CASE OF AN AP PLICA TION 8 Y A MEMBER OFTHE CGO 

SERVICE WHO HAS COMPLETED SECTION B, we retwot that any Stack 

aHocated to us be a e t fite d direct U> pur n ccocnt at the CGO. Wc hereby 


of the Stack sold, being tbe ouiy farm fa which the 

tathcCGO Sendee far thnsnconni of menknts) may 


i deliveries on 30 June 1994, Bad we agree that the cooridemtioa to be 

put in respect of web delivery shall be the amount payable ly ns on the sale 

track Stock in accordance wuh the cams of tbe prospectus. 


Date- 


SIGNATURES 
otoronbi 


r<£ applicant 


34. No sale wffl be i 


| 12. Thereto of fare 
I be 1/8% 


tmepri rammidetmiiaeilby the Bank of England to 
Edifrecrenry n> fee rearot fifth dt ' " 


tdeerreal place) of fee 


rams a which three mnodt deeoria in tierihw am rid at ■ 1 UJO m on e#eh taamil 
ibtawihwiina date (pa defined id paagaph id britad by the twenty reference baola 
rritased to in pnagtrah M below, pmsided that © if aixtaen or mote raeh tpotraaos 
reerararilfeln, fee five bi*hB*(oc.ir there be ram dan the mb bighorn rues, only 
five af rack rates} and the five lowest if there am more than fire such kmest rata, 

f five of *wh retto riril he cEsrepcded by dm Bank of England far tbe purposes 
Eteaotaqg sad) arithmetic mean; fii) if Enrenban sateen bu more than eight raeh 
quotations are erasable, the two rigbeat (oc If them aro more than two inch Ugbeat 
rates, only two of rack trees) rad ita two bwest foe. If there arc more than wo suck 
lowest ma, oari two of snefa rates) thaO be dracpolod by the Bank of England for 
the pQTpQKS Off drip m u ^fig flyh stfUDCdC n yn g fcWET Qm Ufl 6 SQCb 

t pctat taa be asafiabtatbcBrakef England ihaH aqu rn nwaria g of die ates at 
rijkfaBean fedyda h Bctflogxcbid x i t iw miiwmnii—B it umiMiiw 
AlflyniijmllgT l—tu i llnltonlr rfPi^ hiiliMI tfliw, lf piiliMlil>H«aliii^ 

Her Maty’s Deasay.ra that (H) above maybe appBed. IffeecMeof interexlcaoBOi 
hcdeta i ta ii iedinaneced aa eBrtfflthefaceg oiuuiJiuiiai n ns dMnieiifiahaatahaabe 

l 4 f iiwMiJiH nultui Im I— — « « J — Amm 

Lk Tbeatoogdofatares u reyridecn? Sepaenfeer i994te£U406pef£10PMxiMBi 
[ of Stock. 

■1A. For tho pnrpotes of paeagapb 12 tatrre tbe refisenee banka ehall be die twenty 


rede of a fare amount than CS0JI0D nominal of Stock. Era 
in ptat only, fee excess amoral paid win, when trfnnrird. be 
re fee risk of tbo applicant; If aa app&cmicai b 
wiD be returned Uocwise. Norraymest on 

Slock sold wiB render such Smdt faMe to : 

fi xfaiee t e. Intereal at a rate opril to tin Lnkioalarx-Bank Offered Rrec (be seven (fay 

deposits in online (UB0»O pins 1^ * per anrest may. bourn, be ehaiged on the 
nun payable ta respect of any Slock far wrich pninere is accepted after die due 
data. Sock ate will be determined by fee Bank of Engfead by reference to marital 
qDOtatkma, on fee trie dare far sack wman. fir UBCnt obmtaed bam raeh sours 
or sourecs at dw Bank of Eogind stadf oouuder appropriate 

25. Lcricre of aHococal may bo gpbl into dcnoomadous of malflpta of £50,000 cu 

written request to fee Bank ufEugliBid. New h aras. Snrth gata H o uraStmth g nr Sttere. 

OLl 1UW rrarivedpot haer than 7 July 1994. Such requests mat be 
aigp^ md must bo accaraaniod by fee latere of riktanem. Letten of allotment. 
aEcnaqraned by a corepierea regisratktn box be lodged for regomnioo forthwith 
sal in ray case treat be lodged far trgiffiatian not later dan II July 1994; in fee case 
of Sack held (hr fee accanmofreendten of fee COO Service reghtealtai of Stack will 
be eflbcssd tinder tepaoae amngcmencx. 

Tf> SqbjeatPtfa c prontfakxKg s Ta mn g unuilrnh i p of feeCGOSenricn.anienfeor 1 
of feat Service may, t^axnpfaring Seaian BttfttaM&ation faun, requea feat any 
Stock raid to fata he aeffired tfirect to Ms atsonot in me COO on Tlnndqy. 30 Jure 
1994 by meaa of a nmnber-rn-oemfaer drirvay fiora eo account in dm name of the 
af &gtanA Nomber 2 Accontt FriTtite p accept 
raeh defivery by (be deaffltan far menfeerto-menber deUveriea nder the rides of I 
CGOSetvieeonSOJtae 1994 ahaD far dtepetpe . 

in tweet of fee releviiit Stock. A member of 1 


PLEASE USE BLOCK CAWTALS 


.MR/MRS * 

MISS/MS 

FORENAMES) WRJLL 

SURNAME 1 

•full POSTAL 



1 ADDRESS 



jTOWN 

COUNTY 

POSTCODE | 






(a) A separate cheque must i 
be nmde peyable to 'Bonkof ! 
mus bo drawn on a branch or t 
area, of a setdemcm member of 1 
LinrissL 


> cncfa applicxtioa. Cheques thonld 
. I crossed “New Issues - and 
, situated within the Town Clearing 
“"'land Tom Clearing Company 


CGO 5griee on to June 1994 

fee CCO Swdee may also, nfcjeet B dm pi 
Service, streoder * letter of aflocmeoi to fee CGO far 
comp os e d fe efrin ta be aefeXcd to fee membet'eadwwa. Themcabc 
by fee accsrata of the CGO as being eatitkd to any Stock riaaft. to the 


.TnSH 

twiNm .tlwp 

caoceflacoo nd fee me S 


(b) The pnxedme lor any refund is set Offl in the prospectus. 

APPLICATION FORMS MUST BE SBOTTO THE BANK OF ENGLAND. 

NEW ISSUES, PO BOX 444, GLOUCESTER, OLl 1NP TO ARRIVE NOT 

JUNE1994:ORLODGED 


LATER THAN 10.00 AM ON WEDNESDAY, 

BY HAND AT THE CENTRAL GILTS 

BANK BUILDINGS. 19 OLD JEWRY. 


, BANK OF ENGLAND. 

HER THAN 


NOT LATER 

I (L00 AM ON WEDNESDAY. 29 JUNE 1994; OR LODGED BY HAND 

AT ANY OP THE BRANCHES OR AGENCIES OF THE BANK OF 

of all {^ENGLAND NOT LATER THAN 3.30 PM ON TUESDAY. 28 JUNE 1994J 


i 




I 


24 


This aiunuiKemeni appears ns a manor of record only. 


3ht May, 1994 


Hit (.(mitkai ht: bank 


The Co-operative Bank p.l.c. 

( incorporated with limited liability in England with registered number 990937) 


£400,000,000 


Euro Note Programme 


Arrangers 

UBS Limited 


Schweizerische Bankgesel Isc ha ft (Deutschland) AG 

Programme Dealers 

Merrill Lynch International Limited NatWest Capital Markets Limited 
UBS Limited S.G.Warburg Securities 

far DM issues 

Schweizerische Bankgeseflschaft (Deutschland) AG 





Templeton 


Templeton Global Strategy Sicav 

Registered Office: 30. Grand-Rue. L-looO Luxembo 


Registered Office: 30. Grand-Rue. L-IUSO Luxembourg. R.C. Luxembourg B-35 / 17 

Convening Notice 

As the extraordinary general meeting held on 20th Jane, 1994 was not able to deliberate and vote 
on the items of the agenda for lack of a quorum, the shareholders of Templeton Global Strategy 
Sicav are hereby reconvened to assist ot an extraordinary general meeting of shareholders to be 
held on 22nd July. 1994 at 1 1.00 am in Luxembourg at Centre Ncobcxg, 30. Grand-fine, L-1660 
Luxembourg to vote and deliberate on tbo following agenda: 

1. to approve the merger of the sub-fund 'Templeton Indonesia Fund’ into the sab-fund 
Templeton Far East Fund* with effect from 1st August 1994 in accordance with the 
provisions of Article 5, last paragraph, of the. Articles of Incorporation. 

2. to approve the merger of the sob-toad ‘Developing Growth Stock Fund* into the 
snb-fund Templeton Smaller Companies Fund* with effect from In August 1994 in 
accordance with the provisions of Article 5, last paragraph, of the Articles of 
Incorporation. 

3. to amend Articles S, 17, 23, 27 and 28 of the Articles of Incorporation with the purpose: 

- to permit the creation of sub-classes of shares with sped tic sales and redemption charge 
structures or hedging policies as the Board of Directors may decide from time to time; 

- to permit the Board of Directors to decide in specific circumstances the liquidation of a 
class of sharer, 

- to permit the Board of Directors in specific circu ms ta n ces to decide the merger of 
different classes of shares; 

- to replace the specific reference to Templeton, Galbraith St Hansbcrgcr Ltd*, by a 
global reference to companies of, or affiliated with the Templeton Group and to delete any 
specific reference to "Banque Internationale & Luxembourg” wherever it occurs. 

The full text of the proposed amendments of the Articles of Incorporation is available for 
inspection at the address set forth above. 

Shareholders are further informed chat an updated Prospectus has been approved by the Board of 
Directors and copies thereof may be obtained, free of charge, at the address set forth above. 

Shareholders are informed that no quorum is required for this meeting and resolutions will be 
passed by a majority of 2/3 of the shares represented at the meeting. Items 1 and 2 of the agenda 
require, in addition, a separate vote of 2/3 of the shares issued in the sub-funds "Templeton 
Indonesia Fund" and ’Developing Growth Stock Fund*, respectively, and represented at the 
meeting. 

Proxy cards are available at the address set forth above. Proxy cards valid for the meeting held on 
20th June, 1994 will also be valid for the meeting to be held on 22nd July, 1994. 

Bearer shareholders are requested to deposit their shares at Banque Internationale ft Luxembourg 
at least 3 clear days prior to the date or the meeting. 

The Board of Directors 



FTtSTAJVOIAXv TT1VCES 


INDIA 


BUSINESS 


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Reg rate red Number. 980M9O VAT Respiration Number. GB278 5371 21 


IK300194 



COMPANY NEWS; UK 


Fall in occupancy rates blamed on Community Care Act 


Quality Care static at £1.52m 


By David Wlgfrton 

Shares in Quality Care Hemes 
fell 23p to 290p yesterday after 
the nursing homes group 
announced flat profits in the 
six months to April 30 and 
failed to increase its interim 
dividend. 

The slowdown was blamed 
partly on increased competi- 
tion and on a fall in o ccupancy 
rates following the implemen- 
tation of the Cotmmmity Care 
Act last year. 

Pre-tax profits rose just 5L3 
per cent to £1.52m (£L49m) 
despite a 30 per cent rise in 
turnover from £4.l2m to 
£5-34m. 


The company had warned 
that profits growth would slow 
this year due to the opening of 
several new homes which take 
same months to become profit- 
able. But the impact has been 
greater than the market expec- 
ted because of lower occupancy 
rates. 

Mr Duncan Bannatyne, 
chairman and chief executive, 
said: “New homes are taking 
longer to fill and profits from 
existing homes won down.'’ 

At the end of April the group 
hart 699 “est a bli s hed* beds - in 
homes open for more than 
eight months - with an occu- 
pancy level of 91.7 per cent, 
down from 96.2 per cent a year 


earlier. It had a further 242 
new beds, of which 162 were 
filled, giving a total occupancy 
rate of only 85 per cent. 

In the established homes 
costs increased faster than fees 
with the group reacting to 
greater competition by, for 
example, abolishing charges 
for physiotherapy and chirop- 
ody. HOwever, a &5 per cent 
fee increase in April would 
improve the second half perfor- 
mance, the company said. 

Operating profits rose to 
£1.65m (£1.49m) but the net 
interest bill jumped to £128,000 
(£54,000). Although earnings 
per share rose to 7-99p (7-67p), 
Mr Bannatyne said that given 


the slowing cash flow from 

m i digbfl y 

to £L6lm, it would be wrong to 
increase the interim dividend. 

It is held at L5p. 

The group now has ir«&u 
beds in operation or under con- 
struction and has agreement in 
principle for bank facilities of 
over ren™ which would allow 
it to develop up to 2,000 beds. 

Gearing, which was 29 per 
cent at the end of the first half, 
is expected to rise to about 45 
per cent at the year end. 

Ur Bannatyne said he expec- 
ted the Community Care 
changes to lead to permanent 
reduction in occupancy rates of 
1 to 2 per cent 


Acquisition lifts Watson & Philip 


By Peggy Hoflnger 

Watson & Philip, the convenience store 
and food supplier, yesterday announced a 
return to interim profits growth after two 
years erf decline with a 26 per cent jump at 
the pre-tax level to £5JJ6m. 

The acquisition of the Circle K conve- 
nience store chain in 1993 was largely 
behind the profits rise during the six 
months to May 1, which contrasted with 
an 18 per cart fall in sales to £218m. Sales 
were depressed by the group’s decision to 
withdraw from the Spar /VG supply busi- 
ness. 

Mr David Bremner, chief executive, said 
the results vindicated WAP's decision to 
focus on the convenience store format and 
move away from lower-margin, fast food 
supply. 

The interim dividend is increased by 7 
per cent to 4.7p (4.4p), while earnings per 


share rose by 25 per cent from 81p to 
lOlp. 

Mr Bremner said dividend increases 
were expected to lag earnings growth until 
W&P could rebuild cover of about two 
times. 

The convenience store division showed 
underlying sales growth of about 2 per 
cent, while margins had improved from. 241 
per cent to Z& per cent 

This was the result of introducing 
higher margin goods such as newspapers 
and ehflieri foods, as well as better pur- 
chasing practices. 

Mr Bremner said W&P intended to accel- 
erate the introduction of electronic point 
of sales equipment in the convenience 
stores. In the longer-term, this would 
bring considerable cost savings. W&P 
ahwwri to double the marg ins in this busi- 
ness over the next five years to about 5 per 
cent 


The group opened 24 new stores in the 
first half for a total of 331. A further 24 are 
pinrmwT for the second six months. 

The food services division, which pro- 
vides supplies to hotels, pubs and elute, 
showed a 42 per cent increase in operating 
profits to £300,000 on a 43 per cent rise in 
galas to £42m. Operating margins rose by 
36 per cent to 0.8 per cent 
The **«h and cany business suffered a 
5.4 per cent drop in sales to £83m, leaving 
profits 7 per cent lower at £860,000. Mr 
Bremner said the business continued to 
generate cash which could be invested in 
the two core divisions. 

Interest payments rose by £700,000 to 
Cm, with net debt of £23m. This repre- 
sented some 48 per cent of shareholders' 
funds, against 40 per cent last year. 

Mr Bremner said glaring was expected 
to fall back to 40 per cent by the year- 
end. 


City Site 
net assets 
16 % ahead 
at £ 26 . 6 m 

By Simon Davies 

City Site Estates, property 
investment and development 
group, announced a 16 p er 
cent Increase in net assets to 
£2&6m at die interim stage. 

Pre-tax profits for the six 
months to March 31 were mr- 
gj TinHy improved at £312,000 
against £170,000. 

The company wa s almost 
dragged down by the property 
slump but has been trading 
actively In an improving 

market .. . . 

Rental Income dec line d man 
£5.63m to £4. 85m, reflecting 
property sales. The company 
sold £2£m of properties dur- 
ing the period, but purchased 
a total of £7.4m. Property trad- 
ing contributed £137,000, 

The portfolio currently has 
voids representing 6.5 per cent 
of the total The company is 
confident this will be reduced 
through active management 
and improving tenant de ma nd. 
It is also marketing a number 
of other properties for sale, 
which are expected to result In 
a substantial Increase In prof- 
its for the full year. 

The company is applying to 
the courts to eliminate a defi- 
cit on its profit and loss 
account, which would enable 
it to renew dividend payments. 

City Site accrued a further 
£564,000 of preference share 
dividends during the period, 
resulting In losses per share of 
L64p(2£6p). 


Reorganising the organiser producer 

Caroline Southey looks at the changes that have put Filofax back on its growth path 


F ilofax has enjoyed a 
remarkable reversal in 
fortunes from an 
all-time low in 1990 when it 
appeared to be a casualty of 
the decline in brand mania. 

Yet Mr Robin Field, who has 
turned the company around 
since joining it at its nadir, 
believed all along that the diffi- 
culties were with Filofax the 
company, not with Its ring 
binder personal organisers or 
the market 

From record pre-tax profits 
of £2.72m for the year to 
December 1988 on turnover of 
£14.7m, Filofax went rapidly 
downhill as it crumbled under 
the pressure of extraordinary 
growth which saw turnover 
double year an year from i960. 
It slumped to pretax losses of 
£L55m in 1990 and its share 
price crashed to 13p. 

Mr Field, now 42, was 
brought in as a management 
consultant, hut stayed to 
become chief executive in 1990. 
He saw that the company had 
stagnated. Its products were 
over-priced and poorly distrib- 
uted with a limited presence in 
foreign markets. 

Among his first steps, he 
shed jobs, cut prices and 
reduced the marketing budget 
He then changed management 
and began concentrating on 
the two planks of his longer, 
term strategy - expanding 
sales abroad and reducing reli- 
ance on the traditional Filofax 
product 


Both have been achieved 
through an aggressive acquisi- 
tion strategy, buying both dis- 
tributors and makers of new 
related products. 

None of the changes he 
introduced brought instant 
relief. Profits were depressed 
in the first two years after his 
arrival and the credibility 
problem remained. “It has 
taken four years for the stock 
market to accept that changne 
have been made and that they 
will prove effective,” said Mr 
Field. 

But he remained confiden t in 
his analysis. Worldwide he 
estimates there is a potential 
annual market for 10m new 
organisms. In 1987 Filofax sold 
300,000 personal organisers a 
year. In the year to end-March 
1994 it sold 800.000. 

The acquisition trail was 
first struck In 1992 when FDo- 
fax bought Lefax, a luxury 
organiser company in the US. 
This was followed by the acqui- 
sition of a French distributor 
in October 1992. During the 
past 12 months it has scooped 
up three companies in conti- 
nental Europe and one in the 
UK. 

Through its British acquisi- 
tion, Drakes, which controls 90 
per cent of the UK market in 
carbonless duplicate message 
books, Filofax has added a 
range of new products to its 
portfolio. 

Under Mr Field's leadership 
the company has worked hard 



Robin Field: confident of 
maintaining profit levels 

at debunking the myth that 
the Filofax was the plaything 
of the rich, upwardly mobile 
young adults prevalent in the 
1980s. Although the Filofax can 
still cost between 15 and 20 per 
cent more than unbranded 
competitors - the most popular 
model retails for £34 today, 
compared with £60 for an aver- 
age Filofax in 1988-89. 

The product has also beei 
modified and improved in the 
past four years and a cheaper 
range, starting at £9.95, has 
proved popular with students. 

Acquisitions have generated 
substantial Increases in sales, 
particularly ahroad, and have 
allowed Filofax to build its 


1987 60 «0 91 02 S3 84 

SoUVwFtCKtfphffl* _ 

own distribution network. In 
1987, at the height of its for- 
tunes, foreign sales accounted 
for 38 per cent of total turn- 
over. In the year to March 1994 
they accounted for 65 per cent 

Al tho ugh the company holds 
between 55 and 60 par cent of 
the UK market, worldwide it 
has managed to capture just 15 

per Of the market, leaving 
plenty of room for growth. It 
believes. 

The expansion has also 
meant that non-organiser prod- 
ucts are expected to contribute 
more than 10 per cent of total 
sales in the coming financial 
year. In 1987 their contribution 
was negligible. 


Mr Field remains enthusias- 
tic about the appeal of the orig- 
inal organisers. He points out 
that more than 65 per cent of 
sales are to women, mostly 
housewives. Army officers and 
clergymen are also strong Filo- 
fax fans, a pattern established 
shortly after the first Filofax 
was sold by mafi order in 1921 
and when a Church of England 
store provided the first retail 
outlet 

The common theme among 
Filofax users -is that they ^ 
organise their lives without 11 
secretarial help. _ 

Mr Field la sanguine about 
competition from electronic 
personal information managers 
and personal digital assistants. 
“We watch their development 
very closely, but we are not in 
the same market” He says 
those products are business 
tools, aimed at business people. 
“We are aimed at the domestic 
market" 

With a secure order base and 
new markets to explore, Mr 
Field believes the company can 
sustain its profit growth. This 
week it reported pre-tax profits 
of £3.26m on turnover of 
£l7.lm. Yesterday its share 
price was trading at 206p, off 
this year's all tune high of 228p 
but up 10 fold in four years. 

Filofax, he says, “remains 
alert to further acquisitions”. 
With net cash of £2.41m 
(£3-35m) to the March year-end 
it is a strategy it can well 
afford to pursue. 


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FINANCIAL TTfr/nrc WEDNESDAY JUNE 22 1994 


COMPANY NEWS: UK AND IRELAND 


Dutch acquisition aids 
27% advance at IWP 


By 71m Coone in Di*Sn 

jWP, the Irish industrial 
holding group, reported a 27 
per cent increase in pre-tax 
profits to I£lSm (£i4.7m) for 
the year to March 81, on tum- 
°vm- up 28 per cent to I£l21m. 

The resmt Included a five 
month contribution from Lev- 
endaal Beheer, the Dutch toi- 
letries and h ouse hold products 
group which IWP acquired last 
October for l£51 am 

Levendaal contributed 
i£3.4m to the pre-tax lin e 
which according to Mr Joe 
Moran, group chief executive, 
was ahead of expectations. 

Excluding the acquisition, 
the rest of the business suf- 
fered squeezed margins. Oper- 
ating profits slipped 2.5 per 


cent to BUI. 7m on turnover up 
9.5 per cent to I£104m. 
although Mr Moran said that 
this was due exclusively to 
increased competition in the 
fireli ghter s business, resulting 
from new entrants to thw mar- 
ket. This was gfiU rwgiring a 
good return on capital, how- 
ever, and would not be dis- 
posed of, he said. 

The rest of the business - 
embracing personal care, 
ho us e ho ld products and pack- 
aging - performed well, Mr 
Moran said. 

Gearing was 67 per cent (64 
per cent) at the year end. but is 
expected to fall to 35 per cent 
by end-March 1995. 

Strategic priorities are on 
bedding in the Levendaal 
acquisition in the current year. 


before embarking on further 
substantial acquisitions, 

althoug h Mr Myrr ap Raid that 

modest bolt-on purchases in 
the UK and in Europe were 
under consideration for the 
core businesses. 

In thi> longer term, “organic 
growth is limited" he said, and 
to achieve an ambition of dou- 
bling pre-tax profits over the 
next five years further acquisi- 
tions will be required which 
will financed out of cash flow 
and borrowings. 

Earnings per share were 
34£p <31_9p) and a final divi- 
dend of 4.75p is recommended, 
making a total of 8p (7.25p) for 
the year. 

Analysts forecast pre-tax 
profits in the region of I£19m 
for the current year. 


Phoenix Timber reduces losses 


Reduced pre-tax losses of £561,000, against a 
restated £4. 19m, were announced by Phoenix 
Timber Group for the year to March 3L 
The outcome for the property care and floor- 
ing group follows a fall in administration 
and financing costs in the second half 
together with a £125,000 surplus from land 


Turnover fell to £17.6m (£21 .6m) with £USm 
(£4. 64m) from disco ntinued operations. Losses 
per share were cut to 2.1p (23Ap). 


The current year had started slowly In both 
principal trading companies, Mr Hugh Tty, 
chairman, said. T he level of orders at Durabella 
was encouraging, aithn ngh pressure on margins 
remained. Protixn needed a continued up t ur n in 
the housing market to exploit its potential, he 
added. 

Rank borrowings had been cut by £3J38m to 
ra. 9m during the year and Mr Try the 
realisation of assets from discontinued 
operations continued. 


Strong second half 
boosts Sterling 
Industries to £4. 74m 


Sterling Industries, the 
engineering group which has a 
9.7 per cent stake in Caledonia 
Investments, reported a 26 per 
cent advance in pre-tax 
profits from £3. 74m to 
£4.71m for the year ended 
March 31. 

Turnover for the company, 
of which Cayzer Trust holds 
48.8 per cent and Caledonia 
has a stake of 21.05 per cent, 
expanded to £47m, compared 
with £38Jftn, with £223m com- 
ing from acquisitions, direc- 
tors stated. 

Mr Peter Buckley, chairman, 
said that after a slow start to 
the year the second half had 


improved with a particularly 
strong performance from the 
thermal process division with 
GCD in Australia being the 
main contributor. 

The thermal process division 
c on tri bute d £L93m to operat- 
ing profits, against a previous 
£881,000, from turnover ahead 
from £27.1m to £34. lm. 

Hydraulics achieved £1.03m 
(£995,000) from turnover of 
£13m (£11 An). 

Earnings per share rose 
from 8.6p to 12.06p while a 
recommended final dividend of 
4.5p is proposed for a 
total distribution of 6-3p 
(5-ep). 


Dawson in US 
restructure 

Dawson International, the 
Edinburgh-based textiles 
group, yesterday said it was 
restructuring Dawson Home 
Fashions, its US shower cur- 
tain and bathroom accessories 
business, to return It to profit- 
ability. 

On Mar ch 1 the company 
announced that, following a 
review of part of the US activi- 
ties, it was considering the sai« 
of DHF. However, because sat- 
isfactory termq have not been 
agreed, discussions with possi- 
ble purchasers have gndod 

A provision of £i2m in the 
group accounts for the year to 
March 26 1994 was sufficient, 
the company said, to meet 
potential restructuring costs 
and provisions. 

DHF*s mIpb in the current 
year were ahead-af budget 


Philip 
Harris 
declines 
to £ 1 . 26 m 


Despite an increase in sales 
from £85 3m to 290.5m, pretax 
pro fi t s of Philip Harris, the 
supplier of equipment and 
materials to the education, sci- 
entific, medical opfl industrial 
markets, fell from to 

The directors said that the 
recession had hit margins in 
the education and scientific 
division, while the export 
business bad operated at sig- 
nificantly lower levels than in 
the previous year and had 
ended the year in loss. 

Recently, however, a num- 
ber of substantial overseas 
orders had been received 
which would benefit the cur- 
rent year, they added. 

The pre-tax figure was 
struck after a fall in interest 
payable from £570,000 to 
£184,000. Borrowings were sig- 
nificantly reduced as a result 
of a £5m rights issue in March 
last year. 

Gearing at the year end 
stood at 14 per cent, against a 
pre-rights issue level at the 
previous year end of 65 per 
cent and a post lights figure of 
17 per cent at ead-September 
1993. 

Earnings per share fell from 
I6.47p to 8.1p. The final divi- 
dend, however, is held at 4JSSp 
maintaining the total for the 
year at 6A5p. 


CIT assets grow 
32% to £20.7m 

Total assets of China 
Investment Trust, managed by 
Jupiter Tyndall (Asia), expan- 
ded 82 per cent to £20. 7m in its 
first 10 months of operation to 
March 3L Net asset value per 
share was 1303p, writes Alex- 
ander Nicofl. 

By the end of the financial 
year, the fund was about 38 
per cent invested in Chinese B 
shares fisted in Shanghai and 
Shenzhen, 43 per cent in Hong 
Kong and 15 per cent in 
Taiwan, according to Mr Chris 
Legallet, its manager. 

The trust outperformed the 
Hang Seng Index, and its 
growth co m p a red with a 15J> 
per cent foil in the Credit 
Lyonnais China B Twiw over 
the same period. 


25 




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gi*JAMf iai, TIMES WEDNESDAY JUNE. 22 1994 


COMMODITIES AND AGRICULTURE 


High freight costs floor 
Russian coal exports 


By Gerard Mc&Oskey 

Russian coal producers and 
exporters are waiting with lit 
tie op timis m for the first anni- 
versary of one -of a bizarre gov- 
ernment measures that has 
catastrophi cally damag ed the 
whole industry's export efforts. 
Without warning at the beginr 
ning of August the transport 
ministry lifted the charge for 
carrying coal to levels that vir- 
tually brought exports to 
Europe to a standstill. 

Although some higher grade 
coals have managed to find 
their way on to house coal 
markets, a year later the dam- 
age to exports Is profound, 
with a *30 rail charge in place 
for movements from the Kuz- 
bass, Russia’s biggest coal 
producing region, to the Baltic. 
With fob prices an the Baltic of 
around $2,600 for steam coal, 
the effect an the export busi- 


ness has been total. 

Pressure for the producers to 
get the rail rates reduced to 
levels at which the? can under- 
take their business profitably 
has brought little response 
from the authorities, save for 
the setting up of a coal trans- 
port company, Transngol, 
whose activities most of the 
producers puzzle over, 
“They’ve done nothing; they 
have been inv isible ," one of the 
producer representatives said 
last week. 

The benefits to the rest of 
the world’s coal producers, par- 
ticularly for those who supply 
the spot steam coal market, 
has been immediate, with a 
steady recovery in spot prices 
since August last year. 

At that time, some South 
African business was being 
conducted at about $19 fob 
Richards Bay, a price that has 
risen to $28 this month 


that most traders and produc- 
ers predict will recover 
throughout the year. 

If the Russian transport 
authorities relent and return 
rail charges to levels at which 
their exporters can once again 
compete, the risk is that much 
of the additional tannage will 
be restricted to the spot steam 
coal market once again. 

So large is the potential ton- 
nage that could become avail- 
able t fyrt it mi ght rmre more 
overwhelm the capacity of the 
. market and drive down prices. 

At a time when the world is 
becoming extremely short of 
coal and demand is growing in 
Asia the potential of the Rus- 
sian. exporters to capitalise on 
the situation should be sub- 
stantial. But they can only 
achieve this with some show of 
goodwill and assistance from 
the government And this, so 
far, is not forthcoming. 


Minis ter warns of Caspian oil risk 


By John Lloyd In Moscow 

Mr Yuri Shafr anik , the 
Russian energy minister, has 
warned international oQ com- 
panies that investment in the 
huge ofi and gas reserves in 
the Caspian Sea is fraught 
with risk. 

In an interview in the Petro- 
leum Argus newsletter, he says 
that “because so far there is no 
legal division of the 
[between Russia, KagaVhsfam, 

Azerbaijan and T irrIrTrtpnfgtan 

which all border it]. . . 1 
would advise you at the least, 
be careful". 

Mr CTiafi-smUr refers to a let- 
ter sent by the Russian foreign 
ministry to the British 
Embassy in February, with 
special reference to a treaty 
signed between Azerbaijan and 
the UK regulating taika m a 
deal to exploit the large oil 
reserves off Baku, the Azeri 
capital The talks have been 
going an for over three years 
between successive Azeri gov- 
ernments and a consortium of 
major oil companies led by BP. 

