Skip to main content

Full text of "Financial Times , 1994, UK, English"

See other formats



TOMORROW'S 

Weekend FT 

How Delors changed 
the face of Europe 


i 


FINANCIAL TIMES 


.Etjrope.s • -Busi ness Wavvsp'aper 


Tobacco group 
chief denies 
nicotine charges 

Tho mas Sandefur, chairman of Brown & 

Williamson Tobacco, a subsidiary of the UK’s 
RAT Industries, yesterday denied his rampany 
deliberately manipulated nicotine levels in its 
cigarettes and misled the public. The denial ^■"p 
as the US Justice Department said it was pramhiftig 
allegations of criminal misconduct by the tobacco 
industry. Page 16 

Queen to give up royal yacht Britannia 

* v- v. Queen is to help 


FRIDAY JUNE 24 1994 


-.I*-#? •» . 





to trim Britain’s defence 
costs by by giving 
tip the royal yacht 
Britannia, left Defence 
secretary Malcolm 
Rifkind said the 41-year- 
old vessel would be 
taken out of service 
in 1997 and the govern- 
ment would consider 
whether to replace 
it_ He also announced 
that the Queen and 
her family will reimburse 

_ the Ministry of Defence 

for the cost of using RAF aircraft for purely priv a te 
purposes. Page 8 

British captives freed unhurt: Rim Housego, 
16, son of a former Financial Times correspondent, 
and London video director David Madtie, 36, 
captured 17 days ago while on a trekking holiday 
in Kashmir were released unharmed by their 
Moslem militant captors. Page 6 

French troops start Rwanda mission: 

French troops flew into eastern Zaire in readiness 
for Operation Turquoise - the controversial mili- 
tary expedition to rescue civilians trapped in 
Rwanda's genoddal war. Page 6 

High hopes on Ulster deal: Senior Whitehall 
officials voiced confidence that prune minister 
John Major and Ireland’s premier Albert Reynolds 
could agree the framework for a comprehensive 
political settlement in Northern Ireland by mid- 
July. Page 9 

AT&T, the largest OS telecommunications 
operator, announced an alliance with Unisource, 
a venture between the Swedish, Dutch and Swiss 
national operators. Page 17; Lex, Page 16; AT&T’s 
hidden agenda. Page 20 

US relief at N Korea accord: There was 
enormous relief in Washington over an agreement 
1 to freeze North Korea's nuclear programme and 
paving the way for talks in Geneva next month. 
Pages 

Ablota held by police: Moehood Abiola, who 
defied proclaimed himself president in defiance 
of Nigeria’s military administration, was arrested 
and was being questioned in connection with 
alleged treason. 

Brussels faces steel challenge: German 
and Dutch steel producers said they would go 
ahead this week with a European Court challenge 
to Brussels' decision to approve state subsidies 
for an Italian state steel producer. Page 2 

UK Budget day: This year’s UK budget will 
be on November 29, it was announced. 

Portaged central bank: Portuguese secretary 
of state for finance Antonio de Sousa replaced 
Miguel Beleza, who quit as Bank of Portugal 
governor. Hie appointment cast doubt on the 
central bank’s independence. Page 2 

Ro th ma n s International, tobacco group, 
is to cut 1,000 jobs in Europe in a feather rationalis- 
ation of cigarette manufacturing. Page 17 
NtaxlcO'BcazJI relations cod: Relations 
between Mexico and Brazil are being strained 
by the battle to head the World Trade Organisation 
which will succeed the General Agreement on 
Tariffs and Trade next year. Page 7 

Eurotunnel anno unced that only two-thirds 
$ of toe UK tranche of its £858m ($1.3bn) rights 
issue was fakon up, significantly lower than for 
the 1990 issue. Page 17 

Japan drug shares probe: Japan's securities 
industry watchdog raided a drug wholesaler. 

Nippon Shoji, at the centre of a scandal over 
alleged share sales by 175 employees and their 
relatives just before an announcement linking 
the company 's shingles drug to the deaths of 
15 patients. Page 6 

Exit for ox-diampfion: Former champion 
Stefan Edberg was beaten in a five-set second -round 
match by Denmark's Kenneth Carlsen at the 
Wimbledon tennis championships. 


■ STOCK MARKET INDICES 


FT-SElOtt 

-Ml 


•40424 
.-M t 


FT-SE Emtrack 100 -1,33698 

FT-SE-A Afl-Share 1,47835 

»JaS -21.M&21 

farYqrfctancttfaw 
One Jones M A» — 3,717-48 

SSPCsRqadb 461 SI 

■ US LUNCHTIME RATES 


HMI 

(*13-98) 

(- 0 . 6 %) 

(+450.83) 

f-7-29) 

(-1.58) 


fated Funds 4A% 

3-flOTrwB Ms™ _A2B» 

lung Bond ~96 

ftfid 72*3% 

■ LONDON MONEY 


3-niottHlsnk 

life bog gK Mot: -law IBIJi (kHlIOIjz) 

■ NORTH SEA OH. (Arpa) 


15-day (Autf „_-$172D (17-4® 


■ Cold 


tew M Coma (Aitf —93815 t 391 ^ 

ladon „_„iffl97 


New Vtark lunchtfrat 

S 

London: 

1.5395 


S 

1.5396 

(19355 

DM 

24671 

(24579} 

FFr 

64428 

(8.4113) 

SPr 

20763 

(20684) 

Y 15SJ5Z4 (154.627) 

Elndn 

799 

(796) 


■ DOLLAR 


New Ybrk tuncHkne 


DM 

1JQ255 


FFr 

648225 


SFr 

1948 


Y 

101.15 


London: 


DM 

15035 

(1.6006) 

fflr 

54875 

(5.4775) 

SFr 

19495 

(1947) 

Y 

191.15 

(100995) 

S Index 

649 

(639) 


Tokyo dose Y 101.31 


Suez 
faah Oman 

Bapm BFfffi 

beam 
l *»® CEl.tO 
Cadi* C2K® 
ten*k DK 1 I 6 
fa* earn 

fart FW4 
fantB HMJD 
“wwny 0U3£Q 


Greece WB0 
Hang Kona W® 18 
Hunger 

isdnl ««?16 

kite raw 

Ote 3*6-90 
U L300D 

Joan van 

JoKbn JD1J0 
Ki Ml 

Lebtnan USS1-5Q 


Las 


LFrOS 

UnQfO 

ttnccs WWS 
wtti fHJ” 
Mb* 1 ® 
towy 

Oman CRI^U 
FWosUi fWO 
RApP«t PSoSD 
Feted 332000 

Ponuo d Es22S 


Qobr OR13JD 
SLAdn Smi 
Swm SS430 
Sbwfc Rp KSL50 
sutfiAUnmaoo 
Spain Po225 
Sweden SKrIB 

s *tz snaao 
Syria SE50JJ0 
Turtsa O nlfCC 
TirtBf 130000 
UAE DM£jOO 


Steady dollar helps European bonds and stocks 

Traders warn currency’s downward trend not yet reversed 


By George Graham in 
Washington and PhJHp Coggan 
in London 

The US Administration's defiant 
response to the dollar's renewed 
plunge earlier this week 
appeared to be paying off yester- 
day as the currency held steady. 

But traders warned that, the 
foreign exchange markets 
remained e x tre m ely nervous and 
suggested that the Administra- 
tion had not yet reversed the gen- 
eral trend of the dollar’s decline. 

In London, the dollar closed 
slightly higher against both the 
yen and D-Mark at Y10L15 and 
DM1.6035 respectively, from 
Y100.695 and DM1.6006 on 


Wednesday. Rumours of coordi- 
nated central bank intervention 
punctuated the day. but were not 
translated into action. 

"The dollar is sitting just 
slightly above the level where 
intervention might be expected” 
said Mr Michael Saunders, econo- 
mist at Salomon Brothers. 

The steadiness of the US cur- 
rency helped most European 
bond and stock markets, 
although bonds and shares 
traded lower in New York in the 
early afternoon. Hie US bench- 
mark 30-year bond was down a 


quarter of a point yielding 7.409 
per cent, while the Dow Jones 
Industrial Average was 6.34 
points lower at 3,718.43. 

Foreign exchange dealers 
appeared yesterday to have 
stayed largely on the sidelines for 
fear of concerted intervention by 
the central banks of the Group of 
Seven lwariing industrial nations. 

That could change if signs of 
disagreement emerged among the 
G7 partners in the run-up to their 
s ummit meeting, which opens in 
Naples in two weeks’ time. 

Japan has been the most out- 


spoken in voicing its concern 
over the dollar's foil, which dam- 
ages Us export prospects at a 
time when the country's econ- 
omy is slowly recovering. But 
officials from continental Europe 
have also expressed increasing 
irritation at currency instability. 

They too fear that the dollar’s 
fall, and its knock-on effects on 
long-term interest rates, could 
choke off their own recoveries. 

Administration officials yester- 
day reiterated President Bill Clin- 
ton's upbeat assessment of the 
US economy on Wednesday in 


which he urged investors to pay 
more attention to fundamentals. 

Mr Leon Panetta. the White 
House budget director, tried to 
reassure the debt markets by 
promising that the US budget 
deficit had turned a comer, and 
could fall as low as $225bn in the 
current fiscal year, far below the 
original estimate of $301bn. 

But the financial markets 
appear already to be anticipating 
an even lower deficit than this, 
so Mr Panetta’s good news had 
little effect. 

Government bond markets 


were strong in Europe with m- 
year German bunds rising by 
around half a point and id > ear 
gilts up by around ■■ of a point. 

The German and French equity 
markets each rose by more th.in 
1 per cent, following a 2.2 per 
cent increase in Tokyo's Nikkei 
225 index earlier in the day The 
main exception was London, 
where the FT-SE luo index fell u.6 
per cent. 

Durable goods orders up. Page 5; 
Rising yen: it was not always 
thus, Page 6; Summons to action. 
Page 15; Bonds. Page 21; Curren- 
cies, Page 42; London shares. 
Page 35; World stock markets. 
Page 46 


Germany will call another summit next month if deadlock remains 


EU leaders 
pressed to 
pick Delors 
successor 


By David Gardner in Corfu 

European Union leaders were 
muter pressure last night to set- 
tle at their Greek summit the 
divisive issue of who should 
replace Mr Jacques Delors as 
European Commission president . 

The 12 heads of government 
arrived in Corfu last night for the 
two-day summit where chances 
of breaking the deadlock are gen- 
erally believed to be, at best, 
even. 

Mr Jean-Luc Dehaene, prime 
minister of Belgium, appeared to 
retain a dear lead over his main 
rival, Mr Ruud Lubbers, the out- 
going Dutch prime minister. But 
the UK and Italy have still not 
signalled an intention to back 
either of them. 

Chancellor Helmut Kohl 
warned on Wednesday that the 
German EU presidency would 
call another summit next month 
if the 12 failed to agree on a suc- 
cessor to Mr Delors during their 
time in Corfu. 

Mr Andreas Papandreou, the 
Greek prime minister, tried to be 
positive by suggesting that “well 
do everything we can" to reach 
agreement: “I want to be optimis- 
tic. I think we will succeed." 

Mr John Major, the British 
prime minister, formally hacks 
Sir Leon Brittan, the EU trade 
commissioner, as an outside con- 
tender, but the UK prefers Mr 


EU leaders at mercy of 


hijacked agenda 


.Page 2 


Ulster peace accord 
dose 


-Page 9 


Editorial Comment _ -Page 15 
Observer —Page 15 

Lubbers to Mr Dehaene, who is 
being promoted by France and 
Germany. 

On arriving, Mr Major said: “It 
is important to get the right 
result Whether that will be here 
or not rm not sure." He refused 
to comment on Mr Dehaene’s 
candidacy. 

In the UK yesterday, Lad- 
brokes, the bookmaker, was quot- 
ing Mr Dehaene as 1-3 (on) 
favourite and Mr Lubbers at 7-2. 
Mr Brittan was trailing on 7-1 
and Mr Peter Sutherland, outgo- 
ing head of the Gatt world trade 
organisation, was quoted at 3-L 

The Belgian and Dutch leaders, 
both Christian Democrats, agreed 
at a meeting of EU Christian 
Democrat parties in Brussels an 
Wednesday that neither would 
veto the other. Both are expected 
to leave a dinner tonight when 
their colleagues try to break the 
rinarilnck. 

The Netherlands intends to 
push hard its claim to the top 
Brussels job, according to Dutch 
officials , on the grounds that it is 



.. ShsJ «•"* ' ... ■ vv-.-'i 

y ■ 

■-£ . i - * ^ • . H- 


Pessimistic about a deal: Jacques Delore at a meeting of senior Socialists before the Corfu summit 


the only founder-member of the 
Euro-club not to have held the 
Commission presidency. It will 
also be argued that the Nether- 
lands will shortly become the 
largest net contributor to the EU 
budget an a per capita basis. 

The Dutch may also seek to 
exploit fears that France and Ger- 
many, the driving axis of the EU, 
are overstretching their power in 
trying to impose Mr Dehaene. 

Mr Silvio Berlusconi the new 
Italian premier, is yet to indicate 
his preference. He is looking to 
bargain for a settlement of a 
long-running row over Italy's 
flouting of EU limits on milk pro- 
duction, and has threatened to 
delay the EU budget increase 
planned for next year unless he 
is satisfied. 


Mr Delors told journalists he 
was pessimistic about a deal on 
his successor. The powerful Com- 
mission president may himself 
become a focus of controversy. 
Mr Kohl wants him to head the 
group of experts the Corfu sum- 
mit is expected to set up to pave 
the way for the 1996 review of the 
Maastricht treaty. 


Mr Delors is understood to be 
weighing the possibility against 
his prospects of running as a 
Socialist candidate for the French 
presidency next year. 

After this spring’s voting rights 
dispute between the UK and its 
partners, the 1996 review is 
expected to be as stormy as the 
talks leading up to Maastricht 


Kodak to 
sell drugs 
subsidiary 
to Sanofi 
for $1.68bn 

By John Ridding in Paris 


Sanofi, the French 
pharmaceuticals and cosmetics 
group, yesterday announced that 
it is to buy the prescription drugs 
business of Sterling Winthrop, a 
subsidiary of Eastman Kodak of 
the US, for $ 1 . 68 bn. As part of the 
deal. Sanofi will sell its minority 
stake in Sterling Health Europe, 
which sells over-the-counter 
products, back to Kodak. 

Mr Jean-Francois Dehecq. 
chairman of Sanofi. which is a 
subsidiary of Elf- Aquitaine, the 
recently privatised French oil 
group, described the move as a 
major strategic decision which 
would substantially strengthen 
the company's presence in the 
pharmaceuticals industry. 

He said the acquisition would 
be financed by the sale of the 
group's bioactivities businesses, 
one of the group’s principal busi- 
ness areas with annual sales of 
about FFrTbn (SU!5bn). 

Mr Dehecq said the price paid 
for the acquisition represented a 
multiple of 1.4 times the sales of 
the businesses acquired, which 
was lower than other recent big 
acquisitions in the pharmaceuti- 
cals industry. 

Sanofi 's earnings per share will 
increase by between 10 and 15 
per cent next year ns a result 


Continued on Page 16 


Conseco forces GE Capital 
out of bidding for Kemper 


By Richard Waters in New York 

Kemper, the US insurance, fund 
management and stock broking 
group, was on the verge yester- 
day of faffing to a hi ghly lever- 
aged $L25bn bid from a smaller 
US insurance concern. 

GE Capital the frnsmrinl ser- 
vices subsidiary of General Elec- 
tric which had itself offered 
nearly $3bn for the company, 
said it was dropping out of the 
bidding in the light of the higher 
offer. 

Conseco, a 15-year-old company 
based in Carmel In diana, offered 
$67 a share in cash and securities 
for Kemper, topping the $60 a 
share all-cash offs’ from GE Cap- 
ital 

In a move which appeared 
designed to throw GE off-balance, 
Conseco said its offer would 
expire on Sunday. GE's managers 
have been mired In recent days 
in the gathering crisis at its Kid- 
der Peabody securities subsid- 
iary, which culminated in a 


change in management at the 
firm on Wednesday. In the even l 
GE Capital responded to the new 
offer with a brief statement say- 
ing it would not submit a bid and 
wished Conseco and Kemper suc- 
cess. 

Mr Stephen HUbert, Conseco 's 
chairman, said he had proposed a 
merger to Kemper a year ago, but 
been rebuffed at that stage. The 
new bid follows Kemper’s move 
to put itself up for sale, a deci- 
sion taken after it had received 
an unwanted approach from GE 
Capital 

Conseco has taken over 11 
insurance companies since it was 
set up by Mr Hilbert in 1979 with 
capital of $10,000. It now manages 
assets of $L9bn, and would con- 
trol $85bn if the bid for Kemper is 
successful 

The scale of its acquisitions 
grew sharply after 1990, when 
Conseco set up a buy-out fond to 
bring in additional finance. GE 
Capital was one of the partners 
in that fund, Mr Hilbert said. 


If successful in the battle for 
Kemper. Conseco said it would 
tr ansfe r the company's life assur- 
ance and real estate businesses to 
a new fund it has recently estab- 
lished. This fund has committed 
equity of $624m, and its two big- 
gest investors are Conseco and 
Calpers, the public sector pension 
fund, each with $100m_ 

The Indiana-based company 
said It would pay $56 in cash for 
each Kemper share, together 
with $11 worth of its own shares, 
based on the closing price of 
$50.50 on Wednesday. It said it 
had ob tained a commitment from 
Citibank for $1.22bn of senior 
bank financ e, and a letter from 
Morgan Stanley expressing confi- 
dence in its ability to raise a fur- 
ther «750m of subordinated debt 
The acquisition, and sale of 
some Kemper businesses to the 
new buy-out fond, would leave 
Conseco with gearing of 47 per 
cent, compared with a current 
level of around 17 per cent, said 
Mr Hilbert. 


CONTENTS 



American Hews 

World Trada Nows 

woridCtp 

UK New* . 
flaopta 


Observer - 
Tedmtogy. 


.If Property Mtario*- 
.16 Arts , 


.13 


Arts Guide 




riMfllMllM 

IK . 




w. Companies 

18-20 



FT Actuaries 35 


FVtertdAduarbs 46 Tnftaid Option 46 

Rn*jn Exchanges 42 London S£ 35 

GddliaMB M wa Street *M6 


46 


EqjAyOpflora _ 

H. Bond Service 21 

Managed Funds 3642 

Money Mates .42 

Recent issues _ 


Baums. 


.4146 


■ Man* 

.46 N Nomay 
Share K o m a lon 3637 (SeprBta SecdonsJ 


^THE FINANCIAL TIMES LIMITED 1994 No 32,401 Week No 25 LOMPOM - PARIS - FRANKFURT - MEW YORK - TOKYO 



This announcement appears as a matter of record only 

T) 

pub 

J> <3, 

Acquisition of 282 former Chef & Brewer pubs 
and 15 Countryside Inns 

£100m financing 

Initiated and arranged by 

Robert Fleming & Co. Limited 

Financing led and negotiated by 

CINVen 

Institutional equity provided by 
CINVfen Funds 
Robert Fleming & Co. Limited 
CVC Capital Partners Limited advised funds 
Prudential Venture Managers Limited 
3i Group pic 

Debt provided by 
Robert Fleming & Co. Limited 
Lloyds Bank Pic 


FLEMINGS 
CINVen 


QNWrn u*m in * mnroot m uo 




a 





the CORFU SUMMIT 


EU leaders at mercy 
of hijacked agenda 


NEWS: EUROPE 


v: 7*’" ' ~ v / 


By Lionel Barter in Corfu 

The European s ummi t which 
opens today on the Greek 
Island of Corfu will produce 
stunning scenery and snap- 
shots for the photo-album. 

President Boris Yeltsin of 
Russia has made a flying visit. 
The prime ministers of Aus- 
tria, Sweden. Finland, and Nor- 
way will officially sign their 
accession treaties to the Euro- 
pean Union. Prime Minister 
Silvio Berlusconi of Italy 
m a ke s his first appearance at 
an international summit since 
his rightist coalition. Forea 
Italia, swept to power. 

Mr Berlusconi is a new 
leader with some questionable 
political allies in search of 
respectability which the EU 
family offers. 

The Alpine and Nordic lead- 
ers are on the brink of entry 
into an expanded Union of 16 
members, though only Austria 
has passed the popular test of 
a referendum on membership. 
Mr Yeltsin, who was d inin g 
with the Twelve last night, will 
today sign a new “partnership" 
accord. Viewed alongside 
Moscow's agreement this week 
to join Nato's Partnership for 
Peace, the EU pact suggests 
that Russia is starting to find 
its place in a wider Europe 
after the collapse of the former 
Soviet Union. 

The question is whether the 
Corfu summit will produce 
much more than a few snap- 
shots and a siesta for the ailing 
Greek prime minister, Mr 
Andreas Papandreou. At first 
sight, the omens do not look 
especially promising. 

To their dismay. EU leaders 
have allowed the two-day meet- 
ing to be hijacked by the strug- 
gle over the successor to Mr 
Jacques Defers as president of 
the European Commission. 
Efforts to cool tempers have 
met with limited success: but 
there is still no sign of Mr 
Jean-Luc Dehaene. the Belgian 
prime minister backed by 
France and Germany, or Mr 
Ruud Lubbers, the Dutch 


Mr Neil Kinnock, the former 
leader of the Labour party in 
the UK. yesterday confirmed 
at a meeting of socialist lead- 
ers in Corfu that he hopes to 
be appointed as Britain's sec- 
ond EU commissioner in Brus- 
sels from next January, writes 
Philip Stephens. Political Edi- 
tor. Bis candidacy poses a 
dilemma for Mr John Major, 
the prime minister. Two years 
ago Mr Major bowed to pres- 
sure from right-wing MPs and 
rejected Mr Kinnock as the 
successor to Mr Brace Mill an. 
But a second refusal would 
prompt charges from the oppo- 
sition that the prime minister 
remained in the thrall of a 
handful of Euro- sceptics. 

prime minister, dropping out of 
the race. Tonight's dinner dis- 
cussion among the 12 prime 
ministers is sure to produce 
sparks. 

Yet it would be misleading to 
focus on the “horse race" to 
succeed Mr Defers. Several 
other items are on the Corfu 
agenda which, though they 
may not produce immediate 
decisions, are still important 
Among the chief topics are: 

■ The European Commission's 
White Paper on growth and 
employment. Mr Defers will 
urge EU leaders not to be 
seduced by the incipient eco- 
nomic recovery', but to renew 
efforts to improve labour mar- 
ket flexibility and lower 
employers' costs in order to 
tackle unemployment in 
Europe, nearing the 20m mark. 
Leaders will also discuss 
revised macro-economic guide- 
lines which propose strict bud- 
get and wage discipline in 
order to prepare for the 
planned single European 
currency. 

■ Trans-European networks. 
EU leaders are likely to give 
the go-ahead for ll priority 
road and rail projects designed 
to improve west-east transport 
links. But Mr Defers is 
unlikely to persuade the prime 
ministers to approve extra 


funding for the projects 
through fresh European Com- 
mission borrowing. The UK, 
Germany and the Netherlands 
argue that the European 
Investment Bank has plenty of 
credit available. 

■ Restructuring of the Ukrai- 
nian nuclear industry, includ- 
ing the closure of ChemobyL 
Leaders want to prepare for a 
joint EU position at the G7 
summit in Naples next month. 

■ The 1996 inter-governmental 
conference to review the Maas- 
tricht treaty. Leaders are 
expected to set up a working 
group to study constitutional 
issues and streamlined deci- 
sion-making to prepare for a 
Union of up to 25 members. 
Germany and the Benelux 
countries want the European 
Parliament to be represented 
in the working group; but the 
UK and France are opposed. 

■ Italian milk. The row over 
the way Italy exceeds its milk 
production quota seems certain 
to resurface in Corfu. Brussels 
says Italy has not cut its out- 
put in line with commitments 
two years ago. Italy wants 
higher quotas and the end to 
UK-led court action to reverse 
a Commission decision to cut 
fines against Rome. The dis- 
pute could block an increase in 
EU spending on regional aid 
from next year. 

■ Greece is likely to push for 
an early start to EU accession 
negotiations with Cyprus; but 
her partners seem unlikely to 
commit themselves to the 
Greek target date of January 1, 
1995. 

One of the least contentious 
items appears to a Franco-Ger- 
man proposition to tackle rac- 
ism and xenophobia, through 
education programmes and cul- 
tural exchange. 

The German chancellor. Mr 
Helmut KohL is keen to use 
the Union statement as politi- 
cal cover for cracking down on 
right-wing racism at home; but 
Italy may interpret the declara- 
tion as an indirect attack on 
neo-fascists in the Berlusconi 
government. 



FINANCIAL TIMES FRIDAY JUNE 24 1994 


Tietmeyer 
defends 


R pss iq n President Boris Yeltsin speaking to the press after arriving In Corfu yesterday. Mr Yeltsin wfQ today sign a partnership and 
co-operation agreement with the EU, forging closer ties between the two rides and offering the long-term prospect of free trade m> 

Disquiet over island facelift 


By Kerin Hope in Corfu and 
Wftfiam Lewis in London 

From the gleaming 
salmon-pink paint on Corfu's 
crumbling seafront mansions 
to roads unusually free of pot- 
holes for a Greek island, it is 
clear that an expensive facelift 
has been carried out in prepa- 
ration for staging this week- 
end's European Union summit. 

The government says it has 
spent Drl4bn (£3&8m) on the 
CorfU summit, though local 
nffioiaU say the bfll is likely to 
be nearer Dr20bn. 

The scale of government 
spending for the summit in 
Corfu, which receives Dr2fan a 
year in EU structural funds, 
has been criticised by left-wing 
Greek politicians and some EU 
diplomats, who argue it is too 
much, given Greece’s position 
as the union's poorest member 


state and its high level erf debt 
Comparatively little EU fund- 
ing has been disbursed for the 
summit. According to the 
regional government office on 

CorfU. the main expanse is a 
Dr3.3bn upgrading of Corfu 
airport 

Mr Nikos Hytiris, in charge 
of EU disbursements in the 
Ionian islands, says: "Like 
other improvements carried 
out for the summit, it will help 
to boost the island’s tourist 
industry long after the summit 
is forgotten.' 

This weekend's summit is 
shorter than usual, with only 
one formal working session of 
three hours, squeezed between 
the siesta hour and an official 
dinner. 

The main reason for restrict- 
ing official working hours is 
that the Greek prime minister, 
Mr Andreas Papandreou, who 


will chair the meeting, has a 
heart problem that requires 
hhri to rest frequently. 

The DrLSbn being spent an 
renovating the 19th-century 
palace of St Michael & St 
George, formerly home to the 
Greek Royal Family, includes 
Drl60m for a temporary struc- 
ture to serve as the m«»Hng 
room for go v ern m ent, leaders 
from the 12 EU countries and 
the four new member states. 

Because the council cham- 
ber, constructed of metal and 
bullet-proof glass with a dra- 
matic view across the Corfu 
strait to Albania, was built 
over the palace's main court- 
yard, it is doe to be removed 
the day after the s ummit 

“The courtyard was the only 
space in the building big 
enough for a European council 
meeting, complete with inter- 
preters’ booths. But the state 


archaeological service insists it 
has to come down immediately 
afterwards,” said Mr Konstm- 
tinos - Kouvaras, managing 
director of Avax, the Greek 
construction company respon- 
sible for the turnkey project ■ . 

It is same consolation that 
the German government, 
which takes over the EU presi- 
dency from Greece on July 1, 
has offered to buy the oval con- 
ference table and chairs spe- 
cially made for die he 

added. 

The other main renovation 
project is the international 
press cadre, a DrSbn conver- 
sion of an 18th century fortress 
designed for a garrison consid- 
erably amalTpr than the 3JM0- 
strong contingent of journal- 
ists covering the event 

Afterwards, the building will 
become Corfu's conference 
centre. 


French I Appointment of minister as new governor raises suspicion I Q0J*JU^[l-£)y(cJ| 


recovery 
‘slow and 
uneven’ 

By John Ridding in Paris 

The French economy is 
showing signs of improvement, 
but recovery from recession 
remains slow, partial and frag- 
ile. says the Patronat. France's 
employers’ association. 

Mr Ernest-Antoine Seillfere. 
vice-president of the Patronat, 
said that while the French 
economy had moved from a 
period or contraction to growth 
of 0.5 per cent in the first quar- 
ter of the year, a survey of 
industrial federations and 
management unions belonging 
to the employers' association 
revealed concerns about the 
strength and composition of 
recovery. 

According to Mr SeiUiere. a 
significant minority of compa- 
nies believed that the economy 
was still in a phase of stagna- 
tion in the first quarter. Most 
thought the situation was 
showing improvement in the 
second quarter, but 71 per cent 
felt that recovery would be 
modest. Overall, 65 per cent of 
companies said they believed 
the economy was in a phase of 
fragile recovery while 30 per 
cent said they did not yet see 
any recovery. 

The survey also revealed an 
uneven pattern of performance 
across France's industrial sec- 
tors. Basic industries including 
chemicals, paper, metals and 
steel had seen some improve- 
ment. But manufacturers of 
capital equipment sector con- 
tinued to suffer persistent 
weakness of demand. 

Consumer goods industries, 
excluding the automobile sec- 
tor which has benefited from 
stimulatory government mea- 
sures. have suffered from a 
weakness in household spend- 
ing. Textile companies, how- 
ever, have partly compensated 
for this by Improved exports. 

Faced with the uncertain 
outlook, the Patronat urged 
support France’s economic 
recovery. These include 
increased financial support 
and credits for exporters, fund- 
ing for trade promotion in 
overseas markets, assistance 
for small and medium-sized 
companies facing financial dif- 
ficulties and tax incentives to 
revive investment. 

According to the Patronat. 
measures to support invest- 
ment are increasingly impor- 
tant because of the upward 
pressure on long-term interest 
rates resulting from the fails in 
the bond market. 


Portugal replaces bank chief steelmakers 


By Peter Wise in Lisbon 

The governor of the Bank of 
Portugal was yesterday 
replaced with a junior govern- 
ment minister, casting doabt 
on the central bank's indepen- 
dence and the future of mone- 
tary policy. 

Mr Anibal Cavaco Silva, the 
prime minister, accepted the 
resignation of Mr Miguel 
Beleza and replaced him with 
Mr Antonio de Sousa, who was 
secretary of state for finance. 
The resignations of two vice- 
governors and a director of the 
bank were also accepted. 

Mr Beleza, a former finance 
minister in the centre-right 
government, had directed a 
firm defence of the exchange- 
rate stability of the escudo 
since he was appointed gover- 
nor of the central bank in 
March 1992. But his policy 
began to be undermined by a 
government pressing for lower 
interest rates to help stimulate 
recovery from recession. 

Although the government 
has expressed support for a 
stable escudo, Mr Beleza’s res- 
ignation had been expected as 
a result of growing tension 
over monetary policy between 
the central bank and the gov- 
ernment and within the Bank 
of Portugal itself. 

Over the past three months, 
the apparent contradiction 
between the government's 
commitment to both a firm 
currency and lower interest 
rates has led to a wave of 
attacks against the escudo by 



Prime Minister Cavaco Silva: at odds with central bank policy 


speculators expecting a 
realignment of the currency. 

Contrary to the prime minis- 
ter's forecast in April that Por- 
tugal's main money market 
rates would fall two points this 
year, Mr Beleza’s defence of 


the currency has forced rates 
up several points and banks 
bave raised their lending rates. 

Earlier this week. Mr Cavaco 
Silva strongly defended the sta- 
bility of the escudo and said 
the speculators would be 


beaten. Mr Jodo Costa Pinto, 
one of the new vice-governors 
of the Bank of Portugal, said 
yesterday that nothing would 
change in regard to the bank's 
exchange rate policy. 

But Mr de Sousa, who has 
been in charge of Portugal's 
privatisation programme and 
is a close ally of the prime min- 
ister, is widely known to sup- 
port fewer interest rates. The 
incompatibility of this position 
with a commitment to main- 
taining exchange rate stability 
caused uncertainty on Portu- 
gal's foreign exchange and 
money markets yesterday. 

The escudo strengthened to 
Esl03.4 to the D-Mark from 
103.6 on Wednesday after the 
central bank intervened by 
buying escudos at 103.5 and 
103.6. “We expect Mr de Sousa 
will allow the escudo to slip a 
little despite the government's | 
statements,*’ said Mr Rui Fer- 
reira, a director of Banco Fin- 
anti a. Mr Antonio Borges, a 
former vice-governor of the 
Bank ol Portugal, who 
resigned last year because of 
disagreements with the govern- 
ment. said yesterday that the 
appointment of the new gover- 
nor would dearly strengthen 
government influence over the 
central bank. 

Mr Borges joined opposition 
parties in saying the govern- 
ment was reversing a long pro- 
cess of increasing the bank’s 
independence and was at odds 
with European Union efforts to 

diminish government influence 
over central banks. 


in aid challenge 


By Emma Tucker in Brussets, 
Quentin Peel In Bonn and 
Andrew Baxter hi London 

Leading German and Dutch 
steel producers said yesterday 
they would go ahead this week 
with a European Court chal- 
lenge to the Brussels decision 
to approve state s u b si di e s for 
Uva, the Kalian state steel pro- 
ducer. 

The German Steel Federa- 
tion, with Preussag Stahl, 
Thyssen Stahl and Hoogovens, 
the Dutch steelmaker, will be 
hacking aim liar complaints at 
the Luxembo u rg court by Brit- 
ish Steel EISA, the European 
independent steel manufactur- 
ers, and Denmark’s Det Danske 
Stalvalsevaerk. 

The steel federation said yes- 
terday the massive subsidies to 
the loss-making Italian state 
concern were causing substan- 
tial damage to private manu- 
facturers in all member states. 

“It is illegal because it is not 
compatible with the steal sub- 
sidy code,” it added. “There is 
no room for an exception to be 
declared. Moreover the Euro- 
pean Commission has not 
demanded any adequate com- 
pensation in forms of an appro- 
priate reduction of capacity.” 

Along with CSI of Spam, Dva 
received the lion’s share of 
Ecu7bn (£5.4bn) of aid 
approved by EU industry-min- 
isters in December. The Com- 


mission says it has acted 
legally under Article 96 of the 
European Coal and Steel 
treaty, which allows state aid 
to he paid to steel companies, 
but only with the unanimous 
consent of the Council of Min- 
sters. “The decision to allow 
these subsidies to be paid was 
taken with the fall backing of 
an the member states,” said a 
Commission spokesman. ’ 

The German federation 
argues that approval of any 
far the r subsidies is permissible 
only in terms of the subsidy 
eode If it does not lead to any 
distortion of comp e titi on. 

It is understood British Eteel 
will start its actionagainst the 
subsidies to Uva and CSI today. 
The UK steelmaker said this 
week the Commission should 
not have applied Article 95 in 
these cases. .... • • • ! 

Instead, it said , the Commis- 
sion should have insisted on 
“the frill and prop®- enforce- 
ment” of the steel aid code. 

Separately, Brussels will 
open an investigation into Ger- 
man g ov er nm ent aid paid to 
iricftfitflhl, the German steelma- 
ker, following the decision by 
Rira, the private Italian steel 
company, not to buy east Ger- 
many's largest steel tthIL 

The commission is concerned 
that capital iqjections to Ekos- 
taKL via the state .run Treu- 
hand privatisation agency, con- 
travene EU rules an state aid. 


Jobs warning to 
the Netherlands 


OECD urges Spanish reform 


monetary 

policies 

By Judy Dempsey in Potsdam 

and Quentin Peel in Bonn 

Germany's monetary policies 
cannot be blamed for the 
recent turbulence in interna- 
tional capital markets, Mr 
Buns Tietmeyer, president of 
tire Bundesbank, said yester- 
day. 

Speaking at the end of the 
regular fortnightly meeting of 
the Bundesbank’s central 
council, held once a year in 
eastern Germany, Mr Tiet- 
meyer also confirmed that 
German Interest rates would 
remain unchanged. The. dis- 
count rate and the Lombard 
rate were last reduced on May 
11 to -US per cent and fi-00 per 
cent respectively. 

His statement coincided 
with warnings by both Ger- 
many's industrial federation, 
the BDI, and the federation of 
German banks, that the pres- 
ent economic recovery is still 
extremely hesitant. 

The hanks also warned that 
the flight of foreign investors 
from the German bond market 
in recent months, compounded 
by the high level of public sec- 
tor borrowing, would maintain 
pressure for rising long-term 
interest rates. The country 
was now far more dependent 
than it used to be on foreign 
capital inflows, the commer- 
cial banks sahL Rising capital 
market interest rates were 
Inevitable, to maintain the 
flow of fluids to finance the 
public sector deficit 

Hr Tietmeyer said it was the 
Bundesbank's role to provide a 
stable background for finan- 
cial transactions. “Market 
players must make their own 
decisions about how to react 
to developments," adding that 
volatility in the bond markets 
appeared to have calmed In 
recent days. 

On tiie money supply ques- 
tion, Mr Otmar Isstog, Bundes- 
bank chief economist, 
described recent M3 data as 
“better but still not good 
enough.” The Bundesbank 
would undertake its routine 
mid-year review of money sop- 
' ply policy and win decide at 
the July 21 council meeting 
what st r ate gy to follow in the 
yfwmj bnif, he said. 

Money siqjpiy grew at a k>w- 
er-than-expected »™»ml rate 
of 13.7 per cent in May, down 
from ISA per cent in April 
But economists add there was 
no chance the "Bundesbank 
would meet Us 4-8 per cent tar- 
get for M3 growth for this year. 

On a brighter note, Mr Tiefc- 
meyer said the economy of 
eastern Germany Is drawing 
gradual signs of growth but 
warned that the high level of 
. financial transfers to the 
region would have to continue 
“for some time.” He insisted 
that the transfers from west- 
ern Germany to the east, 
which last year totalled 
DM140bn <£56bn), most be 
used “for purposes of invest- 
ment." 

Several indicators pointed to 
a slow r ecovery in the east, he 
said. These included inflation 
which had “approached to a 
large extent” west German 
levels. Last month, eastern 
German inflation was 3A per 
eent compared to 3.0 per cent 
cent in western Germany. In 
addition, the rate of unemploy- 
ment to slowing down; and the 
number employed would prob- 
ably “stabilise" at around ten - 
compared with almost 10m 
before unification. 

In west' Germany, the BDI 
warned that a continuing 
. squeeze on disposable incomes 
would mean that private 
households would be hard 
pressed to maintain their level 
of consumption in the coming 
months. 

- “In view of the declining 
savings quota, which has been 
tin ting fo r four years, and the 
continuing decline in employ- 
ment, the room for manoeuvre 
will remain very narrow," the 
BDI concluded. 


THE FtMAMOAL TIMES 


1 

I 




ij \,c.'-3 .*• 

- 

tl V. 

ff •'•Vv.M" 
& 

I# 

S 

If / 


V;*;, m 
i-'- <-V. ; 

■iff. ij 

m 

'L V. 

1; 




m i 


By Ronald van de Krol 
In Amsterdam 

The next Dutch government 
most seize the opportunity of 
a mild economic recovery to 
reform the Netherlands’ rigid 
labour market, the Organisa- 
tion for Economic Co-opera- 
tion and Development said in 
its snrvey published 
yesterday. 

The country's labour market 
is “unquestionably the weak 
spot of an otherwise funda- 
mentally healthy economy", 
according to the OECD. 

It said incentives to find 
work were low in the Nether- 
lands. reflecting the tradi- 
tional generosity of the wel- 
fare state system. Other 
problems identified by the 


OECD were high Dutch labour 
costs, stiff job protection laws 
and wage-setting by economic 
sector which prevents prospec- 
tive employees from “bidding" 
For lower wages. 

“On balance, employment 
protection legislation seems to 
be detrimental to employ- 
ment," it said. 

The OECD, noting that 
growth of gross domestic prod- 
uct is projected to rise to 2.76 
per cent next year, said: “The 
challenge to the next govern- 
ment is to seize this opportu- 
nity. relying on the many 
strengths of the Dutch econ- 
omy and society, and to move 
towards major reforms now. 
rather than only if and when 
It is faced with the threat of 
an impending crisis." 


By David White in Madrid 

Spain should move foster on 
privatisation and deregulation 
of state monopolies to increase 
competition in services and 
utilities, the Organisation for 
Economic Co-operation and 
Development said in a report 
released yesterday. 

It also called for tighter con- 
trol over regional government 
spending, state company man- 
agement, social security abuse 
and and tax evasion. It said the 
government could reform some 
welfare schemes “to concen- 
trate benefits on the really 
needy”. 

The encouragement given by 
the OECD to the government 
to press ahead with structural 
reforms and a tight budget 
stance coincides with pressure 
from hardline factions in the 
ruling Spanish Socialist party 


for a shift towards more 
left-wing policies following the 
Socialists' European election 
defeat 

The OECD said legislation to 
increase labour market flexibil- 
ity, which came into force this 
month, was "a landmark for 
Spain" which would help lay 
the ground for sustainable 
growth. 

However, the OECD it com- 
plained of “hesitancy" in other 
areas where deregulation was 
urgently needed, such as tele- 
communications. 

In spite of a restrictive 1994 
budget, the OECD said greater 
efforts were needed to meet EU 
public deficit targets set out in 
the Maastricht treaty. It fore- 
cast that Spain's general gov- 
ernment deficit this year 
would remain at slightly above 
7 per cent of gross domestic 
product. However, the Econ- 


omy Ministry said it still hoped 
to faring the deficit down below 
this leveL 

The greatest contrast 
between the OECD and Span- 
ish government views was over 
the outlook fin- employment 

Predicting economic growth 
of L2 per cent for the year, 
following last year's negative 
rate of l per cent the OECD 
warned that Spain, would prob- 
ably have to wait until 
year to see a fen in tmemptoy- ; 
meat and that the rate, cur- 
rently close to 25 per cent, was 
“unlikely to decline signifi- 
cantly before 1996". 

It predicted a farther L2 per 
cent shrinksig B in employment 
this year- about 140,000 jobs 
- although new apprenticeship 
contracts would help stem the 
fail 

The Economy Ministry 
described this forecast as 


“excessive", predicing a reduc- 
tion closer to 0.7 per cent and 
“a slight improvement" in file 
jobless rate by the end of the 
year. 

Far 1905, the OECD expected 
Spanish growth to be 2.7 per 
cent 

However, it warned that 
even with 3 per edit annual 
growth rates in file late 1990s, 
new jobs would be created only 
slightly faster than the expan- 
ston of the labour force. 

“The fell in unemployment 
may be mean,” it said. 

The OECD’s expectations for 
inflation were broadly- in line 
with the government'^at 3£4 . 
per cent from Deceniber '.to 
December, against 4J) per cent 
last year. 

However, a report by Spam’s 
Institute of Economic Studies 
said 4.5 per cent was more 
lady; 


OofeK rabetagtqriui 3. 60318 Fiufc&rt 
an Mon. touf. Tdrahoe ~*H9 « 134 
MB. Pa* ++49 £9 S96M51. Tdn 416193. 
RapewwJ ia Fnaktat by J: Water Bind, 
Waboto J. Bribed, Coin A. Keasaid as 
Grarhiftsfoirw an! ia L o nd on fcr Drn) 
GJd-Befi and Ala C Mffler. P rinc e DVM 
Dnkx-Vortrieb and Marixtiu GmbH. 
AdainO-RoseadaU- Strain 3a, 63263 
Nec-Ucnbdrf (owned by HBrrinl 
I tfa mMi ooBhlSSH: ESN 0174-7363 
Rtspomifcic fi&oc Richard Lambert, do The 
Financial ” Times , Limited. 
N mte H ane Stmanrart to ^Lra^o o SEI 

fBorope) GmbH are: The Fmamml Tu! 

J-*d£oa*>o “i-P T. (Germany j- 
Ud. Lanka. Staidukts- of iho * 
-stow rationed two c auiMnt— ^ 
Financial. ’5«?w Limited, N amber One 
S omhwa A Bridge, London SE1 9HL. The 
““POMBd wrier tte laws of 
EngtaHTaad WaJct O a drinsu : D.GM. BtiL 


FRANCE 


“S&Gwd. IM Rob de 


DENMARK 

"fane* fTirnialirult) i»i yfa,,,,., 
pbnno » 13 44 4| r Fa 3J§3SJli ^ 


fc>^ 


/ V v 


i 

r. a.tef-. WJT 

i^q-Q-z 

,rV35*& 

V s .- 

ptM 

Bias 

il® 


■ • i .i 


* Jjf: 


1 




FINANCIAL TIMES FRIDAY JUNE 24 1994 


NEWS: EUROPE 


EUROPEAN NEWS DIGEST 

Moscow wins 
new loans to 
help economy 

R ussian Prime Minister Victor Chernomyrdin yesterday ended 
meetings in Washington with $820m in new loan commitments 
from the World Bank. $400m in equity funds from the US 
Overseas Private Investment Corporation (Ope) and numer- 
ous smaller deals and joint ventures dprfgnpd to assist the 
restructuring of the Russian economy. 

Two of the World Rank loans, for $240 and $80m, will 
support farm and land reform, respectively. This is the bank's 
first attempt to help Russia lay a foundation for private 
agriculture. A $200m World Bank loan wOl help improve 
private banking services, promote hanVfng stability and help 
mobilise resources and credit allocation. A fftfWirt Iran is to 
upgrade deteriorating roads. The bank's total wwnmihripnfti to 
Russia will be around $1.5bn by June 30. 

Opic announced support for conatrur tinn of a generic drug 
manuf acturing facility in Russia. On Wednesday it pledged 
$200 in risk insurance for a US- Russian-German joint venture 
to redesign and improve the commercial aviation an gina used 
in Russian-made aircraft. 

Warning on Bosnia peace pl an 

Bosnian government forces yesterday pressed forward against 
rebel troops in the north-west, amid warnings by Tnternatirynai 
mediators that the warring parties would face serious conse- 
quences if they foiled to back a last-ditch peace plan. With 
remote hope that Bosnia's warring leaders will endorse the 
newest peace plan, Mr Vitaly Churkin, Russia's gpwfai envoy 
to former Yugoslavia, appeared pessimistic, calling it the “Last 
c h a n ce to come to an agreement". His US counterpart, Mr 
Charles Redman, on a diplomatic ghntHa last weekend tried to 
convince Moslem and Croat leaders to back the plan, devised 
by the so-called contact group, composed of representatives 
from the US, Russia. Germany, Britain and France. 

In Washington, defence ministry officials from four Euro- 
pean countries wanted the Senate Armed Services Committee 
that a unilateral lifting by the US of the arms embargo against 
Bosnia would result in "war, interruption of h umanitarian | 
assistance and the prevention of reconstruction." 

Laura Silber, Belgrade 

German strikers offer truce 

Leaders of Germany’s postal and telecommunications workers 
yesterday offered to suspend their campaig n of token strikes, 
as the danger of political deadlock over the country's privati- 
sation programme for Deutsche Telekom and the postal ser- 
vice loomed closer. The unions want to accelerate negotiations 
with their employers to determine post-privatisation deals for 
workers' participation in management and social benefits. 
They claim the employers are deliberately dragging out the 
talks to raise the political pressure for a solution, because the 
Bundestag has to approve the draft privatisation law by next 
Wednesday if it is to come into effect this year. 

The law requires the approval of the opposition Social Dem- 
ocratic Party (SPD) as well as the ruling coalition to change 
the status of the postal service in the German constitution, 
but yesterday SPD deputies abstained when it wait through 
committee because of continuing concern at tire unresolved 
labour talks. Quentin Peel, Bom 

Italian pension cost rises 

The cost to the Italian state of the constitutional court deci- 
sion on pensions arrears is still growing, according to the head 
of the INPS, which manages the country’s state pension sys- 
tem. Italian press agencies reported yesterday that Mr Mario 
Colombo, INPS chairman, had estimated the pensions "hole" 
at L32£00tm (£115bn) after capital revaluation and interest 
charges are taken into account and said it was still growing. 
Mr Colombo cited the figure at a meeting yesterday of the 
labour committee of the Italian parliament's upper house. 

The Italian constitutional court ruled two weeks ago that 
the government should make up the difference between 
reduced benefits and full pension entitlements, allegedly 
denied to as many as 600,000 pensioners since 1963. At the 
time, following meetings with Mr Colombo, Mr Clemente Mas- 
teHa, the labour minister, said the hole was at least LSODOOtm. 
Andrew Hill, Rome 

Political challenge in Bucharest 

Romania's main centre-right opposition parties have lodged a 
no-confidence motion in the country's minority left-wing gov- 
ernment The opposition said It was bringing the motion 
because the government's economic polices had failed, it had 
violated the constitution and many of its members were cor- 
rupt The Democratic Agrarian Party, one of four small parties 
with a pivotal position in the country’s hung parliament said 
it would support the motion, which is expected to be voted on 
next Thursday. 

Unto, now, the ruling Party of Social Democracy has relied 
on the DAP, a centre-left party supported by farmers, and the 
three other parties, for a slim parliamentary majority. It is the 
fifth no confidence motion the opposition has lodged since the 
PSD won elections in September 1992. The motion last Decem- 
ber failed by just 13 votes. But since then the government has 
secured $lbn in new loans from the International Monetary 
Fund and other official lenders, inflation has halved and the 
economy begun to stabilise. Virginia Marsh, Bucharest 

ECONOMIC WATCH 


Sharp fall in Russian output 

Russian industrial output in 
May was 29 per cent below 
the level of a year ago, 
according to figures from the 
state statistics committee. 
January-May output was 25$ 
per cent below the same 
period last year. The statistics 
committee said one quarter of 
small and medium-sized 
enterprises had dosed at least 
one production line or 
stopped one shift in May 
because there was no demand 
for their products. Production 
of some goods, including 
some drilling niftnhrnes , some 
computers and some types of 
road building equipment, had 
been stopped completely in the first five months. The statistics 
office said the foil was sharpest in the machine b uildin g sector 
where January-May output was 45 per cent below levels a year 
ago. Light industry output was down 35 per cent. However, 
some officials say Russian statistics are unreli able. The statis- 
tics committee only appointed people to monitor the emerging 
private sector late last year and official data takes little 
account of the activities of private companies. Reuter, Moscow, 
m Swedish industrial capacity utilisation grew by 15 per cent 
in the first three months over the previous quarter to reach 
85.9 per ren t, underscoring a sharp upturn in industrial output 
as the country emerges from a three-year recession. Industrial 
output grew 10.6 per cent in the year to the end of April, 
mainl y thanks to sharp export growth, the central statistics 
bureau said. 

■ Finland's gross domestic product rose L6 per cent year-ore 
year in the first quarter compared with a 4 per cent fell in the 

first quarter of 1993, Statistics Finland said yesterday. Finnish 
industrial production volume rose 9A per cent year-on-year in 
the first quarter of 1994 compared with a 2D per cent year-ore 
year rise in January-March last year. 

■ The Dutch trade surplus narrowed to FI L6hn (£571m) in 
February from FI 19bn in January, the statistics bureau said. 


Russia 



Soarea FT Graphite 


Day of judgment for the CDU 

Judy Dempsey reports on an east German test for Chancellor Kohl 


M r Theodor Lflhr, a 
senior official at Sax- 
ony-Anhalt’s eco- 
nomics ministry, was gittinp in 
a sparsely decorated small 
office in the government com- 
plex on the outskirts of Magde- 
burg. the state capital. “What I 
worry about most is that when 
people vote in the elections, 
they will forget what it was 
like before 1989," he said. 

Like many other officials, he 
has no idea if the governing 
Christian Democrats (CDU)/ 
Free Democrats (EDP) coalition 
will be returned to power on 
Sunday when the first of the 
eastern states goes to the 
elections. 

Daring the last state elec- 
tions in Saxony-Anhalt in 
October 1990. the CDU received 
39 per cent of the vote and the 
FDP 135 per cent The Social 
Democrats (SPD) polled 26 per 
cent. 

In the local elections earlier 
thfa month, seen as the most 
reliable barometer, the CDUs 
support slipped to 31.1 per 
cent, the SPD’s rose to 29.7, the 
FDP fell to 7.9 per cent, and the 
reformed communists, the 
Party of Democratic Socialism 
(PDS), rose to 18Jt per cant 
Before German unification, 
the Stasi, or state security 
police, had occupied the grey, 
dull government buildings. 


One could hardly see out of the 
windows, or dared to open 
them. The air was stink- 
ing-thick and poisoned from 

pollution e manating from the 

chemical works, the mainstay 
of the Saxony-Anhalt economy. 
Four years later, the stench 


has gone; the air is clear. “Peo- 
ple forget those smells." mm 
M r Lflhr. 

“I also remember when 1 
moved into these offices in late 
1990, we only had three senior 
people to dismantle this huge 
centralised economy. Our eco- 
nomic policy was based on one 
principle. We had to break tbe 
monolithic structure through 
privatisation, diversification, 
and investments,” he added. 
Since then, more than DM&gbn 
(El bn) has been spent on 
upgrading the streets and 
roads. 

Another DM4bn has been 
spent on modernising the 
archaic telephone system. An 
additional DMl2bn has been 
poured into re s t ru c turi ng the 
chemical industry. But tbe 


CDU has found it difficult to 
get its economic message 
across. 

“People don't think about 
tbe long-term impact of the 
investments. The; think about 
jobs and the high level of 
unemployment “This is the 


price we have had to pay to 
dismantle this wasteful and 
inefficient economic struc- 
ture,” said Mr Lflhr. 

The SPD has latched on to 
unemployment in the belief 
that the party will woo away 
voters from the CDU - and the 
PDS. Excluding those on job 
creation schemes and short- 
time work, Saxony-Anhalt' s 
unemployment rate is more 
than 17 per rant, higher than 
the average in the other east- 
ern states which is now 15.5 
per cent. But as Mr Lflhr 
argues, the unemployment rate 
is one of the highest because 
the state's manufacturing nnrt 
chemical industry was one of 
the most inefficient and over- 
manned. But the SPD's ability 
to exploit the unemployment 


issue is handicapped by its 
weak party organisation, and 
the increasing popularity of 
the PDS, both factors which 
could be to the CDU’s 
advantage. 

Unlike the CDU. FDP and 
PDS, the SPD in eastern Ger- 
many b a d no communist - sanc - 
tioned “bloc party" before uni- 
fication. “We had to start 
completely from scratch," said 
Ms Sabine Kaspereit the SPD 
mayor of the small town of 
Wengelsdorf, who is running 
for the Bundestag next 
October. 

“We only have about 6,000 
SPD members, whereas the 
PDS inherited all the Commu- 
nist party organisations and 
structures. 

“The other parties could rely 
on a local network as well. We 
started from zero." 

The other problem feeing the 
SPD is its image. “We told Mr 
Scharping he was colourless 
and that he bad to have strong 
policies with which the east- 
erners could identify, other- 
wise the PDS would drain 
votes away from us,” said Ms 
Edith Braun, the SPD mayor 
from StendaL 

Many SPD officials admit 
that the worthy and respected 
Mr Reinhard Hdppner, tbe par- 
ty’s leading candidate in Sun- 
day's election, is no match for 


the charismatic Mr Gregor 
Gysi. the PDS's most promi- 
nent politician. 

Yet Mr Christoph Bergner, 
the CDU prime minis ter, can- 
not rely on a split vote in the 
left for the coalition to be 
returned to power. Although 
the CDU is gaining in popular- 
ity in Saxony-Anhalt. the party 
has to do far better than the 
recent local election results 
because the FDP is doing so 
badly. 

Part of the reason is the 
spate of corruption scandals in 
the government. Another rea- 
son is that tbe FDP relied on 
the personality of Mr Hans- 
Dietrich Genscher, the former 
foreign minister who was born 
in Halle, the state's second 
largest city, to attract support. 

But now. similar to the SPD. 
Mr Klaus Kinkel. the FDP's 
leader and foreign minister, is 
considered dull and ineffectual. 

“We are clinging onto power. 
The outcome might be a grand 
coalition," said Mr Helmut 
Starauschek of the economic 
ministry. Sunday's outcome 
will show whether Chancellor 
Helmut Kohl's policies in east- 
ern Germany will be vindi- 
cated. or Mr Rudolf Scharping; 
head of tbe SPD, can make the 
vital breakthrough needed to 
dislodge the CDU. he says. 


Berlin 
avoids 
early poll 

By Judy Dempsey in Berlin 

Berlin's coalition government 
yesterday averted early elec- 
tions after reaching a compro- 
mise abont tbe future of the 
city's senator for interior 
affaire. 

Deputies from the Social 
Democratic party (SPD), the 
former communist Party of 
Democratic Socialism, and the 
Bflndnis 90 environmental 
party had demanded the resig- 
nation of Mr Dieter Hcckel- 
mann, the Interior senator, 
after it was disclosed bis press 
spokesman had ties to a far 
right group of intellectuals 
known as the Tuesday Circle. 

But Mr Ebcrhard Diepgen. 
the Christian Democrat mayor 
of Berlin, and Mr Ditmar Staf- 
felt. head of the SPD. had 
threatened to call elections, 
probably for October, if a no- 
confidence vote was called in 
the senate. The prospect of 
early elections worried both 
parties which are concerned 
about their popularity. 

Rather than go to the pulls, 
tbe CDU and SPD agreed that 
Mr Heckeimann need not 
resign, but at the same time he 
can no longer have responsi- 
bility for protection of the con- 
stitution. a brief normally held 
by the interior ministry. 


‘Our economic policy was based on one 
principle. We had to break the east’s 
monolithic structure through privatisation, 
diversification, and investments’ 


When it 
comes to PCs, 

IBM, 
Compaq 
and Acer 
stand out. 



We’re not as big as IBM® or Compacf— 
but we’re bigger than you think. 



In fact, our sales are fast approaching $2.8 billion. And if that surprises you, you’re not alone. 
After all, Acer® has been quietly manufacturing PCs for other computer companies for over 12 years. 
Throughout our 15 worldwide manufacturing and assembly plants. That's how Acer has become the 
PC market share leader in eight countries across the globe (not to mention one of 
the top three leaders in many other countries). U should therefore be no surprise 
that Acer was one of the first computer companies to deliver systems based on 
Inters 90MHz Pentium"" processor in all the major markets. We’re confident thi 
next time you think of leading computer companies, you'll think of Acer. 

AceR {4 




B fW pm 

Tfitetfioftt $-3-2305032 
Ficsarute: 32-9-2813325 


Tin HeOKrtands 
Telephone: 31-20-5515700 
feesnfle. 31-20-8914636 


Gammy 

me: 49-4102-- 


Telephone 4W102-488-0 
Facamie: 49-4102-488-101 


United Kingdom 

Telephone: 44-753-523024 ■ Facsimile: 44-753-693739 

France 

Telephone: 33-1-4118-2929 
Facsimile: 33-1-4118-2900 


e: 43-1-91418810 
43-1-91418811D 


Italy 

Telephone: 39-2-2602-2565 
Facsimte: 392-2692-1021 


Dammit 

Telephone: 4W5-821000 
Facsimle: 45-45-821072 




idtwi ilinln i mu i MM ««iU4toW.Ja <**■•»*. 


Hmpaiy 

Tefcphonr 38-1-2092056 
Facsmiflr 36-1 -2092056 










All things not being equal in Canada ... 

means that a country with negative inflation has had to raise interest rates, writes Bernard Simon 


C anada has notched up 

two very different 
records in economic 
p e r f ormance over the past few 
days. 

Statistics Can ada announced 
late last week that, alone 
among industrial countries, 
inflation had disappeared. The 
Bank of Canada's dogged six* 
year battle against Inflation, 
reinforced by cuts in tobacco 
taxes, was rewarded with a 0.2 
per cent drop in consumer 
prices in the year to May. 

At the game time however, 
Canadians are reeling from 
some of the industrial world's 
steepest jumps in interest 
rates. The Ranh of Canada’s 
trend-setting Bank rate has 
climbed from a 30-year low of 
3.87 per cent In early February 
to 7.09 per cent this week. 
Commercial banks this week 
lifted their prime lending rate 
to 8 per cent 

Towering real interest rates 
have raised fears that the eco- 
nomic recovery, which seemed 
to be gaming strength from a 
fragile start, could be in jeop- 
ardy. The Toronto stock 
exchange’s TSB-300 index hit 


its lowest level of the year an 
Tuesday, 22 per cent below its 
peak last March. 

The prospect of sharply 
higher debt-service payments 
also risks undermining a 
recent drive by the federal gov- 
ernment and the 10 provinces 
to contain their budget deficits. 

The federal government last 
February projected a drop in 

It is paying for 
fiscal laxity and 
political 
uncertainty 

its deficit to C$39.7hn (£l&8bn) 
In the year to Mar ch 32 2996 
from C$45-7bn last year. But 
the estimate was based on a 
long-term bond rate of 6.1 per 
cent, far below the current 
yield of 9.5 per cart 

F inance department officials 
have warned their minister Mr 
Paul Martin that his budget 
projections are being derailed. 
But Mr Martin, whose relation- 
ship with ids senior dvfl ser- 
vants is said to be cool, is con- 


fident that the aberration will 
turn out to be temporary, 

“As economists are wont to 
put it: if everything else is 
unchanged, lower inflation will 
bring about lower interest 
rates," says Bank of Montreal 
chief economist Mr Lloyd 
Atkinson. "But not everything 
remained unchanged.” 

Canada has been side-swiped 
by the upheaval in global mar- 
kets since the US Federal 
Reserve began tightening mon- 
etary policy In February. The 
band market, like that in the 
US, has suffered from the scare 
caused by higher oil, wheat, 
copper and other commodity 
prices. 

But Canada is also paying an. 
extra price for fiscal laxity and 
political uncertainty. As one 
commentator noted in yester- 
day's Globe and Mail newspa- 
per: "If high rates are justified 
in Germany and higher rates 
are justified in the US, then 
especially high rates are going 
to be visited upon profligate, 
politically divided Canada.” 

The federal government and 
the 10 provinces have amassed 
a mountain of public sector 


debt over the past decade. 
Their combined debt burden 
has ballooned in the past 12 
years from 43 per cent to 97 per 
cent of gross domestic product 
The ratio is set to rise to 108 
per cent in 1997, even if gov- 
ernments achieve the deficit- 
cutting targets they have set 

themselves. 

The jitters are reflected in a 
widening spread between 
yields on Canadian and US 
government long bonds. The 
gap has grown from less than 1 
percentage point in February, 
when it looked as if Ottawa's 
success in curbing inflation 
might bring Canadian interest 
rates down to US levels, to 2J. 
percentage points. 

On the political front, ner- 
vousness is » gr»TTi rising as the 
debate over Quebec’s future 
moves to centre stage before 
elections in the francophone 
province this autumn. The 
uncertainty is reflected in the 
gap between yields on 
tang-term bonds issued by Que- 
bec and neighbouring Ontario, 
which has widened by one-fifth 
of a percentage point since the 
end of April 


Canada . 

CPI (annual % change} 
2-0 - 



mgti»>Fg has given the federal- 
ist side some badly-needed 
ammuni tion. Mr Jean Chre- 
tien, the prime minister, 

assured parliament on Tuesday 
that interest rates would drop 
if the ruling liberals were re- 
elected. Few economists would 


Jon 1983 
Soume FT GrafM* 


1984 Jon 


The separatist Parti Qu£b6- 
cois. which has pledged to call 
an independence referendum 
within a year of taking office, 
is well ahead in public opinion 
polls. PQ leader Mr Jacques 
Parizeau did not prHfop r him- 
self to the investment commu- 
nity with threats earlier this 
month that a PQ government 
might cut off business with 
banks and securities dealers 
that publicise the potential 
costs of independence. 

But the turmoil in financial 


Another consolation for the 
liberals is that their leader Mr 
Daniel Johnson remains per- 
sonally more popular than Mr 
Parizeau. 

For the ti me being however, 
in Mr Atkinson's words, "there 
is ample reason to believe that 
the air will be filled with 
uncertainty for months to 
come - an outcome that Is 
likely to produce not only a lot 
of volatility potentially, but 
much higher interest rates on 
average than would otherwise 
be the case.” 

The ups and downs have 
been amplified by the rising 
involvement of foreign inves- 
tors, estimated to hold almost 
half Canada's total debt Their 
view that Canada is a poten- 
tially high-yielding but fi rfclp 
investment is likely to make 
for roller-coaster markets. 


Venezuela’s 

currency falls 


By Joseph Mann in Caracas 

Venezuela's currency, the 
bolivar, has Men sharply this 
week, amid public concern 
over the government's han- 
dling of the country's banking 
crisis and rising fears of 
exchange controls or other dra- 
matic government action. 

Strong purchases of dollars 
drove the bolivar to 200 per 
dollar at midday yesterday in 
Caracas commercial banks, a 
10.5 per rent devaluation since 
the beg i nning of the week. The 
bolivar has fallen by 47 per 
cent since the end of 1993. 

Demand for dollars has bed 
intensified by delay in the re- 
opening of seven commercial 
banks and a commercial 
flmmffg company closed by the 
government on June 14. 

Government officials have 
made contradictory public 
statements as to when the 
affected banks would reopen 
and how much money each 
depositor would receive. 

Three Hanks in which the 
gove rnm ent has intervened. 


Amazonas. Ur 

Gunira. reopened yerttrtwi 
behind schedule, to begin 
tog depositors up to 8590 (£328) 

each. ■ ■ 

But it is not clear if individ- 
ual depositors will mnitteBy 
be paid a maximum of 4m baft- 
vara (about £14J00> as stipu- 
lated by current tegrdatfcw, or 
double ‘that, as suggested by 
one government official. The 
banks subject to intervention 
held in ail about $2.6bn in pub- 
lic deposits as of May 30. 

In May. the government 
reportedly came dose toappty- 
Ing foreign exchange controls 
amid heavy buying o f dollars 
following the abrupt rorign* 
tion of Mrs Ruth de Krivoy as 
central bank president In 
April. Fears have risen that 

the government may again be 
con si d er in g this strategy. 

The central bank has not 
released figures con Its interna- 
tional monetary reserves since 
April, but the country's 
reserves feU by 14 per cent, or 
ffL7bn, during first quarter of 
this year. 


WORLD CUP 


‘Miracle on grass’ as US beats sluggish Colombia 


By Patrick Harverson 
in New York 

“1 don't believe in miracles,” said 
US coach Bora Mflutinovic after 
Iris team’s stunning 2-1 victory 
over Colombia in Group A of the 
World Cup on Wednesday night 
Mflutinovic aside, anyone else 
involved in US soccer probably 
does believe in the miraculous after 
the national team trampled over 


one of tiie pre-tournament 
favourites at the Bose Bowl in 
P asadena, The defeat of the 
Colombians ranks with 1980's 
"Mirada on Ice” - the US ice 
hockey team’s win over the Soviet 
Union in the Lake Placid Winter 
Olympics - as the most remarkable 
feat in US fa*™ sports history. 

History, however, will have to 
wait for now, because the greatest 
impact of the US triumph is that 


it virtually assures the team’s 
progression into the second round. 
The Americans’ present four-point 
tally looks sufficient to take them 
through, even with one game left 
(against Rntnanfa an Sunday). 

The tournament’s organisers 
were jubilant at the US team's feat 
Jim Trecker, sp okesman far World 
Cup 1994, said yesterday: "The 
World Cup’s already been a great 
success, and the US reaching the 


second round can only add to that” 
The 2-1 defeat of Colombia was 
extr a ordin ary as much for its 
manner as for the result- Although 
the borne team opened the scoring 
after 35 minutes courtesy of a freak 
own-goal by Colombian defender 
Andres Escobar, they dominated 
the rest of the match with sturdy, 
patient defending and 
lightning-quick ntiaritc, 

One of these attacks produced 


the second and clinching goal In 
the 82nd minute when striker Ernie 
Stewart ran on to Tab Ramos’s 
perfectly flighted pass to lift the 
ball past the on-coming (and 
already notorious) Colombian 
’keeper, Oscar Cordoba. 

But tiie US were denied the 
perfect finale when Marcelo 
Balboa's spectacular overhead kick 
flew only indies wide with Cordoba 
frozen on his Hue. 


Stars judged by their on-field feats 


The tournament’s dominant personalities are beginning 
to emerge, writes Jurek Martin in Washington 



The name on 
America's lips this 
week is OJ Simp- 
son, the former 
gridiron star 
accused of murdering his former 
wife and her male acquaintance. It 
is impossible to turn on the TV or 
open a newspaper without hearing 
or reading someone pontificating on 
this great national "tragedy.” 

On the one hand, the vox pop 
generally speaks of its “love” far OJ 
and its disbelief that he could have 
committed such a crime. On the 
other, the pundits pronounce - as, 
typically, did Anna Q uhnBen in a 
New York Times column headlined 
“Remember Nicole Simpson” - that 
"this is not the story of a fallen 
Idol” but of a man who went beyond 
wife-beating, bad enough, to mur- 
der. Throw in some media angst 
about overkfll and the cup of talk 
shows is filled to overflowing. 

The great blessing far the soccer 
stars gathered here for tiie World 
Cup is that all, except possibly 
Argentina’s Diego Maradona, are 
closed books to Americans. Profiles 
delve into Jttrgen Klinsmann’s 
engaging wanderlust, which the 
German likes to exercise in this 
country, or Roberto Baggio’s un- 
Italian Buddhism, but they are 
really only the coloured wallpaper 
behind the reality that, for 31 days 
and assuming the y do nothing egre- 
gious, the players are going to be 
judged only by how they perform on 
the field. 

So. after nearly a week, the ques- 
tion logically arises: who are really 
stamping themselves on the cup, 
rather than the opposition's calves, 
who have egg on their faces, and on 
whom is the jury still out? 

The simplest criterion is goals. By 
that yardstick, the star so for is 
Gabriel Batistuta of Argentina. 
With a hat-trick against Greece, be 


looked fast and incisive, though no 
more so than his team-mate Claudio 
Caniggia, of the stringy hair, who 
failed to score. 

Bat both of them - and Mara- 
dona, who scored and h ad a half- 
way decent game - were up against 
the poorest team yet seen, whose 
coach afterwards complained that 
his players were more interested in 
being photographed with Maradona 
than actually competing with him. 

Four players have two goads - 
Klinsmann, Juan Andoni Goicoe- 
chia of Spain, and Gfaeorghe HagL 
and Florin Raducioiu of Romania. 
AS have benefited from goalkeep- 
ing mistakes, with the Spaniard 
freely admitting that his goal 
against Germany was uninten- 
tional, a slightly mis-hit cress end- 
ing in the net courtesy of Bodo Hlg- 
ner’s leaden-footed miscalculation. 
But Raducioiu, who could easily 
have bad two more against Switzer- 
land but for fine goalkeeping, has 
looked a complete attacker. 

K linsmann, has been sharp in 
two games as well, capable of 
sprinting past defenders on 
either ride. He also falls mare dra- 
matically than any other player yet 
observed, which is saying some- 
thing since just about everybody 
here is capable of scoring 5.8 for 
artistic interpretation. 

Other strikers who have looked 
the part and found the net once 
include Rashidi Y ekini of Nigeria 
and Francois Omam-Biyik of Cam- 
eroon, confirming all the good 
impressions he made four years ago 
in Italy. Both are big, strong and 
direct, taut leavened with finesse. 

Brazil’s Romano, who scored 
once and won a penalty, and Bebeto 
(conveniently No's 7 and 11 for 
Americans weaned an convenience 
stores) are small quick and danger- 
ous. with excellent rapport 


Lothar Matth&us, the German 
sweeper and captain, has chosen so 
far to play bis cards dose to the 
chest, as have, mostly, his team. His 
speed is ample to vacuum up any 
defensive problems, but the lacerat- 
ing long passes and rapid forward 
rushes in two games can pretty 
much be counted on the fingers of 
one hand. He is not yet playing as 
Franz Beckenbauer once did, but 
then he has not needed to. 

Rai, the more ponderous but still 
elegant Brazilian mid-fielder, and 
Hagi consider themselves mid-field 
artists who play far enough forward 
to create and score goals, which 
both have. 

Hag i, thou gh, can disappear from 
games, as in the second half against 
Switzerland, while Carlos Valder- 
rama, the Colombian en gine room, 
is firing on even fewer cylinders 
than four years ago. 

The virtues of more conventional 
hard- running counter-attack from 
mid-field have been amply dis- 
played by Andy Townsend and Ray 
Houghton for Ireland, John Harfees 
for the US, and, best of afl, Alain 
Sutter of Switzerland. 

Whn Jonk and Ronald Koeman of 
Holland have different sorts of call- 
ing cards: bard-nosed defence mixed 
with thunderous shots from way 
beyond the dyke. Jank’s strike from 
a good 30 yards against Saudi 
Arabia ranks as the most spectacu- 
lar (a la Sir Robert Charlton) goal of 
the tournament to date, but Koe- 
man could match it if he sets his 
range-finder right 

Goalkeepers have experienced 
mixed fortunes. There have been 
fine saves a-plenty, none greater 
than Michel FreudTiomme of Bel- 
gium palming a close Moroccan 
header on to his crossbar, Erik 
Thorstvedt of Norway and Spurs at 
full stretch to deny an inter-oanti- 
nental Mexican misgTIa, and Dmitri 



. " 

Romanian midfielder Gheorghe Hagi is stopped In his tracks by 
Switzerland’s Stgphane Chapuisat during Wednesday's game puu« ap 


Kharln of Russia and Chelsea, 
beleaguered all day by a ma gical 
Brazil, incredibly flicking a 
short-range certainly over the top. 

But there have been horrors from 
the last line of defence, too. It is 
indecent in a family newspaper to 
Identity offenders by name trot the 
•keepers from Colombia, Bolivia, 
Saudi Arabia, Greece and Germany 
(all right, the German’s name is 
Higher, heretofore mentioned) have 
all cost their sides a point or two or 


three. (In fairness , some of them , 
like the Saudi A1 Deayea, had done 
yeoman duty beforehand). 

But all their glories and mistakes 
still remain ephemeral because afl 
have played only one game or two. 
They can all improve or recover or 
flatter only to deceive (there’s a 
dich& for the ages). It win take a 
much larger hand - of God or a jury 
- awl far mean time for OJ Simp son 
to disappear from the national con- 
sciousness. 


Ireland aim to conquer 
Mexico and midday heat 


After their dour win against Italy, 
Ireland play Mexico In Orlando 
today In Group E, the World 
Cup’s toughest first-round group 
- and are spoiling for an early 
entry into tiie second round. 

Ireland’s coach Jack Chariton is 
counting on Us players to pres- 
sure the Mexican defence and its 
5ft 9in goalie, Jorge Campos, and 
hoping that Irish stamina does 
not wilt under the midday sun. In 
turn, Mexico is set to boost its 
attack with added speed and 
driTIa 

“They Hve in this kind oT heat, 
we don't,” said Chariton of the 
Mexicans, wondering about 
today’s game-time temperatnre- 
During the first World Cup game 
at the Citrus Bowl Orlando, last 
Sunday, it peaked at 109°F (43°Q 
on the pitch itself, 

"This match is a great Incentive 
to qualify and top our group,” 
said Chariton. That would mean 
Ireland would play in New Jersey 
In the second round, with over- 
whelming local support 

Charlton said the Mexicans 
needed a win today to stay in the 
tournament Mexican coach Mfe- 
nd Mejia Baron said; "We will try 
to be mare offensive, more aggres- 
sive on the attack. The way they 
are going to play is just watt for 
counter-attacks. They’ll try to 
take advantage of mistakes.” 

Alter the loss to Norway, Baron 
is expected to bring on Alberto 
Garda Aspe. The mid-field star 
was suspended for the first game. 
“He will be of great help," said 
captain Ignacio Ambriz. Garcia 
Aspe is known for pin-point pass- 
ing and a lethal left-foot shot 

Baron amid also call on striker 
Carlos Hermosfllo, a veteran from 
the 1986 World Cup team, when 
Mexico reached the quarter-finals. 

Ireland win count on their tra- 
ditional game of long passes, 
crosses and headers to pressure 
tiie comparatively small Mexican 
defence. But Tony Cascarino will 
not be in the Irish side. The 
striker ruled himself out because 
of a calf muscle injury. 

Chariton is hoping that Tommy 
Coyne can. take the heat Coyne 
suffered from severe dehydration 
against Italy. 

Shipyard workers 
vote for strike 

Workers at the world's largest 
shipyard voted to strike for three 
hoars during the telecast early 
today of South Korea's match 
against Bolivia. Workers at Hyun- 
dai Heavy Industries, near Seoul 


■ Standings 


GROUP A 

P 

W O 

L 

pa 

Swtortnd 

2 

1 1 

0 

4 

USA 

2 

1 1 

0 

4 

•- 

Komanta 

2 

1 0 

1 

3 

Cotombta 

2 

0 0 

2 

O 

GROUPS 

P 

W 0 

L 

Pta 

Bred 

1 

J 0 

0 

3 

Common 

1 

0 1 

0 

t 

Simdan 

1 

0 1 

0 

1 

Russia 

1 

0 0 

1 

0 

GROUP C 

P 

W D 

L 

Pta 

Gammy 

2 

1 1 

0 

4 

Sptfn 

2 

0 2 

0 

2 

SK«w 

1 

0 1 

0 

1 

BoMft 

1 

0 0 

1 

0 

GROUPO 

P 

w o 

l 

Pts 

AiQantina 

1 

1 0 

0 

3 


1 

1 0 

0 

3 

BUgaria 

1 

0 0 

i 

O 

Oraaoa 

1 

0 0 

.1 

a 

GROUPS 





..... . 

P 

W D 

L 

p» 

ww 

1 

1 0 

0 

3 

Nori«y 

1 

1 0 

.0 

3 


1 

0 0 

n 

0 

Madco 

1 

0 0 

1 

0 

GROUP F 

P 

W O 

L 

Pta 

Holland 

1 

1 0 

0 

3 

Moium 

1 

T 0 

0 

3 

Saud Arabia 

1 

0 0 

1 

O 

Morocco 

1 

O 0 

l 

0 

■ Today's games 



GROUPS 





Brazil 

vs 

Cameroon 


San Aandaeo |JMW pm SS7J 

Swadan 

M 

RuaSi 

r ■ 


Dmttvtt (J230 mm S»t BS7J 

GROW S 





Maodoo 

vs 

Ireland 

i 


Omndo&30pmBS7) 



voted nearly 2 to 1 for the strike. 

Company officials said the 
strike was so that 22,000 workers 
could watch the game Uve. The 
onion disagreed, claiming that 
the strike supported demands for 
a 13 per cent wage raise. 

Brazil favourites to 
lift fourth title 

Big money is still pIHng on to 
Brazil to capture a record fourth 
World Cap title, and the odds 
against the US have fallen 
sharply. 

Ladbroke, the UK betting 
le ader, quotes Brazil as 9-4 
favourite to win tiie cup on July 
17. Germany are 3-1, Italy 7-1, 
Argentina 8-1 and Holland 9-1. 
Odds against the US have col- 
lapsed from 125-1 to 40-1, and 
Ireland are 16-1, alongside Spain, 
Nigeria and Norway. Colombia 
have been poshed from 1M to a 
derisory 150-1. 


neu» - 

And with 3 Sn ^ 1 

3 Wo n KL v. 



The technology services behind MfcrfltopUSASf fig 
For farther information cafl Bffl Wright on (44) 81 754 431R 


EDS 


In the World Cup 
the referee isn't allowed to 
make a single mistake. 
Which is one more than 
we're allowed. 


4 

h, 

°--a 







t 







_g>NANCIAL TIMES FRIDAY JUNE 24 1994 


NEWS: THE AMERICAS 


Latin America: chance to break the cycle of sorrow 

Stephen Fidler on prospects after action on budget deficits, protectionism and the role of government 


© The World 
Bank's chief 
Latin Ameri- 
can economist, 
Mr Sebastian 
Edwards, lik- 
THE NEW ens the 
ECONOMIC region's eco- 
ORDER nomic history 
to Gabriel Gar- 
cia Marquez's novel. One Hun- 
dred Years of Solitude. In the 
novel events follow irregular 
and magical cycles of sorrow 
and frustration. 

He now sees rays of hope 
that this melancholy sequence 
may be broken by the eco- 
nomic measures that govern- 
ments in the region have 
undertaken - to varying 
degrees - over the last five 
years. These measures have 
brought budget deficits under 
control ended years oF protec- 
tionism and sharply reduced 
the role of government, 
thereby vastly enlarging the 
part played by the market 
On the face of it, they have 
been mostly successful Infla- 
tion has fallen dramatically In 
the 1990s, except in Brazil, and 
the region as a whole has 
enjoyed per capita growth, 
though modest, for the first 
time in more than a decade. 

The reforms have had other, 
often underestimated, effects. 
Many companies are looking 
for the first time to markets 
beyond their own borders, usu- 
ally within the region. 

Even if Latin American gov- 
ernments stall in their efforts 
to achieve formal economic 
integration - another feature 
of the 1990s - a de facto inte- 
gration is under way at the 
corporate level 
Companies are also undergo- 
ing profound restructurings to 
compete In an international 
environment Some are making 
important gains in productiv- 
ity, as management and 
workforces realise that 
new working practices are 
needed for survival. 

Yet many see themselves in 
a vice between high-technology 
exporters of the industrialised 
world and the ultra low-wage 


Reform ef forts reap a mixed harvest 

growth improves 




■f • 


Inflation mostly tower . 

Annual average Inflation rate (%) 


700 *r— i Excluding 

600 LJ. 

500 

400 



Annual average real GOP growth (%) 

4X1 jiii'i^afj'Sineiica' ~ 

__ ™ ayeras** 
r~\ Eadudkig 
3.0 


300 - 
200 


100 


1860-85 86-90 91-02 
• WAfetad encage far Lata America ml Carfebaan 
Source: EttS Annual Report JS94 



1 980-85 8B-S0 


economies of Asia, in particu- 
lar China. Imports flood into 
the shops, and Latin America's 
trade deficit widens. 

A study published today by 
the McKinsey management 
consultancy finds that in three 
of four industries studied. 
Latin American labour produc- 
tivity was extremely low. 

"In steel productivity aver- 
aged 37 per cent of the US 
level 31 per cent In the food 
processing industry, and 29 per 
cent in the retail banking 
industry." 

Only in telecommunications 
did productivity begin to 
approach American levels. 

But McKinsey also shows 
that productivity in two of the 
industries - telecommunica- 
tions and steel - has increased 
significantly in recent years, 
especially in Mexico, Brazil 

and Arg entina. 

Latin America's steel produc- 
ers can re main internationally 
competitive because of low 
labour costs, it concludes. 

The question is whether 
these productivity increases 
will be widespread or rapid 
enough to build a platform for 
exports. Without export 
growth doubts will remain 
about the foreign exchange 
generating capacity of some 
countries which still register 


very high debt ratios. Accord- 
ing to figures From JF Morgan 
of the US, Argentina's debt-to- 
export ratio hardly changed 
between 1982-84 and 1991-93 at 
over 430 per cent. Brazil's 
ratio, around 300 per cent, and 
Venezuela's around 200 per 
cent, have not improved much 
either. 

Last year, the region's $40bn 
(£26bn) plus current account 
deficit, which includes interest 
payments on debt, was easily 
financed. This year, with for- 
eign capital markets more hos- 
tile, the economies with the 
largest deficits look vulnerable. 

For now, the region's only 
undisputed comparative advan- 
tage remains in raw materials 
and energy. Most governments 
are welcoming foreign invest- 
ment, and many mining and 
energy companies are getting 
excited about prospects. 

While the development value 
of raw material exploitation 
has been questioned, it at least 
offers flows of foreign 
exchange to allow breathing 
space for other sectors become 
productive. Indeed, Latin 
America's most successful 
economy, Chile, built the ini- 
tial phase of its strategy on the 
exploitation of raw materials. 

However, Chile pursued an 
explicit policy of encouraging 


Brown says all 50 states 
are winners under Gatt 


Mr Ron Brown, the US 
commerce secretary, yesterday 
stepped up the White House 
campaign to steer the world 
trade pact through Congress, 
stating that all 50 US states 
would be winners under the 
General Agreement on Tariffs 
and Trade. Reuter reports 
from Washington. 

In a coordinated campaign, 
the treasury department 
released its own pro-Gatt 
study, repackaging the trade 
pact as nothing less than a tax 
cut. 

"The reduction in trade bar- 
riers resulting from the Uru- 
guay Round will lead to the 
expansion of trade and 
increased market opportunities 
abroad for every US state,” Mr 
Brown said. 

The commerce department, 
the voice for business in the 
administration, released SO 
reports breaking down the US 


export picture both state by 
state and sector by sector. 

The Gatt agreement is due to 
come into force next year, pro- 
viding Congress signs on. “It 
would be worse than an embar- 
rassment in having completed 
successful efforts to break the 
gridlock~and not be one of the 
first countries to ratify it” Mr 
Brown said. “We’re committed 
to achieving that goal this 
year." 

Seeking to prevent delays, 
the White House has stepped 
up its lobbying campaign, 
painting the treaty as part and 
parcel of President Clinton's 
job creation programme. 

"AD states, localities and US 
industry is demonstrably 
helped by expanding market 
opportunities abroad." Mr 
Brown said, adding that 
exports have risen dramatic- 
ally over the past seven years, 
and forecasting that the trend 


would accelerate as more com- 
mercial barriers crumble. 

“Nearly two-thirds at the 50 
states, 32 in all increased 
export sales of merchandise by 
$Lbn or more (in the seven- 
year period). Clearly Gatt is a 
major economic plan for 
long-term US economic growth 
and stability," said Mr Brown. 

Ordinary Americans too 
should feel the benefits, 
according to the treasury anal- 
ysis. As of last year, 39 states 
now export more than $lbn 
worth of merchandise a year, 
he said. 

The biggest percentage gains 
in raised exports are being 
achieved by states such as 
Nebraska. South Dakota. Ver- 
mont and New Mexico. How- 
ever the biggest gains in dollar 
terms are still the largest 
exporters, California, Texas. 
Washington state. New York. 
Ohio and Illinois. 


Congress tries to solve 
crime bill conflicts 


By George Graham m Washington 

Congress members met again yesterday to 
fry to resolve conflicts delaying final passage 
of all-embracing anti-crime legislation. Both 
Senate and House of Representatives have 
already passed crime bills covering everything 
from drug treatment programmes to 
gun-control measures. 

Hardly anyone in either chamber is anxious 
to face the electorate in November without 
bring able to boast about what they have 
done on an issue now topping most voters’ 
concerns. Bat House and Senate seem 
deadlocked over whether the bill should 
Include legislation allowing defendants to 
cite statistics showing the death penalty has 
been unevenly applied to different races as 
part of their defence. 


In 1987, the Supreme Court ruled in 
McCleskey vs Kemp that such statistics were 
not enough to sustain a constitutional 
challenge to the death penalty. Opponents 
of the death penalty have been trying ever 
since to restore this weapon by legislative 
means; the measure is included in the version 
of the crime bill passed by the House. 

Many senators oppose the provision, which 
is not included in the Senate version. To 
complicate matters, the House later voted 
in favour of a non-binding resolution urging 
its representatives, In meetings with the 
Senate, to oppose the measure H had earlier 
approved. Cost of the bill continues to climb. 
The Senate version would originally have 
cost $22.3bn over five years, the House version 
S2Sbn over six years. Cuts have resulted in 
a total S30.2bn over six years. 


Durable goods orders up 


By Michael Prows© 

In Washington 

New orders for US durable 
goods rose more strongly than 
expected last month, underlin- 
ing the strength of the US 
industrial sector, official fig- 
ures indicated yesterday. 

Orders rose 0.9 per cent 
between April and May. twice 
the increase projected by most 
Wall Street analysts. Orders 
have risen in nine of the past 
10 months and are now run- 
ning 16.7 per cent higher than 
in May last year. 

Orders for primary metals 


were especially strong, rising 
4.7 per cent last month and by 
21.3 per cent in the year to 
May. Orders for transport 
equipment were also vigorous, 
rising 2.2 per cent and 20.5 per 
cent respectively. 

The figures are not adjusted 
for inflation, running at less 
than 3 per cent per annum. 

Shipments of durable goods, 
a guide to present capital 
spending, also rose strongly. 
Excluding the erratic aircraft 
sector, shipments of non- 
defence capital goods rose 12 . 
per cent last month and by 17 5 
per cent in the past year. 


The orders figures reinforce 
the findings of a recent upbeat 
assessment of investment 
intentions by the commerce 
department. This indicated US 
companies were planning to 
raise spending on plant and 
equipment by 8.9 per cent in 
real terms this year. Much of 
this investment is expected to 
raise industrial capacity and 
thus enable the economy to 
expand without putting strong 
upward pressure on inflation. 

The strength of investment 
and orders contrasts with a dip 
in personal spending in April 
and May. 


current account weakens . . 

Current account deficit CSbfij’ •_ 
so - ' ' 


40 



*: a£> •• 

, ****** *v 

*. : 76- zljl— — 

». do ^ >.% 


’* ’ 4\ i*' 


and natuqpitdflbowl'/- 

. Annual avnagtt nrtcapttai-Bc^tSb(£ ’ 

.so — i-w u-v.4. 


K - • f 

i •• ' 


60 


20 — 


10 - — 



**' 

qR'' „ 

* - — 

re.:-! 



..V Vn p 

>. . 

•20 


.% i' .V 

■rr-vsyT-i-m 

- gM 


fX? 


'8640- 




70 


'60 

SO 




30 


io: 


■ ; 

■ . • 1 

4 - ' 


I 

■ 

-™ — — 

1 


K 


menot, nawt-b"^ jbll- : 


exports in the 19893, including 
a crawling peg devaluation of 
the Chilean peso. Capital 
inflows have forced some peso 
appreciation. but the 
long-standing disposition to 
keep the exchange rate com- 
petitive has encouraged Invest- 
ment in export sectors. 

Other countries have either 
been less successful in stem- 
ming exchange rate apprecia- 
tion, for example Colombia, or 
have explicitly used the 
exchange rate as the central 
plank in fighting inflation - 
such as Argentina and Mexico. 

A competitive exchange rate 
was also, according to a book 
published by the World Bank 
last year, an important feature 
of the economic success of east 
Asian economies. The east 
Asian economies "avoided 
strategies of macroeconomic 
stabilisation that stressed the 
role of the exchange rate in 
breaking inflationary expecta- 
tions," it says. 

The book, The East Asian 


Miracle, describes the follow- 
ing as common factors in 
Asian success: 

■ Low inflation and competi- 
tive exchange rates 

■ Successful building of 
human capital, in particular 
universal primary education 

■ Creating effective and 
secure financial systems, 
which encourage savings 

■ Limiting price distortions 

■ Disposition to absorb foreign 
technology 

■ Limiting the bias against 
agriculture 

■ Strong institutional mecha- 
nisms, including a meritocratic 
and well-paid bureaucracy. 

While economists caution 
that this is not a unique and 
infallible recipe for success. 
Latin American countries 
score only average marks in 
important areas. 

In some, the recipe is already 
impossible to follow. The need 
to maintain access to markets 
in the industrialised countries 
will make it difficult to provide 


domestic protection for export 
industries used by Asian econ- 
omies. 

Savings rates, while rising, 
are still well below levels in 
Asia. Latin America's average, 
says Ms Barbara Stallings of 
the UN Economic Commission 
for Latin America, is IS per 
cent of GDP, compared with 
Asia’s 29 per cent. This is also 
at the core of the region’s 
overdependence on foreign 
capitaL 

The competence of Latin 
American governments to 
drive this agmda is also open 
to question. The UN Human 
Development Report, published 
last month, shows many Latin 
American countries raise as 
much in tax revenues as their 
Asian counterparts. 

However, they have spent it 
badly, in part because of cor- 
ruption. According to Mr Juan 
Llach, Argentina's economic 
p lanning secretary: “The «tatf» 
used to direct 7 per cent of 
GDP a year to investment, but 


since it bought everything at 
twice market prices, this was 
only equivalent to 3 Vi per 
cent” 

In 1990, the Venezuelan gov- 
ernment spent 41 per cent of 
its gross domestic product on 
education, more than Singa- 
pore's 3.4 per cent, but the 
quality of sp ending was uiro- 

finilC 

According to one study, 43 
per cent of the education bud- 
get went into' administration 

smA planning , #nd 37 per C8ttt 

to further education, leaving 
only 16 per cent for basic and 
22 per cent for secondary, edn- 
cation. 

“Education appears to be the 
single most important detenni- 
nant of inequality at any given 
time," says Mr Edwards at the 
World Bank. 

Mr Alejandro Poxiey, Chile's 
former finance minister, reck- 
ons that the crucial difference 
between Asia and isMn Amer- 
ica is wealth inequality. In 
Asia, the richest fifth has 


between 5 and 10 times more 
wealth than the bottom fifth: 
in nhflp. the ratio is 12, in 
Argentina IE and Mexico 27. 

These divisions have weak- 
ened optnai consensus in Latin 
America. And, unlike ma n y 
parts of Asia (and indeed Pino- 
chet's Chile), Latin Americans 
have a choice when they elect 
tht»ir governments. Already - 
in Venezuela, Costa Rica and 
Colombia - voters _ha ve 
returned governments offering 
a softening of market-oriented 
r pfhrma Elections are due in 
the region's three largest econ- 
omies - Brazil Mexico and 
Argentina - in the coming 12 
months. 

Mr Foxley ask s whether the 
new economic order is politi- 
cally sustainable, particularly 
if T-atfn Americans cannot be 
persuaded t ha* the benefits of 
reform are being equitably 
divided. If market reforms are. 
or are seen as, widening the 
already-broad divide between 
rich and. poor, then electorates 
will became intolerant of them. 
If this happens, the threat of 
populism- which offers only a 
return to Marquez’s baleful 
cycle -may not be far away. 

By reducing their interfer- 
ence in the economy, Latin 
American governments have 
provided the basis for escape 
from that cycle. Paradoxically 
thftngh the - final escape looks 
like it will only be achieved 
through government action: in 
education, in improving the 
quality of government spend- 
ing and in making sure the 
benefits of growth accrue to 
more than a narrow proportion 
of the population. 

(Additional reporting by David 
PUOngJ 

This is the fast m a series of 
articles on Latin America k new 
economic order. 


"If this is your view of global futures markets 
you're missing a world of opportunities" 


hZtiA J! m jv 1 



ROBIN BOWIE, MANAGING DIRECTOR EUROPEAN GOVERNMENT BOND 

trading at bzw securities: "With the prevailing volatility of global markets , our clients' key priorities 
are liquidity and security when using futures exchanges". 

These are also priorities tor MATIF. che Marche h terme international de France. With hs complete range of products, 
such as the successful Notional, 3-month Pibor, CAC 40 futures and the brand new U SD/ DEM arid, US p/FRF currency 
options, MATIF confirms its position as one ol the world’s leading futures exchanges. ■ 

FOR FURTHER INFORMATION PLEASE CONTACT MATIF AT (]] I )-4D 26 Sri 81 • 


M AT I F 


M 


K 


H 


M 


U 


u T u -R 


NEWS: INTERNATIONAL 


and David Buchan in Paris 

French troops flew into eastern 
Zaire yesterday in readiness 
for Operation Turquoise - the 
controversial military expedi- 
tion to resam civilians trapped 
in Rwanda’s genocidal war. 

Transport aircraft landed the 
first soldiers of a 2^00-strong 
force at airfields in Bukavu 
and Gozna on the shores of 
Lake Kivu. From there, the 
military intgntfa to make short 
forays into western Rwanda, 
where thousands of persecuted 
Tutsis are herded in concentra- 
tion camps guarded by Hutu 
miTitias- France won the UN 
Security CoundTs blessing for 
its mission of mercy despite 
international scepticism, a 


shortage of allies on the 
ground and the hitter opposi- 
tion of the rebel Rwandan 
Patriotic Front (RPF), which 
believes France is intervening 
to deny them an outright vic- 
tory in the civil war. 

Yesterday, however, the RPF 
seemed to be softening its 
opposition to French interven- 
tion. “If the French stick to 
their humanitarian mandate, 
and do not interfere in our 
struggle, then we will have no 
quarrel with them." Dr 
Emmanuel Ndahiro, the RTF's 
military spokesman, said from 
the capital, Ki gali- "But we 
stm have misgivings about the 
French operation. We cannot 
exonerate them from the 
crimes committed by the 
Rwandan government" 


French troops 

By Leslie Crawford hi Nairobi 


Agreement emerges to freeze 


poised to enter Rwanda 


The rebels distrust Paris 
because of its military and 
frnanriai support for the gov- 
ernment of Gen Juvenal Haby- 
a rim an a until his death in an 
air crash on April 6. Having 
bolstered Rwanda's crumbling 
army with mQitary : advisers, 
weapons, armoured cars and 
helicopters, France is regarded 
as an accomplice to the slaugh- 
ter of Tutsis and Hutu oppo- 
nents of the Habyarimana 
regime which followed his 
death. 

France plans to lead quick 
missions into Rwanda to res- 
cue endangered civilians, but 
has pledged not to make deep 
raids or to be drawn into fight- 
ing between government and 
rebel forces. The UN mandate 
authorises French troops to 


use force if attacked. 

Xn Paris Mr Alain Juppd, 
French foreign minister, yes- 
terday sought to downplay the 
militar y and political risks for 
France intervening almost 
alone in Rwanda, in the face of 
hostility from rebels control- 
ling two-thirds of the country. 

“Senegalese soldiers wfll be 
at our side and discussions are 
in train with Guinea-Bissau," 
he fold the French Senate yes- 
terday. Senegal Is apparently 
to send troops it had already 
agreed to contribute to the 
planned UN force due in 
Rwanda in fate July, at which 
paint France has said it will 
pull Us troops out 

Mr Juppd said he hoped 
European countries would give 
France the logistic support the 


US has already pledged. France 
will be pressing its European 
Union partners for backing 
when the Twelve start their 
summit in Corfu later today, 
Mr Alain 1 amas soure, French 

EU a ffai re minister, said yes- 

terdav. adding that while 
“there might be 10 good rea- 
sons for not intervening, the 
one essential reason for doing 
so is a whole people is in 
the course of dying". 

The French are setting up 
field hospitals an the Zaire bor- 
der. Bat it is not clear whether 
they will just seek to evacuate 
r w fitg ws and wounded to the 
hospitals, or try to set up safe 
zones as they an d other UN 
peacekeepers have sought to 
do in Bosnia. 

Although Operation Tur- 


quoise is meant to be a bridg- 
ing' operation until the UN can 
muster a multinational force, it 
has inad vertently undermined 
the work of the 400 UN mili- 
tary personnel who remained 
in after the majority of 
UN troops and all foreigners 
were evacuated to April. 

Thousands of Tutsis have 
ftiw demonstrated against the 
French expedition in Bujum- 
bura, the rapist of neighbour- 
ing Burundi, which is bristling 
with the tengkms of the Rwan- 
dan conflict 

With anti-French sentiment 
rising in the RPF-controlled 
areas of the capital, the UN 
decided to relieve 42 French- 
speaking African soldiers from 
their duties. They were flown 
to Uganda on Wednesday. 



Taiwan to 


Attack comes straight after upper house agrees the national budget 


Ftench 


troop* 


ctoptoyod 


•y-V • :.4 

Li 

the na 


nuclear plans and hold talks 

Clinton’s team 
breathes easy at 
N Korea accord 


Enormous relief was expressed 
in Washington yesterday at the 
emergence of an agreement 
with North Korea that would 
freeze Pyongyang’s nuclear 
programme and pave the way 
for talks in Geneva next 

month 

Clinton administration offi- 
cials had adopted a wait-and- 
see approach after former pres- 
ident Jimmy Carter retained 
from Pyongyang last week 
with an offer that apparently 
met US conditions for resum- 
ing talks. 

When official confirmation 
finally arrived on Wednesday, 
it allowed the US to embrace 
Mr Carter’s deal, a third option 
far more palatable than the 
policies of economic sanctions 
or military action which 
appeared a week ago to be all 
that remained. 

The pursuit of economic 
sanctions at the United 
Nations never seemed very 
promising. North Korea's lim- 
ited economic tin kg with the 
rest of the world made it 
largely immune to such eco- 
nomic pressure, in the unlikely 
event that neighbouring China 
would agree to a strong sanc- 
tums resolution. 

The option of bombing North 
Korea’s nuclear facilities, advo- 
cated by several senior officials 
from the administration of for- 
mer President George Bush, 
though in the more clinical 
language of “eliminating repro- 
cessing capacity", carried with 
it the possibility of provoking 
at least some counter-attack on 
South Korea, if not a 
foil-blown second Korean war. 

It remains to be seen how 
complete the victory will prove 
to be. North Korea's President 
Kim Il-sung may have folded, 
but poker rules allow him to 
keep his cards concealed, and 
the truth about nuclear fuel 
extracted in the past may now 
never be established. 

For an apparent saccess, 
however, the US's achievement 
in getting Pyongyang to agree 
to a freeze on its nuclear devel- 
opment was greeted with an 
unusual degree of criticism. 


George Graham 
reports on a 
sense of relief in 
Washington that 
there was a third 
way to resolve a 
thorny foreign 
affairs issue 


Why did the White House 
not come up on its own with 
Mr Carter's blindingly simple 
idea of talking directly to Pres- 
ident Kim? Was it the White 
House's failure to brief Mr 
Carter property that led him to 
say prematurely last week that 
the drive for sanctions had 
been called off? Why did Presi- 
dent Clinton appear over the 
weekend to disown Mr Carter, 
only to embrace him again on 
Wednesday when he received 
confirmation from Pyongyang 
that the deal did indeed corre- 
spond with what the former 
president had announced? 
These were the questions being 
asked. 

White House officials were 
irked by the carping tone with 
which their announcement 
was received. 

“When we have just had a 
positive step forward, I find it 
strange to speculate on how we 
messed it, so HI try to get my 
mind around that," sniffed one 
s enior adminis tration official. 

The whole episode, coming 
on the heels of abcrat-tums and 
waverings on China, Haiti and 
half a dozen other interna- 
tional problems, has reinforced 
the image of Mr Clinton’s for- 
eign policy team as “the gang 
that couldn’t shoot straight”. 

The criticism may be unfair, 
but at the least, the Clinton 
team is the gang whose every 
shot is going to be viewed as 
astray by a White House press 
corps whose binoculars are 
trained firmly on the trigger 
finger, not on the target 


hold talks 

with 

China 

By Laura Tyson In Taipei 

Taiwan has agreed to hold 
working-level talks with China 
next month in an effort to 
“ pr omote cross-strait dialogue 
and rapprochement,” a senior 
Taiwanese official said yester- 
day. 

Mr Kao Koong-lien, vice- 
chairman of the Mainland 
Affaire Council, also indicated 
Taipei’s w illingness to resume 
high-level meetings with Bei- 
jing, bat the timing and 
agenda remain unclear. 

The move signalled a thaw 
in recent tensions sparked by 
the wning s of Taiwanese tour- 
ists in China's Zhejiang Prov- 
ince in late March. Ties 
plunged to a seven-year nadir 
after the robbery-mnrder-ar- 
son attack on 24 tourists 
aboard a pleasure boat on 
Qiandao Lake near the city of 
Hangzhou. 

The two sides will discuss 
repatriation of illegal Chinese 
immigrants and airline hijack- 
ers, fishing disputes and safety 
of Taiwanese travelling in the 
mainland. 

This would be the fifth 
round of administrative talks 
since toe second half of last 
year. Previous rounds have 
degenerated into squabbles 
over sovereignty issues. 

Aden suffers 
worst barrage 

Northern Yemeni forces 
pounded the southern dty of 
Aden with the heaviest artil- 
lery barrage of Yemen’s civil 
war yesterday as the south 
called for sanctions to force 
the north to stop the attacks, 
Reuter reports from Aden. 

Shells crashed Into Aden’s 
northern suburbs of Mansoura 
and Sheikh Oth man at a rate 
of one a minute in the evening 
after a brief afternoon hdL 

Residents said that, for the 
first time since the war began 
on May 4, almost all Aden’s 
residential areas were being 
bombarded by northern forces, 
which are trying to crush the 
south's hid to secede from a 
united Yemeni state. 

Aden’s population was esti- 
mated at 350,000 before civil 
war brake out. It has grown to 
over 400,000 as refugees fled 
into the dty. 


Hata faces motion of no confidence 


By WBBam Dawkins In Tokyo 

Japan’s Liberal Democratic 
party, the country’s largest 
political opposition group, yes- 
terday launched a no-confi- 
dence motion against the 
minority government. The LDP 
moved into the attack straight 
after the upper house finally 
agreed this year's national 
budget, three months after it 
was due to take effect The 
LDP and other opposition par- 
ties bad agreed a political 
amnesty until Japan’s national 


finances were assured. 

The five-party coalition of Mr 
Tsutomu Hata responded by 
boosting its to pnrtre 

the Social Democratic Party to 
rejoin the government in the 
hope of restoring its parliamen- 
tary majority. Mr Hata was 
closeted last night with Mr 
Tomiichi Morayama, the 
Socialist leader, in a last-ditch 
attempt to save his two-month- 
old a dministration. 

The LDP attack paralysed 
attempts to resolve the US-Ja- 
pan trade deadlock, a factor in 


the recent currency turmoil, 
forcing Mr Koji Kakizawa, 
Japan’s foreign minister, to 
shelve next weekend's talks 
with Mr Mickey Kan tor, US 
trade representative. 

“It may not- be appropriate 
for a minister from a govern- 
ment which has jnst had a no- 
confidence motion submitted 
against it to attend such 
talks," a foreign ministry offi- 
cial said. 

Mr Hata admitted his gov- 
ernment’s fate hung on the 
result of talks with the Social- 


ists. “I would like to stake 
everything, whether 

to resign, on. the policy talks 
between the coalition and the 
Socialist Party," he said. The 
Socialists left the government 
in late April in anger at the 
formation of a right-wing 
group e xcludin g tfaww 
Mr Hata said if he did resign, 
he would not call a general 
election, but have It to opposi- 
tion parties to form a sew gov- 
ernment An election would 
delay the final phase at elec- 
toral reform: the redrawing of 


electoral boundaries. Japan's 
move from a muktaeat elec- 
toral system to a mix df pro- 
portional representation and 
single-seat districts would b«a- 
afit parties such as Ur Bata's 
Renewal Party. 

A parliamentary c o mmittee 
waa meeting test night to 
decide when to take the no 
confidence vote. If file SDP 
joins the coalition, the-: vote 
will folL But up tojfeO SDP lfPs 
could ignore such * csB, when 
the coalition’s et&tvai would 
hang by a thread^ 


The rising yen: it was not always thus 


William Dawkins tracks the Japanese currency from $ parity in 1874 


Yea and the dock market 


Annual % cfaaopv YmappndaHan^ Tokyo stock tmriM | 



J apanese exporters who 
complain about their cur- 
rency’s historic break 
through Y100 to the dollar 
might cheer themselves up by 
looking back 120 years. 