The letter says that the Cas- 


COMMODITIES PRICES 


The Investment climate in Russia for western oil companies is 
slowly improving, according to the head of Magma OR, one of 
the first Russian oil companies to be privatised, writes Robert 
Corzine. 

Mr Sergey Shafranik, director general of Magma Ofl and 
brother of Mr Yuri Shafranik, Russian energy minister, said he 
expected production to expand with the lifting of export quotas 
and the lowering next month of export levies. 

Magma last year brought into production the Ynxhnoye field 
In the Tyumen region of western Siberia. It was the only new 
field to be brought on stream In Russia last year. 

The company Is controlled by Australian-listed Vanguard Oil 
through a 50.3 per cent holding by its E uro a uv subsidiary. The 
remainder is held by the main Russian oO production, refining 
and transportation companies. 


pian is “an object of joint use, 
within whose boundaries all 

iggnac of activities, iTV*hiriTn(r 

resource development, have to 
be resolved with the participa- 
tion of aQ the Caspian coun- 
tries. . . any steps by what- 
ever Caspian state, aimad at 
an qniiTng any kind of advan- 
tages with regard to the areas 
and resources of the Caspian 
Sea, run counter to the inter- 
ests of ft* other Caspian states 
and canno t be recognised”. 

Hone of the companies 
involved baa matte any direct 


comments on the situation. 
But most appear to accept that 
Russian involvement in Cas- 
pian projects would be accept- 
able as long as it did not 
nnrfpmrinp the commercial via- 
bility of projects. 

The Tniniatm- says that the 

investment climate for western 
oil companies has improved 
with the adoption of new laws. 
An agreement to prospect for 

OH on the Sakhalin will 

be signed this month, he says, 
and “a whole series of agree- 
ments will follow”. 


Wood pulp 
producers 
announce 
more rises 

By Ber na rd Simon In Toronto 

Several North American wood 
pulp producers have 
.announced their fourth price 
increases this year amid grow- 
ing fears of a strike later Oils 
summer by pulp-mill workers 
in British Columbia. 

The latest rises, which are 
due to be implemented in July 
and August, will bring the 
price for northern bleached sof- 
twood kraft pulp, the Indus - 
try’s staple product, up to 
about US$820 a tonne, from the 
current level of $560. Prices 
oanlr aa low 88 $390 a a 
year ago. 

Mr Rodney Young, president 
of Resource Information 
Systems, a US consultancy, 
linked the proposed price 

increase mainly te fim- BirnwiTTig 

negotiations an a new labour 
contract in British Columbia. 
But he also pointed to “boom- 
ing” markets In south-east 
Ac?a and a pick-up in Euro- 
pean and Japanese demand. 

Canada’s pulp industry, 

which makaa up mots than a 

quarter of world pulp ship- 
meats, is currently oper&tii)£ 
at fan capacity, up from 80 pa- 
rent a year ago. 

Many paper wing are cush- 
ioned foam risinp pulp prices 
by having access to their own 
raw-material supplies. But a 
trader at Trebar, a New Jersey- 
based paper broker, said that 
the surge in pulp prices bad 
squeezed some producers, espe- 
cially of tissue, who are strug- 
gling to pass tin increases on 
to their customers. 

Uncertainty about ctripmants 
from British Columbia has 
been heightened by a dispute 
that bag broken out in advance 
of the actual contract negotia- 
tions. Two Tmirms representing 
12,000 BC pulp mm workers 
have so far rejected manage- 
ment efforts to move from an i 
industry-wide agreement to 
mill-by-mill bargaining. The 
BC Labour M»Hnrn Board is 
expected to rule an the dispute 
within the next few days. 


Australian bureau forecasts 7% 
increase for commodity basket 


By Nikki Tatt in Sydney 

World commodity prices are 
expected to rise by 7 per rent 
overall in 1994-5, although the 
picture for individual commod- 
ities is extremely mixed, 
according to latest forecasts 
fmm file Aust ralian Bureau of 
Agriculture and Resource Eco- 
nomics. 

The predicted overall lire is 
attributed to the steady 
pick-up in economies world- 
wide, and would compare with 
a fen of 3 per rait tn Abare’s 
total commodity index in 
1993-94, despite the fact that 
commodi ty prices generally 
bottomed out in the September 
and December quarters of that 
year. In 1992-93 the buter foil 
by 8 per rent 

The government-owned fore- 


casting ""ft that prices of 
wool, aluminium gT *d base met- 
als were all expected to be 
higher in year-average trams 
but that “given the rapidity 
with which these prices rose in 
the June quarter 1994. some 
downward corrections may 
occur in early 1994-95”. The 
weed market indicator price is 
forecast to average 585 emits a 
kilogram in 1994-95, compared 
with 508 rents in the current 
year; prices for primary alu- 
minium are predicted to rise 
by one-fifth to average 
US$1,430 a tonne; gold prices 
are forecast to average US$383 
a troy ounce in 1994, and 
US$390 in 1995. 

Meanwhile, sugar and cotton 
sbnnid also “remain buoyant” 
in year-average terms, but 
prices could begin to fall in the 


latter half of 1994-95 as w orld 
production recovers strongly. 
Australian beef prices are also 
set for a “substantial" rise, 
says Ahare, predicting that the 
sale yard indicator price for 
cattjft will increase by over 19 
per cent, to 280 ren t s a kilo- 
gram in 1994-95. 

The darker spots are the 
Australian dairy Industry, 
affected by adverse trade devel- 
opments (including a suspen- 
sion of the General Agreement 
on Tariffc and Trade minimum 
price for butter), and the coal 
and iron ore sectors. The 
annual round of negotiations 
with the Japanese steel-mills 
and power industry buyers 
have already ensured that 
prices of «>king and thermal 
cnfl l and iron ore wIQ fall in 
the current year. 


Organic EU farm policy proposed 


By Deborah llarj^awa 

The Sail Association, the body 
that promotes organic farming 
in the UK, hflfi caTlari on the 
European Commission to adopt 
a system of farm management 
agreements as a way of farther 
rpfh nr nng - the ftemmnn Agri- 
cultural Policy. The system 
would ensure that farmers 
«HrJr to environmental guide- 
lines. 

Mr Patrick Holden, director 
of the Soil Association, 
believes the Commission 
should establish a set of guide- 
lines for fanners to follow as a 
minimum to qualify for income 
support under the CAP. This 

w fr/)1a ferffl managwmwnfr a gren- 
twant ranld than for m the hasia 

for other bolt-<m environmen- 
tal measures according to 
region, soil type and fanner 


MARKET REPORT 


pre fe rences. 

“Everyone agrees that the 
CAP Is fiendishly expensive 
and hi g hl y unpopular. . . we 
also know it has wreaked 
havoc and untold destruction 
on tiie en vi ronment, " he said. 

He points to the urgent need 
to rationalise existing environ- 
mental schemes which 
“remain underfunded, overlap 
considerably and urgently 
require rationalisation within 
a single policy mechanism". 

The Soil Association’s sug- 
gestions are contained in a pol- 
icy I hi te n wit tilted “Subsidies 
Without Set-aside", which 

hi ghlig hts the RmHamarital dif- 
ficulty of attracting farmers to 
organic methods - the problem 
of recovering the higher cost of 
production in the market 
place. 

It says: “Since the market 


place offers relatively few 
rewards for formers who vol- 
untarily modify their produc- 
tion methods to benefit the 
countryside, additional policy 
mechanisms are needed to 
encourage formers to change 
their ways”. 

In addition, sustainable agri- 
culture, which has become the 
latest buzzword in Brussels is 
interpreted in a number of 
ways by different producers. 
“Some of these low-input, low- 
output systems can mean 
almo st anything the former 
wants them to,” says Mr 
Holden. 

He maintains that the mate 
agement agreements could set 
out specific guidelines for cut- 
ting toe use of artificial inputs 
which would be easier to police 
than seme of the vaguer con- 
cepts currently in use. 


Upgrade 
will extend 
life of NZ 
smelter 

By Tany HaH In Woffington 

Comalco and its Japanese 
partner Sumitomo are to 
invest NZ$40Qm (£155m) In 
upgrading the Bluff a lumia- 
inra smelter to ext end Its Ufc 
well into the next century. 

Mr Kerry McDonald, chief 
executive of Comalco NZ, said 
that the modernisation pro- 
gramme was essential; with- 
out it toe smelter. New Zea- 
land’s biggest producer of 
manufactured exports, would 
have had to be closed, possibly 

within five years. The upgrade 
is linked with toe granting of 

controversial new concessional 
electricity supply agreements 
to toe year 2012 with the gov- 
ernment-owned Electricorp- 
The low tariff has drawn criti- 
cism from other manufoctuers 
amt consumers. 

Mr McDonald said that the 
agreement removed a major 
area of uncertainty and laid 
the foundations for toe future 
development and operation of 
the smelter. He said recant 
output performance justified 
the investment. Studies 
showed the upgrade, which 
will improve the smelter’s 
technical capability and com- 
petitiveness, would contribute 
net benefits of NZ$500m to the 
economy. 

Production will rise from 
270,000 to 313,000 tonnes a 
year and further Improve- 
ments will be allowed for- The 
third potline will be given 
additional cells, which will use 
electricity mure efficiently. 

About NZ$100m will be 
spent on upgrading toe air dis- 
charge systems to reduce gas- 
eous fluoride and particle 
emissions. The work is expec- 
ted to be completed in 1996. 


Supply fears keep oil price rally going 


(M at Monday's doMg 


Continued concerns about 
supply ti ghtness in the US Mid- 
west kept the OIL price rally 
going yesterday, defying fore- 
casts of a “correction” follow- 
ing tiie $2-a-barreI gain over 


the past week. 

COFFEE futures showed 
resilience, meanwhile, with 
Monday’s shake-out being 
recovered with interest 
At the London Metal 


Exchange COPPER prices 
tended slightly lower as the 
market tried to consolidate 
recent gains and h nfld a base 
far a farther advance. 
Compiled from Reuter 


MunMum 
MinMn allay 
Ooppar 


-MOO reSX48A26 
-200 to 30420 
-0473 to 357.375 
♦1,075 to 380.660 
♦188 U 132.102 
♦175*3 to 1.1B2mS 
-120 to 30.020 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices tan Amalgamated Mated Tradng) 

■ ALUMB«JM,98l 7 PURITY ($ par lanna) 


Cash 

CtOSfl 1444545 

Ptwrioua 14445-55 

HlgMow 1435 

AM OfflcM 1435-55 

Kerb doaa 

Open InL 274579 

Totri dafly tunovar 07,616 

■ ALUMMUM ALIXTY ($ par tonne) 

3 uthe 
14745-5 
1474-5 
1480/1 4ffi 
14655-6 
1489-70 

Ctoaa 

Pravtoua 

1450-60 

1450-60 

1466-70 

1465-70 

HgMow 


1465 

AM OfflcM 

1450-60 

1465-70 

Kart) ctoaa 


148970 

Open bit 

2010 


Total daily turnover 

366 


■ LEAD (S par tonne) 


Ooaa 

540-1 

688-25 

Previous 

548-7 

564-45 

HgMow 


E6V555 

AM OfflaM 

539-40 

557-7 J 

Kerb doaa 


557-8 

Opan Int 

37502 


Total dafly turncNw 
■ MCKX3. (S per ton 

4,732 

ns) 


doaa 

8400-10 

6499500 

Previous 

8485-95 

06896 

High/low 


6S35/B440 

AM OfflcM 

6345-50 

8445-50 

Kart) ctoaa 


648970 

Opan be. 

58511 


Total dafly turnover 

19570 


■ TIN (* par tonne) 



Close 

6570-80 

5688-65 

Previous 

5599400 

887960 

WflMow 


5670/5040 

AM OfflcM 

5558-00 

6638-40 


Precious Metals continued 

■ OOLDCOMEXflOO Troy oe: SAroy eg.) 

M Dafa Opan 

pika ctaaga to W M W 

JOB m3 +6.4 3B6J 3902 652 88 

to 394.9 +&*---- 

tag 3903 +54 3073 3903 81 £37 30578 

Oat 3003 +5.4 4008 394X 5,408 365 

Dae 4025 +5.4 40*5 3373 25.880 4,198 

Feb 4001 +5J 4003 40503 0439 257 

ItM 183,184 4834 

■ PtAWMM NYMBC (BO Troy cz4 S/bgy oaj 

to 411,1 +48 4115 406.8 11X209 2,478 

M 4I4J3 +45 4144 4100 11504 2510 

Jan 4162 445 4155 4115 1510 12 

4pr 4185 +45 4185 4165 1,169 2 

TOW ZMOO 4500 

■ PAXLAQKJM NYMBC {100 Troy QEj S/boy raj 


Jbb 

130X0 

+275 

- 

60 

. 

Sta 

139X0 

+275 140X0 139X0 3X58 

286 

Dec 

139-70 

+275 

13250 

13250 830 

3 

tear 

13270 

+078 

- 

- 1 

- 

TOM 




*.748 

290 

■ 8B.VB4 CQMEX (100 T>oy oz.; Cema/troy azj 

Jm 

5SL1 

+121 

. 

1 

2 

to 

8825 

+12X 

582X 

5425 58X43 23X28 

Mg 

8824 

+12X 

- 

1 

- 

Sta 

GB4X 

+121 

9620 

551.5 31X05 

2280 

Sac 

sns 

+12.1 

S35X 

5525 12*57 

1X02 

tai 

5717 

+121 

- 

32 



124548 34537 


ENERGY 

■ CRUDE (ML NYMEX (42X00 US prta. S/faatreQ 


Kart) doe* 58* 

Opan tot 16557 

Total dafly tunovar 2^92 

■ ZINC, apaclal Ngh grade ft par torm) 


Ooaa 

BOB -5-925 

1018-25 

Previous 

905-6 

1020-1 

High/low 


1025/1010 

AM OfflcM 

968-90 

1015X-6 

Kerti doaa 


1012-25 

Opan tat 

106X68 


Total dafly turnover 

22X02 


■ COPPER, (pads A (S per urna) 


Ctoaa 

2419-20 

243935 

Previous 

2428-9 

2438-9 

HlgMow 

2407 

24SV&31 

AM Official 

2407-6 

2422-3 

Kerti ctoaa 


2432-3 

Opan tat 

221X00 


Total dafly turnover 

07.219 


■ LME AM OMfcM Eft ratec 1-5370 


price ctaaga M* 

to 2070 -006 2073 

tag 1950 -002 1072 

S* 1018 -008 1021 

OCt 1057 -004 1650 

Hto 1857 -005 1070 

DM 1850 -003 1057 

im 

■ CRUDE QtLtPEg/bairel) 

Latest Dtatl 


Law tat Vri 
2037 28588 23216 
1045 01,101 46,753 
1950 57,490 18521 
1074 31508 0490 
1654 24572 4208 
18.44 34542 6504 
412,111121,164 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (C par tame) 

Sett Daft Opac 

prtca ctaaga WgB Low bd W 

tai 11450 -055 11525 11500 166 56 

tap 101.15 -035 10150 10150 484 10 

Nov 10255 -045 10250 10255 2285 43 

Jm 10350 -040 10450 10350 1,400 75 

mm 10540 -036 10540 10540 460 S 

■q 10725 -035 10725 10725 382 5 

Tata 5,177 IM 

■ WtgAT C8T (5,000x1 rota; canta/BOto tiuaheQ 

to 324/4 +2/4 32543 3194 82570 50570 

tap 331/0 +3/8 331/4 32S/C 87520 23,140 

DM 342/4 +410 343/0 337)0116506 65,136 

Her 3450 +3/2 340)0 340)0 16500 2,140 

838/2 +3/2 - 335 

to 321/4 +1/4 322AJ 310)6 2560 786 

TOM 2M5 40 W 5BP 

■ MABE COT 15500 bu mbi; canta/Eflto txahd) 

to 265/2 -80 288/0 281/6388500 72540 

tap 280)0 -7/0 283/4 256/4220,100 32540 

Dec 254/0 -90 258/0 25014581570143,138 

liter 280/4 -8/0 263/4 257/4 84,125 4505 

May 284ft -7/0 287/4 282ft 10575 1.185 

to 2BB/4 -6/2 288/4 2S370 18565 1530 

Tata 1-Z75M 289,1 • 

■ BAHLEVLCeCEpf tanna) 

tap 6931 -050 - ISO 

Nor 10025 +0.15 - 370 

Jm 101J5 - - - 26 

Mar 10300 Z5 

■ay 10450 4 

TMM U 

■ SOVABCAM8 C8T ftOOOba Bit cetaftgb toMjCQ 

to 678/4 -4/4 680ft 6690170506 43515 

tag 673ft ' -5/2 876ft 865/9104525 21,100 

tap 682/4 -6ft 08BID 0S3ft 49500 4580 

MW 852/4 -12/4 B58ft 843/0388525128.105 

■ten 658/2 -10ft 661ft 6490 30555 2578 

Mm 662ft -10ft 667ft 6550 14580 1510 

Tatet 786,166211529 

■ SOYABEAN 08, C8T gMMta cantata) 

to 2754 +030 2754 2753 1*204 8546 

Mg 2756 +050 2758 2758 14575 *780 

SR» 27.48 *023 2755 2655 12503 1532 

Oct 27.12 *019 27.12 2658 8560 5B1 

Ok 2851 4011 2655 2042 22581 8522 

Jm 2072 +004 2075 2040 2JS5 S3 

TOW 11537 T0943 


SOFTS 

■ COCOA LCE (E/tanna} 

tatt Day** Opan 

idea ctaaga Mgfc law U Vet 

to 987 -3 888 085 14,116 751 

Sap 1015 -7 1020 1007 19*54 15*7 

Dec 1032 -8 1038 KBS 20129 854 

Mm 1047 -15 1057 1045 28528 3S> 

Key 1087 -17 1070 1058 10761 134 

to 1088 -20 1080 1071 3539 112 

Total 1115® 3510 

■ COCOA CSCE (10 tannaa; Srtomm) 

to 1327 -11 1350 1320 849 425 

tap 1384 -8 1382 1354 41,158 8532 

Dec 1390 -12 1427 1380 11505 720 

MW 1420 -12 1455 1420 7579 2S1 

May 1448 -12 - 2034 28 

to 1470 -12 2548 4 

TOW 71521 1771 

■ oocgyoogBOjWtaMi 


■ CORg LCE ($Aonna) 

Jd 2X3 46B 2366 2274 8584 822 

tap 2344 +«2 2358 2256 19522 2520 

Nor 2321 +43 2331 2238 7.473 806 

Jm 2309 +84 2315 2225 8521 437 

■■ 2280 +45 2290 2208 2500 X 

•tar 2280 +93 - - 27 - 

IbH 44507 8568 

■ CQffg*gCSCgp7500ba;cantWtoe] 

to 13150 +158 13450 12955 5560 4,182 

tap 13350 +255 13850 13250 285(7 8564 

Daa 13256 +3.40 13855 131.10 12513 1548 

«w 13050 +250 134.10 13050 8534 254 

M»y 13025 +178 13L7H 12930 1,100 5 

to 1293S +125 - - 193 4 

Tta 698414509 

■ COHtaE QCO) (US eanta/pomd) 

5wa20 Frier Rev. day 

Comp, mi 12354 12557 

15 tar awno* 11884 11958 

■ No7P«aaUM HAW 4UQ8RLCE (cantata^ 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40, OOOtba; cante/tbri 

tatt Bay** Opw 

price ctaaga M* law M Vd 

Jm 64.125 -0525 B4J50 01960 2591 1524 

tag 63880 -0560 84.180 B33S 34558 8575 

Oct 67529 -0580 67575 67250 185*7 4.163 

Oac 88750 -0500 00528 88580 105*4 1.700 

F* 09525 -0275 69780 89500 7536 718 

tar 70500 -0.175 70525 70550 3519 284 

Tata 74271 9534 

■ LIVE HOPS CME (*0 JPOtoa; oanta/fca) 

Jon 48525 -0800 48500 47500 832 348 

to 47500 -0575 40200 47500 7563 2263 

tag 47228 -0.400 47500 46580 9,118 3258 

Oct 43525 -0525 44550 41500 4507 1,114 

Dk 44580 -0525 44500 44079 3504 225 

M 44550 -0225 44250 41800 822 47 

TOW 29237 BfitO 

W PORK BHJUE8 CSC (40#Xflbe; cantataa) 

to 44500 +0525 44575 42750 3571 808 

tag 48590 - 48850 42500 3541 934 

M 48550 +0875 49500 48550 • 523 94 

Mw 47.100 - - - 37 4 

Mar 50428 -0525 50525 49500 32 5 

to 80700 - - 50000 12 2 

TDM 6,129 2,144 

LONDON TRADED OPTIONS 

Qu ite prtca » tonne — Cata — — - Ride — 


CROSSWORD 

No .8,486 Set by GRIFFIN 


Nov Aug Nov 



17X7 

+211 

17X8 

1730 73X19 30X71 

■ SOYABEAN 

Sta 

1740 

+0X5 

17.46 

17.14 29X12 02180 

to 

1917 

Oct 

17X2 

-201 

1735 

17.10 10,106 25X58 

Mg 

1921 

Itar 

17.26 

- 

1734 

17X8 8313 7.151 

Sta 

1B4X 

DSC 

17X1 

-003 

1733 

17X4 10,132 6X40 

Oct 

192 A 

Jan 

17.10 

•0X5 

1730 

17.13 2X89 2008 

Me 

1915 

IBM 13SX42 40XM 

■ HEATING OIL NWEX (42,000 US Ball; s/US utfh) 

Jaa 

TOM 

1915 


UMg Posing E/3 rata: 1.5384 

St**15(C3 3 mo* 15382 8 ads15986 9 bMk 153S1 
■ HtQH GRADE COPPER (COMBO 




DtfS 

OP" 



Chaw 

(tonga Mgh 

lew M 

IM 

Jn 

111X0 

-23 111X5 

111X5 385 

71 

to 

111.75 

-a« 112X5 11290 22X41 

4X64 

** 

111X5 

•035 1 ■ 

- 70S 

4 

Sap 

111X5 

-235 112X0 

111X5 25318 

4X05 

to 

11135 

+210 

- Z7G 

2 

Her 

110X5 

•238 

- 239 

4 

Taw 



63X10 

2208 


Latest Day's 

prfca ctaaga Hgti 

to 5053 -052 5120 

tag SI 55 -048 8170 

tap 52.15 -071 5250 

to 8350 -038 5850 

Mw 5358 -028 9450 

Dk 5450 -8*1 9450 

TfcM 

■ QA3 OB. PE (MomR 

Sail Ox's 
P*» <*■>■ 


law tat 

30X0 28.174 
5150 27,777 
5125 14753 

np m gam 

9190 7.123 

9440 155*2 
134530 


Jbb 1915 -45 1945 1897 1,010 91 

TOM HP* 22590 

■ POTATOES LCE jE/tonna) 

taw 905 

tar 1085 

tar 1587 -1.1 1586 1485 848 49 

Hay 1400 

Jaa 1075 

Totri 848 49 

■ PREK1KT P9FRX) LCE (tlQ/tndaw poinQ 


to 

1251 

-217 1244 1241 

3X66 

80 

to 

1240 

te ■ re 

1,101 

. 

tai 

11X2 

- 

. 

ra 

m m 

11X9 

♦201 

80 

. 

Uteri 

■ WHriESUQAR LCE(SAonna) 

4X» 

80 

tag 

38020 

+3X0 35050 34740 11X81 

842 

Oct 

32240 

+270 328X0 32330 

9X56 

488 

Dk 

31290 

+290 31950 319X0 

847 

a 

Bar 

318X0 

+130 317X0 31450 

2548 

106 

N>Y 

31550 

+1X0 . - 

201 

- 

m 

31450 

+250 

306 



88 

39 

56 

78 

52 

08 

62 

88 

81 

Nov 

Aift 

Nov 

114 

54 

110 

32 

78 

137 

73 

108 

167 

Sap 

to 

Sap 

280 

144 

208 

258 

189 

235 

238 

196 

266 

sap 

to 

Sep 

108 

30 

49 

92 

41 

eo 

89 

09 

87 

Sap 

Aug 

Sap 

- 

18 

38 

97 

31 

66 

TO 

48 

- 


PRECIOUS METALS 

■ LONDON BUUJON MARKET 
IPUcaa tefiptad by N M RothacMd) 

Onto (Troy ozj S pries Canute. 

Ooaa 38050-38080 

OP*** 388.40-38950 

MonwOfe 38955 2SX494 

Afternoon fix 39030 

Oaf* Htfi 39070-391.10 

Dtarta Low 388.70-388.10 

PtaKous cfoaa 3802009060 

Lam Ldn M8*i Q«M LanOig Rates (Vs USS} 

1 month — 4.03 6 months a 

2 months 4.11 12menttv 4, 

3 months 4.16 

StararHx p/trey to. uSdsequi 

S p« 35045 54025 

3 months 3607S 554,05 

6 months 385.15 58026 

1 y*r 37T 58 57650 

OefdCoins 8 price EaquhL 

394-387 258-269 

Maple Loaf 4009840040 

t*tm Sovereign ^-85 0803 


to 

15280 

•075 160X0 157X0 

31.686 

5,750 

** 

16050 

-1X0 1012$ 15875 12,740 

3,724 

sip 

16225 

-025 16275 161X0 

8X99 

873 

to 

16550 

■225 16275 16175 

8202 

204 

Nor 

16750 

- 167.75 106X0 

5X31 

388 

Sac 

186X0 

225 18925 16725 

13210 

1,134 

Totri 



89X*Z 14X0* 

■ NATURAL GAS NUCt (10XQQ flmBflL; VtantiU) 


Lriot 


Opan 



Rfc* 

ctaaga M* Law 

M 

M 


1308 

+23 

isos 

1295 

481 

65 

1278 

+25 

1279 

1255 

1X06 

197 

1278 

+23 

1285 

1260 

190 

123 

1354 

+14 

1354 

1348 

809 

8 

1368 

+10 

1366 

1358 

233 

28 

1376 

+9 

1380 

1370 

97 

19 





2X01 

428 

Ctoaa 

Iter 





1912 

1911 






Z.100 -0526 2.135 
2.140 -0015 2.185 
2.155 -0807 2.170 
2.17G -0505 2.185 
22*5 - 2255 

2340 -0501 2380 


2595 12JS5 8558 
2-135 18563 3564 
2.150 11588 978 

2.175 10.170 300 

2250 11502 119 

2341 14581 135 

1Z25& 13714 


p/trey to. 
35845 

USctaequN. 

54826 

to 

taa 

360,73 

554,05 

Sta 

365.15 

56026 

to 

377X5 

57SXC 

No* 

S price 

£ equfVL 

Dae 

394-387 

40090-403,40 

92-06 

256-269 

60-63 

Totet 


M 1M£ADB> QASOUE 

WWEX <42500 U8Bteta;cABBtaJ 

Latest Day's taw 

price ctatai Mgh Low M W 

to 5*50 -OA5 5455 9350 30243 12,787 

ftta SMS -040 5470 53.75 31.717 7578 

9m 5*20 -036 54.40 3385 115B* 2501 

to 5230 -OSB 5265 5210 *589 227 

taw 51 JO . *£77 ij7 

tac STS 5.47 5540 K.74 2883 131 

Tatet 88538 


Bnpatei free mgrtst, from Metal Bulaltn. $ 
par ■) hi aaahgvw urtaaa q thanriw stated 

Btate* YfUtifu h h taH ta fo uhfifft RhMMA An& 
tnonf. 88816, S par tame. 35083^00 (3,108 
35GQ. Btanufc mfa. 9858K. tonne Iota 258 
245. fiaMwc nda 99.6%, 67-77 earn a 
pond. Cobalt m 8 true martaat 995%, 2458 
2450 (2420-25.00); 99.3%, 19582020 
(19582840). Maretays n*L 9950%, S per 78 
1b fleflk, 105-120. Kotybdanune drumnad 
rnoMKDe oedda, 3.48350 P583A0L Saie- 
nkam fflfn 995%, 350-4.46 (35845^. Tipi fl- 
a*an ova: a taidatd r*l 65%, $ per torrte uni* 
flOkfl) WO, eU, 37-47 (384$. VPwAm min. 
98%, 4i1, 1.48150. Uranluci: Nuexoo 
■ w h a nga value, 750. 


IMd 28y472 1/02 

■ SUGAR 11’ CSCE (11250aba; cantatas) 

to 1210 +OJO* 1211 1158 235*2 8745 

Oct 1216 +050 1210 1150 75.18316,118 

Mar 1153 +058 1143 1170 2831 3544 

Hay 1178 +007 1177 1172 4,230 118 

to 1171 +054 1173 1157 158 2 

Oct 1152 +003 1151 1155 807 2 

TOM 13358426528 

H COTTOH NYCE (SgQOOIbc; ccntalbs) 

to 77.14 -052 7755 7525 6589 2574 

Del 7283 +243 7950 7205 7594 2,120 

Dm 7355 +052 T55B 7450 30505 9531 

Mw 7850 +278 7290 7858 4507 945 

My 7755 +285 7750 7230 2508 348 

to 7750 +055 7750 7851 809 271 

Tatw 825% 1 Ml > 

■ ORAMOE JUICE NVCEfISJOOIba: caKaftaj 

to 9015 4055 9050 B9LS 6588 1586 

Sta 6280 +053 9350 01.78 10584 2107 

taw 9480 +230 9650 9450 2154 168 

Jm 9755 - 9750 9650 2200 48 

Mm 9245 +050 9050 9290 1578 7 

My 101.48 +050 10150 10150 88 14 

Tml 23568 4518 


VOUHC DATA 

Opan Manat and Vdlume date shown tar 
co na acia Mad on COMBI, NYliBC, GST. 
NYCE, CME, CSCE and WE Crude 09 are one 
day ta man. 


INDICES 

■ HBUIEHStBaaat IBft/31-100} 

Jm 21 Junta) nrnrih ey 

80025 20226 20045 

■ CM Ranee (Baag4/B/S6«lOC) 

Jiai 20 Jue 17 monSl af 

23457 23958 23858 


menth mgo veer ego 
20045 10627 


(north ape year ego 
23258 20264 


(98.7%) LME Aug 

1450 48 

1475 36 

1800 25 

■ COPPER 

(Grade A) LME Aug 

2400 88 

2460 03 

2500 43 

■ COFFEE LCE Jd 

2250 238 

2300 213 

2350 189 

■ COCOA LCE Jd 

975 70 

1000 SO 

1080 34 

H BRENT CRUDE IPE Aug 

1650 130 

1700 - 

1780 47 


LONDON SPOT MARKETS 

H CRUDE 02. FOB (par bteraVAud +gw 

WM $10aUU4q +0.1 S3 

Brant Bland (dated) 81758-750 +251 

Brent Btend (Aug) *1758-750 +022 

W.T1 (1pm esQ SlB.7fr9.7Bq +052 

■ OIL PRODUCTS NWEprampt delvary CtF ftonna) 

fttertum GesaBna $187-188 +15 

G« OO $157-158 -1.0 

Heavy Fuel OB $79-81 +15 

NapWha *165-188 +15 

Jet Fto $168-170 -15 

PteOMun Apa Catenates 
ta OTTER 

Gold ter tmy ozft $39270 +050 

Stvor (par troy csrf 5515QP 

PWtaun (par voy 02} $40556 -240 

Pnlnttum (per troy (gj $13955 +050 

Ooppar GJS prod) 1175c -15 

Lead (US prod) 35.75c 

Tin [Kuala Umpu) 1455m -208 

Tin (Now Yota 25950c +150 

Zinc (US Prime W.) Unq. 