For the yen was as mighty as 
the dollar itself when it was 
bom as a gold-backed interna- 
tionally negotiable currency in 
1874, by order of the young 
Emperor Merit. Since then, it 
has neatly moved from a yen 
to the dollar to a yen to the 
cent 

The first gold yen coins were 
minted on presses imported 
from Hong Kong when Japan 
was running a heavy trade def- 
icit to feed its breakneck mod- 
ernisation from medieval to 
industrialised country. 

The name yen. meaning 
"round", was introduced by 
educated urbanites in the 1350s 
to replace the untranslatable 
ryo, the forerunner of the mod- 
on yen. 

The ryo and the multiple 
rival paper notes issued by 
warring daimyos, heads of feu- 
dal dans , woe of such uncer- 
tain value that traders and 
financiers used a parallel ten- 
der, Mexican dollars issued by 
the Hong Kong and Shanghai 
Bazik’s Yokohama branch. 
These, still in circulation until 
the turn of the century, were 
the precursors of the first yen 
notes issued by commercial 
banks in the late 1870s, fol- 
lowed by government issued 
paper with the foundation of 
the Bank of Japan in 1882. 

The emperor fixed the 1874 
yen at L5g of gold, the same as 
the dollar of the time. Today, 


Five-yen note issued from 1882 

the same weight of gold is 
worth *586. 

Of course, the yen has been 
revalued several times since 
then and Japan's currency has 
been as volatile as the coun- 
try’s own fortunes over the 
past century. 

From its mighty birth, the 
yen steadily grew mightier, so 
that it was worth Y023 - or 23 
sen- to the dollar by the cut- 


break of war with the US in 
1941, according to Japan’s cen- 
tral bank. 

The yen came out of interna- 
tional circulation during and 
just after the war. Hyperinfla- 
tion caused its value to col- 
lapse dramatically, forcing tfw 
authorities in 1946 to redenom- 
inate^ by slicing two zeros off 
the face value. 

The debate over whether to 


redenominate the yen again 
-which would restore pari ty 
with the dollar- has resur- 
faced several times, most 
recently after the B8B round of 
yen appreciation, or emfeto. 
Proponents believe it might 
stimulate consumer spending 
by paWng people feel their 
yen are even mare valuable, 
but bankers is Tokyo scoff at 
the idea. 

In 1949, the US occupying 
forces fixed the Japanese cur- 
rency at Y360 to the dollar, its 
rate when Japan entered the 
International Monetary Fund 
three years later. At first, Mr 
Ralph Young; the US Federal 
Reserve's emissary to Japan 
advised a rate of Y2T0 to Y800. 
In the event, Japanese industry 
was let off lightly. 

Japan's rapid industrialisa- 
tion in the 1360s made Y880 
clearly undervalued by the 
time the US abandoned the 
gold link in 197L ft shot up to 
Y270 in less than a year, at 
which it hovered for nine 
months, a rare period of stabil- 
ity, until file flirt oil crisis. 

The surge in oil prices hit 
the economy bo bard -even 
cnmc m g the neon H ghfa to go 
out in Ginza, Tokyo's presti- 
gious shopping area, recalls 
one seasoned observer - that 
the exchange rate slumped 
quickly back to YSOOl 

The yen dipped again after 
the 1979 oil price shock, tanta- 
farinriy suggesting a pattern: 

that it should go down when 
commodity prices go up, as 
they are doing now, “High 
commodity prices are very bad 
for Japan’s terms of trade. 


That's one of tbe reasons why I 
ftrfl to get ezrited by the pan’s 
present strength,* says Mr 
Geoffrey Barter, chief econo- 
mist at Baring Securities in 
Tokyo- 

The yen started to climb 
again with the 1980s export 
boom, as Japanese cars and 
cheap hi gh quality 
electronics swept Europe and 
the US. The easing of US mone- 
tary policy, reinforce d by the 
1985 Plaza accord to curb the 
value of the dollar, caused the 
yen to shoot off again to 
around Y14Q by the end of the 
decade, its value virtually dou- 
bling in the 1960s. 

The yen was supported for a 
while by Japan's economic 
"bubble’*. A nd then, per- 
versely. the onset of recession 
at the start of the 299Q8 poshed 
it up even higher, to nearly 
Y100 last August, as a fall In 
imports caused the export-de- 
pendent economy to record an 
increasingly wide current 
account surplus. 

In contrast to previous sharp 
rises, the latest surge, to Y9995 
at one point has more to to 
with the dollar’s weakness 
against European currencies 
than with any inherent talent 
of the yen for defying gravity. 

On Tuesday the Asahi Shim- 
bun electronic newsboard, on 
top of a Ginza towerblock, 
fl ashed the news to the crowds 
below that the yen had crashed 
through YTQ0. For tin viewers 
below, the figure could have 
been a symbol of short-term 
complications for toe economy 
or as one more indicator of the 
country’s economic rise. 


PLO chief delays trip to liberated Palestine 


Arafat sits tight for a 
better financial deal 


By Roger Matthews, 

MkkSe East Edftor 

The timing of Mr Yassir 
Arafat’s first visit to the newly- 
liberated areas of Palestine 
could be decided as a result of 
emergency meetings in Wash- 
ington today involving leading 
members of the Palestine Lib- 
eration Organisation, the 
World Bank and US officials. 

Mr Arafat, chairman of toe 
PLO, has delayed announcing 
a date for his trip largely 
because he is not satisfied with 
the financial arrangements for 
the new self-governing author- 
ity which will take over 
responsibility for the Gaza 
strip, Jericho and later much 
of the West Bank. 

More than $2.3bn (£1.5bn) 
has so far been pledged by 
international donors for devel- 
opment projects in toe territo- 
ries over the next five years, 
but serious problems have 
arisen over start-up costs of 
the new Palestinian authority 
and covering its budget 
deficit in the first year of 
operation. 

Mr Ahmed Qurei, also 
known as Abu Ala, who heads 
the Palestinian Economic 
Councfl for Recmirtruction and 
Development (Pewter), told 


donors earlier this month that 
$l77m needed to be paid into a 
Palestinian account “Without 
it, we cannot build new admin- 
istrations, or pay the police 
force and employees." 


was resolved. 

Aid donors have pledged 
5720m out of $23hn for the first 
year, of which $80m has been 
disbursed and a farther 8350m 
committed to specific projects. 
However, legal restraints pre- 
vent some governments from 
transferring aid pledges into 
direct budget support, while 
others are demanding addi- 
tional “transparency and 
acamntabflfty" by Palestinian 
institutions before releasing 
funds. 

The cost of covering start-up 
costs of the new Palestinian 
authority and its budget deficit 
this year is put at 5168m. Some 
591m had already been pledged 
before a donors' meeting in 
Paris earlier this month, which 
brought further commitments 
of 542m, including contribu- 
tions from Saudi Arabia and 
Kuwait which had previously 


refused to consider any direct 
cash payments to the Palestin- 
ians. 

These contributions have 
been paid into the Holst Fund, 
named after Mr Johan Joergen 
Holst, the late Norwegian for- 


September 13 outline peace 
accord signed by the PLO and 
Israel The ftmd, administered 
by the World Bank, stands at 
about $55 m. PLO officials, 
headed by Mr Quid, wish to 
know from the bank how 
quickly this money can be dis- 
bursed. 

At the same time, the PLO 
team will seek US help in 
pressing other donor nations to 
provide the remaining 535m 
required to satisfy budget and 
other co s t s until toe end of this 
year. Members of Piecdar have 
emphasised it is difficult to 
engage in planning longer-term 
projects while immediate fin- 
ancing requirements for 1994 
remain uncertain 

Mr Arafat appears equally 
determined not to make his 
trip to the territories without 
having at his finger tips at 
least some of the finan cial 
patronage which over many 
years has helped sustain his 
authority. 


Mr Arafat said in Toms on 
Tuesday that offers of cash aid 
so far were “derisory". Senior 
officials added that he would 
not decide on the date of his 
trip to Jericho until the issue 


eign minister, who played such 
a central role in facilitating the 


Britons held by Kashmir militants set free 


By Alexander Mco«, 

Asia EdRor 

Two Britons held by Moslem militants; 
in Kashmir for 17 days were set free 
unharmed yesterday. 

Mr Kim Housego, 16-year-old son of a 
former Financial Times correspondent, 
and Mr David Mackie, a 3&-year-old Lon- 
don video director, were released to 
local journalists who delivered them to 
Mr David Fitton, a British di plomat in 
Srinagar, summer capital of the In dian 
state of Jammu a nd Kashmir. 

“We were treated well the whole 
time. They gave us plenty of food and 
extra blankets,” Kim Housego said. The 
militants, numbering about 20, had 
moved hideouts frequently since kid- 


napping the pair while they were on 
separate trekking holidays . 

Four Kashmiri journalists were sum- 
moned yesterday to Anantnag. south of 
Srinagar. Eight militants, some of than 
armed, handed over the Britons and' 
Insisted they should not be taken to the 
police in Anantnag but be delivered to 
their families in Srinagar. David mWi 
Jenny Housego, Kim's parents, were in 
Anantnag awaiting the .release, blit 
eventually heard that their son and Mr 
Mhckie were free and in Srinagar. 

Mr David Housego, former ET New 
Delhi correspondent and now a Delhi 
businessman, was at the centre of 
attempts to secure the release. Operat- 
ing from a houseboat in Srinagar, he 
secured an undertaking from the Indian 


authorities to refrain from, actions 
which could jeopardise a safe release 
and travelled into the mountains to 
meet the militants last weekend. 

There had been signs release was 
imminent for several days. But efforts 
appeared to have been set back <m Mon- 
day by the murder near Anantnag of 
Mr Qasd Nissar, a Kashmiri Moslem 
leader acting as an intermediary with 
the kidnappers. The murder, which 
caused public outrage in R~gghmi>- 
appeared unconnected, with the kidnap! 
Mr Housego yesterday described Mr 
Nissar as a “generous and warm man”. 

Messages from the Pakistani govern- 
ment and Pakistan-based militant 
groups, caning for release of the cap- 
tives, had clearly influenced toe kidnap- 


pers, Mr Housego said. 

The Harkat-ul-Ansar group took 

resp on si bi li t y for the kidnap althoug h 

its leader in Pakistani Kashmir caned 
for tire captives’ release. The kidnap- 
pots’ demand for release of three jafari 
leaders was quickly dropped as they 
saw they had no support 

Kashmiri . militant groups, who 
oppose Indian rule in the disputed terri- 
tory, have been embarrassed by the kid- 
nap; they saw it as hampering their 
efforts' to publicise alleged human 
rights violations by Indian security 
forces in Kashmir. Mr Douglas Hurd, 
UK foreign secretary, expressed his 
delight at the release and thanked the 
governments of India and Pakistan for 
tbfifr "co-operation and support". 


Chinese 

By Simon HoJberton 
in Hong Kong 

A high-level meeting of British 
and Chinese di plomats discuss- 
ing Hong Kong’s future yester- 
day took a dramatic turn when 
the Chinese side requested a 
suspension of the talks until 
Monday. 

The two sides said the 
adjournment of the 29th meet- 
ing of the Joint Liaison Group 
was needed so that a sub-group 
negotiating the transfer of mili- 
tary land could have more time 
for agreement 

It is believed the Chinese 
negotiating team needed time 
to refer to Beijing for fresh 
instructions after Britain 


ask to adjourn Hong Kong talks 


refused to improve on its final 
offer. 

Today’s meeting of a joint 
group discussing finance for 
Hong Kong's m^ttbflHo&doI- 
lar airport project is unaffected 
by toe suspension of the JLG, 
the first such interruption of a 
JLG session since it began 
talks in the mid-19 80s. 

However, optimism about a 
settlement of airport fi n ancing 
at this meeting has given way 
to caution. 

In spite of encouraging 
remarks by senior Chinese gov- 
ernment officials, a deal looks 
less certain, government offi- 
cials said late yesterday. 

The issue of defence lands 
has proved one of the most dif- 


ficult for Bri tain and China to 
resolve. For the past seven 
years the two have been nego- 
tiating about how many of the 
89 military sites will go to the 
People's Liberation Army. 

Hie stiddng-point to the 
present talks, raised late on 
Wednesday, is understood to 
be a Chinese demand that toe 
British guarantee completion 
of more than BK$3.5bn 
(£298m>worth of work on FLA 
military facflitifte. 

These include toe construc- 
tion of a base for the Chinese 
navy. 

China has made this demand 
because the UK cannot guaran- 
tee that Hong Kong’s Legisla- 
tive Council (LegCo), which 


has to approve all gove r n men t 

spending, will agree to vote the 

money as asked 
British officials hope that 
China’s new demand is simply 
a gambit by negotiators to 
rtww their superiors to Beijing 
that they have tried hard to 

secure toe best deal possfide. 

They see .no chance of the 


UK 


toe 


rost of Chinese military fadli- 
ties. 

These officials point out that 


6, when LegCo rises, means the 

Hong Kong government win be 

unable to finish the naval base 

by mid-1997 when sovereignty 

of Hang Kong passes to Cbthuu 

The British objective h»^ 


been to get the Chinan* mffl. 
tary to accept as few of toe 
military facilities to Hong 
Kong as possible. The UK also 
wants the PLA to accept that 
when military tend becomes 
surplus to requirement tt 
should revert to the Hong 
Kong government for redevel- 
opment - 

There is considerable unease 
to Hong Kong about toe sta- 
tioning of toe PLA to the col- 
ony. Mr Deng Xiaoping, CM- 
na'g afttng leader, decreed 
toere will be a FLA presence to 
Hong Kong. It hi generally 
assumed this force will number 
some 10,000 soldiers and. a 
naval contingent whose 
strength is unknown. 






FINANCIAL TIMES FRIDAY JUNE 24 1994 


s WORLD TRADE 


^ / v.’ Y-.A : 


CO 


nflde 


; v-,a\s tfe 


Russia energy deals gather pace s Korea 

C7«/ O IT Turnmc 


By Robert Coneina 

The SlObn oil and gas agreement 
between Russia and a western censor- 
unm is the latest in a string of large 
“ealsto develop energy reserves around 
the Russian periphery. The agreement, 
signed in Washington late on Wednes- 
day, covers the development of two oil 
and gas fields off Russia’s Sakhalin 
“land by a consortium led by M«r**hnn 
Oa of the US. Other partners include 
Mitsui. Mitsubishi, Royal Dutch/ShelJ 
and McDermott 


The fields - Pfltun-Astokfaakoye and 
Lunskoye - contain an estimated 750m 
barrels of oil and natural gas liquids, 
and 14,000hn cubic feet of gas. Mara- 
thon says peak production of 180,000 
barr els a day of liq uids and L5bn cubic 
feet a day of gas is expected four years 
after the go-ahead is given for full-scale 
development 

That, however, must await passage 
by fhA Russian parHamfl mt- of an oil and 
gas law to govern production-sharing 
a grwAman t S SUCh as the one si g"^ this 

week. Some western ofi companies are 


demand ing additional assurances in the 
form of separate legislation covering 
specific projects before they commit 
substantial funds In Russia. 

Marathon says Russia would receive 
more than 50 per cent of the production 
revenues from the project, which is one 
of a number envisaged for Sakhalin in 
gptte of the harsh operating conditions 
in the area. Much of the work in the 
area can only be done between May and 
mid-October, when winter storms make 
construction impossible. 

Many big western oil companies have 


chosen to pursue tprhnipniiy difficult 
but self-contained projects on the Rus- 
sian periphery rather than rely on the 
Russian oil export transportation sys- 
tem, which is plagued by bottlenecks. 

The Marathon-led consortium plans 
to liquefy the gas for direct sale to 
fast-growing Asian markets such as 
Taiwan or Korea. The ail will be piped 
ashore before being exported by tanker. 
The Russian government has supported 
such schemes because neither it nor 
any Russian oil companies have the 
financial resources to develop them. 


VW set for windfall 
after China ruling 

Tony Walker on a freeze on new players in the 
market that will benefit the German car maker 

M r Peter Loew, chief sevenfold increase in produo- require additional plants 
executive of Shang- tion of passenger vehicles by In the past year Volks 
hai Volkswagen. Chi- the torn of the centnrv. Such achieved a hreakthrmieh 


M r Peter Loew, chief 
executive of Shang- 
hai Volkswagen, Chi- 
na's largest manufac turer of 

passenger cars, wears the 
smite of a maw who knows that 
he is an to a good thing. 

C hina’ s new automotive 
industry policy, which hnn 
been widely leaked to the Chi- 
nese press, specifies a freeze on 
new participants in vehicle 
assembly plants until 1996. 

This could hardly have pro- 
vided a more satisfactory wind- 
fall for Volkswagen which is 
rapidly expanding its manufac- 
turing md assembly facilities 
near Shanghai and at 
Changchun in northern China. 

‘The policy will give existing 
joint ventures time to improve 
their products and introduce 
new models to reach world 
standards,” Mr Loew said. He 
could have added that the mor- 
atorium will stretch Volkswa- 
gen's lead in the world's fast- 
est-growing vehicle market. 
Demand is expected to soar in 
the next few years as more 
Chtne»» are able to afford their 
own cars. 

In 1993, China produced 
234,000 passenger cars of a 
total 1.3m vehicles manufac- 
tured locally. By the year 2000 
demand is expected to exceed 
2m passenger cars with local 
production accounting for 
about L8m of the total, accord- 
ing to the Chinese plan. 

This figure presupposes a 


sevenfold increase in produc- 
tion of passenger vehicles by 
tiie turn of the century. Such 
growth would be impossible 
without the entry of additional 
foreign manufacturers. 

Shanghai Volkswagen, 
which was established in 1985 
as a joint venture (VW has 50 
per cent) with the Shanghai 
Automotive Industry Corpora- 
tion, Of Chtna and China 
National Automotive fa rin g * r y 
Corporation, produced 100,000 
Santanas (a variation of the 
Brazilian-designed Passat) in 
1993. It plans to raise output to 

150.000 a year by next year 
with a second car plant at 
Shanghai, 'due to be finished 
later tins . year. 

At the same time Volkswa- 
gen is increasing engine pro- 
duction to 150,000 at its Shang- 
hai plant with plans for further 
expansion. It is increasing 
capacity at its Changchun 
facility where it is in partner- 
ship with the First Auto 
Works, producing Audi 100s 
and Jetta cars. Combined pro- 
duction of the Audi and Jetta 
exceeded 30,000 last year. Out- 
put is expected to increase this 
year to mare than 40,000 and in 
1995 to 60,000. 

Mr Loew said Volkswagen, 
whose production of passenger 
cars accounts for about 60 per 
cent of China’s total sedan out- 
pat, hoped to be producing 

600.000 vehicles in China by 
the year 2000, but this would 


require additional plants. 

In the past year Volkswagen 
achieved a breakthrough when 
it lifted local content in its 
Santanas to more than SO pm* 
cent, thereby earning a reduc- 
tion from 48 to 32 per cent in 
duties on imported items. 

Some 82. 2 per cent of San- 
tanas are now sourced locally 
and Mr Loew says Volkswagen 
has no plans to raise local con- 
tent further at this stage since 
the company is now paying the 
lowest rate of duty on 
imported items; but there is 
scope for farther increases in 
the 60 per cent local content of 
the Aufiis. 

Among the difficulties in 
raising lnmi content levels 
been an under-developed com- 
ponents industry. .Volkswagen 
relies on some 160 local suppli- 
ers, but quality is a frequent 
problem. 

Mr Loew said he hoped there 
would be more competition in 
the components sector under 
the new policy. 

Beijing Has also declared 
that attracting foreign invest- 
ment in the components sector 
was a key element of its auto- 
motive policy and that compa- 
nies wishing to assemble cars 
in China would first have to 
demonstrate their good faith 
by investing in the manufac- 
ture of components and spare 
parts. 

Japanese and US car compa- 
nies, which have been oompar- 



CMneee-made versions of tha Japanese. DaBtatsu Charade 
arriving to BeQtog ahead of yestofx^'s opentog to the capital 
of China’s 'biggest car show. The cars, known as Tlanpns 
after the nama of tba city where they are butt, are manufac- 
fured by Ttanjln Auto Worim/Dirihatnj joint-venture company. 

Chinese vehicle assembly Joint ventures 

• ' ■ • Marques - ' 1983 output 

Shanghai Vofltawagep ' ' VW Santana . 700,000 

flep^Jaap/Ctirysfer • . JagaTOhanakae ... 80J)00 
Hanfln.Airto Warija/Pajhatsu. ChaTKte/frBnBxjs ■■ , ■ 50,000 

Bret Ante Works Changchun' Audi IQtyJetta - 30,000 

Jin Bel, Shenyang ■ ■ ■ '* Toyota M'mfeus/ 30,000 

gapping pywfcwaj •' V. 

Qutmgihoq grttollViigsol ' 1 

Second Auto Works. Sh)y(n ' 

- (UiSmJ Pnwfriog . • 


atively slow to respond to the 
opportunities in China, are 
planning Chinese components 
ventur es as a m«n« of posi- 
tioning themselves for the end 
of the moratorium on new par- 
ticipants in car manufacture 
and assembly. 

Mr Loew said that VW's 
equity had “Increased tremen- 
dously” since the company’s 
initial investment of Yn350m 
(£26.7m). Shanghai Volkswagen- 


Marquee - 
VW Santana . 
JacfVCherotoe 
Chamdaoiftflius 
Audi IQCUJetta 

Toyota MSribusf 
6 MUgtin>m* 

PaapBof SQ4 ■ 

Citroen 2X ' 


Saurt* South CNm Mosrthg Poat/FT 


repatriated profits last year for 
the first time, making a modest 
contribution to the balance 
sheet of its troubled parent 
Mr Loew is confident that 
sales of the Santana, Audi and 
Jetta will continue to be buoy- 
ant Volkswagen would seem 
to have reason to be quietly 
satisfied with its 1984 decision 
to proceed in China while its 
. competitors were standing on 

the sidrifnes. 


names 
candidate 
for WTO 

By Frances WBbams n Geneva 

The contest for the first head 
of the World Trade Organisa- 
tion widened yesterday when 
South Korea said it was nom- 
inating Mr Kim Chul-su, its 
trade and industry minister. 

Mr Kim is the fourth 
declared candidate. President 
Carlos Salinas of Mexico for- 
mally entered the race on 
Wednesday, following Brazil's 
nomination of Mr Rubens 
Ricnpero, its finaneg minister, 
and Italy's endorsement of Mr 
Renato Ruggiero, a former 
trade minister. 

The Seoul foreign ministry 
said Mr Kim had a "good 
chance" of election by the 
General Agreement on Tariffs 
and Trade’s 123 members, 
four-fifths of which are devel- 
oping countries. Canvassing 
for Blr Kim among trading 
partners has only just begun, 
according to South Korean 
officials in Geneva. 

Many developing countries 
would in principle like to see a 
Thi rd Wo rld candidate head 
the WTO, which will succeed 
Gait next year. The Gatt job 
has always gone to a Euro- 
pean. But developing country 
support could split on regional 
lines. TO complicate matters, 
the US, which last year backed 
Mr Peter Sutherland, the EU 
nominee as Gatt director gen- 
eral, is said to favour Mr Safi- 
nas. The EU is not helping its 
own cause by delaying 
endorsement of Mr Ruggiero 
as part of the horse trading 
over the EU presidency and 
other top jobs. 

Under Gatt rules, the 
appointment of a director gen- 
eral must be made by consen- 
sus, after consultations being 
conducted by Mr Andris Sze- 
pesi, Hungary’s Gatt ambassa- 
dor and current chairman of 
the co nt rac tin g parties (mem- 
bers). The final decision will 
be taken by members at their 
animal meeting in December. 

Mr Kim, 53, is a career civil 
servant who headed negotia- 
tions on intellectual property 
protection with the US in 1989 
which averted trade sanctions 
threatened by Washington. 


Trade rivalry 
divides Brazil 
and Mexico 


By Our Foreign Staff 

Relations between Latin 
America’s two biggest econo- 
mies, Mexico and Brazil, are 
coming under strain as the bat- 
tle to head the future World 
Trade Organisation intensifies, 

The candidature of both 
Mexico’s President Carlos Sali- 
nas and Mr Rubens Ricupero, 
Brazil's finance minister, may 
split the Latin American vote 
and help their rivals. 

The differences over Latin 
America 's choice follows com- 
petition over leadership of the 
trade issue in South America. 
This may be felt more strongly 
in Brasilia than in Mexico City. 
Brazilian officials have 
watched with discomfort as 
Mexico, after securing the 
North American Free Trade 
Agreement with the US and 
Canada, have signed free trade 
accords with South American 
governments. The latest, the 
Group of Three accord with 
Colombia and Venezuela, was 
signed last week. 

Brazil has responded with its 
own proposal for a South 
American free trade zone but 
the attraction has been limited 
by Brazil's economic instabil- 
ity. Put baldly, the Br azilian 
view is that Mexico has abro- 
gated its right to speak for 
Latin America and the rest of 
the developing world by sign- 
ing up to Nafta. In the more 
diplomatic language of a 
finance ministry official. Mr 
Ricupero could provide a 
“third way” between the 
choices of the EU and Nafta 
trade blocs. A Br azilian foreign 
office spokesman insisted that 
Brazil believed Mr Ricupero 
remained a strong candidate. 

Mexico’s foreign ministry 
argues that Mr Salinas’ record 
as president of Mexico, strong 
commitment to free trade, and 
apparent support from most of 
Latin America, the US and 
Canada makes him by far the 
stronger of the two regional 
gandidatoa - and the only one 
with a chance of winning. 

Mr Manuel Tello, Mexico’s 
foreign minister, firmly denies 
that the rift between Mexico 


and Brazil reflected a wider 
struggle for Latin American 
leadership. He says the two 
candidates should be judged on 
individual merit. 

Mr Telio made little secret of 
his disappointment that Brazil 
has not backed down. Mr Tello 
said Mr Celso Amorim, Brazil's 
foreign minister, told him on 
May 30 that Brazil would 
reconsider proposing Mr Ricu- 
pero if Mr Salinas chose to run 
and that Mr Amorim had said 
the Mexican president's candi- 
dacy was "a very good idea”. 
Brazilian nfnH.iis denied thic 
version, however. According to 
them, Mr Amorim told bis 
Mexican counterpart and Mr 
Salinas on May 30 that coun- 
tries would need to "examine 
the situation" if a president - 
meaning Mr Salinas - became 
a candidate. This was, they 
say, diplomatic language and 
never intended os an indica- 
tion that Mr Ricupero's candi- 
dacy could be withdrawn. 

In the absence of President 
Itamar Franco of Brazil, the 
ijtin American participants of 
the Ibero-American Summit 
last week in Colombia backed 
the Sniinns candidacy. Accord- 
ing to Mr Tello, President 
Carlos Menem of Argentina 
first proposed that the heads of 
state should endorse Mr Sali- 
nas, arguing that the chance of 
an important international 
position for a Latin American 
should not be missed. 

Brazil's anger led to an 
embarrassing about-turn by 
Buenos Aires and Argentina 
issued a diplomatic letter 
stressing Its support for Mr 
Ricupero. Mr Hugo Herrera 
Vegas, undersecretary at 
Argentina's foreign ministry, 
said: “It was all a misunder- 
standing. It has been clarified. 
R was a mistake. These are the 
dangers of high level diplo- 
macy, the diplomacy of chefs 
d'etat, which have their advan- 
tages as well as disadvan- 
tages." 

Reports by Damian fVoser in 
Mexico City, Angus Poster in 
Brasilid, John Barham in Bue- 
nos Aires and Stephen Fidler in 
London) 


nss set f* 







Can you light Natural gas - affordable, safe and available - is an increasingly 

up the sky without popular choice for driving turbines that generate electrical 
clouding the air? power all over the world. Although it burns relatively cleanly, 
combustion does produce nitrogen oxide, implicated in add rain. Abatement 
techniques have reduced emissions, but heightened awareness among 
the industrial nations continues to generate tighter legislative controls 
and the development of ecologically-sound power plants. 

Conventional methods of controlling emissions are costly and dampen 
effiriency. However, ABB research has now developed a way to burn them 
off. It is a total solution, reduring pollutants while maintaining effidency, 
thus consuming less fossil fuel. ABB has installed its innovative “EV-burner’' 
in the Midland Cogeneration Venture, a joint project to produce power 
for the Dow Chemical Company and the State of Michigan, USA. At full 
power load, this plant is now produdng emission levels well below the 
world’s most stringent requirements. 

As a leader in electrical engineering for power generation, transmission, 
and distribution, in industry and transportation, ABB is committed to 
industrial and ecological effidency worldwide. We transfer know-how across 
borders with ease. But in each country, ABB operations are local and flexible. 
%Sj yOU can. That means we can help our customers respond swiftly and surely to 
technological challenges which stretch the limits of the possible, like 
burning gas without douding the sky. 



II 1 

11| 

m 

AB8 Aeea Brown Boveri Ltd., Reader Services Center, R O. Best 822, CH-6021 Zurich 

#^1 

m 



J 





fXT T FRIDAY KIMBKlWi 



*W***W%''*'-* «V* '•' .'i* . J 

f 1 IQ ^ • \ ■• Sp|v,' 


; -V. --'■/&-■•;■ “ -■• 




NEWS: UK 


Creation of regulator proposed 

Overhaul for 
UK pensions 
industry 


By Norma Cohen, James Blitz, 
and Usa Wood 

A far-reaching overhaul of the 
occupational pensions indus- 
try, iwelniting the proposed cre- 
ation of a regulator with pow- 
ers to enforce common 
standards, was unveiled by the 
British government yesterday. 

Its white paper was tougher 
than had been expected, 
endorsing many of the propos- 
als urged by its own advisory 
panel, the Goode Committee, 
nine months ago. 

The paper also proposes that 
pension schemes meet mini- 
mum solvency standards, 
allow members to appoint at 
least a third of trustee boards, 
and contribute to a compensa- 
tion scheme that will pay pen- 
sions if assets disappear 
through fraud. 

Social Security Secretary Mr 
Peter Liliey said that the pre- 
vention of fraud was at the 
heart of his proposals. He 
emphasised that no single mea- 
sure could provide a satisfac- 
tory defence against fraud, but 
h aimed that the new arrange- 
ments could have prevented 
the Maxwell pensions scandal 
had they been on the statute 
book some years ago. 

Mr Lifley said that his broad- 
ranging proposals would 
“strengthen the whole pen- 
dons industry by providing the 
three basic essentials of secu- 
rity, equality and choice.” 

Industry reaction to the 
white paper was generally sup- 
portive, althoogh employers, 
scheme advisers and the pen- 
sion industry's trade associa- 
tion all expressed some reser- 
vations. 

Industry estimates that pen- 
sion schemes will have to 
spend 10 times the £60m to 


£l40m that government says is 
needed to meet the new stan- 
dards. 

The Goode Committee was 
formed in June 1992 following 
the death of the late Mr Robert 
Maxwell and the subsequent 
discovery that over £440m had 
disappeared from pension 
schemes he controlled. 

However the government 
proposes that the regulator be 
less powerful than suggested 
by the Goode Committee. It 
will have to rely largely on 
“whistle-blowing” by profes- 
sional advisers and scheme 
members to uncover wrong- 
doing and will not routinely 
inspect scheme state- 

ments. Also, contrary to 
recommendations that it be 
financed from general reve- 
nues, the government proposes 
that a levy on. industry 
finances its budget of about 
£I0m. 

Employers will have up to 10 
years to meet new minim um 
solvency standards in fulL 
However, once they take begin 
to take effect, employers whose 
schemes have less than 90 per 
cent of assets needed to pay 
HahiiHiwi will have to addi- 
tional cash almost immedi- 
ately, a controversial proposal 
which industry had opposed. 

The white paper also pro- 
poses the elimination of Guar- 
anteed Minimum Pensions and 
the substitution of an alterna- 
tive protection against infla- 
tion. They will be required to 
increase pensions in payment 
by five per cent or the rate of 
inflation, whichever is lower. 
The white paper also proposes 
linking tax rebates for personal 
pension holders to their age 
and allowing those about to 
retire some flexibility in buy- 
ing an annuity. 


Queen to lose royal 
yacht Britannia in cuts 


By Bruce Clark, 

Defence Correspondent 

The Queen will be doing her 
bit to trim Britain’s defence 
costs by renouncing her right 
to free private travel in Royal 
Air Force planes and giving up 
the royal yacht Britannia, it 
was announced yesterday. 

On the relatively rare occa- 
sions when the Queen or her 
family use RAF aircraft for 
purely private purposes, they 
will in future reimburse the 
Ministry of Defence for the 
cost, according to an MoD 
statement 

The 41-year-old Britannia 
would be taken out of service 
in 1997 and the government 
would consider whether or not 


the floating palace ought to be 
replaced. 

Queen Elizabeth, who is 
commander-in-chief of all 
Britain’s armed forces, is 
understood to feel that a yacht 
is no longer necessary for the 
purposes of royal travel alone. 

However it is still possible 
that a new vessel will combine 
royal service with more prosaic 
tasks - such as promoting Brit- 
ish trade abroad. 

The vessel's running costs, 
at in the last financial 
year, amount only to a tiny 
fraction of the annual defence 
budget of about £23bn, but to 
have kept the yacht in service 
for another five years beyond 
1997 would have required a 
£17m refit 



Warning on 
investment 
aid level 


The long-term future of 
international companies* 
English plants may be Jeopard- 
ised if the UK government cuts 
back the regional aid it offers 
them to upgrade their facili- 
ties, a local Labour MP warned 
yesterday, Chris Tighe writes. 

Mr Dong Henderson said a 
foreignowned company with a 
plant in his constituency had 
approached him for help after 
being told by the Department 
of Trade and I n d ust ry within 
the last week that its applica- 
tion for Regional Selective 
Assistance had been rejected. 

The MP said he feared the 
benefits of attracting to the 
UK such international compa- 
nies making products for 
worldwide markets could be 
undermined if they thro found 
farther investment, needed to 
maintain their future competi- 
tive edge, did not win UK gov- 
ernment backing. 

“If companies like the one in 
my constituency feel they 
aren't getting the regional 
support they did in the past, 
and the support they could get 
in other European countries, 
they will be less Inctined to 
invest in the future and that 
could mean jobs will be under- 
mined,” said Hr Henderson. 
“International companies can 
locate anywhere." 

On Wednesday, the DTI con- 
firmed it is tig h ten i ng up the 
allocation of RSA grants for 
projects in England, as part of 
public spending constraints. It 
is also plating greater empha- 
sis on the quality of jote the 
projects would create. 

The clampdown, which 
affects foreign investors and 
indigenous companies, is caus- 
ing concern among economic 
regeneration bodies. 


Nuclear jobs cut by 2,000 


By Michael Smith 

Nuclear Electric, state-owned 
generator, is to cut up to 2J)00 
jobs, more than 20 per cent of 
the total, in the next three 
years. 

The company attributed 
some of the cuts to a recent 
decision by the industry regu- 
lator to cap prices in the 
wholesale electricity pool 
which it said could depress 
1995-6 profits by up to £200m. 

The company also said it had 
to compete against private sec- 
tor generators who have cut 
their staff by more Hi«i a haw 
since privatisation four years 
ago. The planned cuts Drill lead 
to a provision in the company's 
1993-4 accounts. The company 
could not say what the provi- 
sions would be, but a total of 
more than £150m seems likely. 

This will partly offeet the 
effect of a sharply improved 


operating performance, where 
lasses have been reduced to 
£224m from E564m In 1992-3 
(excluding the effects of the 
nuclear levy). 

The job losses are the latest 
in a series in the nuclear 
industry. Last month British 
Nuclear Fuels announced It 
Intended to cut 2.000 from the 
7,000 jobs at its Sellafleld repro- 
cessing plant in Cumbria over 
the next five years. 

Nuclear Electric has already 
cut nearly 5,000 from its 14.200 
total of four years ago. 

Yesterday’s announcement 
came three days after the com- 
pany called for ministers to 
privatise it as it published a 
submission to the govern- 
ment’s nuclear review. 

Union leaden said yesterday 
that in cutting so many Jobs 
the company was trying to 
show that it could be as tough 
as the other electricity compa- 


Disc journey planner a first 


By CharfM Batchelor, 
Trans p ort Corres p ondent 

Travellers in the north-west of 
England will be aide to plan 
their bus and train journeys 
on their home computer fol- 
lowing the launch of a fisc- 
based journey planner by 
Cumbria County Councfl. 

The computer programme 
helps people find the most con- 
venient Journey by giving the 
departure, arrival and con- 
necting times for trips within 
the county and to main desti- 
nations outside such as Man- 
chester and Glasgow. 

The council hopes that the 
disc, which costs £2JHJ, will be 
used by information centres, 
libraries, bus operators and 
hotels as well as local people 
and visitors with access to 


a home or office computer. 

The programme lists 980 
destinations and includes the 
timetables of more than 80 
local transport operators. If 
the pilot is successful the 
council plans to update the 
disc every six months for the 
general public and monthly 
for commercial organisations. 
The pilot scheme has cost 
£8,006 to develop. 

Farther refinements which 
may be added if tin pilot Is 
successful include allowances 
for road works ami diversions, 
estimated walking times in 
town centres and between rail- 
way p latfor ms and details of 
bus hoarding points. 

The disc is the first in the 
UK to Include both train and 
bus times although BR has 
produced a disc of its natio n - 


Are you looking at business in Spain? 


We have advised fkm s re n rot^ Spnitfdi 
companies and muttmationals, more 
thm 2&000 firms, over 20 years, 
htekafing advice on: 


-property management, 
■leasmgQfoffice,ieCadan(i 
iodnstrial space. 


Richard EUis, letting agent for Tom Picasso, 
the highest and most emblematic office building 

in the Madrid Business District 


Himuiimii 


Richard 

International Property Consultants 


ftweo da la CasMtm, SI 
88040 Madrid 
TeL: 30842 42 
Fax : 319 40 80 


Avda. Diagonal 608 
08028 Barcelona 
TaL: 419 36 41 
Fax : 4190286 


Booking now for. the Saxon 
renaissance. 






M 

i ‘ : * •< ->-■ 

■vfc'iSC 

■■if* 

mm 

Pf*- 

! SJ/SS 


Tfea Utat data a* 

ta SuMfisaiMfcXlpagML 


mrataf pmdtfhM mml MhU 

“*!*•*» kmmwuaia. 

.tJwi - 



• • a ■- -* a - 
j. • 

v-‘; ^ -«.j £*.- 

C.V ■ ‘ 

-- l «- “ «• f -4. 

il -4 j 


Seasaefe* 


1km 




. M 


The controversial Royal National Theatre on London's South Bank is to be listed as a SSSr 

Heritage secretary Mr Peter Brooke said the theatre was being graded in recognition « 

Designed by Sir Denys Lasdun and built between 1969 and 1976, It has three auditoria - the Lyttelton, the Olivier and the Cattestos, 


nies which were privatised 
four years ago. 

“Workers seem to be the vic- 
tims of a vicious circle of job 
cuts in which power companies 
vie with each other to Me who 
can shed the most amount of 
labour,” said Mr Mike Jarsm. 
head of electricity at tin Uni- 
son public services and utili- 
ties trade union. 

Mr Danny Corrigan, national 
officer of the Amalgamated 
Engineering and Electrical 
Union, said he ms astounded 
at the scale of the cutback 
which bad been announced. 

In a letter to staff yesterday 
Mr Bob Hawley, Nutieer elec- 
tric chief executive, said the 
company had to continue to 
reduce costs fbfiovring the pool 
price cap. 

“We need to. ..make good 
some of this loss to achieve our 
goal of being the lowest cost 
generator." 


wide timetables for the two 
past yean. It aeBs about ifiOQ 
copies at each six-monthly 
Update. Indtvkhul copies cost 
£41 off £45 depending on the 
system used. 

Disc-baaed journey planners 
are also in use by the railways 
in the Neth erl ands, Norway. 
Finland and Denmark and by 
two Danish bus companies. A 
disc covering all forms of pub- 
lic transport is. also available 
to the Ne ther l ands . 

The Cumbrian planner has 
been produced by CVL a Dutch 
company specialising In trans- 
port information systems, rod 
Logan Interactive, a Scottish 
computer systems and applica- 
tions company. It can be used 
on 8086, 286, 38ftand 486 IBM 
PCs or on IBM-compatiMe 
computers r unnin g MS DOS. 


. . »"*»«•«*■*• tatfc,s«uta 

umiaiMiii CarpwathM. Mkwttfc H »4mcr Dndw. 

{+«-«!) 4 4.,4-fl. to (+W-WJ 444M-U. S A X O NY* 





Blair's 
taruefs 


.iw -** 

V- - -N . 


1' 



l 







^^£^LTIMES FRIDAY JUNE 24 1994 


NEWS: UK 


Major and Reynolds may agree N Ireland framework by mid-July 

Ulster peace accord close 


By PhSp Stephens in Corfu 
and Tim Coon* in Dufafin 

Mr John Msuor and Mr Albert 
Reynolds were on course last 
night to agree by mid-July the 
framework for a comprehen- 
sive political settlement in 
Northern Ireland. 

As the British and Irish 
prime ministers prepared for 
bilateral talks at the European 
Union summit in Corfu, senior 
Whitehall officials voiced confi- 
dence that they could clear the 
remaining roadblocks to the 
agreement before next month’s 
Anglo-Irish summit 

Despite continuing differ- 
ences over the shape and 
auth ority of proposed new 
joint boards to enhance cross- 
border co-operation and over 
repeal of Dublin’s constitu- 
tional claim to Ulster, the offi- 
cials said Mr Major was deter- 
mined to find a formula to 
bridge the remaining differ- 
ences over thp "constitutional 
balance” of the accord. 

The escalation of sectarian 
violence in the province - 
underlined by last week’s mur- 
der of six Catholic men watch- 
ing football in their local bar - 
has added further impetus to 
the search for an accord. 

Once agreed the framework 
document - covering relations 
between London and Dublin, 
cross border co-operation and 
outline plans for a new assem- 
bly in Northern Ireland - wiQ 
be presented as the basis for 
renewed talks between the con- 
stitutional parties. 

It is understood that Britain 
has rejected any suggestion 
that new North-South institu- 
tions could imply ‘‘joint 
authority” over the province. 

The Ulster tMoniks, whose 
co-operation is a prerequisite 
to an eventual settlement in 



Prime Minister John Major leaves Downing Street yesterday for the Corfu summit 


Northern Ireland, are deter- 
mined that the Dublin govern- 
ment is not given constitu- 
tional authority in the 
administration of Ulster. 

But Mr Major is prepared to 
see the creation of cross-border 
executive boards to oversee a 
rammrm approach in areas like 
transport, energy, agriculture 
and tourism. 

The creation of such boards 
- whose precise powers would 
be decided in consultation with 
the constitutional parties - 
would acknowledge the two 
governments had a “shared 


interest” in the economic 
development of the province. 

The Irish foreign ministry 
wishes the boards to have 
“executive powers.” embracing 
the mam areas of economic 
activity of mutual concern to 
the two parts of the Island. 

For his part, Mr Reynolds is 
arguing that a commitment by 
the Dublin government to 
ampnrt or repeal articles two 
and three or the Irish constitu- 
tion must be contingent on an 
overall political settlement 
acceptable to nationalists as 
well as unionists in Ulster. 


With officials cm both 
stressing last night that the 
framework document would 
not be overly "prescriptive", 
there appeared scope for the 
differences to be finessed by 
careful language. 

The framework document Is 
gr pectefl to reaffirm that the 
present arrangements for inter- 
governmental co-operation 
between London and Dublin 
should remain in place 
although a new political settle- 
ment would in practice super- 
sede tire 1965 Anglo-Irish agree- 
ment. 


Blair’s Labour vision 
targets consumers 


By Kevin Brown, 

Potfticai Correspondent 

Mr Tony Blair yesterday held 
out a vision of Labour as the 
party of national renewal in 
his personal manifesto for the 
contest to succeed John Smith. 

The 20-page manifesto prom- 
ises a ..modernised • Labour, 
party committed to consumer 
rights in a market economy, 
shunning interventionism, 
nationalisation and economic 
isolationism. 

There are few specific policy 
commitments in the paper, 
which was accompanied by a 
four-page colour brochure 
aimed at the 4-3m voters in 
Labour’s leadership election. 

The social democratic lan- 
guage of the manifesto does 
open up a dear Ideological gap 
between Mr Blair and the two 
traditional socialist candidates 
- Mrs Margaret Beckett, acting 
leader, and Mr John Prescott, 
employment spokesman. 

Mr Blair said he was seeking 


to modernise Labour’s tradi- 
tional values, rather than 
abandon them. Supporters of 
the two leftwing candidates 
said he was scrapping 
the party's basic prin- 
ciples. 

The manifesto says that the 
market economy is in the pub- 
lic Interest, and indicates that 
a Blair government would 
limit intervention to “develop- 
ing and guiding” Industry In 
areas such as technological 
innovation and research and 
development. 

It endorses Labour’s policies 
an progressive ta x a tio n, devo- 
lution, education and training, 
parliamentary and local gov- 
ernment reform, crime preven- 
tion. minimum wages and the 
European Union, including 
lukewarm support for a single 
currency. 

Mr Blair, the shadow borne 
secretary, is the runaway 
leader in the leadership con- 
test. which will be decided on 
July 21. 


Compact disc prices 
‘are not excessive’ 


Britain in brief 



Clarke puts 
tax cuts on 
back burner 

Mr Kenneth Clarke, the 
chancellor of the exchequer, 
yesterday put tax cuts on the 
back burner by warning the 
cabinet that reductions in 
public spending would be 
“extremely tough.” 

Facing renewed right- wing 
calls for early tax cuts to 
restore Tory party popularity. 
Mr Clarke told ministers not 
to underestimate the difficulty 
of achieving existing forecasts. 

Backed by Mr Michael 
PovtiDo, the chief secretary 
to the treasury, Mr Clarke said 
that all the obvious targets 
for cuts had been tackled in 
last year’s public spending 
round. 

The chancellor’s warnings, 
delivered at the beginning of 
a (me hour debate on public 
spending, forestalled any 
discussion of tax cuts by the 
cabinet’s right-wing minority. 


Go-ahead for 
gas project 

The government gave the 
go-ahead to one of the largest 
offshore gas developments 
since 1990. 

It approved British Gas’ 
£600m plan to develop the 

^ pnaiia rampW . which. 

includes the Drake. Fleming 

and Hawkins Helds. 

They lie in the central North 

Sea off Scotland, dose to the 
Norwegian sector. 

The fields will produce about 
four per cent of the UK’s 
requirements. 


By Mchael SkapMcer, Leisure 
Industrie* Corres p ondent 

Monopoly situations exist in 
both the music production and 
retailing industries, but nei- 
ther operates against the pub- 
lic interest the Monopolies and 
Mergers Commission said yes- 
terday. 

The commission, which pub- 
lished its report on the UK 
music industry yesterday, 
found that prices of compact 
discs in the UK were not exces- 
sive. It said prices were “set at 
levels determined by effective 
competition in the UK mar- 
ket" 

The commission said that 
the five leading music compa- 
nies form a complex monopoly, 
which means that they engage 
in practices which prevent, 
restrict or distort competition. 
The five - EMI, PolyGram, 
Sony, Warner and BMG - 
account for about 70 per cent 
of the UK market 

Among the practices referred 


to by the commission are 
restrictions on parallel 
imports, which allow music 
companies to block imports of 
their own products from 
abroad. 

The commission said lifting 
restrictions on parallel imparts 
would be contrary to the Euro- 
pean Community rental direc- 
tive and would increase the 
risk of music piracy, ft said tt 
did not think freer imports of 
music would result in lower 
prices. 

The commission said the 
music companies’ complex 
monopoly did not operate 
against the public interest 

The commission said that in 
record retailing, W.H.Smith 
and its subsidiary Our Price 
constitute a scale monopoly, as 
they supply more than a quar- 
ter of the market However, it 
added that WJLSmith, which 
accounts for 2&6 per cent of 
UK music sales, operated in a 
competitive market and did 
not make excessive profits. 


Price shadow 
over recovery 

The UK industrial recovery 
remains on track, but growing 

lwmlipw r<f manit ff artiir prg 

expect to raise prices over the 
next four months, according 
to the latest Confederation of 

Br itish Industr y monthl y 

industrial trends survey. 

The survey, published today, 
says that companies’ price 
expectations rose in June, after 
several months In which price 
expectations have been fairly 
flat. 

Around 21 per cent erf 
companies questioned hope 
to ™*i*w i w domestic prices 
over the next four months, 
while only 9 per cent expect 
to reduce them. 

This positive balance of 12 
per cent who expect to raise 
prices is significantly higher 
than in the months between 
February and May, when the 
balance ranged between minus 
1 per cent and plus 4 per cent 

‘Nutter’ jibe 
costs £100,000 

Mr John Patten, education 
secre tar y, yesterday faced 
Tory rank-and-file callB for 
his dismissal after be was 
faced with paying almost 
£100.000 in settlement and 
costs for calling Professor Tim 
Brighouse, Birmingham’s 
chief education officer a 
“nutter*. 

Many Conservative MPs 
privately urged the minister 
to resign before the prime 
minister’s forthcoming cabinet 
reshuffle, describing his 
remarks as “deeply 
embarrassing” and lacking 
judgment 


Institutions 
invest £479m 

The recent resurgence in the 
commercial pr operty market 
has been underlined by new 
figures showing that UK 
pension funds «nd insurance 
companies invested a net 
£479m in property in the first 
quarter of 1994. 

The net in vest m e nt in the 
first three months of the year 
was more than 90 per cent of 
the total set in v estm ent in 
1998, which was £520m, 
according to the Departme n t 
of Trade and Industry. 

The intense buying activity 
in the first half of the year 
has given way to a quieter 
second half, as the turbulence 
in tbe bond market has spilled 
over into the pr o p e r ty market. 


Exchange 
probes up 60 % 

The number of investigations 
carried out by the London 
Stock Exchange into possible 

h waffhiMt nr t railing arirf 

reporting rules rose by over 
60 per cent last year. 

Its market supervision 
department carried out almost 
500 investigations into possible 
rule breaches of trading and 
reporting rules - compared 
with just over 295 in 1992-93. 


Legal actions 
may cost £lbn 

Insurance companies could 
be spending up to £lbn a year 
on legal actions, a leading 
firm of solicitors claimed 
yesterday. Mr Paul Taylor, 
a partner with Berrymans, 
said the cost of litigation was 
rising sharply and many 
insurance companies were 
becoming concerned. 


New Cellnet 
MD from IBM 

Mr Howard Ford has been 
appointed managing director 
of Cellnet, the UK’s second 
largest mobile phone operator. 
He moves from IBM, where 
he was responsible for the 
group's personal computer 
business in Europe. Cellnet, 
a joint venture between British 
Telecommunications and 
Securicor, vies with Vodafone 
for dominance in the UK’s 
cellular mobile industry. 


FINANCIAL TIMES 

LONDON • PAWS • FRAMKFUWT • NEW YORK • TOKYO 


1 


MANAGEMENT REPORTS 


AUTHORITATIVE 

MARKET 

REPORTS 

Accountancy • Automotive 
* Banking & Finance • Energy 
* Environment • Insurance • Media • 
Pharmaceuticals • Property • 
Telecommunications and Travel 


FOR FURTHER 
INFORMATION CALL: 

+44 ( 0)71 814 9770 

OR FAX 

+44 ( 0 ) 71 814 9778 




yYTv: 


ff you seek inter- 
success 
iarithan investment 
batik, then let us 
refer you to the, * 
left-hand side. 


r o- : •••< 

r-v’Ag \ . 

..." 

• ■ V’ V ’ / 

. . 

fi 


r- 

r- * 
> *. 

i; 


cyy V 7 •/,. 

■ . , - - ■ . ■ 

* . ' , ■" • ■ 
tg ■' *.. ». ’ ■’ ‘ ’■ . ... . . .. . 

j .-. v - ■''"■ws .1 .. ' «r*A . 

}.■ . v ■ . • . 

’ i\ -',>'.'-7 • 7 ... 


J ;• - With the n»st extensive Eastern BITO- 
VA'. ; peatinetwpckofa^ 

i bank, we offer an Integral sowce of 

com#^ 

trade know-how is your advantage - . 

A . vy ^ttni dfganisftTg export subsidies and 
- v financing to successfully executing trans- 
; actions.Since time Vs money, the quality 

' provided by our intemationaily compe- 

* \ ; .**.* . 

k tent staff and the high technical stand- 
aids are something you're sura to c 
appreciate. 

C^dteBBikamiEifolg. 


i. • 1 • . . 

r*” 



\'X- 

tv 


Our bwch—, swbtidtwi— yetf rap s — 1 
. around the workfc 

:MMX Bwtii; ten, BratUsm. Budapest, Bumio* 
■AhfcOwea.HorigKbng, 
,Moaoo«i<Munldti 1 Na(wybrtqPrtil^Suiftonci* 80 ,Slo 
' Psnto.SJngapom. Sofia, Tokyo, Views. Ware**. Zurich. 
Ai Sodtt o Mttdt C i omn — reM Bai*«rtwpHssdO»0ic 
:SchoBangw»RAW1DVtennB, 

' Tbt +43W5S1 Wfr 77, F»e-f43?l/S31 Sl*5 IS . 



1 



I 


TECHNOLOGY 


FINANCIAL TIMES FRIDAY JUNE 24 1994 


F orty years ago today 
the world’s first 
nuclear power station 
- NP-1 - started to 
generate electricity behind a 
HpJSS Stalinist architec- 
taral facade in Obninsk, a new 
bu at in the bireh 
“rests 100km south of Moscow. 

^ nss i a ’s sprawling 
nuclear industry, the 40th 
anniversary celebrations have 
a bittersweet flavour. The 
°*ner generation retains proud 
memortes of the Soviet trt- 
rnnph m. the post-war race to 
vwe atoms for peace" but for 
the younger scientists and 
engineers these are almost 
obliterated by today's prob- 
lems. 

Like all the vast state enter- 
prises inherited from the previ- 
ous regime, the nuclear indus- 
is Jtesperately short of 
funds. The nuclear power sec- 
tor is owed 500bn roubles 
(5250m) simply because con- 
sumers have not paid their 
bills,” says Victor Marogov. 
director of the Institute of 
Physics and Power Engineer- 
ing (IPPE), the nuclear devel- 
opment centre in Obninsk. 

On top of its specifically Rus- 
sian problems, the industry 
suffers from the worldwide per- 
ception of nuclear power as an 
energy source that is at best 
stagnant and at worst dying. 
And Chernobyl - a direct 
descendant of Obninsk’s NP-l 
- is an extra burden to bear. 

It would be a ndatalre . how- 
ever. to regard the Russian 
nuclear industry as being in 
terminal decline. It ro rti rmps 
to run on a vast scale and ha$ 
immense staying power - sym- 
bolised by NP-1, relegated from 
electricity generation to a 
research reactor but still oper- 
ating today at its original 1354 
rating of 30 MW thermal 
power. 

According to Rosenergoa- 
tom, the Russian nuclear util- 
ity, the country's 29 power-gen- 
erating reactors produced 
U9bn kWh of electricity in 
1993 - the same as the three 
previous years - with a load 
factor that compares creditably 


Clive Cookson examines Russia's nuclear expansion programme, as it turns 40 toda> 


A bittersweet celebration 




Top left: 


The facade of NP-l, the 


world's first nuclear power 


station, in Obninsk. 


Bottom left: 


The control room of NP-1 


The dacha of Ivan Kurchatov 


who ted the NP-l design team. 


with western levels. It even 
managed to commission a new 
reactor, a WER-1000 pressur- 
ised water reactor at Balakovo. 

The Russian atomic energy 
ministry has ambitious plans 
for nuclear growth over the 
next 20 years. These involve 
building about 30 new reactors, 
both to replace old plants and 
to expand the country's 
nuclear capacity. 

The first steps will be to 
complete two reactors now in 
the final stages of construc- 
tion. Lev Kochetkov, a senior 
IPPE scientist, says another 
WER-1000 unit is on course to 
start up at Kalinin next year. 


followed - more controver- 
sially - by the last Chernobyl- 
style RBMK unit at Kursk in 
1996. 

At the same time, the final 
stages of design work are tak- 
ing place for reactors whose 
construction is due to start 
during the late 1990s. 

IPPE is responsible for devel- 
oping fast breeders - reactors 
intended originally to “breed" 
new nuclear fuel in the form of 
plutonium as they burn ura- 
nium. Fast reactors have lost 
favour in the west as the world 
builds up a potentially danger- 
ous stockpile of surplus pluto- 
nium. However, the Russian 


plan includes five 800 MW East 
reactors of a new design, the 
BN-800. The first is due to be 
built at Chelyabinsk in the 
South Urals. 

Kochetkov points out that a 
600 MW fast breeder, the BN- 
600, has run safely and effi- 
ciently at Beloyarsk since 1981- 
Last year its availability rating 
was 80.6 per cent - considera- 
bly better than the 76 per cent 
achieved by Russia’s nuclear 
plants as a whole. u f believe 
the fast reactor is intrinsically 
safer than a conventional ther- 
mal reactor but it is not easy 
to convince even the special- 
ists of that," he laments. 


To answer the criticism that 
East reactors will produce more 
unwanted plutonium, IPPE 
engineers have redesigned the 
BN-800. "The original design 
produced 30 per cent more plu- 
tonium than it burnt.” Kochet- 
kov says, "hut the final design 
has a breeding ratio of about 
on e; that means the amount of 
plutonium built up will be no 
more than the amount burnt 
We could continue that process 
to cater for public perceptions 
of the dangers of nuclear pro- 
liferation. so that the reactor 
consumed more plutonium 
than it produced.” 

Another way of disposing of 
surplus plutonium - which is 
more popular in the west than 
burning it in East reactors - is 
to combine it with uranium 
and burn the resulting "mixed 
oxide fuel” otr Max in PWRs. 
IPPE is putting the final 
touches to a new facility to test 
Mox fuel elements. But Kochet- 
kov does not hide his reluc- 
tance to go down the Mox road: 
"The IPPE directorate believes 
it is more profitable to use the 
plutonium in East reactors.” 

Outside observers believe the 
Russian nuclear expansion pro- 
gramme as a whole is far too 
grandiose to be practical. Rus- 
sia itself could not possibly 
raise internally the tens of bil- 
lions of dollars that would be 
required to cany out the plans 
on the scale proposed; western 
donors are far more interested 

in makin g the aviating Riufgiat) 

nuclear industry safe than 
investing in its expansion Yet 
a severely reduced version of 
plans might be credible — and 
even that would be the envy of 
the stagnant western nuclear 
industry. 

Meanwhile, the fragmented 
Russian industry, with its 







V f- ? ?r* 



.l iy- . S' 'y 




At ;• 






Pt--. w r : £>i 

J .. . V . - • S* -43 




WUUsm Toil Monument. AJIdori 



Statue of Liberty, New Ybrk 


Credit Suisse’s success is rooted in the free-enter- 
prise traditions of one of the world’s longest-establis- 
hed democracies. We combine the essential qualities 
of Swiss stability, security and reliability with a dyna- 
mic global presence. 


Credit Suisse, in partnership with CS First Boston, 
is one of the world’s leading international financial 
services groups. Full-service banking backed 
by solid Swiss tradition - it’s a combination that’s 
hard to beat 


We do more to keep you at the top. 


Zurtoft (Hoad Office) - Abu Chat* AUanto Bareotons Bating ■ BetUn ■ Bogota Buenos Aires Cairo ■ Can;.-; .; r ..cjqo ■ OuW Froi+tuit ■ Gibraltar Guernsey Hong Kong Houston ■ JofusweabuM 
London • Los Angelas Luxembourg Madrid Manama (Bahrain) ■ Melbourne ■ Mauco C>r, Mum l.Ma.* Cano MoniewSeo - Montreal Moscow Mumcn Nassau (Bahamas) ■ New York 

Nirwnooig ■ Osaka • Part® • Bo da Janeiro ■ Santiago ■ San Francisco ■ Sda Pauto • Seoul • Sn.jp,— -j, ^ ->-^fjgrg - Stuttgart ■ Tjipe • Tehran 7c*yo Toronto • Vancouver ■ v&ma 

Mcftxnr ul IMRQ. Sf A JrwJ in'-. L .»»»-» 


f 


* i '£>£> 


many duplicated facilities, is 
forced to compete within itself 
for scarce orders and funds, 
both from within Russia and 
from the west The main com- 
petition for IPPE is the Kurtch- 
atov Institute, the nuclear 
development centre in Moscow. 

The international profile of 
IPPE would be raised enor- 
mously if it wins a bid recently 
submitted to the European 
Bank for Reconstruction and 
Development in London for 
$45m to build a nuclear safety 
centre at Obninsk. The pro- 
posed centre - a joint venture 
between IPPE and Rockford 
Technology, a Canadian com- 
pany based in Vancouver - 
would concentrate on training 
the operators of Soviet-de- 
signed reactors, using the lat- 
est techniques of computer 

s jmnlptinp 

“The human element is the 
weakest link in Russian 
unclear safety,” says Mark Pre- 
las, a nuclear engineering pro- 
fessor at the University of 
Missouri in the US, who is a 


regular visitor to nuclear 
plants in the former Soviet 
Union. "The most economical 
way to improve safety by an 
order of magnitude is to pro- 
ride a standard training pro- 
gramme for engineers • and 
operators of power plants. Rus- 
sia currently has no such stan- 
dards because the industry is 
so fragmented; there are well- 
trained groups but no overall 
standards. 0 

The Russian nuclear indus- 
try inevitably has mixed feel- 
ings about western safety con- 
cerns. Most of the engineers 
who designed the current gen- 
eration Of' reactors re main 
proud of their work and 
believe western anxieties are 
greatly exaggerated. At the 
same time they are keen to 
take advantage of those fears 
to attract western funds. 

While the industry waits for 
large-scale western aid to pay 
for safety improvements, it is 
beginning to sell its services 
abroad. For example, radio-iso- 
topes for madify l dia gnnwig and 


treatment are in short supply 
in the west, following the clo- 
sure of many of the research 
reactore that used to produce 
them in the US and Europe: 
Russian reactors such as those 
at IPPE are now making up the 
shortfhlL 

“Our income from abroad 
grown three to four times 
over the past year, with very 
beneficial contacts for the 
institute,” Murogov says. "The 
mentalit y of our scientists has 
had to change drastically; for 
the first time in their lives 
they have to think about the 
application of positive results." 

Not all the foreign business 
goes directly to the state- 
owned nuclear institutes. Some 
goes to the private companies 
being formed by their staff. 
IPPE, for example, has 
spawned Brand Engineering, 
named after the Brothers 
Androabenko who founded it, 
which is selling computer pro- 
gramming services. 

IPPE plans to continue run- 
ning its first nuclear reactor 
until its 50th anniversary, if it 
passes a thorough safety 
review scheduled for 1997. It 
remains to be seen whether 
NP-1 will still symbolise the 
power and continuity of the 
Russian nuclear Industry early 
in the next century, or will 
qpgrp than Bka a quaint histori- 
cal relic. 


Worth Watching • Clive Cookson 



Science research 
unit for RHS 


The Royal Horticultural 
Society, best known for its 
flower shows and gardens, 
is to form a substantial 
scientific research 
department The RHS has 
appointed hs first chief 
scientist, Sarah Ball, and 
plans to build a new Centre 
of Horticultural Science at 
its main garden, Wisley, in 
Surrey. 

Ball, a plant pathologist, 
wants to re-establish the 
worldwide scientific 
re pu t a tion that the RHS 
enjoyed in the 1920s and 30s. 
By the early 1990s it was 
devoting only 3 pCT cent of 
its income to science. The 
long-term plan is to increase 
that to about 10 per cent - 
giving Ball a budget of more 
than f Zm a year. RHS 
scientists will focus on issues 
of particular interest to 
non-commercia] gardeners. 

BBS Wisley: UK. 0483 
234234. 


combine them all in a single 
PC-based workstation. 
Saladtn, a UK-based energy 
information company, this 
week launched Crusader, a 
software product designed 
to integrate realtime market 
source s and prices with 
historical data on one 

terminal. 

Integration in this way 
offers two mam advantages. 

First, the trader's office 
becomes physically less 
dotterel. And second, the 
combined terminal can carry 
out data analysis^ Indudhig 
forecasts of fixture price 
movements, which would be 
much more difficult with 
imfivkhial sources. 

Similar software exists to 
integrate the mainstream 

f twaorfal f n fa i niaflnw - 

sources, but Saladtn says that 
energy trading stands met 
for file sheer number of 
different sources available. 

Crusader will cost about 
£2,000 a month for a five-user 
system. 

Salodm : UK 0932243233. 


can be downloaded to a 
personal computer or sent 
by telephone to a specialist 
fora second opinion. 

The cost to the end-user 
is under njooo. 

Colby Medical: UK, 0277 
811171 


Metal and bone 
Join forces 


Portable message - 
from the heart 


Energy traders 
get integrated 


Oil and gas traders, who have 
bad to work with a 
proliferation of ontine 
information sources, can now 


A portable heart monitor 
developed by Colby Medical, 
a small UK company, will 
malm it possible for family 
doctors and health chibs to 
screen large numbers of 
people for rigns of heart 
disease. 

The Colby 1907, powered 
by rechargeable batteries, 
gives a wide range of 
electrocardiogram and other 
respir a t or y and heart 
readings, similar to those 
from an BCG machine at a 
specialist dink. Readings 


It sounds at first like an 
unlikely investment for a 
Japanese metals company: 
Kobe SteeTs European 
venture capital arm is to take 
a 33 per cent stake in 
Promotes, a Swiss company 
developing a bio-material for 
bone implants and artificial 
hip joints. 

Bed Kobe is itself a 
manufacturer of conventional 
metal kdp joints and is 
attracted by the potential of 
Pnnnotos’s new mate ria l, 
Proplast It is soft and 
extremely porous -ma de 
from an open matrix afPTFE 
(a high performance plastic) 
coated with hydroxyapatite 

The Promotes implant has 
a coating of Proplast over 
the metal stem that fits into 
the central cavity of the 
patient's thigh, bane. This 
has two advantages over 
conventional hard implants, 
according to the co m pa ny : 
it acts like a &nckubsorber, 
alio wing natural 
“mkro-motian" to take place 
in the artificial joint; and it - 
encourages tiie body's own 
connective tissues to grow 
into the stem and make it 
more stable. 

. London Oxford & Kobe 
Development Company: UK 
0718361225. 



On Monday, Juno 27 the Financial Times wW poMsti.a survey on Russia. 

It Is a country that has gone, through a period of p Mw mi ebaagesmti the nunmii 
win take a detailed look at what effects the events of the peat y«ar have had on Ha 
economy and politics. 

Economically Russia remains poised between success and failure. The survey wi b 
examine the Increasing business opportunities, front tong term Investments to htetufa* 
low priced stocks, ^ 

On the political front It wlB dtsenss -the performa nc e of Boris YWtsfaTs government 

and the prospects im stabUtty and democracy. 


fifSSg# ( 


Fatanda! Times. Europe’s Business Newspapec 


/ V 


; 


i .yr: 

• ^ 


? 

I . \ e . 9 . . 

1 MS: 

! 

• f -. i 


l 




h .-VV ; 


t .-Vi - : 

S “"• •• > 

t- 


%■ ■ --V h 


- Vf'S:- 

Tj rV.TT' v 

sir-# 1 ' 


f *.*.-4;. 

s-rjrr 




I 

s ?: -.y U 

lei® C; 

« f; 


\% : 


it : 

i 

; 


| r tr 

J 








IrSMs'MfelB 
r 













FINANCIAL TIMES FRIDAY JUNE 24 1994 




! 5 fiden. 


-1\ s 


A * the mid-summer 
point four years ago. 
the cracks m the prop- 
erty industry were 
oxuy just emerging. New devel- 
opments were still being 
launched, rents were rising 
and, despite the t ightening 0 f 
interest rates, many optimists 
believed the economy would 
make a “soft landing”. 

But when the Gulf crisis 
broke out in the first week or 
August - the week I began to 
write about property for the FT 
- the cracks began to widen. 
Deals went on ice. investors 
lost heart and the huge over- 
hang of bank debt threatened 
to bury the industry. 

The years that followed were 
some of the most nerve-wrack- 
ing seen, in the industry. The 
downturn - the most damag- 
ing since the second world war 
- proved more severe than 
anyone had expected, crushing 
companies, ruining careers 
costing banks and sharehold- 
ers billions of pounds. The 
upturn, when, it finally came 
last year, was frenetic. 

The fall-out from the crash 
went beyond the property com- 
panies and the banks which 
lent to them. Company hnianra 
sheets were also weakened, 
towns were blighted by empty, 
boarded-up property and the 
construction, architectural and 
surveying industries lost thou- 
sands of jobs. Even the Church 
of Engla n d cut stipends as a 
result of its investment manag- 
ers' ill-fated forays into prop- 
erty development. It is no won- 
der the industry has a 
tarnished image. 

But its fundamental impor- 
tance - of providing commerce 
and industry with adequate 


PROPERTY 

Trials and 
errors 

Has the sector learnt from its 
mistakes, asks Vanessa Houlder 


premises - has been obscured 
by its errors, chiefly the squan- 
dering of billions of pounds in 
unwanted developments. 

The rigidity of tbe UK lease 
structure has also blighted 
many businesses, particularly 
small companies which discov- 
ered they were liable for the 
unpaid rent of companies to 
which they had a^dgnad their 
Leases. The tradition, of lengthy 
leases , with upwards-only rent 
reviews, means that landlords 
are often seen as passive rent 
collectors rather than compa- 
nies servicing their customers’ 
needs. The government is 
examining the possibility of 
reforming the structure of 


*■ / t. • » ./ as> o • "*• . 


Index of monthly return '• 
baaed at DecK- 100 t*- ' - ' 

• ■ ■ ' — - an i- tl i_ ■ > l *"Jv - tit? Jr* 

= • ■ ™ Property ■- = v. -?m. • ■'*&,.**■ • j-SK-vb ■ “ 

•= Betas* M\* 

■ a - Offices :M 

'■ > •. •»••• Induat rtate J?:* -y-i 

..'■l'... **V Change over 

- 6 /- 1994 last month W ? ..f a A >t f •* 

214.31 252 

1 204.84 250 

4 « 195.91 158 


- 5 ~ 1994 


• : ■ ,• * r* • •,/ — 


'i • ‘ ' .. »» •: s> vwe 1 

v -VS rxdrh 


by an overweening belief in 
their projects, would see no 
obstacles; indeed the ability 
constantly to look beyond 
Immoriiate hurdles ?nd risks Is 
an essential attribute of devel- 
opers, who often spend years 
piecing together sites, winning 
over investors and overcoming 
P fowling problems. 


O ne of the inherent 
risks in the industry 
is the long lead 
times involved 
between the conception and 
completion of a building. As 
long as the government fails to 
smooth the cyclical nature of 
the economy, property develop- 
ers will continue to be prone to 
the disrupting effect of eco- 
nomic booms and basts. 

The UK’s piarmingr regime is 
also widely seen as a contribu- 
tory factor behind the indus- 
try’s problems. The kdsser-faire 
planning policies of the 
Thatcher years are widely 
blamed for the surplus of space 
- particularly in places such as 
tbe London docklands, where 
some 4m square feet of office 
space remain empty. Moreover, 
the lav planning re gime gener- 
ated a glut of out-of-town 


As an industry that hinges 
on deal-making, the prop erty 
market revolves around its 
leading personalities. As a 
result the blame for the insta- 
bility and short-sightedness of 
the industry rests largely with 
the way Its foremost figures 
operate. 

A steely ambition and self- 
belief that is the apwnHai char- 
acteristic of most property 
entrepreneurs resulted in too 
many speculative buildings in 
the 1980s. Developers, blinded 


T he slowdown in the 
surge in property prices 
that began in late 1993 
has been underlined by a sec- 
ond consecutive monthly foil 
In the IPD Monthly Index 
total return. 

The total return for May 
was L 2 per cent, the lowest 
monthly level since August 
last year. Capital growth was 
down to 05 per cent in May, 
the lowest monthly movement 
since April 1993 when yields 
started to shorten. 

Over the past three months, 
the total return was 6.1 per 
cent, suggesting that the total 
return for 1994 is likely to be 
lower than the 75 per cent 
recorded In the quarter to 

Marrh- 

Total returns continued to 
slow across all three sectors 
in May reflecting a decline in 


developments that have - the 
government now concedes - 
had a damaging effect on town 
centres, 

Banks, too. are culpable. 
Driven by deregulation, the 

globalisation of the banking 

industry and the loss of corpo- 
rate customers to the commer- 
cial paper and bond markets, 
banks poured money into prop- 
erty with an insufficient under- 
standing of the risks. 

Nor have mainstream prop- 
erty investors acquitted them- 
selves with glory - with a few 
notable exceptions. While the 
UK institutions did well to 
shun property at the start of 
the downturn, they failed to 
appreciate the opportunities at 
the bottom of the market, leav- 
ing the best deals to some 
astute German investors. After 
property values began to 
increase on the back of rising 
bond values last year, UK insti- 
tutions re-entered the market, 
fuelling a sharp increase in 
prices. 

Despite its recent uplift, the 
property market lacks much of 
its old ebullience. Tbe absence 
erf rental growth is a worry. 
Banks are still wary of lending 
to developers. Property dealers 
are keeping a dose watch on 
bond markets, which could yet 
cause a nasty setback to parts 
of the market 

While the ihimm in the mar- 
ket pales in comparison with 
the nervousness of 1990, the 
experience of the past four 
years has taught people that 
the sector can be unexpectedly 
volatile. But how long before 
they forget? 

This is Vanessa Houlder Is last 
property coharm 


the rate of capital growth. 
Industrials regained their 
lead as the best performing 
sector in May with a total 
return of 1.4 per cent 

Retail property slipped Into 
second place with a r e t ur n of 
1.2 per cent, while offices 
showed a monthly return of 
1.0 per emit 

In the year to May, the total 
return for the retail sector 
was 27.4 per cent an increase 
of 05 percentage points over 
the year to April; the total 
r e turn for the office sector 
was 25 per cent 4 marginal 
improvement over the 24.7 
per cent return for the 12- 
month period to April; tbe 
total return for industrial 
property was 265 per cent for 
the year to May, compared 
with 255 per cent for the year 
to April. 


PEOPLE 

Lining up on the starting 
blocks at Willis Corroon 


Mar Taylor, 46. is to take over 
as chief operating officer of 
Willis Corroon as part of a 
sweeping management reor- 
ganisation at the insurance 
broker. 

The changes are designed to 
prepare for the retirements 
next year of Roger Elliott and 
Richard Miller, two wwi who 
helped bring about the merger 
between Willis Faber and Cor- 
roon A Black in 1990. 

Willis announced yesterday 
that MiDer, 62, will retire as 
chief executive on January 1 
next year, and will become 
viceuhairman- 

filliott. now 61, will take over 
as executive chairman, focus- 
ing on worldwide business 
relationships, but it is uniter- 
stood that he will also seek to 
retire next year. 

Taylor, who has been cen- 


trally involved in moves to 
introduce electronic trading to 
the London insurance market, 
is currently chief executive of 
Willis Faber & Dumas, the 
wholesale and reinsurance 
broking arm of Willis. 

A Willis employee for more 
than 20 years, he will chair a 
new executive management 
committee which will direct 
day-to-day operations of the 
group. Its members are Rich- 
ard Dalzell, 53, the group 
finance director. Brian John- 
son, 51, chief operating officer 
of Willis Corroon Americas. 
George Nixon. 54, chairman 
and chief executive at Willis 
Corroon Europe, Donald 
Payne, 55, anrf chief 

executive officer of Willis Cor- 
roon Americas, and Kenneth 
Pinkston, 51, who succeeds 
Miller as chairman of Willis 


Corroon Corporation, the 
group’s US holding company. 

Payne succeeds Frank White 
Jr who will remain with the 
group in another executive 
capacity. All appointments 
take immediate effect. The 
company also announced the 
formation of a nominations 
committee, which will be 
responsible for nominating 
candidates for the group board. 
This will be chaired by William 
Schreyer. the non-executive 
director who last year retired 
as chairman and chief execu- 
tive of Merrill Lynch. 

■ Robert Dixon and Martyn 
Hedley have been appointed 
deputy chairmen, Edward 
Moss md, and Michael Bone a 
director of Willis Faber & 
Dumas. Chris London is 
appointed chairman of its oil & 
gas division. 


Dominic Cadbury to become 
chairman at The Economist 




A new editor, a new chief 
executive and now a. new 
chairman. Do mini c Cadbury, 
54, executive chair man of Cad- 
bury Schweppes, is to take 
over from Sir John Harvey- 
Jones as chairman of The 
Economist Newspaper, parent 
of the weekly business maga- 
zine which has just celebrated 
its 150th anniversary. 

The Economist’s new chair - 
man is the latest to a series of 
boardroom changes at the 
group which is 50 per ceat- 
owned by tbe Financial Times. 
Bin Emmott took over as edi- 
tor when Rupert Pennanfc-Rea 
left to become deputy governor 

of the Bank of En gland and 

Marjorie Scardino replaced 
David Gordon as chief execu- 


tive following his move to be 
chief executive erf ITN. 

The Cadbury family have 
been shareholders since 1929 
and Dominic Cadbury has been 
on the board since 1990. He will 
succeed Sir John after the agm 
on July 12. Sir John, who 
retires having turned 70, took 
over from Sir Evelyn de Roths- 
child, whose family owns 20 
per cent of the company. 

Under Sir John's seven-year 
tenure. The Economist's profits 
have risen by 50 per cent Last 
year, the group increased Its 
pre-tax profits by 22 per cent to 
£15m on the back of a 8 per 
cent rise insales to £12 lm. The 
average circulation of the 
weekly magazine rose by 9 per 
cent to a record 549,000. 


Wm Low loses property director 


William Low, the Dundee- 
based food retailer, has been 
having an unhappy time of 
things recently, and the depar- 
ture this week of property 
director Ramsay Johnson may 
not hearten spirits. 

With its margins squeezed 
by the continuing supermarket 
price war conducted by its 
larger rivals. Low reported in 
April this year that operating 
profits fell by more thaw 25 per 


cent in the six months to mid- 
March. 

Other recent gloom has been 
a 10 per cent cut in head office 
staff, and a decision to scale 
back plans for new retail 
space, from the Intended 
80,000-100,000 square feet per 
ann um to not more than 40,000. 
Traditionally strong in Scot- 
land, Low responded to the 
price war last September, by 
armminrfng its own “500 prices 


down” promotion. 

Perhaps it is not surprising 
therefore that yesterday 
Harvie F indlay , finance direc- 
tor, would add nothing to the 
company’s formal statement 
about Johnson's departure, 
which noted that “bearing in 
mind the reduced level of 
activity in property develop- 
ment in retail and non-retail 
assets, no successor is being 
appointed in the meantime”. 


Jorsling in 
the hot seat 



The London Fire and Civil 
Defence Authority has a new 
chair, Jndith Jorsling, 44. A 
Labour councillor for the Lon- 
don borough of Newham, 
Jorsling was previously the 
LFCDA's deputy leader; she is 
both the first woman and the 
first black person to become 
the authority's leader. 

The LFCDA Is responsible 
for the work of London's 8,000 
firefighters and administrative 
staff - there are some 6,500 
uniformed firefighters - and 
in the fiscal year 1994-95 has a 
central government-funded 
budget of some £255m. 

Jorsling came into politics 
via a familiar route, through 
community-based projects in 
Brixton and later Newham - 
assisting the self-development 
of disadvantaged groups, set- 
ting up a tenants’ association, 
and eventually becoming a 
Newham conncll lor in 1986. 
The LFCDA comprises repre- 
sentatives from each or Lon- 
don’s 32 boroughs, plus one 
from the City. 

Jorsling says she feels 
“extremely honoured” to have 
been chosen for the position. 
"So often in politics you find 
yourself wanting a certain 
position or function - it’s very 
nice to be chosen by your col- 
leagues for something as 
important as this.” 


COMMERCIAL PROPERTY 


. j? . 

I ? ] ; % 

> - s 


[ frt 


Li»n 




Tender for Investment 

The dty of Dresden offers private investors an opportunity 
(or developing and marketing the 

former Railway Station 

at Wettinger StroBe (now Dresden Centre), together with 
11400 m* of cultivated tend in leasehold. 

The project Includes the safe and development of an 
adjacent 8.800 m 2 large open area. 

The location around Wettinger Station is s ttuated in one 
of the foremost urban housing Sites and Res in the 
centre of the city of Dresden's most important 
development districts. The complete area of 20.200 m 2 
has full utility connections and is conveniently located with 
good transport lines. 

By decision of the Planning Committo and the City Council 
of Dresden, building above the station hackwork and on 
the adjacent open area totalling 63.000 m? is subject to 
BGF approval. The planned development is earmarked to 
accommodate preferenclally commercial and shopping 
establishments, cultural and recreational facilities, offices 
and the like. 

Participation is possible only by obtaining the deteBed 
tender documents collectable against payment of a non 
refundable protective fee of DM 2.000,00 at the address 
stated below. 

Detailed tendering quotations, broken down into purchase 
price and ground rent should be forwarded by the 30th of 
September 1994 to 

Deutsche Bahn AQ 

| Zentratbereich Intmobllfen 

I OB I BeglonalbQro Dresden 
I BSSI BemhardstraBe 2a, 01069 Dresden 


NEW OFFICE 
INVESTMENT 
FOR SALE 


WATERLOO LONDON 

♦ 

Freehold 

♦ 

Producing c £745,000 pa exclusive 

♦ 

Principally let to the 
Secretary of State for Health until 2012 

♦ 

Highest specification including air conditioning 

♦ 

Details from 
Parties me * 

7th Floor North, Brettenham House 
Lancaster Place, London WC2E 7EN 
Tel 071-240 2112 Fax 071-240 0728 
Ref: NVG 


PAN EUROPEAN 
HOTEL SALE 

Hotels with and without management contracts 


UNITED KINGDOM 

* THE CARLTON HOTEL 
Bournemouth- 70 rooms. 

* MIRAMAR HOTEL 
Bournemouth - 39 rooms. 

* THE MARINE HOTEL 
Sa lc o m b e - 51 rooms. 

* HOLIDAY INN 
Cambridge - 199 rooms, 
city centre. 

* RAMADA HOTEL 
Reading - 196 rooms, 
town centre. 

k THE BIRMINGHAM 
INTERNATIONAL 
Birmingham • 191 rooms, 
ctly centre. 


SPAIN 

■k TORREQUEBRADA 
HOTEL ft CASINO 
Costa Dd Sol - 350 rooms, 
casino with licence and 
convention centre. 

* HOTEL EL RODEO 
Marbefla - 100 rooms, 
centre of MarbeDa. 

* C ORRA LEJO GARDENS 
HOTEL 

Canary Islands • 124 units, 
aparthotel In Fuerteventura. 

* LA MARgOESA GOLF CLUB 
AND DEVELOPMENT LAND 
18 hole golf course and chib 
house, hotel site and residential 
devel op ment land. 


PORTUGAL 

* HOTEL MONTEMURO 
Castro Daire - 80 rooms, 
newly butlL 

FRANCE 

* GARDEN BEACH 
HOTEL 

Juan les Pins. Cote 
d’Azur - 174 rooms, 
beachfront hold. 

AUSTRIA 

* HOTEL HOPFGARTEN 
Kltzbfihd Alps 

33 rooms • ski and 
summer resort 


LAKE DISTRICT 

Weti Established General Store 
with extensive 4 Bedmomed 
private accommodation with 
Lake Views. Substantial 
turnover and profit 
Asking Price 
£425^69 pins &A.V. 
Principals only apply to: 
Lowther Scott- Harden, Penrith 
Td. 0768 64541 Fmc 0768 65578 

HOLBORN OFFICES 

Close to Grays Inn, A/C, 
Car Parking 
Move In tomorrow. 
100 up to 3,500 sq. ft 
Can: 071 323 4681 


BEAUTIFUL, UNSPOUT 
SOUTH AFRICAN FARM 
185 Hectares 

Indigenous grassland on banks ol 
perennial river ■ Irrigated cropping 
potential, avacardoas, passion fruit, 
paw-pews. MM efimato permta early 
cash cropping. Natural habitat ot 
wildlife spades - good area for 
Game/Oatrlch terming - £540.000. 
Please telephone: 081-894-0733. 

NORMANDY 

CHATEAU. 

Former boarding school. 100+ 
beds, 10 c la ssrooms, gym, chapel, 
10 acres. £260000. 

Tet 071 259 2772 


COMMERCIAL PROPERTY 
Market Town nr Hereford 
2 FLATS & 2 SHOPS 

Good Rent, One Butchers, One 
Indian Tiike-Away. One Oat could 
be available in two mouths. 
ALSO planning for 6 apartments 
or 4 Iowa houses. 

Price £250,000 will split 
0978 790531 

MAYFAIR OFFICE SUITE 

Off Park Lane 
Overlooking Hyde Park 
700 SQ FT 

SIC short term let available 

Box B2415. Fmandal Times. 

One Scuthwak Bridge. Louisa SE1 41 IL 


Sealed bids due July 28th 1994 
For further information and a free property catalogue No. 6019 


5641 


BROKER COOPERATION 

DETAILED INFORMATION PACKAGES AVAILABLE 

KENNE DY-WILSO N 


INTERNATIONAL 
REAL ESTATE MARKETING AND 
INVESTMENT BANKING SERVICES 

5 Princes Gate. Knightabridge, London SW7 1QJ Tel: 44 10) 81 665 5885 
UNITED STATES • UNITED KINGDOM • AUSTRALIA • HONG KONG • EUROPE 


CHELSEA, 
LONDON SW3 

High Specification Air 
Conditioned Office Property 
FREEHOLD FOR SALE 
Approx 13.000sq.fi. 
Producing £273,888 poL 
Potential Pan Vacant 


All Enquiries 

WlLLMOTTSi 


071-355 2727 


CHISWICK & 
PUTNEY 

1 OFHCES/DESfGN ROOMS 
from 100 Sq Ft/ 

1000 sq. ft 

Reasonable rent, good 
parking, available 
immediately plus rent free 
period. From £50/week. 

1 Tel: 081 780 0806. 

swi 

10-40,000 SQ FT 
State of the Art 
Office Building 

TO LET 

Box B2414, Rnonosl 'nines, 

; One Soodiwadc Bridge, LondoaSeiPHL i 


NORTHWEST 

ENGLAND 

Attractive Office/Factory 
Building - 4/100 sq.ft. 

two Storey built 19SO on own 
spacious mature landscaped a Ha 
with space tor further OevotapmenL 
Cood Communications. For sale. 
lease or sale end leaseback. Contact 
Bob Laurence: Tet 0606-782547 

A COUNTRY RETREAT 
NEAR BURY ST EDMUNDS 
Apwlimta and cottages hi a poaocfnl, 
relaxed Betting with swimming pool, 
tmoia court, bowliag green, gy mariroi, 
fidnag likes. 18 acres of fotrol gankia 
sod paddocks. London apprarimsudy 
86 mDca. StwJki epUBwnr £4ROOO plus 
service charge. Coaigcs from £75,000 
pte service duuga. 

Swills 

Chelairfeni, (0245) 269311 
Cootact: Breads Cogja 




-i ; - / 

The cost of expanding or starting your own business Is now even more 
affordable in Mid Wales. 

• We’ve got quality modem premises from 200 to 20,000 sq ft, 
starting from only £7.96* per week! 

• Plus a unique package of financial and business assistance! 

• Factories for sale and greenfield sites for larger projects tool 

FOR FURTHER DETAILS FREEPHONE 

0800 269300 

Or umi i ptoto the coupon beknw and sand to; 

Development Board For Rixal Wales, Ladywsl House, Newtown, Powys, SY16 1JS. 


Rural Wales 


THE BRITISH BUSINESS PARK 

* Ambum quored fe ibr tnu only. 


posmoN 


COMPANY 

ADDRESS 


A PRIME SITE FOR COMMERCIAL PROPERTY ADVERTISING 
For details contact Emma Mullaly on 071 873 3574 or Fax 071 873 3098 


TELEPHONE 


+3 





» 


MANAGEMENT 

Alan Cane reports on the popularity of a controversial business tool in the UK 


FINANCIAL TIMES FRIDAY JUNE 24 1994 


Families’ foreign 


Re-engineering’s all the rage assignments 


A majority of the UK’s large 
companies claim they are 
already in the throes of 
business process re-engi- 
neering. the iconoclastic technique 
which promises ambitious perfor- 
mance improvements for companies 
prepared to undertake the drastic 
chan ges involved. 

in essence, BPR involves rethink- 
ing the way a company does busi- 
ness - or any part of its business - 
from the beginning, cutting out 
unnecessary stages and using infor- 
mation technology where appropri- 
ate to improve efficiency. It is nec- 
essary. management experts say, to 
give the improved performance nec- 
essary to remain competitive. 

There are substantial risks 
involved - it can be likened to 
rebuilding an aircraft in flight - so 
it is perhaps surprising that sur- 
veys, carried out by the Cranfield 
School of ManagPTw«»i|^ and by the 
management consultancy Price 
Waterhouse in collaboration with 
the Financial Times, indicate sepa- 
rately that between 60 and 70 per 
cent of big companies claim to have 
undertaken, or are about to under- 
take. BPR. Even more surprising, 
only 7 per cent in the PW/FT survey 
saw it as a leading cause of busi- 
ness instability. 

The surveys indicate that IT 
directors may be enjoying a new 

I t was seven years ago that a 
group of senior ex e c ut ive s first 
recognised British Telecom’s 
need to introduce what has become 
known as “process management**: 
tiie replacement of activities 
fragmented between departments, 
businesses and geographic units 
by processes which span them. 

But the UK telecoms giant is still 
having mixed success with the 
approach. 

This is partly because of the scale 
of the changes required in such 
a large organisation. But there 
have also been other reasons. For 
several years. ST'S efforts at what 
has now generally become known 
as “reengineering'’ were 
piecemeal. Nor were they linked 
to a revised corporate strategy. 

Top management took until 1992 
to throw its weight behind the 
principle that BT needed to be 
reengineered along process lines. 

Among myriad other barriers 
within BT, according to a new 
study entitled Re-engineering: The 
Critical Success Factors*, “process 
management” has not yet been 



prominence after a spell in limbo 
when their projects failed to deliver 
all they promised. Now they seem 
to be working with their chief exec- 
utives to define and push through 
the changes needed for BPR. 

Most of the companies canvassed 
said they were attracted to BPR 
because of the potential savings. 
The Cranfield study, carried out 
among 40 senior managers from a 


variety of business functions. listed 
cost reduction, cycle time reduction 
(doing things quicker) and improve- 
ment in customer satisfaction as 
the chief drivers. The PW/FT sur- 
vey. an occasional poll of 100 chief 
executives, revealed that 79 per cent 
were looking for improved perfor- 
mance. while 35 per cent saw BPR 
as a means of cutting costs through, 
for example, staff savings. None of 


the respondents saw it as a waste of 
tinu» or effort and 24 per cent said 
BPR was essential to survival 
Both surveys show that commit- 
ment to BPR from both the chief 
executive and the IT director is 
essential for success, but that sup- 
port from the rest of the organisa- 
tion is equally critical The Cran- 
fleld study, directed by Chris 
Edwards and Ashley Braganza, 


Ringing the changes 
brings mixed results 


legitimised at BT by being 
integrated with the responsibilities 
and rewards of hue managers. 

BT has also had problems 
combining two approaches to 
re-engineering: focusing on selected 
complete “core processes”, such 
as the ordering and provision of 
private circuits; or re-engineering 
service components, such as 
customer relations. 

BTs very mixed experience with 
re-engineering is one of several 
company case studies examined 
in the report from Business 
Intelligence, which looks beneath 
the considerable consultancy hype 
of the last 18 months and probes 
the practical experience of 
American and British companies 
which have been striving to 
introduce re-engineering. Other 


companies studied include Lucas 
Industries, Pitiangton Optronics, 
Renters, Rank Xerox and Western 
Provident Association, a UK health 
insurance company. 

The strength of the study is its 
comprehensive scope, and the 
rigour with which, unlike many 
consultants and their clients, it 
defines what re-engineering really 
is - or should be. Although 
“business process re-engineering” 
or BPR, has been dabbed “big 
people reductions” by some cynics 
- including within BT, which is 
slashing its workforce - the study 
stresses that it has little in 
common with conventional 
restructuring or “downsizing”. 

As the study argues, 
reengineering can only succeed 
when it is accompanied by changes 


in corporate strategy, management 
methods, behaviour and culture. 
Combined with these, it becomes 
wfaat some consultancies call 
“transformation”. 

The study distinguishes between 
two forms of re-engineering: what 
it calls “business re-engineering”, 
which it defines as the - hitherto 
rare - re-engineering of entire 
businesses or organisations; and 
“process redesign", the narrower 
but still daunting reconfiguration 
of selected “core processes” which 
span departmental boundaries, 
such as order fulfilment and the 
development of new products. 

Among a useful checklist of “risk 
factors” in re-engineering, the 
study warns that the frequent 
fail ore to cany out a thorough 
initial strategic review tends to 


observed: “The rest of the manage- 
ment team needs to support the pro- 
posed change if it is to work." 

There is evidence, nevertheless, 
that senior executives are not 
spreading their commitment to 
other staff: “The organisation as a 
whole is barely aware of the exis- 
tence of BPR whan compared with 
the senior management,” according 
to Cranfield. 

It identifies this tendency for BPR 
to be seen both as an issue for 
senior management and. as an IT 
issue, as a substantial barrier to 
successful implementation. 

Indeed, 38 per cent of respondents 
to the PW/FT survey believed the 
chief executive had been the main 
architect of BPR while 28 per cent 
gave the credit to the IT director. 
One respondeat to the PW/FT sur- 
vey said: “It would be difficult for 
IT to drive BPR. It must be gener- 
ated from within the operational 
side of the business with IT provid- 
ing support where possible.” 

A sound knowledge of the com- 
pany, energy and a willingness to 
take a fresh approach are clearly 
needed. Some 60 per cent of those 
credited with l eading BPR in their 
companies bad hpgn in post from 
one to three years. Thirty-five per 
cent had been there longer but only 
5 per cent had been in post far less 
than a year. 

result in the reengineering of 
processes which have a trivia! 
impact on overall performance. 
Re-engineering is useless, it says, 
for an organisation which has 
products, services or a philosophy 
of business which are losing touch 
with market needs. 

Although many consultancies 
claim that the definition of core 
processes is the easiest part of 
re-engineering, the report warns 
that it can be both hard and 
time-consuming. It is dtffjmlt to 
form an accurate view of how work 
is actually performed when formal 
procedures have been replaced 
over the years by informal ones, 
the study says. Yet a failure to 
define core processes correctly can 
lead to disappointing results, since 
it prompts companies to target 
too few or too many processes. 

Christopher Lorenz 

* Published by Business Intelligence 
m association with Management 
Today. Price £175 (US). £225 
(elsewhere). Fax . : 081-544-9020. 


Richard Donkin on the main 
issues when sending staff abroad 


R oger is a senior manager 

In a large mnltinatinna) 

energy company. A 
qualified petroleum engineer, Ms 
job frequently tal^m him to 
many parts of the world but his 
suitcase-lifestyle had not 
interfered too greatly with his 
domestic arrangements. 

IBs wife Ann, and three-year-old 
daughter, Bridget, ware settled 
in their four-bedroomed house 
on a new estate near Kingston. 
Surrey. Today they are in a new 
home - a rented bungalow with 
gardeners, a maid and a guard 
that Is nearer Kingston, Jamaica. 

The posting was as sudden as 
it was unexpected. The job offer 
came and Roger accepted. Then 
he told bis wife. To say she was 
unhappy about the prospect of 
uprooting everything to start 
afresh in a different culture would 
be an understatement, but marital 
foyality overcame her resistance. 

The move meant she bad to 
give up her own job as an ml 
company geologist Her position, 
is less senior than Roger's but 
only, perhaps, because of her 
derision to start a family. And 
although Roger's posting is 
ostensibly for two years, ha- 
company refused her request for 
a career break. 

Roger is a big fish in his new 
job. EBs Caribbean island status, 
where he is frequently in tite 
newspapers and mixing with 
government officials, is a world 
away from his previous life. But 
the letters home from Ann to ha- 
parp nte demonstrate that there 
is a cost - their daughter is not 
easily adapting to her new 
surroundings. 

The difficulties associated with 
conflicting career paths of men 

nnri TOMTipn a rp i^ wadn gly 

recognised as one of the biggest 
obstacles to international job 
transfers. A study by Monks 
Partnership, remuneration 
advisers, looking solely at job 
transfers in Europe, has found 
that partners’ dual careers are 
seen by then- employes as the 

TMKt mHimim rfifBrailty to 

overcome before transfers can 
take place. 

An increasing number of 
companies are responding by 
providing career counseflxcg for 


the spouse, says the report- 
Researchers discovered some 
examples of executives moving 
dose to airports so they could 
commote to work abroad. 
Companies tend to be against 
spiriting fa rrdhes because it often 
leads to assignment failures. 

The greatest difficulties, says 
the report, arise when both 
partners have jobs of equal status. 
The survey, covnring 1,000 work . 
transfers «p<nng so multinational 
companies, found that employers 
put dual-career families ahead 

of children’s education and 
language barriers in their 
perception of problems that 
needed to be overcome. 

The results show a marked 

/■ jHnip from tfrOff** rn W Kirpriiir 

survey last year which found that 
cost of living considerations 
dominated company concerns. 

David Atkins, the report’s 
editor, says: “As reflation has 
gradually been reduced in 
European economies the fear of 

ricfng pn'r-pg and diffe re n t costs 

of living in these countries has 
disappeared.” The report found 
that 40 per cent of the companies 
were willing to assist with 
boarding school costs in the home 
country and, depending on the 
length of the assignment, more 
than 60 per cart of the companies 
surveyed would assist with day 
school fees in the new country. 

Nearly all companies would 
pay for language training for the 
executive and 90 par cent would 
pay for lessons for the whole 
family. More than half the 
companies said they would also 
provide some cultural 
familiarisation training. 

The findings are supported by 
recent research at Shell 

Tntwrnatiwnal w hich found that 

dual career considerations were 
a growing issue, particularly 
among employees aged under 30. 

**Thw tr aiftny qmnsa malms the 

Racri fira and aft the satisfaction 
lies wtth the working partner,” 
said Mike Coughlay, a Shell 
human regonress manag er. 


Monks Partnership, Debden Green, 
Saffron Walden, Essex CB 11 5CX 
price £195 Teh 0371 830939. 


-•'■ n.' --n » 


All the power 

OF A 486 NOTEBOOK, 
WITH 40% LESS FAT 


CALL FOR TENDERS 

NITROGENOUS FERTILISERS INDUSTRY SA (AEVAL), 
a producer of nitrogenous fertilisers in Greece at a factory in 
Ptolemais, Northern Greece, 
announces 

an international competitive tender by sealed bid for the purchase of a 
complete ammonia production plant and a sulphuric acid plant to be beld on 
25th July 1994. 

The ammonia production plant, which uses lignite as raw material, ceased 
operating in Jane 1991 while the sulphuric add {riant, which uses sulphur as 
raw material, ceased operating in October 1986. 

The complete text of the tender can be obtained from our offices at 13 
Ameriks St.. 106 72 Athens. Greece. teL +30-1-363.9829. fax: +30-1- 
362^585. 


j B U S I N E S S I v 


FOR 






T he contura aero 486 

tips the scales at as little as ESlbs. Yet it still 
packs in the fall power of the 486 processor, 
measuring up to anv cask you set it. 

To achieve weight - loss like this you’d 
expect to make a few sacrifices. Not here. In fact 
the Aero conics with 4MB of RAM, expandable 
to 12MB, and offers a choice of colour or mono 
screen. And there's even room far a 250MB hjnl 
disk pre-installed with Windows 3.1. 
I Lotus Organizer, Winlink and Tabworks. 

W ^ V n0t U P tiie lightweight 
^ Contura Aero from only 1S99 excluding 

VAT {L 1 056 ine. VAT ) We think you’ll 
find it the lightest heavyweight around. 

To find out the vital statistics, simply return the 
coupon or telephone 0800 444 044 today. 




ESTABLISHED 

BUSINESS 

CENTRE 

WAKEFIELD 

■ Ook Bo Ml Junction 39 
• Car Parkins 


^i Grimlev^^Eve J^j 


0532-442874 


Computes Peripheral and 
Networking Company 
with so phis tica t ed product range 
and growing corporate customer 
base. Tremeodoos potential, in 
profit (just) with good net asset 
pos iti on. Location Thames Valley. 
Write W Sax B29CJ, Rundd Tim, 
One Suuiliwult Braign, Loodaa SHI 9HL 


MEDICAL COMPANY 
FOR SALE 

U.K. baaed dteposabtes business. 
85% of sales export, 65% into 
Europe. Has new products ready 
to introduce. 

tMto Box B2B5BFto»oW ThHS, 
OnaSouVmwk Meta tendon SE1 ML. 


COMPANY NOTICES 



SHOWS THE WAY 


f 'd like to weigh up the jJ vantages oi The C umpj<j Contura Aero 446 . P/eo$e scn»J nu* more information LJ 
Mr/ Mr*/ Ms < Initial* Surname Title /G.mpim 


Telephone 


H«m nuiiv pvjplt* > 1 ih.v. vtiur cmplo%? 


® WeH Ue M J'Jw uni ul tliluiv juu<liKU dllrn If >|n ont wt 4 i 'u iL-ic, Ini ^ rr Q 

| Compaq Computer Lul. FREEPOST, Mitre I low, Canhury Kirk Rrl, Kmg«tun-upin-Thajm'», Surrey KT2 6BR. 

PrmJni iwifw* m,s'"^rd bcfrin nv*» Ha'V Tukj w' 'or rr'Mrml *«f inb^r lai.-l !n-n!r i- « i><rfr««rb i*f ibr In"al 

fc|<r«. bl«e VAT it |7iS K> * l«pul ta'.wg prK. J »*■ ■NM’W t_‘i«Jur« ,\.ru Utaalfl * wi'il «MK halH <(n-' -.1 a* m n, rn.wt.. -tr,.. |**a I. 


BEARER DEPOSITARY RECEIPTS 

On 14 April 1994, the Ford Motor Company (US) declared 
a 2 for 1 STOCK SPLIT in the form of a 100 per cent 
STOCK DMDEND on the Capital Stock of the Company to 
Stockholders of Record 6 June 1994. 

BOR's representing UNITS of 1/20th of a full common 
share In the denominations of 1; 5; 10; 50; 100 and 500 w9 
be available for dtetrfbution about 5 July 1994. 

Special claims forms are available from and after 
completion, are to be lodged with the DEPOSITARY; 
National West m inster Bank PLC, Basement, Juno Court, 
24 Prescot Street. London El 8BB. 

United Kingdom Banks and Mem bers of the Stock 
Exchange should mark payment of the ‘STOCK’ dividend In 
the appropriate square on the reverse of the certificate. 

All other claimants must complete the special forms and 
present these at the above address together with the 
certificate^) for marking by the National Westminster Bank 
PLC. Postal applications cannot be accepted. 

24 June 1994 


ANNOUNCEMENTS 


THE REPUBLIC OF CROATIA 

INTERNATIONAL COMPETITIVE BIDDING 
FOR FINANCING C ONSTR UCTION OF MOTORWAYS 
IN THE REPUBLIC OF CROATIA 


The GOVERNMENT OF THE REPUBLIC OF CROATIA opens 
international c o m pe titive bidding for financing motorway construction 
on tbe following road routes: 

a) Motorway Rfjeka-Zagreb-Garican (Hungarian border) 

- Section Rijeka (Klkovica) - Kadovac 

- Section Zagreb (fvanja Rein) - Gorican (Hungarian border) 

b) Adriatic motorway Rupa (Slovenian border) - Dubrovnik 

- Section Rnpa (Slovenian border) - Rgefca (Matnlji) 

- Section Rijeka {Orehovica) - Novi Viaodolsld - Vhtfnik 

- Section Maatenka - Zadar - Sibepft - Spft (Dngopoljc) 

c) Motorway Zagreb - Maori) (Slovenian battier) 

- Section Zagreb (Janknratr) - Zabak - Krapiria - Macclj (Slovenian 
border) 

d) Motorway Karlovac (Bosiljevo) - Gospic - Tunnel 'Svcli Rotf 
(Vetebit) - Maslemea 

- Section Sveti Rdk - Tunned ‘Sveti Rot (Vdebil) - Maslemea 

e) Motorway Sfcrvooski Brod (Oprisava^- Zopanja- Lqxjvac 

- Section Shvomfci Brod (Oprisavo) - Znpanja - Lipovac 

f) Motorway Beli Manastfr (Hungarian border) Ostjek - Velifca 
Kopanica (Srcdanri) 

- Section Orijefc - Dafcovo - VcHka Kopanica ( S r ed anra - ) 

g) Adriatic Tourist Highway 

- Section Badge over the Rqefca Dnfaiovacfca 

H 

Financing of motorway construction on the sections listed in 
paragrap h I of tins bid invitation means: 

a) construction, ma i nte n a n ce and exploitation of motorways and 
motorway facilities under concesrion in eompfiance with the Law on 
concessions and/or 

b) credit fbaocmg for road coastroctinn. . 

nr 

The bidding is open for local and. foreign legal and physical persons 
(hereinafter: Bidden) who can submit bids for one or more sections of 
tbe above mentioned m otor ways . 

• • ■ IV * -• . 

Bidding documents include: Instructions to bidders, where conditions 
and futilities are specified, and Summary of traffic and technical stadka. 
The above m e ntion e d doc um en t s are constituent part of the bidding, 

Bidders can order or purchase bidding documents at -the office of 
CROATIAN ROADS AUTHORITY (HRVATSKE CESTE, 41 000 
Zapeb, Voncmina 3, every working day, from 800 am nnril 3.00 pm 
room 300/3 rd floor, phone: 385 41 445 422, ext 61, fax: 385 41 441 
856) upon payment of a fee of 20-000,00 HRK for each- motorway 
section, starting from July 6, 1994. Payment in HRK is to be made in 
favour of Hrvatske ccste, Zagreb, oil the direct transfer account no. 
30102-601 -82731 at Money Transfers Service, Zagreb. Payment of an 
equivalentm DEM is to be made in favour of Hrvatske re s**-, ra gtyt. qq 
the foreign currency account no. 7000-2804)182800-288 at Privredna 
Banka Zagreb. 

■ vi..;.- 

In accordance with instructions to bidden* bite must be sabmitled before 
October IS, 1994, at the address mentioned above in paragraph V of tins 

bid invitation. 

vn 

Bidders will be notified on bid evaluation procedures md results, in 
accordance with instructions to bidden. 

Zagreb. June 24, 1994 


HSA 


The Chairman and Executive Council of the HSA are delighted to 
announce ihar The Ri Hon the Lord McColl of Dulwich has 
their invitation to become the new President of The Hospital Saving 
Association, succeeding rbe late Loud CotUcsloc GBE, TD, w bo was the 
HSA President for over nineteen years. 

1 June 1994 


Au Advmtisieniatt bookings are aoceptcd subject to our 
current Terms and Gandfikns, copies of which are available 
ty writing to Tbe AdveftiaenKtg Production Director, 

The Financial Times, One Southwark Bridge London .SP) 9HL 
Tel: 071 8733000 Fax: 071 873 3064 






















to conquer 

^sdday heat 


< 



FINANCIAL TIMES FRIDAY JUNE 24 1994 


ARTS 


13 


Gleam of gold from the 
tombs of the Greeks 


Gerald Cadogan admires jewellery at the British Museum 


office. Bat In the east Aegean 


or the next four 
months London 
offers an alternative 
gold show to the 
chunky, self-impor- 
tant British Crown Jewels. Tbe 
pieces in Greek Gold: Jewellery 
of the Classical World at the 
British Museum are light, 
charming and intricate And,' 
unlike the symbols of state the 
Tower of London guards, these 
gorgeous diadems, earrings, 
necklaces, pendants and 
wreaths have a human 
and constantly allude to 
Aphrodite, golden goddess of 
love. 

The Metropolitan Museum of 
Art In New York, the State 
Hermitage in St Petersburg 
and the BM have combined the 
best pieces of their permanent 
collections to create a feas t of 
Greek jewellery of 500 to 300 
BC. They are micro-master- 
pieces of gold, mostly from the 
fringes of the Greek world. The 
special treat is the Hermitage 
collection of treasures from 
tombs in Greek cities in the 
Crimea and the north coast of 
tbe Black Sea which otherwise 
we must go to Russia to see. 

The exhibition gives a new 
view of the Greeks, taking nn^ 
away from Athens and the 
familiar restrained emotion of 
classic Athenian art Perhaps 
the Athenians had jewellery 
like this. If they did, we know 
little about it apart from some 
in tbe exhibition from a tomb 
that Lord Elgin (of the mar- 
bles) had dug in Pelraeus. But 
on the whole the Athenians 
tried to stop people being bur- 
ied with luxurious grave goods. 

That was not die attitude of 
tbe still developing societies at 
the edges of the Greek world, a 
diaspora that stretched from 
Spain to the Black Sea. Most of 
the pieces (which were gener- 
ally acquired a long time ago) 
are from tombs. In the fringe 
regions women - and men - 
clearly believed that they 
could take all it with them and 
then- power and prestige would 
last for ever. The Athenians 
would probably have said that 
this was a shocking abuse of 
capital which should be recy- 
cled to the children. 

But conspicuous consump- 
tion in burial by an emerging 
society was a custom that had 
begun a millennium before 
with the gold found by Hein- 
rich Schliemann in the royal 
graves at Mycenae (now a 
glory of the National Museum 
in Athens). The Hermitage jew- 


ellery comas from the rich 
Greek cities of the Crimea 
the Cimmerian Bosporus, 
where the Greeks faced the 
Scythians as friends or foes. 

Colossal wealth went with 
the dead, whether they were 
true Hellenes or natives adopt 
rng Hellenic culture. One man 
took his weapons and 13 horses 
with their bronze trappings 
with Wm He also had silver 
and bronze vessels, two gold 
necklaces and gold costume 
jewellery - bull’s and ram’s 
heads, sphinxes and Koras - for 
sewing on to his clothes or his 
shroud. He shone with gold. 

The woman in another tomb 
had two huge pendants, proba- 
bly worn cm her ctoftwa over 
her breasts. They are discs 
with the head of Athena Par- 
thenos as designed by the 
sculptor Pheldias for her great 
temple on the acropolis of 
Athens, the Parthenon. An 
elaborate ivy-leaf border with 
green enamel Fitting and hang- 


ing wire scrolls and drops add 
to the luxury. 

The ivy was the plant of 
Dionysos. Oak leaves point to 
Zeus. One wreath from a tomb 
in the Dardanelles has two 
cicadas among die leaves, and 
a bee to hide the joint where 
the wires which hold the 
leaves meet But most allu- 
sions are to Aphrodite and the 
power of sex - not with the 
explicit scenes on Greek vases, 
but with a sophisticated deli- 
cacy nn ^rhing rtw of 

the craft - which tickles oar 
imagination. Just as It must 
have tickled theirs all those 
years ago. Two earrings from 
Macedonia have the eagle car- 
rying off the beautiful young 
Ganymede. The heads of bird 
and boy are so close that they 
are ahringt Trigging , the cl&W of 
one bird resting lightly on 
Ganymede’s hip. 

In rfamrifai Hnwa , in central 
Greece men might wear a ring, 
and a wreath as a badge of 


they wore more, following the 
habit of their non-Greek neigh- 
bours; and on the Black Sea 
they wore more stOL 

The exhibition fflfo out the 
picture of what it was like to 
be Greek - beyond the images 
of Athenians erecting temples 
and Socrates asking questions. 
Many Greeks clearly loved to 
dress up. Yet these jewels do 
not contradict the famous 
Greek maxim, “Nothing to 
excess” , because they are 
almost all miniatures. They 
show how the top half of soci- 
ety could live, but they are not 
at all vulgar. The techniques 
are a revelation, using sheet 
metal, thm wire and toy bob- 
bles (granulation). Look closely 
to see ho* the craftsmen made 
straps by knitting many 
strands of wire, and hung pen- 
dants of fruit or faces from the 
necklaces. 

Rnanwi inlays added colour, 
as in a pair of loop earrings 
with pendants of women’s 
heads which show - in minia- 
ture - what they wore. In the 
hair is a high Hfcg a 

tiara with relief palmettos and 
lotus flowers. Rosette shaped 
earrings are in the ears, the 
petals picked out in enamel. 
And around the neck is a 
choker of a double strand of 
gold beads with a pendant in 
the shape of a ball’s head. 

If you epjoy the show, the 
Tn»ri stop ghrniifj be the Thessa- 
loniki Museum in northern 
Geece where the jewels from 
the royal graves of the kings of 
Vorprinnia found over the last 
20 years are a yet more stun- 
ning display. They may be 
crown jewels, but they show 
the «amp traits as the jewels in 
this gem of a show at the BM. 

Cartier has linked itself to 
these masterpieces of ancient 
craft and sponsored the show, 
winning a Anther £25,000 for it 
from the Business Sponsorship 
Incentive Scheme. The 
uncrowded display of the gold 
on purple cloth would grace 
any expensive jeweller’s. Tbe 
catalogue by DyM Williams 
and . Tank Ogden is as sup er b as 
the jewels themselves. 


Greek Gold: Jewellery of the 
Classical World at the BM 
until October 23; Metropolitan 
Museum from December 1-- 
March 23, 1595; the Hermit- 
age, May to August 1995. Cata- 
logue: £16.95 paperback 
(£14-95 during the exhibition) 
and £25.00 hardback. 




Spitalfields Festival/Richard Fairman 


‘Prodigal Son’ marks Kent Opera’s return 


I t is five years since the Arts Council 
decided to dose down Kent Opera by 
withdrawing its grant, but some com- 
panies refuse to take their final cur- 
tain. Its founder Norman Platt is deter- 
mined to keep the company name alive, 
even if it means starting again from 
scratch. 

He intends to keep up pressure on the 
Arts Council for a new grant, but in the 
meantime has raised the finance for a 
rebirth of Kent Opera from other sources. 
The list of contributing or ganisation s, pub- 
lic and private, including local authorities 
and charitable trusts, is too long to list 
here. The sensible decision on Platt’s part 
was to have chosen for his relaunch a 
modest work that could be mounted on a 
limited budget. 

Britten’s Church Parables involve just a 


small band of instrumentalists and a hand- 
ful of singers. They are a favourite with 
small-scale opera companies who can per- 
form them in churches without the need 
for any scenery, but for some reason the 
third of them - The Prodigal Son - has 
been neglected at the expense of the other 
two. Kent Opera has been touring it 
around the Rn gfish summer festivals and 
arrived this week at the Spitalfields Festi- 
val in East lonflon. 

In its heyday the company made a name 
for itself enticing young theatre producers 
into the world of opera (Jonathan Miller 
and Nicholas Hytner were among its 
recruits). Platt wanted to continue that 
tradition and chose Tim Carroll from the 
Northcott Theatre in Exeter for The Prodi- 
gal Son. What he did with the piece took it 
a long way from the Japanese Nob-play 


formality that Britten had in mind, but the 
result was strikingly theatrical. 

The performance was dominated by 
Howard Haskin as the Tempter, whose 
destructive force tears apart a family. 
Gwion Thomas sang strongly as the Elder 
Son. Alan Watt might have found more 
paternal warmth as the father, but James 
Oxley was affecting as the repressed 
younger son. Only Britten could equate 
the evil temptations that he faces with a 
chorus of boy trebles. Under Timothy 
Dean’s musical dt pyHAn this third parable 
made a vivid impact. While money is 
short, perhaps Kent Opera might consider 
building up the complete trilogy. 


Spitalfields Festival continues until June 
29. 



AUsiJir Mur 

Anthony O'Donnell, Ron Cook and James Bolam in a new production of Mamet's 'Glengarry Glen Ross’ 

Theatre/Mardn Hoyle 

The American dream distorted 


O ut there Is a man’s world where 
a man has to do what a man 
has to do. The last surviving 
wilderness. A desert place 
where you walk tall and lean and only the 
strong survive. Eleven years after its 
premiere at the National Theatre, Glen- 
garry Glen Ross returns to London; and in 
Sam Meades' production at the Domnar 
Warehouse in Covent Garden it emerges 
more clearly than ever as a sad, half 
remembered distortion of a great Ameri- 
can ideal 1 a dream, if not the dream, of 
independence a nd toughness, indiv id ual 
self-fulfilment in a terri to ry bristling with 
dangers. 

Can It be that what the Western genre 
once epitomised far the American male 
has been gnhHwiate d fate ruthless com- 
mercial competition, and something as 
ignoble as worthless real estate selling? 
Yes, according to David Mamet in his most 
successful play. 

That may be pitching it high, but the 
play's language gives off the sweaty- 
leather crackle of mflehismn illuminating 


a set of values where the ultimate terms of 
abuse are “fairy", “woman” and “f-ing 
chQfT. For all its rhapsodicaUy stream- 
lined profanity, Glengarry is a wistful 
work, whose tawdry characters yearn for 
vast horizons to explore and sunsets to 
ride into once manhood has been tested 
and proved. 

Instead of the purple sage these men act 
out their dp«tip»»n against the Chinese res- 
taurants and cocktail bars of Chicago. 
Johan Engels’s design uses the old ware- 
house’s brick wall to suggest the entrap- 
ping city as the real estate salesmen 
thrust, parry, miss, strike hnw* and occa- 
sionally rnmynimiaitg at the restaurant-ta- 
ble of the opening scene, slowly revolving, 
as if a film camera was circling them with 

srtontifir de tachmen t. 

The American dream of the masculine 
and the individual has shrunk to the des- 
perate rivalry among land dealers, not far 
removed from con-men as they sell worth- 
less land to the old and gullible, vying for 
the bonus, the car, the vacation; or, even 
more desperately, to hold on to the job. 


This production strikes me as runnier 
and less intense than the original. Perhaps 
the language has less or a bulldozer 
impact, perhaps we have become more 
cynical about the ethics of market Forces; 
either way the plot of paranoid conspiracy 
is less shocking than It was. The cast is 
British, accomplished and slightly light- 
weight which adds to the play’s emergence 
as a comedy, albeit a comedy set in the 
jungle. 

James Bolam. more Irish than Ameri- 
can, as the s alesman going over the hill to 
find a precipice on the other side, changes 
brilliantly from cock-a-hoop champ to 
aghast failure, his face sagging blankly in 
defeat John Benfleld’s thlcky is a little too 
dumb to have survived so long In this 
jungle; but Ron Cook's smooth-talking 
Conner, spiwy and plausible, is a convinc- 
ing golden boy of the soft selL Only his 
lack of stature detracts from his fits of 
rage. 


At the Donmar Warehouse until August 
27. Tel 071-867 1150. 


Ballet/Clement Crisp 

Page's ‘Fearful 
Symmetries’ 


F or his new ballet, 
which I saw on Tues- 
day, Ashley Page has 
turned to a score by 
the American minimalist com- 
poser John Adams. Its title, 
which Page also uses, is Fear- 
ful Symmetries. After a very 
short time in Us company, U is 
tempting to call it Fearful 
Monotonies. like so much min- 
imalism, it wears its clock- 
work mechanism on Us sleeve. 
Round and round go the 
wheels. Click, click go the tittle 
patterns. On and on go the 
gear changes, as incidents 
wear themselves out and are 
replaced (but oh, how labori- 
ously) by other dull activities. 
It is the musical equivalent of 
the Chinese water torture, and 
U serves Us choreographer ilL 
Ashley Page has made six 
large works, and many smaller 
pieces. In Pursuit and Carmen 
Arcadlae, which I thought his 
most assured and convincing, 
he revised academic classicism 
by sharpening Us accents, hon- 
ing its cutting edge. The dance 
was bright, dear. In this new 
war k he brings to the stage 
certain recognisable qualities: 
an interest in revising balletic 
vocabulary, and an affection, 
for painterly (modern; 
abstract) design which echoes 
his creative taste. 


Thus we have a stage deco- 
rated by Antony McDonald - 
or rather, over-decorated. A 
backdrop blazing with that 
crass magenta which bougain- 
villea spreads over half the 
walls in the South of France. A 
huge curved and pendant 
screen at stage left, the colour 
of which alters, but always 
drearily. A battery of lights at 
ground level, also stage left. 
An orange stick that makes a 
brief appearance. An acid 
green rectangle that unfortu- 
nately doesn’t 
Lighting, by Peter Mumford, 
that unsettles the action by 
changing too frequently, and 
In fhe manner perttllar by Wil- 
liam Forsythe, contrives to 
obscure the dancers. Gloomy 
costuming that succeeds 
through acutest malice in mak- 
ing the dancers look both ugly 
and foolish. The men boast 
mini-skirts (exactly tbe gear 
for Mukhamedov, one realises) 
and the women are in unflat- 


tering bodices and must also 
cope with fish-net tights that 
give their legs a curiously 
gnarled look. 

Thus accoutred, thus 
chained to his score. Page 
plunges in the Forsythian deep 
end - much activity leading to 
further activity; a somewhat 
dJkgogi, not to say cursory, 
manner for the dancers — and 
dog-paddles for half an hour. 
The physical mood varies 
between pounding dynamics, 
with steps flung to the wind, 
and strangely lethargic 
moments (as Adams’ score 
draws breath) when the cast 
slump from active to passive 
mood. 

Mukhamedov comes off best 
Page has devised a couple of 
outstanding entries for him 
which make much of his 
strength and his powerful 
phrasing - everything seam- 
less, rich in tone, with great 
swathes of dancing cutting 
across th stage. Mukhamedov 


also comes off worst by being 
involved in two duets - with 
Deborah Bull and Ann de Vos 
- which are brutal in manner, 
awkward in form. 

The rest of the cast, who are 
same of the best of the Royal 
Ballet, run, rampage, cower, 
are caught in tiny and inexpli- 
cable dramas, and look (thanks 
to their glum outfits) distinctly 
sooty. The piece struck me as 
rodomontade. Over-decorated, 
overpowered by its score, the 
choreography has an air of 
anxiety, as if its brakes had 
failed. Page is an Interesting 
choreographer, but he has 
been misled by his design and 
by his choice of score. His gifts 
need far more sympathetic sup- 
port. 

The programme also con- 
tains early and late MacMillan. 
Danses Concertantes is as 
astonishing as it was in 1955 - 
classicism refreshed by the wit- 
tiest means - and Winter 
Dreams explores Chekhov’s 
world with rare sympathy. The 
“farewell” duet for Masha and 
Vershinin was ideally done by 
Vlviana Durante and Irek Muk- 
hamedov - their hearts spoke 
to us. 


This triple bill can be seen 
again at Covent Garden on 
June 283,30. 



International 

Arts 

guide 


Redon in Chicago 

Two major touring exhibitions 
have their only north American 
showing this summer at the Art 
Institute of Chicago. 

Prince of Dreams is the first 
full-scale retrospective of OdBon 
Redon (1840-1916) to be held 
in the United States, ft comprises 
more than 180 works by the 
French painter-poet, Including 
etchings, lithographs, charcoal 
and pastel drawings, patotinga, 
tapestry designs and decorative 
> panels. 

Redon began his career with 
the Impressionists, before turning 
inward to explore the landscape 
of the imagination mid the dream 
state associated wftfi the 
Symbolists. In the last 25 years 
of Ms life, he moved from 
working almost exclusively in . 
black and white to colour, 
infusing his work with an 
intensity that givee it an almost 
haHudratory vividness. 

Hie exhibition, sponsored by 
Sara Lee Corporation, opens 

tomorrow and runs tW September 


18, before moving to the 
RSjksmtJseum In Am s ter dam 
[October 20-January 15) and the 
Royal Academy of Arts in London 
(February 22-May 21 1995). 

The other upcoming show, 
devoted to Goya, arrives in 
Chicago next month from Madrid 
and London. It consists of 100 
small-scale paintings coverfetg 
Goya’s entire career. Inducting 
sketches for major attarpteces, 
portraits, self- portraits, cabinet 
picturae and miniatures on Ivory. 
It opens on July 16 and runs tlfl 
October 16. 


■ EXHIBITIONS GUIDE 

AMSTERDAM 

Van Gogh Museum Van Gogh’s 
Self-Portraits: 20 paintings and 
two drawings dating from his stay 
in Paris 1836-7. Ends Oct 9. Daily 
Htyksmuseum Bowers and Plants, 
flora and fauna In five centuries 
of prints and drawings. Ends July 
31. Closed Mon 
BALTIMORE 

Museum of Art Matisse Cut-Outs: 
a loan from the Centre Georges 
Pompidou in Paris. Ends Aug 14. 
Closed Mon 
BERLIN 

Altos Museum The Last Days of 
Humanity: 600 photos, posters, 
paintings and drawings Illustrating 
artists' responses to the First World 
War, and including work by 
Beckmann, Kokoschka, Dtx. 
Picasso, Chagall and Wyndham 
Lewis. Ends Aug 28. Closed Mon 
Museum fDr Indteche Kimst Lost 
Empire of the S3k Road: 87 
wen-preserved pieces of Buddhist 
art from the tenth to 13th centuries. 


Ends July 3. Closed Mon 
COLOGNE 

Museum Ludwig The Unknown 
Modigliani: 240 of the 440 hitherto 
unknown drawings amassed by 
Paul Alexandre before 1914. Ends 
July 10. Closed Mon 
Josef-Haubrfctv-Kunsthale 
Heaven and Hen in the Mkfctie 
Agee: 200 paintings, documents 
and artefacts illustrating the 
medieval view of death and the 
afterfife. Ends Aug 2& Daily 
ESSEN 

VDia HOgef Paris - Befle Epoque: 
an evocation of the period from 
1880 to 1910 with paintings, 
drawings, posters, photographs, 
glass and fumtture. Ends Nov 13. 
Dally 

FRANKFURT 

Schten KunsthaBe Goethe and 
Art 300 paintings, drawings and 
sodptures, from antiquity till 
Goethe's death in 1832, by artists 
such as David, Schinkel, Caspar 
David Friedrich. Claude Lorrain, 
Constable and Turner. Ends Aug 
7. DaSy 
LAUSANNE 

Mus6e cPArt Contemporain 
Contemporary Picasso: 80 works 
1946-1971, including 30 paintings 
and a dozen sculptures. Ends Sep 
25. Daily 

Muste Otympique Min5: 41 
sciipturos covering his entire 
career, plus 13 prints from the 
1960s and 70s. Ends Sap 4. Dafly 
Fondatton de FHermttage 
ZborowskTs Painters - Modigliani, 
Utrillo and Soutine: 100 works 
corvuring the aesthetic favoured 
by the early 20th century Parisian 
art dealer, ends Oct 23. Closed 
Mon 

Musde dee Arts Decoratffa 



Contemporary Studio Glass from 
Japan: 100 works created In the 
past two years by 23 artists. Ends 
Aug 14. Closed Mon 
LONDON 

Hayward GaBery Bonnard at Le 
Bosquet 80 works by the French 
painter who bought the Villa du 
Bosquet on the Cflte d’Azur in 1926 
and painted many of his greatest 
worics there. Ends Aug 29. Daily 
(advance booking 071-928 8800) 
Tate Gallery RB. Kitaj (b1932): 
retrospective of the American-born 
figurative painter who has lived 
In Britain since the 1950s. Ends 
Sep 4. DaBy 

Marlborough Fine Art RB. Kitaj: 
recent pictures and graphics. Ends 
Aug 20. Closed Sun 
Victoria and Afoert Museum Pugin 
- A Gothic Passion: retrospective 
of the 19th century British designer. 
Ends Sep 11. Dally 
National Gallery From Caspar 
David Friedrich to Ferdinand 
Hodler, A Romantic Tradition - 

Paintings and Drawings from the 
Oskar Reinhart Foundation. Ends 
Sep 4. Daily 

Courtauld Institute Prints 
Representing Poussin: an exhibition 
marking the 400th anniversary of 
the influential French painter, and 
a lustrating the various ways his 
art has been represented using 
various reproductive techniques 
over the past three centuries. Ends 
Aug 29. Da3y 
British Museum German 
Printmaking in the Age of Goethe. 
Ends Sep 11. Indian Paintings and 
Drawings from the Collection of 
Howard Hodgkin. Ends Aug 21. 
DaBy 
MADRID 

Centro de Arte Retire Sofia 


Gerhard Richter: 100 works by one 
of the key figures in contemporary 
German art. Ends Aug 22. Closed 
Tues 
NANCY 

Mus6e des Beaux- Arts Hans Arp: 
sculptures and drawings 1913-66 
by the Alsatian artist who was one 
of the founders of Dada. Ends Sep 
19. Closed Tues 
NEW YORK 

Metropolitan Museum of Art 
Petrus Christos: 22 paintings by 
the 15th century Netherlandish 
master, renowned for the jeweMfke 
luminosity of his work. Ends July 
31. Picasso and the Weeping 
Women: 80 paintings and works 
on paper from fhe 1930s and 
1940s. Ends Sep 4. The Armen berg 
Collection of Impressionist and 
Post-Impressionist Masterpieces: 

53 paintings, cfrawtngs and 
watercoknrs. Ends Nov 27. The 
Decorative Arts of Frank Lloyd 
Wright. Bids Sep 4. Closed Mon 
Museum of Modem Art From 
Manet to Picasso - Masterpieces 
from the David and Peggy 
Rockefeller Collection. Ends Sep 
B. British Drawings 1890-1990: 
the exhibition highlights the work 
of early modernists Kke Vanessa 
Bell and Jacob Epstein, and 
examines the influence of 
Surrealism on such artists as Henry 
Moore and Edward Burra during 
the 1930s and 1940s. The postwar 
section includes work by Lucian 
Freud and David Hockney. Ends 
Sep 13. Closed Wed 
Whitney Museum of American 
Art Edward Hopper (1882-1987) 
and Jack Pierson (bl982): the latter 
has selected 20 works by the 
former, and placed them alongside 
tvs own work. Ends Sep 11. Joseph 


Stella (1877-1946): more than 200 
works by the American modernist 
Ends Oct 9. Closed Mon 
Pierpont Morgan Lforary Armenian 
Manuscripts: 90 volumes make 
up the first comprehensive 
exhibition in the US of Armenian 
manuscripts dispersed after the 
massacres in Anatolia in 1915. 

Most are gospel books venerated 
in the liturgy of the Armenian 
church, ranging from the seventh 
to the 18th century. Ends Aug 7. 
PARIS 

Grand Palais The Origins of 
Impressionism 1859-69. Ends Aug 
8. Closed Tues 

Mus6e d’Art Modems de la Vile 
de Paris Dutch Art of the 20th 
Century: the first part traces 
developments from Van Gogh to 
Mondrian, while the second focuses 
on ten contemporary artists. Ends 
July 17. Closed Mon (1 1 ava du 
President Wflson) 

• Cartes musdes available at 
aS metro stations and museums, 
to avoid queuing at 80 museums 
including the Louvre, Mus6e 
d'Orsay and Vareaiflas. 

VIENNA 

JQdbctes Museum Max 
Oppenheimer (1685-1954): 
retrospective of one of the most 
neglected figures in early 20th 
century Austrian art Mopp. as he 
became known, helped create an 
Austrian version of expressionism, 
participated in the first Dada 
exhibition and was forced by the 
Nazis to emigrate to the US, where 
he died almost forgotten. Ends 
Sep 18. Closed Sat 
Kfatstierhaus Art and Dictatorship: 
an exhfaition compwing Hitter’s, 
Stalin's and Mussolini's ideas of 
degenerate art in paintings and 


sculpture. Ends Aug 15. Daily 
Museum fflr angewandte Kimst 
Tyranny of Beauty: a study of the 
wedding-cake architectural style 
of Stalin's era and the 
reconstruction of Moscow. Ends 
July 17. Closed Mon 
Kunsthafle Rebecca Horn <b1944): 
retrospective of the German artist, 
concentrating on her sculptural 
work from the past decade. Ends 
Aug 7. Closed Tues 
WASHINGTON 
National Gallery of Ait Willem 
de Kooning’s Paintings: 75 works 
by America's influential abstract 
expressionist. Ends Sep 5. From 
Minimal to Conceptual Art - Works 
from the Vogel Collection: 90 
drawings, photographs, paintings 
and sculpture by contemporary 
artists, including La Witt, Christo, 

Ryman. Beuys and Flavin. Ends 

Nov 27. Daily 

National Museum of American 
Ait Thomas Cole: 70 works by the 
father of the Hudson River school 
of painting. Ends Aug 7. Mary Vaux 
Walcott 50 watercolours by the 
early 20th century naturalist, 
explorer and artist Ends Aug 29. 
Daily 

Freer Gallery of Art Masterpieces 
of Chinese Calligraphy: more than 
30 calligraphers are represented 
from the first century BC to the 
20th century. Ends next Feb. Daly 
Phillips Coflaction The Drawings 
of Stuart Daves: 90 watercolours, 
gouaches and drawings of radiant 
colour by the American modernist 
Ends Aug 28. Daily 


i 






tttm a mealtimes fripay june 24 iw 


P ower without account- 
ability" is a phrase 
that crops up regu- 
larly when the owner 
of a textile company in north 
London talks about his bank, 
the accountants it hired, and 
his business’s fell into receiv- 


Two years ago he lost bis 
largest customer. Under pres- 
sure hum the bank, he agreed 
to pay £14000 to a large firm of 
accountants to write a report 
assessing the viability of the 
business. AH sides agreed that 
the company should continue 
trading and that the position 
should be reassessed after six 
months, during which time the 
accountant was paid more 
than £3,000 a week to monitor 
the company’s financial hAfll th. 

Six months later, the over- 
draft had been reduced to 
within a few thousand pounds 
of the owner’s forecast. But 
repeated restructuring propos- 
als from him and his indepen- 
dent auditors were rejected by 
the bank and the accountants. 
Instead, the bank appointed 
the accountants as receivers 
and closed the business down. 

Undo-lying the story - and 
others like it - is an issue that 
concerns many directors and a 
number of financiers and 
accountants: whether accoun- 
tants hired by bankers to 
investigate a firianrrany trou- 
bled company should be 
appointed as receivers? 

The debate concerns a poten- 
tial conflict of interest The 
accountant may have a finan- 
cial incentive to slant the 
advice given to the bank to 
suggest a company cannot be 
salvaged under arrafing ' man- 
agement. By recommending 
that receivers be appointed, it 
stands a high chance of win- 
ning the work itself and gener- 
ating extra fees. 

Those most afiected - com- 
pany directors - are generally 
unwilling to be identified: 
often a company's bank loans 
are secured against their per- 
sonal assets even after the 
companies have collapsed. 

One exception is Mr John 
Jackson, chairman of Brown & 
Jackson, owner of the loss- 
making Poundstretcher retail 
chain recently rescued by the 
South African retailing group, 
Pepkor. He calls the practice 
“objectionable” and has 
demanded an inquiry by the 
Bank of En gland and the 
accountancy bodies. 

Some smaller accountacy 
firms are sympathetic to his 
viewpoint “How can a firm be 
seen to be objective when 
reporting to a bank on whether 
a business is a going concern if 
a negative report will provide 
that firm with insolvency busi- 



For what we are 
about to receive 


ness?" Asks Mr Michael Sny- 
der, senior partner at accoun- 
tants Kingston Smith. 

He says his firm does not 
conduct any insolvency work 
because he believes it does not 
“sit happily" with its work as 
investigating accountants. 
"What is required is a wholly 
independent review. The inves- 
tigators appointed [from large 
firms] are most likely to be 
insolvency experts with the 
prospect of a future receiver- 
ship in their minds. " 

These charges are vigorously 
rejected by those from the 
larger firms Involved in con- 
ducting investigations, which 
win most of the work from the 
banks. Mr Allan Griffiths, a 
partner with Grant Thornton 
and vice president of the Soci- 
ety of Practitioners of Insol- 
vency. the leading trade body, 
says: “It’s a bit hard to stom- 
ach people doubting my profes- 
sional integrity. I get my enjoy- 
ment from saving companies, 
not ringing them down.” 

He argues that most of the 
companies he is asked to inves- 
tigate emerge intact with exist- 
ing management, and with 
creditors none the wiser. 

Moreover, he says, finding a 
second accountancy firm to act 
if the first firm calls for the 
appointment of a receiver 
would add to costs because the 
new firm would have to learn 
about the company. In the 
meantime, as word leaks out, 
the value of the assets to be 
sold may also be substantially 
reduced. 


Andrew Jack 

on tensions 
over the role of 
investigating 
accountants 

Similar arguments are maa* 
by many banks. Mr Brian 
Clare, head of Midland Bank’s 
loan management division, 
says: “The argument is per- 
ceived rather than real, if 
banks have a weakness, it is 
allowing companies without a 
future to carry an and throw- 
ing good money after bad. I 
would never accept a recom- 
mendation to appoint a 
receiver if there was any better 
alternative.” 

Weighing up the merits of 
each side of the argument is 
difficult because the circum- 
stances surrounding a receiver- 
ship are rarely clear cut Com- 
pany directors often have a 
vested interest in slanting 
their story to conceal their 
Own poor TnanngAmATit while 
hank at r and insolvency practi- 
tioners are precluded cm ethi- 
cal grounds from breaking con- 
fidentiality to tell their side of 
the story. 

B anks remain split on the 
issue. But an indication that 
there is a potential conflict of 
Interest is shown by the deci- 
sion of the Royal Bank af Scot- 
land to reorganise the way in 
which it handled companies in 
distress over the past two 


years. It introduced a policy 
banning the investigating 
accountants it appoints from 
becoming receivers, except in 
ex c epti onal circumstances. 

Mr Derek Sach, director of 
specialised lending services at 
the hank, says: “If customers 
perceive that investigating 
accountants will become 
receivers, they are unco-opera- 
tive and resist intervention by 
the bank." 

In the past two years, Mr 
Sach has reduced the number 
of people authorised to approve 
receivership from 300 to effec- 
tively three. Companies in dis- 
tress are all hamwi to his spe- 
cialist team. He says the result 
lms been to reduce the number 
of receives appointed by the 
Royal Bank by more than its 
competitors - even taking into 
account that the number of 
business fafiares in the UK has 
also dropped during the period. 

But the Royal Bank’s move 
is nrnq iiA The last timp the 
accountancy profession’s joint 
ethics committee studied the 
issue of investigating accoun- 
tants acting as receivers was 
two years ago. It decided to 
take no farther action, 
although 30 per cent of those 
asked believed that there was 
an actual and not just a per- 
ceived conflict of interest. 

Mr Jackson thinks it is timp 
for the accountancy profession 
and the Bank of En gland to 
examine some cases of busi- 
ness failure in detail to decide 
whether there is a case for 
stronger regulation. 



INTERNATIONAL 
MEDIA PARTNERS 


ing Akbank 

are pleased to announce the establishment of 


Emerging Markets CEO of the Year Awards 


L esser developed 
economies have 
become emerging 
markets. Debt reschedulings 
arc being replaced by debt 
underwritings. Equity is not 
about fairness in allocating 
multilateral funds, it's about 
ADRs listed in the American 
public markets. 

Against this backdrop. International Media 
Partners, publishers of Emerging Markets and par- 
ent company of the CEO Institutes, and ING 
Bank, the leading financial institution in emerg- 
ing markets worldwide, have joined to establish 
two important new awards. 

The Emerging Markets CEO of the Year 
Award will be given to two business leaders. The 
firsr will be the chief executive of a corporation 
headquartered in one of the world's emerging 
economies whose vision and company's perfor- 



mance have best shown the par- 
tem that can be offered as a 
model to other emerging mar- 
kets companies around the 
world. The second to a chief 
executive of a company head- 
quartered in the developed 
world whose expansion into 
imaging markets has shown 
best how these markets can contribute significant- 
ly to corporate revenues and profitability. There 
are no industry or size criteria, though it is expect- 
cd that the recipient of the award will be in charge 
of major business. The awards will be presented at 
a special Awards Dinner during the IMfiWorW 
Bank meeting in Madrid in October 1994. 

An independent Selection Committee, com- 
prised of corporate leaders, institutional 
investors, government officials and multilateral 
executives, among others, has been established 
to evaluate recommendations for the awards. 


Nominations should be received by July 1, 1994. If you be&eve yon have a candidate, 
please forward details to: Richard Boms, President, International Media Partners, The Cable 
Building, 61 1 Broadway, Suite 300, New York, New York, 10012. Telephone: 212 995 
9595. Facsimile: 212 598 0788. 


Joe Rogaly 


Families by male order 



Mr Peter Ulley 
is one of 
the govern- 
ment’s think- 
ers. Some 
of his dark- 
er thoughts 
should never 
have been 
uttered. They constitute xeno- 
phobia at worst, demagoguery 
at best We will not dwell on 
this today. EQs lecture on Mon- 
day ms free af the tiresome 
Infelicities thrt sometimes mar 
his platform oratory. The tran- 
script I have is fit for decent 
discourse. That is just as welL 
The secretary fin- social secu- 
rity was addressing a diocesan 
conference. His topic was “the 
importance of the family”. The 
sentiments he expressed were 
moderate, if a trifle wistful. 
The family, he concluded, “will 
survive even the social revolu- 
tion of our time”. 

Will it? In En glan d a nd 
Wales, births outside marriage 
constituted 14.4 per cent of aQ 
infants bom in 1982. The pro- 
portion rose to 3L2 per cent in 
1992. accenting to official sta- 
tistics published on Wednes- 
day. That is lower than you or 
I might have guessed. Another 
wrinkle is that it is not neces- 
sarily teenagers who are 
becoming parents, unmarried 
or otherwise. Their fertility 
rate, expressed as the number 
of births per thousand women 
under 20, is higher than in 
1982, but lower than in 1990. 
The same is true for women of 
all ages, but more so for the 
young. In 1992 the fertility rate 
for women in their early 30s 
exceeded that for their sisters 
in their early 20s for the first 

time. A gainst. that t th e yn mrgw 
the mother the Iac$ likely dhe 

is to be married when she 
gives birth. 

The effect of this trend, plus 
the growth in divorce, is that 
some 2m children are being 
brought up by a lone parent, 
nearly always the mother. Mr 
LIBey would like these chil- 


ble partnership. One is the 
increase in female ambition, 
w omen want careers as well as 
homes. Another is the disap- 
pearance of heavy industries 
that formerly employed unskil- 
led young men at wages flat 
enabled them to support a wife 
and family. Today's mothers 
are obliged to work because 
fathers are unemployed or 
earning too little to pay the 
bills. This has produced a "cri- 
sis of identity and role for 
younger men”. The lads can no. 
longer exert the power of the. 
pay packet over their mates 
and. offspring. “They appear to 
have gone to the other extreme 
of talcing no responsibility for 

parenting” she 

ssySa 

LOley wants the Mr LMey 

wishes this was 

not so. He sees 


dren to have fathers present in 
the home. So would L So would 
most of the mothers, we must 
suppose, although that is less 
certain. The absent father has 
been the subject of much social 
research. My desk is littered 
with reports on the subject. 

So mf», though not all, conclude 
that two parents are nearly 
always better than one. Some 
argue that one good parent can 
be better than two bad ones. 

Poor parenting, it is univer- 
sally suggested, produces crim- 
inals and delinquents. Most of 
them, the crime statistics indi- 
cate, are young men aged 
between 15 and 25. This is not 
a fresh observation. When I 

was 19, I was 

arrested for 
trying to break 

into a Hatton churches to try 


Garden jewel- - , _ T W v 

lery shop with harder. No wonder the family as 
hp said tn he the basic build- 

ne is saio vo oe block of 
In the ministerial society, a bas- 
firing line. He 
is talking sense 
at last 


a crowbar. For- 
tunately I had 
a good story, 
which con- 
vinced the 
court. That 
ended that par- 
ticular phase of 
my career. wmm—mmm 

Mr David Willetts, one of the 
pamphleteers, suggests that 
today’s lS-to-25-year-olds “are 
the ones who are getting the 
unmarried women pregnant 
and whom the women - often 
understandably - have no 
desire to many”. In this he 
concurs, sort of, with Ms Sue 
Slipman, director of the 
National Council fin: One Par- 
ent Families. She alludes to 
young men who roam the 
streets being a public 
condemned forever to be 
“lads”. Those who would reas- 
sert the authority of such men 
in the family, she said in a 
recent speech, “entirely fell to 
explain why any woman in her 
right mind would take one 
home with her”. 

Ms Slipman offers several 
reasons why more women are 
having children outside a sta- 


tion of freedom 
against the 
power of the 
state, the prin- 
cipal channel 
■■■■■i through which 
culture, language, religion and 
values are transmitted to suc- 
ceeding generations. Yet he 
confesses that politicians have 
very little power to strengthen 
tiie Institution. “The idea that 
government could impose fam- 
ily values by edict or exhorta- 
tion is impractical and authori- 
tarian,” be said on Monday. He 
wants the churches to try 
harder. No wonder he is said to 
be in the ministerial firing tine. 
He is talking sense at last 
According to Mr Ulley, gov- 
ernments con contrive to 
ensure that their actions do 
not discourage the mainte- 
nance of stable families. This 
should not mean cutting social 
payments to single parents. 
Between 1979 and 1992, he con- 
ceded, the real increase In ben- 
efits to time mothers was 13 
per cent, against 18 per cent 


for couples and 40 per cent in 
average take-home pay. So 
much for l he myth that having 
a baby an your own pays bet- 
ter than marriage. The govern- 
ment is reviewing the .rubs for 
providing housing to homeless 
single parents, doubtless with 
adverse consequences for the 
latter. It is also persevering 
with the Child Support 
Agency, bravely maintaining 
the principle that fathers 
should accept financial respon- 
sibility for their children. 

Quite right too. 

MS Slipman would like better 
sex education, something from 
which the government shrinks. 

Its third-rate ministers pretend 
to find straight advice distaste- 
ful and argue, absurdly, that 
information about contracep- 
tion encourages young people 
to steep with one another. No. 

The advertising and entertain- 
ment industries do that, in 
Hoods. Teachers can only add a 
drop. She also wants benefits 
restructured, more childcare 
provision, and an acknowledge- 
ment that single mothers who 
work part time are needed at 
home by adolescents as much *' 
as toddlers. 

Such ideas are the small 
change of today’s politics, on 
both sides of the Atlantic. Edu- 
cation and training, which the 
Conservatives say they ore pro- 
viding and the opposition par- 
ties promise more of, may ease 
the pain, if we can wait Other 
proposals float about includ- 
ing a return to national service 
for school-leavers, and Ger- 
man-style apprenticeship 
schemes. Take your pick. We 
must learn to adjust our ideas 
and economies to the entry of 
most women into the work- 
force, and the simultaneous 
exit of so many young men. 
Getting that huge social 
restructuring right Is the only 
serious family policy. The rest 
is wishful thinking, nervous 
tics as we conjure fearful 
pictures of rootless young 
thugs bearing down on us. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SB1 9HL 

Fax 071 873 5838. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


| Vision of gas liberalisation 


From Mr Ted Tnzffbrd 
and others. 

Sir. In the current debate 
ahout the liberalisation of the 
gas market in the UK, we feel 

that more hwat than light has 

been generated. This has 
obscured the virion of the most 
likely outcome of the whole 
exercise: lower prices for all 
gas consumers. 

Opponents of the govern- 
ment's plans to open op the 
domestic market have argued 
that this process will create a 
“winners and losers” scenario. 
Such arguments simply do not 
gtand up to proper examina- 
tion. For example, we believe 
that any small regiona l price 
variations for domestic cus- 
tomers wQl be more than out- 
weighed by the overan reduc- 
tions that independent suppli- 
ers win be able to offer. 

British Gas currently domi- 


nates the market with a share 
of more than 80 per emit, and 
will still control the entire 
transportation system when 
tiie market is fully open. To 
ensure self-sustaining competi- 
tion, some simple steps need to 
be taken. First is the relatively 
straightforward legislation 
planned by the government 
Second is continued downward 
pressure on the charges levied 
for use of the national gas grid 
to reflect the real cost of oper- 
ating the system efficiently. 

The liberalisation of the 
industrial and commercial 
market has already generated 
savings of up to 20 per cent 
The introduction of competi- 
tion in the domestic market 
qhmiiri similar ly deliver sig- 
nificant reductions in prices 
for householders, it will also 
underpin competition in aB 
sectors of the market and pro- 


vide the certainty to encourage 
companies such as ours to con- 
tinue making the necessary 
investment in the gas business. 
Ted Trafford. 
manaoina director. 

Moba Gas Marketing (UK) 
Richard Vernon. 
external affairs director. 
Phillips Petroleum UK 
Kris Maroe, 
managing director. 

Alliance Gas • 

Norman Ellis, 
chief executive,. 

Enetica Natural Gas 
Mark Petterson, 
general manager. 

Total Gas Marketing 
Carotins Harper, 
managing director, 

Amerada Hess Gas 
Roger Turner, 

managing director. United Gas 
From: 33 Grosoenor Place, 
London SW1X 7BY 


Now who’s 
huffing? 

From Mr Leo J Martin. 

Sir, I refer to your sports col- 
umnlst Laura Thompson’s 
article on May 23, the subject 
being the apparent English 
relief at their non-quafifleation 
far the World Cup. In particu- 
lar,! quote: 

**. . .to watch poor old Ireland 
huff and puff against the 
runny, ice cream-fluidity of the 
Italians...” 

Following the brilliant per- 
formance of Jack Chariton’s 
“poor old Ireland” against the 
Kalians last Saturday I suggest 
the said correspondent be 
requested to eat her words, and 
be grateful they have an ice 
cream flavour to them. 

Leo J Martin, 

70 St Lawrences Road, 

Oontarf. 

Dublin i Ireland 


Disastrous results if UN force were to be sent to Burundi 


From Mr Martin Griffiths. 

Sir, Your perceptive leader 
“Guilt trip to Rwanda” (June 
22) accurately describes the pit- 
falls of sending French troops 
into Rwanda. It is clear that 
any intervention force in 
Rwanda must be seen as 
impartial by both the govern- 
ment force and the Rwandan 
Patriotic Front if a farther 
escalation of hostilities and a 


worsening of the situation is to 
be prevented. 

Instead, France should be 
putting its political influence 
and resources firmly behind 
tiie UN by supplying logistical 
support to the African troops 
of the UN mandated force to 
Rwanda. 

We would, however, disagree 
with the point that “the UN 
would do better to deploy a 


force in neighbouring Burundi 
where farther killings might 
yet be prevented". Burundi’s 
fragile peace has been achieved 
by the positive steps taken by 
the acting president and these 
should be supported by both 
the British government and 
the international community. 

TO send in troops against the 
wishes of the Burundian gov- 
ernment. and at a time when 


delicate peace negotiations 
appear to be bringing both 
Hutu and Tutsi together 
around the negotiation table 
for the first time in years, g. 
could have disastrous results. 
Martin Griffiths, 

Actionaid. 

Hamtyn House, 

Macdonald Road. 

Archway, 

London N19 5PG 


Argument on economic targets is back to front 


From Professor Stanley Fischer. 

Sir, In his column, “Beware 
Ivy League central bankers” 
(June 13), Sir Samuel Brlttan 
criticises the dependence of 
central bankers on academic 
economists “of the Tnalnu tream 
US Ivy League variety". As an 
example of the errors of Ivy 
League thinking, he cites the 
argument in a paper I pres- 
ented at the Bank of England's 
tercentenary conference, that 
an Inflation target is preferable 
to a price level target He 
exhorted readers and central 
bankers to treat mainstream 
economics sceptically. 

Sir Samuel is right that 
mainstream economics should 
be treated with a large dose of 
scepticism, almost as taig a 
dose as is required for the 
arguments of economic colum- 
nists. And since MIT is not in 
the Ivy League. I could be per- 
suaded of his views on Ivy 
League economists if Us other 
arguments mfl riA sense. 

Unfortunately, though. Sir 
Samuel’s column reveals a seri- 
ous misnnifenda fitting of the 
issues about which he wrote. 
To simplify the discussion, 
suppose that a central bank 
faces the choice between aim- 
ing for a constant price level, 
or a zero inflation rate. 

At first glance, these targets 


seem to be tiie same. The dif- 
ference between them is that a 
central bank with a price level 
target tries to make up for past 

Mores to hit the target Thus, 
if an Inflationary shock in a 
given period raises prices 
above the target level, the cen- 
tral bank has to aim to reduce 
prices to get back to the target 
level Or if a favourable price 
shock reduces prices in such a 
period, the central bank has to 

compensate by producing infla- 
tion in some future period. 
With a zero inflation target, 
the central bank lets bygones 
be bygones, and aims to keep 
the price level constant at 
today’s leveL 

Thus Sir Samuel gets it pre- 
cisely backwards when he 
characterises a price stability 
regime as one in which prices 
are as likely to fell as rise, 
with tiie best bet being that 
prices in the distant future mil 
be the same as they are today. 
That is true with a aero infla- 
tion target It is not true with a 
price level target under that 
regime, when the price level is 
below target the future price 
level Is most likely to be above 
today’s level, and vice versa. 

1 discuss the choice between 
the two approaches in more 
detail in my paper. The choice 
of a price level target brings 


the benefit of greater certainty 
about the price level in the 
long run at the cost of greater 
variability of Inflation in the 
short ran. The greater inflation 
variability under a price level 
target results from the fact 
that every shock to inflation 
has to be followed by an offset- 
ting change in the price level 
in the opposite direction. 

I argue for the inflation rate 
target because I fear the conse- 
quences of having to aim Jq 
deflate the economy half the 
time, which is what the price 
level approach requires. Sir 
Samuel grandly dismisses this 
concern by describing my fear 
of deflation as extreme. This is 
armchair theorising of the 
worst sort. All economists 
know that it is theoretically 
possible to reduce prices 
through a pre-announced mon- 
etary policy, at no cost in 
terms of output But that has 
not been done successfully in 
the post-second world war 
period; rather deflations and 
disinflations produce reces- 
sions. That has been so even 
for the most credible central 
bank, the Bundesbank, as the 
experience of the last few years 
confirms. That basic fact 
underlies my reluctance to 
advorate a policy that requires 
penods oF negative inflation - 


even though I recogni: 
theoretical possibility 
eventually, perhaps, ] 
will be willing to accept 
nal wage cuts rather thai 
them as they do now. 
Lest all this sound aca 
consider the example c 
“any. The Bundesbank 
target inflation rate of 
cent. Over the past four 
German inflation has av 
4 per cent, implying th£ 
0311 Prices have risen b) 
rent more than targeted i 
that period. The Bunde 
fought the inflation witl 
money, and now, at the i 
^cession. German Inflai 
juose to its target range 
fa regarded as a success 
that success that pt 
Europe to begin growing 
But under Sir Samuel 
scriptiou. the Bund© 
would be only half do 
would still have to rwiu 

Si? *l vel & y an extra 
cent. That would be def 

overkill, causing 
costs to little positive pur 
sir Samuel’s argumeni 
not make sense. 

Stanley Fischer, 
tuUum professor and ht 
economics, 

nSSE " 1 

Cambridge, Mass. US 


) 





FINANCIAL TIMES FRIDAY JUNE 24 1994 


financial times 

Number One Southwark Bridge, London SE1 9HL 
TeL- 071-873 3000 Telex; 922186 Fax: 071-407 5700 

Friday June 24 1994 


Democracy 
in the dark 


The main issue facing the EU 
summit in Corfu today is the 
choice of the next president of the 
Commission, It is an important 
choice, even if the successful can- 
didate is unlikely to play the stra- 
tegic role that Jacques Delors did 
in the last 10 years. The Commis- 
sion retains the sole right to initi- 
ate EU legislation. It aisn hag the 
task of articulating the «mwn<m 
interest of tht» Union as a whole - 
a rule which may be more impor- 
tant rather than lass if the politi- 
cal initiative has now passed, as 
many believe, to national leaders. 
Within the Commission, that role 
will Dali especially to the presi- 
dent, who this time h as also been 
promised a say in the choice of his 
colleagues. 

Choosing the nmrt president is a 
particularly invidious task for the 
European Council, since two of its 
own number are declared candi- 
dates - an unprecedented circum- 
stance which shows how much Mr 
Delors' long tenure has raised the 
post's prestige. It seems unlikely 
that the council will be able to 
agree. The Greek prime minister, 
in the chair, is too isolated to act 
as an effective broker; and the 
German chancellor, though now 
clearly the effective leader of the 
Union, may have overplayed his 
hand in letting his support for 
Jean-Luc Dehaene become known 
in advance. To the positive sympa- 
thy enjoyed in same capitals by 
Ruud Lubbers is thus added a neg- 
ative desire in others to resist the 
Franco-Ge rman steamroller. 

So deadlock is quite possible. It 
may also be desirable. Its effect 
would be to throw the choice for- 
ward into the German presidency, 
which starts next week, obliging 
Mr Kohl to act as chairman rather 

than champion 

Worthwhile delay 

He has said he would call an 
emergency summit at once, but he 
should think again. Too long a 
delay would indeed be damaging 
given the need for the new presi- 
dent to help choose bis colleagues, 
and for the whole team to secure 
parliamentary approval, before 
taking office In January. But a 
delay until early autumn would be 
well worthwhile if it were used to 
make a break with the current 
mode of selection and open the 
process to public scrutiny. 

Existing procedures are little 
short of scandalous. Governments 


apparently believe that this impor- 
tant post can best be filled at a 
private horse- trading session 
among 12 individuals. In so far as 
they have allowed the public to 
know anything at all about their 
motives, it seems that the nation- 
ality of each candidate counts for 
much more than bia personal mer- 
its or opinions, even though once 
chosen he would be expected to 
forswear all national favouritism. 
Even more ^mwtnin gj y thp tcg> 

executive posts in other interna- 
tional organisations, including 
some which are far from being in 
the EU's gift, have been bandied 
around as bargaining chips, or as 
consolation, prizes for nations 
which lose out in this unseemly 
contest 

Radical ideas 
If they were really concerned 
about the “democratic deficit”, 
European leaders should allow the 
president to be elected either by 
the parliament or directly by the 
citizens of the Union. But such 
radical ideas would require treaty 
revision, and win have to wait at 
least unto 1996. 

For now, the council should 
nnnmmrw fts intention of recon- 
vening to make a final rhnira* In, 
say, late September. It should 
invite candidates - those already 
declared and any others who wish 
to be considered - to submit for- 
mal applications by mid-July. 
These applications should be 
matip public, arid should ny4nrfp a 
statement of the candidate’s views 
on the future of the Union, on the 
role of the Commission and its 
president, and on the way in 
which he, or she, would propose to 
fill that role. They should be the 
subject of debate in the European 
Parliament, fn national parlia- 
ments and elsewhere. 

The council should also agree 
on a voting procedure, which 
might mrihidp an undertaking by 
all its members to accept the deci- 
sion of a qualified majority, if una- 
nimity is not achieved on the first 
one or two ballots', and all of them 
should promise to make their vote 
public along with the reasons for 
it. 

EC the EU’s leaders are not pre- 
pared to take it even that far 
in a democratic direction, they 
should not feign surprise at the 
growing Euroscepticism, or down- 
right Eurohostility, of their elec- 
torates. 


Laying the ghost 
of Mr Maxwell 


A crucial test of the g o v e rnm ent's 
proposals for reforming the UK 
pensions industry is whether they 
offer adequate protection against 
crooks like the late Robert Max- 
well. Confidence in the security of 
occupational pensions was badly 
shaken by the monstrous theft he 
perpetrated against pension 
scheme members in his b usiness 
empire. Establishing a coherent 
regulatory framework for pensions 
is essential in a world in which 
private pension provision is 
becoming increasingly important 
in sustaining living standards in 
old age. 

There is, of course, no foolproof 
protection against the pred ations 
of a determined fraudster. Even 
trustees representing the interests 
of members can be intimidated 
into silence, as Mr Maxwell 
proved. Yet by largely endorsing 
the recommendations in the 
report of the Goode committee on 
pension law reform, the govern- 
ment has shown itself determined 
to move towards a comprehensive 
and statutory form of regulation 
that will create a succession of 
obstacles to fraud. 

In the front line of defence will 
be the members, who will he given 
better access to information on 
their schemes. They will also have 
the right to select a third of the 
trustees - a long-overdue provi- 
sion for those on whose behalf 
pension funds exist. The role of 
trustees is to be strengthened by 
clarifying their responsibilities 
and duties. Professional advisers 
are to be told that they are 
accountable to the trustees, not 
the employer. The solvency 
requirements provide a further 
line of defence, with a full valua- 
tion required if the annual sol- 
vency report reveals an unex- 
pected deficiency. An independent 
regulator will be appointed with 
powers to investigate and enforce 
schemes' compliance with their 
statutory obligations. 

Compensation scheme 

Finally, a compensation scheme 
is to be established that will pay 
out if a fraudster succeeds in 
jumping all these hurdles. The 
scheme, funded by an Industry 
levy, should avoid the heartbreak- 
ing uncertainties experienced by 
many Maxwell pensioners over 
their income in retirement. 

If there is any doubt over the 


government’s plans, it lies in the 
reactive nature of the proposed 
regulatory framework. Scheme 
members will be entitled to 
request annual reports and 
accounts, but will not automati- 
cally receive them. Trustees will 
have to prepare an anneal report 
but not file it with the regulator 
where it could be open for public 
inspection. The regulator wiD wait 
for whistle-blowers to raise the 
alarm rather than analyse scheme 
reports. 

Proactive approach 

In most cases, this is less than 
what was recommended by the 
Goode report, which rightly 
favoured a more proactive 
approach. The committee wanted 
s chem es to send annual reports to 

mem h ers in the same way as com- 
panies do to shareholders. It also 
proposed that schemes should 
make annual returns to the regu- 
lator that would have provided 
warning of potential problems. 
Indeed, the regulator could use 
such returns to identify at-risk 
schemes and initiate investiga- 
tions in the same way as charity 
regulators and tax inspectors do. 

On one matter, however, the 
government was right to water 
down the Goode report's proposal 

- on thp rtoflwHirm of irHwtmi Tm 
solvency requirements. Members 
need a simple indicator to judge 
whether their scheme has the 
resources to redeem the pension 
promises it has made to them. The 
government has opted for the 
compromise proposed by the actu- 
arial profession which values lia- 
bilities on a mixture of equity-type 
returns and gilts-based returns 
according to the age profile of 
scheme members. This allows for 
a more diversified investment 
portfolio than implied in Goode. 

All in all, this is a white paper 
which strikes the right note, 
though with Inadequate convic- 
tion. The government would also 
be wrong to think that ft can now 
relax about the subject of pen- 
sions. Changing employment pat- 
terns, changing capital markets 
and changing consumer prefer- 
ences all suggest that the defined 
benefit occupational pension 
scheme is in decline. Creating a 
sound framework for personal 
pension schemes, given the recent 
record of mis-selllng, remains a 
large and important task. 


Spirits await a 
summons to action 

The fluctuating fortunes of the dollar are testing the 
criteria for concerted intervention, says Peter Norman 

"Round one is over. Bat round - (jc dollar takes a beatina 
wo is stiff to come,” says Mr Neff ao,,ar Mmes a Deann » 

May* ■- May 11: May 17: . Jim 21: 

- . - Up to 17 central Germany buras US raises (coy ' Dollar dtps 
banka Intervene hoy interest rates interest rates: below 



Glendower. 7 am aiU spirits from 
the vasty deep. 1 

Hotspur. "Why, so am £, or so can 
my man. But will they come when 

you do call for them f* 

P ut Mr Lloyd Bentsen, the 
US Treasury Secretary, 
in the role of Glendower 
in Shakespeare’s Henry 
IV, Part One, and trans- 
form the majority of the industrial 
world’s central banks Into a collec- 
tive Hotspur, and you have a rough 
idea of where the US stands in its 
efforts to rally support for the dol- 
lar. 

On Wednesday Mr Bentsen 
resorted to the first line of */&*** 
of any US administration when 
faced with an unwelcome foil in the 
value of its currency, he tried to 
talk the dollar up by emphasising 
the fundamental strengths of Amer- 
ica's low inflation, investment led 
recovery. 

By referring In addition to the 
US’s partners in the Group of Seven 

1 reading indnstriaHsed m nyrtrigg , the 

Treasury Secretary also tried to 
give the impression that interna- 
tional support for the embattled US 
currency was dose at hand 
But his declaration that “we con- 
tinue to be in close communication 
with our G7 partners, and we con- 
tinue to be prepared to act as appro- 
priate" was more a statement of 
hope than a sign that the G7 lead- 
ing industrial countries were ready 
to rally to the dollar’s defence. 

True, the Bank of Japan was 
again seen buying dollars in Tokyo 
after Mr Bentsen's remarks. But as 
trading in Europe drew to a dose 
yesterday there was no sign of 
either tie European monetary 
authorities or the US Federal 
Reserve Board stepping in to sup- 
port the dollar. 

In the mid to late 1980s. when 
currency manipulation by govern- 
ments was all the rage, central 
banks seemed happy to defend 
others’ currencies at the drop of a 
hat Nowadays, however, concerted 
intervention is a rare event and 
happens only on those occasions 
when there is a genuine identity of 
interests ytnnng tiha big industrial 
countries. 

Although this week saw the US 
currency foil briefly through the 
psychologically-important Y100 
level, it appears that no such iden- 
tity of interests over the dol- 
lar. The financial markets sense 
this lack of consensus. And 
although Mr Bentsen’s words, 
backed by upbeat assessments of 
the US economy from President Bill 
Clinton and Mr Alan Greenspan, 
the US Federal Reserve Board chair - 
man, sufficed yesterday to keep the 
dollar above Y10Q in European trad- 
ing, traders and analysts argue that 
it is only a matter of thna before 
the authorities are a gain put to the 
test 


MacKinnon, Citibank's chief cur- 
rency strategist in London. 

The Indecision, of the central 
banks reflects doubts over whether 
intervention could substantially 
affect the dollar’s value in present 
market conditions and a wider 
uncertainty about whether the US 
currency's present weakness 
against the yen in particular repre- 
sents a global problem. 

At the beginning of May, by con- 
trast, when, the dollar fell dose to 
Y100, up to 17 central banks stepped 
into the market to buy the cur- 
rency- Notable features of that 
intervention were the participation 
of the Bundesbank and the pur- 
chase of dollars, not just for yen at 
Y101.2, but also for D-Marks at 
DML6570. This week, although the 
dollar briefly dipped below the Y100 
level, only the Rank of Japan has 
been supporting it 

Seven weeks ago, the air was 
think with dire warnings that a fall 
iff the dollar through Y100 would 
precipitate a free foil to Y85, Y90 or 
even Y80. In the trading session on 
Tuesday when the greenback fell 
through Y100 it managed to scram- 
ble back up above this Trig num- 
ber” of its own accord. 

The dollar’s apparent resilience 
may parity reflect a strengthening 
of economic fundamentals. Since 
the be ginning of May, German 
interest rates have fallen while the 
key US discount and federal fond 
rates have been raised by half a 
percentage point 

The effect of losses among the 
lightly regulated hedge funds and 
the proprietary trading desks of 
investment banks may also be giv- 
ing the dollar a respite. According 
to one senior analyst in Txmdrm 
speculative investors could have 
lost as much as $80bn of capital in 
this year’s turbulent finanrial mar- 
kets, reducing their scope to specu- 
late by an estimated $600hn. 

The non-appearance of concerted 
intervention could also reflect 
rihsmgnni circumstances in Germany 
and a perception among market 
operators that current market con- 
ditions are unsuited to such action. 

The outlook fix’ economic recov- 
ery in Germany hag improved con- 
siderably since the beginning of 


May, when the Bundesbank stepped 
in to prevent the dollar’s foil from 
undermining German exports. 
Althoug h Mr Ham Tletmeyer, the 
Bundesbank president, said yester- 
day that he fovoured currency sta- 
bility “in principle", a somewhat 
weaker dollar could even be to Ger- 
many's advantage at present 
because it would hold down the 
prices erf imported goods and offset 
recent price rises for commodities 
mrinriing off. By contrast interven- 
tion by the Bundesbank to suppor t 
the dollar could increase inflation- 
ary pressures by boosting Ger- 
many's already rapidly growing 
money supply. 

The technical state iff the foreign 
exchange market is also thnnght to 
be restricting the enthusiasm of 
European central hanks for foreign 


exchang e market intervention. 

Intervention to support a cur- 
rency such as the dollar works best 
when speculators have “shorted" it 
by selling currency that they do not 
have in the hope of buying it more 
cheaply when they have to settle 
orders at a later time. Intervention 
In these circumstances can force 
speculators to buy the currency to 
cover their positions, resulting in 
heavy losses. 

According to foreign exchange 
market analysts, the market is not 
short of dollars at present As a 
result, intervention would have to 
he on a large scale and concerted 
among many central banks and 
would still run the risk of being 
ineffective. 

There is httie doubt that Euro- 
pean banks would act, despite the 


15 

risks, if they felt their interests 
threatened. But viewed from 
Europe, the sinking dollar 1$ more 
clearly a problem for the US and 
Japan - so for. 

In Japan, a foiling dollar threat- 
ens the country’s exports. A drop in 
the dollar could spell trouble for the 
US if translated into further weak- 
ness and rising interest rates on the 
US bond market. 

But whereas Japan, as shown by 
central bank intervention, is clearly 
taking its predicament seriously, 
policy makers in America's G7 part- 
ners are uncertain about the true 
depth of Washington's concern 
about the dollar. 

R eflecting these doubts 
Mr Hideoki Kumano. a 
vice minister at Japan's 
Ministry or Interna- 
tional Trade and Indus- 
try (Miti) yesterday said “the US 
itself should defend the dollar". 

The US Federal Reserve is 
thought to have bought dollars on 
behalf the Bank of Japan in recent 
days. But there has been no sign of 
it supporting the dollar cm its own 
account 

Indeed to some observers, the 
involvement of President Clinton in 
talking up the dollar and Treasury 
secretary Bentsen's statement of 
Wednesday smacked of a short term 
reaction to domestic US headlines 
about Tuesday's fall in the dollar to 
a post Second World War low 
against the yen. 

Scepticism about the US stance 
was not eased by suggestions that 
the US Treasury had been irritated 
by President Clinton's announce- 
ment that it would be making a 
statement on Wednesday. The idea 
that Mr Bentsen's had been 
bounced into premature comment 
was given some support by the low 
key references to the G7 in his terse 
two paragraph statement. His 
remarks were widely interpreted as 
a sign that the US had at that point 
foiled to win over its partners to a 
policy of dollar support 
Such perceptions could bode 111 
for the stability of the dollar in the 
days and weeks ahead Speculation 
often builds up ahead of big set- 
piece international events such as 
the economic summit of G7 leaders 
to be held in Naples between July 8 
and 10 while the unresolved trade 
dispute between the US and Japan 
and could easily foment another 
bout of market turmoil. 

Although the central hanks have 
so far been absent as a concerted 
force in this week's dollar trading, 
it is a fair bet that the US will be 
trying to secure an agreement on 
concerted intervention should tins 
prove necessary. But to win the 
support of its trading partners for 
such a move, the US administration 
will have to demonstrate that it is 
prepared to act in defence of its own 
currency. 


Water companies’ income dilemma 


The UK water 
industry sees itself 
as being only weeks 
away from an 
almighty crunch 
day of decisions. At 
the end of July, the 
Office of Water Ser- 
vices (Ofwat), the 
industry regulator, is due to 
announce the so-called “k"-factois. 
These mil set limits for increases in 
water and sewerage charges for five 
or 10 years ahead, taking into 
account the rate of inflation at the 
time. As some 30 companies are 
involved, and the increases are to 
be applied annually, more than 300 
figures win be published in one day. 
This process sounds more Uke the 
work of committed bureaucrats 
than any land of proxy for competi- 
tion. 

The procedures have two faults 
(quite apart from there being possi- 
ble leaks to the stock market of 
information on prices which each 
company will have had in confi- 
dence since May). First, customers 
have little chance to understand 
what goes Into the decisions - how 
much of the prices are to finance 


future investment and so forth. 

Publishing one part of the {vice 
increases 10 years ahead wfff worry 
and confuse some customers, with- 
out there being either a reliable 
forecast (no one knows what future 
inflation will be) or a necessary 
safeguard against monopoly abuse. 
If anyone is helped, it will only be 
the company planners and City 
investinent analysts trying to sec- 
ond-guess the regulator's estimates 
of future profits and the effects an 
water share prices. 

Perhaps a greater fault is that 
this procedure over-dramatises thp 
work of Ofwat, to whose heavy- 
weight style of regulation the com- 
panies are paying too much atten- 
tion anyway. This probably 
increases isolation of the companies 
from the main body of customers, 
who still worry about water quality, 
dirty rivers and polluted beaches 
(according to recent surveys) as 
well as about future water bills. 
Ofwat tells the companies to con- 
sult customer opinion. But such a 
process does not inspire mnnh confi- 
dence given that the companies 
operate on the basis of bills being 
paid In advance calculated on a tax 


basis. The companies are not widely 
respected, being seen as monopolies 
that pay their top brass what seem 
extravagant commercial salaries. 

However, their worries ought to 
lie in a different direction. When 
former prime minister Mrs Mar- 
garet Thatcher was hatching her 
poll-tax scheme, she wanted to 
erase the old rating system from the 
public records and householders' 

Neither the water 
companies nor the 
City should make too 
much of Oftoafs 
decisions 


memories. The water industry had 
long depended on it, however, as a 
second-hand, low cost way of fixing 
water bills for 18m households. So 
Mrs Thatcher had a law passed in 
1988 (before the main water privati- 
sation in 1988) to make it illegal to 
base water bills on any system 
derived from old rateable values 
after the year 2000. But the priva- 
tised companies, rel u ctant to face 


troublesome changes or give up 
such an easy way of getting much 
of their Income, have put less than 
ZQ per emit of biffs an any new basis 
so for. They have therefore to deal 
with about 16m households of all 
sorts in the five years remaining. 

For the Industry, this has been 
like a time-bomb they have felt tick- 
ing away. A few companies see 
metering as the way forward, but 
want to stretch out the change and 
fear the cost Others still hope to 
climb aboard the council tax system 
instead. But this is riddled with 
rebates and exemptions which they 
will not want to concede, and they 
cannot hope just to pick the parts of 
that system that suit them. The 
oddest idea being considered is a 
flat-rate licence fee In some areas, 
bringing some large increases or 
reductions in bills, still quite unre- 
lated to usage. 

However, the essence of a utility 
business is that it should be paid 
according to the volume of its ser- 
vice to customers. This is in line 
with the the National Rivers 
Authority's insistence that water 
resources need to be conserved in 
some parts of England, and that 


new charging methods could and 
should promote that 
So neither the water company 
managements nor the city analysts 
should make too much of Ofwafs 
July decisions. Their worry should 
be that, as the companies invest in 
providing better services, they stiff 
have in prospect no settled 
long-term way of calculating bills 
and gathering their money from the 
mass of domestic customers. They 
have only got five years to solve 
this problem and. more important, 
to explain their solution to the cus- 
tomers. They cannot blame the 
present government for this. 
Explaining new charges is a task 
that the industry has left very late. 


David Kinnersley 


The author is a former research fel- 
low of Nuffield College Oxford and 
one of several advisers to Mr Ridley 
as Secretary of State at the time of 
water privatisation. His book " Com- 
ing Clean ■ will be published by Pen- 
guin in July 



PERSONAL 

VIEW 


Observer 


Pretoria’s 
free vote 

■ After almost 20 years in the 
diplomatic wilderness, South Africa, 
the UN’s prodigal child, yesterday 
returned to the General Assembly 
- with foil voting rights. 

The big question is: will it 
eventually make good its backlog 
of outstanding dues, accumulating 
since being booted, out in November 
1974? The debt - about 9100m - 
would ordinarily deny South Africa 
the right to vote. But with the 
country now diplomatic flavour 
of the month, no one at the UN 
seems prepared to quibble ova: 
a few measly mUHons. 

Instead, an emotional outburst 
greeted Pretoria’s diplomats, 
several of whom were snubbed in 
the UN only months ago. The 
moment was especially sweet for 
Jim Steward, South Africa’s current 
UN ambassador. He was once part 
of a delegation ejected - on a 
credentials challenge - by 
AMplarra BrBrtofHka iff Al geria, 

assembly president at the tima 

Bonteffika has himself since 
fallen from grace following 
accusations of mishandling public 
funds when foreign minister. 


Flight of fancy 

■ Soil seems the Quean’s Flight 
is no more. When tt is amalgamated 
with 32 Squadron and re-named 


the Royal Squadron, the Queen 
will be charged for the use thereot 
But it need not threaten the 
fomfly finances. After aff. if 

WYmm pr rrial airline s can Offer 

customers double air miles for Club 
Class and quadruple for First, Royal 
Class should be worth at least 10 
timwa the going rate from the 
fcfinistry of Defence. 

If that doesn’t keep the bOls 
manageable, perhaps the Duke of 

T Minh irr gh mil fhft Prince of Wales 
could obtain a rebate when they 
take the joystick themselves. 

And if the MoD doesn't play ball, 
there’s always the possibility of 
a co m petitive tender. Step forw a rd 
Monarch Airlines? 


Penalty shot 

■ Football and politics, a heady 
cocktafL, particularly for 
flamernmiana. Cameroon’s team 
is once more threatening to strike 
tf if snot paid some bonuses before 
its next World Cop fixture. 

The. team p la y ed similar tanHea 

before its last qualifying match 
against Zimbabwe, in October 1993. 
Then, Cameroon needed a win to 
guarantee a berth in the finaL 
Oddly enough, for such a 

f/wthgTlntvaoqg<vi rati on, many fang 
actually hoped for a bad result 
The reason? Opposition parties 
had called a general strike for the 
following day against the unpopular 
g ov e rnment iff president Paul Btya. 
They dreaded the regime calling 
a public holiday if the Indomitable 



Tm just feeding the extra-strength 
nicotine planf 


T.inng won their nwteh. 

Nevertheless, Cameroon qualified, 
a holiday was duly declared, the 
strike threat was defused - and 
Biya survived. Who knows what 
the outcome this time round might 
be - for soccer or politico stars. 


Doppelganger 

■ What do Sr Leon Brittan, Peter 
Sutherland and Ruud Lubbers have 
in common - other than the 
prospect of losing out to Jean-Luc 
Dehaene? There is an uncanny 

T PggnmWamrft iTmtfhng than; 
all three possess a fine pair of 
bushy eyebrows and each has a 


thick thatch of hair swept low 
across their foreheads. By contrast 
Dehaene stinks his hair back to 
reveal some inches of temple, wears 
glasses and has no eyebrows to 
speak of. And who should he 
resemble in those three ways? The 
outgoing president, Jacques Delors. 


Not tonight 

■ No great headaches Tor analysts 
trying to work out the logic of the 
latest alliance in the burgeoning 
international healthcare business. 
Glaxo, the Goliath of European 
drug production, is buying research 
from a Californian David, the 
KFstrong biotechnology company 
Spectra. The research is into 
migraine; among the millions of 
sufferers are none other than Sir 
Richard Sykes - Glaxo’s chief 
executive - and Steve Peroutka. 
Spectra’s president 


Final puff 

■ Talk about public relations 
coups. David Wynne-Morgan, 63, 
first got into PR by writing a 
flattering piece about the late J 
Paul Getty. The oD tycoon was so 
impressed that he underwrote 
Wynne-Morgan's move into the 
game, becoming his first client at 
5 guineas an hour. Claus von Bulow 
later inherited the Getty account 
Now Morgan has handed in his 
notice as bras of mil & Knowlton 
tn Europe. He plans ending Ids 


career by polishing the image of 
his favourite client. Peter Munk. 
the Canadian entrepreneur whose 
interests include North America's 
biggest gold mine, Clark Off, and 
Berlin property. 

All a bit of a come-down for one 
of London’s veteran Hacks? Not 
likely. Morgan gets a seat an the 
board of Horsham - Munk's master 
company - a handsome wage and 
$1.3m in share options. AH for 
working 12 days a month for Munk; 
no doubt a wen-earned rest 


Devilment 

■ Those convinced that the 
relentless advance iff satellite 
television spells the intrusion of 
evil, anti-religious programming, 
will be further persuaded by an 
ominous development on the roof 
of the Vatican's mission in Cairo. 

Embellishing the Holy See's 
splendid Nlleside villa is a large 
satellite dish, bearing in large red 
letters the legend “SATAN". 

Has Rupert Murdoch been 
informed of this latest player 

entering tha mar ked 


Virtue rewarded 

■ Son: "Dad, what is ’business 
ethics'?" 

Father; “That’s tricky, but I’ll give 
you an example. Suppose someone 
comes into our shop and spends 
£5, handing me two £5 notes stuck 
together. Do I ten your mother?” 



1 


i 





Specified 

Worldwide 


Tab 0773 86Z311 


FINANCIAL TIMES 

Friday June 24 1994 


UNI-RENTS 


TOTAL RELIABILITY 

IN TOOL AND-/—-- 




Charges of manipulating nicotine levels denied 

Tobacco chief hits at 
Congress allegations 


By Jeremy Kahn fn Wash i ngton 

The US Justice Department said 
yesterday that it was examining 
allegations of criminal miscon- 
duct by the tobacco industry as a 
top executive hit back against 
charges that his company manip- 
ulated the level of nicotine in its 
cigarettes. 

The investigation follows 
charges by members of Congress 
that tobacco company executives 
had Bed under oath when they 
testified in April that they did 
not manipulate the niwitinc level 
in their cigarettes, and that they 
did not know nicotine to be 
addictive. 

Ms Janet Reno, the attorney- 
general, said her department's 
criminal, civil and antitrust divi- 
sions were looking at “all the 
allegations... to determine what 
would be the appropriate 
response”. 

Mr Thomas Sandefur, chair- 
man of Brown & Williamson 


Tobacco, a subsidiary of the US’s 
BAT Industries, yesterday denied 
that his company deliberately 
manipulated nicotine levels in 
its cigarettes and misled the 
public. 

Mr Sandefur appeared before 
the same congressional subcom- 
mittee which on Tuesday heard. 
Mr David Kessler, the Food and 
Drug Administration commis- 
sioner, allege that B&W had 
secretly developed and commer- 
cialised a tobacco leaf with twice 
the nicotine of normal tobacco 
plants. 

Mr Kessler also accused the 
company of misleading FDA 
investigators who were looking 
into the high-nicotine leaf B&W 
known as Y-L 

Congress is attempting to 
determine whether cigarettes 
should be subject to FDA regula- 
tion on the grounds that nicotine 
is an addictive drug. Mr Sandefur 
and others in the tobacco indus- 
try claim that stringent FDA reg- 


ulation "will pot the industry out 
of business”. 

Mr Sandefur accused Mr Kes- 
sler of leading “a dangerous cru- 
sade” to advance his “personal 
and political agenda” of harming 
tobacco products. He repeated his 

claim tha t nicn trnft is not addic- 
tive, but was unable to convince 
hostile subcommittee members, 
many of whom stated in their 
opening remarks that nicotine 
was a drug that should be subject 
to further regulation. 

Mr Sandefur said B&W did not 
instruct contract researchers 
working on the Y-l plant to mis- 
lead Mr Kessler’s investigators 
about its existence and commer- 
cialisation . 

Hie also said the high-nicotine 
plant was not a secret, but rather 
that research into the product 
was encouraged by the US 
Department of Agriculture in the 
1970s as a way of finding a low- 
tar alternative to conventional 
tobaccos. 


State sell-offs boost for 
Latin American economies 


By Stephen Fkfler, 

Lathi America Editor 

Latin American government 
privatisation of state enterprise 
and moves to lower import barri- 
ers and deregulate business have 
had an imnwHatP benefit on pro- 
ductivity in the region, according 
to a study published today. 

The assessment of Latin Ameri- 
can productivity by the manage- 
ment consultancy McKinsey, 
found that privatisation, in 
particular, had provided a stri- 
king example of the potential for 
productivity improvements. 

It argues that the efficiency 
improvements seen to date in 
Latin America suggested that 
mul tinational companies “should 
look at Latin America as a grow- 
ing region where their knowhow 
can be transferred in a profitable 
way”. The wave of acquisitions of 
local companies by foreign multi- 
nationals “points precisely in this 
direction”, the report said. 


Productivity improvements 
were significant in two of the 
four industries it studied: tele- 
communications and steeL In the 
most marked improvement, the 
productivity of telephone 
workers in Argentina doubled 
from 1989 to 1993 - to 66 per cent 
of US levels. 

However, the report also con- 
cluded that In three of the four 
industries, labour productivity 
was very low. Hus was in part 
the fault of inefficient manage- 
ment, described as a “bottleneck” 
in the process of achieving pro- 
ductivity gains. Management was 
often overly hierarchical, 
reflecting a bureaucratic rather 
than a manag erial approach. 

“In steel, productivity averaged 
37 per cent of the US level, 31 per 
cent in the food processing indus- 
try and 29 per cent in the retail 
banking indusby,” it said. 

It noted particularly poor per- 
formance in the Argentine bank- 
ing industry - at 19 per cent of 


the US level - and in the Colom- 
bian steel industry at only IS per 
cent 

In general, state-owned 
industries were significantly less 
productive than their privatised 
counterparts. 

“State-owned banks in Brazil 
pay their employees almost three 
times the private sector levels, 
but their employees are only half 
as productive as private sector 
banking employees. 

“The SlObn difference in wages 
is equivalent to the amount the 
country pays as interest on its 
foreign debt," the report said. 

There was one exception: Col- 
ombia's state-run telephone com- 
pany, where workers were as pro- 
ductive as those in the US. 

Latin American Productivity, 
published by die McKinsey Global 
Institute; Washington DC Tele- 
phone: 202.662.3141 

Chance to break the cycle of 
sorrow, Page 5 


Sanofi agrees $1.7bn deal with Kodak 


Continued from Page 1 

of the deal, he said. 

The announcement follows 
Kodak’s decision, announced in 
May, that it planned to sell its 
various healthcare activities to 
focus an its core businesses. San- 
ofi, which had a far-reaching alli- 
ance with Sterling Wlnthrop, said 
then it was interested In acquir- 
ing a large part of the group. 

Sanofi said this was important 
for the sales and marketing of 
products in its pipeline, including 
Clopidogrel, an anti-thrombotic 
drug, and Tiludronate, aimed at 


the prevention of osteoporosis. 
Following the deal, Sanofi’ s 
annual pharmaceuticals sales 
will amount to more than JJLSbn. 

Mr Dehecq said the acquisition 
would also allow synergies which 
had not been available to the 
joint venture with the US group. 

Sanofi, which faced pressure 
from its parent company not to 
increase borrowings or launch a 
capital increase, said it would 
finance acq uisition through 
disposals, principally in its bio- 
activities division, which 
includes food additives, gelatine 
and veterinary products. It had 


already been contacted by almost 
a dozen potential buyers. 

Mr Dehecq said core businesses 
in the group’s cosmetics division, 
such as Yves Saint Laurent and 
Yves Rocker, would not be sold 
but some of the businesses 
acquired from Kodak may be, 
Including perhaps the diagnostic 
imag in g businesses which Sanofi 
does not consider a core activity. 

Mr Dehecq said that he would 
not be rushed into disposals. The 
fin ancial position of the group 
was strong, with net debts of 
between FFr2bn and FFrSbn and 
gearing of about 20 per cent 


Japanese 
securities 
watchdog 
probes drug 
share sales 

By Emiko Terazono In Tokyo 


Japan’s securities industry 
watchdog yesterday raided a 
drug wholesaler, Nippon Shoji, 
at the centre of an insider deal- 
ing yamfo L 

The raid was the first by the 
securities and exchange surveil- 
lance commission, which the 
government established two 
years ago to dean up the image 
of the Japanese securities indus- 
try after an embarrassing spate 
of brokers’ scandals. 

It is alleged that 175 employ- 
ees and their relatives sold their 
Nippon Shoji shares just before a 
g ov er nm ent announcement link- 
ing the company’s shingles drug 
to the deaths of 15 patients. 

Before the raid, which came 
after several days of press specu- 
lation, the allegation that com- 
pany officials had profited from 
their knowledge of the patients' 
misfortune had stirred outrage, 
even though illegal insider trad- 
ing is often taken for granted by 
the public. 

Public criticism was provoked 
last October when the Osaka- 
based Nippon Shoji conceded 
that, for some patients, the drag 
Sorivudine could be fatal. 

The new allegations have deep- 
ened the public’s mistrust of 
Japan's health establishment 

The shingles drug controversy 
comes after a separate case 
involving the deaths of 20 
patients taking an anti-cancer 
drug, which had prompted a dis- 
pute late last year among offi- 
cials at the health ministry, drug 
companies and doctors, who 
blamed each other for the 
deaths. The ministry has since 
agreed to disclose its evaluation 
procedure for new drugs. 

Yesterday’s investigation fol- 
lows an earlier probe into the 
Nippon Shoji case by the Osaka 
securities exchange. 

Ni ppon Shoji, which Is listed 
on the Osaka securities 
exchange, started falling a few 
hours before the health minis- 
try's announcement last October, 
dosing down 7.6 per cent on the 
day at Y3.150. Hie stock declined 
a further 15.5 per cent in the 
wake of the release. 

Following many allegations of 
unfair trade practices daring the 
stock market "bubble** of the 
late 1980s. the ministry of 
finance tightened Japan’s regula- 
tions on insider trading and set | 
up its own version of the US ! 
Securities and Exchange Com- 
mission. 

The Nippon Shoji case has 
allowed the watchdog, criticised 
for its ineffectiveness, to show 
some teeth. 

In a related development, offi- 
cials at Bisai, another leading 
drug maker which was helping 
Nippon Shoji with the promotion 
of the shingles drag, said it had 
launched its own investigation 
to examine the possibility of 
insider trading among its 
employees. 


THE LEX COLUMN 


FT WEATHER GUIDE 


Europe today 

Temperatures wfll rise rapidly over most of 
western Europe, as a depression near Ireland 
pushes warm air to the north. Thunder showers 
win develop In England and In western France. 
Conditions In central Europe wifi be sunny. 
Temperatures wfll top 30C on the southern side 
of the Alps and will be about 35C in central 
Franca. Showers are expected during the day 
over the Alps and around the Adriatic Sea. 
Conditions will bo very warm over Interior 
southern Italy and In Greece. Afternoon 
temperatures wffl be as high as 35C. Southern 
Turkey may have thunder showers. Scandinavia 
wfll continue to be windy and coo!. Conditions 
in the CIS will remain unsettled and cold, 
particularly in the north-east. 

Flve-«lay forecast 

Conditions wifl be summery over Germany and 
the Alps on Saturday. Northwestern Europe wffl 
grow cooler as from Sunday. Unsettled 
conditions with founder showers wfll flow over 
France towards Italy and the Alps, bringing 



Securing Goode returns 


Yesterday's pensions white paper 
strikes a sensible balance between, the 
security of occupational pensions and 
the cost to industry of providing them. 
Hie minimum solvency test will prob- 
ably lead to some shift of pension fund 
assets f r o m UK and overseas equities 
into gOts. If lower investment returns 
result, companies will end up contri- 
buting more to their schemes over 
timB Companies also have to consider 
the potential cost of foiling foul of the 
solvency test, since employers will be 
obliged to make up the shortfall 
within three months of the threshold 
being breached. 

Bat that should not cause compa- 
nies to walk away from occupational 
schemes. The government has 
defended the right of employers to 
claw back pension fund surpluses 
where are over-funded. The 

solvency test proposed is Car less strin- 
gent Hian the original Goode Commit- 
tee proposal. Due to nifty footwork by 
the pfhmrifli profession, there is no 
reason to expect a stampede out of 
equities and into gilts. 

Some fond managers will doubtless 
argue that schemes siwnM be entirely 
free to pursue high-growth investment 
strategies in the interests of both 
members and employers. There is 
nothing in yesterday’s proposals to 
stop younger, wealthier schemes from 
doing just that But less well-endowed 
schemes cannot afford to take such 
investment risks. Heavy weightings 
towards UK and overseas equities are 
not always consistent with the degree 
of certainty sought by scheme mem- 
bers. If the balance can be righted in 
these cases without causing turbu- 
lence in financial markets - or driving 
companies away from occupational 
schemes - the white paper will have 
done its job. 

Telegraph 

It is to he hoped that the gliterati 
who adorn the Hoilinger and Tele- 
graph boards can muster sufficient 
resolve to demand some straight 
answers from their chairman. 
HoIIinger's sale of I25m Telegraph 
shares in May appears remarkably 
prescient considering the newspaper’s 
later decision to shred its cover price. 
That news knocked 35 per cent off the 
Telegraph's shares yesterday. Those 
investors who bought the Hoilinger 
shares are apoplectic. The stock 
exchange is right to investigate the 
backgrmmd. Goldman Sachs and Caze- 
nove, which facilitated the share plac- 
ing, must also be musing whether the 


FT-SE Index: 2942.4 (-18.0) 


Stare price relative to tha 
FT-S&AAJ-Share W*x. 
130 : 



1901 02 03 0 * 

Souvk FT QrapHte 

fe es earned axe worth the bad feeling 
that now surrounds their names. 

The Telegraph insists the decision to 
cut the cover price was taken after the 
share sale. It can also argue that none 
are as blind as those who do not want 
to see. The market should have expec- 
ted some aggression when the Tele- 
graph’s circulation dropped below 1m 
in May. Mr Black made it plain at 
HoIIinger's annual meeting - albeit, 
after the share sale - that “remedial 
action” would be taken if the Tele- 
graph's market supremacy were 
threatened. Bruised Telegraph share- 
holders will be little comforted by 
such arguments. The Times' vidous 
response to the Telegraph's move sug- 
gests that Mr Rupert Murdoch has a 
higher pais threshold than Mr Black. 
The newspaper Industry will shudder 
at the thought that ware are modi 
easier to start than they are to end. 

TSB 

On the surface, TSB looks a picture 
of health. First-half profits are up 
nearly threefold, net return an capital 
is 15J5 per cent and the tier 1 capital 
ratio is 94 per cent The awkward 
thing is that recent growth has 
occurred in peripheral businesses 
which are supposed to be winding 
down. Thus both the bad loan admin- 
istration unit and Mortgage Express 
extended the recovery manifest In foe 
second half of last year. Operating 
profit before bad debts in retail bank- 
ing and insurance fell 5 per cent That, 
unfortunately, is precisely foe area on 
which TSB's longer tom ambitions 
are focused. 

Nor is foe outlook encouraging: The 
process of shifting customers into 


higher yielding deposits, which has 
been a drag on TSB's Funding costs, 
may soon have run Its cours e. Bu t 
marg in pressure looks set to Intensify 
In the mortgage market life assur- 
ance and pensions premium Income is 
dropping and conditions will become 
even tougher when commission disclo- 
sure \s required next year. No wonder 
TSB is still talking about buying « 
building society. Acquisition looks the 
only plausible route to growth. 

As long as Lloyds Bank cannot even 
make a friendly offer for a buttfiog 
society work, though, there see m s lit- 
tle chance of TSB puffing off a signifi- 
cant deal. With its tier I capital ratio 
beading over 10 per cent as bad debt 
provisions drop farther, it may soon 
have to start considering a lte rn a tiv e s 
like a scheme to buy back its own 
shares. Otherwise competition may 
quickly erode its handsome returns. 

C&W/AT&T 

AT&T’s international alliance fans 
caused disarray in Cable & Wireless's 
ranks. Mercury Communications , 
CAW’S UK subsidiary, was almost 
sucked into AT&T’s Worttbource 
grouping. HbpgfaBUg Telecom, a 67b 
per cent owned subsidiary, may yet 
join. All this puts & big questkm mark 
over CAW’S strategy of matotaining 
its independence from the three big 
teieedms alliances formed in recent 
mouths. Its own. plalitarte; form a 
“ fe tinflatfc m* by knitting togefeer its 
multitude of stakes in telecoms opera- 
tors scattered across the globe. 

Hie snsg is trot staopty that mem- 
bers of the federation are doubtful of 
Its value. Investors attribute no. value 
to it either. C&W is viewed like an 
investment trust, with the group’s 
market £9£hn . capitalisation roughly 
£ 2 hn less than foe sum of its parts. 

There are several ways CAW could 
realise greater value. One would be to 
demerge C&W into its constituent 
parts. Another would be to beef up the 
federation so that itr becomes a serious 
fourth alliance. It is hard to see how 
fob can be done without a more sub- 
stantial presence in the . US: 
long-distance market. There is not 
much left: to buy and C&W could end 
up paying over the odds. Modi wiser 
would be to do what SprtQtamtMCI 
hove done and sell a minority Share of 
itself to a foreign sugar daddy at a 
handsome premium. AT&T still looks 
the best candidate. But IT foe Bab^ 
Bells are freed to enter the US 
long-distance maiket as expected, titty 
could play that role too. 


PORT 



OLIO 


Fund of Funds 


U NIT TRUSTS are die best way 
for most people to invest in stocks 
and shares. Bat there are over 1,500 
to choose from. The Portfolio Fond 
of Funds takes the worry out of which 
co select. 

THE PORTFOLIO APPROACH 

Portfolio Fond of Funds is intended for the 
cautious investor and aims to achieve 
maximum total return from a low risk 
international diversified portfolio of unit 
ousts. This gives it a very wide spread of 
risk, expertise across all the available 
sectors, and access to the City’s best fond 
managers, each chosen for the area in 
which they exoeL 

The fond currently includes trusts ran 
by Schraders, Fidelity, Gartmore, Lazards, 
Foreign 6c Colonial, Newton, NM, GT, 
Credit Suisse, Morgan Grenfell, Baillie 
Gifford, Guinness Flight, City of London, 
Rothschilds and Perpetual 
Over 50% of the underlying investments 
are in UK and other European Union 
equities. 

OUR RECORD 

Rom launch in December 1989 to 1st 
June 1994 die value of units with net 
income reinvested (offer to bid) rose 
74.0%, the best performance over the 
period of any of the funds of funds 
monitored by MicropaL 
Over other periods to 1st June 1994, 
performance was as follows; 

4 years: +71.4% 1st out of 22 

3 years: + 68-2% 1st out of 30 

2 years: +55.5% 2nd out of 44 

I year: +27.2% 1st out of 59 

fast performance is nor necessarily a 
guide co future performance. 

LOW VOLATILITY 

The fond minimises volatility through 
extensive diversification. Ir aims to ovoid 
the sharp peaks and troughs of more 
specialised funds, it an serve as a complete 
portfolio of equity investment for risk* 
averse pension funds, trust funds and 
children's cruses as well as for individuals. 

All investors should however bear in 
mind that the price of units and the income 
from them can go down as well as up. 


MEDUCMG mUL CHARGE 

The initial charge included in the offer price 
is 5%. But with investments of £5,000 or 
more the effective charge yon pay on the 
whole amount is reduced as follows: 


£1,000 to £4,999 

5% 

£5,000 to £9,999 

4% 

£10,000 to £24,999 

3% 

£25,000 to £49,999 

2% 

£50,000 to £99,999 

1% 

£100,000 and over 

Nil 


Apphca n o m wfll be acknowledged. CcrafkMfes will 
be rent widen 2t djyi of (he dealing da* 

Unit* are valued at 9.00am on Monday*, and bo 
other day* with the Trewee’i approval Orders to 
boy or nfi are carried oat at toe mu nhum 
feSowing receipt of inHrnajon*. 

To cask in, limply read os your renounced cetnfiote . 
and yoar cheque wiB be posted widm flute days o f the 


The current annual charge is 1.00%. As 
the fund grows, we intend co allow investors 
to share in the economies of scale by 
progressively reducing annual charges. 
The charge on successive bands will be 
as follows: 


Up to £100 million 

1.00% 

£100 to £250 million 

0.75% 

Above £250 million 

0i0% 


HOW TO (WEST 

Complete the application form and send it 
to us with your cheque. Uni® will be 
allocated at die offer price calculated ar 
the next valuation after your order is 
received. 


Unto are efcher ac a ra ubn oo ratio » wUcb net 
income k ataomaeiaBy temvend and reflected in 
the. rake, ot incotoe nans tram whtdi net income o 
dktrmmcd on 28* February mi 31* fagnt 
Ptioa kc pnbfabed evray d*y In flee flraaail 
Times. The tod-ofo spread depenb oa dv m of 
T°W initial n w a nu e m and wifl be sppttxamxxif the- 
seme as the ethane 'Mfal diuge. Ob 6d) June 1994 
the otfa pnoc *t- tffcMp nod the grow ansnalyieH 

The tost deed greet ifocreoon co the nu unyjt » 
vary the pridag batk of nub and Uums Ak 
mamorawu dniae co a ornwaan of 1%. Tratart. 
Regnoar^nadAiwnotY feet ate pud by (behind. • - 

Cranmkram b payable re approved mtetmedudit at 
die raw of 60% attire effective tnMdchMge. . 

Income it paid oat at re m ve tt e d net of. baric tsar" 
m. Higher Tate uuuu y ira my incur a further 
fiahflkp. Any dopotal of unit may be fable to capkaJ 
gai&tBL 

Regnler uanng* of uutalden are held m London 
following the {wbGamn of annual and half-yearly 
icpora each Match and September 

The fund k an andwracd unit mar co rodbn ed 
imda the Randal Serried Act M a foftd of tech. • 
It h i wid er range investment under the Tram. 
Ill H il l, iii te is & ACtv 

Copies of the trust deed, the Ians laot-and Ac 
Kbeme poitkafat* are mitaMe from the Maudecr 
oerwjucfr. 

The Tram k Midland Sank pk, Mariner Hcmsc, 
hpf> Street, Leaden EC4N 4DA. (Mcmbre of MKft) 

The Roberta and Ad madm a w ra are tbit That 
tornneing Be Mana g e m ent Linked, 1 VUce Han 
Yard, London $Q 1 NX. Tetotaw 071.407 AKA. 
FAX 071-407 SKI (Member oflMRQ.l . 

The Mhmxhi are ferifolia fond iUauxmiit 
Limited, 64 London Wall. London EUM4TP, : 
Telephone 071 -fcM M08. FAX 071 -aU 00S0. 
Matibm of IMRO, LAUTRO and AUTTP. 


OFFER wf writs ba PortfaSa 


of Farads 




To: Portfolio Fund of Funds, 1 \Phhe Han Yard, London Briijgr, London SE JINX. - 

Vwe wish to invest the sura of L~ (mmitnura $ 1,000) in farrfaBo 

Fund of Funds and enclose a cheque payable to fanfoKo Fund Management Unused, . 

For aoura iib bon units m which or income is reinvested, please tick here " O 











' 













NETOL 

j PARK STFFL 

SUPPLlhHa L H- QUALITY BRIGHT S T EF! 

TfMmnr erngM. Tfcr SwiSSwoTSl ok 

— «KWWBTOTBICB W B >W> . raM?f| j 1 !^" 1 


17 


FINANCIAL TIMES 

COMPANIES & MARKETS 

Friday June 24 1994 


©THE FINANCIAL TIMES LIMITED 1994 



in BRIEF 


Olivetti and GM 
arm in joint venture 

Olivetti, the It alian , computer manufacturer, end 


Motors of the US, have formed a joint venture 
to exploit the market for business satellite commu- 
nications in Europe. Each company will own 
60 per cent of the venture, caned Hughes Olivetti 
Telecom. Page is 

Canadian insurer rethinks UK operations 

Canada s financially-troubled Confederation life 
I nsura nce is examining the future of its UK 
operations before a proposed rir»»i with Winnipeg- 
based Great-West Life Assurance. The company 
said options include sailing its OK arm. 

Page 18 

Italian bank plans restructure 

Bauc a Nazioaale del Lavaro, th e state Treasury-con- 
trolled Italian bank, has announced a Car-reaching 
restructuring as part of preparations for possible 
privatisation. Page 18 

Philips sells LCD stake 

P hilips, the Dutch electronics group, is selling 
10 per cent in its Flat Panel Display Co to E. Merck 
erf Germany. Philips' statra in the company - 
which sells active liquid-crystal displays - will 
fall to 70 per cent Page 18 

Kidder PntoKxly rides out the storm 

K i dder Peabody, which survived as king of mort- 
gage-backed bonds through the recent tm-mntl 
in the market looks to the future with unease. 

Page 19 

UAL arm to start low-cost flights . 

United Airlines, the biggest US carrier, yesterday 
stepped up the US air fore war by announcing 
that its new unnamed low-cost subsidiary would 
start flying on October L The short-haul carrier 
would have an initial daily schedule of 82 flights 
spread among 14 routes on the US West Coast 
Page 19 

CPC to shed 2,600 jobs 

CPC International, the US-based food company, 
whose brands include HeUmann's mayonnaise, 
Knorr soups and Mazola corn oil, is to shed 2,600 
jobs from its international workforce of 39,000 
over the next two years. Page 19 

Non-core units help S Electric 

Improved performance of non-core businesses 
helped Southern Electric, the power distributor. 
Incre ase pre-tax profits 1&5 per cent to £222m 
($337.4), the top end of expectations. 

Meanwhile, UK power companies are learning 
the dangers of diversification. Page 22 

Caledonia rises 26% to £4Sm 

Caledonia Investments, the Investment vehicle 
controlled by the Cayzer family , yesterday 
announced a 22 per cent increase inits netasset 
value last year from 559p to B81p. Pre-tax profits 
increased by 26 pet cent to £4&2m ($68-7m). 

Page 23 

SoHdera opens to 11% prsmHm 

Shares in Solidere, the $L8bn Lebanese company 
created to develop central Beirut, opened the 
first day of trading yesterday at fill, an 11 per 
cent premium an the issue price. Back Page 


Companies In this Issue 


AT&T 

Albrighlon 

Appfled Distribution 

Argentaria 

Avesta Sheffield - 

BNL 

BSfcyB 

err 

Benson Bankkr 
Brash Hoidngs 
CPC m 
Catodonia Invs 
Clyde Blowers 
Confederation Ufa 
Courts 
E. Merck 

Economist Newspaper 
Emap 

Enterprise OR 
EtroturmeJ 
GS 
Glaxo 


Hemingway Properties 
HBctam 

Hughes Network SysL 

IQ 

JU 

Lasma 


20. 17 

ML Hokflngn 

22 

22 

Marathon 

7 

22 

Neste 

20 

17 

Norbakn 

22 

18 

Olivetti 

18 

18 

Optometries 

22 

22 

Pearson 

22 

20 

PWBps 

18 

19 

Prudential 

23 

20 

Hfo Algom 

19 

19 

Rothmans 

17 

23 

ShareUnk 

23 

23 

Southern Electric 

22 

18 

TSB 

18 

99 

Tex 

22 

. * 

U) 

The Telegraph 

17 

HI 

Ibomson-CSF 

22,18 

11 

Thom Sfl 

2218 

22 

Tops Estates 

22 

22 

Trans World Comma 

22 

17 

UAL 

19 

22 

Unisource 

20 

23 

United Ceramics 

22 

2D 

United bids 

23 

22 

vw 

7 

23 

Vega 

22 

18 

WBtam Low 

11 

18 

WHs Canon 

11 

22 

Wlmpey (George) 

23 

22 

Windsor 

22 


Market Statistics 


SAnouai reports service 
Ba udi n afc Govt bonds 
Bond futures and options 
Bond pri ces and yte fcfe 
CoBunodKes prices 
DMdamfe arnouxad, UK 
EMS nmuncy rates 
Eurobond prices 
Rxnd interest rates 
FT-A World Mces Bai 

FT GoM Mhos Indoor Bar 
FTASMA M bond sue 
FT-SE Actuaries Mess 


38-37 

21 

21 

21 

34 

22 

42 

21 

21 


21 


Foreign ex change 42 

Q8ts prices 21 

Utte equity options Back Fags 
London share service 38-37 
London trail options Back Page 
Managed tods service 


21 


New to bond ! 
Recant issues, UK 
Short-ton W rates 

World Stock Uartats 


42 
21 

43 


Chief price changes yesterday 


Knit 


Uqmeo 


280 + 105 

ms * 13 

403 + 12 

788 + 28 

286.7 +■ 7,4 

500 - a 


AtSMMton 
assumes 
rtt 


60S 

3S7 

880 


MEW YORK (P 


sr 


lotus Dw 


5» + 1* 

63ft + « 

46k + 1H 

B» - w 

m - 25 

a» - 


PadiUsyM 14XS - 108 

nmtPoukKA 123 - 72 

tMontorobB- 508 - 22 

TOKYO (Tub) 

jpa svnIUbar 804 + 34 

Kpna 000 + 45 

UnuiTaSsa 430 + 28 

Safes Mas 4150 + 280 

TobkMotaCnp SI + 25 . 

TOKpRope 880 + 35 


Now York pries* at 1230. 
LONDON (Pane*} 


Cents 


779 - 


EkrtaMoad 

196 

+ 

13 

DriylMA 

80S 

- 

Bdo 

345 

+ 

50 

BnDfenay 

158 

— 

tow 

8B 


6H 

6snd bm 

390 

- 

ItammcMa 
L*o(|A . 

HLHdgi 

71 

Z75 

45 

* 

+ 

+ 

0 

8 

4 

Md Met tew 
Hirer anp 

156 

134 

- 

MsedDM Itorm A 

SB 

* 

80 

WMttSpHv 

335 

* 

MSBriaBn 

423 

+ 

23 

Sevan Tra* 

472 

- 

Ramc 

108 

* 

0 

SMIfBtt 

208 

- 

Ttaw 

290 

+ 

15 

TS8 

211 

_ 

TtaHUqs 

Me 

55 

+ 

5 

TefefiUfe 

349 

- 

BAT has 

381 

- 

10» 

UriMM m 

510 



24 

147 

38 

15 

B 

31 

9 

15 

ID 

9 

101 

>3 


AT&T launches tie-up with Unisource 


Qy Andrew Adonis 

AT&T, the largest US tele- 
communications operator, yester- 
day arm ram rod an afflame With 

Unisource, a venture between the 
Swedish, Dutch and Swiss 
national operators. 

Unisource, of which Telefonica 
of Spain Is an associate member, 
wlD take an unspecified equity 
stake in AT&T’s Worldsource 
irtfarn aif o i n ffil par tnershi p It will 
market Worldsource-branded 


products in Europe, geared to the 
growing market for one-stop 
international telecoms services 
for multinational co m p an ies 
AT&T’s alliance Is in fierce 
competition with two others 
launched in the past year - a 
$5.3bn (£3.5bn) tie-up between 
British Telecommunications and 
MCI, the second largest US opera- 
tor; and a $&2hn alliance, forged 
last week, between Deutsche 
Telekom, France Telecom, and 
Sprint, the third largest 


US long-distance operator. 

It also emerged that companies 
controlled by Cable & Wireless, 
the UK telecoms group, have 
been in talks with AT&T about 
forming an international alliance, 
despite C&W claims that it is not 
interested In gnch a tie- up . 

Mercury, CAW’S UK subsid- 
iary, has drawn back from join- 
ing Worldsource, in what an 
insider called a “knife-edge” deci- 
sion. However, Hongkong Tele- 
com, C&W*s largest undertaking, 


is still in talks and may soon join 
Worldsource. 

AT&T had hoped to include 
Mercury in tbr» announcement. 
Although the. UK operator would 
have only been an associate, the 
concentration of multinationals 
in London made it attractive to 
AT&T. Mr Mike Harris, Mercury 
chief executive, said: “There was 
a real problem in getting- into bed 
with AT&T, given their existing 
international partners." 

KDD, the largest Japanese 


international operator, is an 
equity member of Worldsource, 
and Telstra, the Australian 
national operator, an associate. 
Both compete with operators in 
which C&W holds stakes - IDC 
in Japan and Optus in Australia 
- and those companies plus CWL 
C&Ws US subsidiary, rep- 
resentations to C&W against Mer- 
cury allying with AT&T. 

Mr John Tonroe, finance direc- 
tor of Hongkong Telecom, in 
which C&W has a 57.5 per cent 


stake, said the company was 
open to joining Worldsource. 
denying that C&W would veto 
such a move. Mr Harris acknowl- 
edged that Hongkong Telecom 
might adopt a different strategy 
to the rest of C&W. 

Mr Robert Morris, analyst at 
Goldman Sachs, said: "C&W 
really does have a dilemma about 
how it fits into the emerging 
internati onal alliances." 

Lex, Page 16; AT&T’s hidden 
agenda. Page 20 


Cigarette maker makes £124m provision for 
rationalisation as profits fall to £344m for year 

Rothmans 
to cut 
1,000 jobs 
in Europe 


bftialafoMfn: 


Associates 


By David Wighton In London 

Rothmans International, the 
restructured tobacco group now 
shorn of its DanhOl luxury goods 
interests, is to cut 1,000 jobs In 
Europe in a further rationalisa- 
tion erf I'i^HI vlll' HlMmilMl?lllC ill g - 

The company is providing 
£123Am (3190m) to cover the pre- 
tax costs of the moves which 
involve the ctostxre of factories 
in Berlin and The Hague and 
rationalisation in Belgium. 

The provisions resulted in a 
sharp fall in profits from 
£470.7m to £343. 6m for the year 
to March. Excluding the provi- 
sions and the £81.2m pre-tax 
costs of last year’s group 
restructuring, profits rose 6 per 
cent to £498.6m, with the 
increase entirely accounted for 
by exchange rate movements. 

Mr BUI Ryan, chief exec utive , 
said toe closures ware part of a 
long process of ratiopallsdng 
acquisitions made after, the war. 
“In the mid-1970s we had 15 fac- 
tories in Europe. When this is 
completed we will have six 
which Is still more than our 
Twain competitors.” Most of the 
job losses will result from the 
closure of the Berlin factory. 



- 'Abfeii+iil- . ^AmBricaa- 


Production will be transferred to 
Zevenaar in the Netherlands and 
to the two UK factories. 

Bnfhmflm bail another diffi- 
cult year in Europe with oper- 
ating profits falling 23 per cent 
to £99.6m on slightly lower sales 
of £1.04hn (El.OSbn). Sales were 
down sharply in Fiance, after a 
fierce price war, and by more 
than 15 per cent in the UK, 
largely because two Budgets fell 
into the period. 