Cattle pvs wdgWJT 12355p -2.QB* 

Sheep fin I0l5lp -11.74* 

PSfl* fin weight) 7957p -2.08* 

Lon. day auger (raw) $30210 -850 

Lea day augw- (wta) $3050 -440 

Taa & Lyle export £31250 -450 

Batay Ens- feed) Cl 02 St 

Mata (US Nos YeBow) $1435 

Wheat [US Me North) £1820 

Rubber (to)? 7750p +225 

fttaferfAitff 7750p -225 

RubbarfKL RSS Nol OuQ 27450m +260 

CoOorad 01 phftS S8220a -220 

Palm 01 £MateyJ§ ' $8l20q -275 

Copra (Phfl)§ $4065 

Soytaaane dJS) £1920* -7.0 

Cotton Outlook A Indax 8650c -085 

Wootop e (84s Super) . 422p 
£ par tonne uaaaa adwrartaa stated, p panoo/kq. 0 
oerts/ttx r ringgn/hg. m Matoyatan oerta/ko- q Aug. 
t Oct/Dec * toi/JU. w to. f London Pt w ntaal . § 
OF Rotterdam. $ Bufcn market dM # Strata 
0Jva weight prices). ‘Change an weofc prowWonat 
prices. 


The eight one-word cine* are not cryptic and are not synonyms 
of the answer s , which are all of a 


ACROSS 

1 Left drunk bumming aro un d 
and speaking indistinctly (8) 

5 Kittens (6) 

9 In a filthy place it can replace 
holiness (8) 

10 Courage of first person to 
enter Jet (6) 

11 Mysterious elixir initially 
drunk by man (8) 

12 Body volunteers to back style 
of TV show (g) 

14 Deems model to be interfering 
( 10 ) 

18 Larks (10) 

22 Keen but unable to decide, try 
taking time off (5) 

23 If 8 round something many 
people will read (8) 

24 Moles (6) 

25 Negotiating North Gateshead 
journalist finds it crowded (8) 

26 Gulls (6) 

27 Devoted admirer wants nartv 
in one later (8) 

down 

1 Peacocks (6) 

2 He w isely advises soldiers to 
start running! (6) 

3 Pigs (6) 

4 bekS on edge sent 
oat far food (10) 

6 Begged politician in ail pm. 
taction to read article out 8) 


7 Prison wants running water 
allowance raised (8) 

8 Qualified for championship 
being in goal (8) 

18 Including many a beautiful 
youth he’d warned (10) 

15 .... of head hce chap 
treatment for (8) 

18 “An individual” one sro f fed ) 
( 8 ) 

17 Introduce broadcast run by 
top performer (4,4) 

19 Whales (6) 

20 Swallows (6) 

21 Lift engineers on a river ves- 
sel (6) 

Solution 8,485 


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fj LS Q n n M n 

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H □ Q □ n n 
□□□□DQQQ n QQEO g 
□ Q Q w n 

HBDnEoanoa 

„ Q Q Q n n n 

aBaaoDQDtaa gduq 
a a n a R a □bohhbqd 
| a g Q nQB aQ ciannDn 

u y n n ra n ri 
HBBQBBHn nnmnnm 



par 


un 




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fussle 

in A no 

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■ At . 1 M f- ’ * 




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HkA t4(| 


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m- ■ +W 

■ 


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, - ■ V ■ i-\t m *»■; 1 * 

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Mm * BMW 

! rj * r • •' •» » K •> rn mtm* ita*ww 1 

x., ^ mm a 

J v, ■ V 4 '» « 9 



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rmmrt 


►UK*- 

«ta*l 



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1 r Aetna r1„ AH-. 

tara ris ’ 
•taft.nr 

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•UUtKET REPORT 


Dollar uncertainty weakens share prices again 


By Terry Bytand, 
w Stock Market Editor 

? »“r tram Mondays 
® «Qolty marlS 
was thwarted yesterday afternoon 
seUingrf thedXr 
a^enmned both shares and gov- 
ernment bonds in London. Trading 
volume increased sharply fromthe 

AfHl 01 of *** P^oiis session. 

At the day’s low, the FT-SE 100 

jSUSE 5 points above the 

closing low for the year of a. Qfti 9 

JJJJS" 1 . at beginning of this 

month. A very modest rally left the 
at 2,940.2 yesterday, a 
on session. 

Once again, domestic factors took 
a bach seat in a market now thor- 
unnerved by the focus on 
tne US currency and bond warfc>^ 
There was little response to the 


announcement of an unexpectedly 
high deficit of £767m on OK non-Eu- 
ropean Union trade in May. 

UK stocks opened higher behind a 
better tone at the close of the New 
York bond market. Some modest 
bargain hunting was reported but 
share prices soon drifted off as Lon- 
don awaited the opening of the new 
Wall Street session in bonds and 
equities. 

The blow to confidence was deliv- 
ered by the gilt-edged sector, which 
followed other European bonds in 
reacting sharply to news that the 
US current account deficit for the 
first quarter was the worst figure 
for five years. As long-dated gilts, 
steady in early trade, plunged by 
around a full point, the equity mar- 
ket turned off. An early premium 
on the September future on the 
Footsie futures contract quickly 


Account Deaflng Dates 

*rtoDaaangs 

Jin 6 

Jm 2D 

Jrt 4 

Option nartwatow 
Jun 16 

to 30 

Jri 14 

Urt DartkigK 

Jut 17 

Jrt 1 

Jrt 15 

Amnl Pap 

Jut 2/ 

Jrt 11 

Jrt 28 

Haw Ann daeOaga 
hahan i%b car— r. 

■uy late ptaoa btx* boo 


turned to a discount, and the Foot- 
sie fell away steadily to show a net 

loss of 34 . 4 . 

The broader market followed the 
bine chip sector downwards, 
although the focus on futures- 
related stocks took some of the 
pressure off the second liners. The 
FT-SE Mid 250 Index closed 1&8 off 
at 3.46L9. 

Trading volume was very slow to 
gather speed, and Seaq volume was 


still under 300m shares at midday. 
But increased selling in the after- 
noon took the final Seaq figure to 
544.5m shares. On Monday, Seaq 
volume of 460.1m shares reflected 
genuine retail, or customer, busi- 
ness worth only £8S&5m. 

This placed Monday’s turnover 
among the lowest daily totals for 
the year and bore out indications 
that fund managers had simply 
stayed out of the market as the 
Footsie Index crumbled by nearly 52 

points. 

Several leading commentators mi 
the UK stock market repeated ear- 
lier advice that shar es are cheap 
and should be bought at these lev- 
els. Clear signs of bargain hunting 
brought a few share gains but the 
buyers were highly selective and 
soon vanished when the market 
erniB nnrigr pressure again. 


FT-SE-A AU-Share index 


There were widespread falls 
across the leading sectors of the 
London market Weakness on Wall 
Street overnight, carried through 
into a fall of 13 points on the Dow 
during London hours yesterday, 
brought further losses in the blue 
chip oQ stocks whose strength sus- 
tained the market last week. Ner- 
vousness over the dollar was 
heightened by reports that the US 
press had quoted an unnamed Fed- 
eral Reserve official as confirming 
the Fed's worries over the dollar 
and readiness to raise interest rates 
to protect it. 

UK strategists could see no rea- 
son why the bearish mood in Euro- 
pean bond markets should change 
overnight. Mr Alan Greenspan, 
chairman of the Federal Reserve, 
will today address US House Budget 
Committee. 



Equity Shares Traded 

Tianover Dy wfcana (mWanj. ExctucBng: 
Wra-mariurt txjtinms ana awrsesa tuirtvor 

i.ooo ' - 


1,475 


Apr 

Bourne FTQartMB 


1904 



■ Key Indicators 
Indices and ratios 


FT-SE 100 

FT-SE Mid 250 

FT-SE-A 350 

FT-SE-A AU-Share 
FT-SE-A All-Share yield 

2940-2 

3461.9 

1484.7 

1478.03 

3.99 

-305 

-16.8 

-13.7 

-13.09 

(3.95) 

FT Ordfewy Index 2295.9 

FT-SE-A Non Fins p/e 18.88 

FT-SE 1 00 Fut Sep 2936.0 

10 yr Grit yield 9.01 

Long gUt/equity yW ratio: 2^3 

-205 

(19.01) 

-3S.0 

(B.93) 

(2J25) 

Bast perforating sectors 

1 Property .. ..... 

.... +0X3 

Worst perforating sectors 

1 Gas Distribution 

...^.-2.6 

2 Other Financial 

— 

.... +ai 

2 Tobacco - 

-2.4 



- 0.0 



S Building Materials ... 


.... - 0.1 

5 Engineering, Vehicles 

-1.8 


CROSSWORD 




Tussle 
in Arjo 
Wiggins 

A tussle developed over Arjo 
Wiggins Appleton’s share price 
yesterday between two of the 
City’s blue chip investment 
firms - S.G. Warburg and Caze- 
nove. The struggle prompted 
unusually high turnover of 
4.1m shares on an otherwise 
quiet day. 

In the pessimist's comer, 
Warburg was arguing that the 
recent rise in paper prices had 


been discounted in the share 
price of the paper manufac- 
turer and distributor. The secu- 
rities house told clients that on 
the basis of the Warburg cur- 
rent-year profits forecast of 
£170m, Arjo was on an expert 
s fve p/e ratio of 21 times earn- 
ings. For this reason, Warburg 
haw turned seller. 

In the optimist’s comer, 
Cazenove, which never com- 
ments on market reports, was 
believed to have raised its 1994 
profits prediction by £l0m to 
£175m. 

On baiance. Warburg 
appeared to be victor in the 
market skirmish as Arjo Wig- 
gins shares underperformed a 
falling market to end the ses- 


sion 6 cheaper at 253 p. 

Dollar stocks hit 

Weakness in the US dollar, 
which fell to a 50-year low 
against the Japanese yen, hit 
companies with a big US pres- 
ence. Among the irafn victims 
were leading oil issues, which 
are big dollar earners and con- 
sequently failed to benefit from 
the rising price of Brent crude. 
Near-month Brent prices hung 
just below $18 a barrel, but 
Shell Transport, which is host- 
ing a meeting for analysts in 
the US this week, ticked back 
13% to 682%, while BP dipped 
5% to 398%p. 

Bowater, the printing and 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures traded at 
a discount to cash for most 
of the session and pulled the 
cash market lower, with 
dealers concerned by the week 


dollar and fate in bonds, writes 
Joel kfbezo. 

The September contract on 
the FT-SE 100 Index stated 
trading at 2,972 and briefly 

■ FT-SE 100 1PBC FUTURES (LIFTS) £26 par ftp Indue petal 

Open 8eO price Chrtige Hgh Low 
Sap 297X0 2838.0 -35J) 299X0 2919.0 

Deo - 2947.0 -36.0 

■ FT-SE ISP 850 MDEXnmiHBSQIffE) £10 per ftJ Max point 


(APT) 

Eat vet Open km. 
14339 49939 

0 962 


Sap 


3450.0 


- 1&0 


■ FT-SE MID 260 INDEX RfTUREB fOMUQ CIO per M Index point 

Sep 34600 677 

41 open Warner Hgtna ora (or prerioua day. f &aet Mtna atom. 

■ FT-SE 100 INDEX OPTION (LFFQ (* 2939 ) CIO per fm Index point 

2700 2900 2800 2900 2950 3000 3000 3 T 0 Q 

A Q O O D O ^ □ A D ^ Q □ 

Jri Wh 14 182 % 20 * 2 113*2 30*2 781 * 47 % 61 % TO* 31 100 % 19 138 % 9 % 100 % 

Hit 213*3 31 TIB 42 b M 8 % SB 1 M 75*2 82 98 b 89 b 12 S 41 155*2 27*2 181 % 

Sep 231*2 48 194*2 60 158*3 73*2 128 S 3 90 % 112 % 77 138*2 66*2 167 41 202*3 

Oct 214 57*2 285 68 * 2171*2 64 T 42 *z 104 114 % 125 84 % 164 75*2 164 88 * 2218 % 

Duct 228 % 88 % 188 % 12 B% 120 % 175 % 79 % 233 % 

Crib 4538 Aft M »3 

■ EURO STYLE FT-SE 100 WDgX OPTION (UFrg 210 pra ** Indaw potal 

2776 2826 2878 2928 2878 

M 110 % 17 IK 25 % 92 % 38 % M% 57 % 41 % 

Mg 182 32 1 S% 45 % 123 82 % 84 B 3 % “ 

Sep 168 54% 117 94% 

Dec 211 82 152 % 131 

Art 251 117 % 184 158 % 

C* 1.413 Pus 428 - IMariJtoB Mr win. nates town aa bend aa (Start p ton. 
t lan* total ten mm. 

li EURO 8 TYLE FT-Se toD 2 B 0 MDEX OPTION lOMlX) 210 par firi Index port 

3480 3800 3800 3800 3880 3700 3780 3800 

M S 3 55 % 32 % 84 % 18 % 120 18 181 % 8 
CHs 0 Pto 0 SeOumrt prim and mtonai n ton at 430 pm. 


Days 

Jun 21 cftgg% Jun 20 Jun 17 Jun 16 


SB 3078 3125 

18*2 83% 23 115% 12 154% 8% 198% 
70 108% BO 138 34 172 22 209% 
83% 148% 33*2 218% 

188 182 70 243*2 

143% 202% 102% 257% 


moved ahead to 2,982, a small 
premium to cash, as some 
dealers adjusted their books. 

There after the direction was 
downward for the rest of the 
day, with trading Influenced 
by currency factors and 

declining bonds. The uncertain 
near term outlook for Interest 
rates and inflation was also 
cited as a factor for the poor 
business in the morning. 

September tumbled heavily 
In the afternoon after Wkfl 
Street opened lower, and 
dragged the cash market 
below the 2,950 level 

The future finished at 2,938, 
down 35 from Its previous 
doss and at a 14-point 
discount to Its fair value 
premium of about 13 points. 

Volume fed to 14,339 
contracts, highlighting the 
decision of many Institutions 
to remain on the sidelines. 

It was also a poor day in 
the traded options, where 
turnover eased back to 29,929 
contracts, of which 13,743 
were dealt in the FT-SE 100 
option. 

A seller of the August 180 
calls in Rolls-Royce made It 
the most active stock option 
with a closing total of 2,587 
lots transacted. 


i he UK Series 


packaging group, shed 15 to 
435p of a visit by ana- 

lysts to one of its US plants. 
Elsewhere, internationally 
traded stocks RTZ and Reuter 
International moved back 18 to 
832p and 10% to 446‘Ap and 
Carlton Communications fell 
11 to 830p. And BAT Industries 
lost the hgngfu of a recommen- 
dation. from one leading securi- 
ties house, turning round from 
an early lOp rise to dose 9 % off 
at 391Kp. 

Barclays was one of the big 
casualties in the FT-SE 100 as 
marketmakers chopped prices 
in disappointment that the 

hawk harl finally fost its ***** 

battle with the state of Calif- 
ornia. Although the news is 


TRADING VOLUME 


■ Major Stocks Yesterday 

VOL Ctortio Day-* 
000 a Pilot Chaim* 
ASOACtatot 8000 66% 

Abboy NMonoff Iff OQ 405 % 

Atari fttar 1200 81 

asset 

9300 2<2 

4,100 86 



1*3 -a 

2300 S31% -14% 

1.000 800 -3 

2.000 290 

LOGO 387 -1 

1300 522 % 43 % 

1,100 430 -18 

1.000 481 

8X00 382% 4% 

11X00 254% -7 

138 877 44 

7X00 138 -3 

1X00 188 -2 

258 881 -4 

^ (U 500 38*2 * 1 % 

CrtHalVUraf 8.100 4Z4 «a 

Catfxjy Scttwappuif 2.700 421% -7% 

color aom 21 278 -» 

Caatort 2100 280 • -9* 

CarttonCCTtfrw.1 504 830 -11 

Coata YMiat IJWn 224 -? 

Coram. Urtont 


1.100 188 


EM. Aeoapacet 

BAWtMMWt 

Ewmoart- 

MrtiLand 

toflWlSMrtt 

Burt 

Bunrti Caaratf 


COretoricWt 

SCW 

Oban* 

Eactam 0*CL 
East Mdand Beet 
Eng Cfctaa r 
Bwrprtttl 
Euwuurtl 
FM 


FT-SE 100 29402 

FT-SE Md 250 34815 

FT-SE MW 260 an In* Trirtto 3407.9 

FT-SE-A 350 1494.7 

FT-8E SotaKCop 182086 

FT-SE SmaOCap ax to* Trusts 1809.73 

FT-86-A ALL-SHARE 1478.03 


-in 2971.1 80225 aoaoi 29073 

-06 3478.7 3527.1 36345 32175 

-04 34809 3627X1 3534X1 3234£ 

-09 149&A 1S23S 15205 14475 

-06 1838J58 185073 186229 1840JB7 
-03 191089 1827.87 182938 164040 
-06 1491.12 1516.01 161830 1433.01 



Foratan 8 CoL LT. 1300 

Forwt 1,400 

Qan. AcddMSt 434 

OnUBrtf 3,700 

OUrat 2^00 

Qiyt»d IflOO 

Oranadat 1,400 

OaMItoLt 2 .B 00 

1 X 00 


1SOO 


■ FT-SE Actuaries AU-Share 


Day* 

Jun 21 cfma% Jun 20 Jun 17 Jut 16 


Yasr Dly. 


Esin 


P/E Xd acO Total 
ratio yU (totun 


Srape t 

Jolraon Motthoy 

KMUrt 

KoSsm 


1,100 


10 MWERAL EXTHACnONflS) 280436 

12 EKtracOve Industries^ S72428 

15 08. Megratodp) 2S6121 

IB 08 ExotoraBon 3. Prodfll) IMO^ 


-13 284 S 38 268233 2877.74 225230 
-23 381134 384738 383337 306030 
-13 2 E 02 . 122834 AQ 2 B 383 E 218830 
-03 196332 19601 B 188430 195430 


20 GEN MANUFACTWBFtStoto 1«J3LfiS 

21 BrtMhig & Conrt>uctton(32) 114078 

22 SuSdtofl Mstfe & MarofaplJ 179010 

23 C8airtcat9(21) 2915.72 

24 DiveraMed tndurtrisia(16| 189937 

26 Bectrsnio 8 Bert 6qulpP4) 1943.48 

28 Eng)na8rlno(71) 178138 

27 Engineering, Vertctas(l2) 2207.77 

28 Printing. Paper 6 PctoPej 2722.18 

29 Textflee & AoperrtCq 12Kg- 


- 06 191&48 1942.88 184938 179830 
- 08 1156 . 46 1184.48 115056 105330 
-01 1791.12 181278 182330 1851.10 
-03 233016 237136 236097 222040 
-05 190930 195096 196437 1880.10 
-13 189235 188061 200072 208530 
- 05 178092 179018 180045 1511.80 
- 132247 . 47226933229091 1755.10 
- 1.0 274090 2782.83 Z 7 H 7 XE 236040 
- 09 172235 1742.12 174083 182130 


359 

358 

851 

3716 

451 

343 

454 

157 

2758 

23.12 

29.77 

80 JXM- 

3753 

4359 

4043 

1657 

103452 

101 B 53 

103550 

111659 

Land Saoraaat 

Upon* 

lagal 0 Oenwrtt 

Ltords AObttv 

sap 

era 

3 BS 

ixno 
674 
2 JBOO 
MOO 

357 

<77 

2657 

3096 

95856 



333 

455 

2853 

1362 

689.04 

Luca* 

2500 

459 

<26 

30 X 31 

3353 

aanaa 

MBCf 


4 XT 1 

<16 

3059 

43.97 

1017.42 



4.79 

<70 

29.44 

40.00 

980.61 

IMaiSHncgrt 

5.100 

379 

65 B 

1857 

1<42 

83056 

MtandaBact 

172 

3.14 

<76 

26.16 2351 

100950 



<74 

254 

59 L 20 

3352 

105657 

NaOVoot BanKf 

<600 

3.07 

555 

2250 

3753 

106251 

Naaionrt PtaNtt 

031 

4.11 

659 

2052 

3050 

960.42 

NathWMtWmt 

435 


410 

140 

891 


♦1 


981 
1 Z 7 
187 * 

441% -11% 

415 % - 6 % 

3<3 

478 -6 


30 CONSUMER GOODSfWJ 

31 BraweriesCIT) 

32 Spirits, Wtoes & Cklara(10| 

33 Food Mafwfacturara(23) 

34 Household GootMlS) 

38 Health Can&Ji 

37 Phamiac8utlcrta(l2) 

38 TotraccoOl 


40 SERV 1 CESP 22 } 

41 aatrtounrapi) 

42 Leisure 4 Hotetapq 

43 MecflaPB) 

44 RrtaBera. Food( 17 ) 

46 Retefara. Genarel( 46 } 

48 Support Sere(ce^ 4 e 

49 TreraporKIQ 

51 Other Senricea 6 &ain 888 (iq) 


267<16 

-15269322 264154 266070 270750 

454 

757 

1458 

/»on 

97314 

214052 

-05 2183.12 217258 217958 2018.70 

<41 

750 

1558 

3851 

95258 

274850 

-0.9 277453 280153 291318 281250 

<03 

7XM 

1353 

537B 

91374 

2117.78 

-132145.75 218456 2196X» 2279.10 

452 

854 

1353 

4354 

88369 

2304.17 

-05 2409.77 2436.73 2480.01 222<40 

357 

7.68 

15.85 415Q 

86328 

164457 

-05 184847 166753 187158 170310 

311 

312 

67.82 

2358 

94371 

278312 

-05 2809.77 287552 287231 297050 

457 

7.82 

1<73 

4750 

874.02 

328453 

-44 3364X0 340397 3443.72 383320 

342 

1057 

11X71 

10255 

73155 

100473 

-05 191652 194856 194750 181450 

319 

318 

19147 

yw/w 

92H58 

2720.81 

-05 274457 276858 274020 288320 

327 

055 

1855 

3754 

933 48 

2067.79 

-05 208365 212306 2133XM 166850 

360 

455 

2317 

1342 

101550 

296157 

-15 288310 293352 296028 238370 

327 

321 

2348 3751 

98454 

1642.91 

-1.0 16SB^ 168851 165325 195350 

357 

853 

1318 

3250 

977.43 

164153 

184250 168<72 166314 149750 

311 

334 

1954 

2301 

872X12 

150453 

-15 182328 184302 186316 151390 

373 

326 

1384 

1378 

90751 

2210.76 

-0.1 221359 229754 227342 2082.60 

379 

650 

2088 3158 

iwnw 

117154 

-37 118320 11S3S7 118381 124850 

457 

253 

aoxxn 

11XJ0 

99388 


Nonhara Fbodaf 

Wovwfe 
Pawonf 
P«Ot 


801 



1300 

toe » 

489 804 % 

1,600 818 
Z/WO 182 - 

an 4 BO% -ioij 
7300 


49 

-«% 

-e 


1.100 

2JXO 

1X00 




725 


234 

«7% 

571 

492 

788 


-18 

-18 


- 3 % 


mb 


1.700 

6.400 

2.100 428% 
g'mn 


eo ununEsm 

62 Sactric8y(17) 

64 Gea DtatrtbuttoeCZJ 
68 TetecorereurtortlonsW 
68 WWerfia 


213533 

2081.78 

100838 

1880.14 

183732 


- 082147.72 219326 220327 210150 

458 

373 

14 X 38 

3159 

81042 

-05 208751 212159 214398 178340 

<24 

1152 

1028 

3007 

84758 

- 25 1741 . 18 1787.01 178855201380 

TX» 

* 

* 

8343 

77321 

189001 1845.13 194754 204350 

<35 

ai8 

1458 

350 

79 < 1 fi 

- 1.1 168349 170396 189951 182850 

393 

14.19 

7.73 

52.41 

817 X 38 


69 HON-FIHAKClALSgaq 

70 F«ANCIALSt 104 l 

71 Banlfl(1Cg 

73 toauranceflT) 

74 LHe ABaurencoflS 

75 Merchant BuMfl 
77 Otf*r Bnandeg2A» 

79 Prooartyf 4 i) 


158736 - 03 160939 1638 X 77 163931 1562.74 4 J 0 &40 1838 2 S 32 111636 

2088.10 -13 2114.03 214446 2147.49 203550 431 &52 1337 48.17 B 1 B 37 

270532 -23 2760.72 280544 279637 251730 430 567 133 S 5937 80132 

1192.73 - 0.7 120039 121236 121938 138830 541 1239 524 2508 60838 

2241 X 17 -03 226551 2 Z 7545 220633 262530 630 512 1512 6538 55577 

270578 -03 271734 278431 278836 266330 570 1544 542 6638 81333 

100238 40 . 1 1801 . 10 1817.74 181038 1491.70 330 739 1434 3138 95438 

146130 *03 147733 160048 1 S 1439 1362.70 437 4 X 14 30 l 92 2522 942.45 

6239 2934 88735 


~«n mwbSTMEMT TWUSTSH 23 ) 28 SB 32 - 1.4 260234274438274552 234540 , 23 S 

80 FT- 3 C-A ALL SHlMg 8 «a 147833 - 0 . 9 1461 . 12 1515.01 161830 143501 339 BJ» 1520 26.00 116034 


Scooati * Nb*.+ 
Scot Hyrto-Baa. 

acortAP P— rf 
tat 

•k 

— — aTW*t . 

toirtjinsportt 

Se m 

an»Bw3int ^ 
WJ D ia gram aa.t 
Sartaheu. 

BMhain Snt 
South Wd«t Bact 
SoutilMHrt 
Souh Wart. Baet 
SokctanWtasr 
JOraUt 


,a !S tSS ^ 

504 514 

202 340 ♦! 

1200 350 *2 

’igg "ft ^ 

407 329 +3 

573 480 ♦% 

3 X 00 582 % - 13 % 

920 529 -3 

25 B 294 43 

1.100 478 

1.900 140% -% 

Z£00 408 

t /400 370 % •«% 

853 442 -7 

175 

96 


BunM Uneaf 

TIN 

71 OWtpf 


FT-SE 100 
rr-se mu 25 a 

FT-SE-A 360 


Open 

B 50 

10 X 30 

11 X» 

12410 

13 X 10 

1450 

1550 

1310 

WaWday LowWay 

Thimac 

Tca&Lyta 

TBytat Woortow 
Taaoat 

Thtew Wrieel 
Thera EMrt 

Torrttnat 

3700 

476 

2972-2 

34734 

14885 

29838 

34775 

14634 

29842 

34755 

14934 

29835 

34700 

14933 

29642 

34715 

14630 

29845 

3472.7 

14955 

29834 

34745 

14831 

29465 

34685 

14875 

29385 

34615 

14842 

28772 

34808 

15015 

29337 

34815 

14835 

3200 

340 

3000 

2100 


19 

165 

1A00 

era 

Z3» 

1300 


4200 2221 
14 . 


810 -4 

500 -4 

5?9 -a 

482 -3 

282 -10 

ZT2 12 

289 *2 


134 


M 

-fl% 

*7 

-a 

-n 

-e% 

-6 

-5 

- 3 % 


TWe et FT-SE 100 WQl» ^ 5>4 * pm 

I FT-SE Actuaries 350 Industry baskets 
Open 


UntodlLafert 


930 


1 O 00 11 X 19 1239 1830 1430 1530 1510 CtoN Prertoua Change 


1082.1 

10835 

10835 

10835 

1082.4 

10824 

1092.4 

10635 

-8.1 

2771.9 

2772.1 

27775 

27882 

2784.1 

2787.1 

27885 

2783.1 

-185 

18475 

18434 

1643.1 

16432 

18335 

16345 

16345 

18525 

-175 

27775 

27708 

27B35 

27638 

27435 

27325 

27334 

27945 

-531 


Vbcrtcoat 

MtaoKOt 

vSSwror 


S2STSU r 

WHe Cannon 




s ^* l^n LinM boat H Wnrikn wanna kMkd* al Amuailaa and ba taay rt ArtwtM uodir a MnMd M s( bmi 

IMU Itaoni nf Haprt*i tf Maud UmBad 1094 O Hia RnancW Him UrtMd 1594 AM Nat 

nwl 9 and aantoa anik* a( toa tendon 3 taA EactMoa «l lha Aendri Ibnaa LM*rt. 1 ha FTSE Aeuartaa 
The** C«rtany.t S«*y P7E Mat part* tartar* rnt tan * Vtouaiae iwgta 


’ tamo. UM of conaMuani m araklW Sara The Howa 

B Gone*, arteb eoaa * mga rt riaetronio and papratad prariiort 

FT-SE Hkt 2 SO FTSE ACBHlM 350 and te FT-SE Aohrake ladway 
«id Ihpdflg rt hriand and Ba FT -66 houariaa MShm Mb la 

rtgmrtirtee. 


Wta rf 

YmraeBM. 

YntaMaVta 

Zmcaf 


878 

1 AOO 

» 

953 

2300 

Tbl 

1,700 

205 

658 

1300 

on 

436 

5800 

477 

Z3B 

591 

5406 


9 ^4 

076 -10 


3*2 

SW 


655 

519 

341 

195 

166 

711 

658 

481 


dart enough the SEAO 
, taifl 430 m. Dadra at ana mfflon or 
nanded don. t Mc i l a an FTSE 


not expected to make a mate- 
rial difference to tha bank’s 
profits the shares fell 14% 
tosaittp. 

TSB shed 2>A to 222'Ap ahead 
of tomorrow’s first- half figures 
as t Fhman Brothers reiterated 
its cautious stance on profits 
from the pick-up in the hous- 
ing market. Lehman forecasts 
profits of Knsm against a wide 
range of between £l95m and 
£235 m. it acknowledges that 
there Is mortgage volume 
growth but says this has been 
undermined by increased com- 
petition from the likes of 
Direct lin e, the subsidiary of 
Royal Bank of Scotland which 
outperformed its rivals with a 
fafi of only 3% to 428Kp. 

Lehman adds that Abbey 
National which fell 9K to 
405Kp and Rank of Sco tland, 
which slid 3 to 183p, aign face 
tighter margins. 

Food manufacturer Hazle- 
wood Foods lost ground after 
warning that trading in the 
first months of thin year was 
“significantly below” expecta- 
tions. The shares closed 21 
lower at 122p with a hefty 4.7m 
shares traded. 

Profits camp in at the lower 
end of market forecasts at 
£48. lm — a fall of 7 per cent on 
the previous year - mostly due 
to a gftn pTfy p ti mai char ge 
Sales rose 5 per cent to £80Qm. 
The dividend also rose 5 per 
emit, to 6.7p. 

Shares in building group 
Tarmac closed at U4p. a rise of 
7 which dealers put down to a 
technical bounce after recent 
weakness. There was also talk 
of one broker, believed to be 
NatWest Securities, moving 


NEW HIGHS AND 
LOWS FOR 1994 

NEWMOKSPQ. 