Mr Ryan said the rate of 
decline In Europe had slowed 
and he was more optimistic 
about the current year. “We 
believe there may well be an 
improvement in to ciuieul year 
with signs of economies picking 
up in Germany and France.” 

Group operating profits rose 5 
per cent to £43&7m, including an 
additional £22.5m (£22. 2m) of 
rationalisation costs on net sales 
revenue 3 per cent higher at 
£2.49bn. Worldwide cigarette 


volumes fell 8 per cent 

The operating profits were less 
than the City had expected but 
net inves tm ent income of £59Am 
(£51. 7m) was rather better. This 
rise, which was despite the 
£450m special dividend paid last 
November, partly reflected gains 
on the disposal of a securities 
portfolio. 

Cash generation was also 
stronger than forecast with net 
liquid funds faffing only £252. 4m 
to£865Jm after working capital 
was almost halved to £204Jm. 

Earnings per unit, excluding 
exceptional costs, edged up to 
35J.p (34.6p) and the net divi- 
dend is is.2p, up from a pro 
forma ILSp. 

Rothmans’ strongest growth 
continues to come from Asia 
where profits jumped 37 per cent 
to £ll0.7m on sales of £40&5m 
(£318-4m). The Americas contrib- 
uted £90.4m (£85 .5m) and the 
Pacific £52L7m (£46-4m). 


Eurotunnel rights take-up 
totals two-thirds in UK 


By Shnon Davies In London 
and John Ridding In Parts 

Eurotunnel yesterday announced 
that only two-thirds of the UK 
t ranch e of its ftflSRm ri ghts issue 
was taken up, significantly lower 
than the take-up for Its 1990 
issue. 

However, the brokers S.G. War- 
burg succeeded tn placing out the 
£70. 6m rump of the registered 
share issue to institutions at a 
cmaTi premium to the 265p rights 
price, releasing the underwriters 
from their obligations. 

The underwriters are not 
entirely off the hook. The 
announcement of take-up on the 
primarily French-owned bearer 
rights shares will not be made 
until July 7. 

In addition, the French stock 
exchange authorities yesterday 


officially launched an investiga- 
tion into possible market manip- 
ulation by the underwriters. This 
followed a preliminary inquiry in 
May into accusations by Mr 
Christian Cambier, the French 
haad of an association of small 
shareholders in Eurotunnel. Mr 
Cambier claims underwriters 


may have sold short ahead of the 
pricing of the issue in an attempt 
to depress the share price, and 
Emit their risk 

Nevertheless, the announce- 
ment yesterday of the placement 
of the rump of the UK issue was 
good news 1km the banks behind 
the Eurotunnel issue, primarily 
Morgan Grenfell, Basque Indo- 
suez and Swiss Bank Corpora- 
tion. The 2 6 Rm rights nrritu that 
were not taken up were placed 
out to institutions at 269.46p (net 
of costs) to “a wide range of 
mainly UK institutions”. Uni- 
tholders who did not take up 
their rights will be paid the 4.46p 
premium to the rights price. 

Take-up of the 24L5m bearer 
rights shares, listed in Paris, is 
expected to be significantly 
higher. Around 45 per cent of the 
entire issue of bearer rights was 
traded this week, and buyers 
would be almost certain to exer- 
cise their rights, as under the 
French system, they do not 
receive the proceeds from any 
subsequent placement 

French bankers suggested a 
take-up of more than go per eppt 
was achievable, which would 


bring the average take-up to a 
more respectable 84 per cent The 
1990 rights issue was 84 per cart 
subscribed in the UK, and than 
was a 96 par cent take-up of the 
French tranche, but wmaTl sham , 
holders were than given travel 
incentives. 

Mr Rory MacNamara, corporate 
finance director at Morgan Gren- 
fell, Eurotunnel's advisers, said: 
"By Eurotunnel standards, it was 
an encouraging response. Euro- 
tunnel, at least in the UK, is 
more erf a retail stock, and you 
would expect a lower take-up.” 

The placement of the rump was 
helped by a bounce in Euro- 
tunnel's share price to a high of 
300p yesterday, although it closed 
lp lower at 278p. 

The management baa put its 
own money behind its assertions 
Of confidence fal the slum*; Sir 

Alastair Morton, chairman, 
bought 10,000 warrants yester- 
day. Both the company’s chair , 
men have now invested in Euro- 
tunnel stock in the past three 
days. Their combined investment 
of £28£00, however, will provide 
little more than moral support 
for the shares. 


Argentaria delays share sale 
while expansion plans laid 


By David White In Madrid 

Argentaria, the state-controlled 
S pmridi hanking group, wants to 
hold back its next phase erf priva- 
tisation until next year, while it 
lays the ground for expansion, 
according to its chairman Mir 
Francisco Luton. 

A third share sale, reducing 
the government’s stake to a 
minority, was originally expec- 
ted by the end. of this year. 
Ahmet 50 per cent of the shares 
were placed an the stock mar- 
kets in two heavily oversub- 
scribed tranches last year, bring- 
ing in Pta2S6bn ($2JSto) to the 
Spanish treasury. 

Some 24 pear cent of the capital 
is in foreign hands. Mr Luton 
indicated tods might rise to 30 
per cent in the next privatisation 


He said he envisaged that the 


g over nm ent would retain at least 
a 20 per cent share “for a rela- 
tively irm g time”, in the inter- 
ests of stability. Argentaria was 
formed three years ago through 
an amfllg ft m fl tinn of the state's 
banking i n terests. 

Privatisation would, have to 
take place gradually whatever 
government was in place, Mr 
Luzon said, referring to the pos- 
sibility of an early general elec- 
tion. An election at this stage 
would probably replace the cur- 
rent Socialist government with a 
conservative Popular Party 
administration. 

At the bank’s first open amynai 
shareholders’ meeting today, Mr 
Luton will set out his strategy in 
the wake of Argeutana's foiled 
Ud in Aprfl for control of Banco 
Espafiol de Ctodito (Banesto), the 

bamklng group restructure d after 
ftn-nir <jf Spain intervention 


last year. The contest for Ban- 
esto was won instead by the pri- 
vate-sector Banco Santander. 

Mr Luton said Argentaria 
aimed to become more competi- 
tive, winning market share In 
new business areas and reinforc- 
ing its International and invest- 
ment hanking rides. 

It was “In a buying mood”, be 
said, iwBttting that expansion 
in retail banking might entail 
acquisition of a bank or an addi- 
tional branch network. However, 
it had no specific plans. 

Argentaria was also looking at 
non-banking investments in ser- 
vice sectors such as mobile tde- 


At the rtm«» Argentaria 
would be ready to sell its 24 per 
cent stake in Banco' A fl ftnti co , a 
Barcelona-based bank controlled 
by Arab Banking Corporation, if 
it were offered a good price. 


Murdoch caps Black in 
UK newspaper wars 


By David Wighton 

and Raymond Snoddy in London 

Mr Rupert Murdoch last night 
stepped up Britain's newspaper 
wars by cutting the price oif The 
Times by lOp to 20p, one day 
after the Daily Telegraph 
dropped its price to 30p. 

Earlier in the day, the London 
Stock Exchange launched an 
investigation into the circum- 
stances surrounding the Tele- 
graph's move, amid fierce City of 
London criticism of the recent 
share sale by proprietor Mr Con- 
rad Black. 

The Stock Exchange visited the 
Telegraph’s offices where it was 
provided with documents show- 
ing the sequence of events lead- 
ing up to the price cut 

Telegraph shares plunged by 
I9lp to 349p yesterday, 40 per 
cent below the price at which 
HoUinger, the Canadian publish- 
ing group controlled by Mr Black, 
sold £73m ($iiim) of shares on 
May 19. The shares were bought 
by Cazenove, the Telegraph’s 
stockbrokers, and Goldman 
Sachs, the US investment bank, 
which sold t hem on to institu- 
tions. The purchasers, nursing 
total losses of almost £30m, 
expressed varying degrees of 
anger. 

Mr Black said the documents 

liie.Telegiaph 



Artay tahmod 

Black; agreed with decision although it would be embarrassing 


Stars price, {pence} 
700 



:t»2 ' . as 

iSdurra: FT Graphite 


provided to the stock exchange 
clearly showed that the decision 
to cut the cover price was made 
after June 10, when the Tele- 
graph numagerngn t saw figures 
showing the surge in the Tunas 
sales in May. “At the time of the 
share sale, touch we discussed 
with the Telegraph management, 
we could see nothing other than 
business as usual” 

Lord Swaythling, the Tele- 
graph’s senior non-exeentive 
director, said he was convinced 
the executive management had 
not contemplated the price cut 
“until very recently”. 

Mr Black said he was not told 
of the Telegraph management’s 
price-cut recommendation until 
June 14. ”1 agreed with the deci- 
sion and although I knew it 
would be embarrassing for me I 
could not say ‘you. can’t do that 
for the sake of your chairman's 
public relations convenience’.” 


The exchange Is also investiga- 
ting attempted share sales by two 
Telegraph employees on Wednes- 
day. 

Mr Peter Stothard, editor of 
Hie Times, said the ai m was to 
make The Times “permanently 
profitable”. The paper, now sell- 
ing 515,000, would probably need 
sales of 800,000-900,000 to be prof- 
itable at 20p. 

The Daily Telegraph, with a 
circulation of about 1m, claimed 
yesterday that its 18p price cut 
had increased sales by more than 
25 per cent 

Most national newspaper man- 
agements will have to review 
their position in the light of the 
price battle. It looks increasingly 
unlikely that The Independent 
will be able to stay at 50p. 

Shares In HoUinger were down 
13 per cent at C$14 in early after- 
noon trading in Toronto. 

Lex, Page 16 




TOP QUARTILE PERFORMANCE SINCE LAUNCH 


JAPAN SMALLER 
COMPANIES FUN 

+22% OVER 1 YEAR* 


Guinness Flight's Japan Smaller 
Companies Fund is second in 
Micropal's sector of offshore 
Japanese funds, over one year, with a 
performance of 22.2% in US Dollar 
terms compared to the Tokyo Stock 
Exchange Second Section which 
rose by 1 .0%. The Fund also has top 
quartile p e rform ance since its launch 
in November 1990“. 

The Fund provides a well 
diversified exposure to good quality 
small companies operating at the 
leading edge of many of the 
emerging social, economic and 

technological trends in one of the 

world’s leading economies. 

WHY SMALLER COMPANIES? 

Japanese smaller companies 
often enjoy above average growth 
because they tend to be well 
focused on their main business and 


more flexible and able to respond 
to change. Furthermore, their 
management tends to be identified 
closely with the company, often 
with a substantial personal stake, 
providing a significant spur to 
performance. 

WHY NOW? 

As the Japanese economy shows 
the first signs of recovery, we 
believe the smaller companies sector 
provides an excellent long term 
growth opportunity. 

To find out more, return the 

coupon today or call our Investor 

Services Department on (44) 481- 
712176 

GUINNESS SLIGHT 


JAPAN SMALLER 
COMPANIES FUND 



Return Gutanea FEgfat Fond Manage* (Guernsey) Limited. PO Box 250. 
Cnenuey, GYI 3QH. T* (44) 48I-71ZI76. F fee (44) 481-712065. 

Phase scai me details oT the Guinness FEgbt Japan Smaller Companies Fuod. 


TktSc- 

Mkt 


_Tota*ry_ 


• la n tr l fcw s * nfcrwdhf.y M i n i l aa im »liltaimMMpnS»»to*H*»WBnnaimitg3*8 

SHr tnrrwn Fart li» S^lriS ^ Bug HlplBW d a n Oi i fai max oar H6tn»iriltt8«a Qjl I III l 





2200- M 


\ 




INTERNATIONAL COMPANIES AND FINANCE 


Italian bank plans restructure 


By Andrew Hfll in Milan 

Banca Nazionale del Lavoro, 
the state Treasury-controlled 
Italian bank, has announced a 
far-reaching restructuring plan 
as part of preparations for pos- 
sible privatisation. 

The plan shows that Mr 
Mario Sardnelli, who took over 
as BNL chairman in April, is 
moving quickly to distance the 
group bom its turbulent past, 
and reposition It as a competi- 
tive “universal” bank. 

One effect of the plan will be 
to hive off L700bn ($436-7m) of 
outstanding unguaranteed 
loans to Iraq into a separate 
financial vehicle. BNL finance 


will buy the loans at their cur- 
rent depressed market value. 

Unauthorised loans to Iraq, 
made by BNL's Atlanta 
branch, were revealed in 1989, 
triggering an International out- 
cry. BNL is fighting through 
the courts to force repayment 
of a further $ 350 m of guaran- 
teed loans to Iraq. 

The most important part of 
the BNL restructuring, how- 
ever, is the absorption of three 
medium and long-term credit 
subsidiaries info the mam part 
of the group. 

This will increase total 
assets of the parent company 
to Li45£45bn from LXOS^OSbn. 
Mr Davids Croff, BNL's joint 


managing director, said yester- 
day the process of BNL 
restructuring would be "very 
quick". 

However, Mr Sardnelli, for- 
mer director-general of the 
Treasury and vice-president of 
the European Bank for Recon- 
struction and Development, 
would not be drawn on a possi- 
ble date for privatisation. He 
reiterated that BNL would 
need new capital, either 
through a cash injection from 
the Treasury, or through the 
transfer of a Treasury-owned 
credit institution into the BNL 
portfolio. 

Separately, the Treasury is 
preparing for the eventual sale 


of more of its shares in Xml, the 
financial services group partly 
privatised in January. The 
Treasury was left with about 
28 per cent of hni, and had to 
wait nine months before sett- 
ing: any more shares. 

However, Mr Lamberto Dim, 
the Treasury minister, fold a 
banking conference on 
Wednesday that once the nine 
months was up in the autumn, 
"we will proceed with a further 
reduction in our stake". 

He <arifi the aim of the 
Treasury was to sell off its 
minority stakes in about 20 
other banks little by little, a 
process which could realise 
about L13JM0bn. 


German 
banks buy 
holdings 
in Buderus 


Dresdner Bank and 
Commerzbank have each 
bought 10 per cent of Buderus 
from MetaligeseUschaft, the 
troubled industrial and mining 
group, Reuter reports from 
Frankfort 

Metallgesellschaft sold Its 
793 per cent stake in the heat- 
ing appliances group in a 
placement which would lead to 
a cash Injection of DMUibn, 
Deutsche Bank, its largest 
creditor, said earlier this 
month. 

Commerzbank's purchase of 
a 10 per cent stake “arises from 
the long-standing business 
links between Buderus and 
Commerzbank”, the hank said. 

Metallgesellschaft sold its 
Buderus stake as part of a 
restructuring after creditor 
banks to Metallgesellschaft 
agreed to a DM3.4bn ($2Jhn) 
rescue package at the begin- 
ning of this year. 

9 Mr Hermann Murid, chair- 
man of Deckel Maho, the Ger- 
man machine-tool maker, said 
the company was not in danger 
of collapse and the group 
would emerge from bank- 
ruptcy, Reuter reports from 
Munich. 

“The company will at all 
events continue in operation, 
probably with partners," Mr 
Mund said. 

Possible partners include 
machine-tool makers Gilde- 
meisterand Traob. 


Thomson-CSF, Thorn EMI 
in talks on missile business 


By Davfd Buchan In Paris 

Thomson-CSF, the French 
electronics company, is plan- 
ning to buy the missile elec- 
tronics and Optronics business 
of Thom EMI, the diversified 
UK industrial group. 

The deal, which would give 
Thomson-CSF the European 
lead In missile electronics that 
it already holds in optronics, is 
subject to final contract negoti- 
ation and approval by the 
French and UK governments. 

The terms were therefore not 
disclosed for the planned pur- 
chase. The Thorn EMI units 
have a turnover of £90m, with 
slights more than two-thirds 
coming from missiles and the 


remainder from optronics. 

Mr Francois Cazayol, strate- 
gic director for Thomson-CSF, 
said the deal would lead to 
closer cooperation with Brit- 
ish Aerospace Dynamics, with 
whom Thom EMI works on the 
Rapier and Asraam missiles. It 
would also Increase Thomson- 
CSF’s workshare on the Trigat 
anti-tank missile developed by 
France, the UK and others. 

Mr Carayol claimed this 
would not cause conflict with 
Matra, the migrate making divi- 
sion of the French Lagardfere 
group, which is separately 
negotiating with RAe to form a 
joint missile company. 

Matra puts a lot of Thom- 
son-CSF electronics into its 


missiles, he said. “The elec- 
tronics companies are joining 
up just wk» the missile mak- 
ers”, he commented, in a move 
that reflects increasing merg- 
ers between companies faced 
with static or declining defence 
budget orders. 

Thomson-CSF already has a 
Anglo-French joint venture 
with Pttkington Optronics. It 
said that the new deal would 
give it a role in the European 
Fighter Aircraft, for which 
Thom EMI is developing the 
search and track system. Hie 
French c o mp an y also has two 
other joint ventures with UK 
companies - with Shorts of 
Belfast an missiles, and with 
Ferranti on sonar. 


Philips reduces stake in LCD unit 


By Ronald van de Krai 
in A ms terd a m * 

Philips, the Dutch electronics 
group, has broadened Europe's 
assault on Japan’s domination 
of the the world market for 
advanced liquid-crystal 
displays (LCDs) by selling a 10 
per cent stake in its Elat Panel 
Display subsidiary to E. Merck 
of Germany. 

The transaction means Phil- 
ips' stake in the company will 
fall to 70 per cent It declined 
to give ftnanrifll d etails . 

The Dutch, group’s two exist- 
ing European partners, the 
French companies Thomson 


and Sagem, will each retain 
their 10 per cent holdings in 
the Eindhoven-based Flat 
Panel Display. 

E. Merck, a chemicals and 
pharmaceuticals group, makes 
materials used in the manufac- 
ture of LCDs, and wants to 
keep abreast of developments 
in the field, according to Phil- 
ips. 

The Eindhoven factory 
already sells active LCDs, but 
full commercial production is 
not due to start until autumn. 

As the only European con- 
tender in the LCD market, it is 
gearing towards challenging 
the lead built up by Japanese 


companies such as Sharp, 
Toshiba and Tfitatehi 

Flat Panel Display, estab- 
lished in 1993, employs 650 peo- 
ple. Philips has said that the 
company's potential turnover 
over the next few years could 
run into hundreds of minions 
of guilders. 

Unlike passive LCDs, which 
are widely-used in digital 
watches, active LCDs can 
accommodate colour moving 
pictures, making them an 
important part of displays in 
“notebook" personal comput- 
ers, as well as in consumer 
electronics. They can also he 
used as flat-screen televisions. 


Olivetti and 
GM arm 
in satellite 
joint venture 

By Alan Cane In London 

Olivetti, the Italian computer 
manufacturer, and Hughes 
Network Systems, a subsidiary 
of General Motors of the US. 
have formed a joint venture to 
exploit tine market for busi- 
ness satellite communications 
in Europe. 

Each company will own SO 
per cent of the venture, called 
Hughes Olivetti Telecom. The 
first service, Hotstar, will pro- 
vide interactive data and voice 
links between customer sites 
at a monthly rent of $2804380 
a site. 

Each partner has invested 
an initial ytiri in infrastruc- 
ture. Total investment over 
the first five years is expected 
to be f25m- 

The venture is targeted at 
large companies with more 
than 30 Sites. It aims to build 
and manage a pan-European 
network based on a form of 
satellite communications 
catted VSat (very small aper- 
ture terminal), which is 
Increasingly being used to pro- 
vide two-way communications 
services to businesses In the 
US and Europe. The first 
“hub” for the service will be 
based in London. Talks are 
under way on establishing 
hubs in other European coun- 
tries. Transmission licences 
are being agreed on a case-by- 
case basis. 

The initial investment cost 
is comparatively low, because 
Hughes is already an impor- 
tant manufacturer of satellite 

wi mm i ni feaHnw: equipment — 

it rift*™* 70 per cent of the 
world VSat market - and 
because Olivetti has already 
established a Europe- wide 
marketing and c omp uter ser- 
vices network. 

The companies say the new 
infrastruct ure will meet the 
telecommunications require- 
ments of large corporations. 
However, the intention is also 
to offer new services such as 
software distribution and per- 
sonalised newspapers. 

VSat systems are able to 
support a combination of voice 
and data c ft nrm n nteftigQff, and 
can be cheaper than terrestrial 
equivalents. Some 75,000 
two-way VSat systems have 
been installed in the US. 


Canadian insurer studies 
future of UK business 


By Bernard Simon In Toronto 
and Pochard tapper In London 

Canada’s financially-troubled 
Confederation Life Insurance is 
examining the future of its UK 
operations ahead of a proposed 
capital infusion from 
Winnipeg-based Great-West 
Life Assurance. 

Confederation said its 
op tions included the sale of its 
successful UK arm, which 
includes a bank as well as 
group and individual insurance 
businesses. 

The Stevenage-based UK 
operation Wad total assets of 
CjLBbn (US$L3bn) at the end 
of last year, and manages 
funds of some £5bn ($7.6bn). 
Pre-tax profits in 1993 were 


£ 27,918 compared with £K 2 m 
in 1992- Premium income last 
year was £629m against £7X5m 
in 1991 

The company is one of the 
leading providers of pooled 
pension products for medium- 
sized companies, while its 
team of 850 direct sales agents 
markets a range of unit-linked 
individual insurance contracts, 
including standard term and 
savings products. 

Last year's results included a 
C$7.im profit from Confedera- 
tion Bank, whose growth has 
recently been spurred by an 
offshore deposit-taking 
operation in Jersey. 

The hank offers residential 
mortgage loans and deposit 
account facilities. 


Overall, the UK subsidiary, 
which began trading in 1906, 
has 1,600 employees and 58 
regional branches. 

Confederation is a mutual 
company owned by its policy- 
holders. It has suffered from 
the downturn in the North 
American property market, 

which resulted in loan loams of 

CS147m last year. 

Great-West, which is con- 
trolled by Power Corporation 
of Montreal, has already come 
to Confederation's rescue by 
buying some illiquid assets. 
Great-West has also proposed a 
"s t ra tegic alliance", which will 
in practice amount to a take- 
over. The two companies aim 
to agree on the terms of the 
deal by the end of July. 


Avesta raises profits forecast 


By Hugh Camegy 
in Stockholm 

Avesta Sheffield, the 
Swedish-British stainless steel 
group, has revised upwards its 
profits forecast for 1994. on the 
strength of rising sales prices 
for stainless steeL 
A vesta, 40 per cent-owned by 
British Steel, returned a 
SKrlllm ($K2m) profit after 
financial items in the first 
quarto- of this year, on sales of 
SKr3A8bn. It said at the time it 
expected that level of profit- 


ability would be maintained 
for the whole year. 

The group says the return 
will be “ significan tly better" if 
current market trends con- 
tinue^ Avesta Sheffield, formed 
in 1992 through a merger 
between Sweden’s Avesta and 
the stainless steel interests of 
British Steel, showed a loss in 
199S of SKrSSm. 

• Volvo has sold a data com- 
pany specialising in airline 
crew timetable calculation to 
Ad Opt Technologies of Can- 
ada forUS$3m. The sale is part 


of the Swedish group’s strategy 
of divesting all its interests not 
related to core vehicle manu- 
facturing operations. 

Merged, Ad Opt, owned by 
Canadian institutional Inves- 
tors. and Volvo’s Carmen 
Systems will become a leading 
specialist in aviation and 
transport time- tabling, Volvo, 
said. Carmen’s clients Include 
Scandinavian Airlines System 
(SAS). Lufthansa and AhtalU. 
Ad Opt has concentrated to 
flnfo on aircraft scheduling in 
the North American market 


TSB feels effects of competition 


By John dapper. 

Banking Editor 

Growing competition in a flat 
retail banking and Insurance 
market was evident yesterday 
as TSB Group disclosed that 
income from on-going business 
rose by only 3£ per cent In the 
six months to April 30 to E9SSm 
(S1.47bn) from E92lm in last 
year’s first half . 

TSB’s pre-tax profits jumped 
to £226m from £80m hut this 
was mainly due to a £92m fell 
in provisions for had and 
doubtful debts to £H3m and 
the absence of the previous 
period’s £44m reorganisation 
charge. 

TSB reached its target of a 15 
per cent post-tax return on 


equity. It achieved a l&5 per 
cent return compared with 5.7 
per cent in the first half of last 
year and 11.1 per cent for the 
full year. 

Pressure on income emerged 
despite a 9.5 per cant expan- 
sion in the mortgage bode to 
£&5bn, compared with overall 
market growth of 2.1 per cent. 
Loans rose to £l7.4bn from 
ElTbn. but risk-weighted assets 
stayed at B 6 . 1 bn. 

Mr Peter Sflwood, chief exec- 
utive, reaffirmed the bank's 
interest in buying a building 
society. The aim would be 
mainly to sett a range of prod- 
ucts to the society’s members, 
rather than as a means of 
increasing mortgage lending. 
He Mid Llqyds Bank’s ElUbn 


bid for Cheltenham > 
Gloucester Building Society - 
had encouraged other aodetiM 
because It had shown that they 
could preserve partial Indepen- 
dence if they were acquired. 

However, he said that the 
losses sustained by TSB after 
buying the merchant bank HU! 
Samuel In 1967 would make it 
cautious. "The last time we 
bought somethbg and said to 
them 'you keep running it.’ it 
was a hit expansive," he said. 

TSB raised its interim divi- 
dend by 115 per cent to &544p. 
RirnfagB per share were 9-6j>, 
Up from Kip- ft increased its 
tier 1 ratio of core capital to 
risk-weighted assets to 9.1 per 
cent, against 8.7 par cent 
Lax, Page 18 


ZURICH 

INSURANCE COMPANY 


Payment of dividends 

In accordance with the resolution of the general meeting of June 22, 1994, 
the dividend for the 1993 business year is 


per share 

less Swiss withholding tax, at 35% 


5 fc 20 .— 
5fc 7 . — 
net SEr. 13 .— 


Payments will be made free of charge from June 24, 1994 against submission 
of coupon no. 2 for bearer shares and against the dividend, payment order for 
registered shareholders at all Swiss offices of the following banks: 


Swiss Bonk Corporation 
Bank Leu Lid- 


Credit Suisse 


Union Baulk of Switzerland 
Cantonal Bank of Zurich 


and at the company cash desk, Mythenquai 2, 8002 Zurich. 

Registered shareholders who have designated the bank where they have 
deposited their shares as their address for payment of dividends will receive 
the normal dividend credit note bom this bank. Persons holding their regis- 
tered shares themselves will receive their dividend payment order by mail 


Zurich, June 22, 1994 


Zurich Insurance Company 
The board of directors 


SRF Mortgage 
Notes 1 PLC 

£150,000,000 Class A 
£11.500,000 Class B 
Mortgage backed floating 
rate notes due March 2021 

For the interest period 22 Jane 
1994 to 23 September 1994 
the Class A notes wtU bear 
interest at 53875% per annum. 
Interest amount payable on 
22 September 1994 will 
amount to SI, 35735 per 
9100,000 note. 

The Gass 8 notes will bear 
interest at 6.0875% per annum. 
Interest payable on 22 
September 1994 will amount to 
9176,454.11 per 91 1.500,0 00 
principal amount outstanding. 
Agent Morgan Guaranty 
Trust Company 

JPMorgan 


CIC 


Corapagnie finand&e 
de CIC et de LUnion 
Europ€ene 

US$150,000,000 
Floating rate notes 1998 

Notice ts hereby given that 
for the Interest period 24 Jane 
1994 to 26 September 1994 the 

notes will cany an interest 
rate of 43375% per annum. 
Interest payable on 26 
September 1994 urill amount 
to USS12832 per USS 10,000 
note and USS3M3.09 per 
USS25CL000 note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


tV Nationwide 


£75,000,000 
Subordinated 
Floating rate notes 
due 2004 

Notice Is hereby given that 
the nates wiU bear interest 
at 55625% per annam from 
22 June 1994 to 22 September 
1994. Interest payable on 
22 Septe mb er 1994 will 
amount to 914021 per 910,000 
note. 

Nationwide Building Society 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


WOOLWICH 

— e u • l p i n a s o c i e r v — 

£200,000,000 

Floating Rate Notes due 1999 

In accordance with the provisions of the Nous, notice is hereby 
given that the Rate of Interest for the three moadi period coding 
21st September. 1994 has been fixed at 5.3125% per annum. The 
interest accruing for such three month period wfll be £133.90 per 
£10,000 Bearer Note, and £3339.04 per £100,000 Bearer Note, 
on 21st September, 1994 against presentation of Coupon No. 2. 



21st June, 1994 


London Branch 
Agent Bank 


Australia and New Zealand 
Banking Group limited 

AustmlimCompanyNtanber005357 522 
{Incorporated with Umiied liability in the S tax ofVlaoria, Australia) 

U-S. $200,000,000 
Subordinated Floating Rate Notes due 1999 

Notice is hereby given that for die Interest Period 22nd June, 1994 
to 22nd December, 1994 the Nona will cany a Race of Interest of 
5% per cent, pet annum with an Amount of Interest of U.S. 
$2,732.29 per U.S. $103,000 Note. The relevant Interest Payment 
Date will be 22nd December, 1994. 


D Bonkers Trust 
Coaxpaoy^London 


Agent Bank 


AUIANCE-tLHCESTEE 
Affiance 4 Werner BaMm* Society 
£200,000,000 
Floating Rate Notes 
due 1997 

For die interest period 21st June, 
1994 to 21st September, 1994 
die Notes wlD cany a rote of 
interest of per annum with 

interest amounts of £135.48 pet 
£10,000 and 0354.79 per 
£100,000 Note, payable on 2 1st 
September, 1994. 

Uaod m die Uma&bousdttdt Eadavk 




Comptmy, London Agent Bank 


CAC-#1KL_ 

Bonds due 1996 

Bondholders are hereby 
informed that the ram for the 

second period of inters has 

been fixed at 1.8699 %. 

The FRF 10,000.- hoods will 
have a coupon N®2 of 
FRF 187.- while the 
FRF 100,000.- have a coupon 
N° 2 of FRF 1,870-/^ 
The interest will be payable 
as from July 1801,1994. 

The Principal Faying Agent 
and Csknftrtfoa Agent 

ny CREDIT lypNKAtS 


Cl 50000,000 GUARANTEED ROMNG RAW NOTES DUE DKEAMBM997 

Citicorp Finance PLC 

UreoiKfooooSy Guaranteed by 

cmcoRPO 

Node* b hereby given that die Rato of Interest has, been fixed at 
5.2875% and that the interest payable on the relevant Interest 
Payment Date Sajtg mbs r 23. 1 99 A against Coupon No. 35 in 
reaped of £1 0,000 nominal of the Notes wffi be £133 l 27. 


June 2d \ 994, London 

L By: GHbqnk, N -A- (Issuer Services), Agent Bank CTTIBANCO 


THE CHINA FUND 

(Au exempted aam p ai Q hwu i p wni W i ait > ftwe a rf« i i Mft y te^Ca yi e n e l i to i Mt O 

1993 FINAL RESULTS (Am&rd) 



The Board of Dlwcuw doca not rec omm e n d tbc pay m e n t ofae«i r tty Mn v l 

DIRECTORS' INTERESTS 

At3Ta* March 1994, had an interest, either beneficially or ncKhtocacflcfeBy, la the store 

capital or wanam of the Company. 


Daring the year. Use Company October purchased, sold nor redeemed any of hs own Bstcti securities. No tw*. 

einptha rigbaolw under Cryman Wands law tai*iafk»»teaw of wrwto*6d*ccirtUiB6ytbeCin^^^jr. f * > 

By order of the Board 
toecaMcraoa (CtyauiO United 
Secretary 
23«ljune 19W 

Aowafwe ueuuol r^rm bUfnuu We Hasten* frcmmg.. 

ff. OmOk* #47-9541. • 


Republic of Venezuela 

U-S.lt68JW0.00fl 
Floating Rate Notes due 1994 
ITS. $107,000,000 

Rooting Rata Notes due 1988 

U-S. $167,000,000 

due 2003 

Iona 24, 1904 

to mto has 
Ttw Manat 

_tw28L 1M4 

«OI» UA S318.16 par U.S. SKLO00 In 
rntfsBrad krai and U.S. pawn par 
U.S. *23,000. u.s. S3.Ttn.oo par U.S. 
SHXMJOO and U-S. 57,663.99 pa US 
S2S0.000 hboarartonn. 

Ladd, Aged Me ft 

JUT* 24,1884 CHA88 



AJ43JETT AIRCRAFT 

FINANCE LTD 

USD 185, BU, BOO 
Ffeattog ttotw*»20» 
Notice b hereby given that Uw rate ot 
interest tor the period tram Jura 24th, 
1994 to September 261h. 1994 has been 
Owd at 4.80 per cent The coupon 

amount due for this period to USD 125JJ3 
per USD 10,000 denombiatlon and 
USD 626.67 per USD 50.000 and Is 
payable on the Meres payment daw 
September 26m, 1994. 

The (fecal Agent 

Banqua Nationals da Parts 

(Luxembourg) S-A. 


A2IENDA TRASPORTI MUNICIPALI 

20121 MILANO - FORO BUONAPARTE. 61 

ANNOUNCEMENT 

The Azienda Traspora Municipal! in Milan offers to 
tramway vehicle manufacturers the opportunity of a 
tot period on the tranv*ystem of Milan 
The offer concerns fully or partly low-floor vehicles, 
and indudes a period of regular passenger service. 
Comparu^ interested m the proposal shall apply to 
A.T.ftl, addressing their requests to Serviao Ap* 

ST a V £ le Stf* 2 " 20»59 MDan - 
tel 02/66818226 - fox 02/6887778; AXM. wffl 

Requests shall arrive by July 15 1994 , 

Please take note that this communication is neither* 
quahficatton notice dor a call for bkisTand^t 
A.TA1 reserves any further decision on the matter. 

the head of the supply office 

Dr- fog. Giovanni R overt 









FINANCIAL TIMES FRIDAY JUNE 24 1994 


19 


INTERNATIONAL COMPANIES AND FINANCE 


UAL’s low-cost 
division to start 


Market turmoil puts ‘King Kidder’ to test 

Few expect the market for mortgage-backed bonds to rebound, writes Richard Waters 

US mortgage- backed Issues 



flying in 

By Richard Tomkins 
In New York 

United Airlines, the biggest US 
carrier, yesterday stepped up 
the US air fare war by announ- 
cing that its new nmumiprt 
low-cost subsidiary would start 
flying on October L 
It said the specialised short- 
haul carrier would take to the 
skies with an initial daily 
schedule of 82 fli ghts spread 
among 14 routes an the West 
Coast of the US. It declined to 
specify the routes, but said 
seven were served by United 
and seven were not. 

Services would be expanded 
rapidly to 129 flights in Novem- 
ber and to 143 flights in Decem- 
ber. Fares would be announced 
later , bnt would be "very 
attractive", UAL sa id. 

United's plans for the new 
airline, dubbed U-2, depend on 
shareholder approval or its 
plan to give employees a 55 per 
cent controlling s take in the 
parent company in exchange 


By Bernard Simon hi Toronto 

ICI, the international 
chemicals group, is to sell 
some of its North American 
operations to Harrowston, a 
Toronto-based company which 
emerged from the ashes of the 
fallen Belzberg family empire. 

Harrowston declined to 
reveal terms bat said the deal 
would be all cash. 

The deal involves ICI's 
polyols businesses and 
includes a factory in Delaware 
which makes a wide range of 
polyhydric alcohols used in the 
pharmangntirnlj oral care and 
confectionery markets. The 
deal remains subject to US reg- 
ulatory approvals and comple- 
tion of detailed ne gotiations . 

Harrowston’s chief executive 
is Mr Brent Belzberg, nephew 
of Mr Sam Belzberg who made 
a name in the 1980s as one of 
North America’s most formula- 


October 

cessions. The vote Is doe on 
July 12. 

At least one big institutional 
investor has said it would vote 
against the plan. However, if 
approved, the labour conces- 
sions will provide United with 
the cost s tru cture it needs to 
fight back against other low- 
cost carriers such as Southw- 
est Airlines. 

United said in addition to 
low fares, its new operation 
would feature intensive use of 
Boeing 737 aircraft with East 
turnrounds. Bnt unlike 
Southwest, it plans to offer 
first -class as well as economy 
class, seat assignments at the 
airport, and in-flight food and 
drink. 

United will be the second of 
the big US carriers to setup a 
low-cost airline- witiun-an-air- 
line to compete with smaller 
low-cost carriers. The first was 
Continental Airlines with its 
CAUte operation. A third big 
carrier. Delta Air Lines, has 
rejected the idea in favour of 
all-round cost cutting. 


ble corporate raiders. The Belz- 
bergs' empire, linked through 
the First City Financial group, 
was hit by several lOM-making 
investments «wrt the slump in 
real estate markets. 

Harrowston was created 
from First City's remnants in 
the early 1990s and recapital- 
ised by a group Of large Cana- 
dian institutional investors. 
The Belzberg family no lo n g er 
has a stake in the company, 
beyond a small shareholding 
and options held by Mr Brent 
Belzberg. 

As in its latest deal, Har- 
rowston’s strategy is to buy 
businesses put cm the block as 
part of the rationalisation of 
much larger companies. 

It has bought ICTs North 
American sulphur products 
division as well as a small divi- 
sion of Du Pont, the US chemi- 
cals group, and a retail maat 
distributor. 


CPC Inti to 
shed 2,600 
jobs in cost 
cutting plan 

By Richard Tomkins 

CPC International, the 
US-based food company whose 
brands include Hellmann’s 
mayonnaise, Knorr soups and 
Mazo la corn oil, is to shed 
2,600 jobs from its interna- 
tional workforce of 39,000 over 
the next two years as part of a 
cost-cutting plan. 

Jt said the restructuring 
: would bring a pre-tax charge 
of $227m to second-quarter 
1 profits, equivalent to 3137m 
after tax or 92 cents a share. 

About two-thirds of the 
I charge represented the non- 
cash costs of writing off 
assets, including some plant 
closures, it said. 

CPC has been increasing 
efficiency over several years 
by consolidating production. 
Past moves have included the 
closure of sir plants in North 
America and substantial relo- 
cation of production within 
Europe. 

Yesterday, however, Mr CJL 
Shoemate, and chief 

executive, said the action 
already taken was not enough. 
"The charge announced today 
represents a longer-term, more 
aggressive view. We are tak- 
ing actions now for competi- 
tive advantage in the major 
world markets at the end of 
the decade,” he said. 

A large proportion of the job 
cuts will tell in Europe, where 
unification is im fftadng cross- 
border competition. CPC is 
responding by transferring 
production of its various 
brands to the plants where 
they can be produced most 
efficiently - for example, by 
moving production of its 
Knorr products for the Nordic 
market from Switzerland to 
the Netherlands. 

CPC is talcing similar action 
to increase the efficiency of its 
consumer food businesses in 
North America. It said it was 
also taking steps to strengthen 
its competitive position in its 
Latin American corn refining 
business. 

In the first quarter, volume 
gains and lower financing 
costs helped CPC report a 9 
per cent increase In net 
income to $88. lm on turnover 
6 per cent ahead at $L74bn. 


I n the $l,600bn market for 
mortgage-backed bonds, 
Kidder Peabody is the 
undisputed king. Even after 
the recent turmoil, in the mar- 
ket and at Kidder, it remains 
the dominant force in the 
market 

The question for Kidder, is 
whether this market, which 
until recent months provided 
the bulk of its profits, will ever 
rebound to 1992-93 levels. 

Mortgage -backed bonds, 
known as pass-throughs, are 
created by securitising pools of 
domestic mortgage loans. But 
only about half of all mortgage- 
backed bonds outstanding are 
held as plain pass-through 
securities. The rest have been 
converted into structured 
bonds, each with a different 
risk and payment profile. 
These structured securities are 
known as collateralised mort- 
gage obligations (CMOs). 

It is in the creation of CMOs 
that Kidder ha« nv*rtp its name. 
It is the activity that has given 
rise to most speculation on 
Wall Street about the firm’s 
financial health. 

CMOs are structured to meet 
the different risk appetites and 
cashflow needs of Hiffpwmt cus- 
tomers. For example, US banks 
- traditionally big buyers of 
CMOs, thmig h their purchases 
have dropped sharply - have 
used short-term securities to 
lift the yield on their large 
bond portfolios, while adjust- 
ing the interest-rate sensitivity 
in their basic hanWrig busi- 
ness. 

P lain mortgage-backed bon ds 
are highly liquid but the 
tranches of individually- 


By Robert Gfobens in Montreal 

Rio Algom, the Canadian 
mining group which brought 
the Cerro Colorado copper 
property in northern Chile on 
stream last February, Is reor- 
ganising its north American 
metals distribution business. 

The Atlas Alloys operation 
with 12 sendee centres In Can- 
ada, Vincent Metals with 15 
locations In the US, and 
Aceromex in Mexico, together 
with ann ual sales of nearly 
C$600m (US$433 m), are being 


tailored CMOs into which they 
are carved may not be - partic- 
ularly when {Bices are falling 
and there are few buyers. That 
Is what happened in recent 
months. 

In the rout in US fixed- 
income markets as the Federal 
Reserve raised interest rates 
this spring, mortgage-backed 
bonds fell foster than most 

Mr Joseph Hu, an analyst at 
Oppenhfelmer, says the bench- 
mark mortgage-backed issue, 
the 8 per cent Grume Mae bond 
maturing in 200ft yields about 
100 basis points more than 
Treasuries. Last year, that 
spread averaged 80-85 basis 
points. 

Since these bonds are backed 
by the US Treasury, the pre- 
mium mainly reflects a risk 
which Is unique to mortgage- 
backed bonds. If borrowers opt 
to pay off their loans early as 
interest rates fall (as happened 
last summer) bond holders are 
faced with reinvesting at the 
new, lower market rates. 

On the other hand, if borrow- 
ers choose not to pre-pay the 
loans because interest rates 
are rising (the experience of 
this spring) then the average 
lives of the bonds are 
extended, making their yields 
less attractive. 

With a positive US yield 
curve - albeit not as steep as 
at the start of the year - bond 
holders demand a higher yield 
for holding longer term bonds. 

The recent swings in the 
interest rate cycle has earned 
mortgage-backed securities the 
nielmame 29-20 bonds. "They 
could last 20 months, or 20 
years,” says Mr Hu. 


put into a new division called 
North American Metals Distri- 
bution, h parted by Mr No rman 
Smith, now president of Vin- 
cent 

During the recession, Rio 
Algom considered selling its 
metals distribution business 
because of poor prices and low 
margins, but it has now 
decided to develop it further in 
Canada and US. 

"Margins are better in the 
US where we are likely to 
expand by acquisition,'’ said 
Mr Forbes West vice-president 


Jun 1093 

Sourcs: Socvtttes Data Company 

Banks have been among the 
biggest sellers of CMOs. For 
regulatory reasons they hold 
mainly short-term paper, and 
are forced to sell as the bonds’ 
duration grows longer. The 
pressure has* spilled over into 
other fixed income markets, as 
managers have sold long-dated 
Treasuries or other liquid 
bonds to offset the extra dura- 
tion injected into their portfo- 
lios by the changing pre-pay- 
ment habits of mortgage 
holders. 

T hese pressures have 
made the mortgage- 
backed market one of 
the biggest sources of concerns 
among followers of the securi- 
ties industry. 

With foiling prices and less 
liquidity, it is no surprise that 
Kidder has been besieged by 
reports of big losses. It has suf- 
fered indirectly from the loss 
of liquidity that bit some parts 
of the CMOs market 
Askin Capital Management. 


"But strong Canadian capital 
spending could justify growth 
in Canada as well." 

Rio Algom has invested 
US$280m in 100 per cent-owned 
Cerro Colorado. The minn uses 
the solvent extraction process 
and has annual capacity of 
40,000 tonnes. This will be 
increased by 50 per cent in the 
next few years. Rio Algom is 
also exploring other Latin 
American based metals proper- 
ties. 

RTZ sold its 51.5 per cent 
interest in Rio Algom in 1992 


a specialist fund group that 
invested In CMOs. declared 
itself insolvent as the market 
dried up. Kidder, which traded 
heavily with the firm and held 
its bonds as collateral, faces a 
loss of about 220m. 

Kidder has denied similar 
problems in its portfolio. Since 
March, the firm had cut its 
holdings of CMOs to under 
$10bn from SISbn, Mr Jack 
Welch, chairman of General 
Electric, the firm’s parent, 
said. This was not a fire-sale, 
added Mr Dennis Dammennan, 
the GE chief financial officer 
who was this week put in to 
run the firm. With fewer new 
bonds being underwritten, it 
was natural for Kidder's inven- 
tory levels to run down. 

GE and Kidder deny that 
Kidder has sold off its most 
liquid holdings first, leaving it 
with securities with no ready 
market. The firm had made 
sales from every part of Us 
bond portfolio in recent weeks, 
said Mr Dammerman. Its hold- 


for C$362m. Since then the 
company has pushed ahead in 
Chile, plans to develop a 
US$250m zinc-copper property 
in Wisconsin jointly with 
Exxon, and is buying a 25 per 
cent royalty interest in the pre- 
tax profits of the rich Polaris 
zinc minp in the nawartian arc- 
tic. Rio Algom also gets a 25 
per rant interest in any expan- 
sion of reserves. 

The Wisconsin mine and the 
C$57m investment in Polaris 
will provide Rio Algom with a 
strong base in zinc. 


ings of bonds which liuve been 
on its books for more than six 
months have fallen to 5130m in 
the past month from SbOUrn. 
The valuation of its portfolio 
has been scrutinised by audi- 
tors KPMG, among others. 

Inevitably, given its position 
as the biggest trader in this 
market. Kidder has taken 
losses. GE put these nt &!5ni- 
$30m since the end of March. 
This was far less than the 
$l00m that an internal analysis 
last autumn had suggested it 
could lose in such circum- 
stances. Mr Welch said. Such 
stress- testing is common 
among securities firms as a 
way of assessing their poten- 
tial exposure to rapid price 
movements. 

The direction of the mort- 
gage-backed market, and a 
review of Kidder's internal 
controls in the wake of the 
Joseph Jett scandal, could 
prove more .significant fur Kid- 
der in the long term. New issue 
volume has dried up in recent 
months as demand for the 
bonds has fallen. Few expect a 
repeat of the recent bull mar- 
ket in bonds. 

Kidder is at least holding its 
position in the market, what- 
ever its internal troubles, hi 
the first three months of this 
year, it underwrote $26bn uf 
bonds, or a quarter of all new 
bonds sold, according to fig- 
ures compiled by Securities 
Data. This was more than dou- 
ble the market share of its 
nearest rivals. Since the end of 
March, it has remained in 
front, with a market share of 
19 per cent, ahead of Salomon, 
with 17 per cent of the market. 


Danish broker 
stops trading 

By Hilary Barnes 
in Copenhagen 

Benzon Bankier, the Danish 
private banking company 
which filed for bankruptcy on 
Tuesday, suspended payments 
yesterday by Benzon & Ben- 
zon, its stockbroking arm. 

Benzon & Benzon Is one of 
Copenhagen's small but 
respected independent brokers, 
with extensive international 
connections. Last year it made 
a profit of DKrS.ftn ($l.5m) and 
had assets of DKrl07m. 


for 24Abn-worth of labour con- 

Canadian group buys 
polyols units from ICI 


Rio Algom reorganises in North America 


CONTRACTS & TENDERS 


C0MPANH1A PABANAEKSE Y'S COPEL 
DEENERG1A 


ADVERTISEMENT FOR BIDS 
PUBLIC INTERNATIONAL TENDER PP C-101 
Tha purpose of this tender is the construction of the Salto Codas Hydro- 
electric Plant, located In the State of Parana, Brazil. The works Include 
river diversion, dam. spillway, power intake, penstocks, power house 
and switchyard. 

Companies with headquarters In any country may partidpste. 

Contract Drawings, as well as Bidding Documents, wffl be available for 
consultation from June 06 to July 18. 1994, at the same place where 
each set may be obtained upon a receipt of a non-refundaUa p a yment 
of 500,00 URV, at the following adresc roam 708- 7lh floor. 233 Volun- 
taries da Pdtrta Street. Curitiba, Parent Brazil. 

Sealed proposals will be received at 3dJ0 pjtu on August 31, 1994, at 
COPEL’s headquarters, 10th floor, 800 Coronet DuWtfio Strum. Curitiba. 
Parana. Brazil. 

Any further Information may be requested through Phooa n* (04TJ 223- 
2463 or Fax rW (041 1 331-3265. 

eng* JOAO CARLOS CASCAES 
Diretor Presidents 


LEGAL NOTICES 


NOTICE OP CREDITORS’ M«mNC 

under section or 

THE INSOLVENCY ACTUM 

Orcnuaai Limited 
Cboqnojr No; 18MS51 

Rcgrecred bl Bbgtaod 
Prtoetfwl She* of Bwtarec 
WUHcta>ltyf-tacc.L>wtoaEB 

NOTICE IS HEREBY GIVEN. pwfaial to 
4*0 of Ok iBhan Act 19U. feu a 
mcctiw ol tto araal endues of the riwve- 
umod company will be held ft Si Antov's 
House, 20 Si Andrew Sued. London EC4A 
3 AYob Prtdsj. 15 My I994«UU)0 h tetbn 
purpose of laving laid before it a copy of (be 
report prepared by Ok wtataktrstho reccfrea 
nafcr&enofl-SSaritenUAcL The steeling 
bit. If it thinks lit. establish n couaritue u 
exercise <be fya ahu s centered on creditors by 
or safer the AO. 

CmHton whose data ore wholly secured wo 
not entitled w sucwd or be rcprescMed st the 

■— . OdterarftasaretsdyestidedlowDUA 


The High Coort, 1994 Ns. tt COS (CL5) 

IN TBS MATTER Or 

EUROPEAN LESOHE 

PUBLIC UKITED COMKANY 
AN D 

IN TBB MATTER OP 
TOE COMFAKDS ACTS, 190-1999 

NOTICE 19 HEREBY GIVEN (tar (be enter cf 
the High Ctaut of Iretred dried the 21 m day of 
March, 1994 confirming the reduction of the 
capital Ol the above-snwed company sad an 

■.-GSm o utsaad lng to the creditor a rc sha re 

■Z^TlfltosVro^d ^ OoartSreHJ 

wtti reams to dSYtarc espial ef (he Ctaspmy 
the s cuta] pmti cslure qrered by t taibotA as 

Sm5S^^5fo2 l i^ rfOMip, * lc * 01 


AUI _ 


ilrey bare feKwndu ns at fee address*— 

below, so taer dun doom os Tbaafey 14 Inly 
] 994, written details old* debts dwy own to 
be the to feea fan the cmrenay. sod Be 


data has been dstr adretacJ tmdet the 
provitiMis of Rnfc 3.11 ol fee Inwtveacy 
Erics 198&; sad 

(Dllhere hre been lodged unto sn say (spxy 

trkldi Ihn CRdiinriiiicads to be ned on tat or 
her behalf. 

Dak: TO Jane I9W 
Signal TR Harris 
TRIMS 

Jetal Adminlnnttve Recetver 


alflAnto* S ttfw j-o n rtnn EC9A MY 


j obtain n copy of ti* report sad 


PUBLIC 

NOTICES 

-mr wqiRAwntnwfyxNHSACr ttB 

THE YASUDA WREAKD MAM Cg 

UBBU34— UaOPEl 
TRANSFER Of liKWHlAL BUSINESS 

NOTICE IS HEREBY GIVEN that Yssada 
Swope applied to fee Securely ef Stare for Dade 
and tafodry cat Ititb Jnoe 1994 for bit tfpnnsl. 
parte an 1 to Sect ton SI of the Insurance 
Cnsftoa M 19S2, to Wrier to the Treads 
tad tannn ee Company of I*— — p— I Jatksd all 
its rights and obligations under virtually all 
policies written by it in the United Kingdom 
wfctae ka -Japanese Inures* Abroad* ponMto 
bore in haul 1991 to )ls December 1997 


fK\aHaiirM 

withe HMmcouwTor jmmg 
rwntimrv division 

IN THE MATTER OF 
B0UBDSE CORPORATION PUBLIC 
LIMITED COMPANY 

■d 

IN TOR MATTER Of 

THE COMPANIES ACT I9SS 

NOTICE (S HBROT GIVEN UM die Onda M 
the High Court oT Jadkc. CbsntoJ m*aio» 
dated the 8th Into:. 1994 confine ing ibal 
esacenitioB of the Shore Pmninre Account of 
the above named company of Z42.059JIS2 
«*s ragtored by fee Registry of Dsopantet P* 
2W June, 1994. 

Dried ibis SHb dsy of Jood 1994 
Dttoo Kill. Ftae Charexty Laae. 

Oitfcrfi Inn. LosJta EC4A IBU 

HeLUmpSllCl 

Tdi 071 242 1212 

SoBctoa tor Ibc staue-nareod CmptaT 


A copy of Ibc suiemcol setting out the 
fortieubn of the proposed itaarier k milibk 
tor inspection at Yssada Europe's nlTiees at 
Muotgsfe '14 155 Moorgste. London EC2M 
6XB during normal buttons been on any dsy 
(olbet than a Satnrdmy dr Sunday or {while 
holiday) BOS BtfaJaiy MU. 

W riant Itpresamatioas rooms ta g (ho buffer 
tuy be teal to Ihc Secretory of Soda &r Tfedc 
and bahu ny. l a ui ti sw Dhrfaka. 10-18 Victoria 
Street. London, Swift 0NN brfere 24th Angrec 
1994. The Secretary of Sato will set rfiSBnntar 
the applies! koa a si 1 1 after considering any 
tquremstln n t wads to bta befere that date. 



TtoADvransEFouR 
Legal iVoncES 

R8BM ccnaaet Tin MeOwmn 
m on 833 4842 rtac on. ST3 3064 


First 
Pacific] 

FIRST PACIFIC CAPITAL LIMITED 

(Incorporated in Hong Kong with Smiled liability) 
USSlOftOOftOOO 

Guaranteed Floating Rale Note* doe 1999 
guaranteed by 

FIRST PACIFIC COMPANY LIMITED 

(Incorporated m Bermuda with limited liabil ity) 
fo accordance! with the provisions of the Floating Rale Notes, notice 
it hereby given that for the period from 22/8/9410 22/12/94 Ibc Notes 
will cany an Interest Rale of 6.0750% per annum cnl c obue ri on m 
principal amount of : 

USS 15,44063 per Note of USS5DOJOOO 

Standard £ Chartered 

Standard Cbaflered Aria I ,'iriiwl 
as Reference Agcm 


Petroleum Argus Oil Market Guides 

Co'''p reh e : i •zxp-iexcsrons of line oii 

Petroleum Argus 

CALL MOW ior Mirther caUv.H i-U V) 35? i~?2 



ECU Tsrmirtvast Ptc 

SCtataamPtaca 


Bsiumfe 

h ( \ H 

Loodon 3WIX SO. 


Tafc +71 Z4S 0088 


FBC +T1 236 8589 


UrenborSFA 



LOW COST : T G' " l'T ' 

SHARE DEALING SERVICE ! 


< i>MMls-.lt)s KitoM 1 0 M1W .I. M I- 
£'L> M-'V-r. w, ; u 


DO YOU WANT TO KNOW A SECRET? 

Tho LD.S. Gann Seminar vriD chow you how tha markebs REALLY wotk. Tha amazing 
MhglNMquM ol fte legendary WIX Gam can Increase yow prate end contain your 
bases. Herf?^ That* the secret FfingOSl 474 0080 to book your fflS place. 


Currency or Bond Fax - FREE 2 week trial 
also daily gold and silver faxes , . Anno wt-.iiby 

Ucm Cr-wt Anr.l,->:s ilj 7<?l 071-755 7174 

7 f.:-..--. Lc-r-..!--,:-. %VIK -HD. • For 07 -.-.Z? Z966 




OptionTrader by indexia 

Traded Options Software 

HsobUi Bleefc-Scboles Valitarinmr A Strategy Cberls 
INDEXIA Research. 121 High Si. BerHrerrsnnd. HP4 2DJ 
Tel (0442)878015 Fag (0442)876834 


CITV 1 
fNDEX 


The itoto I iwdrts h-tptesd ba i bst ■ ft iw w i ri wid Snorts. Fats 
broduro sod an recount tptfcsr i n a farm iwU 071 33 3&G7 
Acnmnt t sru nuniwJh opart wirtbt 75 hat. 

See ore yp-3 g-<bav prireu in Up at aa TrictCTl page uOS 


1 

REUTERS lOOO 

24 hours a day - only $100 a monthl 

UVe FINANCIAL DATA OtftECT TO YOUR PC 

I'V' 


Fan 

UK 071 016 0062 EW0Os*4a4SB7B773 1 


T,„ p »,. n -r,v,- erv/ 


Jr*,’ T;.*Ar?ni.r nr (Londoil) * 



NEW ISSUE This announcement appears as a matter of record only 


bv Finance Praha s.r.o. 

(incorporated with limited liability under the laws of the Czech Republic) 
Prague, Czech Republic 


CZK 1,000,000,000 

11 % Notes of 1994/1997 

Private Placement 

under tho Guarantee of 

Bayerische Vercinsbank Aktiengesellschaft 

acting through its Prague Branch 

Manager 

Bayerische Vereinsbank Aktiengesellschaft 
acting through its Prague Branch 

Sellers 

Bayerische Vereinsbank Aktiengesellschaft 
Ccska Spofitelna a.s. 


Vereinsbank 

BAYERISCHE h * 0 **'' 

VEREINSBANK AG 



23 

06 

94 




* * 





... TnrnaiFmnAYJVNg «■»■*»« 



INTERNATIONAL COMPANIES AND FINANCE 


China development bank 
focuses on infrastructure 


By Tony Walker 
hi Beijing 

The newly-established State 
Develop men t Bank, an impor- 
tant dement of Chinas finan- 
cial sector reforms, expects to 
lend YnSObn ($9Shn) this year 
for projects in such areas as 
power generation, transport 
and tel ecommunica tio ns 

Mr Yao Zbenyan, president 
of the hank: - which has been 
modelled on the Development 
Bank of Japan - said that the 
process of evaluating loan 
requests began within days of 
the bank being formed in May. 

The bank's most important 
function will be to assume the 
state-oriented tending responsi- 
bilities presently shouldered by 
China’s “big four” specialised 
banks, allowing them to 
become commercial entities. 

The specialised banks had 
functioned almost as aid agen- 
cies for the government's infra- 
structure needs and were given 
little encouragement to make 
independent assessments of 
the projects. 

Mr Yao indicated that the 
new bank would concentrate 


its energies in the power sector 
(where there is significant 
demand for capital), telecom- 
munications and transport 

The frank , which has regis- 
tered capital of YnSObn, would 
raise Yn65bn for lending to 
development projects. It would 
rely on central government 
support, but would also tap the 
commercial banks and eventu- 
ally would float bonds domesti- 
cally and inte rnationally . 

Mr Yao said the bank would 
shy away from lending for con- 
struction, which would be the 
main responsibility of the Agri- 
culture Development Bank, 
one of three recently estab- 
lished policy-lending institu- 
tions. The other is the Import 
and Export Credit Bank. 

But the State Development 
Rank would support large con- 
struction projects such as the 
Three Gorges dam on the 
Yangtze river. It was providing 
Yn3bn in loans this year for 
the civil works. 

Mr Yao was adamant that 
the bank would not assume 
responsibility for the bad loans 
of the specialised banks. 

Western officials had pre- 


dicted this would be one of the 
bank's functions. 

"We say old problems should 
be solved through old chan- 
nels, end new problems should 
be solved using new methods," 
he said. “If we take over the 
problems our bonk would go 
bankrupt in three years. 

"While commercial banks 
must be profit-oriented, our 
bank must not be loss-ori- 
ented,” he added. “This 
riamapda that what we wffl run 
is a bank and not a currency 
pool.” 

Some estimates have put 
China’s infrastructure require- 
ments to the year 2000 at 
Yn700bn. This includes 121 
important projects designated 
by the state. 

The State Development Bank 
aicn planned to participate in 
BOT (build-operate- transfer) 
funding operations and other 
forms of financing aimed at 
attracting foreign capital. 

Mr Yao ranked China’s three 
priority infrastructure areas as 
the Three Gorges project, the 
Beijing-Kowloon railway, and 
power plants “all the way to 
Tibet”. 


Recapitalisation recommended 
for Australian retail chain 


By Nikki Tart in Sydney 

The voluntary administrators 
of Brash Holdings, the Austra- 
lian electronics retail chain 
which ran into financial diffi- 
culties when its banks refused 
to roll over A$61m (US$4&9m) 
of borrowings last month, are 
recommending that the com- 
pany be recapitalised. 

The recapitalisation would 
be undertaken via a A$40m 
injection from interests con- 
nected to Mr Ong Beng Seng, a 
Singaporean businessman. 

The administrators are rec- 
ommending that the investor 
taka control of Brash’s trading 
assets. 

They said that under the 
agreement with Hotel Proper- 
ties/Reef Holdings - two com- 
panies associated with Mr Ong 
- unsecured creditors would 


get an estimated 88 cents in 
the dollar, while secured credi- 
tors could receive up to 73 
cents in the dollar. Banks, 
whose security was established 
in February 1994. would get 64 
fonts in dollar. 

HPL/Reef has sizeable inter- 
ests in Australia, as well as 
Asia, the US and UK Its Aus- 
tralian assets range from the 
Planet Hollywood restaurant in 
Sydney, to Hyundai Automo- 
tive Australia. 

According to the administra- 
tors, Mr Ong has no plans to 
break up Brash’s, a 170-store 
chain. They expect the new 
owner to try to relist the Aus- 
tralian group. 

The administrators have 
been soliciting offers for the 
company since they were 
called in on May 2. 

They said that 10 proposals 


or indicative offers had been 
received, but that the HPL/ 
Reef solution was “the best 
offer for the business”. 

Creditors must approve the 
plan, and a mooting has been 
called for June 30. 

• MIM, the Queensland-based 
metals group, has signed for- 
mal loan agreements for the 
financing of the McArthur 
River zinc-lead-silver project in 
the Northern Territory. 

The facilities allow for 
US$1 53m of base funding and 
contingencies and a further 
A$15m In working capital 
facilities. 

The banks involved are 
Westpac. NatWest Markets 
Australia. Credit Lyonnais, 
AIDC and Citibank. 

The project will cost A$250m 
and the mine is due to begin 
commissioning In mid- 1995. 


Havas chief 
sees ‘real 
opportunity’ 
for growth 

By ASco Rawsthom in Paris 


Havas, the French media and 
leisure group, yesterday con- 
firmed that it was on course 
for profits growth this year 
and atmiMBpwi plans to rem- 
force its finks with France 
Telecom, the state-controlled 
telecommunications group. 

Mr Pierre Dauzier, chair- 
man. told Havas’s annual gen- 
eral meeting in Paris that It 
had “a real opportunity for 
profits recovery" in 1994. 
Havas, which was hit last year 
by economic recession, saw 
net profits fall to FFr708m 
(9129m) from FFT823m in 1992. 

The group has already expe- 
rienced an increase in sales 
this year with turnover 
growth of 6.1 per cent for the 
first quarter continuing 
through April and May. It 
should also benefit from 
exceptional profits on various 
transactions against a FFr60m 
exceptional debit last year. 

Havas said it expected to 
make an exceptional profit of 
FFrSSm on a deal completed 
yesterday whereby ft has 
taken full control of Office 
d’Annonces (ODA). the adver- 
tising arm of France Telecom’s 
directories. 

The deal leaves France Tele- 
com as a significant minority 
shareholder in Havas with a 
5.5 per cent stake following 
the issue of 2.7m new Havas 
shares. 

Mr Dauzier yesterday 
stressed that the ODA transac- 
tion was intended to be a cata- 
lyst for future co-operation 
between the two French 
groups. "This deal cements 
our relationship,” he said. 

The relationship between 
Havas and France Telecom has 
already attracted controversy 
following the recent row over 
the resignation of Mr Audit 
Rousselet as chairman of the 
Canal Plus media group. 

Mr Rousselet’s resignation 
followed moves against him by 
Havas and other shareholders. 
Mr Rousselet claimed the 
moves were part of France 
Telecom’s long-running efforts 
to win influence over Canal 
Plus. 


AT&T’s hidden global agenda 

Unisource alliance does not tell whole story, writes Andrew Adonis 

Y! 


esterday’s announce- 
ment of an Interna- 
tional telecoms alli- 
ance between AT&T and 
Unisource, the joint venture 
between the national operators 
of Sweden, Switzerland and the 
Ne therlands, was as significant 
for what it concealed as for 
what it revealed. 

While the Unisource deal 
confirms AT&T's European 
ambitious, it raises questions 
about the group’s strategy In 
Latin America and its future 
relationship with Cable & 
Wireless, the UK operator. 

The alliance with Unisource 
had been expected. A year ago. 
when AT&T launched its 
Worldsource venture with 
KDD, the Japanese telecoms 
group, and Singapore Telecom, 
it said it needed European 
partners to be credible and 
planned to gain them by the 
end of 1994. 

Worldsource’s brief is to 
exploit the market for one-stop 
facilities for multinational 
companies. Of an estimated 
2,400 multinati onals , 800 have 

facilities in Europe. Europe’s 
markets are slowly opening up 
to competition from new 
entrants against national oper- 
ators. An alliance with insiders 
was critical to AT&T. 

British Telecommunications 
ruled itself out by forming a 
$5.3bn alliance with MCI. 
AT&T’s most bitter rival in the 
US long-distance market. 
AT&T tried to secure the other 
two European telecoms giants, 
Deutsche Telekom and France 
Telecom- However, its efforts 
failed amid a growing percep- 
tion that an alliance worth 
forging would probably fall 
foul of regulatory authorities 
unprepared to tolerate a union 



Alex Mandl: masterminded the 
Unisource negotiations 

of three of the world’s four 
largest telecoms operators. 

That left AT&T with only 
one serious European option - 
Unisource, a joint venture 
launched earlier in the year. It 
was not just a process of elimi- 
nation. Mr Alex Mandl, the 
Austrian-born chief executive 
of AT&T's communications 
services division who master- 
minded the negotiations, did 
not underestimate the poten- 
tial to weld Europe’s smaller 
operators into a strong third 
force. 

Unisource’s attraction to 
AT&T was heightened by two 
alliance: it formed last year, 
with Telefonica, the Spanish 
national operator, and with 
Sita, a global data network 
operator owned by airlines, 
aviation and freight compa- 
nies. opening up a potentially 
lucrative market for "one-stop” 
international telecoms 
sendees. 

Unisource was urgently seek- 
ing a US alliance. Earlier this 


year it came together with 
AT&T in 6 successful bid to 
provide telecoms facilities to 
an association of more than 30 
European multinationals. Yes- 
terday’s deal flowed from 
there. "It brings us what we 
needed to make a strong com- 
petitor In this international 
market," said Mr Viestura Vuc- 
ins, Unisource chief executive. 

For Unisource the benefits 
are worldwide reach; AT&T's 
brand name; and access to 
AT&T’s standards and prod- 
ucts, of which the most Impor- 
tant is its corporate "voice’ 
networks, which Unisource 
plans to be marketing under 
the Worldsource brand by the 
end of this year. 

However, yesterday’s 
announcement concealed two 
significant aspects of AT&Ts 
international strategy. First, 
its interest in Telefonica is 
only partly due to the Spanish 
operator’s European presence: 
more important, analysts 
believe, is Telefonica’s substan- 
tial interests in Latin America, 
where AT&T’s influence is 
weak and its vulnerability to 
competition growing. 

Telefonica is active in every 
sizeable Latin American mar- 
ket. apart from Brazil, and 
expects to draw at least 15 per 
cent of its revenue from the 
region this year. Through Tele- 
fonica International It has 
stakes ranging from 6 per cent 
to 79 per cent in operators in 
Chile. Argentina, Venezuela. 
Puerto Rico and Peru. 

AT&T has been in talks 
about taking a stake in Tele- 
fonica International separately 
from its designs on Unisource. 
That option wlU remain open, 
even after Telefonica becomes 
an equity partner in Uniaource 


a move exported next moth. 

AT&T’s immediate Latin 
American tatwwte jw ttefc* 
suve. The disparity between 
incoming and outgoing tariffs 
between the region and the US 
has stimulated a growth tn 
operators uttering "cad bade" 
facilities from the U& oostfog 
AT&T dear. 

The threat to AT&T ts not 
marginal. About 20 per cent «f 
outgoing international calls 
from Venezuela an estimated 
to be made through tall back" 
arrangements, witfr much of 
the traffic carried by AT&T’s 
US competitors. Mr Nick 
Smith, analyst with Crtdil 
Lynannote Securities in Mad- 
rid. said: "AT&T wants to nor- 
malise the regime in Latin 
America, and Telefonica offers 
the best prospect of doing so." 


T 


he second aspect con- 
cerns AT&Ts relation- 
ship with Cable & Wire- 
less, the UK international 
operator ns yet noostUgnad la 
the battle fur the multination- 
als. For the past year C&W has 
claimed to be its own boat stra- 
tegic partner in the tetarna- 
tion.il arena. In reality, the 
group has been heavily 
engaged in negoti a tions with 
AT&T. Mercury, tfe OK opera- 
tion. came ctaw to agreeing to 
join Worldsource writer this 
month; Hongkong Tetecom, by 
for C&Ws largest concern, is 
still In negotiations. 

C&w eiit tins tint Hongkong 
Telecom can safoJS go its Own 
way. since it is relatively insig- 
nificant to the dotal market 
for multinationals. Bat If 
AT&T plugs info the hut of 
the C&W group, spaemtion 
about the future of CSIWs 
limbs will inevitably cnahte. 


Neste swings back into black after shake-up 


By Hugh Carmgy 
tn Stockholm 

Neste, the state-owned Finnish 
oil and petrochemicals group, 
staged a dramatic return to the 
black in the first four months 
of the year, rebounding to a 
FM210m (S39m) pre-tax profit 
from a loss of FM7l9m in the 
same period last year. 

The turnround reflected a 


big restructuring plan insti- 
gated last year to halt a succes- 
sion of losses and prepare the 
group, at present 97 per cent 
owned by the state, fix 1 partial 
privatisation. 

The government intends to 
keep a majority stake is Neste, 
but will eventually sell off the 
rest of the company- 

Group sales in the four 
months to the end of April fell 


to FM17J9bn from FM24.6bn, 
following the merger of Neste's 
petrochemicals and polyolefins 
operations in a 5030 Joint ven- 
ture with Norway’s Statoil. 
called Borealis. 

Turnover was also reduced 
as Neste trimmed its trading 
activities to ensure trading 
operations did not account for 
more than their historical SO 
per cant share of group turn- 


over. Neste intends to focus 
increasingly on oil and energy. 

Low exude oil prices held 
down profitability for Neste's 
oil production, and refining 
margins were tight. But operat- 
ing profit was up sharply at 
PM449m, compared with 
FM229m last time, and finan- 
cial costs tumhled to FM233m 
from FM948m, producing the 
turnround at the pre-tax level. 


NOTICE OF REDEMPTION 

Japan Air Lises Company, Ltd. 

ILS. $180,000,000 

10% Par Ceat Bomb tine 1935 (Hre “Bonds”) 

NOTICE E HEREBY GIVEN that, in accordance with the provision of 
the Fiscal Agency Agreement dated 26th]uly, 1985 between Japan Airlines 

Agm^undgwMdT^Kabovc-diesaibedBCT^wgrec anatil '^^heCcHn- 
panyhas elected toexerdse itaiightto, and shall, redeem oo26th July, 1994, 
allot its ootsianding Bonds at t&redemptkm price of 1005 per cent of the 
principal amount thereat together with accrued interest to such date of 
redemption. 

Hie peymart of the redemptianprifle and aocraed interest will be made 
an and after 26th July, 1994 upon presentation and surrender of the Bonds, 
together with all coopers appertaining thereto maturing subsequent to 
26th July, 1994 at the principal office in the dty indicated bokw of any of the 
fallowing Paying Agents: 

Th* Long-Term Credit Bank of Japan, LhL, in London 
Industriebank vuft Japan (Deutschland} AG, in Frankfurt 
The Bank of Tokyo, Ltd, in Paris 
The Bank of Tokyo Ud, in Brussels 
LTCB Asia Limited, in Hong Kong 

The Industrial Bank of Japan, Laxemboont SA, in Luxembourg 
LTCB (Schwdz) AG, in Zurich 

On and alter the Redemption Date, interest on the Bonds will cease to 
accrue. 

Japan Airlines Company, Ltd. 

By: Tbs Bank of Tokyo Trust Coopauy 

as Fiscal Agent 

Dated: June 24, 1994 


© 


THE TOP 

Of’RSfflrtJNDIES SECTION 

for senior management positions. 
For advertising information call: 

Philip Wrigley 

071-407 873 3351 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 

(tamponed m ibe Rqato&c of Saab Aina) 

HqpHroao No. 0!W 30WD6 

NOTICE TO HOLDERS OF ORDINARY SHARE WARRANTS TO 
BEARER - PAYMENT OF COUPON NO. 123 

1. Coupon No: 123 

2. Due of payment: On or after 2 Angus 1994 

3. Amount: 300 cents per share (Sooth African currency) 

4. South African Non-Resident Shareholders Tax iSANRSTh 13.9024% 
or 41. 7072 cents per slat 

5. UK income lax (where applicable): 6.0976% or 18L2928 cons per share 

6. UK currency eqnivalena (on 20 June 1994): 

Gross: 53 J0376p per share 
SANRST: 7.41 Q50p per share 

UK Tax: 3 -23Q2Sp war share 

Net 42^4 30 Ip per share 

7. RtyoMeac 


Swim Bmk Cbrpmitaa 


Qaoqoc Bnudk, Lmben 
24 atenae Manor 
1050 Broad, 


Banqnc Imtraarinmlc S Lin cmb o ui g SA 

Uannable L*lnd4pcndBK c 
69 nr <T Each 
L-2953 Lu*cmtaiiiE 



OfttadoNonl 

4-8 Bootcwd llmummi 

75004 Pam 

Su^GUakfkLuxnhojSA 
14 ree AUnngca 
LrttSI Lauwai 


BmfapBofcfLC 
LcMdoo Count Servers 
1*8 FhKhmfi Sana 
London EOP3HP 


Notes: 

D CDupora pwd by My of ihc cu 


I paying 3(0 


r 7 Am vUl be pejobta in Soota 


Atrian esnecy Man ■atoristd dealer tn owbaqp in Ac Republic of Santa Africa 
nomimntd by dKcnmnand paying igenL HatnKttauregariangAifnsd cJlbcpiynci* 
proceeds can only be gives m rocb utfanrined dealer by dir psyiOS «ficw cosaaned- 
°) Ccepoe* paid by Btotoxym Bnk PLC wflL mien faynm in Swab Aban cenency Is 
itqneatad. be In Ibe Boding eeprirolrar ihmw in * dm 'm rap*a aftatpamt loigoi up lo 
Z2 My 1904 sad thereafter * Ibe Me of n ctoray on (he day 0 k proceeds mc remitted. 

For and on behalf of 

ANGLO AMERICAN CORPORATION Of SOUTH AFRICA LIMITED 
G.A- Wilkinson 
London Secretary 


23 June 1994 


London Odke; 
19 Cbanetiimse Street 
London ECIN 6QP 


Electrical Power Bolivia 
Capitalization of ENDE's Three Power Generators 


Tbde_Governmknt of Bolivia, as part of its capitalization program, is now seeking formal written expressions of 
interest from international power sector operators or operator-led consortia considering investment in the three power 
generation businesses of ENDE, the state-owned electricity company. Under the capitalization program, ENDE's hydro and 
two regional thermal generation businesses are to be transferred to the private sector. Fifty per cent will be owned by 
institutional investors, in the form of pension funds representing the citizens of Bolivia, and in a small part, by employees. 
This is a novel form of privatization intended to secure long-term support for the strategic investor and the development of 
the company. 

STRATEGIC INVESTORS will acquire their 50 per cent shareholdings by subscribing new shares for cash. The new capital 
raised in this way will be used to fond expansion of Bolivia's installed generating capacity for sale domestically, where 
demand is growing at a rate of more than 7 per cent a year, and internationally, where Bolivia's geographic location allows 
access to the neighbouring markets of Peru, Chile, Argentina, Paraguay and Brazil. Bolivia has significant reserves of natural 
gas as well as considerable untapped hydro and geothermal potential in the Andes to allow the rapid development of cross- 
border independent power projects. 

Power Sector Operators are now invited to submit brief statements of qualification including annual reports and relevant 
experience so that potential partners may be pre-screened prior to the tender procedures and formal negotiation which are 
expected to be completed by 28th November 1994. Written expressions of interest should be submitted to arrive hi La Paz 
no later than 8th July 1994. Successful applicants will then be given access to data rooms in La Paz, London and New York. 


Written applications to: 

Mr Edgar R Saravia, National Secretary for Capitalization and Investment, Ministry of Capitalization, Edifido Paiacio 
de Comamcadones ~ Piso 20, Av. Mariscal Santa Cruz, PO Box 1583, La Paz, Bolivia. Fax; (591 2) 377451 


ililHIIIIHIIIIlIUlllllll 

S.G.W. Finance pic 

£150,000,000 
Guaranteed Floating 
Rate Notes 1998 

mcondiaoaaDj and irrevocably 
guMtjaucdbj 

S.G. Warburg Group pic 

In accor dan ce with rfae 
provisions of cbe Notes, notice is 
hereby given that, for the three 
month period, 22nd June, 1994 
to 22nd September, 1994, the 
Notes will bear interest at the 
rare of 5.3875 per cent, per 
annum. Coupon No. 2 will 
therefore M payable on 
22nd September, 1994 at £13-58 
in respect of each £1,000 
principal amount of the Notes. 

S.G-Warbnrg & Co. Ltd. 
Agent Bank 


SOC1ETE GENERALE 
FRF 150,000,000 
9.36% BONDSDUE 2006 
with automatic coupon 
reinvestment 

Common Code : 3255646 
Sfcovam Code : 14489 
AccorcSng to the terms and 
conditions of the Bonds, 
notice is hereby given that 
3358 supplementary Bonds 
have been created upon 


on account of payment of 
interest. New total nominal 
amount outstanding 
as of : 28/06/94- : 

FRF 196 180000 

THE PRINCIPAL PAYING 
AGENT SOGENAL 
SOC1ETE GENERALJE 
GROUP 

15, Avenue Emile Reuter 
LUXEMBOURG 


SOLVAY SA. 

Subject to approval ax the genax! meeting 

otMJne. 1994 SoJv^ SA. mB puj a 
dividend (for 1993) of BF 500 net per 

dare. 

BF 100 od having already been paid on 
2Ud ]aiaBy r 19& h wBl be Ibe baiaace at 
BF 400 wUdi win be paid on 17th June. 
1994. 

For bearer shares held in Belgium, 
psjmat *ta be made apinst Coupon No. 
53b 

Generate de Basque SA. 

Basque Bntttflea Lutbai SA. 
KmEcdamfcSA. 

Fat registered atom, the (fividend win be 
paid to ho Idea on the repner as at 7lh 
Jane, 1994 details of payment are amt 
directly » registered atadhiUeeL 


iwi «i.. m ni un a i irn reg — 
aangimw 

I ■*« VMM. 

IMfem**** 

DtMivluaM ronsiM 


0090 

moo 

mao 

0900 

0390 

0900 

0930 

0400 

OdO 

0500 

0530 

0000 

0630 

0700 

0730 

0000 

0830 

0000 

0990 

7003 

1030 

1100 

1130 

7300 

7330 

uoo 

1330 

7400 

1430 

1500 

1930 

1800 

1690 

1700 

1730 

1000 

1090 

1900 

1090 

2000 

3030 

2100 

3130 

2300 

2230 

2300 

3330 

3400 


17A7 

11.72 

11.72 

11.72 
11.12 
11 72 

11.73 
11.72 
11.72 

11.72 
11* 
11 * 
1742 
2X42 
33.42 

23.04 

93.17 

33* 

26J3 

26.78 

36.73 

26.73 

a 6* 
26.82 
26.70 
SBM 
23.10 
25* 
25* 

gji-M 

34 M 
34* 
3404 
34JJ4 
34j04 
33.77 
34* 
23L43 
22* 
22 * 
32* 
23* 
32* 
w m 
38* 
38* 
36* 
26* 


1229 

1229 

13* 

1920 

1326 

M26 

1229 

1229 

1229 

1229 

1X34 

1334 

1324 

2X67 

24.10 

2427 

36* 

26* 

26* 

26* 

26* 

2X81 

3X31 

38* 

38* 

34.19 

24.05 

34* 

23* 

23* 

23* 

2X50 

39* 

20* 

38* 

S3* 

2X18 

22* 

22* 

3120 

21 * 

23* 

29* 

36* 

26* 

2906 

21 * 


15* 

15* 

16* 

VMO 

MLS7 

1X67 

15* 

16* 

IS' 

1X66 

18J4 

1X74 

16* 

24* 

3X74 

27* 

Z7A7 

30* 

30* 

30* 

30* 

3031 

3031 

30.71 

39.70 

39* 

27* 

37* 

27* 

27* 

27* 

2X03 

2X98 


2X74 
36* 
2X93 
2X48 
2X10 
S4j 44 
27* 
32* 
32* 
31 JB 
30* 
au* 


tor my h a th— I 

hor pMod Plkaa n m peu 



amp near no dro of 

„ to #i» puaaUlf al In* 

ootalton. an i4ni NmiM bn 

taud i«>a> pwWnal part ptoro tor are am Mng 

ton M pad l>4w *r IM( Ak nra mm 

ptoro — *o nrab at toubton. W Qtofcto Wan 

■ to* ton stop by ptodiMton to todk* aiMr Ha 

pofll Mta wiwnto . a to anpwtort an ton 

4atom«Hfan to Pod rWiaaa na. Finn* 

tom •« port p*nn ■ pMM cn ntotol to Bn 

PrttoBMnrto— nn raw ranre 

Mm wWto0 to racton «M1 Man— i 

•taMUtonHOMUMHlMM Baton M 

k 13 pn HtoBw to FMto. 

CBmue Bwi toi nti rojh tomnlbn Owtonn Un teil 


*, 15 % 

off electricity 


021 423 301S 

Powerline 


The Property Finance Sourcebook 1994 

| The ultimate Properly Finance Directory showing exactly who ts lending what 
| in property today. Complete with lending criteria and contacts. Absolutely 
indispensable for anyone interested in UK property. CaD 071 495 1720. 



The otcnrtal tool for ihr Krtoua inventor 

Market-Eye 

London stock kxchanos 



Signal 


Q lao+tnftwaraapplenlkins O 
O RT DATA FROM $10 A DAY O 
O Signal SOFTWARE GUIDE O 
Ca* Londoner 4* + (0) n 231 3563 
far your guide and Signal pricaiaL 



The FT Collection of 
superior business gifts 
comprises the renowned range 
of FT desk and pocket diofics 
and high quality leather 
business accessories. 

FT diaries are impressive 
business gifts in their own 
right, available in a choice of 
colours and finishes, and when 
they include your own bound- 
in corporate information pages 
they make an even greater 
impression. 

The business accessories 
are made from a luxurious 
leather, soft and supple to the 
touch, with distinctive edge 
stitching, strengthened and 
protected by gilt corners, 

A comprehensive range o! 
wallets, conference folders 



Your amfimyliw Include 
ambtbbckedin 


and organisers ate available, all 
carefully lined in hard wearing 
FT Pink monogrammed 
moire silk. 

As that finishing touch all 
gifts can have your company 
logo and/or the recipient^ name 
gold blocked ou the covers of 
both diaries and leather 
accessories. 

The IT Collection is so 
much more than j ust a 
selection of rop quality gifts. 

All items have been designed to 
act as your ambassador, 
conveying your corporate 
message to your chosen 
customers, su that your 
company is always Eront ot . 
mind, 

To find out more about our 
full business gift serview- 
lnduding full customising 
options and generous ■ 
discounts - call Lyn Bale on 

0483 576X44 

V or send for the FT CoflcctUW 
mu colour catalogue by .. 


[ftTn-Oolteatetov FT BuriA «u InfonwUon. U Cpoai Road GniMfanl GUI Ufc] 
u t^rarewndmciaraiplIiBcnuitycopyafiKeFTrrtlu 
Q I i*n Interested In the FT CaOmton biHlM-a gift*. 

Name (Mr/Mrs/MIss/MsJ 
Job Tide 


h .«TdMM 












FINANCIAL TIMES FRIDAY JUNE 24 1994 


__ _ 21 

INTERNATIONAL CAPITAL MARKETS 


Cautious buying extends recovery in European prices 


By Conner MhfdeJmann and 

Graham Bowley in London and 
Frank McGurty in New York 

European government bonds 
extended Wednesday’s recov- 
ery yesterday, helped by cau- 
tious buying from investors 
who had been sidelined for 
weeks. 

Some participants said the 
markets may be bottoming 
after months of sharp de clines 
“We are dose to the bottom," 
said Mr Nigel Richardson at 
Yamaichi Internati onal “We 
are approaching a level where 
investors are ready to come 
back to the market” 

However, others said it may 
take a while before bonds can 
stage a sustainable recovery. 

“If a bullish tumround is 

actually b eginning a re-test of 
the lows will be needed to 
strengthen the base from 
which to build a sustainable 


uptrend." argued Mr Karl Heel- 
ing, of Deutsche Bank. 

“I see this as a much-seeded 
bear-market correction," com- 
mented Mr Graham McDevitt 
of mark et analysts IDEA. He 
expects the recovery to con- 
tinue near-term, underpinned 
by chart-technical factors, but 
warned that bonds might suc- 
cumb to some profit-taking 
before the weekend, 

■ German bonds ended a vola- 
tile session firmer, with the 
longer maturities outperform- 
ing the short end. The Bundes- 
bank council’s decision to 
leave official interest rates 
unchanged prompted some 
slippage after early rumours of 
rate cuts. 

Cautionary comments from 
raimf-il member Mr Otmar Iss- 
ing, who markets qhrniiri 
not conclude that the recent 
pattern of regular five basis 


point cuts in the securities 
repurchase rate would auto- 
matically continue, further 

damped interest rate optimism. 

Some traders have been 
speculating that the Bundes- 
bank may set fixed-rate repos 
through the summer period, 
possibly at a rate below the 
currant S per cent 

fit late trading; the Septem- 
ber bund future on Liffe was 
about 0.47 points higher at 
9237. 

■ UK gffts gained sli gh tly in 
thin and nervous trading that 
saw sharp rises and foils 
throughout the day. 

But analysts remained scep- 
tical about how long the recent 
improved sentiment - due 
largely to the halt in the dol- 
lar's slide and the perception 
that a US interest rate increase 
is not imminent - will last. 
Most activity continued to take 


place in the futures market, 
with few cash transactions. 

“The fmiHB mental problems 
still remain - to do with fund- 
ing, economic recovery and the 
strength of inflationary pres- 
sures,” said Mr Simon Brireoe, 
of S. G. Warburg Securities. 
“The market will continue to 
look for reasons to fall back 
a gain ," said one trader. 


GOVERNMENT 

BONDS 


Analysts confirmed rumours 

that the Rank of Bn glanrt gup. 

plied a modest amount of 
bonds yesterday to market- 
makers which have suffered 
from recent bond, volatility. 

The Bank announced that a 
£150m tranche of 4% per cent 
index-linked gilt due 2004 was 
exhausted in late afternoon 
trading. 


The long gflt future was up 
£ points at IQQK In late trad- 
ing, off the day’s high of 1CQ§ 
readied after an early techni- 
cal squeeze but above the low 
for the day of 998- 

■ French bonds ended a vola- 
tile day sharply higher, lifted 
by early buying in the futures 
market and follow-through 
«wh buying in the afternoon. 
The September notional bond 
future on Natif rose 136 points 
to 114.70. 

■ US Treasury bonds were 
mixed yesterday morning amiri 
conflicting economic signals 
and further improvement in 
the dollar. 

By midday, the benchmark 
30-year government bond was 
£ lower at 86&, with the yield 
rising 7.403 per cent The two- 
year note was A better at 100i, 
to yield 535 per cent 


Two price-sensitive pieces of 

economic news were released 
yesterday morning, but neither 
of them was particularly con- 
clusive. 

The Commerce Department 
said new orders of factory 
goods last month bad risen 03 
per cent, substantially more 
than the consensus forecast of 
0.4 per cent. 

However, the inflationary 
Im pHraHrmc of the ga i n were 
mitigated by a 2.5 per cent 
decline in orders of non- 
defence capital goods, exclu- 
ding aircraft. 

Treasury prices dipped on 
the announcement but heavy 
selling pressure foiled to mate- 
rialise in early trading. 

Later in the morning, the 
Labor Department had some 
unqualified good news for the 
fixed-rate investors looking for 
signs of moderating economic 
growth. 


Initial claims for unemploy- 
ment benefit last week had 
climbed by 3,000. against 
expectations of a 3,000 

In the foreign exchange mar- 
kets, developments were 
mildly positive, as the dollar 
moved above the Y101 marie on 
unfounded speculation that 
central banks were poised to 
intervene on the US currency's 
behalf. 

Commodity prices, excluding 
gold, were softer, in keeping 
with a week-long trend. 

As a result, Treasuries 
turned around and nudged in 
to positive territory by mid- 
morning. 

However, prices soon began 
to erode again as traders 
remained tentative pending 
any convincing developments, 
either in terms of economic 
news or movements in the 
commodity or foreign 
flxr h a n gfr mar kets 


Forex dealers 
expect stable 
three months 

By Tracy Corrigan 

Foreign exchange dealers 
expect currency markets to be 
relatively stable in the next 
three months, according to a 
survey by Foreign Exchange 
Letter, a newsletter published 
by Institutional Investor. 

More than two-thirds of deal- 
ers expect there to be no signif- 
icant change in D-Mark/ster- 
Ung, French franc/D-Mark, and 
yen/D-Mark rates. 

However, nearly half expect 
the yen/dollar rate to languish 
below Y104. (The survey was 
conducted in mid-June, prior to 
the recent sharp fall in the 
dollar.) 

Among chief dealers, 67 per 
cent expect to see more portfo- 
lio fUnd management business, 
and 33 per cent predict more 
leveraged fund business. 


Improvement in sentiment 
brings a flurry of issuance 


By Antonia Sharpe 

There was an emerging-market 
flavour to the eurobond market 
yesterday as an improvement 
in sentiment in European gov- 
ernment bond markets encour- 
aged a flurry of issuance in a 
variety of currencies. 

The Province of Buenos 
Aires launched its first deal 
under its medium-term note 
programme when it raised 
5100m through an offering of 
three-year eurobonds. 

Lead manager Salomon 
Brothers said the bonds were 
mainly bought by emerging 
market funds in the US 
through the 144a tranche. A 
portion of the offering, which 
was priced to yield 333 basis 
points over Treasuries, was 
swapped into yen to appeal to 
Japanese investors. 


The other emerging-market 
borrower of the day was the 
National Bank of Hungary 
which made its first appear- 
ance in the euroguilder sector. 

Lead manager ING Bank 
said the deal was part of tbs 
issuer's strategy of broadening 
its investor base and accessing 


INTERNATIONAL 

BONDS 


more markets. Syndicate man- 
agers noted that this was also 
the first euro-guilder offering 
by an emerging market bor- 
rower for five years. 

The FI 150m issue of five- 
year bonds, which were priced 
to yield 235 basis points over 
comparable Dutch government 
bands, was bought mainly by 
domestic institutions attracted 


by the yield spread. When the 
bonds were freed to trade, they 
traded at 98.70, down from the 
re-offer price at the launch of 
98335. 

Rabobank also tapped the 
five-year area of the earo-gull- 
der sector when it raised 
FI 500m. Some syndicate man- 
agers expressed surprise at the 
yield spread of 18 basis paints 
over five-year Dutch govern- 
ment bonds which in thgir 
view was several basis paints 
wider than Rabobank's usual 
target 

They said the generous pric- 
ing reflected the issuer's desire 
to ensure a favourable 
response from investors to this 
relatively large deal The 
bonds were targeted mainly at 
retail investors since Institu- 
tions were still looking at the 
longer end of the yield curve. 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Meturfly 

Fens 

Spread Book runner 

Borrower 

US DOLLARS 

an. 

% 



% 

bp 

FtagaitHit, Clems A (eft; 

71550 

W 

ioooor 

JunJJOOl 

O30R 

Manfll Lynch IntL 

Hngerhut, Ctase BMf 

92,05 

W 

- R 

JuruSOOl 

0.35H 

Menfl Lynch IntL 

BngwhuL Caere CW**t 

ao fv: 

W) 

- 

JunJJODI 

035 

- Manfl Lynch HL 

Indeh KM lrdLHnance^.9 

150 

11J75* 

100.00 

Jun.1999 

2.00 

Morgan Stanley ferfL 

htdeh Klat briLFtaancafR,!) 

200 

11.8751 

loaoo 

JtnJWCC 

2J2S 

Morgan Stanley ML 

Indah KM mtLFWincetol.f) 

160 

1250a 

100.00 

Jurv2006 

2.50 

Mcagen Sntniey mu. 

Pratrince or Buanoa Akaa 

100 

8604 

99.74R 

JU.1997 

1.00R 

+333(BH%-B7) Sekmon a Ottawa briL 

D-MARKS 
wusstonrat i nianiy 

500 

isa 

98.755R 

JuLl9S8 

0.35R 

CSFB-Eltoctenbank 

CS Kokflng Fbrence 

250 

0-75 

99J7R 

id. 1099 

CL30R 

+40 ^HH-99) CSFB-Enactsrte* 

YEN 

Sumitomo Reddy & Om 4>4*-* 30bn 

ass 

KXLITSR 

JUL1996 

0-30R 

Datwe Eunpg 

LW Rantenbank*t 

lObn 

M 

IOOuOO 

Nov. 1999 

undtocL 

Nomura feriemationel 

QLHLDERS 

Rdxtnnk Nadariend 

500 

0-S7S 

99O0R 

4181998 

025R 

+18 (7V4%-99) nabetrenk Nedaitand 

National Bank of Hunsjay 

150 

8-75 

S8835R 

JUL199B 

OBOR 

+235<7V.%-99) ING Bank 

SWISS FRANCS 

LB HeoMn-llMaingen 

100 

5.2S 

102J6 

Aug.1909 

standard 

CredH Sirisse 

SBC Hnsnce Cayman taft 

100 

&S75 

102.00 

Jut 1998 

standard 

Swtoa Bank Carp. 

Final Hants and non-cafabia uniasa staled. The yield spread [over rafamnt government bond) at launch la a^ipled by the lead 
manager. MMito placement 40 [dated. iHualtog ate note. iSand-annuaf coupon. Ft fhad m-oltor price; faaa am shown at the 

ro-oBer levaL a) Global nre 

bachod few Average He: am. 3-59 end 878 yrs tor Ctoeeaa ABIC respectively. Chats D: 3122.78m 

nominal was privately placed, b) 1-mth Ubor +30bp: max 1295. cj Priced later at 1-mth Ltoar *60-66bp; max 1214. dj mead later at 
1-ndh Ubor +90-S5bp; max 12%. a) Tima wndw global toeua. el) Catable on 15«/D1, 02 & 03 at 10614%. 10314% 8 par 
mspecMvaly. 8 Short 1 at coupon. g6 S-mth Ubor +15bp. h) Short Is & 2nd cx&pora. D3H% tor 2 ym8 3 mtha and 8-nrih Ubor -%%. 

min 31494, max 6J%. theresflar. g laaue bunched 15AB/94 was kxmesed id SFr200m. 



Elsewhere, the D-Mark sector 
saw some activity as Wnesten- 
rot Finanz, the German mort- 
gage institution, issued 


DMBOOm of five-year floating- 
rate notes. The discounted 
margin on the notes was 21 
basis points over Libor. 


The deal was arranged by CS 
First Boston which also raised 
DM250m for itself through an 
offering of five-year eurobonds. 


Vereinsbank 
taps Czech 
fixed-rate 
debt sector 

By Vincent Boland in Prague 

Bayerische Vereinsbank has 
become the first foreign bank 
to tap the Czech koruna fixed- 
rate debt market, launching a 
Ecslbn issue with a three-year 
maturity and a coupon of 11 
per cent 

The issue, through a subsid- 
iary - BV Finance Praha - 
and guaranteed by Vereins- 
bank's Prague branch, was 
placed with domestic and 
international banks and was 
priced at 101.45 per cent 

The bank will use the pro- 
ceeds for Czech koruna lend- 
ing. It said it bad tapped the 
Czech koruna market to elimi- 
nate currency risk. 

Prague has an active and liq- 
uid short-term money market 
but access to long-term capital 
is diffteolL 

“Three-year money doesn't 
exist in the {Czech] interbank 
market," said Mr David Svo- 
jitka, Vereinsbank treasurer 
in Prague. 

“This is the only way to get 
long-term money at a reason- 
able price. The market was 
hungry for a new instrument 
at an attractive yield." 

Domestic companies and the 
Czech Republic have previ- 
ously issued Czech koruna 
bonds but Mr Svojitka said 
Vereinsbank expected to 
return to the market again 
later this year. 

The bank has applied for a 
licence to set up a German- 
style mortgage bank in the 
Czech Republic and if the 
application is successful it 
“will seek to issue bonds with 
at least a five-year maturity”. 

Three further Czech koruna 
issues are expected to come to 
the market this summer. 
Bankers say another foreign 
institution may make an issue 
later this year. 


1 WORLD BOND PRICES 1 

BENCtOflARK GOVERNMENT BONDS 

Rad Day's Week Month 

Coupon Dale nice change Yield ago ago 

Italy 

■ NOTIONAL ITALIAN GOVT. BOND (pTT>) FUTURES 
{UFFEJ* Lira 200m lOOths of 100% 

FT-ACTUARIES FIXED INTEREST INDICES 

Price todees Thur Day’s Wad Accrued 

UK Gffia Jun 23 change % Jun 22 tatereet 

xd ad 
ytd 

■ — Low coupon yield — — Medium coupon yield — •— Mgh coupon yield — 
Jun 23 Jun 22 Yr. ago Jisi 23 Jun 22 Yr. ago Jun 23 Jun 22 Yr. ago 


Austrafla 


9.000 

0004 

961200 

■46830 

900 

9X1 

611 

Beigiian 


7-250 

04/M 

952000 

+0.650 

7JfT 

611 

7.72 

Carads * 


6500 

06/04 

824500 

+1.000 

024 

612 

649 

Denmark 


7.000 

12AJ4 

81.9500 

+1-060 

618 

638 

7.70 

France 

BTAN 

6000 

asfOB 

1034600 

441340 

7X8 

697 

628 


OAT 

5.500 

04AM 

AS 98 OP 

+0390 

7-57 

7J83 

727 

Germany Trouhand 

6750 

05104 

962900 

+1.420 

6B9 

7.19 

687 

Italy 


6500 

01/04 

aaoeoo 

+0780 10-33f 

1058 

948 

Japan 

NO 119 

4.800 

06/m 

104.4170 

+0480 

3.75 

3-53 

3X6 

No 184 

4.100 

12/03 

97.9280 

- 

441 

4.19 

673 

Netheriende 


6750 

01AM 

91.1200 

+0.440 

7X5 

7JZ3 

697 

SpNn 


16500 

10/03 

994500 

+1.750 

1068 

1050 

688 

UK G61& 


6000 

06/99 

90-24 

♦7/32 

B2S 

624 

7JB3 



6750 

11/M 

87-21 

+7(02 

056 

663 

828 



9-000 

1QA» 

103-09 

+8/32 

659 

685 

637 

US Treasury 

* 

7^30 

05AM 

101-05 

+14/32 

7X8 

7.10 

7.10 


6250 

08/23 

86-06 

+11/32 

741 

7.40 

725 

ECU (Ranch QovQ 

6000 

04/04 

B66500 

+1.000 

BjOI 

612 

726 


Sep 

Doc 


Open 

Sett price 

Change 

wgh 

Low 

EsL vol 

Open InL 

1 

Up to 5 yaara(24) 

121-07 

+049 

12048 

152 

677 

5yra 

629 

aw 

697 

648 

688 

7.16 

656 

679 

723 

104-45 







2 

5-15 yam (22) 

13057 

+121 

137.77 

127 

642 

15 yrs 

648 

688 

7.97 

663 

683 

608 

693 

612 

634 

10320 

10825 

+045 

10320 

10320 

10 

100 

3 

Over 15 yeasa (9) 

157.13 

+124 

15428 

2.70 

641 

20 yn 

643 

681 

613 

663 

823 

619 

673 

6S2 

639 








4 

Inedeemabkn (3) 

177.14 

+2X7 

17325 

120 

635 

Iread-t 

854 

671 

829 














5 

Al stocks (BT) 

13720 

+1.14 

13S24 

124 

609 











GOVT. BOND anV) FUTURES OPTIONS 0JFFQ Ura200m lOQthe of 100% 









— 

— Mtadon 0% 

— 

— Matlon 10 % 

— 



Strike 

Mce 

Sep 

• CALLS 

Dec 

Sep 

10400 

249 

614 

2.19 

104SD 

221 

222 

241 

10500 

125 

2.71 

22S 

EsL wL MCrit 27B1 Pub HMD. Pieriore day's npan fe*. Cria zsa 


PUTS 


kxfmc-Unfcad 


Dec 

aaa 

4.17 

AM 


Jut 23 Jun 22 Yr. ago 


Jun 23 Jtn 22 Yr. ago 


8 Upto5yeere(2) 

7 Over 5 yearn (11) 

8 AI stocica ft $) 

Debenture* and Loans 


1B&34 4025 

17098 4066 

171.88 4053 


18087 

17002 

17079 


1.13 

082 

087 


2-63 Up to 5 yr* 
085 Over 5 ym 
208 


3.72 

091 


081 

X95 


088 

354 


2.00 

3.72 


2.75 

3.75 


2-20 

305 


— — S yew yield— — — — 15 year yield — ■ 25 year ylrid — - 

Jun 23 Jun 22 Yr. ago Jun 23 Jtat 22 Yr. ago Jun 23 Jun 22 Yr. ago 


9 Dobs & Loans (78) 
bmgg gran radamp d on ] 


127.96 +1.64 128.01 2.08 5X5 9.68 086 088 059 9.77 9.04 

s are tonm Am. Coupon Bnk Lour 0M-7WK; Madunx SK-lOMb; High: 11* and ever, t Rat yiafcl. ytd Year to data. 


051 


9.68 021 


London ctoatog. Her Yea* mid-day 


t Graoa •nduJfciu « *UdMU *i u tax at tZ-5 par own poyotta by numuklnee 
Pricae: LB, UK In muto. o*wa to tMcferri Some 


YWdrUxrel marfeat aaaratad. 

MUSMmMOMf 


Spain 

■ NOTIONAL SPANISH BOM3 FUTURES (MEFF) 


US I NTERES T RATES 


UncMtoia 



Honoy BBs tod Bond Ytokte 



7 % 

5 % 

«A 











7 X 8 

Fadtata ■ faanentoL. 

tape 

524 30 -iaar 

720 


Open Salt price Change Hgh Low EsL voL Open bit 
8080 89.71 +1.10 90.13 8925 81039 83X84 

8920 3 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND FUTURES (MATtR 


Sap 

Dec 


UK 

■ KOrnOWAL UK QB.T FUTUHO (UFTET EfiOXOO 32nda of TOOT* 

Open Sen price Change V*gh Low Eat. vd Open M. 

I Jun 101-18 101-22 +021 101-20 101-08 961 9007 

Sep 100-08 100-14 4021 100-31 99-23 74934 119718 

Dec 99-12 99-14 4021 99-12 99-12 344 87 


CULT EDGED ACTIVITY INDICES 

June 22 June 21 Juno 20 


June 17 Jute 16 


■ LONG QO.T H7TUHE8 OPTIONS flJFE) ESOjOOO 84lha at 100* 


FT FIXED INTEREST INDICES 

June 23 Jme 22 June 21 June 20 June 17 Yr ago Ugh* Low* 

Govt Secs. (UK) 92.10 9125 9099 91.14 91.79 9827 107.04 9099 OB Ed»ed beruakie 934 822 98.7 931 96.5 

Read MenMt 10045 10733 107.70 10031 10037 11457 13387 10723 5-day average 94.9 908 100.6 101.9 1012 

• ter 1BB4- Owenmaat BactaMre high atnee comp an io n: 127.40 pn/S"*. low «.1B ptVTS). FtoC More* Mgh aktea corapeaflon; 133L07 pl/IAM) . tow 3093 P/1/7S) . Base Ktt Govamnrera SacutMa 15ntY 
2B and Rxad kaoreat 1828. BE KtMy hdoam ntrenad 1B74 


laaoad Bd Mar Chg. YMd 


FT/ISMA INTERNATIONAL BOND SERVICE 


Uatod are 9» hint ktontoUnd bends tor *Neh Bna 8 an attayeta seantay merit*. Lateet prices at 7M0 (an on June 23 

laeued BM Oder dip. Ytatd tawed BB OBar Chg. YMd 


Open Sottprica Change High 
Sep 11402 114.70 +128 11&24 

Dec 11370 113.78 +128 11428 

Mar 11220 11300 +128 11348 

■ LOWO TERM HgNCH BOND OFTIQMB QilATlp) 


Low EsL wjL Open bit 
11394 358,458 12*367 
11320 1228 10.767 
112.48 152 


Strike 

Price 

Sep 

CALLS 

Doc 

Sap 

PUTS 

Dec 

100 

2-32 

3-07 

2X4 

3-43 

IOI 

2-00 

243 

2-38 

4-16 

102 

1-38 

2-18 

3X8 

4-54 


UA. DOUAR SIRMQHIS 


MtfxyfeSl 


EaL voL MOL CM* GOES ftia Z1S8L PnMktUt dWl (pan M. oak 6737a PUBI 437B5 


SMca 

Price 

Jtl 

- CALLS - 
Sep 

Dec 

JUi 

— PUTS 

Sep 

112 

220 

. 

4X3 

030 

1.44 

113 

604 

328 

- 

050 

1.78 

114 

123 

229 

2.72 

025 

2X5 

115 

025 

2-20 

- 

1.15 

255 

118 

027 

128 

1.75 

1.73 

2.88 


Deo 


388 

Eat vat. (OWL Crib 812*0 Mi 9L547 . Previous day's opm fed. Cota 344284 Puts 382.146. 

Germany 

■ MOTIONAL GERMAN BUHP FUTURES (t JFFg* PM 2 S 0200 IQOBta Ot 100 * 

Open Sett price Change High Low Eat vol Open InL 
Sep 92.19 9243 +053 92.72 91X4 214990 181107 

Dec 


IDaeanr 

Abeitaftmln» 7 % 9 B 

Aurito 8%00 

BO* of Tokyo AlOB. 
Beym 5 % 03 __ 
BTCE 7%97 

aMG»021 

Qmda 996 


ft OS 1000 


1000 


Ecu 

■ ECU BOND RJTURB8 (MATE) 


Open 

8348 


Sett price Change 
8318 +128 

82.72 +1.08 


ugh 

8820 


Low 

8220 


Sep 
Dec 

US 

■ US TREASURY BOND FUTURES (Gal) SlOQjOOO 32nda ot 100% 


EaL voL Open InL 
1J517 5JH1 


Cteogtogrtiftw 

(Hie 6% 04 

OKMBuq»886 

Cteri Fonder 0% 00 

Denmsric 5 % 98 . 