BANKS ft) Banco SMOnOw. BAQVERKS p) 
Heft ( 4 . BUM MAXtS A HCH 1 S ff) Ste> (%. 
BtSTMBUTQRB ft Fotur PmL PoUr, 
BUenwe « BLBCT BQUP {!) Ptaamao. 
BWHBWa flj gtatfng EXTRACTIVE 
INDS (q MVESneNT muara ( 1 | IfrtURB A 
KOTBB HI ton DMnar. MEDIA H> Maao 
Mo, OTMSt SOWS 0 BUSTS ( 1 ) 
RETA 1 UER 5 CTDrtTWL B Bam, Ugnaoma 
Luoay. TEXRLEB A APPAREL « DaaMmt 
Hmca Smol ApparaL Wanaun. AMB&CANS 

m. 

mm lows { 404 |. 

am rug other rkd w aa r no 
BANKS PI BW EWBo es B) Mtaaa Ttiawpaoo. 
VOua. BUUDMS A CN 5 TTM pq BUM MATLS 
S MCHTS H 5 | CHEMCAtXI ( 2 ) HTP. Scapa. 
DwnamnoRS p) 8 S 5 aadgam. Carta, 
Optoma, Baopaan Motor, Han (p\ Wrtgao. 
onrsisHUD b«xs « aocnmc s elect 
BQUP M BMC Cm. RA. lONpa Om. 2 Q 20 l 
D owflna 6 M, QBMty. Stomena. O toam rt a A 
Varity. BtaatKRmO m Hack & Dackw, 
Cotorgen. Hrtfclfl SMpc Rri, A*. MaggSt. 
Rurtoon. Walr. 1 M«aaoa. ENa VOncUEB n 

B 8 A. Do 6 Vpe Pit, Uca^ Do WW»» 
OORMniVE BBB PI FOOD IftANUF m OAS 
DSnaimON (Q Brttrt Gaa. Crtor. HEALTH 
CARE MBNbomed,M- Urta. Ortly Cam 
Homaa, Taprrt Otaonoacica, HOUSEHOLD 

OOOOS n Bhck n. ttoPA Mcrtt & Crtirti 
9 Hpo Crar. Bd. artMan. BABUNCC M 
INVEBTMBn TRUSTS HBQ BWBSTHBIT 
COMPANHS CH LBBURE A HOTELS HI 
Ome atnrt. Ul« ASSURANCE n 
MEDIA A Oartam Cenrn. «*> Pjl. Orty Mrt 
A Naan Cop. Nam bo. Raad ML. INvnon, 
MBTCHAJfT BAMC 8 (8 OB. ■XPLORA 1 WN A 
PROD HI COnranL OTHBI FINANCIAL M 
OTTBt BERKS A BUtort HI 
PH A R MA CTi mCALa » PRTMO, PAPER B 
PACKQ H) Pstrtda ttL, Ptyau, 8 M B. 
PROPERTY Hto IWTAIURB, FOOD ( 2 ) BnM 
BmaL. Haglra, RETAtEBB, BB 4 BIAL HQ 
tpnm, WNBB 5 CIDBV n Brtrar 
Outm^ Manydoun. SUPPORT 8 BWS HE 
TU 0 O 5 WUMCATI 0 M (8 SaonicorA, 
Sacurty serotoaa. Varirtnai TEXTLEB A 
APMML M Ctatort tomarn, Larte Wtaa. 
U 8 tt. Low* m. RaartM BhnL TOBACCO 
M) SAT. TRANSPORT <4 Mereay DocHa & 
Hataw, Ocaan Mno. WATBT { 2 )l)mn 
Wartv. AimCANS 19 CAHADIAW B ( 11 V 

the stock from a sell to a hold. 

Thorn EMI held steady in a 
week leisure sector. The shares 
fell only 5 to 1034p following 
toe defeat of rock star George 


Michael in his legal battle with 
Sony. 

There were fears that if 
Michael was able to break his 
contract with Sony, other 
record companies would suffer 
a musical brain drain. 

Manweb continued the 
reginal electricity companies' 
(Rees) results season, deliver- 
ing a 16 per cent rise in toe 
dividend to 2425p, while prof- 
its were increased from 
£llL2m to £126 .3m. The shares 
advanced 2 to 681p. In a 
brighter day for the Rees, East 
Midlands put on 11 to 579p and 
Yorkshire added 8'A to 559p. 

Some cautious comment on 
British Steel's figures released 
on Monday, together with gen- 
eral profit taking, left the 
shares trailing 3 to 136p, after 
trade of 12 m. 

New FT-SE loo constituent 
GEN relinquished 13 to 581p, 
as Monday's buying by index 
funds faded. “Lively demand" 
is how one trader described the 
day’s business in engineering 
group FX1. The shares 
improved 2 to 170p, with turn- 
over standing at 4m by the 
dose. 

Shares in freight group NFC 
shrugged off recent weakness 
to dose 5 ahead at 187p, after 
James Capel published a buy 

r prnnunATMiatinn 

The agency broker said the 
decline in the shares implied 
that the recent concerns over 
the pension credits “are dis- 
counted and we are beginning 
to see signs of the new man- 
agement strategy producing 
results”. 

Dealers in Eurotunnel con- 
tinued to suggest that the 


take-up of the Channel tun- 
nel's £85Sm rights issue which 
closes today would be poor. 
The shares eased another 7 to 
276p. 

A big seller and news that 
Rentoldl had made five acqui- 
sitions worth £4.3m saw the 
shares fall 7V* to 199'. ip. 

Bank note manufacturer De 
La Rue stood out against the 
trend as a shortage of stock 
saw the share price squeezed 
14 higher to 882p. Buying was 
prompted by talk of a recom- 
mendation and forecast 
upgrade from agency broker 
Henderson Crosth waite as well 
as encouraging news over the 
growth of “smart'' cards, man- 
ufactured by De La Rue. 

Other big moves 

Furniture maker Silentnlgbt 
was one of the main losers in 
the London market after issu- 
ing a profits warning at its 
ann ual meeting. The shares 
were off 34 and touched an 18- 
month low before rallying to 
close 24 off at 2l9p. 

Disappointment over its half 
year figures saw shares in 
Quality Care, the nursing 
home group, fell 23 to 290p. 

Lament Holdings the textile 
group, lost 21 to 408p after it 
was announced that invest- 
ment institution M&G bad sold 
175,000 shares reducing its 
stake to 3.9m or 1258 per cent 

MARKET REPORTERS: 
Peter John, 

Christopher Price, 

Joel KIbazo. 

■ Other statistics. Page 21 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Fatts 


Same 


OpBon 


Cato Prt* 

Jrt Ort too Jii Oct Jri 


Opflon 


MBHion 640 3416 SO - 7 16 - 

rSffi ) 588 IHMH - 31 41 - 

Arnft 240 11 * 1 H » 0 15 19 M 

fS 41 ) 260 3 » 12 H 17 23 M Z 7 32 

ASM GO 7 M 8 K 10 M 1 H 4 4 M 
rSB ) B 2 I I IffilM 

MtAlmwi 300 29 H 41 47 4 M 12 M 18 
C 382 ) 380 11 H 25 31 17 2 S 32 

3 aB EtttoA 380 Z 7 37 H 4 BK to It 25 
(*♦ 08 ) 420 10 M 22 81 21 M 32 M 40 

BUB 500 SOU CH 53 8 M 15 22 * 
(•521 > 530 0 19 * 2 BH 33 H 41 H 46 M 

300 10 31 37)4 8 18 23 % 

420 8 18 84 27 36 40 

9 1417 K 48 6 11 

4 98 128 10 138 16 

600 25 408 48 118 23 348 
660 68 198 2 S 8 46 518 60 

QMitoe 380 488 638 608 38 108 16 

(*422 ) 425 IS - -158 - - 

Couia4di 400 30 63 608 4 128 18 
(*401 ) 500 13 308 37 198 30 37 

CanatkkB 500 258 348 448 108 24 30 
(*810 ) 550 8 14 228 43 57 S8M 

03 700 48508728 8 218 20 

(* 737 ) 760 18 32 40 268 47 54 

n^tor 460 41 628 81 48 15 218 
T 483 ) 500 178 288 41 188 328 39 

Land Saar 600 18 3*418 12 188 288 
reas) 650 4128 19 488 508 58 

IMS AS 390 288 318 39 58 12 18 
(* 402 ) 420 0 168 248 22 27 31 

NaMtot 420 388 44 638 5 138 178 
1 * 440 ) 460 11 23 32 208 33 37 


Aag Baa Fab Aag Mw Fed 


(*23B ) 


n«» 

Lucas Mi 

H70 ) 
PAO 
rei5 1 


BP 

<*337 ) 
BrtUiSM 130 
P 3 S) 140 

CSO 0 I 


(161 ) 
ftuUW 
(*294 ) 
RTZ 
f 830 ) 


{*400) 
Rato tea 
C234) 
Ifeau 
(*224 ) 


r«87) 

mm 

(* 340 ) 


r»> 


300 18 338 418 • 19 26 

(* 390 ) 42068 19 272783542 

Start Tnaa. 650 41 52 558 48 178 228 

(*863 1 700 98 23 328 28 408 40 

ante 300 168 21 258 48 68 128 

(* 212 ) 220 4 11 158 158 198 238 


7B 13 - - 28 - - 

00 » - - 58 - - 

950 39 64 75 14 238 318 

1000 14 37 98 378 49 568 

700308 46688 T2 30 368 
790 78 21 » 418 668 65 
tog Bob Frt Ang Dor W> 

Grand Met 390 27 3945868 16 238 
(*400 ) 420 118 218 368 25 32 30 

Lartrska 140 a a V 3 7 0 

(157 ) 160 11 158 10 1 ®S 148 178 

IMBteto 300 B 30 34 7 168 19 

r 311 ) 330 8 158 208 » 34 368 

Optofl Sap Mo Urn Sep toe Me 


(*072 > 


C 716 ) 

opto 


Hern 

r*ao) 


Opto 


130 188 228 a 68 118 
140 ti 17 208 118 168 


teg Ncb> Frt fug to Fab 


220 22 26 2 B 2 6 0 

240 9 14 178 88 148 10 

134 19 a - 4 78 - 

154 68 12 - 128 15 - 

160 168 a 248 4 108 13 

180 6 12 15 11 228 248 

600 368 468 018 16 35 368 

060128 26 388 458 858 3 B 8 
160 (68 16 198 78 12 158 
100 3 78 118 218 248 278 

280 228 B 8 S 38 8 138 15 

300 198178 238 148 24 258 
800 508 71 978 138 318 388 
050 2468 61 37 37 83 
480 338 488 54 108 228 278 
500 138 a 34 30 458 50 
240 23 308 35 SH 14 15 
260 11 198 a 148 248 2 S 8 
2 a 138 198 S 7 14 168 
240 5 108 158 IBM 258 288 

460 S 98 S 7 H 64 88 19 2 B 8 
500 168 3«8 08 W 378468 
325 to a - 58 128 - 

354 9 17 — 208 268 - 

Opto Jrt Pel Jan Jul Od to 

BAA 900 » 55 878 188 32 418 
fW 7 ) 060 98 a 448 SOH 608 888 

420 338 45 498 38 108 17 
400 9 22 288 218 28 * 37 

Sap Pec ifar Sep Oec mb 

Attar te 380 a 378 448 138 188 288 
(• 406 ) 42 D IS » 298 308 348 428 

a 6 7 78 2 3 38 

» 38 48 58 4 58 8 

500 468 838 838 IS 21 a 

(*529 ) 550 19 298 388 42478668 

Ska Cbda 280 298 298 348 12 17 188 
(*268 ) 280 138 198 25 a 3 298 

Brito (Mb 240 M a a 58 118 13 
<■» ) 280 12 148 178 15 a 248 

Dtaa IN 168 208 24 13 18 19 
(* 185 ) 200 7 18 188 28 288 318 

140 2 Z 8 268 a 38 48 6 

IN 10 138 17 12 138 15 
IN 148 W» 228 7 108 138 

IN 9 15 T 78 12 158 178 
3 » 41 48 89 108 16 a 
4 N 238 318 398 24 SO 34 
330 318 36 398 14 19 2 £ 
38 D 148 208 258 N 338 378 
110 118 14 168 48 6 78 

120 9 88 11 9 118 13 

2 a 198 238 a 108 13 178 
240 W 14 168 2 St 27 a 
140 16198 & 9 14 18 

IN 78 10 14 a 268 288 
1000 6(8 898 101 448 50 73 
ION 368 C N 73 N 101 

220 14 198228148 18 19 
240 6 12148 a a a 




36 

12 

93 

198 

78 

142 

22 

122 

282 

88 

20 





73 

383 

93 

311 

10 

183 

172 

29 







IHflUna 






Others .. — .— ■ 

_ 18 . 

Totals 

310 

1574 

1287 


Baa baud on mna* o om prato a Into on On Unto State Sanrca. 

TRADITIONAL OPTIONS 

CaBec Cmntala, (MeanwtciT Ru, Nam Raa* Plantar Cora, Standard Ptattem, 
Sun A rtanc a , YTV Wto. Put Total lU lP ta niB Putt & CaOs Argyll, Cauerdtoo, Euro- 
tumto, Foward Tach, Hanson Wts, Premier Cons. 

LONDON RECENT ISSUES: EQUITIES 


(-446 > 

Opto 


r») 


MABTD 460 288 408 628 a 438 518 

(•461 ) 500 13 338 40 408 67 75 

BAT MB 390 24 33 42 168 23 288 

ran ) 4a 108 208 a 358 42 45 

BID 33034840847 3 9 128 

[-358 ) 3NT38ZMa»13H22MZS8 

BffTateHN 360 13 198 248 18 2 288 
(•363 ) NO 3 9138 40 43 488 

CtobHTto 4a 198 2M 378 13 24 25 
|*42l ) 4N 48 14 218 42 498 61 

Eaten Bee 550 N 888 70 128 24 32 
(•532 ) NO 17338488 30 60 58 

Grimes 480 12 228 a 208 298 33 
(-448) 600 38 9178 S 508 82 

S£ 28030920828089 

(•288 ) 2» t28 19 24 98 148 IB 


rise ) 
untie 
(128 1 
to Power 
<*415 ) 
$Ert Peart 
(U50) 
Seen 

nis) 

toe 

rza) 
nmac 
(KM 
hen EM 
(1033) 

TSB 

1*221 ) 

To ofcfcs 
(■222 » 
WtKane 
reooj 

Opto 


iaaua Amt 
price paid 

P up 

MM. 

cap 

(Dlti 

1994 

Hpi Low Stock 

CUae 

price 

P 

*/• 

Net 

r*v. 

Dhr. 

COY. 

Gra 
J «. 

FVE 

net 

$120 

FP. 

837 

123 11 S% Aero. Hamttfe 

122 


W 3.74 

2 -Q 

35 

12.1 

161 

FP. 

434 

166 

IN Amey 

IN 

♦1 

LN 1.06 

08 

33 

Nil 

265 

FP. 

1435 

287 

2 S 8 Argent 

292 

-2 

_ 

. 

- 

- 

100 

FP. 

435 

108 

IN Artaomoftn Proca 

IN 


LN 4 XJ 

oa 

4.7 

35.0 

100 

FP. 

315 

103 

IN BaBa Gffrd Shn C 

101 

-% 

- 

- 

. 

- 

Siso 

FP. 

305 

154 

146 Biwtn Dolphin 

148 

-2 

L 55 

03 

45 

105 

- 

FP. 

2135 

01 

67 CAMAS 

70 

*2 

UN 3.75 

07 

6.7 

335 

- 

FP. 

1045 

112 

in as 

IN 


- 

- 

- 

- 

§143 

FP. 

125 

170 

143 Caasel 

IN 

■2 

W 35 

_ 

25 

115 

- 

F.P. 

195 

38 

34 Chtne Comma. 

34 % 


_ 

. 

- 


IN 

FP. 

438 

143 

133 Dent* 

140 

-3 

VfiLt 

ZB 

25 

135 

- 

FP. 

785 

93 

90 Haaring Mkan 

B 1 % 


- 

- 

- 

- 

- 

FP. 

7.73 

50 

42 Do Warranto 

46 

-1 

- 

- 

- 

- 

225 

FP. 

1033 

233 

225 Intermediate 

232 


LN 95 

2.1 

55 

8.1 

- 

F.P. 

675 

96 

94 J’son Fly Ert® 

85 


b 55 

- 

65 

- 

- 

FP. 

- 

77 

65 JF FI Japan WHa 

87 

-fi 

_ 

- 

- 

- 

5 

FP. 

420 

s% 

5 Kays Food 

5 % 


- 

- 

- 

- 

200 

FP. 

162.7 

233 

200 ^London Dubs 

2 N 

-1 

W 11.92 

T .0 

85 

11.7 

105 

FP. 

454 

113 

98 NJohdrdoht 

99 

♦1 

R 356 

2-0 

45 

13.1 

120 

FP. 

344 

IN 126 % Norm 

126 


W 456 

ZB 

4.5 

10.9 

- 

FP. 

2605 

131 

117 Redraw 

118 


WN 2.7 

2JB 

25 

154 


FP. 

44.6 

82 

86 Scudrier LaBn 

89 

-1 

- 

- 

- 

- 

- 

FP. 

302 

44 

43 Do IMU 

43 


- 

- 

- 

- 

100 

FP. 

345 

99 

99 SMraa KY Smtr C 

99 


- 

- 

- 

- 

§95 

FP. 

135 

113 

IN Sparao Cone 

111 

-2 

LI 5 

1 -fi 

15 

435 

- 

FP. 

536 

too 

96 Tfl Ban Oath C 

96 


- 

- 

- 

- 

too 

F.P. 

735 

100 

T 9 Prop Inv c 

91 % 

-% 

- 

- 

- 

- 

§108 

FP. 

45 4 

120 

IN UPF 

120 


W 3 jJ 7 

2.7 

35 

105 


RIGHTS OFFERS 


za 148 108 B 8 14 17 208 
240 68 118 15 278 30 328 
600 428 S 9 908 378 51 57 
BN 218 N 49 838 02 878 
Jrt Oct Jae Jrt Oct Jm 


San 5 N 258 418 818 198 45 538 

(-SS 3 ) OB 7 218 31 94 708 « 

ifiBC&ta 650 65 79 948 17 438538 

(- 088 ) 700 a 64 708 3 a 67 70 

natal 437 238 » - 118 ZJ - 

(- 448 ) 450 108 208 - 17 29 - 

Opto Aq| to to Aap HB> to 

nte ltt p B IN 128 198 24 78138188 
n» ) 2 W 48 12 168 208 a 288 

* UmMybg soourty price, fteatane ehown an 
eaaad on deefcig atkr prtne. 
toe 21 . ToW cont f eos! 30243 Cate 14,113 
Pint 10,132 


Issue 

price 

P 

Amount 

paid 

UP 

Latest 

Renun. 

date 

IBM 

rtgh Low 

Stock 

Ctodng 

price 

P 

♦or- 

SO 

M 

5/7 

6 pm 

5 pm 

Britton 

6 pm 


2 

tfl 

23/7 

4 pm 

%pm 

■JCorp. Sgrtrtl 

%pm 


IN 

Nl 

zsn 

23 pm 

in 

Dixon Motors 

3 pm 


240 

tfl 

29/7 

50 pm 

30 pm 

Bdos 

50 pm 


- 

X 

17 /B 

235 pm 

195 pm EuD-Osney 

205 pm 

-6 

265 

tfl 

14/7 

65 pm 

3 * 2 pm 

Euotmnrt 

10 pm 


425 

M 

6/7 

S 5 pm 

10 pm 

Evans Martha* 

10 pm 

-6 

425 

Hi 

1/8 

69 pm 

67 pm 

Faber Preat 

69 pm 


IN 

M 

20/7 

2 pm 

%pm 

H 0 P 3 &HS 

’aim 

-% 

230 

Nl 

- 

34 pm 

19 pm 

Janria Porter 

19 pm 


205 

Nl 

18/7 

29 pm 

ta 


3 pm 

-1 

IN 

Nl 

25/7 

11 pm 

2 pm 

NSM 

2 pm 


9 

M 

3/8 

%pm 

%pm 

Paramount 

%pm 


S 

tfl 

21/7 

9 pm 

6 pm 

Standard FBI 

6 pm 

-1 

250 

M 

an 

38 pm 

14 pm 

Maas* 

14 pm 

-2 

73 

Ifl 

sn 

3 pm 

1 pm 

Wares C*y ot Lon 

1 pm 



HNANCIAL TINES EQUITY INDICES 

June 21 June 20 June 17 June 16 June IS Yr ago 


■Ugh tow 


2296.9 

2310.1 

23735 2363.4 

23995 

22775 

27135 

2296.9 

<37 

453 

<28 

454 

451 

<07 

457 

3.43 

651 

652 

6.73 

5.70 

S.66 

452 

552 

3.82 

1857 

1854 

1&84 

ia73 

1858 

26.57 

33.43 

18.34 

19.06 

19.W 

1951 

1950 

19.53 

24.60 

3050 

1950 


FT GOLD MINES INDEX 


^17 

_7 


JN 

20 

*890 
OB tty 

Job Jra Ttar 

17 16 age 

Graaate 

yMK 

Sate 

M 0 b US 

f 

-3 

BaUltatatatm 

201325 

05 

201422 1378.13173052 

250 

238750 1 

“i 

* 

■ RagiaaaMadfca 






4 

Africa (Ifl 

299751 

+15 

201578 290688 229950 

447 

344050 190223 


toWMh» 

262255 

- 0.1 

292452 282&03 T 95 Q 57 

159 

301359 169316 

♦i% 

tain Amarta ( 12 ) 

194154 

-15 

10 SB 53 1 SOX 153874 

083 

203955 138300 


OnSnery Share 
Cm t flv. yield 
Earn. yld. % Cua 
WE rado net 
P/E rafio nl 

-For 1964 . (May Shore krtra rtnea tourta dn n. Htfi 2711 H 2 / 02 / 04 ; taw 40.4 26 MM 0 
FT Odnanr Om Wm Mm dan 1 / 7 / 35 . 

Qnflnary Share Muriy change* 

Open 9X» 10X10 11X» 12X30 11C0 14XX) 1SXW 16X» High Low 

SIM 23095 2307.1 230&S ZXtTS 2308.4 231 IX) 0953 2294£ 2319.7 2290X7 
June 21 Juta 20 June 17 June IB Jurat 15 Yr ago 


IDO Me* ermtort 


CumW*. Hie Heart* rinwe LMU 1094. 

Rom h brartt art rtoa rurMr el conwenles. Beale US Dooms. Bow Vrtut* 1 QOQOD 31 H 2 fl 2 . 
Praoaeaaaor QOU Mnea hdoc Jm 21 ; 254 . 7 ; data ettv <2 note Year ago-- 18 M T Ponw 
Utaal prisaa ware vnwrtWrt te ertarttan. 


SEAQ bragahs 
EcpAy tbntowr (Gm)t 
Eqrity bargainst 
Sharaa traded tmOt 
T Ha±* 9 ng KiHnAM bui 


21,724 24^88 

8S6.5 
• ZSXSB 0 
- 3502 


31 J 07 

1465.1 

34.457 

633.7 


24^62 

13733 

26.742 

513.1 


22^63 28356 

1361x1 1283,0 

W 34,468 
6106 528.0 




J 







28 








































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CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT FORWARD A GAD; ST THE POUND 


Dollar dips below Y100 


The dollar plunged through its 
postwar low against the yen in 
late European trading yester- 
day as markets attempted to 
tease out central bank action 
in its support, unites Mo toko 
Rich. 

After closing in London at 
YI0L2ZS, down from Y101.S70, 
the dollar crashed through the 
psychological barrier of 7100 
and hovered below the post- 

1945 low of Y1Q0J35. 

Analysts were puzzled by the 
dollar's fall as it defied eco- 
nomic farnfamentflla, namely a 
narrowing of the US trade gap 
with Japan. As central banks 
remained silent, economists 
warned of a crisis of confidence 
in the US currency if concerted 
intervention did not occur. 

The Australian dollar 
reached its highest levels 
against the US dollar since 
August 1992, around $0,744. 
after reports from the Austra- 
lian reserve bank suggested 
interest rates would rise 
sooner rather than later. 

■ A narrowing of the US's 
trade gap with Japan was set 
in a context of a wider than 
expected US April trade gap 
and the highest current 
account gap in five years. 

The US's trade gap rose 22J. 
per cent to $8.40bn, from 
March's downwardly revised 
figure of $(L87bn. The trade gap 
with Japan narrowed by 5.6 per 
cent to $5.48bn. 

The markets ignored the 
Japan figure, and chose to 
focus on the overall trade num- 
ber. as well as the US’s first 
quarter c ur rent account gap of 
$31.90bn, died at its highest in 
five years. 

Mr Jeremy Hawkins, econo- 
mist at Rank of America, said 
all of these figures were suffi- 
ciently close to market expec- 
tations and therefore were 
treated as excuses rather than 
specific triggers far the dollar’s 
tell against toe yen. 

Shaky political c onditions in 
Japan made the dollar vulnera- 
ble with markets expecting an 
imminflTrt vote of no-confidence 
in prime minister Tsutomu 
Bata's government. " Any thing 
that brings forward the col- 
lapse of the Hata government 
is probably bad for the resolu- 
tion of the trade dispute" with 
the US, said Mr Chris Turner, 


Against the D-Mark {pM.per E} 

• QJB& ' * / 



OAS 1 ' ■ ' w 1 ' ■ 

Am- • JOb' 

SouacfTfinifMf'. ' 


Jm 21 — Less — -Piw. Udsb- 

E: spot 1.5445 1.8367 

1 ran 15437 15339 

3ml) 15434 15346 

1 jr 15366 15Z7B 

currency strategist at BZW. 

The bearish market, which 
was wary of central hank inter- 
vention earlier in the day, bat- 
tered the dollar in late trading 
to test the resolve of the banks. 

"The bottom line is that the 
central banks must come 
through with aggressive inter- 
vention,’ 1 said Mr Paul Chert- 
kow, head of global currency 
research at UBS. “They must 
go in together and stay in to 
push the dollar to higher tech- 
nical levels.” 

Without such action. Mr 
Chertkow warned that the dol- 
lar would test new lows 
against the yen and the 
D-Mark. "The dollar will con- 
tinue to slide and will move as 
low as 790 or even 780" 

A report was circulating in 
the late afternoon that a senior 
official at the Fed had said It 
was unlikely to raise interest 
rates merely in response to the 
dollar's weakness. 

■ Reports from the Australian 
reserve hank saying it would 
raise interest rates sooner 
rather than later and rising 
commodity prices buoyed toe 
Australian dollar to its highest 
level against the US dollar 
since August 1992. 

The Australian dollar was 
trading against the US dollar 
at $0,743-0.744. "Most econo- 
mists had expected no change 
in rates until the fourth quar- 
ter of this year,” said Mr 
Turner. “But now there is spec- 
ulation that it is imminent” 


■ The D-Mark remained strong 
on the crosses, showing little 
reaction to news that the Ger- 
man M3 money supply data far 
May rose a smaller than expec- 
ted 13.7 per cent from 15.4 per 
cent In April. 

"The response to the M3 was 
muted,” said Mr Hawkins. 
"The headline figure was 
below expectations but some of 
the components were stni high, 
which suggests that any move- 
ments downward in the money 
supply are going to come about 
quite slowly, so the market 
impact was quite limit ed." 

Against the French franc, 
the D-Mark wided in London at 
FFr3.418 from FFr3.417. 
Against the Belgium Sranc, it 
ended at BFr20.59 from 
BFr20.61 and at L987.4 from 
L969A. 

■ The Bundesbank announced 
that it was setting a tender for 
14-day variable repos to replace 
DM64.2bn in funds which 
expire today. Analysts are 
expecting another cut of five 
basis points today from last 
week's 5.05 per cant 

German «*n money was fii*)** 
changed at 5.00/5.10 par cent 

■ Sterling followed the dollar’s 
trend against the D-Mark for 
most of the day, pushed down- 
ward by a disappointing 
non-EU trade deficit. 

Against the D-Mark, the 
pound finished in London at 
DM2.4612, from DM2.4606. The 
pound was little changed 
against the dollar, nimrfng in 
London at $L5374, just slightly 
off from SL5393. 

In the UK money markets, 
the Bank of England provided 
assistance of £515m at estab- 
lished interest rates after it 
forecast a shortage of around 
£500m. The overnight lending 
rate traded between 5 and 3 1(2 
per cent 

The short term sterling con- 
tract for December settled at 
93.68 from 93.70. The December 
Euromark contract closed 
• unchang ed at 94.78. 

■ onwci — C M 

Job 21 I S 

Hnpy 157589 - 157537 1024000 • 102.460 
km 268550 - 358256 174850 - 179050 

Kuwait 04593 - 04562 0296Z - 02967 

Mart 345465 - 345885 224765 - 225005 
fexta 3019.45 - 302455 186450 - 186750 
UAL 55187 - 55301 16715 - 35735 


Jin 21 


Ctoabig 

Change 

BMftJffar 

Etey’eMH 


1 

itid-potet 

on day 

opreed 

high 

low 

Europe, 







Austria 

fSch) 

172181 

400084 

108-253 

172807 172948 

Belgium 

tm 

506712 

-00625 480-934 

sonata 

502280 

Danmarik 

(DKij 

82665 

400073 618 - 711 

A6810 

92560 

nrtext 

m 

8.1909 


812-888 

02400 

8.1770 

France 

ffTfl 

04123 

400024 079 - 166 

04348 

82931 

Germany 

PM] 

£4612 

+02006 

601 -622 

04710 

£4562 

Greece 

(Dr) 

372289 

+0705 

288 - 892 

373293 372221 

Inlaid 

» 

1.0173 


166 - 180 

12208 

12183 

Italy 

W 

2430.40 

-524 

823- 107 

243422 242091 

Luxerrrbourg 

(LFr) 

502712 

-00625 480-934 

508280 9L62B0 

■*-" » ■- 

rmnorranoB 

(R) 

2.7501 

. 

676 - 805 

2.7880 

£7588 

Norway 

(NKr) 

107D12 

+00038 864-059 

10.7370 10E625 

Portugal 

« 

255293 

-0815 

288- 520 

256.195 254272 

Spain 


205051 

-017 883 - 206 


204225 

Stradan 

(SKr) 

112461 

-00905 407-554 

11JB9S3 

112405 

Seritzeriand 

(SR) 

22747 

-00006 

736 - 759 

22837 

£0730 

IX 

to 

- 

. 