. 100 


1000 


East Japm Mrey B% 04 . 

Ecscftsa 

ac8>«M 

BB*,97. 


.800 


91.90 91.70 


+063 9200 


91/45 


1118 


3530 


■ FUTURES OPTIONS (UFfQ DM250000 points of 100* 


Strike 

Plica 

MM 



CALLS — 




PUTS 


Aug 

Sep 

Dec 

Jut 

Aug 

Sep 

Dec 

145 

1.78 

1X7 

0 

1X2 

125 

627 

1.17 

150 

1.70 

007 

1-24 

157 

250 

093 

124 

1.45 

067 

150 

121 

675 



Open 

Lateet 

Change 

Htfi 

Low 

EsL voi 

Open inL 

Sep 

109-22 

103-14 

-0-13 

103-28 

103-09 

438286 

953X85 

Dec 

102-31 

102-24 

-0-08 

108-02 

102-19 

545 


Me 

101-31 

102-02 

-0X6 

102-02 

101-31 

10 

3X41 


Bacd*R*K»0« — 



Ex-fen Bafc Japan 8 G2 . 
Bqxxt Der Ooq) 9*2 96 . 
RMSkD. 


.500 


.3000 


Jit 

043 

8250 0 

9300 0 

£*L mSL amt. C*a «aia Pida 2 B 116 . Pnatona <iaf» tntn bfc, C*Oi 24 TB 48 Me 237006 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BONO 

{BOOLXUFFEr DM 250200 IQOtttS of 100 % 


Sap 


Open Sett price Change 
8723 +0.07 


Hgh 


Low 


EsL vol Open inL 
0 78 


Japan 

■ NOTIONAL LONQ THfll JAPAIE3E GOVT. BOND FUTURES 

(UFFE) YIQOrn IQOtha of 10096 

Open Ctose Change High Low EaL voi Open M. 
Sep 109.13 - - 109.42 10305 2961 0 

* UW oen ba ea traded oa APT. AM Opm bfemt apt ara for prevtoea dqr. 


FMdi Bpat 9 ^g 95 

FORI Motor Qedta^t 06 . 
Sen Eke Octal 9 % 98 _ 
QIACBI|BB. 


.200 


.1500 


MBk Japan Rn 7^| 97 . 
Her Anar Oar T9| BB _ 
23, 


Japan Dot Be S’* 01 

IM Bee At 10 98 _ 
Korea Bac Poanr 03 . 
UCB Rn 897 . 


.1350 


UK GILTS PRICES 


71*02- 

ftapanOiedBkKAiS. 

Non^TUV? 

Onto 7 ^ OB 


.160 


WcsE+ar- Hp 1g> lea 


— Held 

fed tad Prices +tr- 


— IBM — 
HP LQ«* 


Otter MndtataSh Of . 
made n* so — 
5\03. 


aa«ar(UreantoRm 

TrereL JOpc La. 1994#— 

EablZ’apc 1994 

T«ai9pe10B4tt 

12PC1995 

EwtiSpe Boa 8M5 

104*pc19B5 

TtaeuJipciaastt — 

14pc 1996 — 

1SWl99 ^- 

Esb134*pc199B» 

CmnolOpcWE — 

CBW Tpe ISBTW — — 
ireatis^pciBem — 

Eg*iQiapc 1997„ 

Tremnoc i997tt — - 

Bernice 1067 

BteKiew — 

Tom 71*96 

Treae 6Lpe 1906-WI3- 
IdpeW-l — 

TTM»15l2jteV6tt 

Exai2pelB93 

TnmW&ti«m 



ippcaaa 

loo me* mu* san -4 

100M Raxanp S^pc l SS-4 

ioi IS amatol Man ant __ 

103% TMa64gK2D04«t 

CowBfepeZns 

104>a Ttent2^pc 2003-5 

7%pe: 

epei 

TIBBS mu* 2003 - 7 , 
hmNsacSDWt 
IS^JOWnB— 
nHSBpc ZOOBtt. 


932 

1023 

*81 

9 L 0 S 

7.70 

BlD2 

10 J 3 

B29 

837 

mi 7 

85 B 

1055 

&71 


S83 IOTA +1A 

gjn ii 2 i 3 +id 

7 J 8 7 SSN 

US 105 +1% 
8S STB +14 
372 1®% +111 
a 12 1214 +i7« 
Efi 2 OS's +14 
MS 964 +1H 
atansfirf +ib 
ui eraw +ih 

313 126 +1g 

a« IDA +10 


1274 106 J) 
12 SH 110 % 
864 714 

1264 103 

105 % S 9 
125 % WJ% 
1434 1194 
1128 91 % 
111 % 934 
13(14 113 % 
1194 bbu 
1614 125 % 
« 4 ft 101 


J2, 


2 BCV 8 . 

2 %JWUS (TON 

4 %JtcU 4 # ft 35 fl 

- ivo mx 



2%pe‘2ttt P7-7J 

Ahec-mt 035.1) 



On to I 

Etai 12 %pC 19 B 9 -_ 

TmlW^eiM 

Tree* Opc 18 m 

Caawahn 1 (H««elBB 9 - 

TiaaaFHgRtaa VO 

9 pc JOOQtt 

irea upezooa 

Htoc 2 om 

7 BC VI — — 

7 pcV 1 A 

9 %pe 2 a 02 — 

taesnott 


1870 

873 

tuo 

95 B 

863 

1806 

843 

7JH 

755 

825 

tL 36 


849 114 ft 
147 1084 
825 90 S 

857 1 D 7 A 
- 1004 
M 5 101 ft 
ITBHKSd 
879 1064 
856 91 ii 

169 9<2 
122 185 ft 
871 9 SB 


+ft 1284 
+3 1214 
+% 101ft 
+14 121H 

1004 

+4 i«A 
*iA i»W 
+1% 1224 
+14 1084 
+14 1014 
*tft 1234 
+14 113ft 


Treat 

ii7% T«wov«pc3tno — 
1«B omtpelxmtn — 

2» Ttaataeanz* 

,DS * Treat 6%ta2n08-42tt» 
Treat apeanatt 

7%pe2B12-18#_- 

TtoreBtfeaDIT# 

, Eieb12peU-T7^ 

113 % 


10*4 tarUM 3 %pctt- 
m 0 » 3 %KV 1 A 8 . 

a SB ireaaSpcVSM 

14 ®% 

944 Tn83%m 


839 

857 

m 

♦ 1 % 

1154 

93 

770 

639 

81 % 

+ 1 % 


784 

924 

R 541 M 4 J 8 

+m 

« 8 fi 

IOTA 

68 ! 

652 

1 Dft] 

+ 1 B 

WH 

1014 

7 3T 

825 

74 % 

+u 

83 % 

724 

939 

848 

95 S 


117 B 

824 

839 

643 

esftai 

♦ 1 % 

114 % 

914 

848 

844 

108 % 

+2 

128 % 

90 S 

615 

857 

1314 

+ 2 i 

lift 

127 % 


672 

- * 

4ft 

S9% 

LU 

- 41ft 

+i 

St» 

60S 

- B1 ft 

+14 

71 

832 

- 33% 


44% 

B2Z 

as 


Wz 

672 

- 2» 

** 

37% 


Piwpecdwted ledtntpilai nteen pniaeHd Mltrion 01 ( 1 ) 1094 
and P) 6 %. W Hgunre to pawiU n at e ahaar HP 1 ban tor 
tododno (to 8 months prior Id issue) and ham bean atfuated to 


nlaot rebeafetfl of BP 1 la 100 In Jnoay 19 B 7 . Oremsien I 
8043 . RP 1 lor Ootobor 1993 : 141 a and lor May 1984 : 144 . 7 . 

Othor Fixed Interest 


-TUI- —1994 — 

IBM ill Hat PUME+ir- HP lore 

NrtaBDn 11 % 2010 _ 

Ad»ft*r 10 %pcaw_ 

B 1 aaill%pe 20 l 3 — 

IBM a? Vania — 

taeCBpiew 

l 3 pcW“ 3 _ 

HpitianKtaciSpcZOU- 

laerit I 3 %pc 2606 

UMpad 3 %pckn)d 

LCCJpeVOAt- ■ ■ 

MMdMta 11 %pe 2 D 07 . 

mdtMgBB 3 %!ic 2 azi. 

4 %seL 20 » 

UHltac Store 1B%1C 2009 


panSCHE MMK STRNOKIS 


642 

627 

693 

633 

lift 

110% 

+115 

+1% 


115B 

108K 

953 

6U 

117 

+1% 

142 

118 

679 


97 

+1% 

lift 

e% 

691 

— 

ttl 

+1 

103% 

1U0 

1152 

_ 

110 

+1% 

115% 

left 

1058 

inns 

654 

a 

+1% 

+% 

9 

139)1 

9.72 

_ 

38 

+% 

44% 

83% 

645 


81% 

+% 

4ft 

2ft 

1611 

IBS 

lift 

+1% 

13ft 

112 

443 

622 

87% 

+% 

V 

«% 


450 

130% 

+1 

180% 

12ft 

— 

49 

124% 

+1 

14ft 

123% 

1230 

- 

137% 

+1% 

189% 

139 


Are ktafta* 
DwftFflpflhf 7% (B i ■ 

2000 

_ aro 

DaamriiftSB - 

2000 

Pure FferewHdg na 

tax 

Deutdw Gk Rn 7% 03 __ 

2000 

EEC 8% 00 

2900 

np 

1500 

Sr+irin, i» 

3000 

fttjUfBti 

MM 

usaataMMwitfta. 

Mreay8%B8 

.2250 

1500 

rMxtr.nl, m 

1500 

opM>«Lm 

4000 

8aa<taiAS7 

2500 


92 % 

92 % 

ft 

7.73 

101 % 

raft 

ft 

7.13 

HE* 

108 % 

ft 

7.17 

102 % 

raft 


&B 5 

88 

88 % 

ft 

754 

102 % 

103 % 

ft 

663 

10 % 

11 % 



W% 

104 % 

ft 

614 

93 % 

81 % 

ft 

6 W 

87 % 

87 % 

ft 

60 S 

103 

10 ft 

ft 

643 

WB 

108 % 

ft 

7.15 

98 % 

97 

ft 

677 

aft 

92 % 

ft 

7.78 

raft 

104 % 

ft 

657 

raft 

103 % 

ft 

839 

102 % 

108 

ft 

634 

10 % 

Wft 

ft 

678 

108 % 

10 ft 

ft 

am 

104 % 

105 


637 

« 2 % 

103 % 

ft 

70. 

108 % 

Wft 

ft 

7 X 5 

100 

Wft 

ft 

688 

104 

W 4 % 


613 

07 % 

97 % 

ft 

7 .W 

105 % 

106 % 

ft 

6(3 

Wft 

104 


679 

toft 

Wft 

ft 

750 

102 % 

raft 


648 

83 % 

8 ft 

ft 

681 

104 % 

105 % 

ft 

7 A 1 

« 5 % 

85 % 

'St 

ft 

642 

6 B 2 

raft 

raft 

ft 

688 

97 % 

99 

ft 

779 

103 % 

104 % 

-% 

640 

101 % 

raft 

ft 

858 

97 % 

99 

ft 

7 X 1 

raft 

UB% 

ft 

1ST 

ran, 


ft 

6 M 

8 ft 

aft 

ft 

752 

108 % 

109 % 

ft 

7-44 

105 % 

raft 

ft 

751 

W% 

108 % 

ft 

677 

Wft 

106 

ft 

802 

108 % 

raft 

ft 

7 X 2 

Wk 

9 ft 

ft 

7.10 

103 % 

raft 

ft 

658 

aft 

99 % 


SOI 

raft 

Wft 

ft 

623 

90 % 

90 % 

ft 

757 

raft 

104 

ft 

63 

9 ft 

9 ft 

ft 

678 

98 % 

9 ft 

ft 

7-40 

108 % 

108 % 

ft 

7 X 9 

raft 

100 

ft 

048 

84 % 

8 *% 

+ 1 % 

758 

oft 

w% 

ft 

758 

oft 

99 % 

ft 

638 

94 % 

94 % 

ft 

758 

rao 

raft 

ft 

7-49 

«ft 

Oft 

ft 

684 

97 

07 % 

ft 

659 

101 % 

101 % 

ft 

7 .M 

101 % 

101 % 

ft 

671 

90 % 

90 % + 1 % 

750 

99 % 

fift 

ft 

631 

«% 

91 % 

*ft 

748 

09 % 

Oft 

ft 

751 

10 ft 

104 % 

ft 

670 


UtadMaodm 7 %a 7 . 


Vriotogei M Ffel 7 03 

_ MOO 





SMSS FRANC SIRMQHIS 

















100 






100 

SNCF7Q4 

450 

WbrtJBoreSCQ 

ISO 

YH4 STRAIGHTS 

75000 






30000 





Japm DevBk 8% 01 

120000 

mm 


1500Q0 







Worid Bank 8% 02 

250000 

OIHBl S1RNQH18 


OatflramLiK«%9Blft _ 

HWdBrtBBBLFr 

Bmk tore- Ned Gam 7% 02 R 

_ woo 
-1000 
_raoo 

_G00 

MxnePreulaca lift 98 CS — 

500 


102 % 

102 % 

ft 

658 

97 % 

87 % 

+ 1 % 

743 

20 % 

20 % 


7.71 

01 

OT% 

ft 

752 

110 

110 % 

44 

682 

100 % 

101 % 


GX 5 

B 7 % 

97 % 

41 % 

450 

9 B 

08% 


605 

00 % 

97 

♦ 1 % 

490 

WS% 

106 % 

ft 

590 

108 

rao 

ft 

625 

107 % 

108 

♦ 1 % 

657 

1 (S 



670 

107 

107 % 

41 

621 

KM 

MB 

ft 

557 

NC% 

102 % 

ft 

590 

OT 



597 

WB% 

wo 

41 

657 

98 

00 


628 

107 % 

107 % 

ft 

658 

104 % 

104 % 

ft 

4.14 

111 % 

111 % 

ft 

438 

108 

108 % 

ft 

117 

114 % 

11 B 

ft 

45 B 

93 % 

98 % 

ft 

470 

104 % 

104 % 

ft 

4.11 

112 % 

112 % 

ft 

450 

106 % 

106 % 

ft 

3 X 2 

104 % 

10 <% 

ft 

645 

111 % 

112 

ft 

457 

107 % 

107 % 

ft 

453 

102 % 

102 % 

ft 

683 

105 

105 % 

4 % 

452 


Atone Lefesll% 97 C. 
attfitreid 0 % 23 «-_ 

DonnafcB%BBC 

BB 10 97 E 


» 10% 97 E 

Hawn 10 % 87 C 

teSCHOicInoa 11 A 02 E 

tody 10% 14 C 

Jip»n Om BUT 00 C 

Land Secs 8% 07 £ 

Ontario 11% 01 E 

RtM«QmB%aiE 

Severn Ttont 11% 99 E — 
Tokyo Bee Power 1101E . 
AtteyfWonriOBSra — 
TGNZ Fin 9% 02 NO 

■ 108S FFr 


94CFB%B7FR. 


1000 

91% 

02 

ft 

943 

- 100 

108 

106% 

ft 

613 

_ 150 

88% 

87% 


torn 

.900 

9ft 

84% 

ft 

539 

_637 

IDS 

105% 

ft 

777 

- 100 

105% 

108% 

ft 

75B 

500 

ras 

105% 

ft 

555 

_ 153 

we 

rao% 

ft 

1001 

.400 

108% 

108% 

ft 

956 

.200 

91% 

02% 

ft 

671 

.200 

08% 

99 

ft 

670 

_ 100 

108% 

108% 

ft 

9U0 

- 250 

96% 

08% 

ft 

449 

ISO 

109% 

109% 

ft 

9X7 

.150 

109% 

100% 

ft 

633 

.100 

83% 

84% 

ft 

&09 

_ 75 

184% 

«B% 

ft 

652 

2000 

103% 

1W 

ft 

620 

3000 

Wft 

103% 

47 

650 

4000 

105% 

«5% 

ft 

7X5 


RONUNB RWE NOTES 


10% 9BCS — 
bb 10 96(3. 
7.10 BB 10% OSCS. 


19% 99CS- 
Gen Bac Capto 10 96 CS . 


.150 102 % 
_ 500 101 % 
_ 130 103 % 
.275 100 % 
.300 101 % 
.400 100 

- 200 101 % 
1500 08 % 
.500 104 % 


102 % 

102 % 

102 

104% 

M0% 

102 % 

100 % 

102 % 

aft 


♦% 
ft 
ft 
+% 
ft 

ft 

ft 868 

ft 10-12 

873 


902 

HUB 

811 

SUB 

870 

80 S 

89 B 



bread 

Bd 

Olkr 

Abbof MBS Treotuy -i 99 _ 

_ 1000 

9618 

9930 










160 

69X3 

100 to 




90J£> 


200 

96M 

9903 

CndOyonrab A 00 300 

Denmreb-%06 1000 

□raster Rowe A 96 DM 1000 

Fane rid SwaiO 97 420 

9750 

9643 

9956 

10001 

9988 

9838 
9054 
100 OG 
100X1 



9956 



300 

MM 

967S 







9939 

sue 



82X8 

83X1 


650 

9932 

9671 




9839 

Ontato09B 

-2000 

nam 

9937 

MeOBO 

8odrii Grata 0 08 
SatoafaartiBadn-a0596DM 

— 500 

300 

-6000 

0938 
9948 
9697 
an ret 

nuns 

10003 




loan 

UrtoJ Kfegdan ft 96 ___ 

- 4000 

9678 

WAS 


45000 

35750 

55750 

4,7300 

53500 

43125 

68158 

SjOQOD 

37500 

S4688 

4.4750 

14141 

53500 

45600 

41250 

45625 

4ian 

53500 

18125 

45125 

5.1250 

40312 

SBWfl 

353*4 

45250 

35350 


COMIBnBLE BOMBS 


Cant 

Price 


Cand&aDpeSOI Eoi. 
OectLyoreiifi OOEcu . 


EB7%SBJ$. 


NSW Demy Zoo 0 20 AS — MOD 
7 A RMBB* 7 %WAS. 


_ 150 

101 % 

102 % 

ft 

679 

BreMftHwreSVOS - 

-too 

sa% 

98 % 

97 % 

46433 

200 

101 % 

100 % 

ft 

9 X 0 

CTwbb Capfid B 96 — 

250 

88 

raft 

105 

+1331 

_ 1230 

W3% 

103 % 


BOO 

Gold Kdgoode 7 % 00 _ 

85 

1 XS 54 

113 % 

115 

42754 

_ 1100 

104 % 

104 % 

ft 

522 

Hawn 9 % 08 £ 

soo 

2587 S 

WB% 

107 % 

41357 

125 

102 % 

raft 


743 

HraonAmanea 2 X 9 OT . 

1000 


7 ft 

75 % 


_ 1125 

108 

WB% 

ft 

758 

ItaBfcyPrefeQZ 

400 

in 

IS 

137 


— 500 

108 % 

W 7 % 

ft 

758 

ixusaaftase — 

84 

672 

95 % 

97 % 

*60 

_ WOO 

111 % 

m% 

ft 

625 

Lasmo 7 % OS E . 

90 

554 

85 % 

86 % 


-1000 

raa% 

103 % 

ft 

7.11 

MtoJ 9 tok 2%03 

200 

MPA 

89 % 

91 % 

42063 

- 27 S 0 

raft 

105 % 

4 % 

BOB 

Haunt ba Rn B% 97 

WO 

2283 

104 % 

W 6 % 

*455 

rao 

101 % 

102 % 

ft 

654 

Nri Ftowsr 6 % 06 E — 

SO 

433 

ra?% 

WB% 

t 427 

_ 100 

105 % 

10 ft 

ft 

842 

Ogden 002 

85 

88 X 77 

ffl 

90 

10950 

1-100 

116 

1»% 

ft 

959 

tereolft 00 

SOO 585097 

92 % 

93 % 

* 24.19 

— . 350 

96 % 

9 ft 

ft 

850 

SDntBm 8 a* 3 %M„ 

300 

38069 

88 % 

89 % 

42550 

100 

107 % 

107 % 

ft 

731 

Sin /date* 7 % 00 ? _ 

155 

M 

93 % 

»ft 

4 S 228 

_ woo 

8 

8 % 

ft 

nos 

TbcoCmUOOSe — 

200 

£51 

111 % 

112 % 

♦2251 

~. 1 » 

Oft 

8 ft 

ft 

1035 

Ttaas toatomrts 2 % 02 

300 

8 ft 

W 

105 

+1257 

— in 

83 % 

■ft 

ft 

10.19 


i ■ (narioua rbyto ptao 



— ISO 

106 % 

10 ft 

ft 

929 

a only « maikat mfew aueriad a ttaa 





snUMBtr BONO* Tire yUd to |bid to rerimpdon cdtho hk*p»k>a die amout tautd b ki ndtawi si (MwnwretaOn 
BJOCTNQ MTE NOTBi Dtcrefetread fei ddtaa irtoaa aaanriae Men i nf CBman dinrei to retereon. E pread M ann ta 


bpOeigiatda 


i-f WWtaTMIB nniSdl niiniHiiuifeiHStwiitiwii m i n itnMlrnU Oar n re i f lai ta l annmTnfhnnrt pr naa an — rrrT^-r-rrrf "* * — 

vfcc*re plre of a«a*fere dw «to #■ bend e-r lire more reoret p*e ol *» dtonre. 

O Iha RoanCW Itom Ltd. MB* tap—feyw t" —»+»«■ fei « fe» revnam not aaawred atotaumoaian carent Dare auBdari by fe—nlaat Seooton Walaii Aaandmn. 


imai ibh* ta 06 4bi Cfipn-TH* cuttn 

•redar aaua. PmtiRfcareaga prentum el are 


• w nek. *t ire+toe la non+ooidarta on aoplctom E Aucdon bato. ad Ex tMdond. Cferetog nM-pdna ate 







FINANCIAL TIMES FRIUAV JUNK ^4 1994 


COMPANY NEWS: UK 


Advance bolstered by strong performance from non-core businesses 

Southern Electric up at £222m 


By Michael Smith 

A shar p improvement in the 
perfor manc e of non-core busi- 
nesses helped Southern Elec- 
tric, the power distributor in 
the south-east of England, to 
increase «nnnai pre-t ax pr ofits 
by 1&5 per cent to £222m, a 
figure at the top end of City 
expectations. 

Turnover for the 12 months 
to March 31 fell slightly to 
£l.78bn (£L8bn). Earnings per 
share were ahead 17 per cent at 
64p and the recommended 16p 
final dividend makes a total of 
22.7p, an increase of 1&8 per 
cent 

While operating profits of 
the distribution business were 
up 2 per cent at £l82m, the 
supply business achieved a 49 
per cent improvement to 
£S2.4m, including £15m of prof- 


its from previous years recov- 
ered under regulatory adjust- 
ments. Non-core businesses 
chipped in £18m (£2.4m). 

The sharpest improvement 
was shown by MP Burke, the 
utility contractor, which lifted 
profits from £1.7m to £4.3m. 
Southern’s contracting arm 
also impressed with a £3m con- 
tribution, against £600,000 in 
1992-93. Losses from Power- 
house, Southern’s retailing 
joint venture, were reduced to 

£L7m (£7.2m). 

The improved core perfor- 
mance was helped by the com- 
pany’s cost-cutting efforts, hi 
the iwflhi bu siness, manpower 
was 497 down at 4,771. 

Southern charged £21. 6m 
against profits for . future 
restructuring and £ 12 m for 
informati on technology costs 
already incurred. 


• COMMENT 

Southern's shares have taken a 
trigger hit than most of Its rec 
counterparts in recent weeks, 
but this probably owes more to 
the institutions targeting big- 
gar companies when offloading 
stock than to any disenchant- 
ment with the group. There 
was cer tainl y nothing to com- 
plain about in yesterday's 
results. The core job cuts mean 
that Southern should easily be 
able to exceed its target of 
1,000 within three years from 
March 1993. Simplifying man- 
agement structures will also 
help to reduce costs, which 
Southern expects by the mid- 
1990s to he £25m lower than 
199293 levels. Meanwhile, the 
non-core business are perform- 
ing well enough to suggest that 
the target of producing 15 per 
emit of profits from them by 


the end of tiie century may be 
over-cautious. Generation 
activities alone could be contri- 
buting tnsm to £ 20 m within a 
couple of yean. The potential 
downside, as for all the recs, is 
the regulator's distribution 
review due for completion this 
summer. However, Southern 
seems as well placed as any to 
ccgie; last year’s profits were 
depressed by a cautious 
approach to provisioning. And 
if things get really tough, 
Southern could perhaps think 
about releasing some of the 
£24m it has previously pro- 
vided for adverse European 
ratings on pensions; other 
power companies have already 
done so. On a prospective yield 
of about 5.7 per cent, assuming 
a 25.8p dividend this year, the 
shares are not overpriced com- 
pared with other recs. 


Singed fingers among the recs 

Michael Smith on the diversification lessons for power companies 


T he contrast could be 
instructive. After elec- 
tricity privatisation four 
years ago. East Midlands Elec- 
tricity was intent on broaden- 
ing zts horizons and became 
the most acquisitive of the 12 
regional power companies. 

Manweb, however, stuck to 
its core businesses, even to the 
extent of holding back from 
the Hash for gas in which all 
other 11 regional companies 
invested in generation plants. 

The two companies were this 
week displaying the results of 
their policies. East Midlands 
was not flattered by the com- 
parison. 

While Manweb ’s pre-tax prof- 
its rose by 14 per cent to 
£I26u, East Midlands reported 
a £l00m tell to £5lm after tak- 
ing an exceptional hit of £130m 
as a result of diversifications 
into contracting and home 
security and writeoffs on its 
retailing interests. 

It seems to have learnt its 
lesson. Mr Nigel Rudd, recently 
appointed chairman, made his 
name as the hea d of the acquis- 
itive Williams Holdings, hut he 
says electricity companies 
should stick to what they 
know about and concentrate 
on their core activities. 

East Midlands has ruled out 
for now the possibility of fol- 
lowing other regional power 
companies in providing other 
utility services. But what 
about other companies? Are 
there more non-core problems 
ahead? 

Almost certainly there are; 
but the worst fears are about 
what the companies will be 
tempted to diversify into in the 
future, rather than what they 
have already grown or bought 
into. 

After seeing the disastrous 
results of the privatised water 
company's forays outside their 
main business, the power com- 
panies have been relatively 
restrained. 

SG Warburg Securities esti- 
mates that total investment on 
non-core activities by the 12 
regional companies is less than 
£65 0 m, compared with their 
market capitalisation of more 
than £12bn. Water companies, 



Ah 





Going for gas: the construction of the Barking power station 


by contrast, have spent about 
£L4bn. 

And whereas some of the 
water companies’ most calami- 
tous acquisitions were over- 
seas, the recs have ventured 
seriously outside the UK only 
recently. 

This month Norweb paid 
$36m (£23 .6m) for a 50 per cent 
stake in two gas-fired cogener- 
ation facilities in Virginia. 
Yorkshire Electricity is to pay 
an undisclosed sum, thought to 
be about £100m, for a 17.3 per 
cent stake in Stockholm 
BnergL 

Norweb’s investment is 
viewed in the City as safe, if 
unexciting. Yorkshire’s foray 
into Sweden offers opportuni- 
ties because of the deregu- 
lation of that country's power 
market and is welcomed by 
analysts. 

Other companies are also 
considering moves abroad. 
Midlands Electricity and East- 
ern are looking at buying 
stakes in distribution compa- 
nies in the Czech Republic. 
City reaction would depend on 
the regulatory regime, which is 
still being formulated by the 
republic. 

But even here the outlays 
are likely to he relatively 
small , perhaps between £20m 
and £3Qm for a stake. 

In the UK, where most of the 
diversification has occurred, 
the biggest acquisition was 
made by London Electricity, 



IPNA3N.V, 

Notice b hereby giver ttral, in accordance with arttda 10, section 3 of the 
Concfitiorts of Administration, a second (Extraordinary) General Meeting of 
Udders of Depositary Receipts of IPNA3 N.V. w9 be Iwkf on July 11th, 
1994. at 11.00 hrs. at the office of Banque de Suez Nederland N.v. in 
Amsterdam, Niduwezijds Voorbwpwal 162; to decide on the proposal to 
extend the Weave of the activities of ipna 3 N.V, for a period endmg on 
December 31st, 1996 and to continue the adnririblratfon contracts for the 
same period. For this second meeting no quorum is required and a 
decision can be made Irrespective of the capital represented. 

According to article 9 of the Conditions of Administration holders of 
Depositary Receipts who want to attend the meeting hare to deposit the* 
certificates, or a statement from a bank that those ce rf flca ia s are in its 
custody and that It wffl keep those certificates in As custody until the end of 
the meeting, at the office of the undersigned, at Herengracht 320, 
Amstarfairi. or the office of Suez Nederland Securities nv, Nteuwszijds 
Voortxxgwai 162, 1012 SJ Amsterdam, on Jidy ah. 1994 at the latest 

Amsterdam, June 24, 1994 

SnCHTlNG IPNA 3 TRUST SERVICES 
Herengracht 320 
1016 CE AMSTERDAM 


which paid £90m for the elec- 
tricity distribution networks of 
its three London airports. 

This is performing above 
expectations, contributing 
£llm operating profit last year. 
Again, the City approves 
because it is so dose in nature 
to London's core business. 

Similarly there is only lim- 
ited downside in the recs* 
moves into power generation. 
It is possible that Prof Stephen 
Iittlechild, the industry regu- 
lator, could rule that these are 
too expensive later in the 
decade and prevent the compa- 
nies from passing on the costs 
of what could be expensive 
power to customers, but the 
likelihood seems slim. 

He has already said that the 
deals do not conflict with the 
companies' obligation to buy 
power economically. 

There is perhaps more con- 
cern among investors about 
rec ambitions to become broad- 
based utility companies. While 
it may make sense to sell gas 
and telecommunication ser- 
vices to customers who already 
buy power from them, the com- 
petition is intense. 

Most of the companies have 
joined the race to get into the 
gas market before it is opened 
up to competition in 1996, but 
telecommunications have 
attracted fewer recs. 

“We looked at it very seri- 
ously, but decided it was too 
risky,” says the chief executive 


Snacks 
setback at 
JLI Group 

A setback in its snack foods 
operations was behind a 
decline at JLI Group in the 
year ended March 3L 

Trading profits at the snacira 
and ingredients maker showed 
little change at £5£5m (£5£5m) 
but after carrying restructur- 
ing and reorganisation costs of 
£l.l5m, pre-tax profits were 
down by the mitia amomt at 
£4.06m. Turnover of £lii.6m 
(£1 04.7m) included BiMm from 
acquisitions. 

On a divisional basis food 
services reported operating 
profits of £2.45m (£2.06m) on 
turnover ahead to £42. lm 
(£40.7m); food ingredients 
increased to £2£6m (£1 J3m) on 
sales of £38J>m (£31J2m) but 
snack foods fell to £1.41m 
(£L86m) on turnover of £31m 
(£2L8m). 

Mr Yoav Gottesman, chair 
man, said the company had 
tackled underperforming areas 
and addressed changes in its 
market, and the current year 
had begun in line with expecta- 
tions. He "saw potential for 
growth “both organically and 
through strategic acquisi- 
tions". 

The final dividend is raised 
to 3-2p, making a total Of i8p 
(4.65p) on earnings per share of 
7.1p (9J3p). 

Norbain 

In a buoyant market for dosed 
circuit television equipment, 
Norbain, the USM-traded secu- 
rity products group, more than 
doubled pre-tax profits from 
£1.01m to £2.32m in the 


of one company. “There are 
some very big players out 
there - BT's profits are the 
same as our turnover - and 
they can afford to take big 
losses to crowd competitors 
out of the market” 

Heavy competition is also 
responsible for extremely tight 
margins and in some cases 
losses in the retailing and con- 
tracting businesses. These are 
not businesses which most recs 
would choose to be in were 
they starting up from scratch. 
bat which are difficult and 
expensive to withdraw from. 

Retailing and contracting are 
likely to provide most of the 
difficulties for recs in the next 
year or so. More losses and 
write-offs are expected by ana- 
lysts, although few expect 
losses of the scale reported by 
East Midlands 

But perhaps the recs’ biggest 
problems stem from the 
amount of money they have. 

Buying back shares is one 
way of dealing with the money, 
but there Is strong pressure to 
do more than that “On the one 
hand the City says diversifica- 
tion is bad for regional power 
companies,” says one analyst 
“On the other people say man- 
agements lack imagination if 
they do nothing. 

“Die recs cannot win either 
way, but there are bound to 
be one or two that trip up by 
taking tbe diversification 
route." 


year to April 30. 

Turnover was op 77 per cent 
at £3&5m (£ZL&n). 

An increased single payment 
of 225p (L5p) is recommended, 
from earnings per share of 
20A5p (1299p). 

The shares added 9p to 4l2p, 
a new high for the year. 

Albrighton 

Acquisitions helped Albrigh- 
ton, the USM-quoted quarrying 
concern, report pre-tax profits 
of £766,000 for the year to 
March 31, against losses of 
£358,000. 

Turnover improved from 
£2.45m to £5.Um, including 
£2. 13m from acquisitions, for 
operating income of £892,000 

(£9,000 loss) with £418,000 from 

acquisitions. 

From eamingB per share of 
(losses 0.6p) a total divi- 
dend of 0-5p (nil) is being paid 
with a proposed final of 0.4p. 

Mr Humphrey Wood, chair- 
man, said that the closing 
months of the year had yielded 
a more satisfactory flow of 
orders with signs of improve- 
ment in marg ins and prices. 

Tex 

Reduced project volume and 
further provisions for excep- 
tional costs hit second half 
trading at Tex. a provider of 
consumables to the plastic, 
steel and energy industries. 

As a result, the company fin- 
ished the year to March 31 
with a pre-tax profit of 
£273,000, against a £94,000 loss, 
after exceptional of £204,000 
(£46,000). 

At the interim stage. Tex had 
turned round a £146,000 loss 
into a profit of £486,000, after 
£104,000 charges last time for 
factory closure and redun- 
dancy costs. 


Thorn EMI 
sells part of 
defence side 
to French 


By Bruce Clark 

Thom EMI, the rental and 
music group, has agreed in 
principle to sell part at its 
defence activities to 
Thomson-CSF, the French 
defence electronics group. 

Hie deal, while not 
unexpected, amounts to a 
significant step in the 
consolidation of the European 
defence industry, where 
pressure to merge has been 
growing because of raffing 
defence procurement budgets. 

The terms woe not 
disclosed. Redes of the 
activities sold. Including 
nrissOe-fosing systems and 
electro-optics, were about 
£80m last year. Some 1400 
people work in the division 
affected, at Bayes, north-west 
of London. 

Thomson-GSF is a strong 
player in electrooptics, while 
the Thant unit expects 
lucrative work from providing 
thermal imaging and infrared 
systems for the European 
Fighter Aircraft 

The deal leaves out Thorn’s 
defence electronics activity 
in three other centres - 
Crawley, West Sussex, Wells, 
in Somerset and Rugeley, 
Staffordshire - where 
combined sales were about 
£ilOm last year. 

The Crawley unit provides 
electronic support systems 
such as radar and jamming 
devices for naval ships and 
submarines. Analysts said tbe 
go v ernm ent would be nervous 
about letting them pass into 
foreign hands. 

While prestigious, the sales 
prospect for these naval 
systems look relatively poor, 
at least until the building of 
the mooted common 
generation frigate by Britain, 
France and Italy. 

MoD officials have no 
objection to foreign interests 
taking equity stakes and 
earning dividends from British 
defence companies, hot softs 
handling sensitive OK 
technology must have 
dire c to r s who are British 
nationals. 


Exceptional behind 56% 
rise to £22m at Courts 


falrt 


By Peggy HoBfoger 

Courts, the home furnishings 
retailer, yesterday became the 
second UK company to pay for- 
eign income dividends, but 
went one step better than its 
predecessor, BAT, by offering 
to absorb the tax cost for inves- 
tors. 

Courts Is increasing the final 
pay-out by 36 per cent to 5p, for 
a total 27 per cent ahead to 7p. 
Tbe increase In the final divi- 
dend represents a 9 per cent 
improvement on the previous 
final, phis an additional 25 per 
cent rise on the high e r pay-out 
to protect shareholders from a 
25 per cent tax burden. 

Mr Bruce Cohen, c hief execu- 
tive, said the decision to pay 
FIDs would benefit both Inves- 
tors and the company by help- 
ing to eliminate its advance 
corporation tax surplus. Courts 
was likely to continue paying 
further FEDs, given its unre- 
lieved ACT burden of some 
£4 An, he added. 


Mr Cohen was speaking at 
the anno uncement of Courts 

results, which showed a 56 per 
cent increase in pre-tax profits 
to £ 22 . im for the year to end- 
March. The outcome included 
an exceptional credit of £3.43m 
following the dotation of a 
stake in its Singapore subsid- 
iary and property losses. 

The results were about £2m 
below expectations, with ana- 
lysts expecting profits of £15m 
before the Singapore credit. 
Forecasts for the current year 
were pulled back from about 
£i7m to £14m and the shores 
fen 24p to 779p- 

The disappointment came 
from dull trading and adverse 
currency movements in the 
Caribbean region. Courts’ 
other overseas businesses con- 
tinued to move ahead, particu- 
larly in south-east Asia. 

Sales of overseas businesses 
grew by 26 per cent to £l48m, 
with profits before deferred 
income and exceptional credits 
up by 16 per cent to £i&6 m . 


Enterprise may start 
buying Lasmo shares 


By Robert Codne and 
Peggy Bofitnger 

Speculation mounted yesterday 
that Enterprise Oil could next 
week begin buying shares in 
Lasmo, its unwilling bid target, 
as the deadline draws near for 
acceptance of its £1.7hn tod. 

Enterprise, which almost 
two months ago launched its 
hostile all-paper bid for Lasmo, 
is allowed to buy up to 10 per 
cent in the market It is 
believed that Enterprise has 
set aside £l50m for share pur- 
chases If it is not confident it 
can reach 50 per cant through 
straight acceptances. 

Meanwhile, the rival oil 
explorers yesterday exchanged 
what are expected to be their 
final shots in the bid battle 
before shareholders make up 
their min ds next week. 

Both companies reiterated 
their arguments for and 
against the offer. Mr Rudolph 
Agnew, chairman of Lasmo. 


said acceptance of the offer 
would mean giving away a dis- 
proportionate share of assets 
and future growth for an 
“inadequate share in an 
enlarged company”. 

Enterprise accused Lasmo to 
repeating “the same tired 
assertions”. It said an enlarged 
company offered better gearing 
to the oil price through the 
warrants being offered to 
shareholders, and greater 
financial strength to exploit 
assets. It is expected to send a 
detailed document to Lasmo 
shareholders tomorrow. 

The argument will now he 
carried directly to institutional 
Investors, with both sides 
spending tbe last seven days 
canvaatag for support Mr Gra- 
ham Hearn e, Enterprise’s 
chairman and chief executive. 
Is currently in toe US doing 
the rounds of institutions. 

Enterprise’s shares foil I0p 
to 4l3p, while Lasmo shares 
were steady to I49p. 


ML recovers with £5.23m 
and restores dividend 


By Paul Taylor 

ML Holdings, the aerospace, 
defence and electronics group* 
yesterday reported a £5 -23m 
pre-tax profit for the year to 
March 31, compared with an 
£11 loss last time. 

The group underscored its 
return to pre-tax profits — the 
first since 1991 - by proposing 
to resume dividend payments. 

Earnings per share to 2Jp 
compared with losses of I8.4p 
and the board is recommend- 
ing a 0.85p final dividend. It 
intends to pay both an interim 
and final dividend in fixture. 
The shares closed 4p higher to 
45p. 

Mr Howard Grant, chief 


executive said; “In 1993 we 
laid down our strategy for 
recovery. The first stage of the 
process has been successfully 
completed. We now intend to 
build upon this so that recov- 
ery leads into a period of 
growth." 

Turnover increased by 19 
per cent to £l(KL5m (£849m) 
with particular strength in 
overseas markets. Overall 
sales per employee advanced 
by 30 per cent 

An operating profit of 
26.39m compared with a 
£?.01m loss previously. The 
tnrnroand was underpinned 
by a strong recovery in the 
aerospace and marine divirion, 
which achieved an operating 


NEWS DIGEST 


Turnover rose 25 per cent to 
£203m (£16.7 m). Mr Anthony 
Burrows, chairman, said the 
slow recovery from the reces- 
sion had continu e d, reflected 
In higher but erratic levels of 
demand and pressure on mar- 
gins. 

Mr Burrows explained that 
although trading was improv- 
ing, it was not yet sufficient to 
recommend a dividend - the 
last payment was in 1990. 
Earnings per share were 2.4p 
(L5p losses). 

Vega 

Vega, the software and 
systems engineering group, 
reported pretax profits ahead 
45 per cent from £L48m to 
£2. 15m for the year to April 30. 
Turnover rose CL 6m to £9.7m. 

Last year’s figure was after a 
£227.000 exceptional charge 
representing flotation costs. 
Stripping this out the pre-tax 
advance was 26 per cent 

Earnings per share emerged 
at lO.Olp (6.38p) and an 
improved final dividend of 
2.075p is proposed, making 
3JIP (Z73p) for the year. 


A recovery in the second six 
months enabled GEI Interna- 
tional, the packaging and pro- 
cessing machinery group, to 
report pre-tax profits for the 
year to March 31 slightly ahead 
at £2J.3m, against £2.1m. 

The company said second 
half profits were double those 
of the previous year. After 
passing the interim dividend it 
is returning to the List with a 
proposed final of i.Sp. Last 
year’s total was 4£4p. 

Turnover was £77m. against 
£7&8m which included £516£00 
from discontinued activities. 
Earnings share were 3_56p. 


against losses of 1 . 62 p. Last 
year the tax charge was higher 
at £L2m (£82 0,000) and there 
was a ACT write-off to £LSm. 

Optometries 

Improved efficiency within its 
business and improved mar- 
gins helped Optometries, the 
USM-quoted optical systems 
group, to raise pre-tax profits 
by 67 per cent from $103,000 to 
$172,000(£113460) in the year to 
March 31. 

This was after a $63,000 
charge connected to its invest- 
ment in Euro Biosystems. 

Overall sales came to $3.73zn 
($3.58m). Gross profit was 
$L39m ($L3izn): Earnings pea- 
share worked through at 93 
cents (70 cents). 

United Ceramic 

Universal Ceramic Materials is 
to go ahead with its proposed 
flotation, raising between £8m 
and £lQm, in spite of delays In 
other new issues and the 
recent stock market decline. 

Beeson Gregory, the spon- 
sors, are expected to announce 
the issue price today -after j 
meetings with Scottish institu- ! 
dons earlier in the week. 

Trans World/Emap 

The directors to Trans World 
Communications yesterday 
said that the offer of 181p per 
share from Emap - which now 
speaks for 51.7 per cent of 
Trans World’s equity - did not 
represent an adequate pre- 
mium for control of the com- 
pany. 

The board said it was also 
unable to satisfy itself that 
Emap’s proposals were above 
legal challenge. ■ 

The Guardian Media Group, 
which owns 20 per cent of 


profit of £3Mn (£488,080 teas) 
on turnover up by 19 per cent 
to £46. lm- 

The air cra ft and cargo han- 
dling division reported an 
£334,000 operating profit, com- 
pared with a £736,000 loss, on 
turnover increased 16 per cent 
to £28Jbn. 

Hie electronic component 
distribution division increased 
operating profits by 61 per 
cent to £2.22m (21.38m) on 
turnover up 19 per cent to 
£27.6m. 

Net Interest costs were 
reduced to £1.17m (£2.74m), 
partly reflecting a decline hi 
borrowings which fell to £9-5m 
(f l3An), equivalent to gearing 
to 39 per cent. ' 


Trans World, has signified Us 
agreement with the Trans 
World board’s conclusion and 
is seeking leave to apply for 
judicial review of the Radio 
Authority’s decision not to 
object to it 

The Trans world board reit- 
erated its rejection to the offer 
and advised shareholders to 
take no action. 

Tops Estates 

Tops Estates, the shop and 
office property company, plans 
to raise about £19.4m net via 
the placing of a further 
tranche to loan stock in order 
to help refinance the recent 
£61m purchase of the Bond 
Street centre in Leeds. 

Paribas has conditionally 
placed the tranche of £l6m 
nominal 7.5 per cent convert- 
ible unsecured loan stock 202 Q 
(with warrants) to 125p per £1 
nominal of stock. But £15JBm of 
the stock will be made avail- 
able to holders of ordinary 
shares and convertible unse- 
cured loan stock. 


Transfers to deferred credits 
rose by 30 per cent to fiilA*. 
The transfers arise from 
Courts’ hire purchase acton*, 
which is particularly popular 
in Asia. Courts finances the 
lease deals Itself, but does sot 
take the income from preduct 
sales into profits until pay. 
monte are made. This if put 
into a deferred profit reserve 
which stood to £4&3m at the 
year-end. This would eventu- 
ally flow through to profits, Mr 

Cohen said. 

The UK had shown signs of » 
recovery In the housing mar- 
ket, although It was still “far 
from buoyant 0 , said Mr Cohen. 
Nevertheless, Courts was 
encouraged enough to revive 
its expansion programme, 
which had been on hold for 
some time. Five now super- 
stores were planned for this 
year, to bring the total to 34. 

gamings rose by 73 per cam 
to 65J8p. Excluding the excep- 
tional credit, earnings were U 
per cent higher to 81.17P, 


Windsor back 
in the black 

By Richard Uppar 

Windsor, the insurance broker 
which specialises in sports, lei- 
sure and contingency business, 
is back in the black. Tbe 
group, which was hard hit by 
write-downs on a property 
investment in 1993, reported 
pre-tax profits to £13,000 for the 
six months to March 31. 

The corresponding loss tat 
year amounted to 21.9m, 
including £l.7m exceptional 
items. Earnings per share were 
o.oip (loss SMp and au 
adjusted loss to (L6lp). 

Windsor said it was Is talks 
to. let its troublesome Invest- 
ment property, a 25,000 sq ft 
office block in Hanoi Hemp- 
stead, Herts. Some El.Tm in 
provisions were incurred as a 
result of writing down tbe mar- 
ket value to the property last 
year and Windsor has lost over 
£2m on the property since It 
was acquired In 1989. 

The group's core insurance 
business continued to perform 
well 

Hemingway 
£30m purchase * 

Hemingway Properties 
yesterday announced that it 
had agreed to buy a portfolio to 
nine properties for £30.2m 
cash, writes Vanessa Boulder. 

The portfolio comprises a 
1564300 sq It shopping centre on 
the outskirts to Bristol, a 44,400 
sq ft shopping centre in Bln- 
gtey, West -Yorkshire, indus- 
trial estates in Salford. Wlllen- 
hall. West Midlands, and 
Newton Abbot, Devon, a Peter- 
lee, Durham, factory unit, and 
office buildings in Sheffield, 
Luton, and Banbury, Oxford- 
shire. 

After this acquisition and 
the purchase of the Templars 
Square shopping centre earlier 
this month, Hemingway will 
have a property portfolio of 
£140m, of which £120m has 
been bought in the past 12 
months. 


Pearson/BSkyB 

Pearson, the publishing and 
information group which owns M 
the Financial Times, has 
received £9im cash following 
the successful £5Q0m refinanc- 
ing to BSkyB. 

Pearson has a 17.5 per cent 
holding in the satellite broad- 
casting venture. 

The refinancing involved a 
five-year revolving credit facil- 
ity arranged by Toronto-Do- 
minion Bank and Citibank to 
enable BSkyB to repay loans 
from Its shareholders. 

Applied Distribution 

Applied Distribution, the con- 
tract distribution group which 
came to toe market in March, 
has paid £3 ,3m cosh for Bern: 
ard Brook Transput (EllandX 
including about £800,009 bor- 
rowings assumed. 

Bernard Brook is a family- 
owned company which turned 
in pre-tax profits of £ 200,000 oa 
turnover of £2.7m in the 63 
weeks to January. 


DIVIDENDS ANNOUNCED 


Albrighton § 

Caledonia fern ^ 
Clyde Bknrnrs ^ 

Courts 

QBIntf 

Hflcano 

-m- 

MLHoUngs 

MSJQ Second Dual 

Norbain § 

Rothmans Ml . 

ShweUnk 

StfmBecMc 

TS0 - 

Vega 


-fin 0.4 

•fin 10.8 

Jnt 1.5 
•fin 5t* 
Ai 1.5 
■fin 0.5 
fin 32 
■fin 0.35 
•fln 10,75 
fin 2J5 
fin 1&5+ 
fin 6 

fin 18 
** 3.544 
fin 2.075 


Oats of 
payment 

Cones - 
ponding 
dMdoid 

Total 

tor 

year . 

Total 
' lari 
year 

- 

nB 

0.5 

na 

Aug 10 

10 

163 

15 

Aug3 

1.33“ 


4* i 

Oct 14 

3JB7 

7 

5.5 

Aug 8 

2A7 

1.5 

AM 

Oct 3 

03 

&5 

05 

Sept 9 

3.1 

4J5 

4.65 

- 

nB 

0.85 

nl 

July 25 

10.87 

23.97 

2 3,88 

Oct 28 

1.5 

225 

. Ifi 

Aug 23 


16.5 

a 

Oct 3 

. 

9 

. 

Oct 3 

14 

22.7 

108 

Oct 3 

3.1S 


7.68 

SeptS 

1-88 

3.11 

2.73 


llV* 




SSSS ****** sdSTtai 

*pSdfor ah*r aftowtog for Krip <*«*• 

divide for 






r ~T 






'k ; ' j ? r J 
1 *t ! { 

s 'Kirw 


1,1 Ihi- bljd 




Ini 

in 


lu!nir;«i? 
t.’»iin;-rd f 





FINANCIAL TIMES FRIDAY JUNE 24 1994 

- COMPANY NEWS: UK 


Bulk of growth provided by associated companies 

Caledonia ahead 26% to £45m 


By Simon Davies 

Cal edon ia Investments, the 
investment vehicle controlled 
by the Cayzer family, yester- 
day announced a 22 per cent 
“mease in its net asset value 
during the 12 months to March 
31, from 559p to 681p. 

Pre-tax profits increased by 
26 per cent, from £36m to 

SAS-2m 

The bulb of the growth 
from the associated trading 
companies, primarily Bristow 
Helicopters and Exco, which 
increased their contribution 
from £l23m to £23. 7m. 

The results were in line with 
analyst’s expectations, mid the 


shares were unchanged at 

688p. 

Bristow was only owned for 
9 months of the 199243 year, 
but the company had a strong 
year in 1993-94, repaying 
£3&Sm of debt to reduce the 
total to £7am. 

Mr Peter Buckley, chairman, 
said a weaker oil price had led 
to a tougher North Sea market, 
and Bristow’s earnings were 
likely to decline in the current 
year. 

Exco, included for seven 
months in 1992, contributed 
fi ll Jim, up 52 per cent, in the 
year to December 1993 aided by 
a surge in volumes in the gov- 
ernment securities market. 


Exco’s flotation should be 
launched next week, but Cal- 
edonia has said that it will 
maintain its 27.3 per cent 
stake. The flotation will not 
affe c t the stake’s book value, 
but it oould substantially boost 
OTtwmfli valuations of Caledo- 
nia's mirth. 

The industrial division, prin- 
cipally 75 per cent-owned 
Amber Industrial, contributed 
£5 An (£3 An) which included 
£700,000 from the sale of Cause- 
way Steel Products. 

The property and services 
division suffered a loss of 
£L8m due to a £3.7m provision 
against valuations. 

The' company has a broad 


Spread of smaller investments. 
These Include a 23 per cent 
stake in Close Brothers, the 
merchant banking group, 
which is now worth about 
gsim after a profits tunnound 
last year. 

Caledonia is proceeding with 
a 33 per cent stake in Sun 
International, which recently 
invested in a yigsm (£82_2m) 
resort development in. the 
Bahamas 

At the year <md, C aledonia 
had cash and short-term depos- 
its of £59 An. 

The rprf w rrm o TiHpri ftna ] divi- 
dend of lOQp makes a fall-year 
di s t ributi on of l&2p (I5p), up 8 
per cent 


Loss at Clyde Blowers widens to £0.5m 


By James Buxton 

Clyde Blowers, the maker of equipment for 
boiler cleaning and mate rials handling. 
Incurred a pre-tax loss of £514£13 hi its 
seasonally unfavourable half year to the 
end of February, compared with a defied 
of £17,632 last time. 

The result was in line with forecasts 
made in ApriL Turnover nearly trebled, 
from ££27m to £6.14m. 

Clyde hag been transformed gfrira Mr 
James McCoIl bought a 29.9 per cent 
in 1992 and became executive chairman 

In 1993 the company bought Sturtevant 
En gi ne ering, a Brighton-based maker of 


pneiimatli* tvyngpy aTHTing mf uipmant, and 

Boiler Products Engineering, a boiler 
cleaning concern based in Belgium. In 
April this year it bought Simon-Macawber, 
a m akor af pneumatic pressure and vac- 
uum conveyancing equipment, from 
Simon Engineering for between £4m and 

U j»rn, fimdad by a fiS-2m rights issue 

Mr McCoIl said the loss reflected the 
w wH n i ff fi restructuring of tH» core com- 
pany and its acquisitions, and to the feet 
that the first half is traditionally slow 
because of weak orders tor spare parts in 
the winter. He expected a profit for the hill 
year; profits for the 12 mnnths to end-Au- 
gnst 1993 amounted to £205 .000. 


“We have now got to the critical size we 
want to be, with annualised tu rno ver of 
about 227m, with the Simon-Macawber 
purchase adding gi4m annwai sales," ffidd 
Mr McCoIL “We’re going to concentrate on 
organic gr o wth rather than acquisitions 
for the wart year to IS months.” 

The company is negotiating to sell part 
of its site at Clydebank for conversion to a 
discount food store. The development 
pnterntial of tha rest of the is being 
examined and the company may move to a 
better fedfity. 

Losses per share widened to 9.79p (053p) 
but the interim dividend goes up to l_5p 
(I-83P). 


Tom Brown’s survival days 

Tim Bnrt considers the strategy to turn round United Industries 



Tom Brown: intends to concentrate cm developing acquisitions 


W hen Mr Tom Brown 
took control of 
United Industries 
last year he pursued a single 
strategy: survival. 

Burdened with debts of 
£&6Zn, he knew the precision 
tools and springs manufacturer 
needed major surgery if it was 
to make it through the reces- 
sion. 

Three months after his 
arrival he unveiled the first 
part of his "pain first, relief 
later” strategy by announcing 
losses of £3.63m. Including 
£2 .27m of exceptional costs, 
and warning of choppy condi- 
tions ahpad. 

Having abandoned the helm 
at . Fenner, the engineering 
group which he likened to 
steering an oil tanker, Mr 
Brown soon realised he was on 
board a much smalle r vessel. 

■The company was being run 
to keep the banks from the 
door. The debt repayment pro- 
gramme was stripping all our 
funds and my job was simply 
to keep it afloat” 

A year later. United Indus- 
tries has undergone a refit 
which saw it doable to size and 
emerge with a new manage- 
ment crew. 

Although Mr Brown has 
beat widely credited with the 
relaunch, he claims the initia- 
tive was bora not in the com- 
pany’s Lei cester headquarters 
but to the City offices of Smith 
New Court 

Concerned at the group's 
lack of working capital, he 
asked the financial advisers to 
consider a E2m rights issue to 
raise fresh cash and reduce 
debt 

Smith New Court was unim- 
pressed. 

“They told us we were just 
fiddling with deck chairs and 
to go for something bolder,” 
recalls Mr Brown. 

Encouraged to thi nk big, 
United began casting around 


for acquisitions which would 
return it to profitability after 
three years of losses. 

The search ended with a 
familiar partner - BBA Group. 
The engineering company, 
which effectively gave birth to 
United in 1988 by selling it 
stakes in United Spring & Steel 
Chmip and Ratdiffe Industries, 
attracted Mr Brown's attention 
last August when It unveiled 
plans to sell up to 12 subsid- 
iaries with a combined turn- 
over of £200m. 

Following lengthy negotia- 
tions, United last month 
announced the acquisi- 
tion of three BBA businesses, 
Holden Hydroman, Perplas and 
Raflfco. fimded with a £26m pla- 
cing and op«a offer. 

Ironically, the deal, which 
drmhlpd the group into a busi- 
ness with turnover of £60m a 
year, probably would not have 
taken place had it not been for 
the steady fell in United’s 


share price following the Octo- 
ber 1967 crash. 

BBA, which received a 2L23 
per cent stake in United for 
Ratcliffe and United Springs, 
could not afford to seD after 
th» shares tumbled from more 
than 140p to about 14p. 

“Had - it not been for the 
recession and collapse in the 
share price, BBA would have 
got out and we might not have 
survived," admits Mr Brown. 

H aving resuscitated the 
group, Mr Brown has 
begun focusing on 
expansion awl strengthening 
its three pre-acquisition divi- 
sions — material* handling, 
springs and precision machin- 
ery. 

He discounts a fire sale but 
admits that doubts remain cm 
the long-term future of subsid- 
iaries which continue to suffer 
in worsening markets. 

In the bleakest scenario, 


United would no longer he able 
to snatain its evicting busi- 
nesses and become dep endant 
ora the plastics and «b> 1 h activi- 
ties of the acquisitions. 

While de clining to predict 
the future shape of the group, 
Mr Brown has indicated his 
determination to concentrate 
an the purchases. 

“At BBA these businesses 
had a Cinderella complex 
because they were always cm 
the periphery. We’ve brought 
them < writ r e stage and wu’ru 
offering them ne w challenges 
and access to inte rnational 

markets." 

There is also a growing 
awareness that some United 
products, might sit more com- 
fortably w ithin other groups, 
but wary of demotivating its 
workforce, the board dariinag 
to specify its main areas of 
concern. 

Never theless, some industr y 
analysts believe the materials 
handling business, which 
makes automated storage 
systems, may be sold. They 
point to United’s recent nine 
month results, showing losses 
of £lAn, in which it high- 
lighted very difficult condi- 
tions in the division. 

Cautious by nature, Mr 
Brown says only: “We cannot 
have any weak positions. 
Something winch isn’t strong, 
I'd like to see to other bands.” 

He is, meanwhile, pressing 
ahead with a reappraisal of 
group strategy mid m stilting 
his expansive vision of a busi- 
ness which can no longer rely 
on sales in Britain and Europe 
al o ne . If his gamble pays off, 
the latest aoqmmtions will pro- 
vide the springboard to new 
markets and product areas. 

Predicting a return to profit 
ability tins year, he says: “We 
have to grow and put more 
tttnpiuwy.Q on market ing, then 
volumes will come up. That is 
the key to our survival." 


MALAYSIA MINING CORPORATION BERHAD 
(Incorpor at ed fai Malaysia) 

NOTICE OP MEETING 

NOTICE IS HEREBY GIVEN that the Eighteenth Annual General Meeting of 
members of Malaysia Mining Corporation Berhad will be held at The Gx>wn 
Princess Koala Lumpuc Ballroom 3. 10th Rooc City Square Centre, 182 Jalan 
Tun Razak. 50400 Kuala Lumpur. Malaysia on Thursday. 21st July 1994 at 
11JM a.m- for the purpose of considering and if thought At passing die fol- 
lowing as ordinary resolutions. 

1. THAT the Directors' Report and Accounts for the year ended 31st January 

1994 and the Auditors’ Report thereon be and are hereby received and 
adapted." 

2. THAT the final dividend of 30% per 10 sen share, less tax at 32%, for the 
year ended 31st January 1994 be and is hereby ap p ro ved and declared 
payable on 27th August 1994 to the members of the Company registered 
at the dose of business on 29lh July 1994." 

3. THAT YBhg "Pm Sri Daluk (Dr) Abdul Khalid bin Sohait, who retires by 
rotation, be and is hereby re-elected a Director of the C om pa n y." 

4. THAT Endk Z»in Axahart bbi Zainal Abidin, who retires by rotatio>v be 
and is hereby re-elected a Director of the Company' 

5. THAT Messrs KPMG Peat Marwick, who are eEgfck and have given their 
consent for re-appointment, be and are hereby nr-appotnted the 
Company's Auditors for the period until the conclusion of the next 
Annual General Meeting and that the remuneration to be paid to them be 
fixed by the Board." 

By Order of the Board 

Kuala Lumpur Qnrnttwatti Dated 

24th June, 1994 OmKumYoon 

Secretaries 

NOTESc 

i) A member entitled » attend and vote at Bie meeting Is entitled to appoint 

one W more proxies to attend and vote in his stead. A pray need not be a 
member of die Company. 

il) Copies af Directors’ service contracts are available for inspection at 38th 
Floor, Mercia PNB, 201 A, Jalan TUn Razak 5M00 Koala Usnpor 00 any 
weekdays (except Saturdays) from 22nd June to 2J« July, 1994 during 
business hours and will also be available for inspection at The 
Crown Princess Kuala Lumpur Ballroom 3* 10th Floor; City Square Centra 
1S2 Jalan Tun Razak 50100 Kuala Lumpur; oo 21st July 1994. for fifteen 
(15) minutes prior lo and until the conclusion of the Annual General 
Meeting. 

ib) A form of proxy to be valid must reach the Malaysian Registrar's office af 
Pemas Charter Management Sendirtan BmhatL 32nd Hoot Menara PNft 
201 A, Jalan Tun Razak 50400 Kuala Lumpur; Malaysia or the United 
Kingdom Registrar’s office ai Barclays Registrars, Bourne House, 34 
H aSwnhnn. Kent BR34TU. England not has fern forty- 
eight (48) hours before the nKetinfr 


bitenutionsl Trade Hnance Is the essential 
re f erence source for the busy executive. PubEshed 
by Ftnencial Times NawsMsars. it provides both 
timely report i ng and authoritative analysis for the 
dbcernlng financial professional every mvo weeks. 

International 
Trade Finance 


A special phone-in in f or ma tion service is provided 
for subscribers, supplying specific information to 
subscribers who seek further derails beyond those 
immediately to hand. The most up-to-date 
information Is, thua, available to subscribers the 
moment it is needed. 

INTERMAnOMAL COVERAGE 

fTF he designed so that information is reatfly 
seeessfole, provitfing you with the West on: 

■ Credit I 


■ AM Finance 

■ Co un t e rtr ad e & Offsot 


Keep on top of the world of bitanutionsl trade 
and project finance with; 



Prudential buys Wimpey 
share of Little Britain 

long term property invest- 


Hilclare 

broadens 

security 

interests 

By Gary Evans 

Hilclare, the USM-traded 
maker of lighting and security 
products, yesterday announced 
that it was paying up to £9m 
for First Security (Guards) and 
was making a placing and 

open offer to fund the £ 4.95m 

cash element of Hie price. 

Hilclare’s shares were 
suspended at 43p yesterday at 
the company’s request, and 
will remain suspended until 
July 19 Knowing an wihmmi 
meeting on the preceding day 
to a pprov e the deal. 

Mr Tow Quinlan, chairman, 
said that Hilclare aimed to 
concentrate future operations 
in sectors of the security 
industry which would be 
selected for their potential to 
generate significant profit 
grow th and cash flow. 

FSG, which provides secu- 
rity guarding services almost 
exclusively within the area 
bounded by the M25, was “the 
first stage of this s t ra te gy * . 

Of the initial fte 1 consider- 
ation, £4 .95m is payable to 
cash, £2J*5m in new ordinary 
shares and £700,000 to secured 
convertible loan stock. A fur- 
ther Elm is due if FSG 
achieves specified profit tar- 
gets. 

■Samuel Mo n ta gu condi- 
tionally und e r written a plac- 
ing of gfJtgm ordinary shares 
at 23p, giving Hilclare a mar- 
ket value af £8^m - 4 .8m af 
the shares were subject to an 
open offer to qualifying share- 
holders, also at 23p. 

Hilclare also yesterday 
announced a proton loss of 
£482,000 (£54,000) for the year 

aided Marc h 31, after making 
a £396,-000 exceptional charge 
this time for its withdrawal 
from ihe production of control 
panels for security systems. 

Turnover fell to £2.64m 

(W. Qm) anil n j i w wi l l u g p nf lri 

on continuing operations 
slipped from £100,000 to 
£43,000. The recommended sin- 
gle final dividend is an 

Tmrte mg prl QJSp. 

Mr Quinlan i r nr l i n g in 

the current year had started 
well for the enlarged group. 

Hm chair man said Hilclare 
Intended to chang e its name to 
Orbis and was planning a 
move to rim mate market 


By Vanessa Hotddar, 

Property Correspondent 

George Wimpey yesterday 
announced that it had 
exchanged contracts to sell its 
50 per cent share of the Little 
Britain p roperty scheme in the 
City of London to the Pruden- 
tial, the life assurance com- 
pany, for £95m. 

The 473.000 sq ft office build- 
ing. which was completed in 
1991, is at the end of London 
Wan and is occupied by Clif- 
ford Chance, a firm of lawyers. 

Nippon Life owns the other 


By Paul Cheesarisht, 

Midlands Correspondent 

ShareLink Investment 
Services, the share dealing 
company which floated last 
July, almost doubled annual 
profits after a year of unusu- 
ally high stock market activity. 
TmmpfHatA prospects, however, 
are more subdued. 

Pre-tax profits were £6J9m 
to the year to March 31, 
against £3J2m. The compara- 
tive figures have been prepared 
as if the gro u p Own *»ri<eteri in 
ha present form. 

Turnover rose to £23.3m 
(£R3m). It was bolstered by 
the third British Telecommuni- 
cations privatisation issue, a 
more thaw doubling to 


which it bought for £U0m in 
August 1991. The freeholders 
are the Corporation of London. 
The deal is expected to be com- 
pleted next week. It has an ini- 
tial yield of 7.5 per cent. 

Mr Joe Dwyer, Wimpey nhitf 
executive, described toe sale, 
which equates to its book val- 
ues. as satisfactory. “Consist- 
ent with our strategy, it is a 
further significant step in real- 
ising our portfolio assets for 
investment in our core activi- 
ties,” he said. 

The sale is in line with Wim- 
pey’s strategy, announced 
three years ago, of disposing of 


information services. 

However, the company 
warned that trading volumes 
on the UK equity market had 
declined since February and 
that “if these conditions were 
to persist throughout the cur- 
rent year, SbareLink’s earn- 
ings would suffer". 

Mr David Jones, the chief 
executive and biggest single 
shareholder, said, however “I 
don’t think well see volumes 
go down. The only debate in 
ShareLink is when the upturn 
win take place." 

The group announced that it 
was preparing moves into 
Eurqpe and North America. Mr 


ments. The company now has 
just £60m of investment prop- 
erty to dispose of, most notably 
its Vantage West project in 
west London, which will be 
sold once it has found a 
tenant 

Prudential said it was inter- 
ested in making further prop- 
erty acquisitions. “Notwith- 
standing the size of this 
purchase. Prudential are still 
in the market for further City 
Investments where the long 
term returns are attractive,” 
said Mr Howard Dawson. Pru- 
dential’s associate director. 


tiations” but said there would 
be no immediate moves. He 
added that ShareLink was 
planning to enter mortgage 
broking an d soiling, although 
not with its own capital. 

Shore Link’s immediate aim 
is the expansion of its services 
outside simple share transac- 
tions so that it reduces depen- 
dence on what can be a volatile 
stream of income. “If we con- 
vert 20 per cent of gross turn- 
over into fixed earnings, then 
we’d have 200,000 account hold- 
ers and £lbn under administra- 
tion,” Mr^Iones said. 

Earnings per share rose to 
26.11p (12.65p). A proposed 
final dividend of 6p brings the 
total for the year to 9p- 


Glaxo signs migraine deal 


By Daniel Green 

Glaxo, Europe's biggest drug company, has 
signed another deal to a string of collabora- 
tions with biotechnology companies. 

The company has bought most of the world- 
wide marketing rights to migraine i reaima aii. 
developed by Spectra Biomedical, a California 
group. 

The terms of the deal were not revealed 
beyond a three year agreement for research 
payments and that Glaxo would pay royalties 
to Spectra on product sales. 

Glaxo is seeking to develop a successor to its 
Current mi gra ine trea tment , Tmlg ran, which 


is one of the its fastest growing products. 

The tie-up with Spectra takes to 12 the num- 
ber of biotechnology collaborations established 
by Glaxo. It is the first in migraine. 

Spectra’s approach is to try to determine the 
genetic basis for migraine. 

This is the first collaboration for Spectra, an 
nnquoted_ company started a year ago by Mr 
Stephen Perontka, formerly head of neurosci- 
enee at Genentech, the Californian biotechnol- 
ogy company which Is 60 per cent-owned by 
Roche, the Swiss drug company 
Mr Perontka said the number of staff was 
likely to donble to 20 over the next 12 
months. 


50 per cent of the property. 

High stock market activity 
helps ShareLink to £6. 19m 

amount of personal equity plan Jones talked of “advance nego- 
fUnds under administration 
and rising subscriptions to 





SOUTHERN 

E L E C T R 1C 

PRELIMINARY ANNOUNCEMENT 

FOR THE YEAR ENDED 31 MARCH 1994 










Croup 
Rends 
Year lo 
31 March 
1993 
(HCA) 

TUraover 

;£l,780.2m 

1,796.5m 

Profit 
before tax 

£222.0m 

£187.3111 

Earnings 
per ordinary 
share 

64-Op 

54. 5p 

Total 
dividend 
per share 

22.7p 

19.6p 


HIGHLIGHTS OF THE REPORT 
l Profit before tax up 18.5%. Earnings per share up 
17.4%. Dividend increased by 15.8% with cover 
at 2.8 times. 

> Main business manpower reduced by 497, down 
by 9.4% and ahead of target. 

* Underlying costs down 3.7% in real terms with 
progressive savings increased to _£25m a year 
from 1995/96. 

1 Non-regulatcd businesses achieve strong growth 
and increased profits in very competitive markets. 
Strong performance in customer service. 

Prices to customers reduced by //46m. 











24 


FINANCIAL TIMES FRIDAY JUNE 24 1994 


TOP OPPORTUNITIES 

SENIOR POSITIONS IN GENERAL MANAGEMENT 




National Sales Manager - Russia 

FMCG Products 




St Petersburg 


Our client is a well known, US based, multi- 
national company, manufacturing and 
marketing leading brands of Home Care, Insect 
Control and Auto Care products- Represented in 
over 50 countries, the company has had a 
presence in the Russian market over the past 2 
years. Initial success requires the establishment 
of a Russian Sales and Marketing subsidiary in 
St. Petersburg with a branch office in Moscow as 
a start to a large scale operation. 

The National Sales Manager 
will be responsible for building 
and managing a countrywide 
sales organisation, developing 


US $ Excellent Package 

relevant distribution channels and 
establishing effective merchandising practices. 
The successful applicant will have solid 
experience of sales and marketing in the 
FMCG sector, an in-depth knowledge of the 
Russian market and speak fluent English and 
good Russian. The position offers an 
opportunity to dirert rapid sales growth and 
develop the skills required to pursue a 
General Management career in an FMCG 
mul ti-na tional 




GKR NEUMANN 




If you are interested in this 
international career please apply 
to our Management Consultants. 


MANAGEMENT CONSULTANTS 

H. NEUMANN INTERNATIONAL, CENTRAL & EASTERN EUROPE. 
MANAGEMENT CONSULTANTS. ESCHENBACHGA5SE 1 1, A- 10 10 ViljNNA 



BANKING FINANCE & GENERAL APPOINTMENTS 


Leading International Australian Bank 

®FFQ©H TENIA©© 1 ST STAFF 


SWAPS, OPTIONS, FOREIGN EXCHANGE AND MARKETING 

A major Australian Bank plans to expand its current activities in the European markets 
and now has a requirement for up to five high calibre and high potential front office 
treasury staff with a minimum of two years quality experience to join its Swaps, 
Options, Foreign Exchange and Marketing Group. 

Essential qualities include strong mathematical and computer skills, a good understanding 
of financial markets, good interpersonal abilities and a willingness to contribute to the 
farther development of a successful team. Willingness to undertake overseas travel is 
essential. The Bank is expecting an immediate contribution from all staff appointed and 
proven dealing or sales and structuring skills would be an advantage. 

The Bank is committed to ongoing career development and training and will recognise and 
reward achievement. The remuneration package offered will depend on the experience, 
potential and ability of successful applicants. 

If you have the necessary ambition please write to the address below, enclosing your 
curriculum vitae and your current remuneration package. 

Box A2081, Financial Times, 

One Southwark Bridge , London SE1 9HL 


vs 




Our Client, a highly successful City based International Investment Bank is seeking a 

COMPLIANCE MANAGER 


Attractive Package with Banking Benefits 


City 


You will need to be con' 

Stock Exchange. In addition 
Eurobond House. 

A recognised legal, or pre 
required to enable you to re la 
modem financial products 
report directly to the Head 
maintenance of a compliance m 
business. 

Probably aged in your late 2KT 
enhance and develop your futyi^ 


^current regulatory iequiremertnof SFA, IMRO, LIFFE, ISMA and the London 
s ess a broad knowledacwBfclear understanding of the workings of a major 


mt communication and interpersonal skills are 
s areas within the organisation. Knowledge of 
le to work on your own initiative, you would 
^UiticSaMflujd include the development and 
i being met at all levels of the 


titi 




p, will offer you a real opportunity to 


Interested applicants should write enclosing a current CV to: 
PMC Xnt Ltd, 4 Liberty Court; Bell Street; Reigate, Surrey, RH10 7JB 


Vienna Berlin Bratislava Budapest Sofia Warsaw London Dublin Moscow Prague Bucharest 

Personnel & Management Consulting International Limited 


Asia/Padfic 

Region 






Rochester 

Partnership Ltd 


Equity Analysts 

Our diem is a very high profile specialist broking firm in the Asia Pacific Region (excluding Japan). 
The organisation has a highly rated reputation for quality analysis. 

Further expansion requires five individuals to join the 30 strong research team based in Asia. 

Three positions are single country, two are regional 
Candidates must demonstrate: 

* A minimum of 3 years experience covering one of the following sectors: Conglomerates, 
banking, utilities, transportation, property and smaller companies. 

* A published research product. 

A highly competitive package plus full relocation expenses will be paid. 

Every analyst employed to date has seen their ranking rise dramatically within two years. 

Please send detailed Curriculum Vitae quoting reference ADGM 610 to: 

Rochester Partnership Ltd, Executive Search and Selection, 31-45 Gresham Street, London 
EC2V 7DN. Tet 071 600 0101 Fax: 071 796 4233. 




MANAGING DIRECTOR 

Economic/Bosiness Development Consultancy. 

Salary to £50k plus perionnance-related bonus and can 

Greater London Enterprise is a successful, profitable economic development company in the ovmership^l ^ndmi 

boroughs, with core business in prtqjerty, venture capital and small business support service, o owuqg jwnqa 

of preliminary work aimed at more fully exploiting the economic development expertise of the oig^n _ . . 

been decided to proceed with a major expansion of activities into the field of specialist business ana 
services, aimed at public and private sector clients. The need now is to recruit a Managing Director up 

The successful candidate will have a thorough understanding of economic development issues, particularly*^ they 
relate to central government, local authorities, TECs and the European Union. Experience of leading, 
and implementing successful projects for such bodies is essential, as is a demonstrable ability to build up a t 
base in these sectors. Knowledge of development and training issues in Eastern Europe would be an advantage. 
Candidates should be educated to at least degree level or possess a relevant professional qualification. Competence 
in one or more European language would be a particular advantage. 

It is unlikely that anyone with less than five years relevant working experience would have the credibility to cany 
out the role. 

Applications should be sent with a full CV to: 

Miranda Taylor; Greater London Enterprise, 63/67 Newington Causeway, London SE1 6BD. 


The Top 
Opportunities 
Section 

Advertise your 
senior 

management 
positions 
to Europe's 
business 
readership. 
For information 
please contact: 

Philip 

Wrigley 

0718733351 




ASSOCIATION LIMITED 
WHA is an expanding and commercially minded organisa- 
tion that owns and manages over 7,000 residential properties 
in Ore South of England. 


Chief Executive 

Remuneration package of CJL70,000 
(including car option) 


Hie Bocrd it seeking an outstuxBog GHcf Executive to succeed John Drew who 
retires an 31 k October 1994. Gudkhres must be able so da&oume: 

• strong leadership and staff reuaganan akfib; 

♦ a successful senior ma nag e ment track record; 

* an ability to achieve both commercial and no&pcoflt objectives. 

Wc offer an exceUcxu remuncntloa package anti a stimulating working 
cn riro nmcnL 

For «n info r ma ti on peck sad a pp S c a rt onform p lease telephone 


HACAS 


071-6099491 or write toe 
HACAS ■BcrakflKOt, 
.North 


Road, London N79UP. 
An equal opportunities employer, dosing date; 6/bJufy. 




UK Equities Portfolio Manager 

Pension fund - blue chip multi-national 


London 

This large pension fund has enjoyed a strong track 
record in recent years due to the high calibre and 
excellent performance of its fund management 
team. 

An opportunity has been created for a talented UK 
Equities Portfolio Manager to join the company. 

Reporting to the Head of UK Equities as part of a 
small, experienced team, the appointed candidate 
will be given full accountability, within broad 
guidelines, for part of the UK Equities portfolio. 
He/she will also be expected to 
contribute to sector allocation policy. 

Candidates should be graduates, 
ideally in a numerate discipline. 



to £42,500 + J bonus + benefits 

A strongly analytical approach, intellectual rigour 
and numaacy are essential characteristics. 
Independence of thought must be complemented 
by a team-oriented approach. 

A minimum of two years' fund management . 
experience is required, but we could also be 
interested in candidates with a background in the 
accountancy profession or financial services, 
provided they have the qualities described above. 

Please send a full CV in confidence to GKRS at the 
address below, quoting reference 
number 296J on both letter and 
envelope; and including details of 
current remuneration. 


SEARCH & SELECTION 

CLAKEBELL HOUSE, 6 CORK STREET. LONDON W1X IPB, TEL: 071 287 2820 



EUROPEAN SALES TO US INSTITUTIONS 


£ 80 , 000 + 


NEW YORK 


A major international Bank with an established and highly successful Securities business is looking to recruit an 
additional European Equity Salesperson to join its US office. The European research product is concentrated and 
coordinated In London as well as using input from offices elsewhere in Europe. The operation benefits from 
strong primary business and cooperation with a well developed 0TC derivatives area. 

You will be an experienced Equity sales professional with In-depth knowledge of European Markets. It Is 
desirable that you already have experience of marketing to US institutional accounts. Candidates will need to be 
strong team players and have total commitment to providing the highest quality service possible to investors. 

This is an excellent opportunity for a young dynamic and ambitious individual to benefit from the first class 
reputation of this company and Its European business. 

Interested Individuals with the relevant skills should contact Miranda Scott/Nick Hudson enclosing a foil CV to 
the address below: 

Michelangelo Associates, International Search and Selection, 36 WhfteMan Street London ECAY arm 

Tel: 071 936 2857, Fax: 071 583 6531 

Please note that from Monday 27th June the address win be Austin Friara House, 2-6 Austin fttes London EC2N 2HE 

Tel: 071 972 0150 Fax: 071 972 0151 ' 


Michelangelo 


APPOINTMENTS 

WANTED 


FUTURESTOREKDERIVATIVES 

SALES A WIBKFTIWfi 

tt*4S.RDMFnreli.39rniaqMrtnn«dn 
tbs Co cttoai m Eorapec Carports & Hoo-Ba* 

Bifor ntirlBO, I am footing for i Oni Y«*r 
uslgnmsnt la preoaia your tctMtiss & 
prates id ay tsaMM contja*. 

flax ajw.flmod* Tina 
Ox Suajaa* Bridge Ln*}oeS&9M- 


MAJOR OPPORTUNITY IN FUND MANAGEMENT 

Channel Islands eexaussr 

Work in an exceptional environment with no travel problems and safety for the family 

An offending opfxMtanity odstsfor an «tabUshed fund manager with erperieneein 

developing and eiqraiyJijig a professional fund management deparirnent 

A competitive remuneration package is offered together with relocation assistance. 

Please write to: BmA20S4. FmaicuU Tmq. OnSauthmuk B rit.. i ~.j~. 5b > ?H1 _ 






FINANCIAL TIMES FRIDAY JUNE 24 1994 


25 


RECRUITMENT 


. r *j 






■- 1 •' r 4’ *f j 


X l 


’ ' * ’j , v«r ’ 
* : . . I ui^tl ; 



’ TL'TiONs 


Jobs: Frustrated commuters agonising about rail transport disruptions should consider working from home 

h 1 he dismBtinn ta Rritain'e f ■ 1 ® .4 1 i J 1 J ® A "B J 1 J ® _ 


T he disruption to Britain's 
railways by striking signal- 
ling staff seems as good an 
excuse as any to take a fresh look at 
the merits of teleworking. 

It may be that this form of 
employment comprises part of your 
working week already. A Depart- 
ment of Employment study in Feb- 
ruary found that one in 10 employ- 
ers had at least one home-based 
worker and BT has estimated that 
by 1995 2^5m people will be work- 
ing from home three days or more a 
week in the OK 

For the rest of os, it is perhaps 
one of those employment ideas 
has been shelved in the rainy day 
file to be pulled out, dusted down 
and re-examined with the toast and 
mar m alade as we face the prospect 
of lengthy traffic Queues on ^ way 
to work. 

The idea of teleworking is noth- 
ing new. The advent of the personal 
computer, modem and the Fax 
ma/rhinp make working from ho ma, 
in theory, a far more propo- 

sition. 

Information technlogy develop- 
ments accompanied by greater 
availability, quality, reliability and 
cheaper prices have led to increas- 
ing numbers of employees often 
deciding that there are different 
ways to organise their workloads. 
Noel Hodson, director of Strategic 


Time to let the train take the strain 


Woricstyles 2000, an Oxford-based 
teleworking consultancy, has stud- 
ied the prevalence of what he terms 
"tacit teleworking”, where it has 
been adopted almost unconsciously 
by employees outside the policies of 
their employers. 

When he investigated teleworking 
at the World Bank headquarters in 
Washington he was informed by its 
personnel department that it did 
not exist the r e. An inquiry among 
information technology specialists 
however, revealed they had estab- 
lished communications links for 
1,000 teleworkers a day. 

“This meant that the equivalent 
of 340.000 man-days a year were 
being worked outside formal 
systems. The personnel people were' 
rather cross when they found out, 0 
says Hodson. 

The spread of tacit teleworking is 
such that some organisations are 
unclear how many of their employ- 
ees are what might be termed “in 
station 0 at any one time. Dr Frank 
Becker at Cornell Uni v er s i ty carried 
out a survey of empty deSks in a 
number of companies and found 70 
percent nnstaffed in some offices. 

Teleworking often evolves natu- 


rally but it is sometimes triggered 
by an outside event. Within hours 
of the Los Angeles earthquake last 
year, thousands of telephone lines 
were being installed in peripheral 
offices allowing people to work out- 
side the city. In th«* UK, the immedi- 
ate stimulus may be transport prob- 
lems caused by industrial action 
but high office rents have also 
driven the trend. 

Digital, the US-based computer 
company, began Introducing tele- 
working among its employees six 
years ago: now 40 pm- cent of its 
4,000 UK workforce have modems or 
similar itrifcg for rising personal 
computers and other communica- 
tions equipment from home. 

The latest stage in developing the 
concept involved closing down Digi- 
tal’s Newmarket office in April. Hie 
office, which used to accommodate 
100 people, was replaced with a 
mna P tele-centre marmfri by wing 
staff and supporting 80 people work- 

mg ft. 

In-coming telephone calls 
are taken by the Newmarket or 
Welling offices and re-routed to peo- 
ple’s homes without the caller 
knowing that they are speaking to 


anyone outside an. ordinary office. 

Ian Christie, Digital's marketing 
manager for flexible work services, 
said the reorganisation was saving 
the company about a third of a mil- 
lion pounds a year on direct prop- 
erty costs and running costs. 

“Generally speaking the response 
has been very positive but it must 
be said that we have very few peo- 
ple who work five days a week from 
home. It is part of managers' 
responsibilities to have regular 
team meetings for which a 
three-line whip is essential, " he 
says. 

Teleworking has been criticised 
for divorcing employees from their 
normal social contact in the office 
but Christie argues that it can cre- 
ate greater contact If people ensure 
that they do not isolate themselves. 
“Instead of meeting the same faces 
around the coffee machine you 
make a much broader social circle." 

Christie says he often choses to 
work at Digital's head office in 
Reading deliberately to pick up 
those unexpected contacts or jobs 
that tend to materialise in the con- 
ventional office. 

Noel Hodson believes there Is a 


powerful economic argument for 
teleworking. He says that 18 per 
cent of all office time, the equiva- 
lent of almost a foil working day, is 
taken up with office politics. More- 
over, the time saved that would be 
normally spent commuting can be 
utilised for work. 

He says: “I used to spend four 
hours a day commuting from my 
home in Oxford to north London. 
That was the equivalent to half a 
working year." 

Hodson adds that the momentum 
for teleworking has grown mark- 
edly in the past year. He has just 
completed some research which 
concludes that teleworking is going 
to increase the number of jobs by 
promoting what he calls the “24- 
hour society”, already happening 
among some telephone sales organi- 
sations unrestricted by normal 
office hours. He estimates that 
equipping Europe with an “informa- 
tion super highway” adopting Inte- 
grated Services Digital Network 
lin y; — high quality compute: Tinic^ 
- and optic fibres allowing speedy 
/wnpntor co mmunications will cre- 
ate 3m jobs, although many of these 
may be outside Europe itself. 


A Henley Centre for Forecasting 
study suggested that 50 per cent of 
UK jobs overall could be teleworked 
and predicted that 15 per cent of all 
work could be sourced Iran home 
by the end of the century, equiva- 
lent to 33m jobs. 

These predictions may turn out to 
be over-enthusiastic because of the 
inherent resistance to working from 
home among many people and 
indeed some companies. 

These seem manifest in a number 
of anxieties. There is on Innate 
desire to be semi to be there and 
doing something. We dare not be 
away. It may not be an idle fear. 
Reading the other day about purges 
instigated by Mao Zedong during 
the Cultural Revolution it was 
noticeable how many party officials 
were denounced simply because 
they were absent at the time of 
meetings to discuss potential recal- 
citrants. Corporate Britain may feel 
far removed from this but office 
plotting is not unknown. 

So teleworking takes a certain 
hardiness and confidence. Why not 
try it? If you’re stuck at home, 
strike-bound and haven’t planned 
your day beforehand, it is probably 


already too late to maxi mal your 
time outside work. Hodson suggests 
an action plan for setting up a tele- 
working day: 

• Prepare two days work with all 
the fifes and stationary you need. 

• Organise a work area and make 
it clear to your family that this isn't 
a day off 

• Circulate telephone and Fax 
numbers and agree how often you 
need to stay in touch. 

Managers, he says, should ensure 
that not everyone is outside the 
office and should afterwards review 
the benefits or part-time telework- 
ing for the company. 

There Is a downside to telework- 
ing among people who find it diffi- 
cult to draw the line between work 
and home life. Parents find it hard 
to explain that they are not always 
available to their children. 

Often there Is also a tendency for 
people who cannot let go of their 
work to do too much. If you don't fit 
that description you might take 
another tip: turn the sound down 
on the TV when when you answer 
the telephone. The echo of tennis 
balls has a distinctive resonance. 

For more information ; Telework- 
ing Explained by Noel Hodson. pub- 
lished by Wiley and Sons, price £25. 

Richard Donkin 


Equity Capital Markets 

Excellent Salary & Benefits Package SW1 

Nikko Europe is the wholly owned subsidiary and European headquarters of 
Nikko Securities, one of the world's leading investment banking groups. The 
firm provides a global service in the underwriting, sales and trading of 
international equities, debt and derivatives. International equity distribution is an 
increasingly important and successful part of Nikko’s capital markets business. 

We axe seeking a highly motivated professional for a senior role in our equity 
capital markets team. The team is active in the international distribution of 
European equity offerings and the role will involve the marketing and execution 
of such transactions. 

The successful candidate is likely to: 

• be aged late 20s to mid 30s 

• have at least three years' corporate finance or capital markets experience 
with an equity product emphasis 

• have specific experience of privatisations or other major international equity 
offerings. 

• have strong marketing dulls and the ability to work successfully with clients 
at a high level . 

• have excellent oral and written communication skills 

Please send foil CV to AJastair Wood, Nikko Europe Pic, 55 Victoria Street, 
London SW1H 0EU or telephone 071-222 3583 (0635 37619 evenings/ 
weekends). Fax: 071-222 1492. 

Nikko Europe Pic 




LEOPOLD JOSEPH 


MERCHANT BANKERS 


DEPOSITS MANAGER 

circa £25 - 30,000 plus benefits 

There is an opportunity to join an expanding team in the Banking Department of a 
highly-regarded, quoted UK merchant bank. 

Leopold Joseph & Sons Limited now wishes to recruit a deposits manager to assist 
in the development and management of its customer deposit clients. Repotting to 
the Banking Director, the main challenge is to expand the bank’s deposit base 
among professional firms, smaller businesses and wealthy individuals. Key 
responsibilities will include developing and marketing innovative deposit services 
and managing a growing portfolio of deposit customers. 

Probably raid- 20s to mid 30s, with 5 years’ experience in UK retail banking, 
applicants should be educated to ‘A’ level, although preference will be given to 
ACLB qualified candidates and graduates. 

Write with fell CV to: Bridget Anderson, Personnel and Administration Manager, 
Leopold Joseph & Sons Limited, 29 Gresham Street, London EC2V 7EA. 

Member of IMRO 


r ARPOB^TMKNTS' 

'• Vi? . .WbtteaMy ATfeotftby 


* • • A • •{ • V. • * • , 

«* 4»w.v.. ... •• 

; ;*_ • y ■ • « 

r v \_V.- ' 

£,;y. c. • w : 

'■** .' ,1 

*-••• J. > ■ 

.• "v«,; i s - v..: : , .- 


SUTHERLAND & PARTNERS (EDINBURGH) LIMITED 

Senior Equity Dealer 


Negotiable City Package 


Edinburgh 


New role in highly regarded, independent, institutional broker. 
Excellent opportunity for experienced equity sales trader. 


L-'x ../--ixerejE 


kwV'-'V ■?*. 

P&BW*** 

[< ** •• a . 


THE COMPANY 

♦ Sutherland & Partners specialises in international 
equity broking, provision of in-house research and soft 
commission services to institutional diems. 

♦ Sole institutional broker headquartered in Scotland. 

♦ Share capital controlled by directors and senior 
management Successful and profitable. 

THE POSITION 

♦ Transact orders for UK and international equities on 
behalf of broking team. Help with fixed interest desk if 
required. 

♦ Develop business from own mainstream clients. 


♦ Key member of highly professional and experienced 
team. Report directly to Head of Equities. 

QUALIFICATIONS 

+- Aged 30+, determined, numerate self-starter with 
minimum of ten years experience. Registered 
Representative of Stock Exchange. 

<► Probably a dealer from an agency broker or merchant 
bank or a sales trader from an integrated house. 

♦ Excellent team player, energetic, enthusiastic and 
performance driven. Keen to live in Scotland. 


: v. * ; ,v ;• 

•; 


Please send fiiB cv, staling salary, ref CN24 1 6, to NBS, Victoria Chambers, 42 Frederick Street, Etfinburgh EH2 I EX 



NB SELECTION LTD 
iBNB Resources pic oooipiny 


ASSISTANT 

DIRECTORS/ 

MANAGERS 

City 

Exceptional 

Packages 

E l R O ! 1 I A \ c A P I T A I 


EDINBURGH 031 220 2400 
AbmJren 0224 6J80S0 » Birmingham 021 2U 4656 
Bristol 0272 291 142 • Glasgow 041 204 4334 
Leeds 0532 453830 * London 07 1 493 6392 
Manchester 0625 339953 • Stongh 0753 819227 


European Capital is an independent firm providing dedicated and competitive 
advisory and capital-raising services within the fields of corporate finance, project 
finance and trade finance. Its ability to structure complex financial transactions 
using high levels of expertise and professionalism has attracted an established 
base of clients. 

The firm started operation in August 1 990 and has grown steadily in size and 
profitability. To date the company has advised on transactions totalling over 
SI .6 billion. Continued expansion and success has resulted in the need for three 
key individuals within distinct areas of the business. 

ASSISTANT DIRECTOR, PROJECT FINANCE 

As a vital team member, you will assist in appraising the financial feasibility of 
projects, structuring complex financial security packages and negotiating project 
related contracts. You will have at least three years experience of working within 
a project and export finance environment where you will have developed first rate 
dient skills, Ref jA129 

ASSISTANT DIRECTOR, TRADE FINANCE 

This area structures and arranges transactions involving cross border trade, in 
particular, exports to emerging economies. Typical transactions include structuring 
“blended" export credits, financing short term trade receivables and syndicating 
project finance transactions. You will have a demonstrable record of success in a 
trade finance operation and the ability to manage a substantial portfolio. RefJAl30 

MANAGER, CORPORATE FINANCE 

This team provides advisory services covering debt and equity capital raising, 
acquisitions and disposals and strategic and regulatory advice. You will be a 
graduate, qualified accountant and/or MBA with a minimum of two years experience 
within a corporate/project finance environment. Knowledge of a second language 
would be useful. RefJA131 


Ail these roles offer the opportunity to work in a progressive and creative 
environment They will require strong marketing and business development skills 
as well as the ability to shine in a challenging and highly motivated team operation. 
Opportunities for equity participation will be available to successful candidates. 

interested candidates should contact John Axworthy on 071-629 4463 
(071-720 0613 evenings) quoting the appropriate reference. 

HARRISON & WILLIS 

SEARCH AND SELECTION PARTNERSHIP 

Cardinal House, 39-40 Albemarle St, London W1X 3FD. Fax: 071-491 4705 
LONDON • READING • GUILDFORD - ST ALBANS • BRISTOL - BIRMINGHAM 


GRANTS CONSULTANTS 

Eurofl was esta blished in 1960 and is the largest independent consultancy specialising in State Aids, EU 
Funding and legislation. . . 

Most clients are largo international businesses, operating, or intending to operate, within Europe. 

Our grants consultancy advises clients on securing EU and Government grants for capital investment 
and research and development projects. Eurofi publishes reference books on grants and EU legislation 
i nputting the "Guide to European Community Grants and Loans. 11 

ADDITIONAL CONSULTANTS ARE REQUIRED TO SUPPORT OUR GROWTH IN 
CONTINENTAL MARKETS AS WELL AS TO SUPPORT OUR UK. CONSULTANCY 
Candidates will be ambitious professionals, financially numerate, have a successful track record of 
advising major corporates and possess the maturity, confidence and communication skills necessary to 

deliver strategic advice at Board leveL 

The nature of the work requires mobility and a total commitment to providing the highest standard of 
service to clients. Fluency in at least two European langurs is preferred. 

Candidates are invited to send a cv and s u pporting letter to the: 

Chief Executive 

Eurofi House, 37 London Road, Newbury, Berkshire, RG13 UL 
Tel: 444 (0) 63531900 Fax: *44 (0) 63537370 


Equity and Debt 
Capital Markets 
— India 

Leading City Merchant Bank is 
seeking to appoint an Executive 
'to us India desk. Working within 
a team, your key responsibifirks 
wfD include marketing to clients 
and the preparation of trans- 
action documentation. 

A minimum of two yeas emerg- 
ing- markets corporate finance 
experience will be essential, 
ideally with direct experienc e of 
living and working in India. 

If you are interested in this 
position, and meet our criteria, 
pleare retd your curriculum vitae , 
by Wednesday 20 July to 

Box A2080, 

Financial Times, 

One Southwark Bridge, 
London SE19HL 


A first edassopportuntty to use your financial analyste/advlsory skills in a Mgh calibre professional team working on 
' major pan-European telecommunications projects 

cja“) INTERNATIONAL CONSULTANT 
TELECOMMUNICATIONS & FINANCE 

NETHERLANDS/BRUSSELS £60,000 - £90,000 p.a. 

Our client Is a highly-regarded and expanding Telecommunications Consultancy in the Netherlands, with an Impressive 
range of mufti-national clients in the Telecommunications, Government and Financial sectors built up over the last 
seven years. For the expansion of their international consultancy, they seek a Consultant, aged 35-45, with a relevant honours 
degree and/or MBA and at least 8 years' experience as a financial analyst and adviser on external project finance, feasibility 
studies and corporate finance activities in the tetecomimmkratioRS sector. The successful candidate wifi be a team player with 
excellent communication and EnterperaonaJ skSIs, who will be able to contribute expertise and advice on a wide range of issues, 
Including feasfoBity studies, M & A, privatisation and funding, which will be supported by our client's sophisticated financial 
modelling techniques. Important will be the presence, political and commercial awareness, commitment and the total (Secretion 
needed to work on Smultf-mDIton assignments. A keen awareness of, and an Interest In IT/telecomsAnedla convergence bends 
Is key. Fluent English Is essential and other European languages would be usefuL Initial salary is negotiable within the range 
£60,000 - £90,000 + benefits, and assistance with relocation expenses If necessaiyAppHcations In strict confidence under 
reference IC4981/FT in writing/fox to the Managing Director, CJA, or by telephone on direct line 071 588 3114 




FINANCIAL TIMES FRIDAY JUNE 24 I»* 


For an ambitious and entrepreneurial young finance professional,' this is an 
exceptional opportunity to develop your career in the rapidly evolving business 
arena of Central and Eastern Europe. One of the world’s most innovative investment 
banks, Bankers Trusr Identified the potential of this region at an early stage and 
already has a well established presence. 


Senior Asst. vc iat e 

nwM iiK'iir l>;mkinu - f'.;i>K - rn l-uropc 



Attractive Salary Package 


Budapest 


This two year appointment will provide you with a unique exposure to a broad 
range of financing and advisory work, involving full participation in both the 
nvwifffring and transaction of high profile deals for foreign and domestic corporates, 
fif tanrfeil nnd the Hungarian gnvanffleflt You’ll be part Of 3 Small, 

cohesive t****™, working in dose co-operation with other regional offices in Prague 
and Warsaw and our highly respected operations around the globe. 

A h i gh achieving graduate, aged ran* 20s and ideally with an MBA, you should have 
formal investment hank training and at least three yea r s’ experience in the corporate 
fman re arm of a him? chi p internation al firm. Your strong technical ski Os should be 
oofnhifwH with a good 1 of a wide range of advisory services and 

rap ft al marfrpfg twsf nwwnw; You must have the maturity and personal presence to 
your credibfliiy at t he most senior levels of industry and government. 
Hungarian or German language .drills would be a distinct advantage. 

Most importantly you must be keen to progress your career rapidly, by assuming 
parly nw^ pnnsih tTiry in an environment which is both srtmufarfrig and extremely 


To apply, pfease write with foil CY to James Haspd, Assistant Vice President 
Global Markets Homan Resources, Bankers Trust, 1 Appold Street, London 


EC2A2HE. 


El Bankers Trust 

EXCEPTIONAL PEOPLE 
ARE OUR FUTURE. 


FT/LES 

ECHOS 

The FT can help 
you reach additional 
business readers in 
France. Our link 
with the French 
business newspaper, 
Les Echos, gives 
you a unique 
recruitment 
advertising 
opportunity to 
capitalise on the 
FTs European 
readership and to 
further target the 
French business 
worlcLFor 

information on rates 
and further details 
please telephone: 
Philip Wrigley on 
071873 3351 




llciid of r,ommo<lil> oihI 
(liirmif) Options 


Our dk nt, a major market participant, has a 
requirement for an experienced high calibre OTC 
Options Specialist to assume responsibility for 
running to Currency and Commodity Options 
businesses. 


The successful applicant must have price m a k i n g 
experience combined with excellent risk 
management and business development skills as 
he/she will be required to co-ordlnatc and 


£90,000 base plus bonus 

artdpttu. h*. * devdop the In-house technical «pcrt« »nd 
high calibre OTC customer relationships in order to maxim 
res po nsi bi lity foe profitability and increase market share, 
umtxtity Options rbe rolc ^uid suit an innovative strategic 
thinker, currently running a successful Base or 
ave price i mH " g Precious Metals Energy and/or Currency Qptfon® 
excellent risk operation -or an ambitious num ber two, looking 
Jopment fMk as to join an organisation which recognises and 
co-ordinate and rew ards achievement. 


/\ 

EXCHANGE 

/ appointments 


Please caU Trisb CotUns to discuss the 
position in more detaiL 
Telephone: 071-929 2383 
Fax: 071-929 2805 


4tk Floor, No. I Royal Exchange Avenue, London EC3V 3LT. 


PHYSICAL COMMODITIES COMMODITY & FINANCIAL FUTURES FOREIGN EXCHANGE O PTIONS 


U.S. - BASED MONEY MANAGEMENT STORM 

is seeking three Pragjje-bucd equity securities amlysa 
to specialize in cent ra l European o ompanien and iiuitttt . 

The ideal candidate wM possess three yean experience doing analysis for 
so aggress i ve, growth-oriented money manager, an MBA and CFA. 
and fluency m both English and at least one regional language. 
Position will involve extensive travel throughout the region. 

Send confidential response* to Bex A2087, Financial Tbtucs, 

On* Sa mri Dr er k Bridge, London SEJ 9BL 


MAJOR US INVESTMENT HOUSE 
SENIOR MANAGER - GLOBAL DERIVATIVES OPERATIONS 


LONDON 


This forward rhtnfcitig organisation is a major player at the 
edge of derivatives. Its reputation has gone from strength to 
strength because of its highly Innovative approach, both in its 
business activities and related support functions. 

Career progression and expan s ion have created this unique 
opportunity in Operations. Reporting to the Deputy Head 
of Global Operations, the role involves direct management of 
up to fifty people. 

The brief is exciting and through close lialsan with Senior 
Management within the Front Office, Financial Control and IT 

depattwicrmt, riw wtawItiI nmKdot* will h* erepeerted rn mabi a 


major contribution to the strategic direction of Global Operations. 

The ideal candidate wQl be an all rounder with a proven oadc 

nennnri nf managing jwtplt-. ptnnw< and rimiy Creativity with 
assured interpersonal, conceptual and analytical skills are 
essential. 

We would like to talk to graduates with a scientific, or 
analytical degree, possibly with a farther qualification, who are 
currently employed in the Financial Sector. Ideally aged in your 
late 20s to early 30s, you will have had expos u re to derivative 
products, p referably gained in a dynamic operations environment 
ora consultancy firm. 


ROBERT WALTERS ASSOCIATES 


SUBSTANTIAL PACKAGE 


You will be hired if you can demonstrate the ability 
to succeed and the versatility to progress to bigger and broader 
responsibilities. 

The compensation package which involves substantial 
bonus potential, will be structured to attract the best 
possible candidate. 

Interested candidates should contact Benjamin Anderson 
at Robert Walters Associates on 071-379 3333 or 081-977 8607 
out of office bouts. Alternatively send or Etx an updated CV to him 
at Robert Woken Associates at 25 Bedford Street, Lond on , 
WC2E 9 HP or fax him on 071-915 8714. 



Charterhouse Tilney Securities Limited is seeking experienced 
smaller companies specialists to work within the institutional 
research and sales teams based in its Liverpool office. 
Applicants should be aged between 25 and 35 years educated to 
degree level, and should have at least three years’ stockbroking 
experience within this market. 

If you are interested in pursuing a career with one of the UK’s 
leading agency stockbrokers, please write enclosing a 
comprehensive CV to: 

Keith Robinson 

Charterhouse Tilney Securities Limited 
1 Paternoster Row 
St Paul's, London EC4M 7DH 


CHARTERHOUSE 


QUANTITATIVE 
FUND MANAGER 

A role calling for technical expertise 
complemented by strong communication skills 


Excellent b anking package + car - London 


Our dient is a highly regarded fond 
management company dedicated to the 
provision of advanced quantitative 
management techniques to institutional 
and retail cheats. Their success has 
been baaed on long-term p er for man ce 
and a high level of dient service. 

A position exists for a Quantitative Fund 
Manager who will manage key portfolio® 
and be involved In research and c&ent 


Kara exriting opportu n ity for a 


-4 


ENI0R 

0NSHIP MANAGERS 

Private Banking 




in foe management of equity portfolios 
(both active and passive). 


Asso 


Your technical expertise must be 
complemented by excellent 
f fl mm imifRtin n ^kilh. 

Are you ready to channel your 
knowledge and your expertise into a 
more rfiiwitoing and promising 
environment? If so, please write with a 
foil cv, quoting ret 902, to Alastair 
Lyon, Confidential Reply Handling 
Service, Associates m Advertising, 

5 St John's Lane, London EC1M 4BH. 


Applications wifi only be sent to this 
cheat but please indicate any company 
to which your details should not be 
forwarded. 


RTISING 


If you m Irt t rnl td 
fafindbgout 
monobaotMi 
plus 
farad your tv. to 
Jam Nakfa 
Senior ^vwonral 
OCar, Frivol* 
Banking Graqi, 
41 BaricahySquan, 
London W1X4NA. 


The Citibank Private Bonk is looking for experienced Senior Relationship 
Managers to develop and maintain dose business relationships wtih wealthy 
dtarrts in Saudi Arabia. 

Port of a select three- person team, you will play a k«y role in marketing the Private 
Bank's products and services - targeting clients with global financial assets. 

Acting as an offshore adviser, you w8f assist dients with asset deployment, 
including real estate acquisition, corporate finance, leveraging, trade services, 
emerging markets and treasury services. 

The rata will abo involve working dowdy with other m e mber s of the wider Middle 
East and Africa team bath in London, Geneva and New York Previous private 
banking experience would be pr e ferred; fluency in Arabic or familiarity with the 
Saudi market is essential. 

Previous applicants need not re-apply. 

THE CmBAN< PRIVATE BANK 


emBAMO 

Wm am ■ iyd ep M iflHea rapleyer 


FIXED INCOME FUND MANAGER 

An excellent opportunity has arisen for someone to develop their multi- 
currency fixed interest expertise within a specialist unit. The company 
concerned is of medium size, situated in the City, and is acting as 
managing agents for a number of mutual insurance companies. 

The ideal candidate will be a graduate with a minimum of three years 1 
relevant fund management experience and should possess good 
presentation and communication skills. 

Please apply, enclosing a copy of your CV, to: 

Hannah Schulze Personnel Director, 

Charles Taylor & Company Limited, __j7 CHARLES 

International House, 1 St Katharines Way, "M t a v r o o 

London El 9UN y iat lor 


Senior 
Performance 
Analyst 
London EC3 

Excellent Package 


Following the successful merger of ihe Allied 
Dunbar and Eagle Star investment teams, 
Thrcadneedle Asset Management is now one of the 
largest UR based investment management houses 
with approaching £30hn under management. 

Due to expansion of the Performance 
Measurement team, an exciting and high profile 
opportunity exists for a Senior Performance Analyst. 
Reporting to the Performance Manager, the 
successful candidate will probably hold a degree and 
have at least 2 years' experience in multi-currency 
uni wed and non-Hnked binds standard performance 
measurement procedures. They will also have a gmxl 
understanding of all the main investment tools, 
including derivatives. 

This role requires a disciplined and methodical 
approach to performance measurement, as well as 
sound presentation and influencing skills. The 
candidate will also be numerate, have extensive 
spreadsheet experience, a thorough knowledge of 
investment accounting principles and be a team 
player. 

In return we offer an attractive salary and 
benefits package including interest-free season ticket 
loatn, share option scheme, non-contributory 
pension, life assurance and health club membership. 

If you have these skills please send your CV to: 

. Richard Fuller, Senior Human Resources 
Officer, Thrcadneedle Asset Management Ltd, 
60 St Mary Axe, London EC3A 8JQ. 

Thrcadneedle Asset Management is committed 
to equal opportunities and welcomes applications 
from all sections of the community. 


Threadneedle 

Financial information is correct as at Slat December 1993. 


An exceptional oppohtumiy m Europe's 
HOST EXCITING EMERGMQ MARKET 




Tllldull hfinmCnf txby sxo. 

one of the fastest-growing providers of financial services to 
Institutional investors In the Czech Republic, seeks highly 
quaflfled eppOcants for the poeitlon of 

Semor Equities Analyst 

who wffl leech and direct a group of local financial analysts. The 
suoceesiU candidate wW be an experienced securities analyst 
with demonstrated ability to formulate and communleate first-rate 
recommends for International portfolio Investors, or wll have an 
outstanding record In a dosely related field, and is likely to hold 
an MBA or other advanced degree. 

TH8 position is based In Bmo, the second largest tity in the 
Czech Republic located within 2 hours of bath Prague and 
Vienna. 

We otter a complete expatriate remuneration package Inducting 
competWve base salary (An significant performance-rotated pay, 
company car, profit-sharing and bonuses; exceptional 
Independence, responsibility and challenge; and an exciting 
career move for financial professionals with interest In Europe? 
emerging markets. 

Interested candidates are Invited to send or tax a complete 
raaumA (CV) to 

Vllantik IViaoM us. 

Jostovs fi, 602 00 Bmo, Crach FtapuHe 
Td/finc +42AV42 21tS 40 


MARKET RESEARCH ANALYSTS 


qMolallsedlai 

• Information Tbchnol 


• Medical. 

On report-contract 


i i \ 

"■ i.' 




m v \ s v v- 


iapant’st* 
:rcker .dr 


\ \ 

.Mil 










27 





(> Senior 

H'mancE 

Analyst 
i"ndoii ECJ 




t'lidneec: 




FINANCIAL TIMES FRIDAY JUNE 24 1994 


W I CARR (FAR EAST) 
LONDON 




W I Carr, a leading international stockbroking 
house specialising in Asian Equities, is looking 
for a motivated individual to join its London tram 
to specialise in Thai equity sales. 

The candidate must have at least two years' 
exposure to the Thai equity market tmd have an 
in depth knowledge of the listed companies, 
economy and culture of Thailan d. This is likely to 
have been obtained from Thai specialist sales, 
research or fund management 

Remuneration will be attractive and competitive. 
Please send your CV to: 

Tricia Narang 
W I Carr (Far East) London 
122 Leadenhall Street, 

London, EC3V4QH 


BANK OF ENGLAND 
LEGAL UNIT 

The Bank of England's Legal Unit has a vacancy for a solicitor or 
banister with wide experience in the h«nWng and fi n a ncial services 
sectors. 

The position will involve close contact with the day-to-day work of 
the Banks supervisory and wholesale markets divirions in coqjtmctioa 
with other members of the Unit. • 

The successful candidate is likely to have a nrinjmnni of 10 yean' 
post -qualification experience and should have «mm finmfiarity with 
the regulatory environment A working knowledge of Community law 
would also be an advantage. 

The appointment would initially be made on the basis of a shart-term 
contract with the possibility of extension. Salary will be negotiable 
according to ex p e rienc e. 

Please apply in writing with a full CV to: 

Liz Carter-Evans 
Personnel Division (BB-I) 

Bank of England 

Threadneedle Street ^ . 

London BC2R8AH 
The Bank of England is an 

. Equal Opportunities Employer. * l,v J 


Ja pa nese-speaki ng 
broker/dealer 

On* of tha world's leading money-broldng companies wishes to 
appoint an efxrienced broker or dealer to maintain and dwdop key 
cBent relationships. This Mgh-prafSe, City-based rate requires a thorough 
understanding of tha Japanese language outture and customs. It wll also 
entail woricing as a broker on Yen products, so several yews’ experience 
in the foreign exchange or money markets is essential. 

An attractive salaiy and benefits package wll be avaflabte for the 
right candidate. Mena apply, enclosing fid ev (induding detail of 
present remuneration), to Media System. Garden House, dobras 
Business Centre, 8 Battersea Park Road, tendon SWB A8GC and quoting 
ref: 2027/FT on the envelope. Your appBcation wH be forawded cSrecdy 
to our client unless matted "security check" and noting separately any 
companies to which it should not be sent. 


GERMANY 
EQUITY SALES 

BNP Deutschland seeks experienced equity 
salesperson to service our UJC and U.S. clients. The 
position is based in Frankfnrt and will be 
competitively renummerated according to 
experience. Please answer in writing to: 

Banque Nationale de Paris 
SA Co. (Deutschland) OHG 
Attn: Mr. J&rgen Oridekel 
Postfach 17 01 53 
60323 Frankfurt aJVL 


ASSISTANT EDITOR 

lb £28,000 (AAE) + Benefits 

Unique opportunity for someone, English M/T, with editing 
experience to work within the research department of this blue- 
chip City based Securities House. Securities or financial 
journalism background. Numeracy, literacy, computer skills and 
keen eye for detail essential. Knowledge of Italian, Spanish or 
French also required. 


Tfcfc 071-734 3380/071-355 1975 


Ac 071-499 0568 


ALLIED DUNBAR 

cao offer outstanding opportunities to ambitious indxvjdoak interested in 
building a successful financial services career of their own. We will 
provide fiill mining and national marketing anpport. 

To find out more please write or telephone: Mike Crowe, Allied Dunbar 
Assurance, 79 Queen Anne's Gate, London SW1H 9BU. Tel 071 799 2252 


Operations Manager Commercial Banking 

n^inn h-sdniiBitEfed bank enaodtas ite branch network: in Lebanon wfatos 


ABenttbea 
lo recruit an 



CORRESPONDENT 

for Japanese newspaper 


To cover European economic now» am “ 

in Japanese. Pn gtish necessary. Mimnwia graduate standard or equivalent. 

Send CV tm Ms C Sigler, ffihon Kdzai Shimbun, BdilOflri HQ, Bmh 

Horae, NW Wing, AMwydl, LouAte WC2B 4PJ. 

Closing date: June 30, 1994 



With £37 billion In assets and still growing, Standard Life is a dear leader in 
the highly competitive flnam-tat services market. To help continue this 
we're looking for an individual who enjoys the challenge of working In a 
dynamic environment, to join our team. 

Part of a small team managing all money allocated to the US Equities 
market, you are the specialist whose information gathering and analysis on 
specific sectors and companies will enable you to make recommendations on 
sector and stock investments. You'll also meet regularly with companies and 
stock brokers as well as carrying out independent research. 

A highly numerate graduate, with 2-3 years' Investment industry 
experience, you will maximise investment performance by making 
recommendations on stock selection. 

Ideally, you should hold or be studying towards an OMR qualification, be 
analytical and able to communicate e ff ectively. 

We'll reward your commitment with a competitive salary, a generous range 
of benefits induding home purchase loan scheme, non-contributory pension 
and private medical cover. 

To apply, please write enclosing full career details, induding current salary, 
to: Kenneth Notman, Recruitment Officer, Standard Life Assurance Company, 
40-42 George Street, Edinburgh EH2 2LE. Please quote ref: 980/FT. 

Closing date for receipt of applications is 6 July 1994. 


STANDARD LIFE 


Senior Management 
— Position 

"""i LAE Based 

***** ■ We have been retained by a leading local bank in the United 

mmm A/a b Emirates (UAE) who are in the process of increasing its 
profile in the UAE to recruit a seasoned banker to provide 
overall direction to manage and control a// non-credit related 
day to day operations of its brandies in the UAE. 

• Reporting to the Chief Executive Officer, the selected candidate 
will be responsible for making a significant contribution in the 
areas of operational standards , control environment, customer 
service, operational economy and effectiveness, branch budgets 
and introduction of new products and services. As a key member 
of the senior management team, the selected candidate will also 
contribute to the bank's strategic and operating plan processes. 

• The ideal candidate will have ten years' relevant experience at 
appropriate senior levels. Working knowledge and use of information 
technology in a banking environment would be considered as an 
added advantage. The position offers attractive terms of employment, 
a generous salary and regular expatriate benefits. 

* Qualified candidates should forward a comprehensive cwrieuhun 
wfae induding salary history by mid /idy 1994 to Ref. PM3, Director of 
Recruitment and Human Resources , Ernst & Young, PO Box 136, Abu 
Dhabi, United Arab Emirates, fax No, 010-9712-342968. We will respond 
to shortlisted candidates -mdy witlm two weeks of the dosing date. 

st Ernst &Young 


FUND MANAGER 

European Equities 


City Attractive Package 

Our client Lb part oE a major investment Institution managing 
International mandates for North American Institutional clients. The 
company has enjoyed considerable growth hi recent years and In line 
with continued expansion an analyst/ftmd manager Is now required to 
strengthen the European team. 

The role will involve the detailed analysis of companies in a number of 
European markets which forms the basis for the key stock selection 
decisions for portfolios. In addition to regular travel to the region there 
wfl] be client contact and potential Involvement in new business 
presentations. 

Candidates should be graduates, Ideally with a further professional 
qualification (DMR or equivalent) and sweral years relevant analytical 
experience gained either hr fund management or In a broking house. 
Ex ce ll en t communication skills and strong team spirit are essential 
qualities. Fluency In a European lan g ua g e would be an advantage. 

For an Initial discussion in confidence please con tact us quoting 
reference 4965 at 20 Cousin Lane, London EC4R 3TE. Telephone 
071-236 7307 or Fax 071-489 1130. 


STEPHENS 

SELECTION 


I simsns group conhjuakct i 

Htite* MtwYocfc IIhm f— «l 


INTERNATIONAL DEVELOPMENT CONSULTING OPPORTUNITIES 

DFC is a private consultancy firm with offices in London, Barcelona, Madrid and Paris, providing 
advisory services woridvrids, with an emphas i s In Eastern Europe mid the CIS. Our assignments me 
frequently funded by the World Bank, the European Union, the European Bank for Reconstruction and 
Development and the Regional Development Banks. 

We are seeking to extend our database of experienced consultants for short and long-term 
assignments. Excefent presentation and report writing in English are required; fluency in a second 
language wfl be highly re g arded; previous woricing experience ki Eastern and Central Europe and the 
CIS would be advantageous. Candidates with experience hi the areas noted below are Invited to send a 
totaled curriculum vitas to: Ms. Monica IdwsWones, DFC Ltd., Grosvenor House. 141/143 Drery Lane, 
London WC2B STD, Fax: (071) 379 4931. 


O Bank Restructuring 
O PcrtfaBo Review and CredttPraoewes 
O Capital Markets 
O Development Ftoanoe 
O Privatisation 

O TedmlcaUEnglneeting Analysis 
of Investment Projects 


O Bank RegriMlon and Supervision 
O Institution Strengthening 
O Information Systems In HnancW Institutions 
O Small & Modhsn E n terprise Development 
O Public Sector Financial Management 

O Industrial Restructuring 
O Conducting training in these fields 


European Fund Manager 

A chance to use your analytical skills as a country specialist 
and implement sector and stock strategy 


Excellent package • City based 


Our cBentis the corporate and investment 
banking arm crfamajorfinancia] services 
group. 

Thqy are now seeking to reinforce their 
European Equities team wfch a Rmd Manager 


in specific countries, recommend strategy at 

wyfrw and atnrlf^idnng level, wp pU n m nt 

those strategies vrithia the framework of a top- 
down approach. 

This is a chaHenjjmg role which combines 
research and analysis with responsibility 
for fund pt-rft yrnanf o 

The emphasis is wry much on co-operative 
tea mwo rk, with members of the team assisting 
each other in the development of their stock 
selection process whilst individually acting 
as specialist for up to three assigned 
countries. 

lb join the team you may be a Betfmotivated 
a na l y st wh o has some fond management 


Associ 


exposure but a strong desire for more; or you 
could already be a European Fond Manager 
who wants to combine analysis and portfolio 
management with a focus on specific 
countries. Either way. you will be HMR 
qualified Cm equivalent) and have a three to 
five year track record in a hind management 

environment, ideally with proven skills in 
stock-picking. If you have a command of 
another European langtuge it will certainly 
come into play, as wfl] good presentation skills. 

For the right individual a competitive 
ba nk i n g package and excellent career 
development prospects are on offer. To apply, 
please write enclosing a lull CV, quoting 
ret 903, to Alastair Lyon. Confidential Reply 
Handling Service, Associates in Advertising, 

5 St John’s Lane, London EC1M 4BH. 
Applications wfl] only be sent to this diem 
but please indicate any company to which 
your details should not be forwarded. 


TISING 



A 

Ireland 1 ! prS§B§ji>ji£| 
with exfooponal son 

Sheer char we’re now i 


XLary -kCar + Benefits. . . . 

t _ itfaai of over £15 billion worldwide, the Bank of 

j^^iS^belief in combining professional modem banking 

vice. ^0 :7,\ y . 

for providing. die nafoajjsranu accounting 
standards of stuqngic management. It's 

n our UK senior appointing a highly 

services under your -responsibility will 


\ 


cover financial pKmtt®Tm^eW»c^ffi®and risk analysis, regulatory reporting, project evaluation 
and market/comperitor analysis. A key. requirement of the role will be to lead and develop the unit in 
order to provide senior and line manag e * * with high quality advice and information. In doing so, you 
would be to utilise a wide range of technology and systems applications. 

Either a qualified accountant (ideally with a clearing-bank background] or holding a similar 
professional qualification, you should essentially combine a thorough u n d er sta n ding of financial MIS 
with excellent inraipeoona} skills, the ability to manage deadlines and proven qualities of commitment, 
initiative and Icadexship- 

if this is a challenge to bring out the best in you, then. In return you can expect a highly attractive salary 
and a generous range of benefits, including company am private healthcare, pension scheme, subsidised 
mortgage and performance related incentives. Success will naturally create excellent scope for further 
professional development. 

Initially please write, enclosing your foil 04 kk 

Eithne Andiron, Personnel Department, Bank of Ireland, 34 High Street, Slough, SL1 I ED. 


Bank or Ireland 

Bank of Ireland - incorporated in Ireland with limited liability. 


FINANCIAL SERVICES REGULATION 

Investment Management - Monitoring City 


IMRO - Investment Management 
Regulatory Organisation Limited - sets, 
monitors and enforces standards of 
investor protection for a diverse 
Membership, including fund managers, 
unit trust managers, pension fund 
managers, venture capital companies, 
banks and trustee companies. 

IMRO’s monitoring function is 
responsible for promoting high 
standards among its Membership; and 
supervising them in order to Identify 
and correct instances where investors 
may be at risk or wbere IMRO's 
standards are not being observed. 

We now require additional monitoring 
staff. Candidates should have 
experience In one or more of the 
following: regulation; unit trusts; 
derivatives and hedged funds; 
investment management; investment 


administration; compliance ;or financial 
services auditing. AH applicants should 
have an enquiring, analytical mind, a 
high level of Interpersonal and 
communication skills, and a 
commitment to investor protection. 

A fully competitive remuneration 
packages will be offered, including 
non-contributory pension and life 
assurance. There are excellent 
opportunities for further progression, 
based on performance. 

Please write (under confidential 
cover) with a curriculum vitae, 
including salary, and state your 
reasons for applying and how you 
meet our requirements, to: Robert 
Charleston, Head of Personnel, IMRO, 
BroadwaJk House, 6 Appold Street, 
London EC2A 2AA. Please quote 
reference number MM94/06. 



Graduate (28) of At London School of 
Hmnnmfpt (MjSc) sad Uwvtwity Of 
Chka gc (M& A.) redan 
pOflItlOT *3 Ml 

Executive Assistant 
to a Managing 
DiRECTOR/ENISEPBENeUS 

HnlA 

md US. Gnat end. Will travel 
sstrasrefy and/or relocate woddwidc. 

Ffcrao write to Box A2063, Finudal 
Times, Ono Sorehwxrk Bridge, 
Leaden SE1 mi. 


LUTTER CONSULTANTS INTERNATIONAL 
LUXEMBOURG. 

Wb are an important agency specialised in Hie banking and 
financial fields. We are seeking to recruit for our London agency a 

SENIOR CONSULTANT 

The successful carxfldate should be a high Isvel banking graduate 
aware of the different international banking fields. We expect the 
successful candidate to fold applicants to AS top positions in the 
European financial market 

Please address your appfications induding C.V., photo and state 
the salary you require to: 

Lutter Consultants International 

Attn: Miss Lemafre, 3 Rue De Strasbourg, L2S61 Luxembourg 
interviews wi be held In London 









28 


FINANCIAL TIMIsS FRIDAY JUNE 24 IW4 


Credit Suisse Financial Products 


LAWYER 


LONDON 


^EXCEPTIONAL PACKAGE 


An English AAA - rated bank, Credit Suisse Financial Products is 
pre-eminent in the competitive and dynamic area of providing 
comprehensiv e ride management and derivative product services. 
Headquartered In London, it s e rv i ces the requirements of its 
pre st i gi o u s worldwide cBcnt base, offering a fiiH range of interest 
rate, currency, equity and commodity related products. 

A senior position has arisen for a qualified lawyer to join the 
highly respected legal department at Vice President Level. 

The successful candidate will have a minimum of 4 years' 
pose qualification experience predominantly in the field of 
advanced OTC derivatives, gained at an Internationally respected 
bank, securities house or a major city practice. 


Candidates must clearly demonstrate ‘hands on” 
transactional experience. The portfolio of work is both broad 
and challenging, covering all the major OTC derivatives' 
disciplines including structured and collateralised transactions 
of all types, equities, commodities and ancillaty areas. A general 
understanding of legal issues rotating to the derivatives industry 
is required. 

Given the breadth and seniority of the role, a wide variety 
of drafting and negotiating skills are essential. There will be 
considerable liaison with senior banking professionals both 
internally and externally. The working env iro nment Is excellcnc 
the support facilities are aptly described as ‘ Scat e-of<he- Art’. 


ROBERT WAITERS ASSOCIATES 


Naturally your significant contribution will be property 
recognised. The remuneration package is outstanding and will 
include an excellent base salary, pe rfo r m ance related bonus, 
subsidised mortgage, car or allowance, In-housc health Club 
and other banking benefits. 

If this position is of interest and you would like to 
find out further information on a confidential and informal 
basis please contact Deborah. Klrkman on 071-379 3333 
(confidential fax 071-915 8714). or write to her at 
Robert Walters Associates at 25 Bedford Street, London, 
WC2E9HP. 


Emerging Markets 

Equity Aoalyst/Portfolio Manager 

company in business since »***» * «« *— 

management. .. ■ 

♦ W. n looto* te « ' si:p0rt . W “ 

least 2-3 years experience u» emerging marked wcwr » 

complement our international team. 

. TT,. enxriencc should haw been gained ns a ttsanih 
or iovcMcm rn.oj.gcr, ideally in >»■«> A»ian and IJ.(I« 

American markets, although this is not a prcrequiMlc. 

♦ Strong .endemic mid profeBunil qualitalnu.. retrod, 
preferably CPA level or equivalent 

O The successful candidate will work in a ‘«mb»*d 
environment helping M create a global Strategy and cnctsfe 
market allocation. . . 

Applicants should submit a resume and compensation 

requirements to the address below. 

phone 

Director of Human Resources 
Staltdish, Ayer St Wood, foe, 

One Financial Center, Boston, MAG2 11 1 . . 

Stanefish. Ayer & Wood. Inc. w 4 n eNjoal oppommuy cmptojvt 


TAX EFFECTIVE FINANCE 


CITY 


^EXCELLENT + BONUS + BENEFITS 


The ideal candidate will have the following profile: 
professionally qualified with at least 2 years' product 
experience in a financial services environment. Bankers with 
relevant tax based finance exp e ri ence will abo be considered, 
a good understanding of international tax regulations and 
their impact on financing structures. 


Our client is the investment banking arm. of a strongly rated. Reporting to the Unit Head, the role will include: 

leading US Bank with a worldwide network and a well • the development, marketing and closing of innovative tax 
established franchise. based financing products. 

Within the global capital markets business, the Tax • assisting in the evaluation and modelling of produces as port of 
Effective finance group has experienced rapid expansion and is the marketing process. 

now seeking to recruit an additional professional for this high • advising on the tax implications of proposed transactions, 
profile ‘front office' team. • close co-operation with other product areas including • a lateral thinker with first class communication skills, a high 

This clearly represents an outstanding opportunity for Securitisation and Private Placements, providing tax input into level of numeracy and capable of working autonomously in 

an ambitious Individual. cross-border arbitrages. a deal-driven environment. 

Interested applicants should contact Davkl Burton on 071-679 3333 (fox 071-915 8714) or write to Mm enclosing a CV to Robert Walters Associates, 25 Bedford Street, London, WC2E9HP. 


ROBERT WALTERS ASSOCIATES 


TAKE 

PRECISE AIM 


TARGET 

THE 

BEST 


By /■/..*< ist; \ til'll nr.rtir! r\!r\ ' 
Mivrin i'i:\u:x r is nir Fis.xscim. s ’ ■ 
m \> /use :rn. wtiKi.n’s nt sisi s- c «;»; v- 

For information on mim tistn:; ;r 
Hi is aation fiirtisr rafl; 

Phi! ip Wriplov on 07 1 -S7.‘ » Tl.">l 
Andrew SUaivvnski on 07I-ST.'J »0‘> ! 
(laroth -font's on 071-S715 .’>77ti 


Research Analyst 

Excellent opportunity for a quantitatively-orientated 
analyst to join a leading fund management house 


Our client, a progressive fund management 
organisation with over £20 billion under 
management is currently undergoing a period of 
expansion. As a result, a new position has been 
created within the Research Team, 

The Research Team provides information for 
the determination of investment strategy. The . 
Research Analyst will assist this function in 
a number of areas including analysis of client risk 
profiles and the provision of detailed forecasts for 
senior management. In addition, the analyst will 
formulate proposals for the application of 
derivative products in both new product 
development and portfolio management. 


Candidates should be graduates with a strong 
mathematics background and possess between three 
and five years investment management experience 
including some knowledge of derivative products. 

The successful candidate will be an. intelligent, 
adaptable, numerate team player who is seeking a 
challenging opportunity to increase their exposure and 
influence in a large fond management organisation. 

For further information, please contact Elizabeth 
Bancroft or Paul Wilson on 071 831 2000 or 
write to them, enclosing a foil curriculum vitae at 
Michael Page City, Page House, 39-41 Parker St, 
London WC2B 5LH. Fax: 071 405 9649. 


Michael Page City 

International RccniiancnC Consultants 

London Pin Amsterdam DtMeUarf Sydney 


APPC9OTMENES 

ADVEKI1SING. 

appears in the UK 
. edition every 
... "Wednesday & 
Thursday 
and in the Inte rnational 
edition every .Friday 

Forfnrtherinfbnnation 
please call: 7 

. : Gareth Joses ' j 
dot 971.873 3779 if * . 

Andrew Sku^os&v 
> on 0718734054 ^ 

: . Pbffip Wrfgtey. v V 


II Klesch & Company Limited 

As a consequence of continuing growth in the European 
distressed and illiquid financial markets, we are expanding our. 
trading room capabilities by the appointment of a: 

SENIOR SALESPERSON 


4* Candidates should have a minimum of 5 years ? 

experience in selling financial instruments preferably 
with some experience In selling complex, illquld or 
distressed products 

❖ Backed by a very high quality research capability, the 

candidate will be joining a specialist team selling 
distressed financial instruments, including bank loans, 
bonds and other creditor claims to institutional 
investors- 

The successful candidate will be working in a highly focused 
entrepreneurial environment and will be expected to display 
considerable initiative and tenacity. An attractive remuneration 
package will be available for the right candidate. 

To apply, please write, enclosing a lull C.V. to: Ed Home, Klesch 
& Company Limited, 4 Duke Sheet, London, W1M 5AA_ 

Member of FIMBRA 





H- " - V-. if) 

' . -• « ■ ; * ?- • , - w 






WHAT DO OUR CLIENTS SEE IN YOU? A powerful ally in a competitive 
world. A fond of knowledge and advice on investment performance. An 
Informed reply to a difficult question. 

Part of a team of six marketing our investment expertise you'll act as the 
interface between the investment department and our customers including 
pension fond clients. You'll have an authoritative grasp of investment markets, 
current economic data and company news, and be able to communicate with 
enthusiasm to others about Standard Life's investment performance and views. 

You will have been educated to degree standard. You will have a knowledge 
of fond management combined with outstanding interpersonal and 
communication skills. Previous experience in a similar or related area would be 
invaluable. 

The |ob requires commitment, the ability to meet tight d eadlin es and 
considerable travel throughout the UK. 

The reward package includes a competitive salary and a generous range of 
benefits Including home purchase loan scheme, non-contributory petition and 
private medical cover. 

Please write enclosing foil career details, Including current salary, to: 
Kenneth Notman, Recruitment Officer, Standard Life Assurance Company, 4042 
George Street, Edinburgh EH2 2LE, Please quote ref: 986/FT. 

Closing date for receipt of applications is 6 July 1994. 



STANDARD LIFE 


mvBSTO*wr*ow 


C ONTROL 


ASSOCIATES 


Management Consultants 
Serving The Financial Community . 

C Sty based Managmeaent Consultancy, require Securiti e s Specialists at all 
levels, with a bias towards Back Office and Operations, to work in a number 
of assign meats. Candidates may be from either Stockbroking, Banking, 
Custodian, Investment Managment or Accounting backgrounds. 

GLOBAL CUSTODY - OPERATIONS 

Experienced professionals required for new and ongoing projects In this 
area. You should be technically strong, a good problem solver, able to use 
your initiative, hardworking and diligent At least 2 years experience in any 
of the following areas is necessary: 


Global Securities Setfloaera 

Global Dmdenda/Coqwrate Actions 
Multi-Currency Stock Reconciliation 


Portfolio Administration 
FX Trade Pro c essing 
Problem Research 
and Investigation 


GLOBAL CUSTODY - CLIENT SERVICES 

Individuals required to work in this longing and exciting ass ign m ent, set 
In a young, client driven environment . You should possess good 
oommunicatiou skills, accuracy, an analytical mind and be a team player. At 
least 2 yean experience in any of Ibc following areas is desirable: 


Global Securities Settlement 
Global DividemWOorporate Actions 


* Multi-Currency 
Portfolio Accounting 

* Client Liaison and 
Reporting 


Interested applicants please contact Control Associates on 071 929 5252, 
alternatively send your Curriculum Vitaae to Alex Hi odoian at our address: 

Guild House 

36 - 38 Fendmrdh Street 

London EC3M3DQ 

or fox us in confidence on 071 283 4466 


FOX-PITT, KELTON 

BANKS / INSURANCE EQUITY RESEARCH 

Fox-Pitt, Ketton is an Independently-owned stockbroking and investment banking firm 
which enjoys an unrivalled reputation for its specialist investment research In the 
European and US insurance and banking sectors. We are currently seeking two junior 
analysts to join our European team. Candidates should have: 

• preferably, but not necessarily, a background In Investment research or 
strategic^ nantial/actuarial experience within the insurance/banking industries 

• a good degree and possibly a business or professional qualification 

• a high degree of fluency in business-based computer applications 

A European language other than English would be an advantage. 

Remuneration, including performance-related bonus, will be competitive. Substantial 
professional development potential exists in an informal but highly demanding 
environment ® 

A full C.V. should be sent to Lexa Hunt, Fox-Pitt, Kefton Ltd, 35 Wilson Street London 
EC2M 2SJ. 

Fox-Pitt, Ketton United is a member of The Securities and Futures Authority 


European Business 
Consultants 

3Sk la -tSk+facdbat Fade** 


QaM arntfsaj seda expctfcmd taako 
wim heaWadfoailkatli 
lOyaPwfrn I tapara Purr ing. Hari ri 

ntwwiinj ijqninotofa& 

Hnrkl I wilftriiiBi O m ionfl ial n^Gowl 
rnvn w iw>iai>i a— g uahuii K i— - 
(GnMhwtacUbriathte 
Ffc»e wife la RecMfc UmU M Carapto* 
batten* LU./Urkalkw, 6«8 Kk&«ty. 


appointments wanted 


WANTED OPENING IN CITY 

For highly motivated ambitious bright individual 
Tri lingucai - English, French. Italian 
Good computer skills, mathematical and science background. 
Currently in sales position but looking 
togain financial experience, keen to learn. 

Any position and salary considered. 

Tel (H tome) 081-995 4645 or 

_ Write Box AWL Financial Times. 

One Southwark Bridge. London SEI 9HL. 


► 








29 


' \l 

.. ‘' :r k 


FINANCIAL TIMES FRIDAY JUNE 24 1994 



TAfiGfJ 

aas 

BEST 1 


**W Mcmtwn 



mmvmm 

•••tWttlTH 


ACCOUNTANCY COLUMN 


Independence not a suitable case for treatment 

Walter Schuetze discusses the tensions he sees between companies and their auditors on this issue 


A s chief accountant of the US 
Securities and Exchange Ccm- 
ntfssian, I want to raise a mat- 
ter that 1 have found personally very 
troubling: the issue of auditor inde- 
pendence. 

The co mmis si o n has stated repeat- 
edly that the independence of audi- 
tors, both in appearance and in ftw* . 
is crucial to the credibility of finan- 
cial reporttag and to the capital for- 
mation process. 

Independence is an abstract con- 
cept, and it is difficult to define either 
generally or in its peculiar application 
to the certified public accountant. 
Essential l y it is a state of miwH it is 
partly s ynonymous with honesty, 
integrity, courage and character. 

Objective standards of indepen- 
dence have been introduced into the 
accountancy profession's ethical 
codes. It is not e n oug h for members to 
do what they think is right. They 
must also avoid behaviour which 
could lead to an jnftyr e nry that they 
mi g ht be subject to improper influ- 
ences. The profession most be like 
Caesar's wife. To be suspected is 
almost as bad as to be convicted. 

One issue that, has vexed and bewil- 
dered me since I mmp to the commis- 
sion two years ago is that of auditors 
not Btandrng up to their chants on 
financial acco unting and reporting 
issues when their clients take a posi- 
tion that is, at best, not supported in 
the accounting literature or, at worst, 
directly contrary to mriutf iig account 
tag pronouncements. 

To me, auditors giving way to their 
clients or subordinating their views to 
their clients', raises a nasty issue 
about independence, both in appear- 


ance and in fact. In my opinion, an 
auditor’s independence is jeopardised 
as much by his or ha subordinating 
judgment about a financial account- 
ing and reporting issue as it is by 
investing in securities issued by a cli- 
ent, loaning money to a client, or bar- 
rowing money from a client - perhaps 
even more so. 

At least insofar as money matters 
are concerned, if there were disclo- 
sure to the investor about that fact, 
then the investor would he an notice 
and could be guided by the facts, 
although I would definitely not advo- 
cate such an approach. 

Not so with the subordinated judg- 
ment, which is tncidimiq There is no 
way to communicate impaired or col- 
oured Judgment. No disclosure about 
it ever could be complete, or be 
trusted. Nor is there any way for an 
investor to maka judgments about the 
effect of impaired judgment on the 
part of the auditor. 

It is true that many new and com- 
plex issues reach my desk because 
there is an honest difference of opin- 
ion based on well-reasoned positions 
on all sides. In these cases, the staff 
works with the registrants and their 
auditors to resolve those issues 
through discussion, analy sis of analo- 
gous li t er at u re, and comp r omise in 
many cases. Addressing tbww kinds 
Of iSSUeS is a and fatgr esk 

tag part of my job, and I encourage 
registrants and their auditors to con- 
tinue to bring these issues to the staff. 

I also am a w ar e (because I worked 
in public practice for many years) of 

the thrwigflnrk of rinririnrus that are 

made by auditors in their work where 
they insis t on ad Dustinsats to finan- 


cial statements that reduce net assets 
and income, or otherwise insist on 

frnanrial s tatement reporting and dig. 
closures that of their 

client s would rather not make - norm 
of which is ever publicised. 

However, there have been too many 
times when accounting arguments 
made by registrants lack any reason- 
able foundation wtiH, without Tymg 
able to rite any authoritative support 
for the registrant’s position, the audi- 
tor has acquiesced. 

In the last two years, many such 
proposals have readied us from regis- 
trants and their auditors. And they 
are not supported by just an engage- 
ment partner m a firm without con- 
saltation within the fi™, but by part- 
ners from the national offices of the 
firms as wefl. 

T ake the airline company which, 
with the support of its current 
and replacement auditors, pro- 
posed to classify as a current asset at 
the most recent balance sheet date 
the portion of the deferred costs on 
aircraft overhaul that were to be 
amortised to ex panse in the next year. 
Or the company that proposed to 
report an adjustment to tax liabilities 
that it discovered had been undo- 
stated in a business it bought; not in 
its income statement in periods prior 
to the business f-nmhfnfltiqn, hot in 
the adjustments arising in purchase 

It also appears to me that accoun- 
tants may have become cheerleaders 
for their clients on the issue of 
accounting for stock options issued to 
employees. In 1378, six of the then Big 
Eight accounting firms wrote to the 


Financial Accounting Standards 
Board suggesting that it should recon- 
sider the accounting rules for stock 
options granted to employees. 

In 1984 and 1985. when the FASB 
began reconsidering the issue, all but 
one of the Big Eight wrote supporting 
both a reconsideration, of the yewymt. 
tag rules and a charge to compensa- 
tion cost/expense for all options 
granted to employees. 

Bat, in February 1998, even before 
the FASB issued its exposure draft on 
the subject an June 30 1993, all of the 
Big Six accounting firms joined forces 
with certain members of industry and 
a group of users to recommend to the 
FASB that there be no formal recogni- 
tion for the cost of stock options. 

The firing did not offer an explana. 
tion for their nhang e of mind. Anyone 
could change their mind; I have done 
so cm several accounting issues over 
the years. But I think the public 
deserves an acknowledgemmrt by the 
firms and the reason why. 

Such a change in position, without 
a corresponding change in th e under- 
lying concepts and issues that led the 
firms and the American Institute of 
Certified Public Accountants initially 
to support the board’s project, has left 
some members of the ptibttc with the 
impression that the switch was in 
response to the fear of losing clients 
or other forms of retaliation. 

Could continuation erf these trends 
be anything other then an in v i t a tion 
to Congress, the SEC and other regu- 
lators to regulate more heavily, and 
directly, the auditing profession in 
particular and financial accounting 
and reporting in gsneral? Could it 
lead investors, particularly Institu- 


tional investors, to find alternative 
ways to corroborate issuers' represen- 
tations in their financial statements? 

The examples cited represent a 
small - some might even argue insig- 
nificant - number of to the 

generally outstanding manner in 
which the profession carries out its 
duties as public watchdog. But indi- 
vidual practitioners and firms need to 
be mindful that the number of such 
instances that may poison the well 
with regulators, legislators, investors. 
a nd the public is small indeed. 

These comments do not come from 
an ivory tower. I have lived and 
worked in the accounting profession 
for more than 30 years. I know the 
realities of saying “no" to a cheat I 
know the disappointment some cli- 
ents express when the auditor makes 
a decision to support an accounting 
proposal that may reduce those cli- 
ents' reported earning s, i know the 
long and often heated phone calls and 
client visits, the strata, the finan- 
cial cost that follow such decisions. 

But I also know the rewards: a 
clean conscience and not having to 
worry about losing law suits based on 
the merits, and pride in the profession 
and the credibility of financial 
accounting and reporting. 

I hope that the profession and regis- 
trants will, through self-restraint, 
take a fresh look at these indepen- 
dence Issues and let nothing s tand jjj 
the auditor's way of telling the truth 
as he or she sees it 

The views expressed by Mr Schuetze 
ore a condensation of a speech given 
by him m January in his personal 
opacity and an not necessarily those 
Of the SEC. 


DIVISIONAL 
FINANCE DIRECTOR 

A major challenge In a customer driven 

Engineering business 

£50k+ potential + benefits Mi dlan ds 

Olir client is a major group with worldwide operation* in 
engineering based activities. They currently have a need for a 
Finance Director who will be key towards the strategic 
development of the business in a major division fh-n has diverse 
activi ties, predominantly serving the automotive industry to 
their JTT requirements. The current annual turnover is £45m 
involving operations throughout the United Kingdom and 
Europe. 

This is a demanding role for a young financial manager with a 
strong factory accounting background who has the energy and 
skill necessary to achieve demanding cash and PB1T targets. A 
proven experience of costing, variance demanding cash and 
PB1T targets. A proven experience of costing, variance analysis 
and the introduction and implementation of manufacturing 
systems is vital with practical knowledge of ABC analysis an 
advantage. 

Applications arc invited from persons qualified ACMA or 
FCMA with at least 3 years post qualification experience gained 
in dynamic, high volume light engineering businesses with an 
automotive industry customer base. A track, record of effecting 
change that has led to dramatic profit improvements within 
short timescales will be a favourable consideration as will firm 
attitudes towards cash management and workplace 
communications. 

The appointment should be seen as a Career development 
role foe those who seek Group management in the longer 
term and the remuneration package is attractive including 
a company ear, BUPA, and good employment benefits 
with relocatio n support available, if appropriate, to a most 
attractive area of tbe Midlands. Please apply in writing, 
stating fuBy how the requirements can be trrt, to: 
fenny Ibison, D ir ector, Riley Advertising, Suite 26c, 
Josephs Well, Hanover Way, Park Lane, Leeds LS3 IAS, 
quoting refi 217. 



<uNCvenai-c<irkauiUM- CO BIldfaUM y mhiww ■■nmneiuii-iunnwuii 


Financial Planning 
and Analysis Manager 


mmm West London 

• Our client is the UK subsidiary of a premier 
mmt international IT services company providing 

sophisticated business systems solutions to a 
diverse client base of major customers. 

" The UK business - turnover £250+m - is 
experiencing substantial growth out of which 
arises the. need to strengthen die finance function 
with this appointment 

"Reporting to the Finance Director, the Financial ‘ 
Planning and Analysis Manager will, run a small * 
department which will principally be responsible for sc 
appraising new business opportunities, provide a 
management information at a senior level to both the ^ 

European and US Head Offices and act as an ^ 
interface between the divisions and UK senior 
management by giving an informed commercial 
analysis of tbe on-going contracts on a regular basis. H .. 

• The current size and future growth plans of the ^mufi 
business are such as to realistically offer further 


to S45JOOO + Gar 

i remier career opportunities in the medium term, 

viding m $ u fahfe candidates will be qualified 

a accountants unlikely to be younger than 33 years 

with considerable financial experience gained 
~ is within a substantial contracting environment 
‘d* Essential qualities must be sound commercial 
00 judgement with tbe abifity to effectively appraise a 
wide variety of long-term contracts which are 
i/ becoming increasingly complex and varied, strong 
f analytical stalls and the integrity to.be credible with 

senior management 

* Please send your curriculum vitae, quoting 
Reference CA 550, to Carrie Andrews at Ernst & Young 
Corporate Resources, RoBs House, 7 RoBs Buddings, 
Fetter Lane, London, EC4A INK 

M Ernst &Younc 


b/b/c 


£ Competitive Salary 


London 



Head of Corporate Finance 


Critical appointment supp or ti n g the Direcun General, FD and Board of Management try providing a 
ftazaework fix analysis of financial performance to ensure that the Corporation continues to deliver an 
increasingly efficient world class service. Demanding high profile role offering scope to influence 
K tra t ugic rhhtlrtng n ow« the hht t acting as a catalyst for change in assessing performance beyond 

purely financial criteria. 


THE ROLE 

■ Reporting to the Director of Finance and IT 
responsible for developing and Introducing a 
methodology for benchmarking and thereafter 
reviewing financial performance to deliver further 

. efficiency gains. 

■ Underpinning light financial control and improving 
planning by critiquing budget proposals, supported 
by talented, young team. Working closely with 
Director General's office and Directorate Financial 
Controllers. 

■ Developing a capital expenditure evaluation process 
to assist in cost effective corporate development and 
supporting the Board on a range of ad hoc projects. 


THE QUALIFICATIONS 

■ Inquisitive and highly able graduate MBA/ACA, with 
outstanding financial modelling, planning and 
analysis skills gained from a major strategic 
consulting firm or financial services. 

■ Gifted communicator; leader and manager with 
detailed business appraisal and project evaluation 
skills gained in a large, ideally international, 
corporate. 

■ innovative and tenacious analyst with Qie for detail and 
the diplomacy, poise and gravitas to Influence 
decision makers across the Corporation. 


Leeds 0533 307774 
Leaden 071 493 1238 
Manchester 061 499 1700 


IT 

4 


t sty fs-enisTr Ttnin*; ,*.m imiml • 

Selector Euro pe 

Spencer Stuart 



Finance Director 

Lancs. Package c£40,000 + outstanding investment opportunity 

Our client, a well established Group of lingerie manufacturers, will soon complete a management buy 
out It currently has an opening for a Finance Director who will prepare the Group for a Rotation within 
the next five years. 

The Group comprises three companies located in the UK, Eire and Portugal. To assist these 
companies in their already advanced plans, a Finance Director with a rare blend erf skills and 
experience is required. 

You will need the experience, polish and skill to liaise effectively wfth banks and city Institutions, whilst 
being willing to work “hands-on 0 in carrying out a range of financial management roles including 
Group consolidation and new systems selection and implementation. 

It Is essential that candidates can demonstrate a proven track-record in detailed financial 
management, gained within the manufacturing sector. Experience of a textfles-ralated business would 
be highly advantageous, and experience of foreign exchange management is essential. 

This is an outstanding opportunity to Invest In the Group as it continues with its exciting plans, and 
should be regarded as a Jong-term career move. 

Only candidates living in the North West should apply. 

Please send a detailed CV to Steven French, quoting reference M/483/94. 

Closing date for receipt of applications is Friday 1st July, 1994. 

kMrfrl Selection & Search 

Sr. James' Square, Manchester M2 6DS. 


Indie 

BOSS 

_____ £ 


London 

Touche Ross Reorganisation Services Group 
(RSG) works with viable businesses 
experiencing debt, cashflow or structuring 
problems. Our positive approach and extensive 
experience in this held have helped numerous 
businesses develop and implement initiatives 
beneficial to both lenders and stakeholders. 

We need to recruit another experienced 
Manager for this rapidly developing multi- 
disciplmary group. The role will involve acting as 
Senior Manager on RSG assignments, 
partiripattagininarkettaginitLatives and working 
closely with other members of the team who are 
drawn from a variety ofbackgrounds. 


£ excellent plus benefits 

For this excellent career opportunity you will 
ideally be a Chartered Accountant, trained with 
a large firm, with proven experience in 
applying Corporate Finance/ consultancy 
expertise to the needs of underperforming 
businesses. You will be ambitious, highly 
motivated with strong analytical and 
interpersonal skills and an advanced level of 
commercial awareness. 

Please write to Bernadette Breen, Personnel 
Manager, Touche Ross, Friary Court, 

65 Crutched Friars, London EC3N 2NF* 
providing details on how you match the above 
requirements. 

Chartered Accountants 


GROUP ACCOUNTING MANAGER 


Management Accountant 


Bourne End, Bucks 

Lex Recall Group, a subsidiary of Lex Service Pic, is Sic (JK’i 
lamest automotive reraUer with a armorer in excess of 
£1 billion. The Company operates 104 car dealerships narioD- 
wide covering a broad range of 25 different franchises. The 
Group's continued success Is attributed to a combination of 
ongoing acquisitions and an unwavering commitment to 
delivering an outstanding quality of service to its customer*. 

Substantial growth in the business has necesaaieda re- 
organisation of the Croup Accounting activities which arc 
befog centralised at the Group's head office. Asa result an 
exceptional financial professional is required to lead and 
motivate a department of 10 staff 

As a member of the senior finance team, responsibilities wQl 
include all flnandal/management reporting and analysts. 


centralised payroll- Additional responsibilities will indnde 
orwmine maintenance, development and support of tbe 

“ ■ i at — mninHihfimi wnt a wio qnd o 


c£35,000+F/X Car+Benefits 

To qualify for consideration you shonkl be an ambitious 
AGA aged in your earfy 30's with a strong track record of 
personal and professional achievement, in your career to 
drue. As a natural leader, you wiD possess the energy, vision 
and management skills to develop a team committed to 
enhancing husineat performance. Your strong technical and 
systems skills will enable you to male^ a significant 
contribution in a highly complex and acquisitive 
organisation and thereby benefit front the excellent career 
prosp e cts available within the group. 

To further your interest in this exceptional opportunity, 
please send your CV or telephone our retained consultant 
in Coyfe at Execatm -Connections Ltd, 45 Eagle Street, 
London WG1R4AP. Tel: 071 S42 3103. Ehx 071 831 4571. 


Lex Retail 

Group 


£Attractive 


International Corporate Accounting 


Wembley Park 


diverse range of" ad hoc activities. 



McDermott International is one of the world's leading energy sendees companies, employing aver 28,000 professionals worldwide. 
Through aw various engineering operating divisions in the UK and overseas, we provide design, project management, fabrication 
and irukdbfron services to the oil and gas industry. 

Reporting at Group Management level, we have an exciting opportunity for an experienced Management Accountant to gain 
entrance into international corporate accounting. The position will involve consolidation of divisional results, preparation of financial 
plans and budgets, monitoring and analysis of projections and reports for management. Some financial reporting will provide the 
opportunity for foreign travel and there may be the opportunity for an overseas pasting as part of career development. 

You should be a quafified accountant of graduate calibre ideally trained with a 'Kg 6' firm and should be a self 
-ra,. skater. PC and Financial modelling skills together with excellent written and oral communication skills are 
essential. The salary and benefits package will be all you would expect from a large international company. 


m 

McDermott 

International 


If you ore interested, please send an up-to-date career 
resume quoting current salary to: Mr Paul Piper, Senior 
Personnel Officer, McDermott Engineering (Europe) 
United, MeDermott House, Empire Way, Wembley, 
Middlesex HA9 ONN. 









30 


FINANCIAL TIMES FRIDAY JUNE 24 !««. 


CHIEF ACCOUNTANT 


£29K - £35K 


Winchester 


The Independent Television Commission, which is the statutory body 
responsible for the licensing and regulation of independent television, is seeking a 
Chief Accountant who will be responsible for its internal financial functions. The 
ITCs turnover is i\7m a year. 

With the support of a small group of staff, the Chief Accountant’s role will 
involve financial management and control, the timely production of financial 
management information, annual budgets and statutory accounts. The department 
is also responsible for the payroll, Tax and VAT. 

Candidates must hold an appropriate professional accountancy qualification, 
preferably ACA or ACCA. 

Considerable experience at management level in a commercial environment or 
the public sector is required. Candidates must have a highly professional approach, 
strong staff management and communication skills and the ability to organise and 

control work flows in an efficient, effe c t iv e mann er. 

A competitive salary, depending upon experience, is offered together with a 
range of benefits which includes private health insurance. 

Please send a foil CV to Christine Chalk, ITC, Kings Worthy Court, Kings 
Worthy, Winchester, Hants S023 7QA by July 4 1994. 

WE ARE AN EQUAL OPPORTUNITIES EMPLOYER. 


/Tc 

In i tftn d rn t JUnitkm Comm&sio m 



As a folly integrated international investment bank and securities 
house, our efient has developed an outstanding reputation across 
all maj or markets. In particular, this includes a substantial 
presence in the issuance of securities, structured products and 
significant, trading in global de rivati v e s. 

The mandate for the audit function is defined by the most senior 
management in COTjunction with the audit committee, giving it a 
uniquely high profile, genuine independence and a particularly 
proactive brief. 

Reporting to the Audit Director, you will be responsible for 
developing audit plans for substantial parts of the business and 
ensuring their execution through coordinating the activities of a 
qualified team. This is not a policing role and, as such, you will 
work closely with fine management to im prove areas of 
operational and control weakness with the emphasis on risk 
management. This is a period of considerable growth and 
development into complex new product areas and the audit team 
is expected to play a positive role in this process. 


c£50,QQQ + Banking Benefits 

Aged in your late 20's to early 30’s, you wiU hawjjj excellent 

numerate academic badcgro^da^atleas^ backing sector. This 
qualified experience concentrated within me tei^ng 

have been devdoped vntiunarmthwm^r W^ 

profession. In addition to stems 5 ■****} : 

skills you will possess the managen^t abihp? and p«raona» 

presence to fuiSierSiance the credibility of the function. 

This opportunity should be seen in the context ofaa>nstn^ive 
careermove offering a breadth of commercial «P»~ \ . 

high profile exposure not available within more nmuwly defined 
financial or product control roles, ^nger tenn prospects 
therefore exist in a variety of areas including risk management, 
financial control or credit. 

Interested applicants please call Neil pykw °r Tun 

on 071 240 1040, or alternatively send a full resume quoting 

ref 22/1745 to Morgan & Banta Me. Brettenham Ikmse. 

Lancaster Place, London WC2E 7EN. Fax number 071 240 1052. 


TELEVISION 


Senior Production Internal Auditor 

BBCDrama Group 

BBC Drama is a major source of drama output with productions ranging 
from EastEnders to Screenplay and MidtUemarch to The Snapper. 
Drama accounts for one third of the BBC's network television budget. 

Drama Group Audit's responsibility is to provide assurance to senior 
management on Drama's system of internal control, the integrity of its 
accounting records and the validity of production financial reports. 

We are looking for an individual who has the skills, both technical and 
interpersonal, to carry out reviews across the whole range of Drama out- 
put The role is a challenging one as it will involve significant liaison with 
noil-financial staff and the employees of Independent TV Production 
Companies. 

The successful candidate for this position will be a qualified accountant 
with audit experience gained either in industry or public practice. A good 
knowledge of business procedures and computerised accounting systems 
is essential, as is the ability to demonstrate initiative and a willingness to 
assume a high level of responsibility. Experience of television production 
techniques would be advantageous but not essential. 

Salary will be determined by qualifications and experience, the position 
will be based in West London. 

Fbr further information contact our recruitment adviser Jon Vonk at 
Marks Sattin, Financial Recruitment Consultants, 18 Hanover 
Street, London W1R 9HG. Telephone 071-408 1312. Fax 071-355 
4501. 

THE BBC IS WORKING FOB EQUAHTT OF OPPOBTONHY 

MARKS ♦ SATTIN 

FtKANCIAL XECKUITMBNT CONSULTANTS 


N\occ\gv\ 8 BtfKifc 

INTERNATIONAL 


Opportunities in Middle Office Business Control 


City 


£ Highly Competitive 


Risk Analyst 


Oar cHcnr it the mwrtnnmt booking mbridiary of a major internmionml hank whh global men of purer £160 hflttop- Acrfw c in tbe wocfcfa Uttb| 
financial centra b «ayoy» wanned pcofitdbfflty, continent growth uni m enviable wepaatkm far cBeot service and! product hmowitoa. Codh—d 

e^Mto rfikhnlAbflBdtdh| ia ti M i»hi«HBhdfa fowJtmaritaiohiHdiJmwppasSi toBhi iwlBr— ji—Mw* 

The** mr e lay uniat m Ae irtirHl* fimal n n m nt mh Aw- hnAumm fcnm ■ famM rfifc pa^lfltw. 

Risk & Finance Manager 

A qualified accountant with a background and strong 

quantitative ikUla, yon will haw gained exposure to product 
a ccountin g wfafam a I*"* 1 "* 1 inatimtion mad will now want oo ■ssiinin 
g reater tw pwri Why in a mote aaoMmoa role. Managing the bond 
trading control fa n rf ooyoa will i iipetri a c. 

• Da3y pos it ion pricing and P&L analysis. 

• Trad- iw na^'Bj WPftT 

• EX mpo a nr es and capital deploy ment. 

• IWfly wp ni ti t g *mA imiaAty mwwpiiiMt Li ftwmMlwi 

• The development of a small professional team. aw»2»7M) 



i 


A in mathematics or another «««■«»— —» disci pHne, you wffl be 

a qnaHfird accountant with product undemanding and first rate 
quantitative, analytical and PC skfD*. Working cloady with the bond 
trading teams you wiU be responsible fix assrsiing and monitoring 
market risk. This wffl indudei 

• Calculating and a na lys in g the "Owdf smkMriu of a toapte, 
mnU-prodnec portfolio. 

• Analysing die comdatioos that exist between those sensitivities. 

• Performing statistical analyses of potential profiOou and 
Idr ii HfiTug ftnir pnmnrii l In ss r s may bn m i nimi s ed ! 

• Cn nsmi r Jln g Mid am lya l w g pftrtfaHn aa^ywaj 

These oppoctmtitim combine executive exposure to trading activity with die challenge of sophisticated buafasese control Candidates wSI derive on 
e arly r es p on sibility in a dynamic work in g oivlrum nmt. la wkffrfrm to product « — *Mng an A st ron g ■MTh fa^ i smHdsOi]| mast 


Interested candidates should write co Janet Budoclc. quoting the rdamt reference mother, at BBM Selection, 76 Watfing Streep 
L on d on BC4M 9BJ rodeefag a full Curriculum Vitae which should include contact telephone members* 

AH applications wdl be handled in Ac strictest confidence. 


75, Wading Street, London EC4M 9BJ 




IIHUTI6H 1 


T«b 071-248 5553 As 071-248 2814 




Financial Controller 

SHIPPING 

SALARY TO £35K PLUS BENEFITS 

Our dieat is a privately owned international 
shipping group based in foe UK Due to growth and 
internal reorganisation, they now require a 
FINANCIAL CONTROLLER to complement the 
existing finance team. Initially based in foe West End, 
the company will move to GuSdford in 1995. 

Reporting directly to foe Financial Director, the 
ideal candidate will be aged* early 30s and hold foe 
AGMA qualification. It is essential that foe individual 
has strong commercial experience preferably in 
shipping. It is also important that the candidate 
possesses good interpersonal and comm unicanon 
sluDs, with proven experience of working with and 
managing a small team. 

The position will have prime responsibility for the 
day to day financial management of the shipowning 
activities of the group. This will include providing 
accurate financial and management information and 
actively participating in foe decision making process 
within the business. 

If you believe you have the drive and ambition to 
work within a dynamic and challenging environment, 
then please write enclosing full personal and career 
details to: Suzanne Dobmson, Management Co nsultancy 
Division, 186 Chy Road. London ECIV2NU. 

ROBSON RHODES RSM 


OUTSTANDING OPPORTUNITY 
FINANCE DIRECTOR - HONG KONG 



ATTRACTIVE EXPAT PACKAGE 


Peek pic is a world leading multinational electronics group 
focusing on traffic and field data systems. Turnover is in excess of 
£100m, with activities across Europe, North America sodAsfa. 

Peek has its Asia-Pacific arm, Peck Limited, headquartered 
In Hong Kong with associated companies in China, Singapore 
and Thailand, and Is httentfing to expand its presence in other Asian 
countries. As a result of the planned return of the present job 
holder in early 1995, a vacancy now exists fbr a Hong Kong based 
Finance Director. 

As Finance Director you wiD have res p onsibility for all finance 


rdaied activities oftix? Asian co m panies, in adtfitioa to acting as a key 
member of the local management teams. Initially you wfli spend three 
months at Peek pic’s Gxpaotte office hi Abingdon, near Oxford, in order 
to gain an Insight into the Group’s activities. You win then relocate to 
Hoag Kong in catty 1995 and assume tbe role of finance Director for a 
period of not le» than two yens. 

You will be a technically strong, commercially aware ACA with a 
good academic record. Financial and operational management 
expe ri e nc e wQI have been gained In a dynamic company involved to 
contract accounting and major contact negotiation. 


ROBERT WALTERS ASSOCIATES 


The ability to mix with colleagues of different cultural 
backgrounds and technical dtedpUncs b essential, as is s sense of 
humour. Previous experience of working In Asia would be an 
advantage^ but is not es s enti a l . 

An attractive package including relocation do Hoag Kong, local 
’acc omm odation and other benefits wig be offered to the right candidate. 

If you feel you match our re qu i reme nts please seal a detailed CV 
stating current salary p a cka g e- to Andrea Black, at Robert Walters 
Associates, 42 Thames Street, Windsor, Berkshire, 5L4 1PR. 
Fsx 0753678908, Tel 0753 831 5 15. 


Chartered Accountants 


intam reta tti 



Parkinson s 

P .V i< I. \ 


PARKINSON’S DISEASE SOCIETY 
OF THE UNITED KINGDOM 

FINANCE DIRECTOR 
c £35,000 + BENEFITS 

Experienced ACA/ ACCA / CIMA to start I October 1994 or 
before. This new post, as a key member of the senior management 
team, wfll enable the successful candidate to participate fully in the 
con tin ued development of the Society through the provision of 
sound financial management and advice. 

Responsibilities relate to all aspects of the Society's financial 
affairs and the develop m ent of financfal strate gy. 

A job description is available from Richard Rhodes or Cathy 
Tucker. Feltons Consulting, 12 Sheet Street, Windsor, SL4 !8G, 
telephone number 0753 840111. Closing date 8ch July 1994. 

The Parkinson's Disease Society is striving to be an equal 
opportunity employer. 

"Our mission b the conquest of PaHdmxul's disease 
and the alleviation of the suffering and 
distress It causes, through effective research, education, 
welfare and communication!" 


leading u.s. 
multinational 

london set 

excellent 


french 


farn williams 


Aa opportunity to joh the lease frauee sabsUiary of a profitable, 
Ugh growth OS Mhnatnnl. Hus is a key group frauee rite 
based ifl the Eurepeai bead gutters ie Louden. 

Hit! established corapuies ia the UK, France and Germany, 
a mw company ia Norway aad plans for operations in 
Scandinavia aad tbe rest of Europe, this is an unparalleled 
chance to coatrilrate to a truly Eerepeaa division at aa excitrag 
stage n its deveiepmeBt 

The rale will nvalve international travel io the region of 2-3 
days every few weeks. There will be fregHHt contact with 
Europe ai senior management Working fliency hi French is 
essential and knowledge of any other Enropem laogiages. 


Reporting to the Eorapeao Financial Cantrallei; the rale 
eociwpuses financial wanagemeat for the whole Earopeao 
operation. Key areas of responsibility will iodide: 

■ Ca-ordwatieo and control of operational centres 

■ Financial planning and bodgoting 

■ US GAAP, local country reporting aid advico 
to sabsidiaries 

■ Review of aegnisitioos and related doe diliguce 

■ Project responsibility for integrating the fraance function 
of French operatises 

We are looking for an ambitions accountant one to feor years 

LmCCoJ • ■ - ... * 


GMuaercial enriraomit or forge pabfic practice. Knowledge of 
lease accenting is advantageous hot secondary to the goafity 
and potential of tbe candidate. 


Please telephone or write with CV. quoting ref 0186 to Farn Williams, financial recruiters. 1 Benjamin Street, Loud un EClM 50t Telephone 07 1 608 IP' 


f: 


FT/LESECHQS 

The FT can help you reach additional business readers in France. Our Uni with tbe French busiiass newspaper. Les Echos, gives you 
a unique recruitment advertising opportunity to capitalise on the FTs European readership and to further target The French business 

workLFor information on rales and further details please telephone: 

Philip Wrigjey on 
071 873 3351 


Financial Controller 

Commercial Bank 

fiiiwiwf/Wraw— — ,J - - - 


r.LemdoaSl U9BL 


J 






DIVISIONAL FINANCE DIRECTOR 

Major Financial Services pic 

Southern Home Counties c. £75,000 + benefits 

client is one of the UK's best known financial services groups, with well over £30bn of funds under 
management With a substantial customer base, the company has a reputation for product innovation, 
nnanoal strength, marketing and its high quality service. 

The Divisional Finance role is one of the senior operational finance positions within the Group, It provides 
financial and resource management direction to the Division which employs circa 1800 people and controls 
a ratge self-employed safes force. 


.» ' -■ >.-* " • .v/-^ 




C ontrol 


^ c 


• V » 51 


■ 4 - - . » 


v c • e WT • * i vaj ■ *l| a 

.vr.LV • -Niaift. 


P€GK 



L ; 


Group Finance 
Director 




As a member of a seven-strong Board, you will 
fisport to the Divisional Managing Director and 
head up a team of professional managers 
responsible for 300 staff, 

You will provide a comprehensive financial 
management service to the Division - as well 
as being accountable for human resources and 
legal policy issues within this part of the 
business. 


A graduate ACA, you will have managed at 
senior levels within the profession. You will 
probably be running a substantial fine . 
department 

With a trade record of implementing change, 

exposure to best financial management practice 
is essential. Personal qualities will indude dear 
leadership skills, rigorous analytical capabilities 


International Art 
Publishing and 


Dusmess - and sound strategic thinking. 

Career prospects are excellent - either in further senior financial roles within the Group - or into general 
management It is unlikely individuals earning less than £60,000 will have the appropriate experience. 

For a completely confidential conversation call Philip Taptfldls, or write to him enclosing your CV. 

Zealand James ft Company, 

Askett Lane, Asfcett, Princes Rlsboroogh, Bucks HP27 9LT 
Telephone: 0844 275800. Tex: 0844 275805 


£ Negotiable 4 - Car + 

C 7 


Ourdknt. an international art publishing and distribution group, 
is a market leader in ib field and is currently undergoing a period 
of significant growth. A dynamic management team, coupled with 
innovative marketingand design, and a reputation for excellence, 
has been effective in producing a number of attractive business 
opportunities. The result is an environment which is both 
competitive and highly entreprenurul. 

There now exists a requirement toaugment the senior management 

team with the appointment of a Group Finance Director. Reporting 
to and working closely with the Croup Managing Director the 
appointee will be responsible lor all aspects of financial 
management, including systems development. In addition, the 
successful candidate's brief will encompass liaison with hanks and 
institutional investors, the development of group financial 
strategies and the planning and implementation of 
acquisifions/divestments. 

This opportunity will appeal lo a commercially orientated 
accountant (aged 33-40) with on outstanding record ot achievement 
to date. Experience of operating at a senior level within a service 

compaiy is essential. Inaddition, the successful candidate is likrfy 

to be a highly effective communicator with the experwnev and ability 
to manage rapid growth. 

The remuneration package will reflect the seniority of the position 
and will indude an attractive bask; salary, normal executive benefits 
and the opportunity for equity participation - 

Interested candidates should forwaid a CV to either Robert Walker 
or Brian Hamili at our London office, quoting ref: RW1438. 

WALKER HAMILL 

Executive Selection 

29-30 Kingly Street Tel: 071 287 h2S5 

London W1R 5LB Fax: 071 2S7 6270 


Thamesltnk i Ac 

Central London t 

Thameslink is the unique cross- London rail service, linking 
Bedford, Luton and Sr Albans with five City stations and on 
to Gatwiclc Airport and Brighton, providing boch commuter 
and leisure services for this large population to the North and 
South of the capital. Thameslink has grown quickly into one 
of the most popular rail routes tn the South East of England. 
With a current turnover in excess of £70 million and 
employing 450 staff, the company's success is undoubtedly 
a result of lis customer driven culture. 

As a result of reorganisation and a devolution of 
responsibilities from group head office, the business now 
wishes to appoint a Chief Accountant as number two in the 
finance team. 

Reporting to the Financial Controller and assisted by 14 staff, 
responsibilities trill Include: , 

• implementation of a stand alone accounting system; 

* development of financial accounting arc! Internal 
control processes; 


Chief 

Accountant 




c £35,000 + Excellent Benefits 

* monitoring financial per f or ma nce against budget: 

* providing commentaries, analysis, support and advice to 
senior management; 

* various tasks relating to die preparation of Incorporation as 
a separate company within the next twelve months. 

Aged in their 30s, prospective candidates will be qualified 
accountants, will have a successful back-record of developing 
systems and financial controls within a large company 
environment. As importantly, individuals must be able to 
demonstrate strong leadership skills, energy and the ability in 
operate effectively in a rapidly changing commercial 
environment. Thameslink is working towards Equal 
Opportunities status. 

In the first instance, interested candidates should send an 
up-to-date curriculum vitae, quoting reference number 
190360, and outlining current salary and a daytime contact 
number to Peter Gerrard at Michael Page Finance, Page 
House, 39-41 Parker Street, London WC2B 5LH. 


Group Financial Analyst 


DeLaRue 


Michael Page Finance. . 

SpccfaJnn in Financial Recmtabera ■- 
T nreln n n..,*"! Windsor St Albans l^nttherfacnd BaxnfoKhsan 
Nwringlwn Manchester Leeds Cl up w & Worldwide 


Central London 

De La Rue pic is a major international group with a turnover 
approaching £600 million. It is the global market leader in 
banknote and security document printing and a leading 
supplier of equipment for cash handling and electronic 
transfer payments. With substantial interests world-wide, 
and a dynamic management team, the Group has a clear 
strategy of growing its axe businesses, both organically and 
through acquisition and has recently experienced a 
sustained period of outstanding growth. 

Promotions within the head office finance team have 
generated the need to appoint a Group Financial Analyst. 
This is an exceptionally high profile role offering immediate 
exposure at main board level within a FTSE 100 company. 
Responsibilities will include: 

• Acting as main link between Central Finance and 
senior divisional management. 

• Reviewing divisional data including trading, capital 
expenditure, budgets, current year forecasts and 
organisational issues. 

• Review of acquisitions and divestments. 


c. £40,000 Package 

• Preparation of commentaries and analyses on projects 
of major strategic importance. 

Successful applicants should fulfil the following selection 
criteria: 

• Qualified accountant aged 26-32. 

• Outstanding and consistent level of high academic 
achievement. 

• Committed, energetic and flexible approach with the 
ability to liaise with managers at all levels. 

• The ability to speak a second European language is 
desirable though not essentiaL 

• P.C literate. 

The rewards indude an attractive remuneration package, 
together with a folly expensed car and other large company 
benefits. 

For further information in strict confidence, please contact 
David Craig or Robert Walker on 073-287 6285. Alternatively, 
forward a brief r£sum6 to our London office at 29-30 Kingly 
Street, London W1R5LB, quoting ref: DC1235. 


WALKER HAMILL 

EXECUTIVE SELECTION 


Financial Controller 

C. Scotland Package to £40,000 inc Bonus + Car + Bens 


Treasury Analysis 
& Support 



Geest PLC is a fast moving, customer driven business 
and has a very strong position in the flesh produce and 
chilled food sectors and a strategy based on Innovative 
new product development. The position is with 
Caledonian Produce, part of the Prepared Produce 
Division, which is achieving significant business 
growth. Caledonian Produce has been the subject of a 
major capital investment programme and has ambitious 
plans to develop beyond its present turnover of £17m. 
As a key part of the future success of the business, 
the Financial Controller will be involved in the 
control and development of operational financial 
management and work closely with the General 
Manager on all aspects of business C| 

development. Timely reporting and analysis iKi 


together with development of MIS are fundamental to 
the role. Further development of the product range and 
growth of the business will ensure a challenging and 
rewarding environment. 

The position requires a commercial, qualified 
accountant, with a strong personality and broad 
operational management experience. You must be able 
to demonstrate the qualities necessary for future 
progression within the group: a strong team player with 
obvious leadership qualities. Experience within an 
FMCG business would be preferred. 

Applicants should forward a CV, including current 

? salary details, to David Bond ACA at Michael 
Page Finance, 82 Great King Street, Edinburgh 
EH3 6QU quoting reference 1872 17. 


l m i 


Our client, a major banking organisaiion with an outstanding record 
of profitable growth, holds a leading position in the world of 
financial services. Dealing in a comprehensive range of financial 
products, it has achieved enviable successes through innovation 
and expertise. In recent years it has established one of the UK's 
leading bank treasuries and it is within this division that two 
excellent opportunities have arisen for experienced treasury 


Leading Banking 


London 




Michael Page Finance 

Specialtits in Financial Rccratanmr 
imvlnn Bristol Windsor St Album L es th eih c a d Btanhwhsm 
Nottingham Manchester Leeds Glasgow & Worldwide 




Schlumberger 



To £35,000 
+ Bonus + Car 
Banking Benefits 


With responsibility fora small team, both roles will require extensive 
technical knowledge of treasury products, particularly fixed interest 
instruments. Key responsibilities will indude the in-depth analysis 
of portfolio results and periodic accounting and both will reouire 
extensiveftprt office liaison. Inadditioiy thesuccewMindMauab 
will be required to provide innovative solutions to treasury 
accounting issues as they arise. 

Probably aged 27-32, idealcandidates will be qualified accountants, 
with at least two years post-qualification experience of a banking 
environment. A significant proportion of this tune must have been 
spent within a product control function . Alternatively , candidates 
may be working within Public Practice and have extensive exposure 
to financial markets. Strong interpersonal skills, a high degree of 
pro fessionalism and the ability to work to tight deadlines will be 
essential These high profife roles willalso require proven leadership 
skills and the ambition to succeed in on environment at the leading 
edge of banking. 

Interested applicants should write. In the strictest confidence, to 
Guy Townsend or Paul Marsden, at the address below, quoting 

Reference GT 333, 

WALKER HAMILL 

Executive Selection 

2*-30 Kingly Street Tel: 071 287 62S5 

London W1R 5 LB Fax: 071 287 6270 



7 \j .! ; '{ } '* ! 

'"iNugTgCgyT 
iATfgyffN . : ' 







■ Schlumberger employs 48000 people of 90 nationalities In 87 countries 
within two business sectors : Oilfield Services and Measurement & Systems. 

You have three to five years of professional experience with progressively 
Increasing responsibilities in the financial function of a major Industrial concern or 
in a leading accounting firm. 

You are willing to travel extensively, knowing that a career with Schlumberger will 
most likely involve several relocations, including the possibility of overseas 
assignments. 

Professionalism, good communication skills at all management levels, proficiency 
in at least one foreign language (German, French, etc.), willingness to work within 
a team and mobility will be the keys to your success in a truly International group. 

Initially based in Houston or Paris, you will be performing consulting projects and 
financial audits. 

Knowledge of Schlumberger, enthusiasm and initiative should lead to an 
operational position In the financial function of our operating units. 

Please send your application, with a C.V. and photograph, to Direction du 
Personnel 

SCHLUMBERGER LIMITED 
42, rue Salnt-Dom fn Ique - 75007 Paris - France 



ITME 

NTED 


SOOTH AFRICAN 
BUSINESSMAN 

Planning to nlocus to (be UK. seeks 

petition wUb UK company wiping to 
enter of expend South African market. 
Well connected with irate and industry, 
wholesale and retell code. 
Available toe tfisensskmB hi London 
from 27 June- 12 July 1994, 

Reply C/O J. Margotli - Telephone: 

081 906 8561/081 959 3611 or 
Pax 081 9068302 


.OXFORD. 


Oxford University Press 



COMMERCIAL DIRECTOR 

Publishing c. £37,000 + car 

Oxford University Press is a major international publishing organization with group sales 
of £200m pur annum and around 2,500 staff. 

Our Educational Division, one uf the UK's leading publishers of materials for \chuok and 
of children's books, is looking for a commercial director to rake a leading role in 
determining divisional commercial policy and monitoring performance. The pose will also 
involve responsibility for liaising with our central IT. Finance, and Distribution departments. 
This is a divisional board level appointment, reporting to the managing director. 

This new post offers a rare opportunity to be involved in the management of a highly 
successful and growing publishing business. We arc looking for a qualified accountant with 
several years' relevant experience, ideally in the publishing sector. The successful candidate 
will be tikeiy to have art excellent academic record and first doss accounting und 
communication skills. 

Please apply in writing with ev to: 

Mr D.C. Moody, Personnel Director, 

Oxford University Press, Walt on Street, 

Oxford OX2 6DP 


An equal opportunities employer 










32 



Group Finance Director 

Construction Group 


Essex c.£65K+car and benefits 


Our client is a successful and expanding private group of companies, with a turnover in the region of £50 million, 
involved in a wide range of activities including building construction, development and investment The Group 
services clients in both public and private sectors and has gained a reputation for high quality throughout the 
industrial, commercial, retail and residential markets. 

They wish to recruit an ambitious and highly capable Finance Director. Reporting to the Joint Chairmen, the 
appointee will be responsible for the accounting function and, in particular, for corporate planning, finance and 
treasury matters. 

Candidates should be qualified accountants, ideally aged 40-45 with good post qualification experience to senior 
management level in the construction Industry. If is essential that they have the personality to Integrate effectively into 
the Group and the professionalism, technical skills, and confidence to liaise .with external advisers. 

This is a critical role within a close-knit and forward looking organisation which offers excellent long term experience 
and career prospects. It carries an extremely attractive remuneration package including a fully expensed executive 
car, bonus, pension and private health insurance. 

Please write In confidence, enclosing full career and salary details, to Tony Saw quoting reference HI 606 at the 
address below:- 


mm 


Selection & Search 

1-2 Dorset Rise, Blackfriars, London EC4Y 8AE 



Finance Manager 


City/D'ocklands 


c.£40,000 + Car 


Our client, a leading international shipping and transportation company with a global presence and an 
enviable reputation, has developed a strong network of operations throughout Europe. The need has 
arisen to recruit a Finance Manager who will ensure the smooth running of the finance function within its 
London-based UK and European holding companies. 

Key responsibilities will encompass statutory accounts and consolidations, taxation, treasury and 
co-ordination of management reporting for the UK subsidiaries. Whilst demanding frequent and 
widespread liaison with other parts of the business, this is predominantly a standalone role requiring 
independence and initiative. 

The appointment calls for a Chartered Accountant with strong academic credentials, aged late 20's 
to early 30’s and approximately 5 years qualified. Relevant industry experience, though advantageous, 
is less important than previous exposure to a role requiring similar technical accounting skiUs. a high 
level of PC literacy, credibility with senior management and professional advisors and sensitivity to 
the nuances of a multinational culture. Attention to detail, forward planning, flexibility and first class 
communication skills are equally critical success factors. 

Please write, in confidence, enclosing full career and salary details to Tim Knight quoting reference 
TCK/2306. 



& Search 


1-2 Dorset Rise, Blackfriars, London EC4Y 8AE 


Commercially Minded McmagemeTiXAcamTUant 


FINANCIAL CONTROLLER - PUBLISHING 


c£45,000 
+ Car 
-r Bonus 

SUTTON, 

SURREY 


REED BUSINESS PUBLISHING is the United Kingdom's leading face in business to business magazine 
publishing, with a portfolio of over 50 titles serving 21 manoets. In mder to remain responsive ina highly competitive 
envi ronment, the company has focussed on improving quality and increasing efficiency throughout the 
organisation. As part of these developments the Finance function has implemented a maj or programme of change t o 
improve the quality of service that it provides and the overall contribution it to the business. A pro-active 

man- manager with extensive experience in a commercial role is now required to continue this development and help 
drive profitability forward. 

Reporting to the Finance Directory you will be responsible for a high calibre of 5 qualified Divisional 
Controllers and 17 indirect reports, fou will be instrumental in the implefpciitati oo »nd «pw »tifm of«rmn gpnnTw^y^ 
controls, the provision of commercially focussed management information which will support business 
making, and ensure m a ximum efficiency and cost effect iv eness across the whole of the business. Additional 
responsibilities encom p ass special investigations, ad-hoc projects, and tlw evaluation of p r ofi t p e rfo rm ance. 

To be successful m thlS~nfgnml TMWwn mn rail nnMPw mwIml U i — lJ. r : I -L-tt, -i 


to allow you to play an i nflu ential role within the senior man a ge ment team and the po r gmal tn pmgre« h^ynnd thfa 
A q ual i fied accountant ( minimum 5 years experience in a commercial told, ideally aged mid-thirties, you wfll need 

I— 1 — : . ■ ■■ fl ; - - - - • / ■ - , I 7™/. .. , 


o 


ucl! uuamoa t4.- iiigitnwaiian/ rr- «-ngiiwi n igpTTw -^»5 fflf arnltty to afln value 

to the bosiiiess. Above all von will requirea dynamic apprmiefa and 

For farther information contact Anthony Lewis or Lindsay Dell at FSS Financial Selection Services on 
071-209 1000 (Fa* 071-209 0001) or evenings on 081-671 6494 or write to th em at Qgffhm v House, 
14 W indmil l Street, London W1P 2DI 


O 


reed 

i tyt t 




PUBLISHING 


As an equal opportunity empkiyei; we 
welcome applications from women and 
men regardless of race or religion. 



EUROPEAN INVESTMENT BANK 

The BB, the financial institution of the European Union, 
is currently seeking for tie headquarters in LUXEMBOURG: 

Two Experienced 
Banking Executives (nvo 

for its Risk Management Division 

Post 1 (Ref.: R 9401) 

Duties: Under supervision of the Head of Division, she/tie wiH be responsMe for QaH technical 
and administrative work involved in setting BB (ending rates end monitoring BB borrowino 
oasts and their spreads in relation to swap rates, benchmark yields, etc; □ planring Individual 
hedging operations to counter interest-rate risks: " formulating alternatives for hedgkio aoainst 
. Interest-rale rids on new fixed-rate Issues; • monitoring current hedging operations; • quanti- 
fying interest-rate risks on naw financial commitments; □ Issuing the operational urtta with hedg- 
ing recommendatiansrinstnictions as regards amounts wid instruments. 

Qualifications: □ University degree; □ in-depth knowledge of workings of the capital markets 
and of derivatives in particular; □ at least four yeaitf professional experience of risk manage- 
ment or dealing in bonds, swaps or other derivatives; □ good interpersonal skflis. 

Post 2 (Ref.: R 9402) 

Duties: Under supervision of the Head of Dririafcm, she/he will be responsfole for. a identifying 
and quantifying the ElB’s market risks on tie financial operations, monitoring cefflngs, securing 
the Bank's risk positions; □ gauging the effectiveness of hedging operations and their financial 
return; □ contributing to the development of new Bank financing and hedging instruments; 

□ assisting the operational units in arranging and evaluating tailor-made financial tedfttes. 

Qualifications: a University degree; □ in-depth knowledge of workings of the capital markets 
and of derivatives in particular □ aptitude far quantitative evaluation rffinandaffostnanents; 

□ at least four years' professio na l experience of similar duties; □ abffty to analyse and present 
dearly complex financial structures; □ good dala-processfng skite. 

irnig tM qesc Bath posts cafl for a very good command of English aid French. 

The Bank offers attractive tsrms of errptoyment, a generous salary and a comprehensive 
welfare scheme, it is an equal opportunities employer. 

/wjpucants, who must be nationals of a Member Country of the European Union and preferably 
not over 35 years at age are invited to send their cuntarium vitae, together with a photograph, 
quoting the appropriate reference, to: 

EUROPEAN INVESTMENT BANK 
Recruitment Division 
100, boutaran! Konrad Adenauer 
L-2950 LUXOtiBOURG. Fax: 4379 3360. 

Applications wfil be treated In strictest confidence and wifi not be returned. 


The 


Top 


appeals every Wednesday. 
For advertising 
information 
PhiBp Wrigky 
071873 3351 


. v-ridaY JUNE 24 1994 

financial times I-KIL^x 


Internal Auditor - Europe 

International Investment Bank 

To £50,000 + Bank Benefits 

Fascinating new opp o rtunity to manage audit function for prestigious international banking group 


THE COMPANY 

♦ Wefl established conservative international bank with 
gro w in g European business. 

♦ European offices in UK and Channel Islands with 

T of»riiin headquarters. 

♦ Small, full range business encompasses banking, 
investment management and stockbrolring. 

THE POSITION 

♦ Develop internal audit function. Work independently 
of business areas. Build close links with 
fingn rW cr »m pI«m cg- teams. 

♦ Evaluate managerial controls through the bank. 
Emphasis in operational review and qualitative audits. 

Please send full or, stating salary, ref CN24 1 5, 


♦ Create new audit pnxedures and working practices ft* 
rapidly changing business. Complement extern*! 
auditors. 

Uf CIA J-W .10- 
20 years relevant experience in international 
environment. Some navel necessary. 

♦ Strong technical and commumcauon skills. Highest 
professional standards. Rigorous, commercial, 
uncompromising. 

♦ Extensive knowledge of banking, fund managemeiu. 
securities environments and L-N. reporting 
requirements. 

to NBS, 54 Jermyn Street. London SW1Y 6LX 


N S SELECTION LTD 
a BNB Roosnn pk cocapu* 


LONDON 071 4 M«J» 

Abenkcn 0E4 &W0® • Bwmfogfcara Ml «St 

Bri«olQV2 291142* Edinburgh CJ I 2202400 
G Logo* (Ml 204 4-W • L«di8SW 451*30 
Mmchctfcr OUS 5WS3 • Sloujh 07M *1«Z7 


W1 


CHIEF ACCOUNTANT 

Quoted Leisure Group 

to£37.000 + Car + Benefits 


This highly successful Leisure Group has emerged as a dominant force in its niche area of operation. 
Net turnover in 1993 was £50 million with profits exceeding £20 million. 

With the Group poised to reap the rewards of further acquisitions the Chief Accountant will play a vital 
role in maintaining the continued success of its operations. 

The position will be varied and challenging and will include: 

• Production of monthly management accounts 

• Supervision of up to 7 staff 

• Initiating and maintaining the Annual budget and forecast 
■ Maintenance of internal control procedures 

• Various ad hoc projects. 

The successful candidate will be a qualified accountant ACA/ACCA/ACMA aged between 35-45 with a 
demonstrable track record of deadline management Strong interpersonal skills will also be required in 
this demanding and challenging position. 

Far further information please contact Jon Vonk or Jane Braith waite on 071-408 1312. Alternatively 
submit a full curriculum vitae with daytime contact number to the address below. 


MARKS ♦ SATTIN 

I IN WCi \1. Kl t KM I I MINI U>\M 1 f \\ ! s 


IS M WOVKk vrKKKT. 1 ONDON \\ I K M! I( .. I I 


'is i ; i i \ \: or i * r»t » 


Cordis 


CORDIS. u Axnencu nshinatooaa]. hu Khlmvd a higMjr proStabl* StartM pwiUaa watidwid*. Itt owtm w rafh g hereto— a a c M fttd 

flmigh tin tBaarm der nlnprun t, maiuiliianri^ and narioed^ of la radical efortcre in flMfiaM^aidtokOT.arifaloflr and ttwroa iu vary . 

MWwgfcrf rt » rtiriT » rt & «ri b m c ff» teE— cm Emcpc. itoc MAP* £«»t and Africa. In awtorw omUhb* S>a ap a ci»onk r growth. CdDB — rta lo bituclan te m a qul ra 
mg India Waterloo (Balgtan)haaa d Rmi i jnnl l— rtq aa narianrt UlooMiigfagaftn/I): 

DIRECTOR OF FINANCE 


Excellent Benefits Package 


Brussels 


ffnpmTlit j rtfmntr m rtin Wrn rraatitomt rtimrim ITi nparaUrma, Fwny wnrt wntMng d n aaly with rt»a nrtim tlfrnrtnra nn fhn laaiu. jiiii. win 

•Bract the n«7, accoomlng MdAdariataMW tatcUoaa far Out European HO «a«l 4ta opatnriona unto and nn co-ordtnattan with A* eajea ante. 


- D fl T ^o ^giy tad bnpl riTHTirtn g luuu ilbitf pui tl i .aa to I 
tto cmmiin g. ftrmnrral and up malin g reporta MXXOMmiy j 
oo fttithw ofdwbttdBMi 

- Dar»Ioptog«gn«a i Tq» tanrfjrrH ofperfano»iio»«nd; 


1 Out 



- SneralvaiB’ttniwinesniriirdlttpaaliiaBwfchanizmsBatiaaa] 
conpujr or five* W i i Hi Hrti i j 

- Age 35-45; perf»cl command of EngHahta* Bast; Imndedgs ol 
ether Pnttp^m ■ raefal — l 


- XHowtadae of AmMtgm e c mm ulnty ^ ^ 

. W Ultngnim w travel 3ti40H of the faw md opannoM totnrda 
nailHmltTTgJ wnrtobag em IiuiuuujU. 

- AhSify to ■tmetem oatMphmc •cttrllica md ImpLimMli! Idon. 

OPPORTUNITY 

coaqinr witti • xng* oTUgh Mchjmdaeta ia a fu». 
11nM^gbti«iUlaftdti«taUCV,luMlainoatreiiThMaT l to 

the Uutsbg Dlncter, Huml Drral Smmchr* Sente., Sp nnr 
He«M, SS Grove Km Sent, Wmi ow , NfiiMIrewc R&I 38X, Tax Ml Ml 
Isn.VMtagnCeNBMp/CI/K. ’ 


Mercuriurval 


CORPORATE FINANCE 
ASSISTANT DIRECTOR 


Wesbnmstor 




To £40k basic 


Capita Coiporato Finance (CCF) is expanding its team of deal 
leaden due to toe increasing workload from MBO teams end 
pcqUflSve cGenla. 

A a u bskfa/y of toe htfriy successful Bsted Capfta Groqa, CCf is 
seeking: 

• a quetified accourtent or lawyer wito experience erf corporate 
transactions gained m an ndusbialor Cty environment. 

• a team pfayer with a flair for deGvsring innovative sotutions to 
dents. 

• an ambitious professional who wfil help win assignments and. 
execute toem to the highest standards. 

Rewards wS hdude a profit related bonus scheme. 

Please send your CV, details of your present salary and a 
<feytime Mephone number to ten Smito, Managing Director. 


CAPITA 

Corporate Finance Limited 
71 Victoria Street 
London, SW1H0XA 


Our client, an established, substantial private estate with significant investment in 
property, land and trading interests interlinked in both private and trust ownership, 
is currently evaluating operating, trading and commercial strategies for the future. " 
Resulting changes have created an opportunity for an experienced and capable 

Financial Controller 

Liaising with the owners, trustees, business manages and advisers, you will be 
responsible for upgrading, implementing and managing information systems to 
enable production, monitoring and distribution of a diverse range of business and 
investment performance information. As well as producing management and 
statutory accounts, you will be advising on commercial, taxation and legislative 
issues regarding trust fund, property, other asset investments and trading activities 
and implementing agreed strategies. 

The position, based in die South West in an area of outstanding beauty, carries an 
attractive package in the region of £35,000 with commensurate benefits to include 
relocation assistance if required. 

To discuss the position and your suitability in a confidential manner call Martin 
Thorley or Lin Brereton on 0284 752945 quoting Ref 989. Alternatively write 
enclosing your career details. 

MERSTON PETERS 


L I M I TED 


Executive Search and Selection Consultan ts 

Newman House, Northgate Avenue, Bury St Edmunds, 
Suffolk IP32 6BB Telephone 0284 732945 Fax 0284 706079 








33 





5 z 

regional financial director 

Redraw is one of the country's most progressive housebuilders 
and has now strengthened its potential for growth through its recent flotation. 

The housebuilding division is rapidly expanding and is currently operating through six 
regional companies. Each Company has its own full management team 
supporting a large degree of regional autonomy. The Regional Financial Director 
Is an integral part of the team and a vacancy exists in one of the regions. 

Responsibilities will embrace proactive contribution to the management team, 
financial and budgetary reporting and the administration of the accounts function. 

The successful candidate will be a fully qualified graduate accountant 
with a minimum of three years post qualification industrial experience. 

Personality will be compatible with the high demands of the job. 

The remuneration package will reflect the seniority of the position and will include 
an excellent salary together with executive car and other usuar benefits. 

Please apply in writing with full C.V. to: 

Mr Alun Lewis, Financial Director, Redrew Group Services Ltd., 

Redraw House, St. David's Park, Ciwyd CH53PW. 

REDROW 

GROUP 

Build A Better Career- ev 



Financial Services 

Special Technical and Regulatory Services 

London £28,000 + Benefits 

KPMO Fteat Manuk* is one of the worfcTa leading accoun- 
tancy and consultancy firms. The Arm's name Is synonymous 
wBh quality and professionalism The practice enjoys a 
particularly strong reputation In the financial seder where 
it boasts an unparalleled UK client base ot over 1000 financial 
Institutions. A specialist department has been created to 
provide regulatory and technical advice, and due to the 
unprecedented demand tor its services ffwre Is a requirement 
(or people With specialist knowledge to loin this department 
You wfU be providing technical and regiialory advice and will 
also be Involved In technical reviews, presentations, training, 
rule Interpretation, investigations and research. 

Successful candidates wfll be quaBflod accountants with at 
least three years’ post qualification experience and have a 
knowledge ot Me assurance You wH be spedafisJng In current 
Bfe assurance regulatory and financial accounting technical 
developments fncfudfng retail regulation. You must also be 
able to demonstrate technical competence together with 
strong presentation and communication skate. 

Candidates Interested In the positions should write to 
Jeanette Dunwonh, Hfl Manager, KPMG Peat Marwick, 

1-8 Dorset Rise, BtecWrtare. London EC4Y 8AE. 
enclosing ful career and salary detaBs. 

Peat Marwick 


FT/LES ECHOS 


A LJEBON TELECOMMUNICATIONS COMPANY 
(SUBSDIARY OF AN INTERNATIONAL FRENCH 
GROUP) IS SEEKING FOR ITS 

DIRECTOR 

OF FINANCIAL AND BUSINESS AFFAIRS 


ms r.i > i\ i imk< >i r 


Your job: 

- tn collaboration with the chairman, to define and 
organize financial and business affairs policy. 

- To prepare annual budgets and supervise the 
financial teams. 

You have a university degree in finance and expert 
knowledge In legal affairs in an international context 
in this pan of world. 

You have been a professional In this field for 
approximately 10 years. 

Fluent in french, engllsh and arable. 

Please send your letter of application Including a 
cv. under ref. 62 2578 lO EUROMESSAGES - BP SO 
92 1 05 BOULOGNE Cedex - FRANCE. 


BA H l N fi.VENIU.P£ PABXNEBS-UMIIEP. 

F1NANC1ALCONTBQLLER 

Baring Ventura Partners wishes to racnitt a qualified accountant for tte 
expanding pan-Eurepeen venture capital business. The position Indudes 
reaporaribBty tor the operation at the book-keeping system in the London heed 
Office end the preparation ot monthly management accounts and annual 
statutory accounts, involving the coordination and consoidatton at financial 
reports from overseas offices. 

Sulabfe cardktetm wfll be In their mfd to fate twenties, wfifi strong computer 
and analytical gfcBs and wfl have the sbKy to communicate daeriy both orefy 
and In writing. Venture Capital Is a last-mowing business p op u l a te d by highly 
motivated end somethin MOMito MMAiato. Only MlMHtKB wffli a same 
of humour rteed apply. Salary nil be negotiabie accortfing to experience. 
Applicants should wrfla enclosing a cisricutum vitae to: 

David HucfcfisM, AdmMsbstion Partner, Baring Venture Partners Limited, 140 
Parte Lane, London W1Y3AA 




■ 1 \ \ \ C I \ 1 • R 

1: < 

k !_ i i v r \ i ♦ M' r r i \ i i s i s | 


INVESTMENT BANKING OPPORTUNITY 


CIMA QUALIFIED 
£25 - 30,000 + MORTGAGE SUBSIDY 

Our diem is the investment henkteg arm of one of the most prestigious 
haabi fe (he world, based in supetb offices in tbe heart of (be City. Having 
steadily increased profits in recent yesis, the firm's expansion has resulted in 
this opportunity for s newly/recently qualified CTMA accountant, aged 
between 24 and 28. 

Tbe successful candidate will have either a financial servicea ot 
manufacturing background and be c on ve rsan t with Lotns/Bxcel to macro 
Level. Experience of cost accounting/analysis is ossendaL 
For more informati on, please call Justin Bradley or to yonrCV on the 
munber below. 


B 


IDOI 


Mil’ll! i 1 Iihi-c. I - ! i.v.TA ri • S'fVl. i .' lie:- W 1 R ‘>V. I’ 
! 0 - ’ 14- 1/2 P,i\: r~ I PiM 


The Coal Authority 

As part of the priv atis a tio n of British Coal, the Government is establishing a new 
public body, the Coal Authority, with a brief to f adit talc coal mining operations. 
It will take over British Coal's ownership of cool reserves; and be responsible for 
licensing coal mining operations; dealing with physical liabilities arising out of 
past mining which cannot be privatised, eg. subsidence damage claims and 
a ban do n ed mine shafts; managing and disposing of property; and maintaining 
and making available mining records. 

We are now looking to fill a key position, which will report direct to tire 
Chief Executive. The Head of finance /Administration will be a new and 
challenging post which will be instrumental in the successful establishment and 
Tunning of the Authority. The appointment is subject to Parliament enacting the 
Coal Industry Bill, which has passed its Second Reading in both Houses. 

Head of Finance/ Administrati on 

£35-£45k 

Managing an internal team plus bought in services, you will be responsible for 
the smooth running of the Authority's finance, IT, Personnel and Administration 
functions. You will also provide financial advice and prepare the Authority's 
annual report and accounts. 

Ideally a qualified accountant; you will have at least ten years experience 
in public or private sector financial management and a sound understanding ot 
public finance and commercial accounts. You will be computer literate and your 
strengths will include finding practical solutions to problems. You will have 
excellent "people" skills. 

The appointment will be for a period of three to five years. The Coal 
Authority's Headquarters will be in Nottinghamshire. 

Please send your CV by 29th June 1994 to Recruitment & Assessment Services. 

Alenoon Link, Basingstoke, Hampshire RG21 1JB. Fax (025b) 846&60/S46374. 
Please quote Ref. B/2194/95. 


An equal opportunity employer 



GROUP FINANCIAL CONTROLLER 


HARROGATE 


to £45,000 + 2 CARS + BENEFITS 


Appleyard Group PLC is a national retailer of passenger cars and commercial vehicles, 
with a substantial contract hire business. Operating from more titan 60 sites, the Group 
Head Office is based in Harrogate, North Yorkshire. 

Following a period of rapid expansion, a vacancy has arisen for a Croup Financial 
Controller, reporting to the Group Financial Director. In addition to performing the 
functions traditionally associated with this role, the Controller will be required to 
provide financial and commercial support to file Group Managing Director, Passenger 
Cars. He/she will also be responsible for the financial appraisal of potential 
acquisitions. 

The successful candidate will be a graduate Chartered Accountant, aged mid-thirties, 
with at least ten years post-qualification experience, some of which must have been 
gained in the motor retail or other multi-site retailing sectors. Essential qualities include 
strong technical competence coupled with commercial awareness and good 
communication skills. 

This post offers a challenging career opportunity to the individual with the requisite 
qualities by providing corporate experience at a senior level together with involvement 
in the commercial aspects of a successful and expanding national motor group. 

Applications should be made in writing by 4 July to: Tony Broadfoot, Group Director of 
Personnel, Appleyard Group PLC, Windsor House, Cornwall Road, Harrogate HGl 
2PW. 


No agencies please. 


flppleyard 


How do Europe's 
best business people 
get the top jobs? 


They use the FT. 



-Ot 


Senior business people all over Europe use the FT 
throughout their working week. 


So for key national and international appointments, 
usin g the FT gives them a wider choice of the top jobs. 


They use it to keep up with the news, views, issues 
and most importantly die opportunities. 


Today Europe is the job market and the FT, Europe's 
business newspaper, is where to find it. 


For more information please call Elizabeth Arthur on +44 71 873 3694 

FINANCIAL TIMES I 

EUROPE'S BUSINESS NEWSPAPER I 














ilj, 


nr FRIDAY JUNE » iW 


COMMODITIES AND AGRICULTURE 


Metals rally but oil and 
soft commodities retreat 


Sugar industries respond to adversity 

Canute James reports on efforts to revive flagging productivity in the Caribbean 


By Our CornmodKiea Staff 

Leading contracts at the 
London Metal Exchange built 
on Wednesday's rally yester- 
day with copper touching fresh 
71 -m onth high* at QHB point. 
But oil prices and soft com- 
modities extended their falls. 

Having tested downside sup- 
port on Wednesday morning 
the lmb copper contract chal- 
lenged overhead resistance In 
early trading yesterday, when 
the three months delivery posi- 
tion peaked at $2^07 a tonne. 
But profit-taking was attracted 
at that level and the market 
quickly shed about $30. 
Renewed buying took it hack 
to $2,483.50 a tonne at the 
dose, up $32 on the day. 

Dealers did not think that 
the stalling of the rally sig- 
nalled the end of coppers’ bull 
run, which has seen prices 
soar from 1994 lows of $1,725. 
"It looks to have found good 
s u p p ort on the dips and should 
bounce back towards $2^00,” 
one told the Reuter news 
agency. He added that today’s 
annnimiwrwnt of the level of 
stocks in LME warehouses 


‘Chinese traders 
detained over 
LME losses’ 

Three traders in Shanghai 
have been detained by the Chi- 
nese government in connection 
with their alleged role in 
operations that led to losses 
last year on the London Metal 
Exchange copper contract, 
according to Metal Bulletin 
Fast Trad; reports Renter. 

Two of the traders worked 
for the metal trading depart- 
ment at the state-owned China 
To tal-national Trust and invest- 
ment Corporation and one was 
an employee of the Shanghai 
Machinery and Electrical 
Bureau. 

The traders are alleged to be 
responsible for large losses 
when the Chinese were unable 
to meet margin payments as 
copper prices rose. 


“could he the key”. 

The earlier highs were attri- 
buted mainly to robust demand 
in after hours trading on 
Wednesday, which, sparked 
covering against short posi- 
tions, speculative interest and 
fThmene buying. 

Aluminium was also lifted 
early in the session by reports 
of Chinese buying and fresh 
speculative interest At one 
stage the three posi- 

tion hit fresh a three-year high 
of SI, 492 a tonne before eas i ng 
back in line with copper. It 
closed at $M87.50 a to nne , up 
$18 from Wednesday. 

Lead received a boost from 
commission house buying and 

E u ropean trade interest, which 
helped to lift three months 
metal from a late afternoon 
low of $555.50 a tonne to $560 
in after hours trading. 

Although oil prices foil yes- 
terday. traders remained opti- 
mistic that fundamentals were 
stm positive and that the 
underlying upward trend was 
intact The price of the bench- 
mark Brent Blend for August 
delivery was $17.10 a barrel in 
late t rading yesterday, 


after having closed at $17.48 an 
Wednesday. 

Mr Lindsay Horn, trader at 
the London office of US invest- 
ment bank I«ehman Brothers, 
said yesterday’s correction was 
tantamount to the market 
“stopping to change horses". 

He said Brent was holding 
up well given the fact that 
most of the upward price pres- 
sure had been on West Texas 
Intermediate because of supply 
bottlenecks in the US Midwest. 

At the London Commodity 
Exchange meanwhile robusta 
coffee prices continued their 
downwards movement after 
Brazil’s announcement on 
Wednesday that it would sell 
300,000 bags to exporters over 
the nait two months. The Sep- 
tember futures contract slipped 
by $39 to $2^40 a tonne, deep- 
ening losses made an Wednes- 
day, when the New York mar- 
ket was weak. 

In spite of early strength, 
cocoa prices followed coffee 
downwards on fairly heavy 
selling by speculators. The sec- 
ond position futures price in 
London fell by £25 a tame to 
£975 a tonne. 


Canute James reports on efforts to revive 

S ugar producers in the- St Kitts-Nevis, the smallest last year,” 3 
Caribbean Community, producer, the onlv nn» to say. Thev del 
whose major market is reccsd an increase. TTw mob- be im ported 


S ugar producers in the 
Caribbean Community, 
whose major market is 
the European. Union, have been 
having a timp and 

some have been forced into 
financial and admlnistfattve 
restructuring to improve effi- 
ciency and production. 

The problems have raised 
questions about the ability of 
some regional producers to 
meet their quota obligations to 
the EU and the US. 

Regional industries have 
benefited from new loans, oth- 
ers from the of 

ffw servicing of which 
hppr> a burden on their 
operations. Elsewhere indus- 
tries have cniipd an new man- 
agements as part of their 
restructuring 

These gmaTUw producers in 
fhp Caribbean, unlike Cuba 
and the D ominican Republic, 
have been forced to concen- 
trate on satisfying their lucra- 
tive markets in Europe, and 
some have been driven to 
import sugar for domestic use. 

Combined production in the 
Commonwealth Caribbean 
countries foil by 3 per cent to 
732,000 tonnes last year, with 


St Etts-Nevis, the smallest 
producer, the only one to 
recced an increase. The prob- 
lems forfng the region’s indus- 
try are 3faistrated by the state 
of the sector in Barbados, 


German sugar statistics 
agency F.O. Lteht has cut its 
estimate of 199304 world am- 
smuptian to nflwi touocs 
114.7&L The output estimate Is 
revised down to KML6m tames 
from 111 Am. 

which is a US$30m 

rehabilitation pr ogramme. The 
«tm ]g to '"ipww» tTw indus- 
try's efficiency, increase the 
level of mechanisation and re- 
tp ttiTTT^ j to enable higher 
production. 

The island win have to 
impart sugar this year to meet 
domestic demand because all 
output ftwin tta current har- 
vest is being shipped to Europe 
to fulfil quota to the BU. 
The industry win achieve its 
production target of 50,000 
tarmac but tiite is 4JX)0 tarmac 

less than the country’s EU 
quota. Tfrg additional for 
Europe will come “drawing 
down an carry-over stock from 


last year,” industry officials 
say. They deny that sugar will 
be im p ort ed for transhipment 
to Europe as “it would be in 
contravention, of our legal 
a greement with the EP far sop- 
pMng sugar”. 

The prospects for an 
improvement rest on the 
planned restructuring of the 
industry and the administra- 
tive skills off Booker Tate of the 
UK, which has been contracted 
to manage industry. The 
Barbadians are dearly hoping 
that Booker Tate can emulate 
the success it has had in Guy- 
ana where production last year 
was slightly below that d 1992 
but 50 per cent more than 299L 

tv importation of manage- 
ment cWTic four ye ars ago was 
followed by a World Bank loan 
of US$15m to the Guyanese 
industry for the rehabflttatlan 
of aspects of the industry, and 
to improve productivity. There 
has also been improvement of 
irrigation and drainage 
systems in the industry. 

The growth in production, 
which was dramatically evi- 
dent in 1992, is continuing. 
Good weather H ghw pro- 
ductivity lifted the country’s 


sugar production from the first 
of the industry’s two harvests 
to 109,000 tames, 14,000 tonnes 
more than the first harvest of 
last year. The industry is 
apHripwttag combined produc- 
tion from both harvests this 
year at 250,000 tonnes, and if 
this is achieved it will he the 
highest pwmmi output in the 
past nine years, officials say. 

Guyana wifi, be able to meet 
its export commitments this 
year to the EU and the US. as 
well as satisfying domestic 
demand. 

The ftannrtai restructuring 
of the industry in Trinidad and 
Tobago also contributed to 
Impr oved production. The gov- 
ernment rece ntly assumed 
debts of about US$S30m owed 
by the stataowned Caroni, the 
country’s side producer. The 
company also recently received 
new firnds of $2frn for financ- 
ing preharvest operations. 

Thin relief, «wd an improve- 
ment in the quality of canes 
and reduced labour unrest, 
helped to lift the country's 
sugar production from the 1994 
harvest to 127,612 tonnes, 
17,000 tonnes more than last 
year, and the highest in 20 


years, according to industry 
spokesmen. This will allow the 
industry easily to sunt its 
export quotas to the EU aod 
the US. and a further rise in 
production is forecast for next 
year. 

Jamaica's hopes for slgnifl' 
cantly higher output than last 
year’s 224,000 tonnes have been 
set bade by prolonged labour 
unrest and bad weather. A 
strike by the industry's field 
and mill workers earlier this 
year to protest at the slow pace 
of negotiations between their 
iiwimw and mill owners, rad 
uns easonably heavy rains, 
have cut production by about 

25.000 tonnes. The Industry 
had been forecasting output of 

245.000 tonnes this year. 

The expected improvement 
was based on improved effi- 
ciency in the industry follow- 
ing the sale in January of four 
of five state-owned mills to 
local and foreign investors. 
Planned refolding of the mffls 
and improvements to another 

four, which have always been 
in private bands, has led the 
industry to forecast national 
output In the next two years at 
about 350,000 tonnes a year. 


New Zealand hopes distribution deals will boost kiwifruit sales 

Terry Hall explains the reasons behind a significant change in arrangements for handling exports to Britain and Japan 

N ew arrangements with bankers, the emphasis was on her 3L Sales were up sharply, age, co m pe ti tion increases and Only 6 per cent of New Zee- quickly to seasonal swings and including preparing pre-pi 
major fruit distribu- cutting costs and the size of with the board selling 49.2m corafitim can deterior a te." land kiwifruit shipped to to deliver tafior made promo- items for supermarkets, 

tors in Britain and the crop to manageable levels trays, or 89 per cent of the The ap pointment of Geest as Europe is sold in Britain. Last tians to supermarkets. With the first shipments 


N ew arrangements with 
major fruit distribu- 
tors in Britain and 
Japan mark a significant 
change for the New Zealand 
kiwifruit industry, which in 
the past adopted a largely "do 
it yourself” policy in these 
countries. 

The Kiwifruit Marketing 
Board, the co-operative body 

that rantap jp all exports Of the 
fruit, last month tied up distri- 
bution agreements with Geest 
in the UK and US group Dole 
in Japan to handle its fruit 
sales for the new season. 

Mr Eric Henry, the chief 
executive says the develop- 
ment follows last year's 
restructuring of the board 
when, under pressure from 


bankers, the emphasis was on 

rutting costs arid the ste-g of 
the crop to managpahlp levels 
and reducing debts. This fol- 
lowed the devastating NZ$9Qm 
loss suffered in the 1992-93 sea- 
son. 

Pessimists were predicting 
the demise of the New Zaalawd 
kiwifruit industry at the start 
of Tag t season , arguing that it 
was mtamaHnnaTTy uncompeti- 
tive However despite another 
difficult year in Europe and 
Japan, Mr Henry says the 
industry has outperformed its 
New Zealand fresh fruit rivals 
"in tens of price, volume and 
grower returns”." 