- 

- 

- 

Ecu 


12833 

+00006 

825 - 841 

12884 

12818 

SORT 

Amalcaa 

- 

0234248 

- 

- 

- 

- 

Aigenflna 

(P 

12344 

-0002 

340 -348 

12362 

12324 

B red 

P) 

38B&47 

464.18 

773 -820 

3703JOO 3623.00 

Canada 

tea 

21348 

-00129 

340 - 356 

2.1382 

£1285 

Mexico Mew Preset 

5.1848 

400061 

800 - 887 

5.1821 

5.1785 

USA 

m 

12374 

-010019 

371 -377 

12391 

12346 

PadScMddhi 

CaaffOIrtca 





AusMa 

ra 

20682 

-00178 

671 - 683 

£0888 

£0682 

Hong Kong 


112813 

-00145 

782 - 844 

112842 11 2857 

India 

m 

482203 

-0,0661 

111 - 416 

482740 48.1630 

Jaw 

M 

155224 

-1234 

565 - 882 

157270 156240 

Malayata 

(MS) 

38880 

-00048 

580-911 

3_9tH0 

32818 

New Zealend 

342 a 

25832 

-00023 

612-852 

2J5B 13 

£5810 

PHtarinee 

(PWQ) 

412099 

-02038 

943 - 254 

420284 402811 

Baud Arabia 

(SR) 

62860 

-00067 

648 - 673 

5-7721 

5.7579 

Stegapore 

(SJ? 

22603 

-OOOI 

480 - 515 

22830 

£2484 

8 Africa (Cam) 

(H) 

52212 

400156 

189 - 234 

52262 

52958 

S Africa (Rrv) 

(R) 

72873 

+00143 

705 - 041 

72060 

72896 

South Korea 

(Won) 

124127 

-527 

044 - 189 

124526 123927 

Taiwan 

oa 

412879 

-00884 

563 - 794 

412148 412118 

ThaBand 

w 


-00826 

197 - 655 

382930 382140 


Ona marrtb Three months 
Rate %PA Rale %PA 

One yarar Bank at 

Re» %PA Eng. tedm 

172143 

02 

172087 

02 


. 

114.7 

502812 

02 

60.7082 

-02 

505412 

03 

1182 

£6742 

-12 

9.6879 

-02 

0702 

-04 

1.16.1 

re. 

- 


— 

- 

- 


84168 

-02 

04221 

-02 

8.4052 

Ol 

109.4 

2.4E0B 

02 

£4803 

Ol 

£441 

02 

1242 

1. 

-04 

12186 

-02 

1.0187 

-02 

1042 

2437.1 

-32 

244925 

-32 

£49925 

-S3 

7B7 

502612 

02 

50.7082 

-03 

502412 

03 

1140 

£7598 

-02 

£7581 

01 

£7374 

02 

1202 

102BSB 

02 

107081 

-02 

106992 

OO 

882 

Kflsat 

-4.0 

258213 

-42 

- 

- 


206261 

-32 

206231 

-£ 9 

209201 

-22 

842 

112711 

-23 

112091 

-Z0 

1£0Q41 

-12 

75.1 


02 


0.7 

£0481 

12 

1200 





- 

- 

7£9 

12845 

-1.1 

12806 

OJO 

12855 

-02 

- 

£137 

-12 

£1438 

-1J 

£1731 

-12 

862 

12388 

02 

12353 

02 

12291 

02 

842 

£0875 

04 

£0659 

04 

£066 

02 

- 

112732 

02 

112694 

0L4 

112862 

-Ol 

- 

155259 

£8 

154434 

3.1 

150339 

34 

1872 

22825 

02 

2288 

-04 

22926 

-04 

- 


SB 

cn-ra 

iartac 

neo 

IMM 

cmri* 
ua xrs: 
429 At*. 

M9 241 

swT 

ISO 

MM 

S 

zn 2 . 0 a 

BnoaiaaiSH 

ual 

Acb 

re 

M3+W 

T» 54901 
mi uu 
UB too 

r 

MM 

8S 


MkaatemteteMkalc 


cz: 

-torn 


1 44S 

] li: 


•V. 

cw 

— 

|4Jfi U0te 

1 A00 US 

H 

mm 

|1 


tSOR IKS tor Jun 3L BhVi 
but neknplsd bjr aarant I 
0» Deter Spat ttaUm Art 


r rer—as httw Pound Soot WHtartowonf tore ta«a— datealpl—. Rwartwara — not dtaetty qwted jo ttw_mWo«t 
■eat mss. Swtag Mac cMcuMed by ttw Bank of EMtod. Bna maps 19B5 - inoBH, OMr and Mrtom kt boat mb and 
I tram THE WMHELtTBtS CLOSING SPOT RATES, tea wduts «a modM by tta F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


6Q0 - 670 
510 -STD 
858 - 893 
225 - 325 
700-735 
006-012 
200 - 500 
105 - 122 
040 - 130 
510-670 
940 -052 
568 - 523 
070 - 170 
300 - 450 
033 - 098 
480-500 
371 - 377 
975- 385 


Jun 21 

Ctodng 

nrid-pokri 

Bmps 

Austria 

(Sch) 

112845 

Belghan 

CBft) 

3£96B0 

Denmark 

(PRO 

62878 

FWtad 

(FM) 

52275 

Ranee 

(FR) 

04718 

Germany 

<D) 

12009 

Greece 

(Dr) 

242250 

Intend 

m 

12114 

Htiy 

U 

1580L26 

Luxembourg 

(LFr) 

322590 

Netheriende 

<R 

1.7948 

Norway 

(NKr) 

62606 

Portugal 

tori 

166.120 

Spate 

Pla) 

133275 

Sweden 

(SKri 

7.7068 

Switzerland 

(SR) 

12485 

UK 

to 

12374 

Ecu 


1.1980 

SDRf 

_ 

143622 

Amertoae 

Atgettira 

CPasrri 

09981 

Brad 

tori 

240528 



-04 11.2145 04 

-08 33.074 -03 

-15 6.3601 -1.2 

-1.2 5L41 -15 

-1.1 0443 05 

-04 15975 02 

-35 24085 -15 

1.1 1.4988 06 

-35 16385 -35 

-08 33574 -03 

-04 1.7914 02 

-1.1 65796 13 

-65 174.47 -55 

-35 1373 -25 

-25 73056 -25 
Ol 13403 07 

06 15281 05 

15 13073 -OB 


S8° ?gl3Sl £ 


SSmSteSeraPsat an-aotiM* 

S32S2EEL a S Ss 

SS f -- 1 AM MS I 9.1*1 » 



mam . amfoarao 


an ATS m» 
an &oo wm* 
aw MS Ttety 
4.13 aso rmttt 


US 1H 

ms an 

48 371 

4.13 3M 

***** 

Sy SSK- aco an mo m 

Sfww*. sa in is Hter 

. ~ us - an wo* 

Mrton w Ko BKHSde- l rinte n li r 


wMn jiM UO 140 1M OV 

5oai333» in 2 M ut » 

Ul ui W » 

mMMWjnS 4J0 aw AM Ok 

SSofrT-— 330 1M Ml or 


rttSMsrl 


POOKlZVIta 

DAfrQte 


nuno-erasea. 
asam* 



DBM 

130 1 






231 

MB 


{sieintH 

EaaaaMW^ 

ntuno-eiuoi 
tz smwsjS* 



vSl t35« 


Canada (CS) 13888 -00067 883 - 688 13900 13883 

MnfOO (NwPeao) 3-3725 40008 700-750 33750 33880 

USA 9) - - 

PacHotUdda East/AMca 

Auatnla (AS) 13453 -00080 448-467 13591 13438 

Hons Kong (HKS) 7.7282 -00001 277-287 7.7282 7.7273 

tnda (Rs) 313688 400013 650 - 725 313725 313650 

Japan (Y) 101325 -0746 200-250 102300 101300 

Malaysia (MS) 25850 - 845-955 25870 25815 

New Zealand (NZ3) 15803 400008 783-812 1.6855 15818 

Pt^jplncg (Pmo) 275000 -0.1 000-000 273000 285000 


880 - 881 05882 09880 - - - 

565 - 567 2405.70 240550 - - - - - 

683 - 688 13800 13863 13907 -15 13968 -23 1.4221 -24 

700-750 33750 33880 33735 -04 33753 -03 33827 -03 


■art Aft— — I 


ACBLM 

HniMdanKB 671 -«» BBS 


13465 -03 13458 -Ol 13496 -03 885 

73277 0.1 7.7302 -Ol 73444 -02 

31.4488 -3.1 315938 -23 - 

10154 22 1006 25 88385 25 1475 

25875 35 2564 1.7 2515 -06 

15822 -13 15868 -15 1.7085 -1.7 


460 360 | 4X7 1 
4.00 100 I 4571 


HBhsewp on smazs 
<n asazsl -Ivwir 


adteuaai«amECavaoi m-anara 

t 360 an 368 MB 

itSQMO*.. . *m -f an] MB 

woHminw ua -I sail mb 


Saudi Arabia 

(SR) 

3.7505 

+02001 

503-506 

£7506 

£7502 

£7511 

-42 

£7531 

-43 

£7658 

-04 

- 

Stegapore 

(SS) 

12087 

+00012 

282 - 292 

12374 

12070 

1228 

46 

12277 

03 

12297 

-0.1 

- 

S Africa (Com) 

F) 

£8683 

+02145 

555 - 570 

£6575 

£8420 

£2718 

-5.1 

£7001 

-42 

£7768 

-£3 

- 

S Africa (Rn.) 

n 

4J7400 

+0015 

300 - 500 

4.7500 

4.7300 

<7737 

-82 

4232S 

-72 

- 

- 

- 

South Korea 

(Won) 

807250 

-245 

000 - 500 

809.600 807200 

•1025 

-42 

81 £75 

-£2 

83225 

-£1 

- 

Taiwan 

(IS) 

272378 

-0212 

355-400 

272605 272350 

272578 

-09 

272878 

-09 

- 

- 

- 


Cbariarttena Bra* United 

1 PtemuMw Bw l EC4M Mi 

CL-KM-niLHW-BB 

mm-Mjnw 

estum-oMMl 

BKKUWH- ■ I 

SMOO-WStel 


PMWMMMMBM*. 4.73 36B I 468 NB 

ssssssrlis si z 

rsaooo* sis sot I 1 J 0 on 

cStno-Mjaa 360 m w at 

n&aao-tauaa its in mb a* 

M3 JSl S 5 

555 M222SMF 

cb muoam Ian Mil w Bg 

nsEARnad i vaar — 468 -( awl mb 

IfSUWMN 1 *M -I 4601 Mb 


Thailand (Bt) 255700 -003 600 - 800 255900 2S5600 201425 -35 

tflDR nte tar Jwi 20. BUMbr rereads ki (ha Delar Spot table ahowofy me law am* nseae* pans. 


but are knptad by curent Intaraot odsa. UK. I 


1 0 ECU oraqBond M US caaancy- 


m docand (Mdml FcaaM retaa are not dkaedy qnmd n Bn raatM 
OP. Mann mini Mtoaa JUn 20 8m magi 1990-100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Jun 21 


BFr 

DKr 

FFr 

DM 

K 

L 

FI 

Mb' 

Ea 

Pte 

SKr 

SFr 

£ 

CS 

% 

Y 

Ecu 

Belgium 

(BR) 

100 

1928 

1620 

4257 

£007 

4796 

6445 

21.12 

5042 

4042 

2329 

<095 

1274 

<214 

3233 

307.1 

2232 

Denmark 

(DKi) 

52.42 

10 

£702 

£548 

1252 

2514 

2254 

1127 

2842 

2122 

1228 

£146 

1234 

£209 

1290 

1912 

1227 

France 

(FR) 

6024 

1149 

10 

£928 

1.200 

2889 

£280 

1£72 

30£8 

2432 

1429 

2487 

1.189 

£638 

1227 

1852 

1225 

Qennav 

(DM) 

2029 

TOW 

£418 

1 

0413 

9874 

1.121 

4248 

1032 

63-34 

4215 

0243 

0408 

£888 

(iters 

6323 

0521 

Ireland 

(to 

4922 

9205 

£271 

£420 

1 

2389 

£713 

1052 

251.1 

201.7 

1125 

£040 

0983 

£099 

1211 

1532 

1282 

Italy 

U 

£085 

0398 

0J346 

0101 

0242 

100. 

0.114 

0440 

1051 

8440 

0488 

0086 

0241 

0288 

0063 

8403 

0258 

Netherlands 

to) 

1827 

£504 

3248 

0892 

0389 

8608 

1 

£878 

9227 

7424 

<295 

£752 

0282 

£774 

0257 

58.40 

0465 

Nnellima 

(NKr) 

4728 

9235 

7282 

£300 

0290 

2271 

£579 

10 

. 23£7 

191.7 

1127 

1239 

0236 

1296 

1436 

1454 

1.199 

Portugal 

tori 

1924 

£785 

£294 

0984 

0298 

9614 

1280 

<190 

100 

8021 

4240 

0812 

0292 

QAta 

0802 

6092 

0502 

Spain 

(Pte) 

24.71 

<713 

<101 

1200 

0490 

1185 

1245 

3217 

1242 

IOO 

5.778 

12T2 

£488 

1241 

£749 

7527 

0628 

flwnrtnn 

(SKr) 

42.76 

£158 

7299 

2277 

0.868 

2051 

£328 

8230 

2152 

17£1 

10 

1.751 

0244 

1202 

1297 

1312 

1283 

SwHzattend 

(BR) 

2442 

<659 

4254 

1.188 

0490 

1171 

1230 

5.167 

123.1 

9824 

5.711 

1 

0482 

1.Q29 

0741 

7429 

0818 

UK 

to 

5067 

9.667 

£412 

2461 

1217 

2430 

2-759 

1070 

2S£4 

206.1 

1125 

£075 

1 

£135 

1287 

15S2 

1283 

Canada 

CCS) 

2£73 

<628 

£940 

1.153 

0478 

1138 

1292 

6212 

1106 

9£07 

6250 

0272 

0468 

1 

0720 

7228 

0601 

US 


3227 

6290 

5473 

1201 

0662 

1581 

1.795 

£962 

1002 

1334 

7.710 

1 .350 

0651 

1288 

1 

1012 

0835 

Jeprai 

m 

325.6 

62.13 

5428 

1522 

£538 

16817 

17.73 

B£77 

1641 

1318 

7£1B 

1324 

6427 

1£72 

9278 

1000 

£248 

Ecu 


3948 

7235 

6257 

1 .918 

0793 

1884 

£150 

8240 

199.1 

1509 

9238 

1217 

0779 

1284 

1.198 

1212 

1 


ERAS EUROPEAN CURRENCY UNIT RATES 

Jan 21 Ecu can. Rate Change H *4- tare % spread Dtv. 

rates agtinatEcu on flay can tate vwaali a a l bid. 

N aOtwte nda 2.19672 2.15671 4000182 -152 559 

Ireland 05086a 0794228 -0500308 -1.78 554 IS 


071-0104000 

26 ) aao mb 

3UM 4» MB 
Alt 461 MB 
46i ast are 
m ur w 
in UB IB 
2 jo am wa 

144 360 MB 


CMaadtea Bank RadMa Soteflaa Ace 

aiMMmMPMai.teBBB*ai2H. ,041-MI 

napao-BBjm— [an an I an I 

rauna-CBasaa us zit | anal 

mo<La»-ctfcuBw I aw zasl aasl 


DMCo-epanOnBaBk 

PO BwBOa IMB—I I MU 

naan — . — l sas 

BMMter-M 


0713 744720 

rein rmnn intern ha am xaa | am m 

DmDtwuniwh area ins xan or 

wmnowo* ana aan aom ga 

awnnm»^_ sots mob 1 aon on 

iy*(M TESSA 4673 - I AMI OB 

ULC Treat UnRad 

lUMCaateliiBmimmwntm. on-jfleoow 
nomaadwaate.l an aoo irm 
euuoa-4ao<%MM. I 760 are I ta w* 

C23JD00- 1 TWr .1763 3^44 1 

Hutted Po m teta ma TreU Ud 
raamaatteteUMOov 
Betel wmeM te om t 

turn* 1 an asal 4641 » 

J. Hoary Sctatrtar WMBkCa Ut 
no CMHewia tenon bS«b on-sax aooo 

swcMA et — iUa are I ui mb 

inuoQDBMWM — l ana ml awl mb 

WaatereTnatMahteteraatCtaaRHaAcc 

TMMaH|aMWn,ranMPV1 110\^ 0782224141 

ttaPOO»^.. M3 360 464 ter 

nOCMMJN 460 360 ASt\ Or 

E15M46BB-. 423 318 1 432 1 OB 


-I -Htew 
aaol ami mb 

SMI S62|S-MB 
360 46S4-MB 

aOQ UH«4BI 

263 I SJSla-UB 


BeWum 

Germany 

402123 

124884 

392098 

122431 

+00224 

+020175 

-120 

-120 

524 

S23 

n 

France 

823883 

£57368 

-000029 

053 

£12 

-4 

Denmark 

743879 

725160 

-020217 

124 

£09 

-n 

Portugal 

T92254 

191574 

-0401 

345 

ai7 

-23 

Spate 

154250 

159201 

- 

£98 

020 

-28 

NON HIM MEMBERS 






Greece 

264213 

291.145 

+0.118 

1027 

-5.82 

- 

Italy 

179£19 

1897.66 

-729 

523 

-224 

~ 

UK 

0786749 

0780472 

-0000529 

-020 

420 


EcuomMira 

ss sot By ttieBuBpswi DanmUiian Oarandasare 

In rtaacxnJhg ratottn MrangOi. 



am are I aai I mb 

3623 177 1 367) MB 


of ktea mMr. not 

■MBMMMB 


Von par 1600; Dwtsfr Kroner, Front* I 


i Not W fllB t Hmnar, and I 


Franc, Escudo, Um i 


1 DM 125500 par DM 


l gMta Van 125 par Yen 100 



Open 

Latest 

Change 

rttfl 

Low 

Eat vol 

Open Int 


Open 

Latest 

Change 

High 

LOW 

ESLVOl 

Sap 

06243 

08238 

-00008 

02247 

08213 

38278 

77,786 

Sep 

02673 

£0880 

- 

02888 

09844 

28.114 

Dec 

06225 

02240 

-00011 

0.0240 

08218 

809 

1258 

Dec 

09928 

£9945 

-00007 

09946 

09920 

803 

Mar 

- 

02267 

- 

- 

- 

3 

884 

Mar 

- 

12018 

- 

- 


27 


FBestteOs cfaBiow »«a lor Eec « pote»as rfisnas danoesa « staBi crarancy. Danspanw Mxmm Bw 
idfabdi te nMOMtetaBipa iMlted ta te tBeMteMMlMretBdEaicBWnin 
for b cumney, and Dm mnfemn paniMad p t nu BB au e da rtM lon of Rw asrtnqre norite no Dim IB 
Ecu GWttm NR, 

(17W9S9SMrtBoand Bteoa Uo o u n p andod tom EBW. M teWW n l n l tel by ttw Rnnncte Tlmte. 
■ WLAJWHJWA 88 C/8 OMTlOttt C813Sa (cants par pomtfl 


1 <MIB 8 > WHAWC WITUBMPI (IMM) SBr 125500 par SFr 

Sep 0.7408 0.7412 -05002 0.7415 0.7375 18,164 47,780 

ttoc 0.7382 0.7420 -0.0012 0.7420 0.7392 407 1599 

Iter - 0.7444 ... i 5 


WORLD INTEREST RATES 


HONEY RATES 

Jiaie 21 Over One Three Six One Lamb. Db. Repo 


m (IMM) £62,500 per E 

15350 -05002 15384 15328 9518 38548 

15330 -05002 15330 15320 132 348 

15318 1 16 


FUTUIMM QUFFQ* DMIm port* Ot 100% 


straw 

Price 

Jul 

- CALLS - 
Ai« 

Sap 

Jid 

— PUTS — 

Sap 

1480 

846 

£42 

820 

. 

£03 

£24 

1475 

6L05 

6LTB 

841 

- 

£20 

027 

1200 

£74 

427 

<5* 

018 

OflU 

1.11 

1225 

1.88 

242 

£97 

£76 

128 

£02 

1250 

068 

124 

122 

£06 

£63 

£30 

1275 

017 

026 

122 

£98 

442 

427 


fTffirrr 


Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
Tfek 071-815 0400 or Fax 071-329 3919 


Pnr*u daylt wA. Cate 18633 Pute S05W . PWf. daya open hU OMM 48X916 Pbb 384537 


UK INTEREST RATES 


INVESTO RS - T RADHBS - CORPORATE TREASURERS 
SATQUOTE™ - Your sin^e service for realtime quotes. 
Futures » Options * Stocks * Forex * News + Via Satellite 
iSJPON +71 329 3377 

LOKBOW+713l»3a7T WWTOM«m W M f WAHOOKT^WW 448OT 


Betgtum 
week ago 


week ago 5 

Maty B 

week ago 7 

Mattew te ndi 46 

week ago 54 

Swritere te nd 

week ago S 

US 4 

week ago 4 

Japan 2 

weak ago 2 


■ $ LIBOR FT London 
I nte r b ank Fixing 
week ago 
US DoBar CDs 
weak ago 
SDR United D8 


Si 51 

51 51 

5tt H 

5 Vi BV. 

553 5.00 

5.03 5.03 

Si Si 

si si 

8% 84 

814 

5.01 5.03 

551 5.04 

44 4% 

44 44 


4 24 2& 
j 24 24 


4H 44b 

- « 4ti 

- 4^0 4/44 

- 450 457 

- 3V4 3ft 

314 3* 


614 750 

58 7.40 

Bii 550 
SB 550 
5.15 aoo 
5.08 650 

64 
64 
94 
SV, 

KW _ 

552 

4« 6525 

4V, 6525 

64 

54 

24 

214 


Open 

Sett price 

Change 

H01 

taw 

Eat ud 

Open H. 

8524 

9524 

- 

85.06 

95.01 

20889 

192855 

94.78 

94.78 

- 

9421 

94.78 

28706 

201387 

9445 

9446 

+£01 

9420 

9443 

22053 

197134 

94.05 

9426 

-021 

94.10 

9422 

16127 

105806 

■OKTH EUROURA ■fTJMTB FUTURES (LfFE) LlOOOm points of 100% 

Open 

8ett price 

Change 

Hgh 

taw 

Eat vol 

Open Int. 

0125 

9126 

-022 

8145 

9120 

8446 

47135 

9122 

9028 

- 

91.14 

9027 

6609 

48091 

9020 

9047 

-022 

6026 

9045 

2218 

13071 

9008 

8927 

-021 

9014 

B£S5 

1634 

9123 

MONTH 

■UftO MRS 

£ RUNG IVtUM (LTFFE) SFflm pottlta Of 100% 

Open 

Salt price 

Change 

Hgh 

taw 

EsL voi 

Open Int. 

9520 

9522 

+008 

9526 

9548 

4640 

31147 

9624 

9628 

+028 

8527 

9522 

1841 

9640 

9423 

9423 

+028 

9427 

9420 

724 

8298 

9422 

9426 

+028 

9426 

9422 

1S2 

992 


LONDON MONEY RATES 

Jon 21 Over- 7 dm 


Over- 7 days One Three Sbc One 

nlgTn nodes montti montta rnonUia year 

5-3*2 43-4* 6-4% 5A - & 5% - 5% I#* - 

4{3-4% S&-6& 5%-5d 6-5S 


iMONTNiCUl 


I (LHQ Eculm potaa of 100% 


5 544 

4B 6 Mi 

4.78 B.40 

4.89 550 

M 4 

344 4 






Open 

Sett price 

Change 

Hflll 

taw 

EsL vol 

Open InL 

“ 

“ 

~ 

Sep 

9325 

9323 

• 

9327 

9£91 

1139 

12309 

“ 

- 


Doc 

93.72 

9322 

-008 

83.73 

9328 

343 

7888 

- 

- 

- 

Mar 

9£38 

9328 

-007 

9328 

9327 

287 

3404 

“ 

“ 

“ 

Jun 

9320 

9223 

-025 

0321 

m oy 

113 

158 


Marta* Sterling 5-3*2 4fi-4% 6-4% 5ft - 5fc 5%-5% 5%-«*, 

Storing CDs - - 4}J - 4% 5A-5J, 5% - 5^ 6-5S 

IteaBteyBBa - «H-4% 40-45 

Bar* Oh - - 45-45 6-4)1 5-45 

Loaf auttmtty daps. 5%-5% 411-45 5-«5 5*a-5& 6%-5& 8^ - S» 

Dbcart Marite daps 5-4 4)i - 4{J - 

UK ctaartng bn* base landing rate 5^t per cent from Fsbnrejr B. 1894 

Up tel 1-3 3-8 8-9 9-12 

monte monte mantes 


Certs of Tax dap. (£100,000) 1*2 4 3% 3% 3*2 

Cans of Tte dtp. wdw CiOOjna B 1 imDapartM wMidBMn tor care Itpo. 

tee. under rate irt decaux 46730pe. ECO) tied tee sag. Expat Ftara. Mtes up day Msy 81. 
1BB4. agreed tel lor period Am 20. IflH W Jul 2S. 1094. Behamu BAM OATpc. Hstownc e tee hr 
portod ter 30. 1S94 to Up 3MBB4. Schemea IV 8 V 3622pc. nrenes House Bos Ate Biapc *ton 
Jons 1. 1984 


I MOatTH 9nBUD>Q FUTW9 (UFFg) ES00.000 pofaita of 100% 


Qjjsm 

TRADING 

BOOM 

nttVKTE CUGNTS 
WELCOME 




88 DOVER STREET, LONDON WEC 3R8 
T£Ic 071 629 033 FAX: 071 49S 0022 


FOR TRADERS ON THE MOVE 

the markets move wttb the screen In your pocket that receives 
C<:nT<:ncy, Newl 24 hours a day. Forywa- 7 day 

tree trial, call Futures Pager Ud on 071-895 9400 now ^ 

FUTURES PAGER 


■ UFFE ftrtutss traded ® APT 


Open 

Sott price. Change 

Hgh 

taw 

EsL vol 

Open Int 

9422 

9420 

-002 

9<34 

9427 

7973 

111734 

93.70 

9328 

-002 

93.73 

9322 

16902 

151015 

9228 

3225 

-025 

9322 

9228 

9579 

62831 

9225 

9229 

-006 

9226 

QQ as 

3699 

47338 



ECU Uriced Ds odd mas: 1 mttc SB: 3 mhx 6 ; t 
talm are cflaad mtm tar 910m quoad Id Bm marka 
<toy. Ttw banks are: PanhM* TnM Bank or Tokyo, I 
Me noet ws snown hr tee donwsBe isansy now, 


5 mfla: 6i; 1 year 64. S UBOR htert 
M by tour nteranoa b an ka m llan sad 
Barakgo aM Natkmsi MstminaMr. 

, US I CDs Bid SDH Urtoad Deports j 


EURO CURRENCY INTEREST RATES 


Bdtfan Franc 
Danish Krane 
D-Mak 
Dutch Gulder 
Franch Franc 
Rratugueaa Esc. 
Spanbdi Peseta 


Swiss Franc 
Can. Data 
USDota 
Ibritan Ura 
Yen 


Short bn rasas i 


5*s - 5 5% ■ 

&4-S 5% 

5i-*a si 

5-4i» 5- 

S|’« - Sh 6j* 
16% ■ 15% 16V 
7*2 - 7% 7H 
4% -4% 5- 

3% -3% 33 

6% - 5*2 5% • 

4% - 4% 4ft. 
7.71: 8%. 

2A - 2 2*. 

3% - 31| 3% ■ 

re cte tor ttw US Dd 


-Si, 5%-S% 

■ 5*2 6-5% 

-43 5-4% 

43 S& - S 
-54 5*2-5% 

- 15% 16% - 15% 
-7% 7%-7H 

43, 5-43 

-3« 4-3% 

-5% 6&-3B 

‘4* 4% - 4% 

S 8%-8% 

2*a - 2i% 

■ 3% 4£-4A 

rteMVM.efiM 


Three Sta 
marahe months 

fi%-5% 6%-5% 
6%-5% 6%-6 

5-4% 6^-43 

5i-5 5*-5A 

5%-6*2 5%-S% 

15 - 14 14% - 13% 
8»‘.-7% 84-8 % 

S4-S* 5*2 -54 

4% -4% 4% -4% 

6% - 6% 7% - 7% 

4% -4% 5-4% 

84-34 84 - 64 
24 - 2*i 24-2% 
4%-4% 54-54 

•w> days' noden. 


8*4-8 
6%-6 
54-54 
5%-54 
5% - 5 
13-12 
8 % -84 
54-64 
4%-4% 

84-711 

5% - 5% 
9*1-9 

2%-24 

sa-sH 



Open 

Latest 

Change 

High 

LOW 

Eat. vd 

Open InL 

S«P 

9429 

9424 

-028 

9429 

9423 

60237 

444,454 

Dec 

94.16 

8427 

-0.10 

9<17 

9427 

114208 

399234 

Mar 

MM 

9323 

-029 

9329 

9322 

58211 

284268 

■ US TREASURY BILL FUTURBS (MM) Sim per 100% 



Jun 

9522 

85.78 

-025 

9522 

95.78 

1231 

3255 

Sep 

9529 

8628 

■027 

9521 

9527 

1296 

22.740 

Dec 

8428 

9426 

-028 

8428 

8426 

1217 

8281 


Haded on APT. M Opwi kiMM Bgi. are tar pwloui dsy. 