Total grower returns rose by 
NZ$108. 3m to NZ$292.5m 
(£11 3m) in the year to Decem- 


ber 3L Sales were up shar ply, 
with the board salting 49.2m 
trays, or 89 per cent of the 
crop. It would have sold more 
bad rilmaffr conditions been 
better. For an unknown biolog- 
ical reason New Zealand grown 
kiwifruit did not keep as wdl 
as usual last season forcing the 
dumping of a substantial quan- 
tity in the dosing stages of the 
season. 

Mr Henry says that’ tain con- 
dition COUld OCCUr a gain tTite 

year, which is why the board is 
trying to sen as modi fruit as 
possible in the opening months 
of the season. 

"This makes sense ” he 
wplirfnx "You get the highest 
r eturns thpn After that costs 
start to rirmh for fruit in stor- 


age, ra m port Hnn hv-rwawt and 

raniBtiwn ran deteriorate.” 

The ap p oi ntment of Geest as 
the board’s exclusive UK agent 
is an effort to boost sales there 
sharply. 


M r Henry, who Is just 
back from Europe, 
says UK sales of New 
Zealand kiwifruit are signifi- 
cantly below what they should 
be. “Britain has about the 
same population as Germany,” 
he says: "but we sell six times 
as much there". 

One pnariWa reason for the 
rfHTaranra says Mt Henry, is 
that Germans are more iw»Wi 
conscious. “They appreciate 
the healthy p r operti es cf Jdwif- 
nut”. 


Only 6 per cent of New Zea- 
land kiwifruit shipped to 
Europe is sold in Britain. Last 
year the country bought 2m 
trays, but Mr Henry hopes to 
triple this in three years. Most 
of the kiwifruit sold in Britain 
now comes from. Italy, France 
and Chile. 

TTrwtar tha a gimamwnt GeflSt 

will provide a nationwide 
wholesale distribution and 
logistics service. The board 
will continue direct pricing 
ami marteHug policies, and for 
the first time will appoint a UK 
manager who will be based at 
Geest’s headquarters. 

Under tire new s tr uc ture the 
board will have direct access to 
the consumer market, giving it 
the opportunity to respond 


quickly to seasonal swings and 
to deliver tailor made promo- 
tions to a< n» a aMi 

The deal with Dole in Japan 
is the first such distribution 
agreement the US company 
has signed. It is also the first 
time it has marketed fruit 
under a label other than its 
own. 

Mr Henry says tint this is a 
recognition of the strong tmsge 
of New Zealand k i w if ru it In the 

ww* Important 

markets, last year bought 
nearly $NZ200m worth of New 
Zeeland which com- 

mands a substantial «*a *gfc » in 
that Tnnrirw* 

Dole will undertake tin stor- 
age and direct wwriMnitiihn ; 


including preparing pre-pack 
items for supermarkets. 

With the first shipments of 
the new season’s fruit headed 
for export markets, Mr Henry 
says he is optimistic about 
prospects in most markets, 
apart from the US. where the 
jrotirfhwnp ta g ' order remains in 
force. 

Before the order was intro- 
duced New Zealand was selling 
4m trays there annually, but 
this season it will attempt to 
sell only 700,000 trays. "That 
market is basically uneco- 
nomic,” Mr Hairy says. 

The hoard will retain a role 
in the US market in the hope 
that the eventually the US will 
lift its open-ended anti- 
dumping measure. 


A & 1 ' 


,11-0 


r*» 


Tele9 ra * 

plunge* 

price wa 


I 

: iA. + ■ ■■ 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 


Precious Metals continued 

■ GOLD COMEX (100 Troy azz Vtroy oet) 


GRAINS AND OIL SEEDS 

■ WIEAX LCE (C par toma) 


SOFTS 

■ COCOa LCEflbnnp# 


Prion from Amatgamstari MMM TracSn^ 

H AUMBDUM, 88X PURITY S par toma) 


SMI 

prira 

Oafs 

etonga 


Opn 
tare to 

M. 


SMI 

Prie* 

Mtot 

M® tear 

Opare 

H 

W 


SMI 
Pitot i 

Oaf* 

M* 


Cub 

3 maw 

Jm 

380X 

+02 

381 J 

3883 408 

31 

*® 

102X0 

- 

10225 10225 

87 

as 

JM 

981 

-28 

9® 


JM 

mi 

+0.1 

- 

. 

• 


18270 

-0X6 10120 10273 

448 

i® 

9® 

ws 

•34 

9® 

Ckres 

1458-fl 

1487-8 

4® 

3BIX 

+0.1 

3034 

3905 84,110 48X78 

Jm 

10455 

- 

104X0 104X5 

2,164 

a 

Dae 

9® 

■25 

1002 

ftWfcKB 

1441-2 

1471-2 

Oct 

3945 

+0.1 

3955 

3933 5512 

313 

Bar 

108X0 

- 

10830 10820 

lxro 

m 

tor 

1016 

-23 

KBO 

| tt.ri| If, 

■ rey*MlOW 


1482/1478 

Dae 

397 X 

+0.1 

3903 

3885 280® 

1X84 

■w 

107X0 

- 

108® MB® 

445 

33 

re® 

1029 

-21 

MM 

AM Official 

KMi doaa 

1450X-1 

1488X-B0 

1488-9 

m 

TatM 

4012 

“ 

401.7 

4013 6X20 30 

1S7X7S 49,1® 

JM 

itoi 

no® 

- 

" " 

377 

45® 

309 

to 

TMM 

1040 

-21 

1047 


5X7 1IX* 1,1*3 
95* 1*447 3.175 

SB 20X48 im 


Open bn. Z7S462 

Total daly turnover 56£38 

■ AUUMGflUM AUjPT (S per tonna) 

CKMB 1450-5 1480-70 

Previous 1440-60 1468-80 

HgMow 1470/1485 

AM OACM 1450-60 1483-8 

Kart dose 1480-70 

Opan bn. 2.758 

Total daffy turnover 689 

■ LEAD per tontre) 


AM Official 547-8 

KM dose 

Opan InL 37,369 

Total daffy tunovor 3481 

■ HIOjflAjiparjnnnd 


5555-6 

668-7 

6895555 

5655-8 

580-1 


■ PlATWIMff NYMEX {50 Troy cz^ S/huy czj 

to 4055 -IX 4085 405.1 8,749 2500 

Oct 4095 -15 4125 4085 13,105 2525 

Jm 4115 -15 4135 4115 1.224 33 

Aar 4135 -15 - - 1,180 87 


■ W1CAT C8X P.OOObu min; oanmeot) buahaQ ■ COCOA CSCE (10 1 


Previous 
HtfiAow 
AM Official 
Kerb dose 
Open bn. 


8396-406 648660 

8390-400 6480-90 

8570/8485 

8436-40 6535-40 

648690 

66 589 


Total deny rammer 18568 

■ TWi (t par tome) 

Oooo 5668-73 564640 

Previous 5570-80 S84040 

MflMow 5660/6840 

AM Official 56704 56S04 

Kerb close 684040 

Open W. 18511 

Total daffy turnover 3541 

■ ZBK, apactal high gratia {* per tonne) 

Cloea 9795408 10045-6 

Previous 0844 10005-10 

HgMo* 1016/1003 

AM Official 9866 10135-4 

Kerb doaa 1010-1 

open InL 106,726 

Total daffy turnover 13598 

■ COPPER, yede A (8 par torewj 

Ckaa 24874 2483-4 

PlWta» 206-7 2451-2 

HfcMow 2487 2609/2475 

AM Offletd 24874 2490400 

Kerb dose 248660 

Opan InL 220588 

Total defly turnover 101,772 

■ LME AM Official E/S rate 15333 

LME Poring US rate: 15400 

Spot1542S 3 (Marl 5*08 800x15392 9 mart 5380 


II HlOHGRADe COPPER (COMEX) 





8®* 

OP® 



am 

deo® Mob tare 

u 

VM 

Jan 

11118 

+0.16 113X0 113.10 

2S5 

02 

to 

113X5 

-815 113X0 112X0 17X98 

8X30 

ft® 

113X0 

-aiO 113X0 11330 

704 

10 

«® 

11350 

-0.10 114X0 11250 38408 

3,834 

OM 

112X5 

■0.15 11110 113.10 

278 

- 

Dor 

112X5 

4L15 11250 11250 

239 

. 

TMM 



82X» TfXM 


PRECIOUS METALS 

■ LOfOON BULLION MAIWET , 
Prices eupptod by N M RothecHM) 


GoM(Ttoye£) 

Gtoee 

Marring fix - 
Afternoon fix 
Day’s High 
Day* Low 
Previous dose 
Loco Ldn Mean 

1 month 

2 months — 

3 months —— — 
Star Ac 
Snot 

3 months 
6 months 
1 year 
QoM Coins 
Kwflerand 
Maple Loaf 
New Sown** 


$ price £ aqUv. 

3905049050 
38940669.70 

38850 284542 

38B40 252762 

39050-39140 


3005069040 

OdM Lending Rptaa (Va US$ 

_A06 6 months 451 

_4.10 12 months 451 

—4.16 


■ PAU5D*I»» NYMEX Cl WTtaycEjS/troyogJ 

5b 13846 +0.40 46 11 

Sap 13895 +040 139X0 13850 3799 2S2 

Dec 138.15 +040 - - 831 9 

mr 139.15 +049 1 

Total MM m 

■ 83.VBt COMEX flop Troy flfc; Centartroy ozj 

Jee 5382 +15 1 

M 5385 +15 5485 5385 48530 345® 

Aao 5414 +15 - - 4 

Sffi 5435 +15 5515 5405 42.126 18517 

Dae 560J +15 559L0 5485 19235 2,185 

5b 5524 +15 - - 32 - 

TOW 127519 98581 


ENERGY 

■ CRUDE OBL NVMBC {40500 OS| 


*•9 1952 -0.15 1855 1954 2516 9573 

S«P 1875 -0.11 1856 18X0 8248B 51,779 

Oct 1848 -OLIO 1850 1838 81,184 23703 

9m 1858 -0.12 1828 1850 3052D 9502 

Dm 1815 -810 1818 18X6 25599 4594 

JBB 1809 -ail 1808 1852 36589 2784 

WS Wt ,11 5 100711 

■ CRUDE OIL IPE ft/barral) 

LaM Day's Opae 

price cfeMga ffiffi leer M Vgl 

AB» 1752 +003 1758 1754 70519 281® 

Sap 1755 - 1758 1891 20526 7 500 

<M 17.00 -802 1750 1885 10380 2.185 

mm 1893 -003 1653 I860 6465 341 

Dec 1887 -005 1850 1875 10481 207 

Jm 1852 -0.12 1852 1878 2578 110 

TOM H75E0 364*1 

■ jffiWWQ OK. WTIffiX (42500 US Qffic; olUS pafc) 


price ctiMp i ffigS lew M M 

M «L75 -058 4950 4030 25570 10524 

Am 9810 -0.12 5025 4855 281® 12519 

Sffi 9050 -022 5890 9050 18528 2581 

Set 6170 4X27 8150 6140 10540 1591 

Nor 8250 -027 8250 S250 7295 901 

Dec 5350 -022 5350 5340 1552B 1,148 

T«M 135599 31,08 

■ QA8 Ofl. re ffftBOHal 

Sffi Daft Oma 

price daaffia flob low M vu 

Jot 15825 -150 15800 15450 29J94 95® 

Aag 15750 -125 19800 19050 14530 45® 

S*P 15950 -1X0 1602S 18850 3,484 1.4® 

Oct 16225 -1X0 18278 18150 82EB 348 

NOT 18429 -150 16425 16350 5212 4® 

Dm 166X0 -150 16800 16825 14X03 784 

toW MUSH 13X18 

■ NATURAL QA3 tfflCC (10X00 mntex; atac6tnj 

UMt Oaf* Ogm 

prloa chaasa Mpi In bt H 
•M 1X61 -0099 1X90 IX® 7X10 19X18 

Ab| 2X80 -0X13 81® 2X75 17X83 8518 

top Z12S -0004 2.130 2110 11X06 1X87 

Oct 21® -OOOI 21® 21S 10800 1,114 

Mar 2225 -0005 2235 2210 14X93 1X19 

BSC 2330 +0X01 2330 2320 10X48 800 

TOM f17XC 31X91 

■ UNLEADED GASOUNE 

mm (42X® UB gaffe; dUSpffiaJ 

UM Deft Opw 

ffifea ataffie Hgh In U W 


to 

31674 

-3/0 

3204 

31610 86578 24X75 

to 

12® 

+8 

12® 

CB 

726 251 

top 

323IB 

-as 

327/4 

323/4 OL72S 28X45 

top 

1318 

+19 

T3Z4 

12M 37®7 11.444 

080 

334/4 

-3ffi 

338/4 

334/D 112/400 39X46 

Dm 

13® 

+20 

13® 

13® OIB 1X71 

Urn 

33814 

-4/4 

34014 

3384) 1811® IX® 

Mar 

13® 

+20 

1302 

1307 

82® 1.100 

■® 

3317D 

-a« 

3344) 

331/0 348 15 

tog 

1411 

+20 

MM 

MB 

2X40 4 

JM 

32174 

+1M 

32174 

318ft 2X50 25 

to 

1433 

+20 

- 

- 

2X48 


toW 270X46 SZ706 

■ MAKE car (5X00 bu mm; oanwsaft) bushaq 

M asm -178 2804) 25M3Z1XB 105258 

SM asm -272 25374 2400234.140 588® 

Dae 24SD -VI 247/0 2428)574X15285520 

Mar 25OT -VB, 25474 25012 875® 12X75 

M to 25s* -VB ‘ 25072 29574 12X15 3X78 

JM 25770 -174 20172 257/D 17,3® 4X78 

TOW 1X87M4MX® 

■ BARLEY ICE (g par tome) 

Sffi 8045 +045 188 

toe 100X5 +006 - - 361 

Jm 101.75 28 

Mar 103X0 - 1BU0 103X0 25 10 

to 104X0 3 

TMM Ots 19 

■ 80YABEANS C8T ROOBto ah; CffiMBNS haPaff) 

JM 66574 -174 67M 68470144X20 70.125 

too 66174 -172 66M 65M118X40 40X16 

top 84776 -27D B5574 6467D 53X50 5X50 

toe 6380 -274 8440 8320 380665 220/100 

As 842/4 -170 64974 83974 31X20 BJ80 

Um 84874 -06 BOM 64574 13X30 3JM5 

tow 7S8Xt8anX66 

M 80YABEAI4 OB. CBT (BOXOOfce: cants/to 

■M 28X7 -0X1 27.16 26X0 14X10 5X88 

to 27X0 - 27.17 20X0 15X13 5X11 

sap 20X1 - 27.10 2882 12X04 2576 

OM 3650 +005 20X5 2048 3,106 740 

Dae 28X2 +008 28X1 2018 23X70 8X44 

Jm 28X7 +0X0 2040 2018 2X98 79 

*** **X*2 18X29 

■ 3QYABEAII MEAL C8T (100 tone; Dften) 

M 191X -OX ISO 1915 15X28 BX® 

to9 1925 -05 194X 1915 19X46 7X36 

tol 192.1 -05 1S4X 1915 14501 1X99 

OM 189L3 -05 1915 1SBX 8528 919 

Dap 188J 4.1 1915 187X 19X05 8.172 

Jaa 1805 -08 1915 U85 15® S 

Utol ’ 90879 27X77 

■ FOTATOeSLCEgtarad ■ 

tor BOX - I I I 7 

tor 1Q5X 

tor 1S9X +05 1KL0 1585 881 110 

MV 1815 +415 .... 

Jm 1075 

TMM an 119 

M WB8KT ftffl-rtK) LC£ (SlOtodea polnl) 

ton 1318 -5 1320 1320 420 12 

JM 1288 -15 12® 1280 830 60 

tog 1280 -10 12® 1290 383 64 

M 1340 -17 1340 1340 488 2 

too 1369 +2 - 232 

tor 13® +2 13® 13® 1® 1 

TMM 25® 147 

Ckae Iter 
BR 1319 1313 


M COCOA QCCO) (SOR'aTtennM 


lOtorMsaga HO 

M OOWMtgE»tognM 


M 

22*3 

-42. 

2275 

2230 

7XSZ 

814 

** 

2240 

-38 

22® 

22® 19/30 2X66 

■mt 

2230 

-37 

2258 


7X27 

827 

Jam 

2215 

-40 

2240 

22® 

8X77 

787 

Mm 

21® 

-40 

2216 

a® 

2535 

133 

TMM 

21® 

-39 

■ 

■ 

227 

«toi 

4X® 


M COHTt: -C* CSCE {37500fce; centeflti^ 

JM 125JS -1X5 12750 124X5 1X84 15® 

Sto 128X0 -1.15 129X5 120® 30087101® 

Die 12SJ5 -080 129X0 12085 13X64 2X4* 

tor 127X0 +030 126X0 12850 7X74 532 

127X5 - 127X3 127X0 1,112 » 

JM 12750 +025 - - 2Z7 37 


tooe 22 Pifaa Rea. toy 

Ooap. DMy 122X1 12550 

15daraRno» 121X0 12042 

M Mo7 PREB9UM RAW SOQAH LC6 (carts/lb^ 

JM 1253 +028 12X0 1257 3X72 1X16 

Oct 12X4 +035 - - 1,101 

Jm 1152 .... 

Mar 1150 +026 60 

TMM 4X33 1X» 

M WHITE 8UQAR LCE {O^onna) 

to* 35250 +0.10 354X0 349X0 11.426 533 

OM 32550 +4XD 3Z7X0 32150 0073 6® 

Deo 31850 +4X0 - - 004 

Mer 31550 +4X0 31550 314® 2X29 « 

to 31820 +4X0 31840 31050 204 « 

tog 31450 +1® 31 550 312X0 313 38 


pftray at 

US era aqutv. 

to 

53X0 

-0X5 

5340 

52® 274® 11X04 

350.10 

638 50 

«® 

0358 

-8X0 

53® 

53.10 33X90 

8410 

354X6 

54140 

S*P 

51X5 

-004 

33J0 

5315 11X12 

2X13 

368X0 

548X0 

OM 

52X5 

-OJB 

S2X5 

51.78 4570 

684 

S71X0 

50840 

MOV 

51X0 

-016 

51.15 

50® 4,740 

1X71 

S prisa 

E eqtiv. 

Dae 

SB® 

-0® 

suo 

54X0 3X90 

as 

3B6XB7 

2S8-261 

TMM 




87.171 25X78 


400X5X03.05 


When aeffb* recurred in AuMreto on Tueedoy 
prices ganaredy ware Mm to unchanged. A 
MOhny eaMer tendency *3peared tfw next day, 
bta fay Thuaday prieaa wars sgatn ftm How- 
mm. the reM teat values a® cenre hard 
wtak, at tho doabig aMaa hr Ore 1993-84 
season, when hare wS beaubatoMM rprenii- 
flee of wool on cflsr. it h noted that three has 
been a MB at Inquiry hr reo cfcpfls eiaoL LaM 
week's a alee, reports Wool InaemMIonal, 
tMffied 4X87 bates, of which 3,418 wen tor 
riM rei ed rio ffvery. At June 17 «w itoCSpBi 
amounted to 3X79.739 bMaa. WMe most tred- 
res oonttrare to preaot s rieanneMy ftm atari 
Id next eeeeon’a aMee, a key factor bi the 

longer trem la H» mfcclanca of apinmre fc> w 

Prioos hr tops which fully reflect oarant 
repfa c eme n t coato. The mslcat be fl c M cr area 
fiTrto on Thuraday. 


■ DUOAR *11' CSCE (liaXQOfea; cantWHM 

JM 12X8+025 12.15 11X5 17X12 6X83 

DM 1011 +0X8 1222 1155 73X1819X07 

Mar 1150 +023 11X7 1150 27X82 4,146 

to 11.79 +021 11® 1159 4X38 418 

JM 11J3 +020 11X0 1153 1X43 1® 

OM 1157 id® 11X7 11X8 8® 22 

Tito CSXU3MM 

■ C01TOH NYCE (BOJOCtos; centoflbM 

JM 7114 -ZOO 75.10 7114 4X87 2,422 

OM 75.15 -OSB 75X8 74X0 7X85 1X77 

D* 75X0 -OXS 75X8 74X0 28,721 3X08 

tor 7555 450 76X0 75X1 4,42 410 

fhf 76X6 -030 7050 7856 2J04 245 

JM 77X0 -032 7693 7082 7® 1 

TMM 48,793 8X73 

■ ORAHQM Jiflce WVCE fisjoatre; canta/tba) 

JM 87X5 -2X5 8833 65X0 5J8B 743 

»W 91X5 -1X5 9225 6006 11X50 832 

■ar 9375 -055 84X0 91.10 2X83 302 

J9B 9855 -OS 98X0 94X5 3X60 87 

Mar 9850 -Offi 9850 37X0 1X97 26 

Mto 101X0 4035 101X0 100X0 a 5 

TMM 21X® 1X06 


VOLUME DATA 

Opan (ntaraet and Vblunre data shown tor 
B W ito i traded on COMEX, NYMEX, C8T, 
NYCE, CME. CSCE and IPE Ctode 09 ren rare 
day In aneree. 


INDICES 

■ HBITB»(BgM: laffiftlwioq 

ton S3 Jan 22 month ego year ago 
2002X 2007.0 19645 1672 A 

■ CRB Pitoree (Base: 4/BlW«10C8 

Jin 92 Jm 21 anffiiM yeer aoo 

28087 234X9 231 JO 20070 


MEAT AND LIVESTOCK 

■ LIME CATTLE CME toLOQOtoa; canta/to^ 

Sad toft IBM 

fMee drearer 1*8 Ure tot VM 

Jrei 82575 -0125 63 XM 625 ® 8 ® 1 X 32 

ASf 83560 + 02 ® 113 ® 82 X 80 34 JB 9 X 38 

Oct 885 ® - 87 . 1 ® 885 ® 10332 4 X 14 

Bae IUB 415 ® 68 X 25 6 L 023 10 X 31 IX® 

M 89 X 50 - 0 X 25 085 ® Ml® 8,167 ®2 

5 ® 763 ® -0023 705 ® 703 ® 3 Jt 2 412 

W 70727 105*3 

■ UbEHOODCMEfaOjOOOtocorettTtoM 

Jra 47 X 75 -0425 48 X® 48 . 1 ® 3 ® 362 

JM 463 ® - 08 ® 485 ® 485 ® 8 X 51 2 X 1 * 

Aef 485 ® -LI® 403 ® 455 ® 8 X 38 22 ® 

OM 42575 -0775 413 ® 42 X 25 4 X 51 74 

Bac 43325 -0325 43580 401 ® UN 304 

M 402 ® -OS® <3500 40125 832 48 


No.8,488 Set by HIGHLANDER 


■XB14X79 


Aug 

Nov 

Aug 

Nov 

SB 

98 

28 

47 

43 

84 

41 

58 

32 

72 

64 

70 


M PORK 6BUE8 GME (4QJOObs: cant»/tot) 

JM 405® -2X® 400® 400® 3L110 8® 

Jm 393® -2500 30350 395® 4,138 1X81 

R* 475® -02® 475® 48®0 821 *41 

tore 401® -0375 47.1® 485® 40 3 

Mffi 40425 -2X00 40425 40425 33 2 

JM 475® -2X00 475® 475® 13 1 

TMM 7X0 25® 


LONDON TRADED OPTIONS 

Strike price * tonne — Cato Pure — 


6 * 9 X 94 ) LME 

1450 

1475 

1500 

■ COPPER 
(Grade A) LME 

2400 

24 ® 

2500 

M COFFEE ICE 
WflO ... ■ m 


M COCOA LCE 

STS 

1000 

1050 „ 


LONDON SPOT MARKETS 

■ CWUPEOftPOBherbrereVAna -wr- 

Dubai S1tLQ0-&04q -0575 

Brant Btond (doted) S17X3-7XS -0X7 . 

Brant Btond (Aoo) *17.1 P-751 -058 

W.TJ. (1pm ad) *18.12-8.13 -0475 

H 09. PRODUCra NWEprampt dMnry OF (tonra) 


** 

Nov 

Aug 

Nov 

121 

143 

31 

85 

OB 

117 

48 

1 ® 

63 

85 

73 

1 ® 

JM 

top 

JM 

Sap 

177 

226 

1 ® 

2 ® 

157 

207 

217 

277 

140 

191 

250 

311 

JM 

top 

JM 

top 

64 

89 

S 3 

08 

43 

77 

67 

88 

27 

58 

101 

113 

Aug 

top 

Aug 

Sw> 

87 

- 

23 

48 

50 

- 

34 

87 

34 

44 

- 

- 


Prarr*jm Gaeol 

Gas Off 
Heavy Fuel Off 


* 184 - 1 ® -15 

* 154 - 1 ® -IX 

* 79-82 

*183-186 -ZS 

* 105-107 - 2 X 


Odd (par trey oft *380X0 

Sffver (pre troy at)* 84250c -2X0 

Ptotoum (per troy ot) ■ *405,10 -340 

PMtodlum ftrertroy ot) *13825 -025 

Copper {US prod) 117Xo 

Lead {US prodj 35X5c 

Tin (Kkrela Lumpur) 1458m +0X9 

■Rn (New York) 2 S&50C 

arre {U8 ntm W J Unq. 

CM® (Bve wMBhOt 1Z32ftj -6.18- 

Sheep ^ve wrighftt* 10l.12p -9.11* 

PlsatoawaVd) SOXOp +0X9* 

Lon. day arayar ftew) *296.70 -640 

Lon. day auger (arts) *357X0 -1.10 

Tata & Lyra export £306,00 -4X0 

Boriey (Bag. had) C106Xt 

MM® {US N03 YMkw) *143.0 

Wtreffi (US Dark Noth ftSQX 

Rubber (Jiftf 78XSp +0X0 

Wibar (Aogrt> 702^ +0X0 

RnbbretKLRSSNol Jtft 277X0R) 

Ooocnut GS (Rl6)S S612XZ -7X 

PMm 01 (MMey# *487Xq -7X 

Copra (PhflS S406X 

Soybeans (US) CITBXw 

Cotton Outlook A Index 84.15o -1.10 

Woattape (B4e Super) 422p • 

E pw tonne idea ettrerwtoa ateted. p penoMIffi. o 
oonteftb. r ringgkAto- rn Mel ayjton eanteBep. q Aug. 
t OcWDeo z JixiTJuL W JM. f Landc*r PhyaleM. S 
CF Rotterd am . 4 BtOon mrefcffi ctaea. «fr Sheep 
(Lin weight priceffi. ' Change on weato praMMenft 
prices. 


. 1 Example that’s acce p ted by 

w iwramig m’s JndBt (8,6) 

10 Restrict openings for land- 
lmds in MkWIaaBx with it <5) 

11 Can girl a ppear in old car? 
<W0 

12 Spread everything round 
bane CD 

13 Guilty conscience about 

tan u nrri itl ng code (7) 

14 Media crowd put weight on 

<5> 

18 He says one inside is slow to 
act (9) 

15 Didn't vote - spotted rating 
first (9) 

30 Walk out with suitable due 
for playing area (5) 

22 Unorthodox thinker at this 
point taking credit from- 
speaker (7) 

25. Sir Walter Scott’s Russian 
rake (7) 

27 Ntaiy all oriental society fol- 
lows it with initaticu (9) 

28 Display exaggerated feelings 
when returning note book (5) 

29 Acting as telepath even if 
wanting on (7,7) 

DOWN 

2 Part-timer with hair like DeH- 
tehO) 

8 Urn at a labour cwmn with 
place of birth in it <5> 

4 Soviet part when craft t»Vwn 
over by eastern overlord (9) 

5 Dervish insurgent leaders 
organised rising with Alge- 
rian money (5) 


6 Puzzling note — I'm acting 
strangely 0) 

7 For anyone listening, bring 
is gold sharing gear (5) 

8 Joints in jackets (7) 

S Lavish friends tarn up ( 4 - 2 ) 

15 Astonishing songbird covers 
bottom of nest 0) 

17 Team pubBah aom ethiog rela- 
tively unimportant (45) 

18 Try to handle feathers (9) : 

19 Be doesn't believe he's at it 

originally (7) ' 

21 In rows about getting drawn 
cn the outside (6) 

28 Right-hand page turned over 
in Huguenot ceremony (5> 

24 DtvkteaahoutreBDahdng( 5 ) 

2g Before midday, elm to 
Improve (5) 


Solution 8,487 


□□!!□□□ □□ufluaan 
a □ u □ u a a 
aaucjua aujuuKuna 

□ □□ Q o o 0 o 
nauaaaaB utiaana 
an a a o □ p 

□□□□ OCJBUQUQnBG 

a o rj a is 

□□□□□□□□□a aanQ 

□ o □ □ □ a u 
ununua qudhquoq 
a a u □ u u □ □ 
□auuusnu annuciQ 

□ □ □ ci □ □ □ 

aaaauHua bihqqoh 



i ;* • *■ 


.. 


- «! 

'* re, 




-■m 






35 


FINANCIAL TIMES FRIDAY JUNE 24 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-AAl^S4vM«tml<uc 


Sell-off in futures undermines initial advance 


5 > . 

r. ***m 


By Terry Bytand, 

UK Stock Market Editor 

The London stock market suddenly 
developed a mind of its own yester- 
day afternoon, reversing an early 
advance to fell sharply in the direc- 
tion of the year's lows. Weakness in 
UK shares contrasted with firmness 
in other markets, including the 
British government bonds sector. 

In early afternoon, the FT-SE 100 
Index dipped to 233&S, a fall of 
nearly 24 points and within 5 points 
of the closing low recorded at the 
beginning of this month. 

The tumround from, the 19-point 
gain at the market opening coin- 
cided with news that US durable 
goods had risen by a potentially 
inflationary 0.9 per cent in May; but 
traders also referred to general ner- 
vousness ahead of publication today 


of the UK government White Paper 
on the pensions industry, which 
some analysts fear may urge that 
hmds increase weighting in bond 
mariceln. 

The final reading showed the 
FT-SE 100 at 2£42.4 for a loss on the 
day of 18 points. Although trading 
in equities increased, the selling 
pressure came through the stock 
index futures markets, where two 
large sellers, one of whom, at least, 
was a US firm, drove the September 
contract on the Footsie to a sub- 
stantial discount and undermined 
the stock market. 

Selling was not confined to the 
Footsie list but spread across the 
fufi range of the market The FT-SE 
Mid 250 Index declined 24.3 to 
3,436.9. However, non-Footsie stocks 
made up only about 45 per cent of 
the day's Seaq total of 54 03m 


Brnonnt 

teateg 

Data 

■Hot OetotoOK 

Jun e 

Jrai 20 

M 4 

Oprton Dodaraaew 
Jon 16 

Jun 30 

JU 14 

1 1,1 Jun*?™ " 

JU 1 

Jul 14 

Aacotta Oto 

Jun ZT 

Jut It 

JUI 26 

-Noth dm rtntaiija 
Cimlram dma earttor. 

I 

1 

pUoa Bora lam 


shares; on Wednesday, 463.3m 
shares were traded through Seaq, 
for a retail, or customer, value of 
ElJbn, a return to healthy profit- 
able levels of equity trading for the 
London-based securities industry. 

At first, UK shares followed 
trends in European bond and stock 
markets, moving higher as the US 
dollar steadied in response to the 
assurances overnight from Presi- 
dent Clinton and the US trade secre- 


tary that the US currency would be 
defended. But London equities 
appeared to part company with 
otter markets in the second half of 
the session. 

An outstanding feature was the 
collapse of shares In The Telegraph, 
together with losses in other UK 
newspaper shares, as a sharp cut in 
the Telegraph cover price indicated 
a significant upgrading of the UK 
press circulation war sparked off by 
price cuts by the Murdoch group 
publications. The Telegraph share 
price fell by about one third and the 
London Stock Exchange announced 
an inquiry into share dealings. 

There was also a fall in Mirror 
Group Newspapers, head-on rival 
with the Murdoch tabloids and 
also the new owner of The Indepen- 
dent, which also reduced its cover 
price, albeit for only one day. 


Eurotunnel advanced at first in 
spite of some disappointment with 
the take-up of only SI. 7 per emit of 
the rights issue. The stock lost Its 
gain before the close and traders 
commented that the share price 
would be vulnerable to any further 
shakeout in equity markets. 

London's concentration on Its 
own concerns wbwM developments 
elsewhere. But strategists said 
that the clouds remain over the 
outlook for the US dollar and that 
markets would continue to look for 
more decisive action on the US cur- 
rency than indicated by the US 
trade secretary. 

Some investors had hoped for a 
cut in key rates from the Bundes- 
bank yesterday and there was some 
disappointment when the German 
central hank mad e no move on its 
discount or Lombard rates. 



. tut /lifer ita -\ ,'-r V.--vter ; 

-smeKFTCMpiiiM vV;-. ' . 


■ -IBM 


■ Key In di cat o rs 
Ind teet and ratios 

FT-SE 100 2942*4- 

FT-SE Mid 250 34385 

FT-SE-A 350 1483.1 

FT-3E-A AB-SOare J 478.35 

FT-SE-A Afl-Sham yield 4.00 


-l&O 

-24-3 

-9A 

-8.70 

(357) 


1 T ote c omm unfcatlong 

2 Other Services & Sens 

3 OO. Integrated 

4 Investment Trusts 

5 Lite Assurance 


*OJ8 

+0.5 

+0.4 

.+03 

+02 


FT Ontetary index 22915 -2°^ 

FT-SE-A Non Fins p/e 1084 (109$ 

FT-SEIOOFlit Sep 2935.0 -300 

lOyrGOtyieki 071 P-77) 

Long gMsqtrty yld ratio: 2.18 (225) 

Worst p qi fminhitf sector* 

1 Media — 


Tobacco 


Spirits, Wines & Oder - 
Bectraruc & Bee Ec*Jt_ 

PrfnUng, Paper & Pckq- 


--4.0 

--2.4 

>-105 

--1.S 

,..-1-3 


Telegraph 
plunges on 
price war 

Publishing stocks pre-empted 
the weakness in the London 
stock market as The Telegraph 
saw its shares sold heavily 
after joining battle in the price 
war started by the Murdoch 
newspaper group. 

The stock touched a low of 
340p and closed 191 down at 
349p with 6.3m shares traded, 
one of the biggest daily turn- 
overs since notation at 325p a 
share two years ago. 


The Telegraph decision to 
cut its weekday cover price to 
30p from 48p and the accompa- 
nying statement that revenue 
would foil by £40m this year 
sent analysts scurrying to 
lower their forecasts for this 
year and next And news that 
The Times is to cut its price 
further, announced after the 
market closed, is likely to 
cause further turmoil in the 
sector today. 

It also marked a significant 
scaling up of the price battle in 
the UK newspaper industry 
and consequently sent shares 
In United Newspapers, owners 
of the Dally Express, down 83 
to 510p, Daily Mail Trust down 
178p to 1275p and Mirror 


EQUITY FUTURES AND OPTIONS TRADING 


Continued worries about 
inflation brought heavy selling 
In Footsie futures, helping to 
reverse an advance In the cash 
market, writes Jod Kibazo. 


Having opened firmly at 
2,988, the September contract 
on the FT-SE 100 fell on 
inflation worries to trade 
around the 2.880 level for the 


■ FT-SE 10Q HEX FUTURES QJFFE) E2S par tid kidespoM 


(APO 


Open Sett pice Change Ugh Low Eat vol 
Sep 29a&0 28354 -33.0 29900 29250 15580 

Dee 2944.0 -33.0 - 0 

■ FT-SE MD 250 INDEX FUTURES (LIRE) CIO per hS Index point 


Sep 


3453.5 34Q2.0 


-47.0 3463.5 34480 


100 


Open inL 
50909 
952 

3999 


■ FT-SE MB 2S0 BfflEX FUTURES jOMUg CIO per M Index point 

Sep - 34150 .... 577 

M spot Moist Spiral m lor pnitaia day. t Eract wAma Am 

■ FT-SE 100 WDEX OPTION (UFFQ C2943) CIO per hil Index point 

2750 2800 2850 2900 2880 3000 3050 3100 

CPCPCPCPCPCPCPCP 
Jtd 199 10<2 149*2 102 107*2 Z7b 72b 43*2 402 67 25 994 13 137*2 8*j 182b 

Aug MU* 29*2 172 41 <2 1384 55 108 74 78 Kb 57 124b38b 155b 25 192 

5ep 228 48 191 57*2 155*2 71*j 128 93 Mb »Zb 74b 13»b53b 168 302 ®4 

£W W1 571 2 2® BBblMbMb 140 W 1>2bI25b«b 15<b 73 185 58 220 

Dec+ 2202 85 18612 125 110 2 1702 78 235 

CUb 1922 Puts 5.481 

■ BIBO STYLE FT-SE 100 MDEX OPTION QJFBE) E10 per M Index point 


Aug 


2775 2825 2878 2828 

1602 14 124b 20b 87*2 34>2 902 502 
188*2 31*2 152 45 119*2 82 91 83 


£978 3025 *773 2125 

34 81*2 17 115*2 02 158*2 4*2 201*2 
87 10B*2 47*2 138*2 32 173 20*2 211 
62* 2 151*2 32 220 

104 183 88 244*2 

142*3 2»4 102*2260*2 

Cafei 1,571 Pub 749 * UmMytgg Mb tarn. Rentam tarai m band an Mtienaot prim, 
t Una cm tttfn mwta. 

■ EURO 8TVLE FT-SE HP 280 B»EX OPTION (OMLX) CIO per Ml Index point 


Sep 

165*2 

57 

W02 96*2 

Dec 

212 

96 

1S3 134*2 

Itet 

289 

118 

181 158*2 


3400 3450 yrai TO G 1 } enp n 

M 60*2 401* 30+ SHi 20*2 1002 10*2 140 4*2 

Cta 0 Rita 0 ScUemeit Brice* jnd Ktunem tataa N 4J0pra. 


FT - SE Actuaries Share Indices 


3880 


3700 


3750 


Group, which not only has a 
big stake in the Independent 
but is also suffering the effects 
of the price cut by Mr Mur- 
doch's Sun newspaper, down 31 
to 134p with 14m shares chang- 
ing hnwrfft 

The Stock Exchange is 
believed to have launched a 
foil inquiry into the Telegraph 
share trading. In particular, 
the Exchange will be looking 
very closely at when the com- 
pany first began to consider 
cutting its newspaper cover 
price. A month ago, Hollinger, 
the Canadian company con- 
trolled by Telegraph owner Mr 
Con rad Black, offloaded i2Jim 
Telegraph shares at 587p and 
under Stock Exchange rules a 


next few hoiss. 

The lunchtime release of 
stronger than anticipated US 
durable goods data brought 
renewed fears of an increase 
in Interest rates. Futires 
traders sold the contract 
heavily, with Independent 
traders (locals), together with 
a leading US investment bank, 
noted as active participants 
in the trading. The strong 
downward pressure was soon 
having an impact on the cash 
market and after initial 
resistance it too buclded under 
the selling pressure, reversing 
an early advance. 

The contract traded at a 
discount to the underlying 
market for a large part of the 
session. 

September ended at 2,935, 
down 33 from the previous 
day’s dose and at a 20-point 
discount to its fair value 
premium to cash of about 13 
points. Volume was 15,580. 

It was a did day in the 
traded options sector and 
tixnover was 24,025 contracts, 
against a previous 33.792 lots. 
The FT-SE 100 option only 
saw business of 9,236 
contr a cts. British Gas was the 
busiest stock option with 2,627 
contracts traded. 


j he UK. Series 




Dw^s Year 

Dv. 

Earn. 

P/E 

Xdad|. 

Tore 


Jui 23 chge% Jun 22 Jun 21 Jun 20 ago 

***** 

itlnl Tif 
rWR 

ratio 

yld 

Return 

FT-SE 100 

2942.4 

-0.6 206a4 29402 2971.1 2884.7 

431 

7.10 

1688 5231 

110019 

FT-SE tad 260 

34369 

-C.7 34019 34619 347a 7 3216.7 

3.82 

380 

2064 5377 

128642 

FT-SE MU 250 ex kN Unuati 

3437.1 

-09 34659 34679 34809 32309 

3.78 

834 

1932 

5697 

128599 

FT-SE-A 330 

1483.1 

-09 14829 1484.7 1498.4 1442.8 

497 

891 

17.45 

2594 

113497 

FT-SE SnritCep 

182394 

— 182493 1826.68 183598 1845.70 

398 

4.11 

31.12 

22.40 

140296 

FT-SE SntaCqi ex In* Trusts 

180493 

-0.1 1800.02 1809.73 181599 1650.13 

333 

430 

2835 

2391 

1391.11 

FT-SE-A ALL-SHARE 

147835 

-0.6 148595 1478.03 1*91.12 142&44 

4.00 

601 

1604 

2590 

114934 

■ FT-SE Actuaries All-Share 









Oey-a Year 

□tv. 

Etm 

P/E 

Xd ad). 

Tota 


Jwi 23 chgete Jim 22 Jun 21 Jun 20 ago 

ytetd% 

yWclte 

ra&o 


Fteoan 

ID aMBUL EXTRACTION (18) 

264053 

+0.1 2837.75 2604.06 264596 2231 90 

334 

4.44 

2838 

37.93 

104932 

12 Extractive Industries^ 

376297 

-09 377490 3724J2S 381194 310(170 

333 

590 

2339 4339 

1024.08 

15 OH, IniejratpdP) 

2594.09 

+4U 258492 255191 2582.12 2154.00 

335 

438 

2732 4043 

10s2.ro 

18 0* ExptoraUon & ProdOU 

196191 

-09 1969 AO 1950.60 198392 195790 

3.42 

131 

80 OCT 

1837 

111687 

20 Oat MANUFACTUftEBS(2W| 

1902.85 

-0.7 191 S0B 1903.65 1915^48 179790 

338 

4.79 

2597 

3036 

95696 

21 Bufldng & Construction^ 

1162.03 

+6.1 11 6C 73 1148.75 1156X5 105790 

*1 

4.48 

2600 

1592 

901.79 

22 Btafing was & Merchs(31) 

182491 

-03 183090 1790.10 1791.12 1855.70 

491 

4.1B 

3070 

3333 

862.60 

23 ChomtcalsCI) 

232*66 

-03 233296 2315.72 2330.16 219930 

339 

4.14 

31.13 

4337 

1022.18 

24 Diversifled lnduatrita(l6) 

1897.05 

-1.1 1917.99 188997 190930 1872.10 

4.79 

4.74 

2615 

40.00 

95620 

25 BoctrorHc & Beet Equ)p(3q 

191094 

-13 1939.02 1943.49 1962.85205730 

338 

691 

1732 

1442 

91632 

26 Enre*Mrfng(71» 

177890 

-02 176097 1781.68 178032 156430 

ais 

4.80 

2498 

2331 

100598 

27 Engtneerfrip. VeHctnCiZ) 

2162.49 

-13 2187.75 2207.77 2247.47 1781.00 

49* 

239 

5738 

3392 

103490 

28 Printing. Pap<* 4 PcK0(2Q 

2710.78 

-13 274791 2722.18 274830 2340.70 

3.09 

537 

2250 

37.03 

105605 

29 ToxtHaa & AooaraKZO) 

169290 

-03 170132 170797 172235 181790 

4.15 

537 

2004 

3060 

952.17 

30 CONSUMER QOOOSpq 

2638.19 

-03 2661 32 2574.16 269932 268130 

490 

736 

14.73 

5239 

86390 

31 Brawariw07) 

211492 

-13 213993 214032 2153.12 2031.70 

4.48 

7.98 

1530 

3681 

94097 

32 SpMts. Wines & CUtaraflO) 

2702.99 

-19 275194 274030 277433 281630 

4.09 

7.13 

1626 

5678 

90082 

33 Food Manufacbaen(Z3) 

2123.18 

+ai 2120.66 2117.70 2145.76 227130 

431 

638 

1331 

4894 

88695 

34 Household Goods(l3) 

238791 

-0.7 238495 2384.17 2409.77 216890 

271 

7.77 

1547 

4130 

04670 

38 Health Qare{20) 

162993 

-08 1B4233 104497 1849.47 170230 

3.14 

218 

66.76 

2598 

93938 

37 Phannacauricst3(12} 

2739.10 

-03 2752.87 2793.12 2809.77 288590 

468 

7.97 

14.45 

4730 

857.12 

■ Ii u N— 

318924 

-2A 3275.94 328433 3364.02 3811.40 

0» 

UL6S 

1071 

10235 

711.74 

40 SS1VtCES(2223 

189542 

-as 191338 1904.73 191022 181190 

331 

618 

1933 

2683 

92681 

41 Dotrtbutor*31) 

269791 

-0.4 2708.49 272a61 274497 2086.90 

930 

641 

1830 

3734 

92649 

42 Letswe & Hotola(24) 

2084.44 

-03 2094.87 2067.78 2Q989S 184390 

331 

4.67 

2597 

19.42 

101438 

43 Ueta(3S9 

2741^43 

-49 2864.70 285197 2886.10 2386-40 

237 

640 

2139 

3731 

04635 

44 RetaSara, FoodflTJ 

1643.03 

-ai 1S5O20 1042.91 10S0128 198430 

3.88 

931 

1619 

3230 

38047 

45 Retailors. General^ 

1651.12 

-0.1 1052-48 164123 164290 1509.70 

3.10 

630 

19.70 

2601 

87737 

48 Support Senricea(4G) 

162093 

15Cai9 180433 15233S 153130 

270 

617 

1994 

1678 

91730 

49 TranspofKIS) 

221292 

-03 2223.88 2210.76 221339 2068.10 

179 

631 

2043 

3198 

801.40 


118795 

+03 1181.71 117194 118020 12S230 

4.03 

230 

eaoor 

1190 

101044 


60 UTILITIESpB) 

214996 

-OI 215192 2136 S3 2147.72 214610 

490 

66B 

14.13 

3139 

81598 

02 BectfdtrflT) 

207607 

-61 2081.79 2081.76 200791 174490 

437 

1192 

1035 

30.07 

84689 

04 Gas OstrfbuDonCg 

1737.48 

-1.1 17S7J05 169838 1741.10 1974.70 

690 

* 

t 

5643 

79*94 

68 Totocoi ranunlcationn) 1) 

192684 

+O0 1912.70 1899.14 189991 2034.80 

439 

898 

1607 

650 

804.49 

68 WaM13) 

101651 

-1.1 163681 163732 186649 104680 

602 

14AS 

738 

5641 

80691 

89 NCW-FWANCIALS(B39 

159434 

-09 100435 169730 160699 154091 

4.01 

641 

1684 

2682 

1114.61 

70 FHUNCMtS(104) 

208995 

-09 210194 206610 2114.03 2032.10 

4.32 

670 

1331 

4617 

819.60 

71 BartraOO) 

908629 

-09 272041 270632 57GQ.72 251230 

493 

693 

1670 

59.07 

79613 


119687 

-1.1 120991 1192.73 120099 130610 

539 

1294 

937 

29.00 

009.78 


228896 

+03 220605 2241 4)7 226331 263290 

648 

602 

1531 

0038 

88138 

75 Merchant Bairis^ 

2704.74 

270440 270678 271734 250290 

670 

1140 

990 

5668 

81192 


180090 

180144 180238 1801.10 150590 

682 

798 

1430 

3138 

95658 

79 PrapactyHU 

148034 

1489.70 148139 147733 1337.90 

494 

492 

31.11 

2622 

84735 


bo twvESTMprr reuerstiaa 


287331 +03266609 2856.32 2002.84 235900 2-25 1.92 32.74 29.04 B8303 


89 FT-SE* AU.-SKARE|8Ba» 

■ Hourly movements 

Open ago 


147835 -AS 1488.05 147&03 1491.12 142844 4.00 061 1804 25.00 114934 


1030 


1200 1330 14j00 1Oj0 16.10 Hlgh/day Low/day 


FT-SE 100 
FT-SE Bfld 290 
FT-SE-A 350 


2978.4 2975.0 

34505 34583 

14993 14973 


2970.0 

3453.1 
1495.4 


29773 

34554 

14983 


2975.0 

34543 

14975 


2961 8 
3448.1 
14913 


29403 

3438.4 

1482.4 


29405 

3435.5 

14843 


29423 
3437 JO 
14S33 


2979.4 28305 

34624 3435.3 

14890 148Q.0 


rm of FT-SE 100 rtoh &31an Low 20Sam 

■ FT-SE Actuaries 350 Industiy baskets 

Open OOP IftOO 11JOO 1000 1300 14JOO 1S0Q 18.10 Clo— Previous Change 

HdB 8 CnatfOl 11100 1111J3 11128 11109 11136 11129 1109.6 11002 11068 11059 1104.6 *1.3 

PhumaceuScb 2749.1 27402 27402 27406 27408 27321 27000 27220 27123 27123 2725.8 -13 JS 

Watar 16209 16308 1617.4 16148 16141 16107 16005 16004 16118 16121 1630.4 -103 

BenAa 2770. T 27383 2738.1 27830 2733.8 27409 27201 2731.3 27323 2731.3 2753.7 -224 

fcVMtyw cr-«E MtIMBiw tntflera to rataalwd m Mradar tonM. Ua» <4 comacuwite ara nofcU o tram Tha Rmnoal tiraaa 

‘ Hn g tn a iti ~-*rr * — I— get cm iMtTJfifM+'aa.Mo.SM, 
raubu 10 HIM nicM la snMW IWH ftSTAT St ft* same BdOw. 

TIM FT "Stxr ham hm im m iad FT-SE-A N un hiM lcIWl luu Dio FT4E 100. ti» FT-SE Mid 25a FT-SE Mala ®0 aid Bia FT-S6 AcBortn lndb«y 
OaMwtO an hr Ota SM EKOB10S of lflo UMod Ktfdaa and D«puMa of MM and Ow FT« Acsamo hida Is 

mM b* TfM Ttowo Ui^d, ban ii conRneOon «W> ■» rnttaao of Aswawa dw FacuOy of AnmUs imm a stondaid Mt of gram ndos. 

e SlO fcdMMt i oiH BU. EwHMt Of 010 UnUd Ktofem WM Fhpd* «f Idna UmCod ia»4 O TIM I »*"•* am r w mil 

TT-Sf and • BjuUif n m mu marta and fintoo imu of mo London Sndt Eictungo id TTw r, nr Ini Tmcc IMkiThi FT-SE Acornlmi 9m 
hdkn ara nddM by 1T»mi Sw-t S«*r P* «*■ 8— •»«« noc Mram. t VMooo ora ^gOOWL 


company cannot deal in its 
shares if It has undisclosed 
price-sensitive information. Ms 
Loroa TUbian of S.G. Warburg 
said: “All hell will break loose. 
You cannot place a stake on 
May 19 and have a price war 
on June 23." Ms TUbian cut her 
current year profits forecast by 
£15m to £47.5m and her esti- 
mate for next year by 922.5m to 
the name figure. 

Wellcome hint 

Pharmaceutical group WeD- 
come was dragged down with 
the market, but one leading 
US analyst was telling clients 
that the UK company could be 
the next target for a signif- 


TRADING VOLUME 


■ Major Stocks Yesterday 

VoL Cloafc* Day"! 
0003 pnoa dHH 

ASCAOc.pt 
Abbey Madonoft 




AOO 


tana EML Porta 
BAAt 

BAT Mat 

BET 

BOX 

HPT 

BPS Ml 
HTt 

BTRf 

Bank of ScoMondf 

sr 

BkjrCWaf 
BcxAw 
Boottf 


BriLAomptxt 
BAWiMra^t 
Bndah Gaat 
MM Lana 
OttrtiShMft 
ara 

BuirahCaMt 

6ran 

CaOa & WV«t 
CDdbwy Sdivnppi 
CMor Group 
Cwadwit 
Cadtoi Comrm.t 
Co*»V1y*rt 
Oonan. Unkxrf 
Cockaon 

Coutataat 


EntlMandSacL 

agMaOM 

Entwpriaa Otf 

EuotaanMUInta 

RO 

n aona 

FommSOoLLT. 

Fortarf 

Can. Acddanft 
Oonand Boctf 




Ncrsam Foodst 


PiOt 


«?Co*riQnt 


Road w-t 
nmitt 

DMHT . 
floa» Rovcof 

R»1 B. Scodnft 
floyrf MaanoaT 
SMnatayt 


Scot I l»*o D act 
Scoortfi Powart 
Saant 


Sawn Trent 

ar- 

Eaa 

SrrAH(WJl) A 
Smm S 

Srr+U Beachamt 


SouCi Waat Wooer 
Soudi Wool Bwd. 


Son Afcneaf 
ram 

TlCmwt 
TOBt 


HR A Lllo 
Tojlof WoodM 
Taocot 

7Jmtm« WSderf 
Thom art 
Tcrnkhnt 


UntadBtootat 

WMMqn 

Vo ft iupgr 

W*taoB(Sf37t 


WtaAraodt 
IMtan HkJBLt 
WQo Canoon 


7,100 

54)i 

-h 

1X00 

*01 


357 

51 


9*5 

see 

-2 


467 

-6 

217 

343 ‘J 

46b 

3,700 

237 

-a 

1JV 0 

248 

-9 

1.000 

607 lj 

+sb 

2JU0 

236 

n 

ass 

899 

-9 

6000 

301 

-8b 

2300 

115 

+1 

T-l 

386 

-a 

K1 

TOO 

s 

16000 

404*1 

«2 

1.100 

293 

+1 

8900 

370*2 

tab 

5300 

252*1 

t3*2 

6500 

357 

-5b 

1300 

187 

+3 

4300 

535 

-4 

1300 

502 

-8 

6000 

280 

■0 

16 

402 

+2 

1300 

527 


1300 

447 

-7 

313 

455 

-10 

4.100 

367 

-2 

6.100 

201 

-3 

633 

376 

-a 

1.700 

135b 


2 

151 

-4 

*02 

853 

-4 

6*00 

58*4 

-b 

4.100 

428 

+3 

4.1 DO 

423*2 

-b 

200 

274 

-1 

6200 

297 

+4 

B26 

822 

-13 

I3<n 

223 


1300 

518 

-1 

seo 

236 

-7 

1300 

469 


43 

386 

-a 

500 

867 

-7 

1300 

190 

+3 

413 

588 

-ib 

510 

584 

+4 

252 

334 


GDI 

413 

-10 

3300 

278 

-1 

1300 

17* 

*1 

236 

138 

-a 

782 

IWl 

-b 

1300 

227 

-8 

1.200 

558 

-4 

4*» 

2*3 

-6b 

6700 

5C 

+4 

532 

338b 

*2 

1AO0 

526 

+b 

6300 

390 

-is 

1300 

sn 

»5 

1.100 

172 

-6 

1300 

570 

-4 

6600 

448 

-0 

*300 

eae 

-a 

7 

346 

-1 

7300 

2*0 

-a 

884 

188 

-1 

365 

775 

-1 

1300 

166 

-1 

685 

297 

-ib 

1300 

762 

+6 

337 

450 

-7 

223 

516 

♦b 

1300 

49* 

-6 

250 

563 


2300 

1G0 


620 

604 

-6 

138 

714 

-0 

6T0 

421 

-4 

730 

338 

-6 

1300 

541 

-7 

2300 

146 


154 

643 

*3 

6100 

130 


1300 

164b 

-*b 

512 

418 

+2 

3300 

139*2 

•ib 

02 

G66 

-• 

+300 

402 

-2b 

310 

561 

-5 

1300 

126 

-1 

6300 

190 

-b 

5300 

450 

-3 

1300 

425 


647 

244*1 

♦b 

333 

472 

-a 

+0 

646 

n 

12300 

200 

•: 

383 

SB 

-7 

2300 

600 

-5 

see 

614 

-3 

5.700 

1GS 

>3 

1.100 

*70 

t2 

5300 

300 

>2 

91 

828 

♦1 

1300 

835 

-6 

564 

233 

-1 

6400 

360 

-a 

657 

563 

-6 

1.400 

465 

-5 

1300 

768 

-2 

1.700 

210 

•ib 

MOO 

07 

-12 

7300 

181 

-1 

1300 

426 


1300 

•an 

-10 

1.100 

*04 b 

-b 

236 

1165 

+6 

742 

SOB 

-8 

375 

332 

-7 

1300 

360 

-4 

4.000 

119b 


785 

170 

-2 

418 

316 

-1 

1.100 

472 

-15 

4300 

697 

+2 

BOO 

534 

+* 

376 

242 

♦4 

788 

471 

-6 

2.700 

*46*1 

-2 

4J00 

403 


1,400 

382 

-3 

IBS 

442 

-b 

GOB 

tea 

*6 

es 

505 

14 

63 

493 

-1 

97 

56* 

-1 

391 

483 

-2 

1300 

254 

-4 

221 

216 


1.700 

206 

-1 

6100 

216 

-3 

700 

369 

-4 

6200 

211 

-6 

0400 

144 

-3 

647 

*03 

+9 

1300 

134 

•1 

5300 

229 

H 

rjoo 

*45 

-5 

6200 

11X3 

-2 

3300 

224 

*b 

1300 

88 

-1 

311 

366 

+3 

1300 

973 


750 

315 

-6 

3300 

5(0 

-83 

1500 

489 

-1 

538 

roi 

*2 

2300 

sea 

-18 

288 

S67 

•1 

88 

567 

-a 

721 

500 

-6 

SID 

340 

-4 

252 

154 


2300 

167 


520 

723 

-3 

133 

552 

n 

252 

*64 

-a 

1300 

702 

-ID 


y ohuo m u Bocl 

YortjJtro Waior 

Zonscaf 

Poau d on BjAy wfem tor a Mccttn of psRor 
aecuiaea dota daauMi M SEAQ aymni 
lommlo) tod 430cm. Trams of ono nScn ar 
may >8 tousiad aarat t Mc ao on FT-SE 
10Q Men csnatiuM 


icant merger or takeover in the 
sector. 

Dr Jonathan Gellss of Wert- 
heim Schroder believes the US 
holding in Wellcome, officially 
about 3.6 per cent, has doubled 
In the past month. The perfor- 
mance of the shares reflects 
buying interest, probably from 
the US. Wellcome has outper- 
formed the All-Share Index by 
9 A per cent, and the sector by 
more than 5 per cent, since the 
start of June. 

Dr Gelles argues that Well- 
come Trust, which still con- 
trols 40 per cent of the com- 
pany. is only interested in 
maximising profits in order to 
forther research and would be 
quite happy to see a merger or 
acquisition. He believes the 
company has a take-out value 
equivalent to about 900p a 
share. Yesterday the shares fell. 
16 to 586p. 

Unigate gain 

Milk producer Uuigate 
strengthened as rumours over 
the possible sale of its stake in 
Dutch group Nutricla resur- 
faced. Unigate has a 34 per 
cent stake in the baby food 
manufacturer, most of which It 
gained when it sold Nutrida 
its Cow and Gates food busi- 
ness in 1981. Speculation over 
Unigate's next move have fea- 
tured intermittently in the 
stock market ever since, with 
some suggestions that the UK 
group might at some stage be 
considering a full bid. 

However, yesterday's talk 
favoured a disposal and the 
shares gained 3 to 366p. Heinz 
of the US, Swiss group Nestle 


NEW HIGHS AND 
LOWS FOR 1994 

MEW WOKS P3J. 

BAtaa (t) am* niwwiaid-a tq Bu n e w o wt 

Hot M. BUUBRO 4 cxsnw 0) Mpa, BUM 
■MU 4 MCHTB (1} WM Hi 

nsnwunns (i) Noraia, BfciRNC & 

6LBGT BOUP A Mokwtaa ftasneaTtapac. 

ENUNLUUKO <9 GO. EMO, ve«aJS ro 

aeuoMd. nmucnw w» n amMicti 
HP. Nw» W*4 fttod-c, PWBSINKHr TRUBW 
tn Hav Hang 2tn Pt, anssnpatT 
COMI'W— m L, Juta»u.HgM CO Wbo 
RKhl. OTHB1 RMANOAL (f) Angto Anar. k» n 

RcnaBte. food pi wwrre, wwes & 
axm m 6UPPOBT8BW8 (1) Sndmon 
B8CMCO.TEXTUS 6 APPAREL HDwtWtt. 


OO.T8 (B BMOCB (q BRBHBnS A BM4 
Baddngm. ForaaVtos. WMlmd, 

BUacm • CN81TO n AMMUa OrtBfaBL 
Hlso*&fflL Jonta,Rc*ia BLOQMATLSa 
MCtm P) Braadon, Octant Ftofpy, 
CHOBCALS (3) Hetaor W. Utoorto. Seapa 
0WTMBUT0R3 (l> DNBttPHI KXX (0 
AM, BUf (4. Cana Shoot. DCC Knon 

BWpc Crar 90, Po^l Duflryn. Uradora. 

6LBCTHNC 6 czecr SOUP 99 EHOMmaHa 
n CtoMig. BO. McKkM*. WHl, Mmmoo. 
EM9, VBOCLE8 H BOmCTWE MD* N 
FOOD IMNUF W taoraMM, OqgWy. JU 
Nktata wi 008 Mnwunm tfl Color. 
HEALTH CURB (!) AAH, Carat CMriA 
ClwCu. OekIBiorauJi HX M.L. Lab*. 
Oofty Cm Hottmo. Tekara. HOUS&IOU) 
GOODS B WSURANCa K WVESTWSfT 
TRUST* m antsntaa compnbbb m 
LE num • Hoites to rm uta. Mjr lanio 
Dm, UFEASSURANCS Britatoto. MEDIA 
nil MERCHANT BANKS « teMtooo 20* Oo 
7Mpe Cv. M. RM ftO*. 08. DPUMUtlON 4 
PRt» (1> Enwgy 8**y. OR. MKOnOGD (1) 

omai rwamcial ct wAmmcguncALa 

m OOHMh, PRTHQ, PAPBJ 4 mctOQ (3} 
FAOFBITT (iq RETMLBtS, FOtHJ (Q 

NHWLtiq 

1* ClOStS C9 Grand Mot, 
GUnnees, SUPPORT BBtVS (11) 
TeueCOMHMCAnOMS <q SwMcorNfV. 
saorty Sara*. TBOBBS * 4PPWIEL re 
Ctoramran Gonmnto. On (8RL Jomma 
UntMrt HomiVi. L>4» B. POL taofcuL 
Short. SftwMOOd, TOBACCO p) BAT Wt 
TRANSPORT M WATHl J7J AMERICANS (3} 
CANADIANS 1H 

and Germany’s Altana were 
being linked with the gossip, 
which if true, would most 
likely be followed by a foil bid. 
Analysts es timat ed the stake’s 


worth at around £2 5 0m . 

Shares in Channel tunnel 
operator Eurotzmnel relin- 
quished a strong early advance 
to finish a penny off at 278p. 
The group reported a 67.7 per 
cent take up of the UK part of 
its £858m rights issue. 

A quiet day’s trading in 
Thorn EMI followed the 
release of the MMC inquiry 
into compact disc prices which 
dealers said had. already been 
discounted in the shares. The 
repeat cleared the record com- 
panies of collusion, a result 
which had been widely leaked 
to the market several weeks 
ago. Thorn also announced 
after the market closed that it 
had reached agreement on the 
sale of its defence business to 
Thomaon-CSF of France. Ana- 
lysts said the long-awaited dis- 
posal would hasten the doner- . 
ger of the leisure group into its 
music awl rental constituents. 
The shares slipped 2 to 1043p. 

First Leisure slid a further 10 
to 278p following results on 
Wednesday, considered by the 
market as mildly disappoint- 
ing. However, the continued 
weakness led some specialists 
to tbs belief that the shares 
could be undergoing a re-rat- 
ing. 

Grand Metropolitan 
retreated 15 to &0p on 6.7m 
traded as Smith New Court 
trimmed its 1995 profit forecast . 
from Etbn to £957m_ 

Clearing bank TSB fell- 9 to 
21lp after reporting half-year 
profits of vxntm up from £80m 
previously and in line with 
market forecasts. TSB also 
ranfirmerf market speculation, 
that it intends to boy a 


big building society. 

A stock overhang was 
reported In components group 
T&N and the shares closed 3 
lighter at 218p. Engineering 
group ML HokHags moved 4 
a tfrewt to 45p, after several bro- 
kers upgraded current year 
profit expectations following 
the group's return to profit. 
The company reported profits 
of £5J2m against an £11.2m loss 
the previous year. 

A Rolls-Royce presentation 
to analysts mid institutions in 
the City generated little enthu- 
siasm for the stock leaving the 
shares a penny lighter at lBlp, 
after trade of 7m. 

Shares in business services 
group BET finned a penny to 
lisp after NatWest Securities 
turned more positive on the 
stock. NatWest said: “With the 
risk factor much reduced, and 
personnel and textile rental 
sensitive to improving employ- 
ment trends, we can no longer 
be negative on the stock.” 

Results from Southern Elec- 
tric were at the top end of mar- 
ket forecasts and the shares 
ran up 6 to 5S9p. 

There were mixed fortunes 
for four new stocks. Book pub- 
lishers Bloomsbury Publica- 
tions came to the market at 
105p and was bought up to 
HOp, while VCX slid 9 to 141p. 
Property agency Chesterton 
fell 3% from its issue price to 
dose at lOOttp. 

MARKET REPORTERS: 
Peter John, 

Christopher Price, 

Jod Kfoazo. 

M 'other Btaifarilca, PBg» 21 . 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


— caaj Puss- 


RISES AND FALLS YESTERDAY 


Opoon 


M 

Oct 

JM 

■M 

Oct 

Jan 

MtfrLyona 

540 

MM 

a 

_ 

6M 

18 

- 

f565 ) 

589 

8 

MM 

— 

30M40M 

- 


220 

20M 

29 

33 

3 

7% 

12% 

C23B) 

240 

7 

17M 

22 

11 

16% 

22 

ASW 

SO 

7 

1 

9M 

IM 

4 

4M 

n=) 

60 

IM 

3M 

5M 

8M 

10% 

11 

MAtmejn 

380 

34 

4SM 

61 

3M 

11 

18% 

(*3*7 I 

are 

14 

28 

M 

W 

Z3H 

29M 

SnSBtaA 

390 

23 

33M 

<3 

8 

18 

Z7K 

r«z) 

420 

7M 

19 

28% 

25 

35% 43% 

Boots 

500 

31 

49 

58M 

5 

13M 

20% 

rsM) 

550 

7 

22 

31 

28 

37% 46% 

8P 

390 

23M 

SB 

42 

SM 

15 

20 

(-404) 

420 

8 

IBM 

27 

Z1M 

31 

38 

BnOtfi Stsd 

130 

BM 

M 

T7M 

4% 

8% 

10% 

ri3S) 

140 

4 

9 

I2M 

10 

13M 

18 

Baa 

500 

Z1 

3BM 

44 

14 

22% 

37 

rso2j 

5S0 

4M 

16 

23 

51 M 

54% 

70% 

CtafrWa 

425 

17M 

_ 

_ 

13 

_ 

_ 

r<2B) 

450 

7 

— 

- 

28% 

_ 

- 

OoutmMl 

500 

12 

28 

37 

18 

am 

37% 

(•<«; 

550 

2 

>m 

MM 

62M 

re 

71 

Conan Udon 

500 

2SM 

37 

47 

a 

23 

2B 

rs*s) 

5S0 

8 

15 

24 

39 : 

54% 

59 

n 

760 

SM 

48 1 

BOM 

ISM: 

33% 

43 

P761) 

800 

8 : 

23M 

V 

48 

04 

71% 

Wogfctar 

480 

43 1 

32M 1 

MM 

4M 

I4M 

21 

l*«4) 

500 

17! 

BM 

41 

18 

32 

39 

Land Saw 

900 

19 : 

MM 

42 

12 

19; 

20) 

fS04 ) 

650 

SM ‘ 

I4M 

19 

48M 

51 ! 

56% 

taita 8 5 

390 

WH 

SI 

39 

SM 

(2 

(6 

(*402 ) 

420 

5 

18 

M 

22 i 

Z7%: 

n% 

ftaMtat 

420 

S7 44M 

54 

5 ' 

13% 

17% 

r«o) 

480 

11M 

22 

32 

21 

33 

37 

Satostuy 

390 

21 : 

EM 

43 

8 

17 

25 

r«2) 

420 

7 

21 

28 

28 

33 40M 

SM Trass. 

650 l 

J3M 

63 

78 

2M 13% 

18 

[-597 | 

700 

I5M 

30 

38 

17 32% 37% 

Stotaouaa 

200 

17 

23 27M 

3% 

7% ' 

11% 

F215 ) 

220 

S12H 

17 ’ 

13% 

18 21% 

Trafalgar 

98 

BM 

_ 

_ 

3% 

_ 

_ 

(*88) 

97 

2M 

- 

- 

12 

- 

- 

Uritmar 

950 

38 83M74M 

I2M 23M 31M 

ran » 

1000 

I2M38M 

82 ! 

STM 

49 56% 

Zaaeca 

700 

22 37M 

68 - 

16% 35% 42% 

rroi ) 

750 

4 17M 

29 

53 

68 73% 

Dp8an 


ftte 1 

tor 

Fab . 

tag 1 

far 1 

Fab 

Grand Met 

390 

14M 

27 34M 

17 24M 31M 

raao > 

420 

5 

15 

23 

40 44% SOM 

latanfea 

140 i 

BM 

28 

31 

2% 

6% 

7M 

(159 J 

180 

SM 

18 3 

SM 

9 

14 

17 

UUBtata 

300 2SM 

S3 

37 

5 

14 

17 

C316) 

330 

9M 

18 

23 

a 30% 33% 

Option 


Sep 1 

tee 1 

ter ! 

9* 1 

Dec 1 

Har 

Rsons 

130 1 

I7M21M 

24 

7 

12 14% 

(138) 

140 

12 

16 

19 

12 

17 19% 

Option 

1 

teg 1 

fa* 1 

Fkb 1 

fafl 1 

far 1 

Ftt) 


Option 


— caaa Pots — 

ft* (ter F* tag Nov Feb 

Han 

240 

9% 1518% 813% 17 

r2«i 

280 

3% 8% 18% 2% 28% 29% 

Lztna 

134 

19 23% - 3% 7 ~ 

H48) 

154 

9% t2 - 12 18 -- 

Lu»8 tads 

180 

T2 17M2D% 6% 13 15% 

C184 ) 

180 

4 9 12% 18% 26 a 

P&O 

800 

34 48% 60% 15% SM 39 

n*ia) 

650 

12 28% 38 46 89 89% 

FWngton 

MO 15% 21% M 6 8 12% 

PW) 

180 

5% 12 14*19% 20% 24 

Probata) 

280 

27 3ZM 37% 4% 11% 13 

C289) 

300 

14 21 28% 11% 21 22% 

m 

800 

« 75 91 11% 29% 35% 

me) 

850 23% 48 84% 33 53% 80 

R end 

460 

38 61 57% 8% 20% 25% 

r«4i 

900 

13 38 37 28 43 47% 

AMI knee 240 20% 28% S3 8 15% 18% 

roi j 

290 

918% n 18 28 27 

Taaoo 

220 15% 21% 29% 6 12% 15% 

C227 ) 

240 

5% 12 17 IB 24 28% 

Vofetaa 

480 <1% 88% 05 B 18% 28 

r<89) 

500 

17 35% 44 26 37 45% 

Mtim 

325 

22 38% — 6 13%. - 

PMO) 

354 

7 18 — 21% 29% - 

Op»e 


M Oat Jan Jtti Od Jm 

BAA 

850 

68 81 92 5 19 24 

(*898) 

900 a*M4SM 82 22 35% 45 

nanism- 

420 32% 44% 47% M XtH 17* 

r*<s) 

460 

8 IBM 29% 22% 29 38 

Option 


Sap Dec tar Sap Dec Mr 




0 



as 


83 



155 

400 

'100 






34fi 

10 

205 



24 

- 101 

Rnanctate . 

67 

Investment Trusts 

OOWS_— . ■ 

•tw. ’ 

• - ‘ 41 

30 

99 

■ 286 

33 

Total ■ 

800 ■ 

015 

1453 


DU bond on Snao riunp o m u MM on MUMon I 


TRADITIONAL OPTIONS 

RratDwangs . Jim IS 

Last Dosings 


Juno 24 For nfflomant 


Suit 18 
Sopt 20 


<fe oonwfc7i RU4, BBero ftyiu o, N um b Boo, JRsnoooion, Tel 0 9r »|i7i 


LONDON RECENT 

Issue Amt ML 
price paid cap . 19M 
p up (Bri) High lc«r 


Bournes 

Ctooa . 

Price ; . Not 
p • */-' rih. 


ON. Gra 
cou. Jjri 


WE 


MbSflMI 390 ZM S41» 15 2D» 28 
rw > 420 13 Z1HZ7H S3 37 44H 

MM 25 8H W r 2 3 Si 

(•28 ) 30 3 4 5 4M 5K 8H 

Badaja S00 98 58 B 13 UK27M 

fS35) 550 22 31 42 37* 44 53 

Bfca CMe 280 31 3BV4 43 9 13 1415 

f27fl ) 2B01 9 29 31 Mr 18 22*24* 

MU On 200 1815 MM 2234 12 18 28 

ran ) 2ao s iin « 24 six 3s 

□ten 180 HK23V3 27 11 U 17 

(-190 ) 200 m 15 18K 22M 25 a 

140 21 2S27K 3H 4X 8 

160 «Mtmi6H t2 14 IBJi 

130 «M 15 18H 1IM 14K 17H 
140 • 10 141S T7X 3W 24H 

420 28 87H 4| 18 25H 30 
460 WH 2B 28 43 49 G3 


H55) 

Lurahi 

r*3o > 


§120 FA 
161 FJ». 
255 FJ>. 
100 FJ». 
100 FP. 

105 FA. 
§160 FJ>. 

- fP- 

- FP. 
150 FP. 

§148 FP. 
KJO FP. 

- W>. 
130 FP. 

- FP. 

. - FP. 

.225 FP. 

•- FP. 
= - FP. 
• 5 FP. 
200 FP. 

106 FP. 
120 FP. 
100 FP. 


8*7 
444 
143P 
. 483 
31P 
*44 
305 
222J 
1059 
XT A 
12J3 
614 
199 
488 
77J 
7.78 
1089 
689 

490 

182.7 

454 

349 

599 


123H5*i .An. Hart* 

.188 180 Amujr. 

' 267 258 Aegert* . 

106 100 Automotive Pteca 

104 IDO BaVe GM 9n C 
110 106 Btocnubuiy Pb 
154 148 Breete DofpMi 
81 87 CAMAS 

112 108 as 

180 MS OT. Anjcws- 
170 143 CBNMl 
104 06*z CheutNton Mi ... 
SB 34 CNme Ooame. 

143 133t*erriqr 
93 BO neateg taetan 
60 42 Do WUmnts 

233 ' 225 ki N umdW l . 

"87 94 Jeon Rry Brao ' 

77 : 86 JF R Japan Min 
6*2 5 Food 


.333 200i 


Oulu 


ifundcnC 
.113 88 MghtMgM 

130 126*2 Notcor 
109 loowtaocriarnu 


122 
186 
2® 
108 
103 
. 110 
148 
73 
107 
. 180 
168 

IS 

140. 

92*1 

48 


88 

6V 

280 

89 

127 

103 


W374 
INI -08 


24 39 
09 69 


12.1 

30.1 


imo 09 4J 364 


WN294 
-199 
+V <443.75 
+1 . 

L MSB 

ma 

- RN3J3 


ZJ 33 
29 49 
07 84 

24 iS 
r 29 
19 4:1 


113 

109 

349 

159. 

113 

-143 


W3.1 29 29 139 


K» 


LNaa 

069 


-4 W1192 
' R398 
-1 VU£6 
42: 


21 99 
- 69 


19 &6 
29 49 
29 49 


UP 

13.1 

109 


Wt Aden 420 4te6W78»9tt 27 34 

C455 ) 480 24M 48 B8 2S»45H 54 

847 Mi 380 32 2» 48 S 16H IS 

C381 ) 390 14H24KKM25H 33 36 

DIR 33033384S3H9H13 

(T57J 380 12 21 S 14 23 20* 

Bet TiAjumi 380 18 24 ZB 12 18 te 

r37D f 390 6 IfH 1SH 34 37H 43h 

CadhiySai 420 19H2M38H 12 23 24K 

C*Z3 I 486 S13H S40» « so 


F42S ) 

Sect 

P3S0» 

Sn 

nisi 

Farts 


H44) 
nan eu 
HOC) 
T» 

ran ) 

Tomtons 

r223) 


330 SI 
360 HH 
110 14 

120 m 
220 21 
240 11W 
140 16 
160 7M 
1000 76 
1050 48 
200 20H 

220 m 


35 38H 
20 2BH 

1BH 18 

2M 26 
18 19* 
1SHZ23* 
MM 14 
82 108 
65K7IK 
M 28 
14» 18 


14 IBM 22 
30 33 37H 
3K 5 615 
m 8H-11H 
(M 1414 17 
21X Z8 2SH 
8M 13*4 15)4 
2114 2B2BM 
39)4 SB 89 
67 8ZK85K 
8X 11 14 
2(M 22 25K 


- FJ». 

2630 131 117 RadCDW. - 

m +1 

VM2.7 

is 

20 

15J 

FJ>. 

•440. : 82. . 89 8cuddar (fetin' . - 

' 86 

' - 

- 

- 


- ■ FJ». 

002 44 4ZOoYttfe 

• 43 ■ 

— 

- 

- 

_ 

100 FJ». 

240 . 99 • . 98 SHmt HY*8Mr C 

.88.-.' . 

. _ 

- 

_ 

_ 

§95 FJ». 

180 ' 113 108 Spcrga Cons 

. Ill ‘ 

L10 

10 

10 

430 

§100 ¥S>. 

460 120 108 UPF 


-W3JJ7 

27 

80 

100 

160 FJ». 

540 .150 141 VCt 

141 

WNB0 

10 

40 

120 


RIGHTS OFFERS 


rsee i 


220 16 21 804 11 18 18 
2(0 7 12)6 im 26)4 29 31H 

550 83 77 88 19» 3JJ436M 
800 34 61 tt 44 56H S2 
N Oct Jn Jd Oct Jan 


r»8J 


550 44 83)4 68 14 25 34)4 
600 14 30)4 42)4 42)4 53)481)4 
420 38 43)4 MM 5 11)4 ISM 
F447 ) 4S0 I1M 22 31M 20)4 29)4 34 

GEC 280 9 WM 21 12M ISM 20H 

r783 ) 300 3 8H 13 28M 30H 33 


Qsw 500 

r541 ) 580 

tSKTfetfa 650 
(•688 ) 700 

AaUl <37 

C442 ) 450 

Opten 


51 a 71 5M 25 32- 
1814 34 46 24M 52 SO 
BB» 82)4 108 14)4 404 50)4 
27 87 76)4 35 84 78M 
22 SI ~ 12)4 25)4 - 

ISM 25 - IS 31 M - 

tag Bar tab tag Nw FU 


Issue 

price 

P 

Amount 

pa« 

up 

UUt 

Renun. 

rta^n 

50 . 

- w ’ 

W7 

240 

Nl 

2977 

- 

W 

17« 

are 

Nl 

14/7 

425 

IW 

err 

425 

Nl 

1/8 

100 

. M 

26/7 

. » 

M 

3/B - 

6 

M 

2V7 

250 

P8I 

2j rf 

. 73 

M 

5/8 


1884. 

HUi Um Stock 


Ctaebig +«-. 
price 
P 


8pm 6pm Britton - 
120f»n 30pm Bdos — . 
235pm. 100pm Euro-tMnajr 
06pm 3^pn BaDumal.- 
ffipm ' ,W»n BeeriS'HMtav 

68pm 67pm IfeMr.neat 
11pm . 1pm NSM' _ 

Vpm .-.Iffim Pammoutt . 

9pm 6pM- SMttNd Ptat 

98pm 14pai ..Waaeafl. . ■ 

*«« WMaa Oty of Lon 


■5*jpm 
115bm mo 
100 pm - -so 
TOpm 
5pm 
68pm 
1pm 
%«n 

6pm -1 
17pm « 


Dab-Race 

nr ) 


100 

200 


11 18 22 BH 14M 17)4 
3Hm 14 22M27M 90 


HNANCIAL liMIES ECHHTY INDICES 

June 23 June 82 Jam 2t June ^20 June 17 Virago -High *l ow 


Undefytog 
bMcndbAp 
June 23. Tata 
Puck »4376 


itu ll) prtca Prra ata na Phono m 


22&19 231191 22969 2316.1 23739 226B9 ZTIOfi 

OrcLcflv. yWd 497- '<94 497 4J33 • - 498 498 USt ^ 

Sam. vW. * tuff 899 5.78 591 . 592. S73 


FT GOLD MINES INDEX 


jta % ckg jnc jm 
22 an da* 21 28 


3.43 

P/E ratio net 1898 1441 . 1837 1894 1&B4 •' 2047 SMS 

lata tens • lana lt2B 


P/E 1980 RB 




aso 


Xrid % are 


291591 -OB 282838 201378 171854 290 2S790 1S22B8 


Baa ah a 1 ti tan oa 

■ Ragtom) tadtoas 

Africa (IQ 238791 +09 287899 290791 229018 

Aotrtata (8) 2055.11 +9.1 2574.11 952295 194244 

north America pZ] 163591 -20 167038 164394 152897 

Crvrtflt Tito FMm*M Ttnaa Untad TBJ4 

Rgua «i a rn c +toa (how nurtxr rf comparaa A Brats UB Dolan. Bow Vtaea 100000 31/1202 
Predecessor (MU Htn Istac AneZS 231* dv’i cnanga; -19 pahac Year ago: 1039 T Ratal 
LaMar prteas sura uwqitaa lar Bda adOon. 


493 344090190223 

197 301399 1893.18 

094 203995 136390 


1891 2490 3Q90 iano 

OccinraY Share taoorty dranga u . . 

open 800 .HUM 1190 1290 laoP UJO 1690 1690 Hah , m 
232*9 23189 2316.1 23229 23189 23109 2281-5 22869 22939 23249 22^“ 
. Jiaie23~ •fcmaaa' Jun&21 . Jririaao Jura 17 y, 

teAQ teWtea/_^ . .. 21972 20949 • 21.724 24988 " 31.307 2^1 

Earity limiava' (En5t . - 12589 3289 ' 8869 - 1485.1 

Equty bnrgtanrf^ .. .. 2297B 23937 2S968- 34^7 

Shna traded frnQt ' • - *789.- 3SU0 . - 3509 -T 3 ** 

T Esduitag iraa-irariM buatoan and < 


'ii 




•IfJe. 




~d . 
• VA - -3: - 











MS 



/ \ ' 


- .-•/ 









FRIDAY JUNE 24 1994 


IttnoL- — QIC 
WUr&lkrtgf-'ffCi 


s&=if "i = 


ran - »01 *» 

MS 205 MS 

W3 44 200 148 

110K — Iff TIE 

“ft =* 4^ 


129 191 

Past — 41 

28 — 43 

119 177 

21 B8 

40 48 

180 -8 282 

143 -2 109 

SEd 43 “384 

44 — a 

4U 4l *S73 

in -5 218 

2g -h 

a — ra 


153 42 tOTb 

no _ *Mrt 

*■ - n 

59 -3 62 

Z7*z -42 

149 185 

88 — 120 
29 — 88 

m — 140 
18 28 

78 — in 

23d 30 

408 473 

12 +1 15 

381-2 -1 BO 

KW KB* 

ns +ta 157 

N 8 


Tatar wood 

Sa 




11*2 -*2 *25 

80420*4 8381, 

111 138 

293 40 428 

215 48 428 

in -h i84 

132 145 

H 4-1 173 

233 283 

98V 41 *321 

83 -1 *JM» 

= n£ 
231 *2 vnh 

ns — ciB 
37 a — a 
78 -1»» 118 

*7 — 47 


178 *287 

CMO +1 « 


Z7 -» *40*2 

103 142 

98 113 

132 -2 170 

81 74 

aE^ 


4t9 -1 m 

1B7 *W8 


35 

I 

121 
139 
103 
2D 
43 

'ft 
110 
272 

232 122.1 

110*1 448 

IIS 128 
83 338 
106 888 
207 1444 
504, 

229 

“ift 

78 

ft 

233 
94 
75 
195 

155>* 

178 
121 
620 
38 

*a 

90 
132 


YM 


an 

HE 

55 

48 

,<s 

4.4 

115 

03 

ai 

85 

98 

08 

05 

£ 

47 

106 

SO 

7£ 

34 

1U 

108 

— 

mi 


35 

22 J 

0.4 

0U 

22 

w. 

45 

43 

25 


U 


Bl2 


<L4 

4.1 

10 ! 

45 

101 

6.1 

11.4 

03 


05 

175 

07 

ZU 

48 

128 

&1 

10 a 

U 

35 

19$ 

08 

952 

04 

4 

38 

11.1 

101 


04 

29 5 

05 

48 

10$ 

Ofi 

KO 

08 


25 

A 

08 

all 

YM 


art 

fW 

55 

111 

21 

142 

10 

104 

20 

219 

08 

507 

12 

179 

26 

209 

38 

159 

24 

129 

42 

209 

_ 

507 

1J 

199 

OS 

204 

28 

« 

28 

• 

25 

155 

20 

17.1 

28 

21.8 

42 

154 

01 

114 

2.1 

233 

48 

14.7 

10 

184 

17 

107 

42 

179 

YU 


Vi 

RE 

1.7 

239 

41 
3 A 

52§ 

OO 


07 

88 

4.4 


18 

248 

41 

15.1 

28 

21 J 

45 

w 

1.1 

104 

2$ 

12 

21.7 

O 

127 

38 

194 

15 

219 

18 

OS 

25 

108 

45 

108 

38 

zu 

27 


27 

508 

15 

328 

1 A 

_ 

07 

- 

13 

115 

105 

359 

04 

_ 

15 

_ 

32 

158 

12 

_ 

18 

107 

02 


15 

199 

25 

M9 

35 


25 

_ 

13 

285 

_ 

.4 

42 

129 

18 

219 

41 

105 

72 


48 

185 

28 

225 

19 

SOB 

15 

_ 


46 

25 


49 

207 

23 

22.7 

11 

<21 

S3 

185 

1.1 

4 

15 

to 

42 

28 2 

02 


47 

104 

15 

225 

42 

101 

1.4 

327 

08 

4 

18 


23 

- 

42 

118 

13 

343 

40 

143 

42 

179 


I ? ^ 

*$H -ft 

1T4 -1 


(SB 

ftS ft 

144 

173 -12 

+ ft 

182 *0 

ma 

171 

714 -0 

70 4I 

391 

Ittd 4i 

70B +1 

ft* * 

19BU -3 


4-» 1 

Ma - MM to* 

tatd 1Z7 111 

read m m 

438 -t- 4« 263 


466)3 -6 578 

M Oh 

325 -fi 409 

31 40 


a ^ 


toad HO 108 

a « 32*1 

273 -e 348 273 

9*a — 12}, H, 

180 *1«2V 127 

167X1 m 


42 ess 

79 

130 

34 


m 

- ft 

no 

Ul 


-2% 184 

-6*2 573 


139 

3 « 

49 418 

70 

175 

-1 MB 
— *310 
-8 *238 


179 -1 218 

cam — 123 

-in ft 

38 42 

a a 

W *234 

111 -1 *130*2 

ZIBlI ~ 285 

2M Z» 

1SB 221 

23 35 

298 335 

3 2 ! 

53 n 

7711 M 


MM - 80S 

MB -2 *202 

+-*** 

10 n 

anv -55 

135 -1 177 

105 -2 Ulh 

m -ah m 
m -1 

M0% -1*7 

82 x 1 — - 

80 x 1 -1 

471. 

27 -1 

23W ""-7 
2 » -2 
1444 -*. 

MOD -2 

ftS 3 

2?# 


GtaMMl* 


YU 


Gd 

PYE 

14 

4 

24 

17? 

25 

» 

07 

4 

S3 


202 

- 

09 

07 

25 

479 

12 

3S.1 

29 

209 

02 

- 

19 

_ 

5JJ 

218 

04 

- 

89 

240 

49 

102 

29 

107 

7.4 

4 

01 

17 

4 

03 


7.4 

119 

1J 

22-9 

07 

201 

7.4 

108 

29 

ai 

1.7 

422 

44 

89 

29 

21.4 

30 

102 

23 

108 

85 

118 

46 

104 

57 

179 

22 

532 

24 

— 

47 

229 

OB 





“ft - 

STM -7 
M2a — 
157 -4 

29GXJ 

1* -1 

5S 

348 — 

IIS -4 
275 -8 

mv *a 

SS" 1 * 

11 — 


4 or !! 

fts 

894 44 717 

BU —1*7 729*1 

048 43 733*1 


848 *6 891 

833 -2 421 

ms -7 an 

47M 42 982 

332 -7 477 


M -1 743 

as *8 748*1 

SB 41 729*1 


LONDON SHARE SERVICE 


YU 


Gd 

HE 

11 

33 

,8$ 

33 

202 

14 

4 

37 


41 

296 

45 

4 

30 


4, 

_ 

37 

207 

49 

315 

47 

334 

39 

39.4 

31 

17.4 

« 

122 

19 

_ 

29 

179 

45 

185 

59 

187 

37 


23 

174 

45 

614 

11 

175 

18 

104 

39 

188 

87 

174 

18 

100 

14 

314 

1.7 

Z35 

39 

108 

69 

202 

12 

174 

34 

184 

IS 

234 

YU 


Vs 

TYE 

IS 

17.4 

24 

248 

If 40 

\2 

- 

24 

241 

01 

238 

1.4 

584 

45 

« 

49 

>21 

18 

111 

38 

114 

49 

a.4 

19 


29 

? 

35 

122 

44 

38 

18 | 

15 

102 

00 

247 

5.4 

117 

35 

205 

16 

155 

U 

<9 

106 

184 

35 

154 

15 

175 

12 

107 

32 

214 

35 

206 

32 

228 

SS 

105 

si 

108 

18 

181 

17 

101 

1.7 

214 

01 

82 

27 

200 

39 

105 


25 2U 
3*2 224 
279 308 
47 108 
160 MjB 
218 
281 
ITS 
160 
210 
in 


IS 234 
34>z no 
37 240 

150 B34 

75 1718 
31 130 

218 11BO 
201 329 

163 80J 

23 aa 


41 

1A8 

14 

>01 

41 

142 

— 

18.4 

45 

- 

24 

itu 

18 

121 

34 

182 

37 

1&J 

75 

- 

— 

— 



07 

4> 

17 


05 

4 

29 

19! 

32 

10! 

47 

115 

24 

161 

23 

101 

35 

18f 

02 

455 

11 


35 

17.7 

02 

I7j4 


1C & ELI 

♦ ar 
Mob - 

“ft * 

in -1 


EQPT 


r — ■hmSTI 


a -1 
• 5 * — 


S2?d -1 

m. — 
10 — 

783d 

33 r. 2- 

414x1 

180 

1B3 


7Xd -1 

BUM — 

1 1 


87 

23M -T 

<2*2 -*2 


=£ 


« Ti 


YU 


era 

HE 

u 

— 

17 

133 

32 

* 

42 

9 

1.1 

308 

39 

z 

oi 

201 

24 

305 

39 

9.1 

14 

177 

105 

58 

34 

302 

17 

ISO 

34 

184 

114 

” 

18 

i 


84 

49 

* 

129 

02 

49 

♦ 

47 

74 

74 

105 

74 

95 

44 

- 

33 

248 

si 

187 

43 

174 

24 

203 

88 

oi 

14 

“ 

oT 

♦ 

25 

375 

30 

202 

82 

174 

04 

124 

44 

117 

8$ 

14 

63.7 

12 

* 

14 

435 

24 

175 


MB Ud 

CXPQn an M 


918 212 3KB 11 140 

*218 198 321 47 111 

408 . 303 1BU 11 US 


010*4 144 

tl xxoa S3 
U 2482 23.9 


MoMnn 


781 

ftS 17 

254 ZA 

zm 11 

125 14 

7L3 24 
113 56 

W 28 
432J8 42 

T71X 12 
KB 

208 14 

14 
7924 45 

441 84 

25J 13 

033 31 

ZU 16 


»« 51*i __ 


627 
L29 
148 

4U 135 
208 11 
1374 29 

982 21 

144 43 

E4 44 
2213 35 

1435 12 

209 39 

sno 13 

217 11 

2385 U 
2088 1.6 
318 12 

7*8 - 

1321 14 
3215 30 

681 13 

782 44 

171 U 
1.723 38 




- 

l 

05 

2 

ai 

424 

45 

mi 

11 

234 

si 

104 

07 

82 

24 

304 

84 

139 

02 

244 

45 

225 

169 

225 

39 

107 

47 

09 

55 

128 

OI 

♦ 

35 

214 

41 

45 

44 

94 

27 

03 

35 

06 

OI 

74 


: 

95 

* 

YU 


Va 

HE 

17 

113 

02 

JI4 | 

34 

89 1 

41 

85 

29 

42 

19$, 

24 

217 

00 

1U 1 

84 

144 

35 

124 | 

35 

239 | 

49 

144 } 

74 


29 

T 

72 

■ | 

84 

V 1 

84 

274 

65 

114 1 

07 


34 

106 < 

75 

128 ( 

84 

154 

42 

117 

44 

59 [ 

38 

mi ( 

85 

74 

7.1 

124 

07 

114 1 

04 

* 1 

oi 

BOB 

1.1 

145 ( 

55 

25 

ibI t 

22 

12 


05 

08 t 

84 

108 1 

49 

12 

<ft£ 

35 

74 [ 

117 

144 

4.1 

100 [ 

OO 

E 

32 

194 

59 

103 £ 

12 

145 

11 

134 

01 

134 ( 

41 

74 

4.4 

07 £ 

94 

14 

*S E 

34 

144 


- Ugh fed 

DI -1 B1 170 

99 138 87 

BZ 97 84 

178 225 178 

273 320 272 

82 1W 82 

84*1 +1*2 t06*z 82 



+*a 201 

+1 «r 




W J! ft ft 

ItM MB 118 


33 41 33 

• 10 0 

1751 -tS 2098 1741 


123 m 123 

C - 17 42 

412 -I 475 410 

2fSd 271 220 

396 415 3GB 

130 +1 W 123 

Mi a 148 

TV 48 tm 884 
171*1 +i«i m 150 

in 219 778 

£ i a sr 

aid __ 237 208*1 

3H +1 3M IM 

in — n as 

25 n 23 

323 MB J» 

170 » 162 

63 +1 a 82 

n 1« SB 

88x1 +*i tafc KU* 

a - fit a 

M*l 4J1 n 90 

* 48 ST 

183d ZM IBS 

m — am 
a >1 27z a 

9B*i — aw 
« 81 « 

81 ” . 95 fl 

15 M 15 

a -18 . a 101*1 

« 4 *. IS 

mm — a a 
3B*2d — m m 
11 — 18 9^ 

a +*» ZMh 87**' 

a +1 m TW 

1« +1 127 -wo 

7M 99 BE 

19*i 22V t9 

S i *ft 5 

38 48 W 

125 a 170 

21 a 20 

035*7 -*zM*j 035*1 

«7 1« 147 

290 32B Z7D 

8M a 80 

155*2 +*2 a 15* 

87d — tn m 

mi *2 +a a iz8 

vS +4 177 a 

94 -3 120*2 70*3 

ITtd 144 111 

M4 149*3 141* 

29M M ® 

too TM 822 

98 +2 TO 65 

83 *nj n 48 

7BM 827 748 

81 78 81 

M 4-1 SB 22*2 

"a*!? ft ss 

Si ^ S “ft 




67*i +*7 en» 

tft a 

«S7 — 


OT 42.1 -05 Mango 


mi 

- 

- 

on 

049 

14 

105 

1603 

U 

254 

as 

55 


1007 

6.7 

— 

ini 

65 

414 

103 

10 

95 

174 

12 

223 

107 

18 

* 

Lira 

24 


309 

<77 

08 

08 

S$ 

1972 

45 

344 

174 

60 

4 

<307 

16 

175 

1458 

ai 

54 

“ 

1149 

29 

FT1 


YU 


VI 

HE 

5J 

132 

25 

205 

08 

mi 

39 

— 

4.1 

07 

38 

138 

21 

144 

35 

2 

28 

14.1 

28 

185 

33 

17.1 

00 

144 

58 

85 

19 

105 

4.7 

888 

— 

01 

18 

106 

77 

115 

21 

mi 

48 

14.1 

25 

189 

44 

182 

14 

199 


£3 ft £ ftl 

41 n 41 

m +i*i w i6 

4fh +1 46 40^ 

ZS 4-1 27 a 

9B*i W H 

51 8S SB 

W +1 354 Wj 

a +1 220 789 

178 201 178 

“ft 

94M 460 349 

296x1 a 255 

a — a a 

W2S +5 ICO 1020 

114 -M a 113 

88*7 .69 56 

137 a 137 

Mh -4 898*4 646*1 

32 44 31 


5W .174 133*7 

n a 95 

87*3 4-1*1 99 90 

47 +*2 99 44*z 

in 129 111 

TO w a 

1 KSh +*1 tX7 T77 

mi 4.1 177 a 

«2d — m 148 

B2d HI 32 

« -*-*? B 1ft 

79 +1 n ». 

a — n 38<a 

78 — n 78 

17 — Wh IT 

m — 23 18 

■a 

• n a 41 

202 ZBT 301 

SI7H O a 311 h 

ft ’ft 'ft 

» -1 794 390 




frT-i 






6::1 



















































































financial times Friday june 24 1994 


r^s 3! 

] SS w, 


u»n EC: 


- ' : u 


43 

X = 

IT ft 


..-i-oneedle 




54% — « 

ia% + 3 % m% 


mi 1 * -% 

MB 

wh -% 

n% — 


IbiaCMiiSpvFd. Ml -IJj 
m -lft 

m** +1% 


HU 

«a 

K ^ 
SK i 

«% -% 

TMBwFB.- - “ 7£ 


YU 

Dbor 

ffl MW 
- 1140 


» _ 

HH 

ampffiia 

10 

14 134J 

28 


HW 

- 830 

05 

2.1 2882 

iu 

U 2434 

128 

— — 

■, 

11 2224 

208 

14 


- 744 

-40 

U 


23 505.1 

60 

BJ 


- 42J 

238 

■- _ 

_ 

U 1050 

-BO 

- — 

- 

ts.7 I 

I 

- 335 

208 

42 1380 

154 



U 

_ 

- 1750 

800 



47 

_ 

WZ - 

_ 

- 1303 

363 

- 

- 

32 3184 

30 

no 


- 2320 

208 

- 038 

no 

as I 

“ 

-12257 

120 

- au 

-67 

85 - 

_ 

- 020 

537 

30 17U 

no 

u out 

128 

28 232.7 

15.7 

24 20.1 

124 

u 


- 343 

- 9.7 

u 


2.7 1M2 

08 

&2TBS3J9 

70 

1.1 110^ 

157 

U 4872 

57 

U 840 

30 

12 17U 

140 

U 


U 

_ 

47 143.1 

0.1 

70 2530 

-65 

OS 1770 

168 

27 1548 

110 

80 465 

Ski 

11 

- 

24 1884 

172 

- 845 

U 

U 3327 

28 

67 3384 

HU 

- 97 J 

-02 

- 987 

48 

27 2220 

210 

U 1222 

130 

U 340 

67 

MJ " 

- 

- 7280 

340 

- 684 

lO 

25 1365 

80 

20 85.7 

107 

B1 - 

— 

•513452 

27L7 

44 1368 

-2.1 

131640 

-10 

17 - 


42 1640 

70 

841160 

-17 

87 


02 nu 

50 

u au 

SO 

25 2025 

61 

181672 

307 

64 - 


1R7380 

67 

27 04 

150 

10 2367 

18 

651382 

67 

24 2758 

137 

-66.1-24 
45 1050 HU) 

- 270 

8 JS 

HU - 

Z i 

- 347 -U 
U 2108 224 

- 664 

34 245.1 

“i 

[61 

U 222 -70 

«4 - - 

.IU 1 Ml 


PS 




aS 


LONDON SHARE SERVICE 


IBM W W 
MM low C«Cn fin we 
41ft 34022,161 27 4T.I 

BBS 811 VBB CO T7J 

’"t “ : 

9% 1% 70S - - 

m n»% *jm 10 4 
*2MgBWJj V» 18 3U 

651 ZMflS CS 21.1 
n 7A &2 - 

£34fl 6076 2.4 4 

178% MR 1J I 






n: 


ns +2 an iBi 
4BB +1 OBOft 465 

iiSS 

tw% -it rasft 515 

no% -a. si S3 

m a v 

B **■ 

B -* S a a 


aOM — 4H 


47 

140 

51 

ICO 

Cl 

117 

161 

— 

24 

IU 

Cl 

250 

12 

26.1 

28 

347 

38 

MO 

70 

_ 

24 

160 


220 

a 

£ 
n 
si 
M 

_ ooA 

_{4C 202 


r r i ",", i | | , | 


IBM MO 

K im Coffin 

n 204 

ns 66 6JB 

57 51 ns 

^ 

Id 91 

US BB 320 

TtS SB MO 

31 22 CM 

27*1 20 X77 

2S7 B23 8717 

221 no BU 

■37 in MO 
BBS 463 1100 

-ISO 135 14U 

K 56 1S.1 

BB BO IOO 

mPs sazh mb 

IIS H U2 
11 37% 740 VM*n 

B% 45% U1 
W 613 rao 

SB 46 002 

a « in 

BU £29 461 
*532 £21 ft 2 JB 1 
22S IBS Si 
BIB 383 2BU 
468 387 MU 

-38 271. 13U 

MB 105 7U 
MOB 8JB ISO 
3B% 26% 264 

2B1% 15Z 4M0 

amh me 2 u 
466 460 7.1B 

122 SB ITU 
48 a 113 
230 M5 BU 
317 214% 7 JKB 
42B 20B 323 

MB MB MO 
HO 132 2M 
40 24 U7 

248 HI HUI 
TIB B9 817 
1243 620 BT8.4 

323 247 BU 

71V 554 ION 

2S% #% M4 

401 3B 424 
MB 148 U2 
a 31 uo 

T26> 676 2610 

IN 79 TO* 
SB 415 SHI 
3a 1» 7JS 
36S 2B0 607 

a 21 >2 bu 

HU 2611 370 

a 48 173 
MB 131 4HUD 


*4BB 312 
235 168% 

M 119 

8M 

ZM 106 

a a 

112 m 

7* 45 

-Ml 131 361 20 

31 a 301 12 

OB IIS 2918 84 

I BUSINESSES 

urn w 1* 

Mg k m CapBn era 

97 wj »J 2i 
MB 73 162 - 

MB 10B 3530 80 

11 305 

20B in 370 1.7 

44 a 801 70 
m SZ 307 

» U a - 

42 20 142 — 

22B IBB BU C4 
47% 28% SU - 

Wi U 1H - 
S3 » V U 
SS 65 STM 40 
167 1B9 MB 0.1 

"SS 13 » U 

m& E8B MB7 25 
■m lfia 477 1.1 

1U 79 0170 25 

BH 402 720 25 

84 76 M3 1.7 

•0 33 044 22 

no a 4B8L6 U 
m 234 87.1 11 

143 96 8700 28 

m ioo ms so 

102 145 M3 40 

B 43 SOB 14 
rn 214 3U 27 
M 2»W 24 

no B2 BU 44 

a 34 ta 20 
W» ft IS - 
s«% ft ic .1 

a 77 300 30 
120 70 MU 40 

MB 78 42B 51 

a S3 200 - 

23B 105 822 45 

TOO S24 2 MO 
72 63 MJ - 


73 *3 

113 
ZU 


X 

'm 

M'l 

an 

IX 

m 

BSlj 

tu 

693 

71 

B 

a 

ia 

30 

222 

IS 

a 

ns 

0 

BU 

Ci 

HI 

a 

1 

994 

% 

km 

442 

1126 

975 

40B 

405 

473 

390 

413 

338 

MB 

294 

611 

471 

»1 

518 

646 

i 471 

aa 

tass 

on 

434 

>62 

: Cl 

mi 

443 

744 

SCO 

*»% 

sa 

an 

290 

no 

*98 


r*'" r v>r. 


3 


10% 


901i 

361 %|l 

-%4M%B 

»U 


3BU 

17, i 

*A 

*2« 

38% 

•A 

sn 

nu 

-A 

•aft 

34% 

Ji 

31% 

sou 

fA 

a 

4%*. 

+ *A 

an 

SOU 

-A 

41 

36’. 

-A 

42 

«% 

*% 

u.’. 

«.W 

-A 

Mi, 

33% 

ft 

M 

12A 

-A 

T2fl 

24% 


» 

»% 

42% 

a% 

*ft 

a% 

MU 

-% 

«*u 

Bfl 

-A 

**i 

UA 

•ft 

*26% 

471 %p 


■n» 

TOP 



HHt> 

SOM 

-A 

43A 

34% 

-A 

«% 

20% 

*% 

23% 

U 

-A 

20% 

a 

♦ft 

*7.; 

20% 

*n 

■37% 

SMp 

-% 


44 

♦,1 

m 

»« 

-A 

**U 

SftV 

♦A 

b>; 

26% 

-A 

=% 


-A 

-A ■a*,*. 

♦W 321* 

♦A Bh 
*A « Wi 
♦% 40,’. 31H 
-A 27H 23 

-A VP, BU 
*% VA 31 11 

-ft BA 41,5 

♦2102%* 1D%* 

♦A 9U 3DA 
ft 2 U 
-A 3«1 Z9A 
-A 20Q 25U 
-A 29A in 
♦A 56ft 30,? 
♦A 48% 40H 

-A a aa 
-A 31*1 
-V. BA 23(1 
♦A 20*1 15% 
-A NB 35 B 
*% 17% B% 



€si 


HU YU 

CMffin an WE 
1037 1.1 V45 

1780 - - 


La* Altai HQ 


IBM 40 
1880 45 
373.1 44 

147 40 


2448 U | 

701 50 MO 
2723 lO - 




: :»SS 

620 217 


A PACKAGING 


M's -% 777% 422% 

5 X 

% 5 *S £ 

00% -% w M 

a s? 