■ JHO W r 8THLW0 OPTWIIS (UFFD BBKMXW poWa of 100% 


Straw 

Price 

Sep 

— CALLS - 

Dee 

Mar 

Sep 

— PUTS 
DOC 

9425 

£19 

£14 

028 

£14 

£71 

94S0 

027 

£08 

02S 

027 

£90 

9476 

022 

024 

£03 

£47 

1.11 


EsL ML toM. CflBs SMO nas 63B& Previous day’s open M. OMM 0 puts 0 


M Open Wnwt flgs. an lor previous dsy 
■ BURO-fUMt OPTIOllg (UFFQ DMIm points of 100% 


BASE LENDING RATES 


Stake 

Price 

M 

Aug 

CALLS ~ 
Sep 

Dee 

Jui 

*» B 

pure — 
Sep 

Dec 

8600 

029 

£13 

£18 

£15 

026 

£09 

£12 

£37 

9G2S 

022 

024 

026 

£08 

£23 

£26 

£27 

£55 

9860 

£01 

022 

£02 

024 

£47 

£48 

048 

£76 


Adam & Company — 525 

ABBd Duat Bank £25 

ABBsr* — 525 


■ THRMR MOUTH pmon Rnwaa (MAT1F) Parts mtatMrtr offered rate 


Ert. voL arid. Crth 2049 Puto 3410. Pravtoua day's opwi Int. Odto 0 Ails 0 
■ PSiOBlHMWUHCOPTIOB9(LBTg SFrlmpofciteof 100% 


■7 

iZ 

8 

5 

sc 

2 


■ 



taw 

EsL vd 

Open tat 

SMn 

8422 

18298 

58,188 

mu 

9323 

15223 

39272 

•550 

93.48 

12,738 

35230 

9575 

93.13 

£403 

24232 

9800 





(LlFF^- yim potets ot 100% 

Open Se» price Chraiga Ugh Low Bsl vd Opoi kiL 




Era veL rani. CMs 0 R» a Rnuious days open M. can 0 Puts 9 


BertrotBaroda 525 

Banco BteaaVtsraya- 525 

Bank at Cyprus 525 

Bvfcaf Marti— .».> 525 

Bank at Inda. ^ _52S 

BankotScattand 525 

BwrfaysBra* — 525 

MBkatMdEast 525 

•aownataay&OoUdASE 
CLBarkNederioid- 52S 

Caber* NA 225 

OydaedifeBs* 525 

T7»» Cupaattve Bank. 526 

OWW4C0 — _52S 

Cre*LyOiVB3ts 525 

CwrusPIMbr 09*^525 


DuncwiU»vrto 525 

Beater Bank UriMd— 625 
FMndd& Gan Bank- 6 
•Robert flaming 4 Co -525 

Qkobartt 525 

•G ul meB B Mahon 525 

Hal* Bank AG Zurich .525 

•HantraeBonk^ 525 

HeritaUaftGenkwBk.S25 

•MSoiWBL 525 

C. Hows 3 Co 525 

Han0tong& Shanghai. 52S 

JMan Hodge Bark trow 

•Leopold Joaaph a Sons 52 s 

Lloyds Bank 525 

MeghnsiBankUd 52 s 

MhJandPsr*.. 525 

■UrartHtottartfl 6 

Nat W aafrnfrtear 525 

• n ea ttu t u a 525 


*Roxburghe Guarantee 
CaporatonUmtodisno 
longer advafaedee 
abesidna intiUJon. 8 

RaydBkafSBoteti- 525 
•SnBh&WInn Sees. 625 

525 

•Urtad Bk aUtartR — . 525 
Tam Bar* Pfc_ 525 

Western Trust 525 

Wl teway L tit ra r — 525 
YorioMeBark 525 

■ Members of British 
Merchant Banting 4 
SeourtdM Houses 
AMocsaOsn 


FutlerMoney - the Global Strategy Newsletter 


FOREXIA FAX $ £ ^ v 

FOREXIA FAX- by Uilna Fax: *44 81 948 8460 


Currency Fax - FREE 2 week trial 

jT Cr, - f! / r ^)iis L: d > Anne Whitby 

. lc-rn y; 1P7H0 UK _ Tei 071-734 7 • 74 
' re -" 3c rd!l - £ »scia:!Sls for over 20 y^r, Fo * 271 -437 4966 





2-: HOUR 

foreign EXCHANGE 

London 
Oca I in 5 DerW 


Cy ^*«CYMAPWGKMK>rr 

CMrotenosPic 

U Oid Jewry 

Tot on m ono 

^wisnowo 


>> ;S“ EX ’ M ™ lS ‘BONDS -SOFTS 

° b > e<,IV0 for profojsionol invejtors 

n S79764 


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+120 2.BJO 1560 _ _ 

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-60 4.470 1950 4.9 _ 
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+30 3.080 SjDOO 4a 
-60 Z.BW 1150 5J) 


11490 -a.101E7.7D1C _ 

_i®2 j^SiagraH u 

VS -'S'SKS? 
“H-iS s>a« 
s iiiXvas 

1« +1J01BM01M 53 
214.20 _ 260 190 . 

W5J0 -IflO 3334850 5,1 
370 -14 685 SOLID 63 
167 +4 234 W5SD Ifi 

360 -444120 351 6.2 

773 -10 ra tsstj 

825 _ 1,005 81 B _ 

a 

■s- , 3 , wwh 

-Jg +4 M5 770 BJ 
2J00 3.280 1380 10 

6Z3 4*7 734 STB 15 

-1 MO 4BJ1S 

+a sno 432 as 
— -5 700 47a ?n a* 

IfU +45 1470 1.7,! _ 
n 573 —3 792 fis* ad 

*A 1 JM -giMlSmiS 

I 343 +IL70 KO 335 _ 

1 27540 +140 37726331 AS 

1*1-10 +120 237.00 1013) _ 
1466 — BS 8 3.120 2261 1J 

3F 187 +4.10 214 1S2 54 
®7W +-703BU0 29310 37 
1MM +1.1022450 13630 3J 

C 447M +1.20 650 *7910 54 
r BIB +10 800 SOB 04 

238 -2 307 435,10 34 

287 +3 335 240 34 

I 251.10)8 -1140 3552040 44 


i (Jun 21 /Raj 


1,140 


-1407170 itU 
-140 DELHI QCLBU 4.1 


— AXZON 19BJ 



- CM 


_ AENAmr 

81.10 ... 

-JO 5240 4400 

198 JO -310 22016700 13 
36.90 _ 4740 3640 IS 

37 JO -1.10 62 3740 18 

84 +50 7740 8240 _ 

_ 122 +10 14010141 11 

— DseWB 18BJD -140 20817330 24 

— BMW 15140 -laOtaUTMKUO 1J 

— FMDpR 1440 -40 25 1340 54 _ 

— »miBW8j«W -140 8840 6840 44 

— Gwana 80 -410840 80 44 _ 

— MOpfl *640 +40 SaS0 **.*0 18 _ fffifflg 

— Haonrijr 13050 -1 -S0 15700 123 _ _ Ztartrta 

— tefiw 209 -12*42030841 IJ _ 


z£S% .... 

— SttaRg 912 

— SwttBr 313 

— Swfihnp 184 

— Swftafir 600 


SWI 


755 

1477 

831 

1470 


+1014401.128 _ 
+101104011.500 04 
+60 7-270 B.150 04 
+202400 1480 24 
-461430 710 14 
-6 227 148 14 
+8 888 7D7 — 
+7 870 B63 — 
-701450 1400 17 
-18 1,100 845 20 
+10 B31 352 43 
+5 259 177 44 
— BIB 580 — 
+3 770 525 — 
-10 885 73S _ 
— 14031468 34 
+1 832 810 2JS 
+814151420 14 



■raw 


438 

485 


m 


-i: 


= 8 S> 8r 


— Fhito *b.«j -i.*a 

— PW)& 7*^-0 -JO 
~ Ftoboco 116 *0 -ao 


.. 2B* 3.1 _ 

J an 76 4840 84 

♦^HsBSS z pacific 

7160 — 90407840 24 — JAPAN (4m Z! /Van} 

*6JM -1.70a.7O4MC aa — 

*240 -140 52 4220 1.1 

*740 +40 50JD4740 — 

44 —40 8740 44 34 

03 -1 85.30 mm 54 

70 -14D10Q20 78 24 

7740 -1 JO B54D 85.75 — 

71 —40 BS.50 6840 34 

4140 -140 57.80 40 1 4 


2,130 


810 
718 
2.070 
_ SuqCM) 621 
— SumChm 511 
1430 
1410 


Itnla 


1470 -1014201400 — _ 


- 


14 _ 


_ AaACn 


IS 

?^g 


(Jun 21 /Dm.) 


11840 -40 1811154111 
57.10 -140 88 87.10 84 

11840 —.40 138.40 11820 £7 

M.S© -140 10050 8440 54 

TOUW1 18020 -140 215M 18620 44 
SlDrtH *240 -140 5040 4040 14 
UraMJp 181.70 -240 238181.70 34 
VMU 18BJO — 240 200JC 1B4J7D 24 
HiOMR 48 -40 mm asm 2jj 
WWDpR 101.40 -2201315010140 14 


+ 10 2430 2410 54 
+20015,7001*4)0 4.4 
— M25M62 84 
-10017^801*280 4.7 
-20011400 9400 44 
-200 26.100 ^200 24 
-40 24301440 44 


I {Jun 21 /Kr) 


635 
228 

CartA 270 
Conan 1700 
IVBT2A 124400 
DnlKO B82 
OonDik 31645 
EMM 170 
FLSB 500 
GUNont 540 
ISSB 210 
JpMefl 345 

UtmB 123840 
MCTWS 295 
MMHrdB 93148 
IMM 545 
SoolaA K0 70 
SaftaB 547 
Somta 411X7 
ToOm 312 
Tooftoi 830 
UntdnA 219 


._ 730 505 24 
— 281 216 12 

— 333 267 1.1 

— 7400 5.700 OJB 

_ nun nuoo a* 

-28 1.140 OB 14 
+445 42730840 34 
+1 8025 1G2 &3 

— 618 397 2.4 
+10 843 445 12 

— 276 205 14 
+8 425 332 24 

+840 1480 1,140 0.3 
+7 385 252 3^4 
-12778381 660 OB 

— 737 530 04 

-430 618 530 OJ7 

— 876 473 17 

-7 *85 321 24 
3HM8 300 

— 1.372 818 12 
+6 20720788 44 


HMJUB(JunZt/Mkq) 


Amor A 
cm* 
B 91 A 
EictR 
Humi 
KOP 
total 
IB 


aiani** 


121 

-3 

15410280 U 

129 

-2 

176 

12S 28 

04 

_ 

105 

80 _ 

38.70 

-JO 4050 SS® 1 J 

174 

-3 

233 

170 2.1 

10J0 

— ® 17.40 10.29 

50® 

-JO 

56 

45 2J 

516 

-5 

7DG 

512 IJ 

103 

-2 

132 

in oj 

161 

-e 

247 

160 1.7 

160 


250 

156 1 1 

200 


2S0 

200 18 

206 

+2 

260 

in u 

420 

-2 

465 

297 or 

BSJD 

-.70 

102 

a _ 

70 


104 

H8 14 

67 

-80 

102 

56 IJ 

00 

-3 

I2DS4JD 1.1 

190 

-10 

225 

180 12 

11.10 

-SO 

31 

18 _ 

12J0 

-.70 20.60 1280 _ 


SKtanB 

TmpeB 

Iran 


FRANCE (Jim 21 /fil) 


AfiF 425.40 

Am* 634 

Aktlq 742 

«<£? 587 

Am 21BL5US) 
BC 1.188 

BN* 795 

BNP 341 

Etna* 500 

33)10 
575 
1,000 


... 173 

CnMUn 182.10)8 
Crtuv 1,790 
CMna 136BCxd 
Oral 1410 
CUUAd 378 
CCF 209 
CrfonF BOB 
Crt-ia BIB 
QlacF 385408) 
OKU 500 
Rurait 5250 
DndoF 548 
Dniw 416 
EflF 822 

EauxGn 1199 
Ecco 760 
QWqu 384.10 
B1AC) 34440 
BISwi 802xfl 
ExBSaif 880 
EfBCn 780 
Eoair 640 
EWX 3.450 
E V3» 1.920 

EuHSCQ 030 
EuDfe 1745 
Fknfl 133 
FbndLy B20 
FfmBei 4.440 
STMBlJ 304 
fioHaf 2,190 
Gaunt 842x0 
tTphrs BGO 
Raw 418 
(metal 538 
tamFr 500x0 
knntmq 875 
taiPlw 77 
WtU 481.10 
KMC 635 
I.W4H 821 
LrfCv 380 


__ 879423.10 
-T1 768 505 34 
-O B96 721 24 
-9 913 556 34 
-740 330 217157 
-24 1.4351,145 25 
-71BCC 784 10 

-1 a£a> 23s ia 

-3 893 488 34 
+28 3,7301021 34 
*2 787 80S 24 
-814801487 4j4 
-0 1,158 843 44 
+14022850 1SUB 8.1 
+.1021320110130 — 
+3811981,711 34 
-120 205 13280 84 
+714701.283 34 
-2 455 34® 14 
-403009020440 11 
+51485 972 54 
-5 856 50024 
♦I 498 385 _ 
+3 737 492111 
+20 8.180 5420 17 
*3 830 644 — 
*13 439 381 14 

+3 960 780 17 
-20 19M 2,161 04 
+15 640 638 24 
-3.4B 43536550 5.1 
+4 382 32B ._ 
-81,127 784 44 
-IB 1488 850 — 
„ B85 740 _ 
-12 830 635 10 
„ 3.487 2.750 24 
♦106 1589 1.755 34 
-7 702 S84 24 
+40 19 1243 44 

-2 182 132 74 
—25 939 7B3 17 

=5*383 £i 

+40 175* 1020 oa 
_ 1420 642 09 
-8 6*5 538 12 

♦9.1 048190 308 24 
-8 600 495 24 
-12 71646040 44 

-19 1478 675 94 
-iaa Via n aa 
-OBO 57049U0 7J 
+5 700 500 54 

-6 954 727 12 

_ 49190 377 34 


■ - ,7 1S + -SS 1 ^39 ’sa oa 

AGfeidV 500 +150 638 544 » 
AMtaBg1J1(W +201.4481.120 14 
' ADnz 1302 +21 1811 127b OB 

i WW 80S +340 B7D m iff 
AMD 987.50 +240 1.101 097 _ 

AMnPI 910 +10 1B26 787 as 

gW ^50 +8403*140 276 17 

£?«“ -7 485 348 15 

» M 34340 +14048UU 330 a? 
SffiM «U0 +8 53140 897 34 

BHWDr 7B2 +15 929 830 14 

D BfV 438 +10 575 428 34 

ffador Ban4DnH450 800 015 IB 
BoMO- 28940 +334610 236 IB 

BHF Bk 385 -1 E» ffilfi 

MgO 77240 +150 051 750 1 J 

attaz 14W -10 1430 1,140 04 

CdKnP 870 *101430 840 14 

CmnutA 305 -7 388 303 34 

COM 23540x0 +340 289 228 IJ 
DLW 478 -2 600 460 04 

Dnta* 70840 +1440 BO* B89 1.1 
OoiiaB *77 -1 568 443 14 

ffSib 2J040 +3402M40 21QL5D _ 
DarfiSft 69340 ..0674989140 14 

DfeAMk 18240 -O 188 132 24 
P—Pta 534 +9 007 S2B 24 

DlBMt 2B0 -5 310 260 1 4 

Drafik 350 _46Bin 347 3B 
GEE* 838x0 +10 618 488 1 4 

Bnun 277 -2 307 360 14 

Gktach 700 _ 716 590 24 

Humtofl 200 — 245 198 12 

EtaklZni UT S +1 51330 1.1 BO 14 
E***4> 582M -640 681 582 1.7 

tote 358 -11 440 3SI 24 

Doctm 1,005*1 -940 1392 1400 IJ 
HIM »1JD -J0367402ttS 12 
■70 +2D14BB B30 14 

216 +1 253 214 24 

276 -2 324 278 34 

353 -4 433 383 13 

136 +4 169 132 _ 

587 +7 848 515 12 

491 .+140 558 461 2J 
133 +1401614011110 _ 
13* +1 179102711 17 

830 — 800 BSD 14 

740 -20 860 BB3 14 

858 +1 960 830 1 4 

350 -1 410 35123 

173.70 +107022050 163 ._ 
17140 +840 218 1« 15 
-JK14Q +G <70 3TO 12 
IPf 29940 +140 387 295 24 
mnatall 887 -448&S0 387 IJ 

HamW 778 -5 B22 786 __ 

MM 207 +2 28817850 34 

MUWRD 1980 +75 3517 2480 04 

FWA 225 -1 262 MO „ 

PMKanun 80440 +40 530 60* 34 
Ptradi 7S8 +11 6U 698 OJ 

PlMBO 43040 -ISO 498 419 13 
RnE 40240 -i Siaso oao 34 

RH Pf 330.10 -SO *2* 330 34 

RMnE 1410 +1014201240 14 

RhnmtS 305 +5 372 295 2J 

RfiUnPf 22649 -740 2B7 228 34 
MM 25840 -149 313 2S2 13 
984 +440 12U 999 1.4 
SIMM +440 438 380 14 
039.20 +120 THUD 833 24 
622 -1 695 610 14 

526 „ 559 480 1.1 

277 _ 306 2304# 22 

30540 +40 380 3D* 3J 

47440 +5.70 552 458 17 

76 +4 397 317 24 

VwWst 358 „ 416 358 24 

Mu 443 +581150 *38 14 

VW 45540 +7 554 418 04 

VWPf 35940 +140 443 338 04 
IMtaP 875X0 -33 979 780 15 

4lP PM 220 -2 270 23) 14 


MOfntAT (Jun 21 /Kroner) 

Z AkaiM 74 _ 112 7350 4J 

_ BnnA 149 +1 169 130 OJ 

_ DuBId 1145 +.4519401150 _ 

_ Dntafel 15440 -140 169 125 IJ 
_ Eftntfr 8150 .3 11* 77 _ 

_ HMU7 100 -4 1*9 100 AjI 

„ tamrf 2m -5 MG 232 10 

_ LoHH 91 _ 11340 B1 3J5 

ZDS -450 260 200 IJ 

145 _ 208 1*0 OJ 

_ 211 -2 305 211 14 

_ RDarA. 135 -1014*40 135 10 

7840 _ 91 74 24 

75 _ 91 72 17 

79 -40 97 72 BJ 

Sklrtf 184 -2 122 8640 14 

— IMtor 119 _ 161 117 12 

— Vara A 3340 -4DB440 31 _ 

— VMA G6 -3 89 66 103 


_ AM 512 
_ Aoywno 3420 
_ Anna 5.430 
‘ 1.770 

1.110 
74fi 
1.240 
600 

483 

_ AtafM 912 
BnyoRi SOI 
BnMn 14*0 



-1400 
-10 1460 

-20 U20 

— 15S01J7D .* 
-10 74* 583 14 
-301530 9*0 _ 
-9 S34 402 IJ 
2- 6400 3,400 — 
-40 55*0 4470 0.7 
+1DU001430 _ 
-10 USO 1,100 .. 
-25 80S 380 U 
-30 1J00 14*0 — 
-14 623 410 05 
-9 513 390 14 
—0 879 550 _ 
-4 996 855 ^ 
-1Q1.E40 1JC0 04 
-2* 796 415 — 
-30 34001*10 _ 
-10 1420 B42 34 
+1 718 *36 — 

-30 1 420 1430 


= ESS 1 


— MCvp 


= ssr 


-14 997 732 _ _ 

-2D 60S _ _ 

... OO 848 .. _ 

-13 754 SSl — . StlwMu 

-1 Ml 425 IJ _ shwOMl 

-12 318 _ _ ShwQW 

-40UB0 7410 _ ■■ 

-15 630 409 _ 

-20 2410 

-60 7480 _ 

+10 055 373 14 — 

-C 860 789 — — Staia 

-4 1450 606 — SwnBId 

-201K0 2420 - 

+101430 768 Z 

-10 1 J40 996 04 

+8 8*0 B12 — 

-2012201480 - 
-2 680 *26 — 

-18 976 780 14 
-1* *60 321 — 

-*0 1450 1.420 IJ 
-20 1,950 1.700 — 

-80 14201.500 _ 

— 1.220 900 14 
-30 34401720 — 

-4 BSD 711 

-15 B48 397 — 

-4 982 695 _ 

-8 720 557 — 

+10 792 582 17 
+3014*01410 04 — 

—17 083 460 — — Tama 
-14 583 396 _ _ ThSfl 
-ED U30 TOO 04 — TanSai 
-20 3410 2400 —t 
-2014801420 — _ 

-14 72* 820 — — 

-801.380 90S — _ 


+10 1,290 1,140 - - VMM 
-3014601.120 — ... UMfTr 
-7 638 SOS 09 — WXSPSC 

-20 BIO 411 — WoodPt 

-14 38E 256 _ - wnam 

-IS 700 GOO — 

-6 623 461 — 

-30 1,590 1,110 


745 — 9J2 7.40 14 _ 

2J2 _ 245 127 4.1 — 

4.16M -.16 155 4.15 1* __ 

4J7 + *43 170 1.7 .. 

2JB —13 3JD 174 12 


- 13tt» -2D2420 2J40 ~ Z 

-- _ Snw&a 750 -15 002 700 M _ 


-» 848 619 — — 

-14 747 *25 — — 

-30 22901400 — — 
-0 673 *33 — — 

-1 5 548 SO* — 

-301.100 837 — — 



BEAsta 

35JS 

—.76 

5O2BJ0 2.1 24.1 

CttlMP 

11 

—.10 15J0 1040 3J m_ 

Chaftv 

34.75 

—50 

623US 2J , . 

OlTMt 

•BSD 

-.75 

57 37 38 37 j 

niHlvr 

70 


81 59 21 ST 3 





onto* 


+.10 2720 11® 1.7 mm 

Cntoh 

nuDd 

-1O1B.10 1SJO 3J161 

Oi+m 

10.10 

—10 1421 10 OJ _. 

er+^a 

A® 

-SO 

1® 4.17 21 

Etmeo 

3280 


45 29® 11 — 


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-.u ...» «■*» 

IS 1 *?? 1 ® - - ESS io££ 

UD 


—22 722 570 

-18 662 STS 04 
—90 14901,070 _. 
—20 1 J40 1490 — 



% 

840 

794 

-28 

-7 

'877 

BS 

400 __ 

MM 

Taiwan 


-12 i.in 



Torch 

910 

48 

828 

968 08 


Ibalm 


-6 

555 

367 1 J 


Tonite 


-4 

720 

002 


ToiSsCu 


-13 

031 








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10JOO 

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Toi«a> 

2J40 

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■A T ‘l 

-16 

530 

326 



- SRAM (Jon 21 /Pta) 


sn 

430 
90S 

T ^g 

2480 

— aqnn 1.160 

ami i ™ 

— SuOTB 1490 

_ com* osu 
_ Cemoa 880 
_ D'cofC 574 


1420 

1,460 

1480 

’■SS 

023 

1.170 


^Ciplr 


-10 4J50 3475 44 
-5017.700' 


— CEPSA 

~ OWHM 


1460 
1 ” 

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BunAg 



t 144)0 2J 

-75BJ21 4485 82 
-21.1435 700 209 

-+.-11 *a non yjnn i a 

a+OO 24 _ MUl <060 -1404450 3450 04 — fW” 
91620 2.1 _ DowbPM BS* -ID 705 545 14 — {j ffg * 

— 811 * — 

83 
1.100 
4420 


a 480 -70 6^90 5.150 12 

5JOO -170 B.700 ai40 4.7 
2490 -10 3435 2420 8J 

2430 -65 3.400 2400 84 

*480 

14,450 
4.700 
973 
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4.700 +350 4, 

10,28(1 -220 M 

24*0 -20 2J15 1J7D 4.4 

14» _ 1775 1415 1.7 

. _ 2AOO -10012802400 3J 
EndsBr 5.7EOd -180 1100 5,760 15 
Fecsa 888 -22 1,100 BS5 _ 

GrDuP BOO +15 D24 416112 

MdOui 3.760 -15 5.140 3410 34 
awns 92S +41J10 891 _ 

tope 1400 _ 7490*400 22 

AtapOa 5410 -180 7430 4400 32 
Mbiwa 4400 +86 1*90 4450 22 

PonV laioo -83012500^710 14 
RMini 3430 -80 4400 3,776 34 

fflUa 2B2 _ 3S5 102 „ 

Santo 585 -9 996 951 64 

SwB 624 +3 BIS 610 64 

TUWA 1305 -170 4460 11,305 64 
lotah 1J10 -65 2.1081405 34 

Tudor 1J06 -51^3 960 1.7 

Uh Fm 624 -8 739 676 7v* 

-35 1*00 1/415 117 
117101.150 54 


D-cMP 

DsSdn 

DdtaD 

Dlmm 

_ D*** 

_ DbMRi 


~ DW PTor 

EWmoP 

DIoftFM 


— MbRayn 

•- IhSO 

3JOO -120 3^*50 2490 Z 424 SuL 

1JSQ -20 1AI0 1420 04 

+i aoo 315 _ 

-1 462 337 TJ 

-6 997 Ml _ 

-1014*01440 04 
-2S 788 571 04 

-30 2470 2480 — 

-20 1J30 1,130 _ 

+2D2ja0 2400 

_ 1.000 U10 _ _ MTTOB 

-IB 60* 004 04 -. MfTlS 

-S 80S 708 _ _ ' 

-6 823 410 _ 

-17 568 397 „ _ 

-4014701,420 _ _ 

MM 1,400 1460 04 — 

■— 1060 1,720 _ _ MmaoM 

— 1.810 l.+oa _ MM taorls 

-16 esi dbo „ _ tartten 

-80 9320 BOO — — 

-10 01D 5S1 MKh 

534 -12 570 415 _ MOtSp 

1.180 -10 1370 093 — — *«Sp 

1400 -602420140D _ _ »« 

*00 -20 5Z7 345 _ _ ™ 

1430 _ 1380 S7B _ — J*®* 

«« +10 BB6 687 04 _ "™ 

+20 1.120 951 **£• 

-20 1.710 1400 _ 68B .TO 
-201470 1330 04 _ 



-18 4*6 319 m_ _ TOMSK 1380 
-18 665 385 _ _ Duma S80 
-*0 1.0601,140 _ _ 14W 

-2D 1410 1460 .. „ TTtlrd 1460 

■15 SS 58 TOtame itrao 

_1 S Hi 072 — _ uap«, ansa 
-18 400 30) _ __ hho, +230 
-301^3,100 04 _ D©» STO 
-SO 990 7» 04 MM TXRope 068 

-13 463 OT Z Z liffll, 

J™ OJ Z TtaicS 



310 — 773 Tiatflfl 
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408 
463 

-8 000 
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-15 449 
-10 1.400 _ . 

+101,100 790 

+40 7330 1JO0 03 _ 

-5 W 910 

-30 1.100 859 4S+S> 

— 1340 1483 0.4 _ JSSE 

-8 M4 495 04 _ rSST 

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TatD 


2400 

1410 

7SO 

793 

850 

1460 


-12 BOO 415 _ 

-«a TJBO 1.190 04 
-4 569 421 _ 

-301,7201490 mm 
+20 2420 1410 _ 

+20 2300 1 470 _ 

-70 34*0 3450 __ 

-10 3^801740 _ 

-3 570 4B1 — g- 

-13 70S 520 _ — “'OOn 

+20 1720 1200 — _ 

— 1490 1420 17 _ 

-12 7BD 450 — 

-14 929 867 Z — MALAYSA (JU1 21 / MYR) 

-10 as 

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_ 131 80 24 _ 

-30 2140 1130 4J 374 
-1 0040 47.75 3.7 iai 
-30 1130 1040 3 A 17 
„ 040 MS 44 __ 

36 -1JD 00403545 54 _ 
1440 -30 2435 1*40 14 214 
-30 1540 1040 1.7 7.4 
—40 54 37.75 14 mi 

-AO 3540 20.30 34 — 

_ 31.75 10.10 04 — 
__ 3035 1940 3.1 244 
-jo i7.7o 12 a* _ 

-.10 mao 5.05 5i _ 
-40 4160 2740 12 _ 
-JO 3345 19 JO A J _ 
+.10 13.10 7 60 17 _. 

-1 8440 4SJ5 0* _ 

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-40 25 1240 117 213 

-30 1150 930 04 _ 
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— 39 M —67.1 

46 -1.75 77 42 3J 54.8 

1140 — 1640 11 24 411 

445 +.18 6.15 175 11 14 J 
1140 „ 15.10 945114 373 

440 - 03 6. «5 XBO 6J __ 

■ ■■ -*» 7.BO 17 a 85 _ 

56 -140 71 50 10 074 

aso -20 1140 8 20 834 

—.70 35.75 23 24 — 

-AO 41 2540 2J 
-.1029401* 00 _ _ 
-30 1840 1130 11 _ 

+.10 17.40 10.70 64 _. 


85400 CAE 
61822 CmpMta 
3700 C»aOp» 
1100 CmFdA 
87300 Cmtar 
47961 tonsil 
160445 Cwnm 
074052 Carrsop 
685*0 Contes 
UBSHO CadRacK 
3 Can TV 
383751 tolTfA 
38325 CanUA 
950 CanUS 
33400 Cantor 
S25& OmTno 
800 ESsnSsn 
2825 Catan 
89 Omcap 
115172 CViaOa 
*7728 Conuico 
12933 
*16325 
3700 1 
112721 Qua 
109*550 CreonX 
18900 DonM 
212300 Durian 
128155 Oofeca 
19375 DomfetT 
130054 Damttr 
1645a DuPnA 
8290 DunOBA 
MB 00 Emm 
114700 EchaE 
1000 imcc 
6D380 EuNmr 
114200 FM 
339121 Ftatai 
1000 FSMA 
IBM Foma 
73460 ft Hm 
6100 FahnV 
4*574 FemnA 
40550 *Saaan 
69100 Qanta 
1500 anon 
1250 Btwllf 
101929 Oe»cC 
500 EtadtaAx 


6Jk -L, SP* E*. 
79 +7 19 72 
375 375 0370 

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41200 Heraixnx 
296110 HudBm 
3575 FL 
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62700 Onn 
46050 OOtawA 
37500 Ptotal 
94206 FonP 
1536590 PWA 
47700 PaomA 
10900 PanCnPx 
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10® -35 11® 725 4.7 

20 -.50 31 22® 10 

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-2 110 04.® 08 

+ .75 90 5.175 57 

-.15 1220 7.94 3 8 
-3 127 67® 1.7 
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-75 29 15 IJ 

382 220 1 7 
_ 82® 55 1.7 

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+ 1 91 50® *0 

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S 135 87 1.9 

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55 28 50 U 

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Z 1 TOKYO - MONT ACTIVE STOCKBtTuacday. Jixie 21. 19S4 


Stocks 

Closing 

Change 


Stocks 

doming 

Change 

Traded 

Men 

on day 


Traded 

Prices 

on day 

zastn 

1,050 

+80 

Toshiba . 

4Jm 

820 

-18 

7J0m 

771 

-11 

Nippon Steel 

4.0m 

350 

-1 

ajrn 

1,040 

-20 

fti(1t«i 

4.0m 

1.120 

-20 

&2m 

788 

-22 

Slomo Metal Mng «+. 

3.9m 

988 

-10 

5An 

1^40 

-30 

ta»7ii Motors 

3£m 

531 

-14 


— Tiff 

— T«(CpN 


— — WHtao 


9® +83 320 3 70719 

125 —13 2® 18T _ „ 
189 -.17 4® 3.42 4J ..« 
0-70 -.10 BJB X10 3_3 _m 

0.18 -.10 154 9® IJ _ 


[indices 













J us INDICES 










-1B94 - 


Jin 

Jun 

Jui — 


—199* - 


— DwJobh 

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Jon 

Jun 

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20 

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2881.17 BS 

19938 

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10422 

20512 

10482 

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4063 

2679 

4119 

2609 

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400.48 

40671 

41589 

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26128 

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322180 16(2 


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4613 

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884 

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257.71 

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6057.76 899118 9113® TZ2BUB 4/1 

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127051 2116 
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SUta B(U (31/1359 122346 1227.79 1260U61 142134 31/1 
I (1/4/67) 90162 90174 93689 1B83J9 31/1 


1W y )«aPl J 3n WB |" 584197 603141 6159.74 6454B 6R 


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Bama Cam BN (1B73 67ELB3 671 £3 09190 BT7.17 1V5 

I (4/LW) 10968 10648 11218 131680 106 


996® 25® 
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349400 5/1 
45432 20/4 
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Bangkok SET (9QW7S) 132132 1353® 137053 T75373 4/1 


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122146 21® 
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819483 198 


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Dow Jones Ind. Dlv. YMd 

S & P tnd. Ohr. yield 
S ft P told. P/E ratio 


Jun 17 

Jun 10 

Jun 3 

Year ago 

2/ca 

2.88 

288 

285 

Jun 15 

Jim B 

Jim 1 

Year ego 

£42 

2AA 

247 

251 

2651 

2631 

21*1 

25.42 


L PUTURBS SCOO Umes toidax 


ktuu capilan 1966} 201945 19929LT7 20233.4 26683® 13/1 12960® 248 


591® 4/4 



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LtaOk 

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«ski 

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Sep 

456L50 

45680 

-are 

46730 

45580 

63888 

1S8J20 

Dec 

45660 

45650 

-0.00 

45680 

458.50 

527 

8861 

Mar 

- 

48280 

- 

- 

46200 

16 

1830 


MB CXfM U (1A/716S 6115* 6116 6119 041® 18 


20813.16 2115283 21503J021552M 13® 

301J2 30584 30063 311J1 T3S 

Toplx (VI 168357 1684.47 17I&53 T7B73 T» 

2nd Sw+xin (4A®8 212671 24(270 246160 MIUO 17® 


WdU 225 OWMSJ 
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10/1 

94480 TOR 

1736174 4/1 
2B82 4/1 
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8S9L33 4W 


BuHttack 100(26/10/80) 1300(48 130143 133034 154119 31/1 
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XtaxOgm pwa m M 30Bi77 31256 39119 571 
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160846 21® 
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290® ZV3 
141 JK 21/4 


Open hnoram aguras are tor pmvtaaa tey. 


■ MEW YORK ACTIVE STOCKS ■ TRAOMQ ACT1WTT 



Open 

Sad Price Change 

High 

Low 

Em. voi. Open tou. 

JUI 

16900 

18748 

-15.0 

10020 

18688 

26883 

47AJ8 

Jul 

1884.0 

18665 

-1fi8 

1B9B8 

18858 

4JT70 

9.729 

Sop 

iBoao 

18660 

-168 

19128 

18838 

1889 

19882 


Open nanw flguwi tor p rantou* Oa/. 


Mteday 

Stocks 

0000 

Change 

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traded 

price 

on day 


Jdd 20 

Jan 17 

Jui IB 


2870400 

33*4 

+K 

Now York 5E 

224854 

373.408 

254.590 

nop Mams 

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16874 

29262 

17+403 

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1.151 

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1,415 

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601 

644 

736 

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tows MUad by TeUuita npnaaM «m Mtamu and loam vakw Du dm xxtet hxe raeetad 

• pnnloua ckq/ri. f 6ub)aa ta offioal racatoutelan. 


If this page gets your heart racing, you need a Pulse 

pijls'v or sricji you 'no'e r.evvb iiorr: more or tne wono s 'iic-rketb -£ic.n any ^r , j r: HU Hutchison 
ntne-r iri'cmation payer, jccaiea every -n n;Pe oy Dow Jones derate. TU L 3 Jt ■■ Telecom 


otne-r imormaiion payer, 'jpcaiea every ’*n : n; Jte oy L'ovv Jones seierate. 

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rv*r-:- 


j 



f 


Ttmrirs WEDNESDAY JUNE 22 1994 


' ® _ I 

N ' 


■ y 


4 pm ctase Ana 21 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


ttt 

W> VwStacft 

17V 14% Mfl 


IH N B Ck 

Ota ft E Ufa m tew tax 

a<8 12 <95 01 15 144 14 


134 ALUxA 018 10 32 105 13$ 134 13 


66% 57% MF 1.68 20 
724 52% AW 
5 3% AHX 

5B% 38% ASA 100 44 

31% 25% AOOB. 0.76 20 
134 11% AMU FT an *2 
23% 17% ABM M 002 20 
134 11% Aqrtaceh 
31 24% ACE LU 044 10 
12% 10% ACM Mt 108 8.7 
10% 7$ ACMBMpp 080 80 
10% 8% ACHfiKSp 08611.1 
12 g%ACMMSe 1.08108 
114 8%ACMMffl 108108 
B% BAGMMaaud072 80 
15% 9% AcnreQr 044 48 
94 6% ACM Bed 
284 29 Aorta 080 21 
9% 5% Aetna 030 4 2 

18% 18% AdaosEqr 048 28 


1 18% Mm lac 


1.88 20 23 0135 uS7 G6% 06% 

23 3778 56% 57% 58% 

14 322 4% 4% 4% 

100 4 4 30 3237 40 44% 45% 

070 25 1714617 30 29% 29% 

050 48 8 7 11% 12 12 

052 13 561 23% 224 22% 

24 08 13 13 13 

044 18 41(00 25% 244 24% 

189 9.7 535 11% 11% 11% 

On 88 332 B% B% 8% 

08611.1 940 6% 8% 8% 

1.09108 812 10% 19 10 

188108 620 9% 9% 9% 

072 88 37 8% a% 

044 4 0 12 1B7 10% 10% 10% 

4 198 64 0612 6% 

060 21 14 4 28% 28% 28% 

036 48 Z 425 84 7% 8% 

107 391 14% 14 14 

048 28 0 168 17% 17% 17% 

300 58 242 S3 51% S2 

200 111 10 0532 25% 24% 244 

016 19 B 46 5% 5% 5% 

0.10 06108 133 16% 916% TG% 


S7% 49% Aapon ADR 195 58 11 22 514 


05% 40% AadnL 17B 48 6 4819 504 SO 66 

34% 25% A3* 048 1 A 143512 33 32% 32% 

20% 16% Ahmma 088 48 13 2651 19% 19% 19% 

4 1% Atom he 1 92 2 1% 2 

49% 38$AkftC 096 13 23 1758 42% 42 42% 

30% 31% AHnFrt 030 09 21 Z77 36% 3S% 35% 

27% 1B%A9gastac 44 350 20% 25% 20% 

16% 14% AHaasa 18411.112 1SU16% 16% 16% 

264 21% AATch 10912 24% 23% 23% 

106% 101 AtaMLIB 016 78 3 104 104 104 

18% 13% Atasia Ak 000 IJ 8 218 15% 15% 15% 

21% 17% Atony W 085 18 32 120 19 18% 1B4 

17 13% Attrodx 020 18 2902 U17 15% 17 

S 19% ADOS 028 1.4 14 70 21 20% 20% 

174 AKUhn A 028 1.4 14 212 19% 19% 19% 

2S%AU9i 044 18 226578 26% 28 28% 

194 Atari] 030 18 40 5900 22% 22% 22% 

60% «% Alena 180 1.710 3243 60% 59% 594 


30% 23% Afcn&tam On 23 4 197 28% 


20% 10% Aloof 1 

16% 13% Woo Con 


18% 13% After Don .... ... , _ 

25% SOfm 9» 040 1.7 14 833 23% 22% ZZ% 

4% t%Anan B is i4 1% 14 

27% 17%ABnceCap 184 01 21 754 20% 20 20% 

10% BAtocaQ 018 18 341 9% 9% 9% 

27% 21% AM KM 124 58 13 Z100 22% 22% 22% 

404 33% AM90 087 18 7 5151 36% 35% 36% 

29% 24 ABU Op 088 14 IB 1281 25% 25% 254 

8% 4% AlwMi 21 392 54 5% 5% 

27% 21% Ataom 8 714 25% 25% 25% 

82 64% Alcoa 180 22100 3734 74% 72% 74% 
304 20% AbaCpA <8 2833 2Slt 25 25% 

11% 8% AinGnbc 008118 537 S% 8% 84 

a% 8% Am PredS X 025 38 24 47 7 7 7 

8% 6% AmaGd 008 18 61878 8% 7% 6% 

28% ZO%AmcHthd 0<8 13 14 04 21% 21 21 

52% 44AmdaHsx 060 U 22 4268 52% 51% 53% 

9% 8% AnAlOR 024 17 07 9 68$ 9 

31 20% Am Broridt OID 04 3223389 244 24% 24% 

35% 29% Aroma 100 88 10 3123 33% 33% 38% 

254 184 AxiBaiM 080 38 13 30 204 20% 20% 

8 6% Aro Qsp hex 085 02 215 7% 7 7 

20% 17% An Cap Bd 184 8.7 31 77 17% 17% 174 

23% 194 Am Gv O' 188 53 0 10 20% 20% 20% 

55 42% AraCyan 185 10 29 4309 53 51% 51% 

37% 27% HoBPm 140 B5 14 4831 28$ 28 28% 

33% 29% Auftpr 180 17 112238 27% 28% 26% 

29% 24% AmGad 1.16 4.1 24 5185 28% 28% 28% 

9% 6% Am forth 077108 356 7% 7 7% 

27% 24% An Min’ 230 02 9 592 25% 25 25 

20% 16% AfllHarttgo 086 17 11 62 18% 17% 17% 

554 55% AoHoma 192 58 12 5508 H% 56% 584 

2% 2% AnHoMl 075 300 8 50 2% 2% 2% 

96% 81% ATOM 048 05 16 4673 64% 92% 93% 

11% 8% AnrOppkK 180113 435 9 8% 8% 

30 23% AraPnxn 088 14 381 27 28% 26% 

34 ISAnPTMlfi 040 18 81302 22% 22% 22% 

B% 7% An Had ES 0.44 58 5 53 7% 7% 7% 

27% 21 AmSfejr 048 18 7 4608 244 24% 24% 

22% 18 An War 5% 185 Bl2 2 20% 20% 20** 


OID 08 30 1731 17 18% 16% 
048 14 18 3053 20% 2D 20 
184 88 101384 21%d20% 20% 
016 09 14 172 17% 17% 17% 
040 1.7 14 633 23% 22% Z2% 


27% 21% Aid Mali 
404 33% AMSg 
29% 24 ABM Dp 

6% 4%A8Nda 
27% 21% Atom 
82 64% Aina 
304 20% AbaCpA 
11% 6% AmBRAs 


55 42% AraCysn 
37% 27% AoBPW 
33% 2B% AmExpr 
29% 24% Am6ad 
9% 6% Am fort Ir 
27% 24% Am W) PI 
20% 18% An Hartfe 
054 55% AoHoma 
2% Z% AnHoMl 
96% 81% ATOM 
11% 8% AraOppb 
30 23%AmPnan 
34 IBAntteedl 
8% 7% An Had Ei 
27% 21An£ta 
22% is An wars 
32% 26% AmWNr 
43% 36% AfflHdl 


IS 9 8% 8% 
H 27 28% 26% 
12 22 % 22 % 22 % 

H 244 24% 24% 

2 28^ 20% 20% 


2S% Anwatr 1JB 4.0 11 96 27% 27% 27% 

43% 36% Anvtdl 182 48 14 6315 41% 40% 41% 

43% 35% Amarauhe 188 15 5 30 37 38% 364 

15% 11% AmeS*x 024 18148 529 14% 14% 14% 

60 50$Aux» 120 17 1611395 69% 58% 59% 

9% 7Amxan# OLIO 14 0 5 7% 7% 7% 

4% 3% AmkKX 012 16 S6 129 3% 3% 3% 

33% 29% Amain 1.40 48 101413 32% 31% 31% 

4% 3Anaeanp 12 99 3% 3% 3% 

50% 42% Anadsto 030 08 77 3707 5<% 53% 54% 

31% 23% Analog 271624 28% 27% 20 

29% 24%Anualcax 094 17 23 64 25% 25% 25% 

55% 47%Acfleefr 1.44 17 24 5584 53 51% 52% 

26% 25% Alffl faeff 187106 3 25% 025% 25% 

34 21Ardm 14 2022 21% 21% 21% 


4% SAneonp 
58% 42%AnataXo 
31% 23% Analog 
SS% 24% America x 
58% 47%AcSadi 
as% 25% ATffiPptff 
34 21 Annan 


rn tut 19 is 10 15% 


21% 21% 

15 15 


35 30 Aon Op 182 57 7 10Z7 34% 33% 33% 

29 22% ApndaOp 028 18 40 2531 U29 28% 28% 

10% 9%ApuNkuF 075 7.7 228 9% 9% 9% 

lB%14%Affi 28 2946 16% 16 16% 

7% 4ApddM»g 1 070 4% 4% 4% 

22% 1B% ApfXPw A 012 08 33 249 20% 20% 20% 

27% 22%Areh0n 010 04 17 5000 24% 23% 24% 

50% 43% ArcoOwnX 150 5.4 20 112 48% 48% 46% 

51% 46% ARBC048P 480 98 17 47%d46% 47 

6% 4% Annco 21047 6% 6 6 

29 23%AmnllP 110 19 8 2ft 23% 23% 

57% 43%ArmflN IJB 28 34 1328 46% 45% 46 

<5% 33% ATOM Ba 14 2963 36% 35% 35% 

7% 4% Alin Bp 2 1007 5% 4% 4% 

33%Z3%AnhM 076 80 14 294 ZB% 25% 25% 

30% 21% A5BTO0 040 14 90 5572 29% 26% 28% 


480 98 17 47%«6% 

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110 19 9 23% 23% 

108 20 341328 48% 45% 
14 2903 36% 35% 
2 1007 5% 4% 
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040 14 90 5572 29% 26% 


146% 47 

6 6 
23% 23% 
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44% 34 AahOfl 

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100 ZB 13 3540 39$ 
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020 78 2 143 2% 


48%AT8J 
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31% 22% ATM DsH 040 14 11 248 26%. 27% 28 

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20% 17% AZIKH Bigy 088 4.7 8 37 18% 18% 18% 


24% 17% Align 
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7% 5$Aztar 


040 10 24 350 20% 19% 20 

010 18 284 9% 9% 9% 

060 1.1 24 1973 54% 52% 53% 

044 19 11 33 16 14% 16 

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080 18 18 953 33% 33 33% 

180 11 18 7894 50% SB 58% 

ID 42 10$d10$ 10% 


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9% 6% BET ADR x 034 
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17% 16% Outer FwX 140 
22% 17 B*bH 046 
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28% 22% BUMn 088 
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84% 64% BATst 160 

38% 30SHJJ3 179 
30% 22% Bail 1C BJ 056 
37% 29% Sams Dp 1.40 
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12% 8% BatM 005 


28% 23%BiyStGxa 1.46 
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23% 23% 23% 
27% 27% 27% 

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35% 35 35% 

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32% 31% 32 

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25% 24% 24% 
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29% 28% 28% 
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84 84 84 

89% 87% 68% 
33 32% 33% 
24% 23% 24% 
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44% 44 44% 

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25 24% 24% 

21% ®a 20% 
17% <117% 17% 
« 48 43 

32% 32 32 
29% =% 25% 


TCOM BUKY THAT WORKS RSUH 


SBIS \ 


Telephone Answering Machine 
Automatic ftper Cutter 
60 Locations Automatic Dial 




40%34%BKh0 
7% GBadn’T 
59% 48BeW 
19% 14l 2 Btfn 
E3% 63B6» 

55 45%BalaA 
25% 20% Bam 
69 57% Banal 4JP 
40% 34% BoW 
36% 29% BaMBxiAx 

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1B9SD1S100BMH 
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28% 26% Betti SI 2. 
55% 51%BdhhnR 
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S3% 43% BdzL 

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19% BOdcHPL 
10% 8% BkMtMdvx 


BdatkTgtx 


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27% 19B0OTC 
21% 10% BOBBIN 
15% 9% BatB O m 

22 18% Boot CM 

a ift mSftxi 

34% 30% 8RE Prop 

90%r2%Brtga 

33% £2% BrtdwrW 
99% 50%BMySq 
74% G5%BrAT 
54% 39%Srit6a 
75% 55% BP 
27 i9%BRPnxawe 
23% iSBSted 
71% 53% BT 

2ft 22%BMJnU 


8 ftSnmSft 
30% 26% BmRnBx 
32% 34% &forrx 
4% 3%BHT 
25% 17% Brnsadc 
18% 13% Bull HAM x 
41 36% Buckeye Pt 
16% iftBunOTrW 
17 IftBixgaKI 
28% 18BU1CM 
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49% 40% ftrtiHsac 
19% T7BuMaiR;x 


YU W at Ctaa 

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QJB 58 3 4 6% 6% 9% 

17S 19 16 5157 56% 56% 56 

040 13 15 195 17% 16% 17% 
2.79 48 29 6157 51% 60% eft 

060 1 J 21 230 47% 46% 4ft 
054 14 ffi 357 23% 22% S% 
480 7.1 21 60% « 60% 

1JS2 4.1 12 2443 37% 36% 37% 
047 U IS 14 29% 29% 29% 
004 U 5 1295 1 % 1 

0.48 18 22 886 17% 15% 17 

43 116200 16100 16150 

040 41164 IBB 10% 9% ft 
17 8873 28% 27% 27% 
150 91 15 27% 27 27% 

in 93 27 53% 53% 53% 

040 11 7 8440 20% 1B% 18% 

144 3.4 20 840 43% d<2% 42% 

20 3150 13% 13 13 

O10 06 23 207 15% 16% 15% 

0.40 14 96 1060 30% 2ft 29% 
040 23 17 7134 18% 17% 17% 
132 17 11 282 19% 019% 19% 
073 74 64 ft 9% 9% 

075103 325 7% 7% 7% 

070 74 1394 9% 9% 9% 

1.12 27 24 3889 4ft 41% 4ft 
010 04 28 4784 28% 27% 27% 
012 1.7 15 7% 7 7% 

IS 611 27% 25% 2ft 
140 11 1312127 48% 47% 47% 
040 25 5 535 23% 23% 23% 
046 05 30 549 12% 12% 12% 
044 19356 2061 14% 13% 14% 
030 14 16 4250 12% 12% 12% 

145 54 7 19 21% 21% 21% 

060 15 12 180 24 23% 23% 

027 14 584 23% 22% 22% 

140 74 7 206 31 80% 3ft 

1.84 24 12 368 72% d70% 70% 

19 5171 23(02% 22% 

292 12 1410291 50% 55% 55% 
1.18 10 14 1043 00% n Eft 
107 74 21 220 40 (OO 39% 

125 11 » 5821 73% 72% 73 

091 44 7 460 23% 22% 22% 
019 09 21 231 20% 20% 30$ 
101 14 1414009 SB 55% 55% 
1^ 54 14 741 24% 24% 24% 
140 44211 152 38% 38 38 

032 £4 4 5 5% 0% 5% 

035 15 4 409 2ft 27 27% 
068 12 25 6278 30% 30% 30% 
13 118 4% 4% 4% 

044 14 41 2992 23% 29% 23% 
040 14 41 318 16% 16% 1B% 
180 7.8 10 102 37% V 37 
1.72 11j4 0 193 15% IS 15% 
156 94 19 27 16% 18% 16% 
13 208 19 18% 18% 

140 24 17 4157 58 64% 54% 

059 14 22 3124 44% 43% 44 

1.40 79 22 544 17% 17% 17% 


35% 20% ca 
3Zft 258 CBS 
% iCFhcUU 
25 20% CHS En 
82% 82% CHARl 
51% 44% CPC 
17% 14 CR Dap 

02% 71 CSX 

2ft 19% CIS Cap 


048 14 27 1874 27% d25% 2ft 
290 09 12 532 285% 200% 262% 
016 417 0 90 S % % 

072 35 10 957 20% 620% 20% 
30 270 63% 682% 62% 
US 17 17 5527 51% 50 50% 

056 15 17 1782 1B% 1ft 16% 
1JG 13 22 13M 78 77 77 

040 14 19 68 26% 24% 24% 


2ft 19% CIS Cap 040 14 19 58 26% 24% 24% 
24% 18%ClttMMAm 049 14 10 3839 20% 19% 19% 


132% 82%OUshtn 22 2843 90% 88% 06% 

56% 48% Can* 194 10 25 162 52% 51% 51% 

23% 18% Clint D&G 018 07215 292 21% 21% Z1>2 

16% 10% CadnOian 775 2568 15% 15% 15% 

59 3ftCmaetWI 9 4608 37% 38% 37% 

2% 1% CdFME 040100 2 20 2 2 2 

15% 11%CdBOiCta 018 14 27 149 13% 13 13 

19% 15% Cufrg? IB 508 16% 16% 1ft 

15% 6% Cd Fed 0 2804 12% 12 12% 

25% l7%Cs0nntCo 040 19 58 180 21% 21 21 

42% 38%OnpHS 1.12 11 15 21 00 38% 686% 36% 

» HCataURi 182857 A % A 

18%14%Ca#Bex 042 24 55 4979 14% 614% 14% 

75% £H : k CapCt 002 OO 23585 73% 72% 72% 

38% 28% CapHd 080 17 91788 2ft 29% 29% 


16% 10% CaOiceOaiyi 
59 36% CaaomWI 
2% 1% CalFME 
16% 11% Cdgoi Cbn 
1ft 15% CaEngy 
15% 9% Cel Fed 


1ft 14% Cortex 042 24 
7ft 60% rjpia 002 OO 
38% 2S% CaptH 080 17 
14% 12% Cpefel 148 k 14B101 
87% 22% Capsid Ux 1.60 7.1 


iCapOTHDIX 342 113 6 349 


1788 2ft 29% 29% 
228 12% 612% 12% 
9 22% 622% 22% 


22% 15%Carama1t 17 4559 18% 18% 1ft 

35% 30% Cano 072 11 18 100 34% 34% 34% 
22% I6%can*aa 13 02 20% 10% 19% 

a % CauScoPc 0 123 A « « 

13 9%Can*afr 020 is 10 49 10% 10% 16% 

30 23 Com. 1.70 74 10 2297 23% (02% 28 

88% 56%CpmT 140 39 14 185 61% 81 61% 

26% ISCartarWd 033 14 30 922 1ft 18% 18% 

1ft 14CascdBNB 098 84 14 32 15% 1ft 15% 

1ft 7%C3stiADar 005 06 16 713 8 7% 8 

121% 88% Cm* 1-20 14 1510964105% 102% 102% 
TSlftCDICdni 35 11 14 14 14 

36% 32% CCdar Per 100 04 12 118 33% 33% 33% 

13% lOHCanfii 040 10 1 2003 10% 69% 10 

46% 23% Cenex X - 020 08 10 3747 26% 26 26 

30% 26%CMWoi 108 7.7 B 218 Z7% 26% 2B% 

Zft 21% Cant Loot 1M 6.1 13 512 24% 23% 23% 

15 10% Canr Hsln 090 7.7 7 270 11% 11% 11% 

30 24%CaVNHWXO48 1.7 23 20 29% 28% 2ft 

22 15% CertrVhrt 1.42 04 9 225 1ft 615 1ft 

30%21%cnsw 140 89 134933 21% 620% 21% 

27% 21% Cenksy 11 042 14 191096 26 25% 25% 
25% 18% Certdo 64 808 24% 23% 24 


2ft 21% Gena-laX 1.46 II 13 512 24 
15 10% Can- Han 090 7.7 7 270 11 
30 24% C0VNHRIX048 1.7 23 20 28 
22 15% CartrVnnt 1.42 04 9 225 15 


0% 21% anew 

7% 21%CanteyTl 
5% 18% Cotta 
36 28Qen|iiax 


12% 0% DoponX 040 24 84 21 9% 9% 9% 

15% 9% Chat Use 19 758 10% 6ft ft 

S1% 49% OnseMPff 105 81 11 50% 50% 50% 

40 30%ChxseM 142 15 1914480 38% 38% 37% 

3% 1%Qmm8 1 184 2 1% 1% 

17 IftChckSy 101 171 1G% 1ft 16% 

12% 12ChmBkCx07D 5.7 0 2218 12% 12% 12% 

35*2 30% Chanad 20* 54 20 240 35% 35 35 

42% 33% Ownfik 142 19 611340 39% 3ft 38% 

11% 7% Qwm WBBti 040 24 8 9)9 8% 8% 8% 

27% 22%Omapeala 072 18 57 878 25% 25% 25% 
47% 41% Omni 145 44 11157* 43% 42% 43 

58% 41% 0*8 Fond 1.45 34 227 44% 44% 44% 

1ft 11% CMtfr 020 14 438 13% 18% 13% 

8% 6% QxxMFUl 77 554 7% 6% 7 

38% SCKrtt 6 532 37 38% 3ft 

34% 24% Dataflow 48 20 34 34 34 

83^2 44%ChTpT* 190 11 832112 47% 46% 48% 
83% 70% QlM x 144 13 20 1720 79% 77% 78% 

73% 57 Ogna 104 44 21 4151 71% 70% 70% 

ft 7%ClgtaHIX 090114 2290 7% 67% 7% 

37%29%Caaxpta 146 94 11 S» 3ft 29% 30 

18%15%a«lBal 040 44 18 224 16% IB% 18% 

Z7% ZlCtacfos 1.72 80 71 7961 22% 21% 21% 

25% 19% CHS 048 14 17 3n 22% 2ft 22% 

3% ftOmptocO 382 1120 03% ft 3% 

30% 25% Qpsca 100 7J 10 461 2ft 26% 26% 

23 16% CktuBQ 0.10 05 15 4045 21% 20% 20% 

40% 20% CteosCr 17195BS 22% 21% 22% 

44% 36% QKp in 14 1023472 40 39 38% 

Zft 25 0*39.12 228 89 127 20% 25% 25% 

96 83%CkpraU 890 74 28 84% 83% B3% 

im% B5 0cpPt3Afl 740 7.4 14 95 (Si 95 

17% 14% emus A 20 470 14% 14% 14% 

18 1*C&a(JBB 142 1 04 8 537 14% 14% 14% 

11% 7%OtymM 084 04 29 650 10% 9% 10% 

23% 10% Od» SI 012 1.1 9 1782 10% 610 10% 

00% 50% OwftEq 25 1272 63% 80% 61% 

28% IftCbytoofoi 171758 18% 10% 18% 

11% 0%CknaitoG 047 16 71 10% 10% 10% 

89 73CJsw7.3B 740101 5 7ft 75 75 

45% 34% CtevOf 140 13 7 263 37 36% 36% 

86 73CMdB 740 94 710 77 77 77 


040 06 19 1810 3ft 3ft 33% 
040 24 84 21 9% ft ft 


1ft 11% 0*® 

8% ftOodtR* 
38% SChCrtt 
34% 44%Qhsaaa 
83% 44%Chywx 
83% 70%QlMx 
73% 57 Ogna 

ft 7% Ogra H I x 


18% 15% a»1 Be* 
Z7% 21 Che Obs 

25% iftCtXHI 
3% ftOmpkaO 
30% 25% Opsca 
23 16% CktuBQ 
40% a% Chaser 
44% 3ft Hep 
2ft 25 0*3912 
96 83% CkpPBAd 
1 Oft 85 CttpPOAd 
17% 14% Cta U6 A 
18 1«CbnUBB 
11% 7%CkyMtM 
23% 10%a*rsS» 
60% 50% Oxrtfq 


25% 25% 
42% 43 

44% 44% 
18% 1ft 


18% Cbytoo Hm 
B%CknaitoG 


1% (HO 1ft 
1% 00% 61% 
1% 18% 18% 
1% 10% 10% 
>% 75 75 

37 85% 36% 
77 77 77 


89 730sn7.5B 740101 5 7ft 75 

*5% 34% CkrvCff 140 13 7 263 37 36% 36 

86 73CMdB 7^40 94 210 77 77 

55% 47 Qann 190 16 15 779 50% *8% 50% 

28% 22% Glob Med 050 14 11 79 24 23% 23% 

13 10% CKAtaCDUH 198 64 51 11% 11% 11' 

18% UCtBdmen 044 14 7 S3 13% 13% 13 

17% 13 Coasts* 040 24 17 574 16% 16% 16 

33% 27% CBMI 0.40 1.4 27 1940 28% 28% 28 

«% 38% CdcsCx 078 19 2322379 40% <0 40 

lft 14COCSQ1X 005 03120 343 15% 15% IS 


17% 13 Coasts* 

33% 27% COW 
4J% 38% CdcsCx 
1ft 14 CocsBix 


W%CDorDan 015 08 21 1223 19 


2E% 28% 
40 40% 
15% 15% 
18% 19% 


22 130 29% 2ft 2H 

1.44 28 18U30B 55% 654% 54^ 

070 89 33 10% 10 10% 

DBO 7.4 576 ft ft 8% 

070 104 179 6% 8% 6% 

7% d7% 7% 


11% 8% ColailNX 070 89 33 

ft 7% Modal H on 7.4 578 

7% 6% Mental I 070104 179 

ft 7% Monism. 050 7.7 503 

3ftZ1%CoKas 242 84 81500 
45% 36% CW1CA 012 03 4610582 
24% 17% DxhUco 038 14 9 468 


242 84 9 1506 2ft 27% 26 

012 04 4610552 38% 37% 38% 
048 14 9 468 19% 19% 19% 


2ft Canaries x 148 4.4 10 3783 2ft 2ft 


27 27% 
2S 25 
d3 3 

»% 23% 
Zft 22% 


27% 18 Dxrrtrie 068 24 20 10 27% 

29 21 Cairnmat Offi 19 16 143 2S% 

3% 3 C o mmakxB 0 510 3% 

26% 23%0eaafinai i.*3 to 2 23% 

25% Z1% CWHEH14 190 8.4 27 22% 


25% 21% CaronHlS ISO 84 27 22% 2ft 22% 

26 230x*«i2J» 290 16 3 10 23% 23% 23% 

28% 22% ComnCd 1.60 88137 5469 23% 23% 2ft 

19 12% Oaroinui P* 038 2.7 22 4249 lft 12% 13% 

38% 24% Canpaa 1461995 33% 30% 31% 

1% ACaflpMm 1 90 ,£ dA A 

44% Z7%QnpAHX 040 OS 19 9714 3ft 36 35% 

44 31% CnpSd 25 813 42% 41% 41% 

ft ftCanptrTQp 0.10 1.1 3 11B S ft ft 

30 20% Corns* 074 10 131234 24% 24 24% 

30% 2ft CnAgra 072 25 18 4117 2ft 26% Zft 

31% £3% CocaeaNG 1.48 01 13 33 24% 24% 24% 

25 SOOomectBi 150 80 15 14 21% 21% 21% 

20% 12% Coaeflsr 1 7867 12% 12% lft 

71% 57%ComE 493 495 79 zn 5B% 58% 58% 

32% 26% COQSEd 290 73 106K5 27% 27% 27% 

75 62 Cow Ed Pf 590 79 2100 68 66 66 

29% Z1% Oafn 28 1356 25% 23 23% 

47 30% CMOS 194 59 18 1513 39% 38% 38% 

59% 50% DiRtf 130 23 20 2920 57% 56% 57 

20% 13% Cons Stoo 15 1697 13% 13% 13% 

66% 49% GUBKO X 050 13 32487 52 50% 51% 

GO 52%0Pwr4.16 418 79 2 52% 632% 52% 

100 8SCPW7.45 7.43 8.4 3 09% 89 89 


^ 21% 21% 

20% 12%0ra»ftr 1 7867 12% 12% lft 

71% 57%CdhE 493 495 79 zn 5B% 58% 58% 

32% 20% GanEd 230 79 106K5 27% 27% 27% 

75 (QCaaEdPf 530 79 Z1M 86 66 SB 

29% 21% OaFn 28 1356 25% 23 2ft 

47 36% CMOS 194 59 18 1513 39% 38% 38% 

09% SftCnRd 190 23 20 2920 57% 56% 57 

Zftl3%QxaStn 15 1697 13% 13% 13% 

66% 49%QXBK0Z 050 19 32487 52 50% 51% 

GO 52%QPwr4.16 419 79 2 52% 032% 52% 

100 85 CP* 7.45 7.43 14 3 09% 89 89 

U0% 67ConP798 790 IS rlM 89 89 69 

12% 77g CadMaft) 21 673 ft ft 8% 

5D% 49%CaX6kPr 175 79 10 5ft 50% 5ft 

27% SftCaAPtA 235 13 119 27% 27% 27% 

37% 25%CanSk 090 19 82246 36% 3ft 3ft 

28% IftCariCp 130 02 61572 lft 616% 1ft 

10% ftCawHdt 004 04 156 9% 9 9% 

11% 10% OawHK 1J1115 193 1ft 10% 1ft 

7% 4% QXMXCM 1 347 5% 5% 5% 

1% Cower Co* 1 3322 1% 1% 1% 

52% 35% Cddpkix 1.32 16 13 3057 3ft 36% 36% 

29% 23% Cooper TBA 022 09 202216 2ft 24% !4% 
15% 1ft Can tod 024 13 10 in lftmo% lft 

29 24% Mai 190 45 10 4036 27% 2B% 26% 

34% 27% Coming OSS 11457 2687 32% 31% 32 

16% 12% Conklin 012 09 121 12% 12% 12% 


29% IftContCp 
lft ft Com HI 


ComHUt 
Com HP} 
QXMXCM 


1% A Cower Cot 
52% 35%Coopinx 


29% 23% COoper T8fl 022 09 202216 25 
15% 1ft Con M 024 13 10 103 10 


28 14% Cria 190 45 10 4036 27% 2B% 2ft 

34% 27% Coming 066 21457 2887 32% 31% 32 

16% 12% COnk Tin 012 09 121 12% 12% 12% 

19 13% CtxiXry Ox 032 29 5 5995 14% 14% M% 

11% 7% Camy W 084 80 50 418 ft 9 8 

18 IftCOflUFr 098 54 35 171 1ft 18% 18% 

lft 11% (Mg 19 63 12% lft 12% 

20% 24%Qene 075 29 18 542 26% 25% £8 

17 14%Qaxta6 099 11 15 348 16% 16 16% 

33%19%Q*fls 9117122% 22 22% 

48% 39% Dirt 190 19 13 1049 47 48% 48% 

12 9%QMx 1.19109 13 423 10% 10% lft 


IBM 

Man l*» sock 

3 ft S% CnUqftax 

24% 17%Cnxro*H» 
41% 3ft CaiaCS 
ftCRSSkT 
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26 cue tad 
17% 1ft CUBro 
74% 66CamBA5 
57% 40% CunCn 

13% 11% Ccnzrtta 

37 33% QtWT 
11% BCVMx 
12% 7%C*tM9yx 
ia%13%Cnxfoi 

33% ^VCypAm 
19% IftCytoc 


TC. n b 
Mr « t in 

049 07 0 144 
040 IB IB 618 

18 2B15 
0.12 1.1 30 42 
008169 0 83 
38 2941 
089 15161 15 
150 12 18 

050 19 81253 
082 79 13 118 
190 10 68 B 
196104 0 40 

8 195 
79 1802 
080 29 163776 
22488 


Jl iS 

Hi 

43 42% 
11 % 11 % 
33% 33% 
10 % 10 % 
12 % 12 % 
17% 16% 
31% 30% 
18% 19% 


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6% 4% OanXertc 095 
25% 20DonaUscr 028 
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6ft GftDorer 092 

70% 58% Dow Qt 290 

41% 33%0owta 098 

21% 17% Downey SSL 048 

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40% 40% 40% 
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19% iftHUfoan 096 6.1 145 lft 15% 1ft 

21% 16 MC Id ADR 061 12 6 2808 lft 1ft lft 

16% 13%HREPnpl 1.12 70 24 2 14% 14% 14% 

3% 2%HBdscn 1 63 2% 2% ft 

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094 X 4375 17% 17 17% 

VMtltert IX 65 4 3* 4 

ZtarfMi 1.12 10 87 4i% 41 41% +% 


J 


n- 




j 


38 


AMERICA 


Dow tumbles 
as dollar hits 
fresh lows 


Wall Street 


US stocks tumbled yesterday 
morning as the dollar briefly 
bit an all-thne low against the 
yen, writes Frank McOurty m 
New York. 

By l pm the Dow Jones 
Industrial Average was 40.27 
lower at 3.70L63, as it strug- 
gled to recover from a 44-point 
fall at midday. The more 
broadly based Standard & 
Poor's 500 was off <L98 at 450.50 
in moderate activity. 

In the secondary markets, 
the American SE composite 
receded &96 to 432J23, but the 
Nasdaq composite, which is 
dominated by computer-related 
stocks, suffered the sharpest 
setback on the beds of a prof- 
its warning by Lotus Develop- 
ment. 

After opening the week with 
a 1-2 per cent decline, the index 
dropped a further 10.31 or 1.4 
per cent to 70&54. After two big 
sell-offs in a row, the pessimis- 

lotefle wi lo pmcflft = 


Share price BQ 
SO 



tic mood in equities refused to 
budge. But early on, the dam- 
age was mostly confined to a 
few issues. 

The most notable was Lotus 
Development. The software 
company plunged $14%, or 
about 27 per cent, to $37%. At 
least (me Wall Street securities 
house, Merrill Lynch, lowered 
its rating on the stock after the 
company's announcement that 
its second-quarter results 
would disappoint Wall Street 

For most of the morning, the 
broad range of equities drifted 
lower in lacklustre activity, as 
the day’s economic news elic- 
ited little reaction. The Com- 
merce Department said that 
the US trade deficit had wid- 
ened in April to $8.4bn, from a 
revised March figure of 
$&87bn. The April data, which 
exceeded the consensus fore- 
cast of $7.68bn suggested a 
slower pace of economic 
growth during tha month. 

But the focus of the market 
was still fixed on the foreign 
exchange markets. After drift- 


Brazil slides 1.5 per cent in 
reaction to inflation forecasts 


Equities in S&o Paulo had 
fallen 1.5 per cent by midday 
as the market also took its cue 
from Wall Street The Bo vespa 
index was down 485 to 31,884 at 
the midsession mark, having 
edged as high as 32385 at the 
opening. Turnover was esti- 
mated at Cr29&5bn ($i22m). 

One negative influence on 
trading was an upward revi- 
sion of inflation forecasts, to 50 
per cent from 48 per cent 

Most blue chips were off at 
midday, with Telebras pre- 
ferred down Z.Z per cent at 
Cr88.01, Eletrobras preferred 
Calling 1-75 per cent to CrSOS, 
and Petrobras preferred 33 per 
cent cheaper at Crt42. 


Mexico 


Mexico opened slightly weaker, 
reflecting losses on Wall 
Street In early trading the IPC 
Index erf the 37 major shares 
was down 630, or 03 per cent, 
at 2376.7L 

On Monday the market lost 
13 per cent 

The ADRs of Telmex were 
down $% at $57% and the “L” 
shares available to foreign 
investors declined 03 per cent 
to 9.7 pesos. 

The only advancing stock 
was textile and ghmwinais man- 
ufacturer Cydsa, which had 
gained 03 per cent 


FINANCIAL TIMES 


Wednesday June 22 1994 


EUROPE 


Scant comfort from strategists as bourses fall 


* 


mg lower in early activity, the 
dollar suddenly lurched below 
Y100 just after midday. The 
action triggered a fresh decline 
in bond prices, and a wave of 
program-guided selling in equi- 
ties. 

Among the Dow industrials, 
the cycHcals were the chief cul- 
prits. Caterpillar, which was 
feeing a strike by 14,000 
employees represented by the 
United Auto Workers union, 
was marked down $3% to 
$104%. General Motors lost $1% 
to $52%. 

Mas co tech, a supplier of 
motor vehicle components, 
dropped $2% to $14%. Mr Jack 
wirnam , the Salomon Brothers 
analyst, had lowered his rating 
on the issue after the company 
indicated that earnings were 
likely to come in at the low 
end of forecasts. 

Takeover news, or rather the 
lack of it, also had an impact 
on share prices. Quaker Oats 
plunged $8% to $73% after Nes- 
tle denied speculation that It 
had plans to acquire the US 
food group. 

US Healthcare slumped $3% 
to $39%. giving back more than 
ft had gained the previous ses- 
sion on expectations that a 
merger agreement with John- 
son & Johnson was wmiihimt- 
On the Nasdaq, many tech- 
nology issues followed Lotas in 
a downward spiral, with same 
analysts identifying the profits 
wanting as another sign of 
fla g gin g ifemand in the indus- 
try. WeDfleet dropped $1% to 
$23% and Oracle lost $1% to 
$34%. 

The selling spilled over info 
Big Board issues, as well. 
T exas Instruments shed $2 to 
$74% and Micron Technology 
$1% to $30%. 

Canada 

Toronto fell 2.1 per cent to its 
low for the year at noon, the 
TS&300 composite index losing 
86.15 to 430233 in volume of 
35.2m shares. Declines out- 
paced advances by 499 to 161 
with 274 issues remaining 
unchang ed. 

All 14 subsectors fen with 
the most ground lost by con- 
sumer products, fin anci al ser- 
vices, conglomerates and com- 
munications. 

Royal Bank fell C$% to 
C$25%, Seagram lost C$1 to 
C$40%, imasco dipped C$% to 
C$32% and Alcan gave up C$% 
to C$3L 

Rogers Communications B 
gave up C$% to C$1S% after 
Monday’s gains which followed 
news of its sale of Maclean 
Hunter's US cable television 
assets. Torstar dipped C$% to 
C$23 and Thomson was C$% 
lower at C$14%. 


Strategists who had picked on 
the potential ills of European 
bourses in recent months had 
little comfort to offer after yes- 
terday’s showing, writes Our 
Markets Staff. 

Mr Snshfl Wadhwani of Gold- 
man Sadis, who recommended 
commodities as as investment 
last October, said bourses 
could go higher on a six-month 
horizon, but that significant 
near-term risks remained. 

Mr Albert Edwards of KLein- 
wort Benson, who has made 
commodity price rises, and 
their effect on inflation, one 
planlr in his argument a gainst 
global equities in general and 
Continental bourses in particu- 
lar. was still bearish last night 

Mr Edwards's keynote yes- 
terday was dollar weakness, 
pushing US bonds stfil lower 
and European bands and equi- 
ties down after them. He expec- 
ted this to continue, especially 
since gold bullion seemed to be 
pushing towards $400 an 
ounce. “This impacts directly 
On to US inflationar y worries,” 
be said. “In addition, the US 
Federal Reserve has said that 
it is monitoring the gold price 
ahead of its next decision an 
short-te rm inte rest rates.” 

FRANKFURT did not trust 
Monday afternoon’s partial 
recovery, but it incorporated 
m oat of ft during the official 
session, the Dax index dosing 
14.45 higher at 1,88337. How- 
ever, as analysts forecast on 

ASIA PACIFIC 


State price and Index rates*} 

i40 ----t: 




tuarie 

is Srs 

<!'S indices 


Jun 21 

Qp» 

1030 

THE EUROPEAN SERIES 

1190 1240 1100 1440 1540 Cwo 

FftSEBntadrlOO 
FT-SE &ntiv* 200 

131248 

13457 

131540 

1357-40 

131796 131219 131547 131276 
135257 13S527 13S2S3 135745 

13X75 130348 
134590 134233 



Jan 2D 

JOB 17 An 16 JH 15 

Jim 14 


nr-SE Bmtek iso 

FT-SE Emfeack 200 
bm 1000 psmw* 


130643 13603* 135278 13TBA1 

135130 1 388 . 37 139347 M0M6 

HO • T31USI 200 - 1X2*1 UreBXf - ISO* XXI • 13*Mi 


141331 


-.110 


.'Jan .. ISM. Jun 
Sower FT fiapHtn' 

Monday, the Dax went on to 
test the support level of 1350 
again, closing yesterday's post- 
bourse at 1,957.08. 

Turnover eased from 
DM&Sbn to DM83bn. Mr Edgar 
Beuischek. bead of trading at 
Rank Julius Bfir in Frankfort 
said that equities, again, were 
driven by weakness in US 
bonds and their effect on the 
German bund fixture which, at 
worst, was another 35 basis 
points lower late yesterday 
afternoon. 

The big three banks put in a 
weak or relatively weak show- 
ing, especially Commerzbank, 
Which fell DM7 to DM305 an 
the session and another 
DM5.40 to DM299.60 in the past- 
bourse. Rumours have been 
moving around the sector 


about involvement with deriva- 
tives losses at the flooring 
company, Balsam , Germany's 
latest corporate disaster, and 
yesterday it was apparently 
Commerzbank’s turn to be 
linked with the story. 

PARIS resisted the down- 
trend until the afte rnoon when 
si gnals from T.nmHrm that US 
bonds were weakening, ar»ri Ga- 
ble to slip back further pro- 
vided the incentive for inves- 
tors to seQ. The CACAO index 
dipped 1236 to L890.78, in turn- 
over of some FEtthn. 

Brokers said that there had 
been relative calm in the morn- 
ing, with few institutional 
investors w ant i n g to deal rmHl 
indications emerged an the 
direction of the US. But when 
the Matif began to slide equi- 
ties were soon to follow, 
although the CAC pulled back 
from a session low of L878. 

The equity market has fallen 
more than io per cent in this 
current account period which 
ends tomorrow. 

There were few corporate 


features on a day heavily influ- 
enced by outside events, 
aithong h Eurotunnel lost a fur- 
ther FFrL35 to FFr2335 ahead 
of the dose of its rights issue. 

MILAN staged a te c hn i cal 
bounce, the rtnmtt ipd«c rising 
7.0 to 678T53 although continu- 
ing worries on the economic 
outlook restricted trading 
mostly to domestic investors. 

The r parkpt drew some com- 
fort from data suggesting that 
June inflation would ease to 
3.7 per cent from 4J. per cent in 
May , and comments from the 
primp, minister . Mr Silvio Ber- 
lusconi, that he saw no reason 
for higher interest rates. 

Mediobanca picked up 13® 
to L14.650 after Monday’s 43 
per cent falL The postpone- 
ment of its planned rights 
issue was expected to help the 
market digest other current 

rash raTls, 

Luruiy hotel group Ciga rose 
L35 to L1.10S amid renewed 
speculation that Sheraton, cur- 
rently the largest shareholder, 
will raise its stake. 


AMSTERDAM retreated L6 
per cent as the AEX index fell 
through the 380 technical sup- 
port level to close the session 
off 6.15 at 378 l 69. Turnover was 
reported to have been low. 

Equities took their cue from 
options again; brokers also 
noted that negative sentiment 
took hold in the absence of any 
major corporate news. The 
Dutch brokers, MeesPierson, 
hoped that the publication of 
second quarter company 
results later this summer 
would provide a stimulus for 
the mar ket’s recovery. 

The chemical and publishi n g 
sectors bore the brunt of the 
day's weakness with Akzo. for 
example, off FI 3.10 at FI 196.70 
and Elsevier slipping FI L60 to 
FI 153.40. 

Polygram provided a rare 
chink of light, rising 30 cents 
to FI 7430. as it benefited from 
a court judgement in London 
which found that the singer, 
George Michael, could not 
break his contract wife Japa- 
nese company, Sony. 

MADRID offered an early 
and tentative recovery but 
wilted in the afternoon on the 
weakness of the dollar. 

The general index finished 
592, or 19 per cent, weaker 
at a new 1994 closing low of 
29698. 

Turnover stayed high at 
around Pta54bn, but this time 
a third of that total was attri- 
buted to' block trades in Ban- 


ldnter, linked to plans to can- 
cel tiie bank’s holdings of its 
own stock. 

Severe weakness was seen in 
the construction group, FCC. 
strong recently after an ini- 
tally unenthusiastic response 
to the company's capital rais- 
ing plans; FIX fell PtaTOO to 
Ptal3,7G0. and Gas Natural by 
Pta470 to Pta9900. 

ZURICH gave up an early, 37 
point gain to finish flat on 
futures-led selling, with the 
weak dollar and Wall Sheet’s 
early performance undermin- 
ing the mood. The SMI index 
lost 03 at 29443. 

Banks, under pressure in 
recent days on the uncertain 
outlook for interest rates, put 
in a steadier performance. SBC 
rose SFriO to SFr373. 

Elektrowatt gave up SFr8 to 
SFr346 in response to first half 
figures that were below expec- 
tations, and as James Capel 
revised down estimates for 
1994 and 1995 earnings. 

WARSAW plunged to its low- 
est level since last October in 
shrinking volume, brokers 
said, with no institutional 
demand being seat from either 
domestic or foreign investors. 

The all-share Wig index fell 
4833 or 6A per cent to 7,4106 
as t u rnover fell nearly 30 per 
cent 

Written and edited by William 
Cochran*, John Pitt and Mctad 
Morgan 


Region severely affected by the global downtrend 


Tokyo 


The sharp fell in inte rnational 
stock and band prices damp- 
ened confidence, and the Nik- 
kei 225 average dropped L6 per 
cent to below the 21,000 level 
for the first time since .T ime 6, 
writes Emiko Terazono in 
Tokyo. 

The index surrendered 33837 
at 20,813.16 on profit-taking 
and arbitrage selling, having 
opened at the day’s high of 
21.07632 before failing through 
21,000 in early trading. It bit a 
low of 20,759.45 just before the 
close. 

The Topix index of an first 
section stocks plunged 2030 to 
1,66397, while the Nikkei 300 
shed 4JL2 to 30132. Declines led 
gainers by 948 to 130, with 118 
issues unchanged. 

Volume dipped to 380m 
shares from 416m as most 
investors remained inactive as 
the yen strengthened against 
the dollar, hi l iOtefan the ESE/ 
Nikkei 50 index eased 093 to 
1954JL7. 

Dealers and arbitrageurs liq- 
uidated index-linked positions, 
while some domestic institu- 
tions and foreigners were seen 
bargain hunting around the 
day's lows. 

A Japanese broker said the 
Nikkei 225 appeared to have 
found technical support 
around 20,900, but he added 
that the next support level was 
around the 754ay average of 
20360. 

High-technology issues con- 


tinued to face a»THng on wor- 
ries over the yen's apprecia- 
tion. NEC declined Y3Q to 
Y1340 and Sony Y120 to 
Y6J.60. Automobile stocks were 
also weak, with Toyota Motor 
recedin g Y30 to Y2.170 and 
Honda Motor Y40 to Y1990. 

Mitsubishi OIL the day’s 
most active issue, bucked the 
trend by rising Y50 to Yl,050. 
Reports that it had discovered 
oil off the coast of Vietnam 
prompted active buying. 

The rise in long bond yields 
hurt interest rate-sensitive util- 
ity shares. Electric power com- 
panies were flTnnng stocks hit- 
ting lows for the year, with 
Chubu Electric Power down 
Y30 to Y2980 and Eansai Elec- 
tric Power off Y2Q at Y237D. 

Large-capital issues were 
down an profit-taking. Mitsubi- 
shi Heavy Industries slipping 
Yll to Y77L 

The rise in gold and other 
metal prices supported Hitachi 
Metals, which gained Y20 at 
Y1310. But Sumitomo Metal 
Mining, which has been rally- 
ing on the same them**, lost 
Y1Q at Y988 on profit-taking. 

In Osaka, the OSE average 
retreated 34399 to 2331732 in 
volume of 1313m shares. 

Roundup 


long hnriri yields gnd news that 
Hongkong and Shanghai Bank- 
ing was considering a further 
tightening of its mortgage 
lending rules. The Hang Seng 
index ended 140.40, or 19 per 
cent, lower at 8957.78 in thin 
turnover of HK$2.6hn. 

The property sector led the 
losses, its sub-index dropping 
2.4 per cpnt rihwmg Kong shad 
50 cents to HE$34.75 and Sun 
Hung Kai Properties HK$L75 
to HK$46. 

HSBC Holdings finished the 
day unchanged at HK$85. 

SYDNEY fell through the 
2900 level to end with the All 
Ordinaries mdpy 30S lower at 
19S39. Brokers blamed the 
dramatic drop on the bond 


market, amid inflationary 
fears. 

Commonwealth bonds moved 
down to their lowest levels in 
27 months yesterday. The Sep- 
tember 2004 T-bond was yield- 
ing 991 per cent late in the 
afternoon, up from 9.61 per 
cent previously. 

Equity turnover amounted to 
A$664m. Bridge Oil topped the 
activity charts with 13.37m 
shares changing hands. The 
takeover target closed steady 
at 85 cents. 

S INGA PORE and KUALA 
LUMPUR reflected overnight 
fans in US European mar- 
kets. The Straits Times Indus- 
trial index relinquished 2293 to 
236197 and the KLSE compos- 


ite index did 2490, or 29 per 
cent, to 1911.46. hi Singapore, 
a trader said speculators sold 
out In Kuala Lumpur, dealers 
said some institutions were 
trimming their portfolios to 
avoid over-exposure. 

TAIPEI dropped below the 
6900 support level on a weak 
finanniai sector and bearish 
International markets, the 
weighted index losing 89.44, 
or 13 per cent, at 5348.97. 
Turnover shrank from 
T$S7.7bn to T$46.7bn. 

to financials, which led last 
week’s gains and were hit by 
heavy profit-taking, China 
Trust shed T$2 to T$6530. 

MANILA bemoaned Philip- 
pine Long Distance Tele- 


phone’s weakness In New York 
as the composite index receded 
4099 to 231439. Turnover rose 
from 5073m to 895.4m pesos. 

PLDT, the market heavy- 
weight, following a $1% fell to 
$61% on Wall Street, closed 
slightly over one per cent 
lower at 1,675 pesos. 

BANGKOK added domestic 
politics to more general con- 
cerns, worries about rifts in 
the ruling coalition helping the 
SET index fell 23.96, or 19 per 
cent, to 1,32932. 

COLOMBO bucked the trend, 
its all-share index making its 
first double-digit gain in five 
weeks to dose 1834 higher at 
927.76, but brokers said the rise 
was not sustainable. 


r 


1 


Weakness in bonds around Hip 
world depressed most of the 
equity markets in the region. 
Bombay and Karachi were 
closed for public holidays. 

HONG KONG feH for the sec- 
ond straight day on rising US 


S African industrials drop as 
investors await budget details 


Industrial stocks fell sharply 
amid continuing uncertainty 
in the world’s financial mar- 
kets and ahead of today’s 
South African budget ann- 
ouncement Brokers noted that 
a raids essian recovery in 
industrials had proved unsus- 
tainable in line with weakness 
among European equities. 

Gold shares were more 
active as they tracked the 
move in the price of bullion. 


which rose above $390 an 
ounce. The overall index ended 
9 iq> at 5.721, industrials fell 
26 to 6994 and the golds index 
added 18 at 2345. 

De Beers and Anglos 
rebounded after early losses, 
reflecting an improvement of 
sentiment in mining-related 
stocks. De Beers gained R235 
at R115 and Anglos dosed R4 
ahead at B238. Gencor slipped 
15 cents to K1195. 


FT -ACTUARIES WORLD INDICES 


JotaBy compiled by The RnencU Time* Ud, QoMman, SMItt & Co. and r**W«* Securities ud. in oortrctton with the institute or Actuaries and tha Faculty at Actuate 
NATIONAL AND 
RflOKWAL MARKETS 
Figures in parentheses 
show number of firm 
at stock 


US Day's 

DoRar Change 
Index % 


MONDAY JUNE 20 1S04 - 

hurt Local Local 


Srertng Yen DM Currency * chg 

Index Index Ind* Index on day 


fives 

Dtv. 

YWd 


US 


Index 






Balgium (37) 

.. 16790 

Cairtp pflfi). 




FMand CM) 


Franc* (B7) 


Germny (SSL— 


Hong Kong (56) 

387.17 

aa*<K* 

ana? 

•taWI(460} 

Makvsfafgn 

->—.16205 



Nathartand p7)_ 


Naw Zeotand n4> ... 



Singapore m 


South AlrtcapO). 


Spain (42) 


SNredan(36) 


Switzerland (4?) 


Umtod Wngdom (20S»__ 
U&A(5)S) . 

18254 

18266 

SWOPE (720), 

Mordc «16)._ . 

161.61 

Padlfc Basin (750) 

Ewo-Padtie (1470)„— 
Nor* America (623 

172.36 

—167.72 
18191 


- FfflDAY JUNE 17 1904 

Pound Lo cf* 

Storting Yen DM Curancy 92 wreak 52 week 
fcrtex Index Index Index Low (typra*) 


DOLLAR INDEX 

Yew 


-os 

-03 

0.4 

-as 

-0.7 

im 

on 

-1.7 

-in 

03 

-24 

0.1 

-m 

-0.7 

-08 

- 1.2 

-1.4 

03 

-03 

-46 

-15 

-US 

-04 

-0.7 


164.06 
175.72 
181.31 
118.97 
243.78 
136.47 
15545 
127.2Q 
353.62 
17845 
77.38 
16206 
467 JM 
1902.80 
189.91 
6640 

173.40 
32830 
27046 

131.40 
197.60 
14844 
17966 
12U8I 


109.80 

117.81 
i07.se 

7B.82 

163.16 

91.33 

10497 

85.13 

23697 

11&87 

51.78 

10849 

31257 

127336 

127.10 

44.17 

1T6LQS 

219.78 

18392 

87.94 

13236 

loan 

12024 

11997 


14157 

18154 

139.21 

10200 

21037 

117.78 

13457 

109.77 

30016 

154.88 

06.76 

137.18 

40203 

1641.84 

16269 

5295 

14063 

28239 

23558 

11359 

17069 

12208 

155.04 

15450 


16354 

15151 

136.15 

12451 

219.03 

15859 

13277 

10277 

36451 

17352 

0452 

10239 

48455 

7267.12 

16153 

61.12 

16353 

24002 

29224 

13751 

23453 

12279 

17266 

18558 


-15 

-25 

-1.4 

-15 

-25 

-07 

-1.7 

-3.6 

-15 

- 1.1 

-26 

-15 

-09 

-07 

- 2.6 

-15 

-35 

-at 

-15 

-15 

-3.4 

-3.1 

-1.7 

-07 


359 

155 
456 
2.72 
159 
050 
■4M 

158 
026 

350 

159 
072 

156 

157 
352 

351 
155 
1.76 
2.15 
4.19 
1.71 
157 
4.18 
259 


17153 

18254 

18278 

12248 

25452 

14024 

16150 

13453 

37090 

18556 

8256 

16451 

489.72 

1989.04 

19245 

8959 

iaass 

34006 

28458 

13751 

20856 

157.68 

18756 

18851 


16755 

17249 

182.73 

12040 

24272 

13653 

15757 

13157 

30159 

18155 

8026 

16051 

47752 

194068 

19353 

67.70 

iTaii 

331.80 

277.76 

13357 

20457 

16354 

18251 

18256 


11241 
11858 
109.11 

82.74 
16277 

91.74 
10552 

8758 

24255 

12140 

5282 

10752 

32038 

130154 

12953 

4559 

11242 
222.47 
10654 


13857 

10215 

12251 

12258 


14200 

155.02 

14152 

107.17 

21201 

11853 

137.19 

11353 

31450 

15754 

6271 

13956 

41458 

1886.44 

16217 

6650 

15456 

28216 

24152 

11658 

17751 

133.81 

15858 

15858 


15260 

15242 

13853 

12754 

22158 

18008 

14122 

11353 

36208 

17228 

9248 

10752 

46031 

7321.17 

165-65 

8224 

17550 

24032 

29218 

14040 

24252 

133.97 

182.71 

18851 


189.15 

19241 

17267 

14551 

275.79 

15272 

18237 

14757 

flora 

20953 

97.78 

16234 

02153 

264758 

207.43 

7758 

20642 

37282 

28458 

15279 

23156 

17256 

21456 

10204 


130.19 

14290 

14252 

121.46 

20758 

8854 

148.60 

10750 

271-42 

16593 

5798 

12454 

31251 

1481.06 

16492 

4280 

15051 

24048 

17293 

11233 

18355 

12446 

17032 

17895 


13444 

14273 

14347 

12295 

21444 

87.81 

161.20 

10998 

29257 

15857 

6893 

143.72 

33291 

148248 

16295 

4210 

152.15 

25350 

19292 

12053 

171.78 

125.12 

17593 

181.10 


-7 TT_ — i— —.of 

&* «ta*n (261) 24208 

Yferid £l US (1833) .18899 

World Ex. UK (1967) 17252 

Wortd Bl Sa AL pi 13) -172.63 

Wfart Ex. Japan (1703} (P 


-08 

15284 

104.17 

13491 

14797 

-23 

217 

-l.t 

192.10 

12256 

16277 

19698 

-2.7 

192 

09 

166.02 

111.11 

14227 

11993 

-19 

194 

-03 

16193 

10211 

13098 

12891 

-1.7 

190 

-0.7 

17210 

117.19 

151.10 

18140 

-0.7 

288 

-19 

13233 

9395 

12023 

12797 

-2.7 

295 

-09 

23750 

15281 

20492 

22096 

-19 

290 

-04 

16247 

10273 

14020 

13221 

-1.7 

191 

-09 

18267 

11098 

14296 

14270 

-19 

293 

-09 

16856 

11147 

14247 

14792 

-14 

Z2S 

-05 

17358 

1120* 

14892 

17293 

-19 

295 

-OS 

18652 

111.71 

144.04 

14269 

-19 



16256 

201.77 

17250 

16855 

133.16 

14214 

24216 

16951 

17255 

17346 

18158 


15290 

19286 

16220 

164.18 
17271 
14259 

242.19 
18220 
16264 
169-24 
17207 


10255 

13200 

112.76 

11007 

11952 

95.61 

18256 

11077 

11398 

11348 

11858 


13200 

17097 

14208 

14257 

156-20 

12353 

21028 

14347 

14046 

14698 

153.70 


15075 

202.12 

11754 

131.14 

18252 

13142 

warm 

134.47 

147.60 

14851 

175.16 


17268 

22060 

173.75 

17078 

192.73 

16747 

29221 

17251 

17556 

17256 

19650 


14158 

16692 

134.79 

14198 

17557 

12257 

1B25B 

14294 

1337 ? 

15590 

16272 


14356 
161.16 
14758 
14557 
17793 
12394 
18284 
14652 
IBS JO 
18797 
18851 


174.14 19891 11392 14796 15090 17897 156.17 15753 


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DELIVERING RESULTS 


PRELIMINARY RESULTS 
FOR THE YEAR ENDED 31 MARCH 1994 


-V 




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... . - 

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HIGHLIGHTS 

■ Pre-tax profits up to £1 26.3m 

■ Earnings per share up to 83.6p 

■ Total dividend up 1 5.95 % to 24.35p 

■ Electricity price reductions and rebate given 

■ 2.5% growth in electricity units distributed 

■ £1 03m expenditure to improve services 

Chairman, Bryan Weston, said 

"Manweb's core electricity businesses continue to perform well and close attention to 
costs has resulted in Manweb's other businesses all returning a profit at the year-end. 
This has enabled us to give two domestic electricity price reductions and a rebate within 
9 months while maintaining strong dividend growth for shareholders. Investment in 
customer service continued with a £103 million expenditure programme. Improvements 
in the performance of the distribution network were evident and in 1 993 we had the 
second lowest level of complaints to OFFER and the lowest level of disconnections in 
the industry.® 



The Company's Annual Report will be sent to all shareholders in earfy July. Copies are available from the Company Secretary. 

Monweb pic. Seafood Road, Chester CHI 4LR. 

For share price information call our Shareholder Helpline on 0839 500543 
Calls at peak rates wit! be charged at 49p per minute and 39p per minute at arty other time.