7 

a +3 
»>a — 

47 

-a = 

"Ss 5 

218 

aw — 




MS -10 
BS% *1 


noms 

tff f 

"S j: t 'S' 

m +a *5*4 «\ 7 

a “ nJ in 
Va — « € 

« - g jg 

"g H TS 5 

m ^ S ® 

J 7*4 J 

J5 *1 S a5 

3= « » 

jg - s s 


a = 

»I3 +1 

Mi 

wS ^ 

*i = 


B _ 

1 £ 
17 _ 
71*a 


U 026 
42 17J 


m 32 1870 

» S M 

3 *b i% aa 

a 58 on 


^ % a 

n 15 087 
61% 37^ 4U 

11 811 

»I 1% 2U 
sK 17 117 

44 22% 270 
*n i8 ub 
4a 818 UK 
728% 451 210 

its a mi 

mb m iu 
iC a ai 

1% 4% M2 

Ik 1% 408 
W«ft 
77 84 810 

81 SI 88 

S? % MO 
98% 00% 

a m 770 

*Mi T10*i 1087 
a as cn 
WPj 88% 400 

a% z on 

R S OKI 
7*i *% U4 

a a mi 
in mi bu . 
i J « 

"i « 

a m iu 

% «« 

a a aj 
a w 884 
•a 14% 48 
U7 rao ui 

44% 19% 770 

§ 15 8E 

8% 54 BA 

A ft U 
*11 11 BO 


+or 1904 HU 
- HA taw (tapEm 

M* 148 ao 

444 384 824 

■8 3H 237 2023 

85 MB 2U 

*432 414 Mil 

*171 67 OU 

-7 *BM 4U 228 

ft -2H 1M MU 

217 257 712 

“SB 435 13U 

-2 2B2 200 308 

17B 1SD TOO 

HU 136% BU 

-4 MB 146 IOU 

178 IB OU 

-t* e® ms 


1C 103 4L8 

48 304 310 

-7 1821 625 1,711 

TM a 708 

nr hh zoo 

_ W% 12% 2U 
-7% ait 4B 44C7 
«M 75 2U 

-* oa sa mi 

-Z 141 IX 181 

311 230 14U 

a 19 MB 

•8 ~rn 17M» OU 

» i nu 

*ai*> 248 BU 

+i Hi a iu 




Bata Snap JO 24H +1 

BnntL.. IQ BM 


*81*1 248 BU 

+i Hi a iu 
a 45 ou 


m 

zn 

♦I a 

Ml 

Ml 

+i ta 


*4 on 

42 881% 
-1 *8% 

"31 872 
+i an 
it* 

+A aw 

17 

MB 

-1 84 

IB 

"3 mi 

132 


16 US 
116 BU 

in «io 
in mo 
in 084 

813 408 
10 8U 

etoa nu 

as 


18% 4LM 
162 1MB 
113 OU 
231 mo 
401 2170 

a iu 


+W 1604 hh w 

-i X Tn Cl fi u iS 

127 in Oti u - 

51 17% Mi - - 

*H0 MB no 24 204 

m in iu u 

-ft 37% 14 453 - - 

31 a 487 - - 

n a iijr - - 

a si ui -4ii 

HP Mi 630 BU 48 IU 


,gg: S 1 — 


% X 


190 ttt 


77 ? 




SS 




o&x 



i pwRBBd «tar M 6350 


f alkr dnObb mV Mdtar BOM tam. 
i mup A M taB h pmgww . . 

i3 im I* M » mtaa MM By w 


Mr ytau, pta Baaaii on 


2E 




m 


XX 


X 


























































































































































































































































































































































































mmmmmm *w i 


































































































42 


CURRENCIES AND MONEY 


MARKETS rasPORT 


Dollar chases rumours 


Wild rumours of a cut in Ger- 
man interest rates and con- 
certed central bank interven- 
tion to support the dollar 
bounced the US currency 
around in narrow trading yes- 
terday, writes Motoko Rich. 

The dollar lifted on early 
morning rumours that the 
Bundesbank would lower the 
discount rate or set a lower 
repo rate at its monthly 
central council meeting. 

Afternoon talk of a concerted 
intervention effort spiked up 
the OS currency again but the 
central banks did not show 
their hands before the close In 
London, where the dollar 
ended at DM1.6035 from 
DM1.6006 and Y10L150 from 
Y100.695. 

Sterling showed signs of 
independence from th e OS c ur- 
rency as it turned in a stronger 
performance against both the 
D-Mark and the dollar. 

■ Traders were made tentative 
by speculation that the Bund- 
esbank was about to cot its 
discount rate or set a lower 
fixed repo rate. They accord- 
ingly gave the dollar a boost 
towards the DML61 level in the 
morning, as they awaited the 
results of the Bundesbank’s 
central council meeting. 

The dollar opened in New 
York down against the dollar 
after Bundesbank president 
Hans Tietmeyer made the 
ambiguous remark that “the 
Bundesbank is not interested 
in a falling dollar”. Hopes for a 
cut in German interest rates 
were further squashed when 
Mr Tietmeyer commented on 
the growth of the M3 money 
supply. “We believe the cur- 
rent interest rate structure 
would contribute to slowing in 
M3 growth,” he said. 

The markets grew jittery in 
the afternoon when rumours of 
concerted central back inter- 
vention circulated. But the 
hanks stayed out of the zing 
a gy fn l although some the 
Fed bought some dollars on 
behalf of the Bank of Japan. 

Analysts were beginning to 
doubt the possibility of group 
action by the central banks to 
support the dollar. “I think we 
have passed the time when the 
grand slam intervention that 
the market was afraid at will 
be needed,” said Mr Michael 


D-Marfc 

fetor 


U6U 


1.8S~ 





... -WK;} JU« 

SgucsfFT OuphKa 

■ PooMf ki Hn> rortc 


23 — — -Pm. am- 

2fe0t 1J5405 1-5320 

1 nth 1.5398 1-5313 

Sab 1JS38B 1-5300 

1 V 1-5331 '■»« 

Feeny, economist at Sumitomo 
Bank, “i the dollar is 
consolidating.” 

After the release of figures 
for US durable goods orders in 
May, commerce secretary Mr 
Ron Brown said the numbers 
were "a very good sign”, indic- 
ating continued growth in the 
US economy with virtually 
no n exis tent inflation 
US durable goods orders rose 
by 0.9 per cent, against expec- 
tations of a 0.5 per cent rise. In 
addition, US initial jobless 
claims last week were at 
352,000, up from a revised 
349,000 the previous week. 

The markets treated the data 
with indifference altho u g h the 
figures for durable goods were 
better than expected. “Markets 
tend to react to figures either 
in a very positive or very nega- 
tive way only if major figures 
go their way,” said Mr Chris 
Dunis, economist at Chemical 
Bank. “Otherwise they tend to 
disregard the figures as not 
important” 

■ Sterling rose steadily 
against the dollar and the 
D-Mark during the day, escap- 
ing from its recent slavish rela- 
tionship to US currency trends. 

“There was institutional buy- 
ing of pounds,” said Mr Rob 
Loewy, economist at Midland 
Global Markets. “It looked like 
half-year squaring off. The 
markets took profits against 
the first move above $L50.” 

Mr Loewy said an improve- 
ment in the UK gilt markets 


also helped the pound. “The 
markets have also focused on 
the government's tough 
talking on the rail strikes and 
recent indications that the gov- 
ernment is attempting to keep 
public spending down,” he 
said. “All of these things have 
encouraged sentiment for the 
dollar.” 

In. the UK money markets, 
the Bank of England provided 
£7CX)m assistance at established 
rates after forecasting a short- 
age of craom. The Bank also 
supplied late assistance of 
around £40zn. 

■ The Swiss franc remained 
stable, although slightly lower, 
against the dollar after the 
Swiss National Bank said it 
was not intervening to support 
the US currency. 

At Its semi-annual news con- 
ference in Zurich, Swiss 
National Bank president Mar- 
kus Lusser said he Harf no diffi- 
culties with the current 
D-Mark/Swiss franc exehangw 
rate. MT Lusser also said the 
exchange rate was not hinder- 
ing the country's economic 
recovery, which investors 
Interpreted as a vote of confi- 
dence in present interest rates. 

■ The European crosses were 
stable throughout the day, 
with the lira and the peseta 
gaining some ground against 
the D-Mark. The German cur- 
rency finished in London at 
L982.6 from L983.3 and at 
Pta®L98 from Plasm Against 
the Swiss franc, it closed at 
SFrO.842 from SFr0^4L It 
closed unchanged against the 
French franc at FFr3.422. 

Bank of Portugal governor 
Miguel Beleza’s resignation did 
not affect the escudo, which 
was unchanged at Esl03.4/D- 
Mark. 

■ In the futures market, the 
December short sterling con- 
tract traded 26,000 lots to settle 
at 93.85 from 93.74. The Decem- 
ber Euromark contract traded 
47,000 lots to close at 9455 from 
9457. 

iOlWRCMUCBI 

Jw 23 t S 


Ipound spoi 

Jup23 

n 

Europe 

Austria 

(Mil 

Sal^n 

m 

Denmark 

fPKl 

FMand 

m 

Franca 

m 

Germany 

(DM) 

Graeoa 

P<J 

Mvm 

m 

Italy 

w 

Uowntaourg 

MW 

Namartands 

(FO 

Norway 

(NKW 

Portugal 

m 

spam 

(Pb4 

Sweden 

(S»J 

Swiuwrtaiwl 

t3FW 

UK 

B 

Ecu 


SORT 

- 

America* 

Argentina 

Paaoj 

Brad 

(PW 



Oaring Change ESkUbOw 


Da/a MU 
high low 


One (north TlVM month* One jw 80* Of 
Rate %PA Rtfa MPA AM* ttP* &Q- **** 


17.3402 


HWWfl 

8.4428 

2-4871 

371888 

10173 


2.7851 


2-0783 


400530 324 
402325 780 
+0.0486 BBS 
+00294 932 
+00315 383 
+00092 887 
+1.483 352 
-00002 181 
+7.18 280 
+0.2325 780 
+00113 837 
400537 300 
+1027 034 
+0039 50« 
+00351 381 
+00079 750 


480 173806 
806 50.6810 
005 9.7013 

119 8-2120 

483 &«468 

684 £4708 

183 37*381 
IBs inam 
554 2427.38 
606 508810 
885 2.7885 

389 10,7388 
457 255.489 
828 20*831 
851 11.8587 

775 20775 


17.2132 

505280 


8.1410 
&39S0 
2.4548 
371 ill 5 
15137 
240858 
505280 
2:7470 
106431 
253.392 
203.755 
11.7295 
256*6 


17.3384 

508083 

8.7014 

04487 

2.487 

15178 

243042 

508083 

2.7651 

102293 

250223 

205.156 

*11.8096 

zore 


+0.006 S68 - 867 1.2874 1.2801 12872 


(CS) 

Mexico fNaaPaao) 

USA ffl 1-5388 

PhcMc/Mkkfla EastfAMo 
AuKnrta 
Hong Kong 
IncSft 
Japan 


1.5351 +0.0023 347 - 355 13355 1-5250 

B<<51 +7957 382 - 539 384550 3748.00 

2.1288 +00006 289 - 308 21317 2.1 188 

62088 +00223 037 - 138 52MS 5.1740 

+0003 382 - 389 15395 15285 


00 166.825 


NewZaatand 
pha H*> 0H 
Saudi Arabia 
Sngaprae (SS) 
3 Africa (Com) (R) 
S Africa (Pin-) £fl) 


IAS) 2.0951 +00304 936 - S66 20972 2.0768 

(HK3) 11.8830 +00248 895 - 96S 110975 110138 

ffH) 480824 +00945 458 - 791 4&26S0 470530 

+0997 512 - 737 155.820 154080 

30803 +00089 788-819 30283 39540 

20000 +00183 983 - 017 26027 20785 

(Peso) 410410 *00797 238 - 581 420284 408611 

(Sfl) 5.7703 +00111 887 - 718 5.7728 &732S 

23512 +00038 499 - 525 
-CUB 529-800 


21321 

10379 


20944 

110848 


15&2SS 


(NO) 


South Kama (Won) 1240.15 
Taiwan 
Thafland 


S 556 S 

70774 +00216 803-844 


£3525 23368 
5.0027 50288 
70971 70374 


+201 979 - 051 124003123228 

(TS 410043 +00948 908 - 180 410187 410443 
(B4 380715 +0-1354 473-988 380000 380940 
tSDR rite Bar Jon 22 BUM*- moral* la fee Pound Spot MUM ahoar <rty *■ hat earar « 
but am Xr**od by cmnt Marat caiee. Staring iodra rafeokted by M Brak <* Ed * 

Bn Oofer Spot MMe derfeed tom TIE MMHRJlmS CLOSNQ SPOT HUS& ' 


03 

178906 

02 

- 

- 

11*6 

02 

608633 

-04 

608733 

-01 

1106 

-18 

071 S2 

•03 

9.7293 

-0.4 

118.0 




. 

- 

812 

-06 

54527 

-OS 

88448 

00 

109.0 

08 

2.4661 

02 

244G6 

06 

124.7 

-<M 

18186 

-02 

1,0196 

-02 

10*7 

-3.1 

2443.47 

-32 

249027 

-27 

77A 

02 

508633 

-04 

80,8733 

-Ol 

115.8 

08 

2.7841 

Ol 

27438 

02 

1103 

06 

107418 

-03 

10733 

ao 

800 

-Mi 

256.188 

-Me 

- 

- 

- 

-29 

208.106 

-28 

209260 

-22 

85.0 

-23 

118048 

-20 

120028 

-12 

752 

<U 

2-071 B 

09 

20468 

1.4 

1200 

- 

. 

. 

- 

• 

709 

-48 

12836 

08 

12807 

-03 

- 

-18 

21388 

-1.7 

21705 

-12 

86.1 

05 

15387 

OS 

15316 

OS 

6<0 

04 

20908 

04 

20019 

02 


06 

118811 

04 

11.9079 

-Ol 

- 

28 

16485 

20 

150329 

3.4 

1800 

03 

20028 

-04 

28084 

-04 

- 

- 


- 

* 

- 

: 


I new are net dfec&y rantM s> at* MriM 
I uas - 80U Otar and Md+waa in Mb aria end 
i by the f,t. 


DOLLAR SPOT FORWARD AG; 


Jin 23 


Closing Change EBdfoGer 
mM-polm on day apra^ 


Day'll mid 
rbgfi jae 


On* worth Threw mamba One year JP Morgan 
Rato MPA Rata MPA Rata MPA 


Ba-opa 


Austria 

(Scfig 

112705 

+0013 

660-730 

11.3345 112900 

11275 

-05 

11283 

-04 

112205 

04 

1035 

Bolgturn 

<BF+) 

320300 

+0088 

100-500 

33.T700 328200 

33.0625 

-05 

33.1 

-55 

33.145 

-03 

10S5 

Darenaric 

tOKW 

62006 

+00182 

875-036 

B+OT 

82850 

03096 

-12 

85285 

-15 

0373 

-12 

104.7 

FMand 

m 

53314 

+00089 

285 - 362 

53543 

52148 

55347 

-or 

03474 

-12 

5-4139 

-15 

755 

Franco 

<m 

04675 

+001 

sea-605 

55067 

54727 

04025 

-11 

fi.oooa 

- 1.0 

5.4838 

04 

1055 

Gamiany 

<p) 

1.6036 

+00029 

030-0*0 

1.8119 

15995 

15043 

-05 

15048 

-05 

15974 

04 

1062 

Greece 

w 

242350 

+05 

200 - 500 

2+7.800 842000 

243.7 

-07 

24456 

-35 

24085 

-15 

685 

Ireland 

oq 

15124 

+O0Q31 

108-139 

1-5154 

1.4080 

151t1 

1.1 

15084 

1.1 

1.4989 

05 

- 

Italy 

(U 

157Su85 

+105 

515-815 

1580100 157220 

15804 

-35 

159015 

-3.7 

182015 

-32 

775 

Luxembourg 

OFW 

33.0300 

+0068 

100 - 500 

33.1700 32.9200 

335625 

-05 

33.1 

-05 

33.145 

-03 

1055 

NMherianda 

FI) 

1.7972 

+00039 

967 - 977 

19056 

1.7907 

1298 

-06 

1.7987 

-05 

12915 

05 

106.1 

Norway 

(NKr) 

29773 

+00218 

783 - 783 

7.0062 

09540 

65818 

-OB 

09083 

- 1.1 

65963 

12 

904 

Portugal 

m 

18SJS00 

+036 

800- 000 

1685SQ 165570 

167588 

-125 

160575 

-85 

17425 

-5.0 

935 

Spain 

(pt») 

133-025 

-023 

950-100 

133500 132560 

133.406 

-3.4 

134.125 

-95 

138.65 

-2.7 

795 

Sweden 

(SKrl 

7A89B 

+00081 

081 -036 

7.7313 

75808 

7.7179 

-25 

7.7500 

-25 

75989 

-25 

805 

Switzerland 

fSFW 

12405 

+00025 

480 - 500 

1-3570 

15480 

15493 

02 

15482 

04 

15389 

15 

1055 

UK 

B 

1A38B 

+0003 

382 - 389 

15395 

15082 

15379 

OS 

15387 

OS 

15316 

05 

885 

Ecu 


1.1983 

-0.0023 

060-885 

1.1988 

11816 

1.1948 

15 

1.1924 

15 

1205 

-07 

_ 

SORT 

- 

1w44£41 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 


Iran 

Xnril 

fUM 

Rurta 

UA£ 


16701 B - 157572 
08400 - 2U1.00 
94565 -24571 
345623 - 3480AJ 
306101 - 307720 
58474 - 58588 


102600 - 102820 
174500 - 175200 
02983 - 02870 
22050 - 224850 
190200-200000 
26715 - 26733 


Argentina 

Ptaa) 

05978 

Brad 

ICW 

249079 

Canada 

(CS 

15843 

Mexico (New P**o) 


USA 

» 

- 

PacMc/Mdria 

i EaatfMrtca 

Mh 

(Mi 

15618 

Hong Kong 

WCS 

7.7300 

Indta 

PM 

315668 

Memo 

m 

101.150 

Matayata 

(MS 

25870 

New Zeriand 

FES 

1.6897 

PWppinM 

Paap) 

275000 

Saudi Arable 

(SR) 

3.7505 

Stagapm 

<3S 

15282 

S AMc* (Corn] 

t W 

35115 

S Africa (Roi 

£RJ 

4.7300 

SOUSlKOCM 

mti 

608560 

Tehran 

ra 

205783 

Thafend 

690 

255700 


+0.008 830-880 


09981 09977 


1.3861 1-3*38 

03880 33830 


+00172 811 -824 1-3878 1.357* 

+00013 29S - 305 7.7305 7.7288 

+00013 6S0-723 31-3725 313050 
+0455 100-200 101510 100.770 
-00005 BBS - 875 25885 25059 

1.6887 +00072 882 • 802 1.8820 10836 

- 000 - 000 273000 288000 

- 503 - 508 37508 37503 

-00005 277 - 287 1-5287 1.5277 

-4L03B5 100 - 130 36900 38080 

+0.005 200 • 400 4.7450 <7300 

♦0.1S 000 - 180 806200 806000 

+0101 736 - 790 26-9850 269/35 20.9063 -09 27.0303 -Ok 
♦0.04 000-800 255500 2 SlO0OO 25.1425 -15 2327 -32 

tSOR net tor Jun 32 Manna epreato in ito Defer Spa WOW 9mm mtt We fee, ax 
Hot — imp- 4 by an nt ra— , raw. IK fetal* i ECU— toteertnUSc w eraq 


1596* 

-15 

15919 

-22 

1.4178 

-24 

825 

3.3865 

-04 

35883 

-03 

35957 

-03 

- 

- 

* 

- 

- 

- 

• 

904 

15821 

-05 

15823 

-0.1 

1586 

-05 

88.4 

7.7295 

Ol 

7.732 

-ai 

7.7482 

-02 


31.4488 

-3.1 

315938 

-25 

. 

. 


100555 

25 

100506 

25 

96.14 

35 

149.1 

215795 

3.5 

2576 

1.7 

2507 

-05 


15915 

-15 

15981 

-15 

1.7178 

-1.7 


3.7511 

-02 

57631 

-05 

27888 

-0.4 


15275 

•05 

15272 

05 

15292 

-at 


3.827 

-52 

3.8863 

-4.9 

3.732 

-25 


4 7637 

-86 

<6225 

-7.8 

- 

. 


30205 

-<5 

81258 

-02 

83155 

-8.1 



28.78 -27 

— not to+ctfc MW id «• mM 
JJ». Matgwt nooiMl indees Jm 22 . BaNjMage 1000-100 


CROSS RATES AND DERIVATIVES 


EXCHANQE CROSS RATES 

Jun 23 BFr DKr FFr 

DM 

BE 

L 

FI 

NKr 

EB 

Pta 

SKr 

SFr 

C 

CS 

S 

Y 

Ecu 

Belgium 

(BFr) 

100 

1958 

1851 

4554 

2001 

4770 

5441 

21.11 

5022 

4028 

2352 

<085 

1568 

4.191 

3528 

3085 

2530 

Denmark 

(DKW 

5242 

10 

8.710 

2545 

1.049 

2501 

2852 

1157 

2635 

2115 

1222 

2142 

1532 

2197 

1-588 

1805 

1527 

France 

(FTt) 

0019 

1158 

10 

9099 

1505 

2871 

3575 

1271 

3025 

2424 

1454 

2469 

1.184 

2523 

1523 

1845 

1523 

Germany 

(DM) 

2000 

0920 

0422 

1 

0412 

9828 

1.121 

<349 

1024 

8258 

<803 

0542 

0405 

0563 

0.024 

6357 

0521 

Ireland 

m 

4857 

9532 

8502 

2428 

1 

2383 

2719 

1055 

2509 

2015 

lire 

2041 

0583 

2094 

1513 

1535 

1288 

•tay 

w 

2597 

0400 

0548 

0102 

0042 

100 . 

0.114 

0.443 

1053 

8445 

0409 

0088 

0541 

0588 

0563 

0419 

0.053 

Netherlands 

n 

1858 

3506 

are* 

0892 

0388 

876.7 

1 

3581 

9230 

7453 

4566 

0751 

0582 

0770 

0557 

5657 

0485 

Norway 

(WW 

4758 

9534 

7589 

2299 

0548 

2259 

2577 

10 

2375 

1905 

1154 

1535 

0032 

1585 

1.434 

145.0 

1.180 

Portugal 

o») 

1951 

0799 

0306 

0567 

0399 

94915 

1583 

4506 

100 

6051 

<843 

0513 


0535 

0003 

8097 

0504 

Spain 

(PM) 

2453 

4.738 

<125 

1505 

0487 

1184 

1551 

5542 

124.7 

too 

5J99 

1514 

0488 

15*1 

0752 

7851 

0628 

Swedan 

PKr) 

4259 

8.181 

7.125 

2082 

0588 

2048 

2333 

9555 

2184 

1727 

10 

1.752 

0544 

1.79 7 

1599 

1315 

1.086 

Switzerland 

(SR) 

2448 

4570 

<067 

1.188 

0490 

1168 

1532 

5.189 

1229 

9850 

5506 

1 

0482 

1.020 

0741 

7455 

0819 

UK 

m 

9082 

9594 

0443 

2487 

1-017 

2424 

2788 

1073 

2565 

20<7 

1155 

2578 

1 

2130 

1539 

1555 

1-286 

Canada 

AM) 

2358 

4551 

3564 

1.158 

0477 

1138 

1598 

5538 

1105 

96.10 

5568 

0575 

0.468 

1 

0723 

7355 

0504 

US 


3352 

0299 

0488 

1503 

0681 

1575 

1.797 

8572 

1665 

1335 

7.700 

1540 

0660 

1584 

1 

101.1 

0838 

Japan 


3285 

8230 

5458 

1655 

6536 

15573 

17.77 

8856 

1040 

1318 

78.16 

1354 

8527 

1350 

9501 

1000 

0265 

Ecu 


3952 

7538 

6566 

1518 

0.791 

1885 

2130 

8544 

19BA 

1505 

9515 

1514 

0778 

1.856 

1.197 

1215 

1 


EMS EUROPEAN CURRENCY UNIT RATES 

Jun 23 Ecu can. Rats Change M ♦/•from M Spread Diu. 

tasa agrrinstEou on day asntaa v was ho st tad. 


219872 
0808828 
Belgium 402123 

O en m ny 184984 

France 653883 

7,43879 
192864 

Spell 15+.250 

NONGRMMMeRS 

Qrmcm 264813 

Italy 1793 IS 

UK 0.786748 

netbyttw Cu op u n ITOn x u leilaiLQaiwid— weta«mo+ 


215675 

+000019 

-157 

6.57 

•■4 

0393601 

-0502348 

-158 

558 

13 

306132 

+0.0138 

-1.48 

6.16 

11 

1.92379 

+000034 

-153 

<99 

■3 

068004 

+000324 

05* 

294 

-5 

755483 

+00062 

150 

158 

-11 

100961 

-0140 

3.16 

043 

-21 

160504 

-0271 

350 

009 

-25 

290879 

+0047 

959 

-5.73 

_ 

1691.00 

-211 

045 

- 1 JB 

- 

0782081 

-0500104 

-080 

452 

- 


FlNANCIALTIMES^iiS^iiii^^ 

MONEY MARKET 

Money Market 
Trust Funds 


M M CM W9 

ssssississjsr 
ssiaswa; is ■' ‘ Bi -“ 

MMWfiew! «n 


I awIs-mh 




I 4J0 



Money Market 
Bank Accounts 


MMfwpra 



MhriUmat Bank Lid . 

29 ItaWW M. IwrioivECA MT 


MtanAamBrakalc 

sjf»i k w 

enoworiiMe— _l loo ui I kul wa 33 

■MWta-ewMMM-fe, IH 

aassa=~is '-SR B 

ass iar-la ail al s »i srr 

saasgidaag* *.+■« 

SSr^^aTBa! tci a 

!?iiSeiMiaw an-rarme 
.> ' .tun X«B» b«M«V DM+ 

SSfiSL— ue 

iaixta w m n w w w m-»jm 

HU1A. 00.900+1-^.1 MMra 0 

IM&Mkii 


gasw^dig 8 s 

BrakalSctBMri 


38RnwtaM«9C.£QeaH ,071-401(441 «««..- IW 

ggasgSST: US iS\ S 

raonoo- _14» in I a,n( iae 




f 14400, — 1 4 W 

7“ Us 


ST: 



roa« Ca.wx M axa.rn.Qw wy ■ 

BIIIILHM +<n 100 400 VNKy 

SSSSSjgrz: iS iS £S 5SJ 

SSSSSff!^— SS 2S3 55 5K S£TJ 



raw fee 

nee 




am 

see 

l«| 

3S 

IM 

m 

B++I 

IM 

AM 

■»I 


MmMmMcoaMIUCJL 

tgaramSaiHwaWB 



pwnrvu . 

SSS5S85 

sag sssr 

— 9i MH n Uwtol. tararaa 

ewwi i affciSiSfcm— 


10 4.W 

« S5 
?5 ?3 


IN 

40 

13*3 

290: 



*r>S'Z |Wpw 

- ] *51 jra Pllll—ii*. I 3J« UH I inf nay 

m zl.als 


IHUlWMWM^ 

L8MH 

US 

■ MB 

agw*agg>”*ta *' 


UP 

un 

cm 


BOB 1*4730 
Ok 
to 
to 
to 
to 


32$ 


- I 44V 


KCTMIWW 

fSiaiCMiawWeii' Ura iww m M. ,on-Hioo»+ 


Hitorimatoli uDaatUri 
roaoiHriMeHMiivr 


UR I &» 04W 

w aja a-hw 

tat I inl+M 

*»| 4tt[a-4M 

ira I ir?[S-wS 
ijral utlt+ra 


BU+U7MM 
IN 1 *4+1 to 

nrTniiariif 1aa6 0aUri 

tohiMeMM 

wa. -] mo tea I M*j im 

BMawto 1 in ui uat wn 

VMnlMMMmrtClmitoAce 

•pa lto w na —. Rynap M 198 BnilHMi 

BWto^ g.— I +79 4Ml Q» 

assM^r— la si si s 

MM- (mk gmwum ww v mu w m . m 

wwwwt w aw wwwi a m m wa— w 

fito v Mto Mb yir mraa «r wm V 

Wawnwiwaea WLrimMRi twaiwwMl 

■ V Mewl p++ new ma 
■WMr.MtttoMKT 




PMM) DM 126.000 per DM 


VW FUTWW 8 QMM) Yen 125 par Yen 100 


Dec 


opan ; 

Latest 

Chanoa 

ragh 

Low 

Eat vol 

Opan M. 


Op« 

Latest 

Ctwnga 

H01 

bOW 

EsL vol 

Opan fri. 

05223 

05243 

+05017 

06248 

08200 

47520 

70529 

Sep 

05989 

05978 

-00007 

09960 

05898 

38581 

61564 

05215 

05248 

+00015 

08246 

05216 

877 

2172 

Dec 

1.0000 

15043 

■00017 

15043 

09950 

467 

2545 


08240 

~ 

■ 

* 

49 

710 

Mar 

- 

15132 

- 



23 

443 


P wcen tojatotoB— wetogBgapo m wdwaBaitoigi M BywWcqwincy.rawrawra e liPw i iitw 
wBo M Brai nl i wi ipa wlr Bw a w ram guBto+ n oelwtoewriwegraBWriWtantf BweetoWWWe 
toraonency.aod bm »ma*n u rap wui »>d p eroeina u atoUetfoo nfawa+nencVi nwrito nto tonla 
EwanriML 

(17HMq 9W0>g end Btfwi Lba auwwodad been BU, AcOuaMwnC cWatoMd by tho FlnwidW Tlmoe. 
■ PWLAP 8 WMA — 8/»0W10l«e31 ^50 (centa per pound) 


1 FW4MIC FUTUBBl OMUQ SiRr 126800 per SRr 


OWMlC82500pere 


Sap 0.7403 0.7433 +08021 0.7436 0.7380 19878 

Dec 07440 07448 +00017 07447 07438 468 

Mar - 07448 2 


WORLD INTEREST RATES 


MONEY RATES 

Am 23 Ow One Thrae Sbt One Lomb. Ola. 

month mtha mtha year Inter. rara 


Belgium 
iraek ago 
Rranca 
waek ago 


week ago 


Italy 

week ago 


week ago 


US 

week ago 


week ago 


5» 

55* 

5% 

5M 

<82 

6 JK 

5ft 

5ft 

65* 

84 

<87 

5.03 

4 

45* 

<a 

4ft 

84 

94 


5H 

65* 

55* 

554 

5.00 

5.00 

84 

8 * 

84 

5.00 

300 

45* 

414 

4M 

45* 

24 

24 


85* 

5* 

Gft 

65* 

580 

GX» 

5ft 

5ft 

654 

B 

581 

582 
4ft 
4ft 
4ft 
45* 

2ft 

2fi 


sg 

5ft 

5ft 

5* 

580 

6-00 

55* 

5* 

8% 

8ft 

687 

586 

44 

4ft 

4ft 

4ft 

2ft 

2A 


7.40 

7.40 

580 

K an 

680 

680 


6 
58 
64 

5M 
5.18 
586 
6ft 

®* ■ - 
9 
89* 

586 

6-20 

*» 0625 

49* 6825 

55* 

5ft 

2ft 

25* 


<50 

<50 


480 

<60 


780 

7.00 

585 

885 

380 

350 

350 

350 

1-75 

1.75 


48855 

044 

7 


Repo 


BJ’S 

8.78 

586 

S05 

625 

0-25 

780 

780 


Sep 15284 18368 +0.0082 

Dec 15330 15350 +08054 

Mar - 15320 


15370 

15350 


15272 

15330 


13*84 33127 

363 413 

1 17 


Strike 

Price 

Juf 

- CALLS - 

** 

Sep 

Jul 

— PUTS — 
Aug 

Sep 

1.450 

B45 

8.48 

658 

- 

005 

028 

1 ATS 

658 

821 

8.79 

- 

024 

080 

1600 

3.78 

<18 

452 

020 

067 

1.13 

152S 

150 

2S3 

353 

078 

1+48 

251 

1560 

071 

15* 

212 

208 

272 

323 

1576 

018 

053 

125 

450 

<49 

453 


I (UFFQ* DMIm pom of 1009* 


Dec 

Mar 

Jun 


Opan 

Sett price 

Ctange 

High 

bow 

Eat vol 

9850 

9558 

-053 

95.12 

9658 

31198 

9450 

9455 

-002 

9458 

9450 

47101 

0450 

9456 

-051 

9454 

0451 

44092 

9420 

9420 

+053 

0429 

04.14 

29726 


180933 
204615 
191827 
104374 

MOimi WROUBA WT8IT1 FOTM128 (UFFg LI 000m pofnta of 100«4 



Open 

Sett price 

Change 

« 0 h 

Low 

Eat vol 

Open InL 

Sap 

sire 

9150 

+056 

9154 

9140 

10202 

42564 

Dec 

0125 

9120 

+056 

9154 

9159 

6407 

47944 

Mar 

9092 

9050 

* 0.10 

9051 

90.70 

1108 

12461 

Jui 

9052 

9028 

+ 0.10 

9058 

9026 

806 

8784 


■ THMg MOUTH BWO BUM FBAHC FUTiaiBa (UFF^ Sfrlm pobita of 100% 



Open 

Sett price 

Change 

Mgh 

Lew 

Sap 

9654 

9657 

+0.05 

9658 

9558 

Dec 

9340 

9541 

+004 

9545 

9655 

Mar 

85.11 

96.10 

+054 

95.12 

9551 

Jun 

04.70 

04.70 

+053 

94.70 

9454 


■ 9 UBOR FT London 

totoctmto FMng 4ft 49* S 59* 

week ago - 4ft 4ft 4M 5V4 

US Doftar CD* - <20 <42 4.75 685 

week ago - <20 485 <68 524 

SQR Unfeed Da 3M 3ft 39* 4 

WMk ago — 31* 3ft 39* 4 — - — 

ecuumj to todliijiew i i urn »a: a nam fl ; 8 whK 8 a 1 year M. t U 8 CH attdWBk ft*hl 
aqniuty wBwmarm by Uu nriamna. banka at Tiamaadt wbiW«o 
dsy. The banka me Boriwn That Bark V Tokyo. Gtedm nd iwknd Ww an k ma r. 

Md tana an ahawn «sr ha donwetk Moray RaHa, US 9 CCS and SOflLMad Oepodti (DU 


■ THH— —OWTH BCU HITWW (UFFQ Boulm pofcita of 1009* 


Em. vot 
3751 
1848 
060 
250 


Open W. 
30507 
0717 
8773 
1093 






Opan 

Sett price 

Change 

ttgh 

Low 

Eat vol 

" 

— 

“ 

Sep 

9456 

9453 

*0.04 

9457 

9357 

1295 




Deo 

93.78 

93.77 

+056 

6350 

93.71 

771 

- 

- 

- 

Mar 

9246 

9346 

+057 

9250 

93.40 

408 

“ 


~ 

Jun 

8357 

83.10 

+059 

93.10 

9357 

45 


* LTFE luneoa tmdad on APT 


Open (nt 
11950 
8113 
3634 

318 


M TWftM MOUTH ■WtOPOLMH Sim pokita of 100M 


EURO CURRENCY INTEREST RATES 

J* 1 23 Shat 7 days One Thrae 3ft 

N™ «>** »w«h mortha morriha 


One 

year 



Open 

Latest 

Change 

H 01 

Low 

Eat vol 

Open InL 

Sep 

9458 

9455 

+051 

9458 

9454 

87568 

447,183 

Dec 

34.15 

04.14 

+051 

94.10 

9*12' 

180556 

410593 

Mar 

9356 

6358 

+052 

9359 

9355 

97510 



Bdflta Franc 
Danish Krona 
Dfttak 
Dutch GuMer 
French Rene 
Portugues e Esl 
S panish Peseta 


Seta Franc 
Can. Defer 
US Defer 
fcfen Ln 

Yen 

Man sang 
Shon tom ram 


5l|-5 

«*-5 

S-4% 

s-*a 

is^-isV 

7>2-74 

SH-SH 

4*1-41, 

a-ih 

21,. 2i 

311-34, 


61,-5 

BSi-5^ 

4B-4H 

5-4B 

5i-5i 


-Slg 

5,-4 h 
5i-a 
*fc-i 


183a - 161, 16S, - isi, 
70-7% 7fl - 


44,-4* 

3H-3H 

«-4d 

83,-7* 

»■-*& 

W-3S, 


4-3% 

53-5H 

4A-4A 

8A-7H 
2 'a ■ 2,', 
4/,*<A 


an editor me US Defer Yen. ahm 


61,-5% 

8*8 “ 5% 
4 a 

8A’5 

SS,-6ia 

14-131+ 

8-7a 

M-SA 

41,-41, 

<*-1h 

43,-41, 

-«Xa 

2ft -»t 
43,-4 h 
mo days' 


6^-6 
5-4^ 
W-5A 
S5..5S, 
isi, - nh 
8 A -8 

4^ -4^, 

7&-7A 
a- 4 % 

2 fa -ft 
6 &*5i 


8-5% 

8V-8 

5A-5i 

5*a-5fi 
10,-8 
12h - 12 

61,. 6 
41,-4* 

8- 7* 
Mi-eA 

9- 8* 
2*-2A 

5ti-5S 


QMM) $im per 1009* 


Jim 

- 

9552 

+051 

- 

. 

83# 

3.147 

Sep 

9529 

9529 

+051 

9529 

9528 

2008 

. 23.531 

Dec 

04.72 

94.70 

+051 

94.72 

9459 

308 

8537 


M Open toagrmt Kgs. « far |ievtaui day 
■ EUROMAraCOTTOatS (UFPg) DMIm poMa of 1Q0K 


Price 

9600 


" ' 


CALLS - 


— 


PUIS *— 


Jul 

Aug 

Sep 

Dee 

Jul 

Aug 

Sap 

Dec 

0.11 

013 

0.17 

0.18 

0.06 

057 

an 

033 

002 

054 

056 

aio 

021 

023 

025 

050 

051 

052 

052 

055 

ore 

ore 

ore 

070 


■ IM 

ER MCMKTH PDBOR PUTIMS (MATTF) Paris Interbank offered rata 


Eta. vet tone, era* ene Puts sea ftawfeu* oufo open tat, cafe 207025 Put, 19S104 
■ BWO SWHHt nUKC OPTIONS (JJTQ SFT Im prints of 1 Q 0 M . 



Open 

Sett price 

Change 

Hgh 

Low 

Esl vol 

Open tm 

ShfflN 


— CALLS - 





Sep 

9455 

9454 

+052 

34.42 

9450 

28567 

54559 

Price 

Sep 

Dae 

Mar 

Sep 

Dee 

Mar 

Dae 

-9455 

9455 

+057 

94.71 

93.01 

20541 

40530 

9680 

028 

023 

nan 

Oil 

032 

nan 

Mar 

9170 

83.72 

40.10 

93.77 

9355 

17587 

34512 

9576 

014 

013 

014 

022 

047 

UnfW 

Jun 

83A2 

S344 

+012 

8351 

9357 

8550 

26,118 

9800 

056 

007 

058 

059 

ore 

U-Ip 

098 

■ TMM MONTH KMMDOUARtlJFFq’ Sim paints of 100 % 



&b vol tooL Cafe 0 An* 

a Rraufaus dtyl, open taL, Cafe 20 Pda 

teas 



Open 

Sett price 

Change 

Nan 

LOW 

Esl vol 

Open Int 








Sep 

9456 

9458 


8456 

9<8S 

211 

2309 








Dec 

94. IS 

94.16 

+058 

94.15 

94.14 

176 

1876 








Mar 

8358 

9353 

+ 0.12 

9358 

9358 

4 

1068 








Jun 

9350 

9354 

+012 

9350 

33.60 

60 

354 









PmkM ib^a wk. Cato 49531 Pma 38817 . Fnrr. to/> qpen Ira, Cdfa saBLDBi Pub 4327« 


UK INTEREST RATES 


LONDON 

Jun 23 


RATES 

Oven- 7 days 
night ' notice 


On* 

month 


Uvea 

month* 


Sbc 

months 


One 

yarn 


jntetwnk Storing 

StaiSag CD, 

TraaauyBB* 

Bank 8 *a - - 

Local authority dtps. 54,-5* 4}J - 4fJ 
Cfacount Marital daps 5*i - A* 4%-4jJ 


8* -4 ^1-44 5-4H 6i-6i 5>i - 5* 0&-0f t 

: f:3 s4 : a * SB : S ' 

■ 4«-4* 4B-4B 5A-5* 

6-4B Blf-aa 53g-5a 6i-3B 


UK 


i fearing nfa A, per cant from Fabnray 8, 1994 

Up to 1 1-3 3-6 641 


9-12 


hmmi HMIMI UMftW Mwa lo i uuhum 

Carts of Tax dap. (21008009 1^ 4 3* 3* Sh 

parta of Tea dip, cndergioq ooo la ita» Omodn wehd ran far cadi Vpa 
Am Bndw nta of deeeuM4JB7SBpe. BOOO (bad ala SDs- Export ffawiaa. Mdw w day Mey 31, 
109*. Aanwd wM far pwlod ton SB. 13M <0 M 29. 1M4, Sdnmes > & ■ MTpc. ffennci ota far 
period Apr 30L vm to lfe» 31. 108*. Scheme* W A VS32fee.Hnwwe Heme Q-fa nfewe 
June 1. UB* 


■ thwm raoimt mma hjturu sjffq csm.ooo pomta o( ioo% 



Open 

Sett price 

Change 

High 

bow 

Eat vol 

Open krt. 

Sep 

9440 

9440 

+056 

9442 

9457 

14205 

110634 

Dec 

9350 

9355 

+ 0.11 

8307 

9378 

2S950 

152352 

Mar 

83.10 

93.16 

+016 

93.18 

9357 

10091 

64611 

Jun 

92AS 

9252 

+017 

9253 

sere 

4101 

48510 

Traded on APT. M Opan htoaat fee. 

m farprerioua day. 





frlFFQ 8S00800 points of 100% 


Strike 

Price 


Sap 

- CALLS - 
Dec 

Mar 

S«P 

— PUTS - 

Dec 

025 

017 

Oil 

o'io 

057 

OIQ 

010 

058 

020 

075 

003 

ore 

054 

058 

095 


Mb 

uao 

94» 0.10 aio 088 020 0.7B 1.40 

9478 083 005 004 088 095 153 

Edb wL total. Cafe 3298 pula 6069. Piedoua day's open tat, CM 183087 Puts 170039 


BASE LENDING RATES 


Adfan&Conpany S3S 

AfedTrustBank 525 

AS Sark &2S 

•Moray Ansbedwr 528 

Sank of Banda 5-25 

Banco BtaeVfagcara- 828 

Back of Cyprus $25 

Bank of wand 525 

Bonkottada 525 

BankofScsfland 526 

Bafdaya Bar* 525 

8 rSBkofWd&Ht._ S25 
•BnwmShplay&OalWA25 
CLSBicMadedtod-. 525 

CMbarkNA 625 

QydasdafeBank 625 

U» Coopenalun Bark. 526 

CoutoftCo 52S 

CrodtLycnroia 525 

CypruoPopi4ar8ank_S25 


M 

Oman Lawria 525 

Enter Bank umiad_ 825 
ftnancW&QonBnk*. 6 
•Hobart Fferftig ft Co _ 62B 

Girctof* 525 

•Qtamfehcn 625 

Habib Bank AB2wfch. 535 

•f l a mtt w Oak - 523 

Heritable « Gm tavEfc. 625 

•WSamueL.^ 625 

C. hoars & 03 .. 625 

Hongkong & StamgtaL 52S 

Jtoan Hodge Bar* &2G 

•LBQpe«jGBeph&8ora525 

UoydaBank S2S 

Megtaj Baric Lid 525 

kfefend Barit 625 

- Kraiwt Bm+rfnj B 

N ta Wwarira ta 525 

•fteaBrrihem 625 


• nmbutfiB Ouaranma 
CatpoMfcxi Umfed ta no 
tongaariataM 

a banking feudMon. 8 
HoyriBkofScofland^ 52S 
•Sknlfi&VMbmn Sacs .525 

TSB 625 

•UMadBkofKiweri^ 528 
LHy Trust Bank Pic— S2S 
WaatarnTnat ^_S2S 

WMfewayUkfcw 523 

Voritahira Baric 525 

• Members of Brftlah . 
Merchant Banking & 
Securities Houses 
Aaa odM on 

• inwkrtnfatrarim 



Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
TH; 071-5 15 0400 or Fax 07 1-329 3919 


|lNYESTOjtS-TRAPKBS -COKPMtATKTBr-AsrT max 
SATQUOTE^- Your single service for real time quotes. 
Futures * Options * Stocks * Forex • News * Via Sateffite 

LONDON +71 329 3377 

LOHPOW+TUIMW 7 WjWllOBK+MMtafe jMWPnBfrife riM871 


GHENT 

TRADING 

BOOM 

PBIWE CUBITS 

WELCOME 

I'd 9 '+*41 nUUM r7vW 1 

uup4\LLji, rui UIUlO UMI 1 | 

88 DOVEK SHEET, UONDONWK3B8 ■§ 
TEL 071 639 1133 PA£ 071 495 0022 

FOR TRADERS ON THE MOVE 

Watch rite anitati more with the screen in your pocket that receive* 
CUrnXy ' 

fre * trte1 ’ Futures Pager Ltd on 071-895 9400 now. ^ 



■i:\x-i--RHir; spi-o. i.Anov 

IN H I I RI S 


gassssaassaas? 1 


Fu "e, Money - the Global Strategy-, ewsletter 




Tel: ••44 81948 8316 - — -« 


a Currenc V Fax - FREE 2 week trial 

IF .... ^ r - : < Anno Whitby 

xox ,,.l Lort-i-n '.vir ?HD, UK • r *l 0?t-734 7 ' 7 * 

g FI7.18UA r.Tr, So , 



24 HOUR 

l ; OREIC\EXCHANGF 

tonrtfin 
Upline Desk 


^mSSSSff 

. ,l 0 W Jewry 

^^BftOaECUenii 





% 


■N, 

V 


























v 




x-x *.? . . 

S !- 

' 1 - * ’ - . 


financial times Friday june 24 1994 


WORLD STOCK MARKETS 


EUROPE 

AUSTRIA (Jun 23 1 Sdi) 


AusMr 1080 
BKAUU 9E) 
CfnJPT 710 
EAGtfl 3J40 
BM 134S 

SSS 1 ® *£45 
CWfcf 677 tr 
PcnZm sc® 
tadmH 4so 
SMyrD 226 
VoHMfl 343 
MMSrA B35« 
VWU 4«B 


JP 377 33 - ISiraMDSMlli23/Ha> i.ibo +ioi04Oi.ia _ 

***» -XOWTJBMUB _ _ feats 12,70a - liMIMOB QA 

,2il2S -2 1J»5 1Xts3 03 — feneOl 6.430 +25 7.270 6.1 SO 0.7 

HKiT 5 ^ D 3 *50 GJTOO 5.4S0 OX ABHflir S3 +1-40 7370 36 48 ... 665 Br 2J00BI +40 £300 1 J980 20 

Hfe. *§^19 -**o SSJiase ._ ._ ABXW 93 +xoumobq®40 — 3213 & 753 + 91.055 710 ix 

Item , r _ E™“ 134 «3 13 __ AMI 45 JO -.10 53.40 44 40 — — I '-iH F*J 155 +4 277 14a 13 

*’5 2J00l.7sn 2.7 _ flf'IS ♦J-5 0 ZM20710 10 — AKZON 188.70 *100 2291BJD3.3 „ &difir 731 +« 888 707 _ 

+3 1270 985 00 _ KSSE 13S Jj9 +1 - so 157101X0 4 4 — Boaw* 37.70 -JO 47.20 3830 34 _ SndzHg 703 +1 870 883 — 

3 ^S - Nm» UO -atoiiSiSIh?^ B-J “ g* 08 4030 +£10 52 3? XO 22 - Sort? I JOG + S3 1.860 1,480 20 

-2°f-^W7^35 025 _ SSS 3 sw'S ■* 4 - a0,a SIS , ®i2 ** — £™ »X0 -0077006268 ,.- _ 341 ftfl 030 +81.100 845 131 

1J45 ,auni™,, wsan i™-™ — M l* _ D3U 1SS +1.40 14610580 IV — SwBkBr 390 +1D 531 352 4J0 

K55K3H M — OsrtP® 19130 +200 20817170 2* - SwSkflQ IBB +6 269 177 4 0 

-+.S5 +■“ “5** 1 ? - a " M 155 — 1SSJ01SSJO IV _ son* 813 +1 815 890 .. 

-— — tdugu rau . 119-9® _ 23f « 3.9 — FUDuK 15.30 +60 25 1330 43 — Safkfla 500 *14 770 528 — 


fETHSUMDS (Jui 23 7 Rs.) 


*■0 +® *34 MB 14 

-104VW££35 05 

}2i| +36 i.i® l3 

*+45 — 1387 1,050 04 

977 ° +131,041 845 1.7 

*g ■•- 1350 905 22 

4S0 — 438 403 23 

“JO — 258 171 18 

M3 -3 406 32fl 1.7 

B 3 ?” +1D 7M 548 2J 

«8 +9 800 430 IX 


055 710 123 — KfflGtinl 
277 148 1-3 — MxaOO 
888 70? ™ — Kun 


Wkrbg 3,49Sq +30 4040 3,411 1.1 

BaGMUUKEMBQURC Urn 23 / Fra.) 


Mam «jos 
AMnml 7. BBC 
Mxd 


123 —7 JO 157.4Q 121,10 £3 _. 
5» +4 752 642 10 _ 

76S -30 945 7B5 7.1 — 

1520 — 3,290 £380 2.0 _ 

, ®*« +14 734 578 3 4 _ 

1-640 +33 1,789 1 JD6 32 _ 


— SndzflO 70S +1 870 883 — — KUrcha 

— Start? I JOG +S5 1 060 10® 2.6 — Man 

— Suttfifl 030 +81.100 B45 7X Ktsra 

— SwSkSr 398 +10 531 352 4J0 — KUaSh 

— SwSkno 163 +5 259 177 4.0 _ KjteB 

— SMUAr 813 +1 BIS 690 — — MmH 945 

— SafleHB 560 *14 770 529 — — IWP» 2.580 

S*Mfl 770 +1 B8S 735 -. — 

— UnBkBr 1.147 +37 1JC3 28 — 

— mwna 650 +6 932 610 ZA — 

— 2unnB 1 JBO +34 1.013 1 J20 13 — 

— MMB 2.110 


1J10 +10 1J90 1.140 - — 1MM0 


260 — TJfiO 1.120 — — WtiTTr 
573 +17 636 EOS DJ) _. Hfetnac 


+4 997 732 _. ... Slat* lj 

723 +4 749 805 .. ._ SlKKU 1J 

807 +9 830 848 — — SUU 5 

710 +12 764 551 — ... ShwNu 5 

SIB +18 841 425 1.7 ._ SmDatl 3 

■MW +9 523 318 — .. SmeW t 

1,230 +301JS01J10 _ __ SMSan 5.. 

817 *19 830 408 _ _ StatfSQ 1.430 +10 1^901,110 _ — aw t 

2.780 +401810 2^20 „ — StyUf 2JM +80 2JC0 2J40 _ — 

raea +110 7JHOSJB80 _ — SlMSrtl 787 +20 80? 7D0 OS 

518 +8 555 373 1.0 _ 5on^ 8.120 +50 8^80 5^490 ._ — AmifPr 

nRU 


578 +4 610 411 _ ... WmaPI 

360 +C 385 256 — WMl 

637 +14 TOO 500 — 

+11 G23 *81 ._ _ 


+ /- M«* law m W» 

7.70 -US BJ2 7 40 18 . 

133 -0? 2J5 127 4D _ 
433 +J3 tSS 4 IS 14 56 
4*B -JO 4 82 3 70 1 8 .... 
IBS -JJ* 3JC 174 2.1 -. 


wna KOBfi (JU1 a J Hits} 


EMnUc 1QJ«J 
BftiPl 24JOO 
BnqMB 37J7S 


4^ *5 4 J40 3.705 IV 

is +5is:gg“ 

® -=s®4Sa 
=»ssia 


s-ii — Mortal 21BJ0 +3J02WSI2«B50 1J „.. 

iun 310 -1 33650 264 3.1 - 

HJiOpfl 7018 +150 7B48SJ SJ _ 

a™,* _S § E PACIF1C 

™ 3 i r Bf" 45 £ = j*mv*n /*4 

ss* - w 4 » rjrt,* +»,.«oijoo _ - 

45 -JO57J0 «3J - sra? lS «8 - ~ 



823 +9 esa 789 — — Mm tEC7 +1» 048 am — — BEteta 

945 *7 ljOSO 909 SomBB 731 +20 747 425 - - COOTP 

1680 +50 1880 1600 „. — SuStBAfe 1120 +50 12901.900 ... - ortwa 

731 +13 782 83B _ _ SwnCwn 523 +11 573 432 ... - qJm' 

1.180 —20 1,230 788 — — SunChni 527 +18 948 404 „ .. nag 

1.140 +10 1,340 988 DJ _ SanCp UBO +30 1.100 837 — ._ OnES 

8*8 +26 851 51? — — SunBa 1J3B +20 7J3D1J80 - _ as*P 

2.110 _ 2J2D 1JSO ... — BumHry 440 +10 475 360 — — qSb 

661 +21 680 428 — — SuHM 460 +16 474 233 — — £52 


9.30 -09 1380 Sl25 3 0 7Jl 
3S.7S +JO 50 2880 7(12*9 
11 +.10 1570 10.40 38 . . 

35 +.25 52 3319 29 .. 

41JS +J0 57 37 29366 

81 59 2.7 881 

... 14 &19 _ _ 

2T 90 +.10 77 J» 1800 tJ — 

17rt * 10 10.10 18i60 38 19.2 


1 8250 CmpBftg 
CCOD CanOa ■ 


3183 Clinisn 4 

64921 Cama» 
3C77K7 Cartmp < 
174300 ConOcC 
420372 CanPac* 
3 CurfTir 
29829 ConliA 
17980 CortXS 
200 CsflUO 
08632 Cantor 
782 Cooing 
XSC CanGm 
5225 Ceoa 
3460 cmcao 


+1 875 780 1J — SwnMar 
436 +11 480 321 _. — SwlMII 
1 JIG +80 1.8B0 1,420 1J — - — 
1.700 +20 1350 1.700 — — 


960 +24 IBM HI 0 7 _ 


SwnMN 297 +7 309 252 — 

SUMHM BOG +15 13110 064 _ 

SumAn no +10 734 BT1 1 J 


S09 +13 

+.10 BIO 432 96 _ 

. *87 +2 700 47329 8.4 _ 

IJffi +361*701^90 _ _ 

573 +3 7S2 664 3 3 _. JJffiS 


1.830 +50 1.53SO 1 JOO — — Sunflbr 1.070 -10 1,120 815 _ _ 


.. 1J20 990 14k — Sumim 1JW +801320 1.090 _ 


- MM 17rt +1010.101850 30 15.2 

- Warm 1120 +J0 1120 10 DJ iJM® »*« 

-• BEJflta 442 -OB 80S 4.1? tB — 

- Cnoco 32JO _ 452990 17 - , JgS 

- HSBC BS .50 131 80 10 _. SjSj. 

- AwgD 12.70 +.10 21.90 11J>0 *5 37.0 gmm 

— “ 52 -50 8050*7 78 17 101 -SiKI , 


*Af “A* I0S Gl> 4103 3CT.IU' 

70 7b 70 155126 EMC, 

350 +15 380 370 30000 Sonora 

7*« +>* sri* r\ -ran so lei 
18<Z «gc I EU, 7041 EdwrA 
1J +A* TIJAi 17^ 15897 Scnffll 

23'* 5231.- 23i« D00 ScoRH . 

ML uCM ML 155700 5Laorm « 
23*2 -Y S24 211.- 24W) SoanC 

20 tg -'o trt, min 22® omu 
141* +jj suit 1*4, 227500 SIvnG 

iol -i* in iol msa 09.5+ 
231| + L J31; 22L 44177 SuUftm 

3600 Sputa i 

17*J +L Sl.’i' Ifci, Z343!>7 Eleca 
ISO -15 ISO ISO 13900 Irons- 
20 -‘iraLOCL I553SBI IMOE 
2D>4 +J.CW* <C0 3 ?>00 Item 

20 -b 20 020 54500 TcWD ■ 

5 55I S 5 171470 TphE, * 

217, -'* S27C 21 >+ CU IMIS 


£.185 +S2J302.1GO ~ SboCI 27390 +1 In ** — O*'® 7G 

W«1 33S +7SMJooa^ IV " Si i« ^io 2»S mlo 4lS “ m*e 5080 

CHTCm 1 2-375 -IS 13075 1 1JB5 2J Irtai 2JS5 +15 3, 120 .v*7 }J _ +JJ-J2 


OTO 2^ +45 2.700 2VOO 30 

COOW0 5J00 ._ SJOO 6^10 4.1 

184 +2 202 154 7.1 


— SS? 3 * 5 ,H - 60 -fi-10 214 153 SJ 

— J55? 8 31781 +B 38*50 288.10 33 

— , I S£, 147 ^S +«1D2M 50 13530 10 

_ UFBU* 426. +3 494 411 S3 


7320 +50 8300 6,100 13 _ , --- „ _ 

JSS +? 1350 1330 20 _ WW 444.KM +730 B5O429.10 53 _ 




*3*is«rsa = 

^ 4 2JSS^73jSlS = 

1T430 -JO 131 114 3.1 faU 


1«*Sd _. 1380 976 

1.179 -10 1J20 891 — — 

V7D +20 1390 1370 ._ — 

710 +14 744 583 13 — 

1380 +101330 040 — — 

514 +14 534 402 13 — 


MAUD 3.470 +40 8.8*0 2J20 _. _ BlsMa 

an +13 950 711 _ SlUlM 

BOO +3 648 307 _ _ TOK 

807 +17 B82 eas _ „ 

674 +18 720 SS7 _ 

748 +16 792 582 0.7 ... 

HfenCC 1J50 +1013*0 1310 03 ... HonSn 

879 +21 063 480 _ ^ 


785 +10 BIS 874 — 

1380 -10 1320 1350 — 

+330 +40 6.050 3.7BO .. 

703 +23 749 BID _ 


1D.7D -.10 13.30 10+0 33 2-7 SSS2 

- Hertm 6J-0 +.10 930 535 441 - SSr 

-- MenLnfl 37 JS +16030 3525 50 s J5SS SS 

— HKQlG 1400 +.10 2425 14.40 24 210 SicJ2i 


ISO -is isa 100 13090 Inrtt- 

20 -'iSI'.CI, I553ba InaaE 
MY +J.CW- ico x-!oo item 
20 -b 20 82(1 54500 TctfD ■ 

5 55’b 5 171470 TphE, > 

21 ', -’* E7L 21*4 3a lens 
101 + -1* jiofc 10 ’* 414025 iiitnnn 

251? -li+ J27L .'lb 2 0102 0 loom ■ 
lib +2 125 I2*J 19(000 area# 
101- -1b: S2DL Olf 1 - ITTorn Tm* 

71? *iaS7N 71 : ”«» 1nm£ > 

li- 12 dll 109*00 Irk* 
375 -5 375 070 1I . ,7 S 


.. I» ,uj +*J /■* J DIU _ urn- lain . 7(1 +3O0M. UOmUlt 

— TrtoHi 2020 +OO2J1O102O 10 _ ]!■* tin 5 ul»?? II n* ioiaa& Oomim 

... TtofiB 675 » 10 722 570 _ »*« 41-5" _ =4 37.75 -4 17* 3579 fM-IMA 


wu +14 882 879 00 — -;s 

T?n3W 1^30 +60 1.4001070 ... „ ■»- 1 S 


10 3530 2030 37 _ 153M2 SmB* 


+1 GB3 386 _ nsMai 1210 +00 1.3*0 10M ... 


JJWMFf 508 -22 BOO 506 60 

WtO 23b -2 307 232 m 

«n: 290 «4 315 MM 

Wrraa 2fc*td +9 355 0T7 JD <3 


5030 +60 G02O S.+50 70 _ 

-5 3,800 3.210 30 _ S5? 

M30 2070 2san _ __ Wire 

4.140 + IS 4000 3070 4 7 ... 28 4rt 

080 +10 4.470 3050 40 _ 

sUs - sauWHt (Jun 23 / DnvJ 

SS7 +10010600 8000 10 _ 

P lt *° 1 , 40OQTM +20 5050 «.l BO 25 __ 
bnmola 3000 +10 3085 2050 +0 _ 

KWbnk 6000 +Ma^OMOTi 0 Z 


B6O43L10 Sfl — WW™ 19400 +20071 640 TWJXI 4.4 
WO SM U Z ®E2! 43 +00 50004900 10 

OT7 232 30 Z tt** 183-20 +1 238 1B1.40 30 

355 SJn +3 9HU 16800 -00 70000 16+70 2-1 

355 3*?S <3 Z Mi(WP» 4SL40 +00 6650 4500 2.0 

MOOpn 10600 +300 13350 1D1 SB 1.4 


.10 68 57 50 _ Awom 3020 -. 8000 3.480 — — IMa* 3080 +d0 

70135*111770 £7 _ rttwSa 5040 +70 50*0 4070 1X7 — Mucnm 1000 +40 

10 Ha Kl 8400 5J _ MaMk 1.190 +40 1009 1030 _ — llwW 688 +12 


NORWAY (Jun 23 / Kionei) 


KMbnk 6000 
KtaiKAf 8.500 
Wcnvnr 6000 
Ntaam 1080 
PanUn 19000 
Rflna 10.200 

Pwrfin 203] 
ROM 486 


MO 1M +5JU1SB30 163 00 

,_ _ BOM 555 _ 635 3*4 20 

_ 7050 6070 1 J _ -^S 1-25* KS »•! 

__ 6080 6.000 42 *17 £077 +42 201 1 2V7E 00 

-1^0 1470 14 " «tan* «4 +14 670 S7S 20 


7800 +400 112 72 4J _ 

156 +300 189 130 00 _ Own 


1.160 +2O1JSO109O ... _ 

763 +29 BOS 660 1 2 — 

10*0 +10 10001040 ._ _ 

815 +25 623 410 00 — 

496 +13 513 3S6 10 _ 

021 +2 679 980 _ _ 

835 +11 996 BGS _ .. 

1040 +20 1080 1080 00 — 

76* +5 798 416 _ „ 

3080 +70 3000 7,410 _ _ 

1.100 +40 1.720 8*2 36 — 

870 718 <36 _ _ 

1.7BD +201020 1030 __ — MbTrfl 



1.150 +301030 790 00 _ T»tS«i 890 

2060 +40 3010 2000 _ _ Tetpd 656 

1000 +40 1050 1020 „ _ l5&» 801 

688 +12 72* 520 _ -. T«MMI BBS 

1030 +00 1.300 TaaEta B** 

503 +12 533 335 _ _ Htfvna 521 

702 -IB 833 603 ... _ TcfcuRw 675 

513 -2 542 425 _. _ TnbCO 809 

S72 +1? SM JM _ M STB 

972 +11 1010 790 _. ... Tom 9»*no 


890 +191040 Bin ... 

+9 577 400 ... 
+9 826 618 09 
BB6 +34 1,1® 705 0 8 
8*4 +21 847 566 00 

521 +25 555 367 1 4 

675 +7 720 602 _ 

809 +14 931 670 — 

82D +28 907 633 _ 

20000 +900 21J(K| 17—00 .. 


-101070 842 „. ... TUCKS’ 2,860 + 50 3J30 2000 


765 +28 792 487 _ 

70S 739 680 1k*Kn 

540 _ 560 407 .. _ ToHco 

+19 445 31G _ __ ToWM 1080 


639 +24 685 WS TKyoma 

1.710 +ini0BO 1.140 _. _ TVyS* 


624 +14 670 575 20 _ 


__ 19000 16.IW0 _ Z jjjo 101900 +MJ0 1,191 897 _ „ 


I £00 _1B0O11.SJ — _. J5>»nS 3-3BO +W 3.W 2000 _ 434 MbWlKS I >30 +50 1010 1050 Z _ 


+4 169 125 10 _ CuraoC 




*2^0 +75IBJ75 909B 2.7 

SXra _ 3.660 2.705 60 

.486 _ 589 420 30 


4020 -a 9000 4.B40 44 _ 


AHmPf BOB _ 1,025 787 00 _ IMIUf 

— BASF 305.60 +200 3000 27 B 20 _ tawf 

— BdnmK 49500 _ 510 43S 10 UMK 

Bnkooo 359S- .2 485 348 20 _ IMHyO 


9300 —700 .114 


+2 149 J® 4.2 _. 


SocS® 2.175 +20 2038 2.130 50 

E25f V .5-1S — SLS3a *■!« 5.1 

Sn«na 14000 +75 15.700 1+000 44 

Sohmc 1000 —. 1.875 1.482 00 

Satwy 1J.4J2 - 17050 1+250 4.7 

Tr^« B.7O0 -10 11.800 9.400 4 7 

UC8 23000 -75 26.100 22200 20 


2070 +35 2030 2,440 40 


+420*0480 SSB 3.1 _ WKbM 

40700 +100 SSI 00 397 30 Omta 

773 +9 929 639 10 _ m*«A 

433 -6 S7G 428 30 SboBM 

-- 990 815 10 ._ SaoaBf 
280 +HUS0 349JD 238 10 _ Sere: 1 

394 +10 528 384 37 — Stan 

770 _ 951 750 10 IUta 

— 1030 1.140 08 _ IMA 
_ -171030 840 10 _ VESA 

i 308 +250 386 303 30 _ 


1,360 +20 10101.020 00 

675 +10 600 315 — 

420 — 4S2 337 10 _ 

Baa +5 H97 941 — — 

1000 +*0 10*0 1040 00 _ 

740 +14 768 571 00 __ 


1.340 -ID 1020 1.110 _ 
611 +8 536 320 _ 

*7 590 415 „ 
1080 +40 1060 1,190 as 

565 +15 588 Cl — 

1090 +60 1,720 1.450 _ 

1090 +20 2.0201010 .... 


BB +3ntM 91 3.1 „ Oja* 1000 +*0 10«[ 10« 00 _ 

218 +5 260 2DB 10 _ 740 *14 £2> 671 08 — 

1S10O +650 206 140 0V _ CtKJDUE 2040 +50 2070 2080 — — 

M6 21110 = O&W 1.1B0 ^-1^01.130 

2020 +20 2700 2480 — — 


640 +14 (WO 455 _ ... TMJonw 2,0®# ^90 20001070 

820 a30 9*4 672 _ .. . IKBPw 3.1*0 +50 3.640 3.0*0 

370 +4 400 301 _ _ naai 3020 +40 3.460 0740 

1010 *10 1« 1.100 OV ... TkGas 510 +8 570 401 

«38 +18 890 765 00 — TKRopts 880 +35 70S S20 


DENMARK (J® 23 /Kr) 


AaPA 635 730 S6S ZA 

Marti 222 __ 281 015 20 _ DMA 

CAtW 275 +5 333 287 1.1 _ »SSk 

Oman 5.7D0 __ 7.600 5.700 00 — Dtnrts 

WS1M 125000 +4X00 I3UW 11SLS0D 0.4 


— HffiB 

— Camz 

— ContnP . _ 

a»ra» 308 +200 398 303 30 

ConM 2410 +700 299 226 1.7 

DLW 473 -2 BOO +60 04 

727 +12.70 904 689 1.1 

487 +5 568 4*3 10 

— Dfoob 22300 -200 2BB0O 21000 _ 

688 +100 BS70O 68550 24 

+2 188 132 20 


135 18450 135 30 

78 +00 91 74 20 

7700 +2 91 72 20 

60 *1 97 72 50 

105 -1 122 8500 1.4 

121 +3 151 117 2.1 

37 +00 6400 31 — 

58 +3 B9 55 9.7 


100 +820325 162 50 _ Bmtim 
505 +707 6IE 387 20 _ Bosch 




- SMH (Jun 23 / PIS.) 


1080 -101080 1010 — 

936 +19 064 904 00 — • 

8SO +2 888 788 _ _ 

673 +8 626 410 ... — UtaitQ 1060 *10 2030 1000 03 

6*5 +10 588 397 „ Wf* 

1.730 +130 1 070 1.420 .... — “ 

iaio -1O1.4BO10EO as — 

1070 +30 2080 1020 _ _ 

1010 .301010 1^100 wna t™ t ji *ruu umj — 

932 +7 951 QGO ..- — Mrttai 4050 +70 4,9*0 3020 _ 


83B +16 899 785 00 — TOtoot, 

449 +8 488 378 _ TkSH 

425 +ss *53 337 _ _ ms„* 

SMI +15 890 STB ._ _ TkuCor 

914 +4G 040 770 0.7 .. TkuCni 

430 +26 449 310 ... „ YtaUu 

1070 +401.400 845 _ _ TOTtal 

1050 +1D1.1D0 790 _ morffe 

1080 +10 2030 1000 03 ... T«v* 

711 -5 7B2 010 ... _ 

1.130 „ 1,180 859 imHC 

207D +20 23491003 04 — 455S1 

600 +27 G24 4® 00 ._ t55oT 

2080 +30 2.700 2000 ._ 7a "“ 




HMBnd 20.10 .. 31.75 19.10 03 — 

22 - 3005 19-40 3.1244 

IS. TO +0017 70 12 34 ._ 

6.70 . 1000 605 61 — 

HukNW 3200 +.75 4236 2700 2.1 .... 

Horan 2140 +.10 312S 1930 4V - 

JortnM 605 + 051310 700 a7 „ 

JMam 56 +100 8400 46.75 0* ... 
JStnn 28.70 +00 38.50 2400 0 4 
KM Bus 1400 — 25 1260 23 5 230 

UandDr 1080 +00 1200 900 00 . . 
NnrWIQ 2200 -00 42 50 21 10 39 78.9 
3605 +05 38 30 - 671 

mn 47 *75 77 42 30 500 

SRiwBr 1100 +10 1600 11 20 425 

407 +.05 6.15 375 11 14.8 

12 +.101540 665118 370 

408 + OS 5-4S :uiO 60 _ 

305 +03 7 80 3.73 64 - 

57 +1 71 50 20 1ft* 

800 - 1100 8 2R 150 

2040 +00 35 75 23 20 

29 -00 41 2500 20 ... 

Whioc* 1600 +00 2300 1400 — 


+35 70S 529 Z Wln3*l 1J-10 -101660 


2000 +40 2.720 2000 

1.930 +20 1030 1.620 06 

750 +17 780 450 _ 

7*0 —12 829 607 _. 

643 -1 730 565 _. 

1080 +40 1050 1.480 _ 

1010 +50 1.560 1,190 _ 

750 +8 775 575 _ 

822 +8 879 670 _ 


1100 -.10 17.40 10 70 60 


_. Z MALAYSIA (Jun 23 /MYR) 


— T onan 

“■ Twy? "750 ’35 '775 "575 

— TsMM 822 +8 879 678 

— TtabEC 1090 +1Q 1060 1.050 

— TonoMa 730 +25 736 433 

— TMSai 


1100 Emoaci 
38000 EctaB 
1475 Etna 
6079 ErtNn 
3500 m 
7000 Rimin 
10313 FKMA 
750 Forte 
13010 FrNw 
*790 Famv 
134200 F caaiA 
13400 45noDi 
36591 GUtlS, 
4200 

741 

■32200 GoflCC 
39900 Crete** 
4900* Geren 
2700 GMStr 

13514 A4TC 

600 HnrSlAx 
4200 tUrtrSd* 
28000 Hcmia 
38078 HcmtaG 


120452 Hm(H 
3019) Karehm* 
25230 HuaBmr 
3575 FI 
27243 Inttssaj 


IImCQ UM'A 

101, -A, S1SL tUSL 1798 UCmt 32 <j 

Wj +'? Wj(b 3 IfBTO uitBV-n 2*-: 

7>s + C C7I+ 7 +1*1 Uma* i! 

15’« sii . Sire W C2 Vicreu J*n 

lOi! +i«?u!it ID -1Ui«CII. 17 

141+ -l+ (i(U ii4li J (W'*r3 WB’lri 2I‘+ 

>5 -lissi 15 I430U U/teW. . 3F.I, 

*5; IS sw » MONTREAL Urn 23 .'Can Si 

5 a* so 1 * s>* 4 pmetaif 

ta>? -L siamiu: 

13 +■? 513 ITS Stej* . 

241? +1? 5205 74'* *l“35 UrniFOU 1->'+ 

7!. +LC7V. 74>+ IAOSO ftrCM' I7S 0 

9 *(• sn 00 L C.KM GanwiB 10‘; 

57, +>a56, UAL 

171 , STL 12 r,< ® Cnllui; 17 

O', -I* SA I 3S 1DQ G1C 0 .1 

300 -ID jog ODD I 650 Atattu 

1U 1 * 5I0-+S1* 1 * 20151 innicn 10*4 

n 1 * SiailjC K»7BSWBiC» US 

1SJ; +lliK,4i; SjMOOWA lu>; 

4G -% ol ii. Um«a « u 

14-fl 515 14L »«•’ 

44(1 -5 450 44U 
10L + L SIP L 10 L 

10 L -L siui. air* 

12U ;!;i5S^ AFRICA 

\vi~' U sisl id 1 ? S® 1 ™ »■« {Jun ;3 1 town 

10L *>cSI0'* 19’, ... — ^ , 


MONTREAL (Jun 23 ■' Can Si 


11 - 1 , 1111 , )• 
ib 1 * - 1 : 

Hi. i«,;. •- . 

ir»? -m- 

HI, pii_. ji 4 

u', 

”h. -A. S - '. :•« 
411. -(,627 1 41 -, 
'■'** + 1 * in"! . 

*1 *4 *. 

11\ JM - - II.. 
■j'« 5V. -n; 

iri* -ijEi +i-i. 
14’* -1,111*: li-, 
7L S", •- 

+i» cj.ifji; 
279 -U-,;:, 
Cl Til */ 
’■1 5i J I - -, 
1b ***1151 )4' : 
10 1 .- -h 5-J- !>•- ; 

»b»; S-.4 11s 

l-.'S - '* 4j. «' 1 1 y 

lb’i -*j !•:{■ ■ 

13'4 - ! J S - * ivi 

141, ft,?-, 

af.i* -i«j 

13A* SI3'. JT.! 

32 ■? M .. 


aiu - * 3 1 - '* 
*. 1 ? -Cn'. 


41U35 UraFDO 
tuuo ftrCM* 
r-KM DflU 

lino ibzntBi 

r-iu Collvi: 
1DQ C1C D 
1550 JCoutu 
30MI Mtncn 
5757B MMBiC * 
5iU OlkTOrA 
Ifibin unwia 
52002 nun 


1-»'s «l,*.lj| 
17', -ij Si.' 


+ ■* S.'S ?S 
lo'- 

-Mtt) 12 


-28 607 497 20 
279 -I 310 260 10 


5000 +100 6080 5.160 2.1 _ 

5.320 +10 6.700 5.140 4.7 _ 

3005 -15 3035 20C2D 5.6 __ _ 

?.m0 -20 3400 2085 BO _ DWAr 


1.1® +301020 800 _. 

835 +22 BIO SET _ 


1040 +101.310 858 — 

1X90 +401.170 BBS _ 


075 +15 805 800 - 

382 +7 414 2S5 _ 

1.750 +20 2X00 1,710 ._ 

580 +14 596 421 00 




DbMFTi 1000 +301070 863 _ ._ £«&» 

Drill Pit 1040 +70 ZOTO 1060 _ _ WK 

— HCriH 7 610 -20 3400 BG DNpTor 463 +10 527 346 — 

- B&E 4035 +10 4.350 Ijre 42 Z D*W P 7*0 + 101^0 B7B _ 


570 415 „ __ NGKSp 1.410 +40 1^80 1X20 _ _ 


~ TflaAoL 1000 +60 1X30 143G —680 Tungi 


274 +4 307 260 IX 

■ — - +.— 700 — 715 590 20 

GtMreU 545 +1L34 643 445 20 _ HntS 19900 +600 245 180 30 

■SSB 216 +9 278 204 09 _ ItoKBtai 1080 +3010801.1® IX 

JnMR 338 -4 425 332 20 — HlftMP 582 -5 881 682 1.7 

Lrtmfl 1020 —T0 1,050 1.140 00 _ Wt* 3® +2 440 355 20 

HKTA/S 293 .3-35 38C 2S2 34 _ UKSM +3S 1082 1X00 10 

NrtMB 64706 +00678181 669 00 ... H\SW 331 +S3670D2942O 2.1 

nreSoO 555 +1605 737 530 09 — Htomn 882 +71,069 830 1 0 

SaptuA see + 1 S 615 539 0.7 ._ Horten 21 W +8 253 214 20 

SOMISB 560 + 5 675 473 0.7 B® 278 +4 324 274 30 

Svu 415 +7 4® 321 20 MM 359 +4 433 353 20 

TerDan 319 +4339 40 Sri MU 1 ® +2 1 ® 132 _ 

ropOan ins -S1072 W5 1 0 ” Kh« 582 -3 640 915 20 

ItoKtnfl 223 — 26720708 40 


+9 lj«5 780 21-2 Dm*W 1030 +20 1!?10 10® _ 70.4 


HBJUO (Jun23/Mo) 


124 +3 154 

125 +3 176 

82 — 105 

38.40 +1 4600 

170 — 233 

10.40 +.10 17.® 

50 -00 ES 

528 +1 


+3 15410200 10 
+3 176 122 20 

— 105 80 — 

+1 4600 3500 10 

— 233 170 20 


882 +7 1,089 830 1 0 — 

Horten TIM +8 253 214 20 _ 

278 +4 334 274 30 — 

359 +4 433 353 20 — 

1® +2 1GC 132 _ — 

5B2 -3 (EM® 315 20 _ 

601 +3 550 451 2.7 _ 

1® +7101® 115.10 — — 

142 +9 178 182.70 30 _ 

851 +1 600 660 10 _ 

728 -7 BM 695 10 _ 

a® +5 860 830 10 _ 

349 +1 410 348 20 — 

Lufttm 18100 +30022000 1® ._ — 

LuftPf 17700 +500 TIB 156 10 — 

MW 398 -7 470 378 Z1 _ 


— esarea *.ro -to 6 x 21 4xso bjs _ 

— Break! 968 +9 1,4® 700 210 — 

— CEPSA 2X55 +25 3090 2.410 3X — 

— Cam® 4.725 +75 4070 3.400 20 — 

— Court, 10X80 +42012X10 0920 28 — 

— as ass 2.146 +36 2.715 1X70 4V — 

— BvoAo 1/430 +5 1,775 1015 1.7 — 

— BWtoa 2000 +1® 30® 2080 02 — 

~ BateBr sxoort +20 8,100 5.760 2.4 — 

829 *31 1.100 855 — — 

816 +15 0Z4 410 11.0 — 

— HdCUl 3XBS +70 6,140 3X10 80 — 

970 +29 1010 891 — — 

0X00 +1® 7/MO 4000 2.1 — 

5.100 +1® 70® 40® 11 — 

4.775 +125 6.490 4.4® 2.1 _ 

“ PnrlV 105® +1M 12000 B.J’ia 1.7 — 
3085 +1® *0® 3.776 20 _ 
+9 365 102 — — 


70S +10 885 697 00 — 

1X70 +10 1,1® Ml — — 


DUwsS 1020 +70 1070 1J30 OX 

3XM -40 4060 30® OX 
865 +23 785 545 10 

DOMSUn 616 +2 63B 400 — 

1 JOT +BU 1.7® 1 




I PI 31100 +300 387 295 17 — Un /M 


+12 488X0 387 10 
— B22 755 — 


3 I«=P«'I| 3 = B 

505 +1 530 504 19 

788 +28 8® 698 00 

437 +5 498 418 21 


801 +21 606 351 80 — 

040 +13 815 mo 6.7 _ 

TatacA 1440 +30 4/460 3005 6 X — 

1V75 +35 2,1851003 3i _ Gtaken 

10® -15 1.435 850 1.7 _ 

_ 635 +8 738 ST® 70 — 

z UnFanl 1000 +5 ZMH M15 11^ _ 

_ UnA 1/455 +65 10101.150 50 _ 

Wdlen 20 ® +40 3.1® 20 ® 2.1 — 

Vktfn 3,1® +110 30® 20® 00 _ 


MabaA 182 +2 247 1® 1.7 

IMraB ISO -1 250 150 10 

MetaSA 209 — 238 2» 10 

MfltsSS 2® -I 2® 1® IX 

NUtUP 428 -1 465 287 0.7 

OlknUA W +1 1IC G 8 ... 

PohtA 59 -9 104 M 1.7 

PorjB 58.10 +1.® 1® 54.10 IV 

fepoto 0200 +300 1® B*.» 1.1 

StctanB 195 — 225 «« 3.1 

Trepal 17 — SI 1R» __ 

LHM 13 +00 20X0 12 — 

UUnH 8500 -00 129 69 


FRANCE (J® 23 /Fn) 


4 36 AO +600 679423.10 — 


SWBilJ® 23 /Kroner) 


416.10+116052900 399 20 _ 

341 +4L50 424 323 30 — AGA A 6 Sd 

1040 +24 1X201040 OX — ARAB 63d 

*7 372 2BS 20 — 


+7 372 2BS 20 
*3 287 222 8 .B 
+ JO 313 252 20 
+6UN9 868 1 A 
+00 438 350 10 
+700 THUD 833 2X 


28TL70 +7.40 ^ 
320 +13 3® 




M3 — 
742 -3 

605 +20 

231 el +700 
1.1B5 +19 

799 +5 


— 786 995 3V — Vta 

3 896 721 20 — WJT 

913 556 30 — H*L»_ 

700 3® 217140 ... *" 

+19 1.435 1.145 £0 — “W 
+5 1X02 784 £9 — 


DUD 833 2.0 
695 810 10 

S SSIA 

397 317 2X 
416 358 20 


494 +9X0 652 4® 2.8 

376 +5X0 397 317 2X 
362 +2 416 358 20 

451 +4SI10J 438 2X 

47100 +000 554 418 0.4 
37100 +400 443 338 00 
815* +10 878 7® 1.4 

— 270 220 10 


15* +2 93 6215.4 — 

53* +009075 81 159 _ . - 

577 +4 0® 540 IV _ J“""r 

578 +3 BBS 438 1.7 _ 

152 +3 197 148 1.1 _ H“S 

1® +8 194 14* 1.1 _ [JE*J 

rn -110800 801IL9 — HifS 

84 +00 10650 81 117 _ HX“ 

386 +8 439 282 1.7 — 

... 40fl 2® 10 _ 

+3 134 101 20 — 

+3 134 1® 2X _. 

+8 110 S3 60 _ 

-2 430 251 10 — 

f 00 89-000 24 _ 


3256 +75 3065 2041 _ SKFB 1** 

20C5 +42 2/450 1,778 10 — SndVkA 1® +1 

1® +2 211 78 — — SncMtB 1® +1 

+3® 29080 23250 10 — SEBnk 4700 +00 


z 

— RM 


Men BS ^"SS SB =■. uyuizs/LW) ■ gs 

1.1S8 +71 1.4-S91X57 4.1 — B Canm 4030 +30 <M06 4A10 4.1 _ A 

870 -31,156 843 40 — BMmAn 3056 +76 3X65 2041 — — EKFB 

CmGan 175 +2002260015808 BX — 

Mem m io* -1.7071320 i® — 

(More 1005 +35 2,195 1,711 30 

CaaU0l».70W +00 205 132X0 5.4 — 

Oarer 1032 +1110791033 32 — 

CIUMU 3® +5 456 346 20 — 

CCf 21600 +4X03009020490 20 — 

OFonf 1000 +15 1065 972 50 — 

Ql»a 517 —3 058 5® 20 .... 

OlflCF 37M -3X0 4® 366 — — 

CrNnl 407 -1 737 402122 _ E™ 

Damn 5.400 +1® 6.1® 5020 0.7 — SSp. 

Dodaf 845 -3 830 641 — — 52? 

DOtus 408 -fl 430 391 10 — w 

EBF 812 +4 WO 7*0 20 — 

Enel* 2077 +182094 2,161 0.7 — 

Ecco 756 *24 9*0 638 2X _ 

404 +7.10 435305X0 40 _ 

387 +30 392 327 — — 

ElCan 815* —1,10 TM 44 — Dblcb 10.150 +1®1 “ 

is fs -s'* e z = SS'** 

G® +35 830 (05 IX 

SAGO — 1487 2,7® 20 __ 

1*5 +15 2.W9 1.755 30 _ Marrd 1.468 -81049 870 _ - 

+5 702 584 20 — 0Bu« 

16 -100 18.70 12X0 4V — pm 
13100 -400 18213120 7.1 — RbSpa 

fonctj KB -14 939 783 17 — RA^ 

FimBel 4.W9 -18^0*040 10 — Rbnc 10285 +13512,160 


oxio -2Sfii2A5an.no _ — 

2,4® +46 MOO 1064 20 — 

2L&* +80 3000 1050 — — SUM 
2200 —20951092 — — Start 

10® +8 20101,086 — — ovKanO 

2.125 +25 2.820 1X96 4X — SyOaA 

11.860 +250 11G0D KUDO ... — S+SuC 
10B5 +44 2064 1068 — — T^n 

6.440 +60 7030 4071 10 _ yrtmA 

3X95 +35 4.B2D 2.118 26 — lftmnB 

5X00 +45 7050 3X79 11 _ 

' -*»i7.9®iLrai 40 _ 

+431X051036 IX _ T7r- 


248 

*4 


241 

?x 

244 

+2 

312 

24U 

£8 

1G6 

+ 1 

716 

IfX 

3V 

167 

+2 

215 

IN? 

3.1 

290 

+14 

360 

1/ 

?A 

118 

+1 

155 

1® 

IX 

118 


165 

im 

IX 

107 

+3 

106 

im 

12 

107 

*4 

160 

MJ 

32 

130 

+2 

104 

12b 


142 


1® 

12H 

£0 


+1 

143 

1® 

£7 

103 

+1 

142 

000 

£2 

47X0 

+00 

7341® 

— 


f=P- 


1.730 — 10® 1 

1.110 +10 1,170 983 — — 

4.7® *15® 4020 IB® — — 

693 +23 708 521 0.7 _ 

20® +40 2.4501X20 — - 

543 +12 505 445 — — 

2040 +60 2X80 2,0® — ... 

889 — 718 595 10 _ 

494 +8 513 275 — 

545 +27 585 3® ... _ 

BOB +14 1X40 719 — — 

10® +30 1070 SfiQ _ — 

20® +10 2X00 1X80 — — 

1.120 —1.1® 841 _ 

747 +10 788 614 — — 

690 +1 ®3 787 — — 

1,1® +10 10® 1,140 _ — 

591 +11 EOS 428 00 — 

10® +101050 938 — — 

596 +1 639 440 — — 

712 +2 734 (6B2 1.1 _ 

594 +7 640 684 — — 

S10 +19 525 438 — — 

7® +15 7® G® — — 

10® +101.1® 7X5 — — 

500 +12 GOT 337 10 _ 

915 +28 BS® 079 — — 

972 -41040 628 _ 

60® +30 6,7® 3.7® - _ 

BT9 +3 678 DOB — — 

1040 +20 1.120 812 — — 

927 +23 WO 712 — — 

1050 +20 20401090 - _ 

1010 +121090 820 _ — 

ai® +io 20 ® i — 
era +12 

* 3 ! 

>40 - 

2X40 *m 
10® +10 10® 1 
723 +30 BSO 

2020 +20 2040 7 

£1® *20 20® 1 


5® +2 6® 395 — — 

276 +6 201 231 _ — 

+5 84S 565 — — 

+4 788 520 10 

™ +8 774 493 _ 

4® +17 «4 315 — — 

833 +10 BIO 711 — 

1.040 +30 1040 791 08 — 

548 - 

1.770 — _ 

10® +65 1.BSD 1/430 — — 

735 +77 ms 090 — ... 

727 +16 789 838 — — 

504 +15 518 4® 00 — 

800 +30 81b 679 — 

498 +15 520 412 — 


710 -1 738 SIS - 

087 +5 733 524 — 

Tomsk 30*0 +50 3060 2.6® - 

TyatnM 2X00 +30 £220 1.7® — 

* — ~ "" +3 527 330 .. 

—10® B65 — 


£ 

BouBd 

Genaig 

fe&rd 

MalO* 

428 

31X0 

U® 

14® 

_ 6X0 1® 2X 
-SO 38® 25 OX 

. . 17® 1290 or 
+.30 IBM 13 M 06 

110051 ImpOa 
-■ 4114X18 taco 

- 1 ® ante* 
IBM Hurra 

— 7085® HFla 


MuFup 

4.18 

-V4 6X5 £98 0 4 



PBB 

192 

-.10 0X5 3X2 10 



SanrtJ 

8.45 

-.10 B.40 690 31 




18® 

-JO 24.10 18® DX 


&6X 

Tenaga 

14.10 

-20 20X0 12® 

— 5000 Ltarpa 


: (Jun 23 /SS) 


Nrace 1.040 +301X40 761 08 — 

Nnfikd 548 +7 588 5® __ — tSF 1 * 

~ N&tte 1.770 ... 20® 1.7® 


itnoiR si3 
TopoiR 1070 
Tomlm " 
IcOiMn 


467 +14 505 330 — FiSter 

B4S +20 B® 432 — 

+9 575 345 J5«Pai 

+4 420 285 — IncDco 

407 +10 418 272 — Iff* 

1X10 +20 1000 835 — OCBC 

1020 -® 10® 1.170 1 1 — 

Ymahac 1050 +® 1A® 930 — — SAkF 

“ — ‘ — 332 +3 sC9 820 — __ SPran 

965 +18 1010 592 00 gpreT 


498 +15 520 412 VrenSec — - — 

1070 +20 1 440 10® 00 YmncW 10® tM £230 1,880 — — Strati 

10® +401.140 855 — YmJHm 1.710 +»]X10 1 .... _ 

6.7® +1® 7.500 5,1® — .._ VrenKog 10® +10 1,1® BM — _ (JOH 

80® +® 6040 4080 _ VHlTien 1010 +101050 1,110 .. — 

454 +1B 4K 318 _ Z Vtalfi* 2.0® +70 £2® 1.870 00 ._ 

— _ __ yaunan r^io +io tJB0 1.190 — — 

YnsKS ’ * “ ” * 


□es 10 X 0 - 12.70 1050 IX 

FiSN* 18*0 — 19® 15 07 

OOHAs 201 + 346 2.48 3 4 

HartPre 3 Hit -04 326 245 3 6 
bunco 5® + 15 6 ® 4 M 50 
Kepod 10® -JO IT® 9 1.9 
OtSC 1300 *00 18.70 1116 

DUB 6 ... 7® 505 10 

SAKE 12.40 +30 14.1010.40 18 
SFrasa 15.40 - 10 1600 13.10 1 X 
STpmT 3.46 + 04 309 £14 OX 
StRU 3® -02 40G 316 30 
Thom 4® _ 500 3® 20 

DOB 975 -05 1105 845 2.9 


700 LnurBkx 
34588 UttB 
1C6G3B LACMil 
4(120 LdknrA 
223370 laaotl 
1521(1 Ufttar* 
328037 Mactaa 
279225 Uam» 
£030 M05B 
13250 MtCOUl 
208024 HnB 
33410 MmnaA 
1900 MpUFO 
8203 Mar rail 


20® +50 £1® 1010 — 

£0® +60 £070 10® „ 

1040 +101.110 937 — 

784 +10 802 702 10 


528 +1 664 350 IX ._ 
823 +29 B® 727 0.9 556 
957 +221030 734 


ID+ +10 802 702 IX _ YtaTrB — . ,w 

670 +12 KO 4K1 _ ... YkUrtEl 1090 +M 1,110 7® — CANADA 

1070 -M 2.190 1 0K1 a6 ._ YknraBV BI1 +10 989 850 — ■moradmil 

+7 850 B2B _ — YMlmflD 711 +B 745 528 — — 10HWHUU 

747 +ii m 478 _ _ Yofliutd 1040 +iD i.i® a® — __ Apmdose 

1X00 +301X66 7.470 ft9 — WtalP h 1XB0 +101.150 9?1 P 

756 +6 794 BS3 - - YUM? 710 +15 763 442 „ - JM. _ 

705 +?1 745 496 — — . 


NORTH AMERICA 

CANADA 

TORONTO (Jun 23 /Cm SI 


714 +11 742 608 _ _ 

7S5 +24 768 484 _ 

1.1® +30 10® IX® 1.0 — 

5 ® +18 817 450 ... _ AUSTRALIA (Jun 23 /AuslS) 
1.180 +40 10K3 1X70 0.7 — 1 

+10 615 441 — — 

+51.118 ®B — — AM* 410 +.10 SJK 

1070 +20 10201020 — — Amcor &T5 + 11.11 

10® +3010101040 _ — Amort* 405 -JM B.U 

47D +20 SI 335 Amtie 8 -.06 1 1 St 

3BT +10 361 302 _ — AMdon £12 ... 302 

507 ,13 530 346 — ANT Bk 4.07 + 0B 5.77 

260® +4® 27.700 18000 £4 — AusCU 4.® -.12 401 

BB2JM0 +U0OO LBH 7rt*l — — AM 106 -09 £5! 

575 +8 612 364 — ._ Blf 1800 +20 190t 

BS 1 +8 £67 J21 BTHNy 295 +01 

606 +22 003 366 — — BM* 308 + 

IV® +3010701050 00 .... Banco 008 — 

5® +17 810 349 _ Brnttc 1208 -® 150E 

870 +30 334 727 — — BnMOl 006 -01 OM 


30351! Aftfflb 

322® AgHEeo 

4*3® rnrCAi 
3/AU5tS) 331322 «8taE 

1® NtmGx 
3862® AIcnAI 

+.10 5X5 3.70 a7 — 201022 ArnBrer 


9.15 + 11.12 9X4 £4 $3.0 

405 -® 6.10 3.78 IV __ 


8 30 306 7586 ® 


iTsra Akoa« 

!^550 gtnr *^2 *!■£?!* 5& A26414 PDane 

2S2 US'S* _, 8 S? E2 ““AS Pwreco 

0468 BClux 221* 5274 lETb 

5347 BCE* 45lj +■* K7% 45 

3692 BCE MO 38 1 * +LS5^ 38 

31® B® A 161* +1*1161* 16 

G484 Bmmrti B>> »<> 9>2 

3573 sum 2Ji* atm 

2228 BKNtreS W-lmKMi 24 521® Ren En 

3428 BMUEX 230 233 230 53® Rep® 

1491 Bmtxnfl 19 S19L in 103450 Rk* 

7387 BcwIM 15 -latTSL I <4 1681® MnM 

58950 BniMl 23 -2 2fi 23 439348 

71T0 BiacnA It 184 +4 619 1B% 2762*9 

3877 Brncora 244 C4%244 431H noyOUt 

TOKYO -MOST ACTIWW STOCKS? 7Twr9day . Juno 23, 1S94 


164 *^urSS tn 
184 +i*tm 1*1 

1 T% "^*^ 1 § 
311 * tr*. 314 

331* +4 S3* 334 
IZb +1* 517b dIZ 
H»*j +4 an* 


£12 ... 303 £00 £6 — 10468 SCI*! 

4.07 +.W 5.72 £75 4.9 _ 315347 BCEa 

4.® -.12 401 380 £B — 3692 BCE MO 

106 -09 £55 100 40 £0 231® BGHA 

900 +2019® 16 1.2 2ft4 6484 Bmmrti 


_. 1757® Mari 
51708 MUsaA 
58670 Moon 
417D 

220320 . 
298.968 Itowbcb 
14® Mama A 
3604® r*ndaF 
115410 MrndaM 
61132 NotcnE 
125345 NtDTri X 
988455 NOKI 
1701® Nmnoo 
57600 Numntf 
17300 One* 
28® Del tin* 
34142 PUflMI 
45900 POCOP 
722052 PWA 
566625 PegmA 
,s * 14® PreiQlP* 

049® Poaeuc 
81521 PMCan 
31® FhCn 
426414 Ktoma 
*£? 53045 PDMCp 

5406 ftnufti 


JS 15 Si S* •'•rttaiun 

30‘a SUL lul, auu 
W i + 1 * SJJ U't At Cl 
40 L -*2 Wi IWL AAcd 
35 ‘a -’n iB’j 34 ■* Ammnl 
6 "a SJij b-B AnnAni 
S 7 b SS+ 5** AnivM 
31>? 35 3U AngrtN 

IEL — JiSlSi 15L Baiun 
lS* e -ijSISS I5L Utzurt 
7 S7’l 7 BUW 

15 S15L 015 CMAGal .... - — ...... 

23'* K3L 23L DsWrei 113 75 l l-i |17 *«1 o ' 

2XL -LCtLCGL OociM - — - 

141* *’? JliL 141* tkiefti 
TOL -i?rv*#ML Ff» 

121 ) +’■ HJL 12 Eton 
»**• ->« W* a*o rnfirti 
sr -’« Vt ‘J HIM* 

TO S 3 H 4 dTO F regal 
7L S7'* 7 1* Gmcw 
B~i +** 59 j 81; GFSA 
13b* - Hi El V? n<* Momrv 
30 -l 31 X rtrttr .1 
17^8 Silk 17Ji HMW 

ssl-iL wv wl exat 
ii Hi . Siii- 1 1 h lnp*n 
24 -I? S4<? 24 JCT^ 

11 Je ♦'nBli? Ill* Kmra 
7 -a -1* SB 7'j Wuuir, 

425 -5 4® 425 ruire ... _ . . . 

TO, -b STO', TOV Ubttnk IUW 22 15U) 

2JL S7II. T3V Hnrtenr 
110 - 110 110 PaUDM 

B>? +’a S8H| PHi PmnGp CV, »05 7 75 5‘JU»+tf 
40 -2rt *OV riandln 4505 -1 5J M ? 7 M 1 .• 

y? -1, S5*J B’? nrrtrtp 28 -vr, 31. 75 7l* .1 1 ' 

11^ +}aEHL H 1 * HMMCn 19® . 26 . VU 17 14 

74 1 D ->« S*J. 24 fesUI 05 JM -1.75 '111 72 1 7 


2'i 141 . Ml 17-41 71 

173 V I -Jf.ii .-i. 

1 7b I.”*, lib 7-1 

2.17 U -t W 241118."+' I ■ 

442 —I +411 L+J I I 

1 12 -3 I .lb ICJ II 1- 

jn.-b . . 57 :n » 

7S -1 Jl .ViJI 

47. 'il . 55 42 I li 

3 Wi - lit 4 .m l ■> 

113 75 . 11-1117 '*1U' 

n 111 - HI UL75 l> Ml ; b 
1,7® -fill 8-1 75 40 4L : 

10 71- 11 5U 72547 

27 'X - fill Jl 22 •+! .1 1. 

a. «irxx<:-5 3u 4 .i 
11(1 -4 ir;ia4'*li< 

ft) SO - TO -iQ 53 75 5 <■ 

11 J5 - Jb IJ.1I 7-J4 4 *1 

131 -4 127 >17 50 l J 

a- 27 ‘X 23 75 


I6J ♦ 05 J(.r. 2 TO I 7 

!U lU is i - 

iir.« -vu tuti 'll i j 

I SCI — • 84230 63 ’41 2.-J 
■ 76 Ml 41 JJ 

<n . 1 ® 75 I 3 

1 5tl 27 15 54) 

I J*J . 34 5*1 .1- 1 7 
95 ♦ I -il <M 5d 4 * 
S*d. *05 7 75 5 'JO i+t* 
i05 -1 3J SO .17m 1 .- 


12b *1 135 87 1 + 

. 39k Smoi® 18* +25 2D 15 W " 7 
91 . 1942*1 pi I ’ 

■Hi 221* SAAtiNn 40 -00 52 50 2 C Ml 1 1 
149 -7 104 1112 I M 

- - ... 49* 56 43 *M 14 

»'* IBHi 1no*kj) 52 75 -05 5528 50 IT 

30 TO VHrMa 427.® -ISO 4-JU M J7 

JL 9 Hi W Aina 4650 -1254775 33 . 

2® .... 215 151 2 B 

54® -1® M 44 50 j 7 


NseGn 1020 +10 1070 10® — — BUM 

NotrtFJ 1030 +401020 1070 _ ... BmaPti 

848 .18 902 808 _ _ CSR 

447 *10 475 32S — — CHA 

1.170 -10 1070 816 _ _ Clitt* 

540 +28 550 401 — — CflrtHH 

042 +3 1X40 810 — — CCAmai 

OX — Crtetel 

QIUSLU 


■iMW — U 

905 +16 997 

1 . 1 ® +30 1 


1070 S25 00 — 


5 i.z K 


£880 +303000 

i-w® *3“i.na 
557 „il® 


— — Commlk 7.76 


£02 30 70 463573 SUM 
£28 50 _ 302228 BkNtnS 

— P.p4 __ 33420 Rnmf( 

1208 -08 1SXB 1200 40 S£4 471481 BHxBD 
006 -01 0 X 8 0.47 £4 — 77387 BtWMM 

1 — 1.18 0X4 DX _. 235BK® UnrnSasa 

£50 +02 5.® 3X6 40 16.7 471 m BiaaU I 

4.78 +05 548 4XO501BX *77 BmSarx 

1844 +02 1902 IS® 30 - -ZlZZr"* 
£25 +.10 3® 2X5 £1 „ ■ TOKYO - ■ 

£10 +.15 3 £5 2 X 0 20 ... — 

812 +00 1200 7® £2 .. 

4.18 *XO 870 4.02 4.7 

876 400 1.1 — 


uwwwun *0 - jki 53 bo ni u« 1 1 
B -Hi SaH 8 GUM 

131* *!3k UHL HoOm ... . _ 

19H -VSI*'+19H| TngHul 5271- -05 5578 » 18 
7!' . XI Til VHc«a 427® -I® 4-JU TJX J 7 

D>; —l* S9L 9 Hi W Area 48® -1254775 33 . 

44I?+U?44<? 43 WP*op 
358 +5 385 355 WMMi 
411* -1 3*2 41 '* 

231 ? 53 I. 231 , 

11 »S —ire Ell'S 1l‘j fttaa tartm ly rrifkira 

30« £5 ■DTrS nMmlWIktaltaKOiiMm'V 

ia2 -1* S19 18J* MuHOBlI ndreu* DM M n»MIr bsl IraM 
20 »» +H t2B\ 29 1 ' omes Mstelrenarta I9»4. ram lacru 5 
18 CiIL 18 attP • Osarv. vsrentei * Ei 

17*1 5171; 171 ? amend. * t* toU crare. tt Li ngia. >a C* e 


B12S2 HngOI 
2 13 amStk 
521® Ren En 
53® Repop 


276240 . 

43164 ItoyOOt 


FT FREE ANNUAL REPORTS SERVICE 
Be am NBie ma nno* mart inure ii owb 
imre*a«Bi 6.9oo an tts am 9 tn mi tto 


28 _ 

m +3 ShSl -u Hi 770 D77D a tn -** fli *70 33d a*»k FI 
IflC +lisi9LlB? iltaOilteltaonaeBaotaieieaoortireMiadn 
2GL +Lm 28 » (oup TM n a tae a n are; n Jane ml ifta ru 
BU 6% »Wm» 


+50 20701.7® 00 ... DonUAno 044 +.01 


107 +219950 07® 10 

148 -2 233 148 £2 

388 +15 475 361 10 

3BU +10 480 350 10 

1® +3 144 82 2X 

B2 _ 110 91 30 

TO -I 122 O 3.4 

101 +1 126 70 84 

678 -1 775 530 1.1 

8® -1 7® 525 1.1 


= = w 


1® -ISO alCS) 37020 OX = SWT2SJLAMJ (JU1 23 / Fl£J 
495 -M) 2X75 _ _ 


4/495 -TO 4 _ 

24.750 -60 2ftlD0 150DQ 10 

10JWO +2® 14®) 10.400 „ 

Dako iai50 + 1 ® 12.1DQ 8 0® ax 
rtaocm 1Z0W*ir +0015046 8X52 08 
5025 +26 84404071 £1 

14 , 0 m i&BDo wigg £7 


= a* 


IUV IMVU i-j — Axunr 

10X00 +2®M®Q1DAOO „ _ 

°° 8^ OX — "W* +4 8B8 587 IX 

8X52 00 +350* +60 3JKW2.17B 10 

— 1,18 +310481015 10 

’■?a -qa** 0 = W S +^s Pi S?15 

Sjfls »== ;b s =ibi« 


420 +3 

533 +4 565 

731 +12 758 

831 +21 910 nse u _ 

^ass*ai - = 

'a a'e 1 ® ... 

1030 +101.7271010 £7 — 

415 +9 448 28* — — 

>3* +10 755 605 £7 _ .... 

499 +12 469 398 — _ OataaG 

635 +1 688 478 _ _ PontKJ 

Z = SS&, 

887 +7 048 500 _ — 

B9* +34 715 431 _ — .... 

10® +10 1010 822 00 _ Ratal 
20 ® +20 2 X® £050 OX _. Ropal 

11X00 — T3A00 10X00 _ R*oM 

1070 +101.470 1010 00 — Satan 

fn +451,030 B 2 S _ — Sendai 

1/W» +10 IX® 10® _ — 

2X70 --£4821X18 „ — 

389 +5 420 338 — _ 


... +30 853 B5fl _ Em** 

ss s ^ si = = ar 

IX® +30 1 . 1 ® BB 7 _ __ Fokto 

7 ® +17 022 533 _.. _ FROlC 

8 ® +20 050 676 ... _ FaMm 

933 + 151.110 555 12 _ BnPTIV 

1010 + 60 1040 999 ... BIOAus 

,J “ :i s ? , SS , -S 


4.60* *24 
1 ® — 



Stacks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

M'bteiii Hvy 

7.3m 

792 

+ 1 B 

Toa Carp 

4.4m 

844 

♦21 

Okl BocJric 

5.7m 

796 

+17 

Nippon Steel 

4.4 m 

362 

+10 

Kawasaki Steel 

5.5m 

411 

+11 

M'btshi Motor 

4.im 

972 

+11 

Sagami RaBwny ...... 

55m 

519 

+14 

Toshiba 

3.8m 

822 

+6 

Marubeni . 

4.5m 

561 

+21 

Hha*l . 

3.7m 

1040 

+20 


_ 501O4X® 00 Ml 
♦10 1/4® ixai 10 — HOMO 

+1 744 BSO _ _ HmattS 

40® +110 4020 2X00 04 680 IDAuc 
477 +21 S36 448 _ _ Ktofci 

689 +16 779 604 1.1 _ Lends 

2X80 +40 3040 2X10 „ _ Uon N 

648 +10 SS2 390 nx — MW 

550 *30 5» 440 T.4 _ MaymH 

975 +12 1 020 705 _ _. IM8M 

4.470 +» 4010 30® _. rtfl 

1050 ♦» 10® 1080 _. _ HM3H 

812 +5 645 447 „ _. NawaCp 

1/4® +4010*010® — — OMnk 

675 +io 704 518 __ _. returns 

£2® +30 £6® £210 £4 _ NBHPta 


260® -3M34JK0 

10005 +13512.160 


l5 = 


GTMEuI 39£» +400 575 ^3® £8 — SASBa 7040V +20 10164 7.430 2.7 


ftrem £13 -65 £754 2.020 00 ... - ‘ 

Quimnt WO* +7 1.020 039 OX _ 

ffphia 555 — 645 535 £2 -- STET 

Haves 433 +7.104KUB 39B £8 _ Son*.. 

■—— * 5S4 -4 8® *95 3X _ SUpaai 4006 

SOU* _ 716 491 40 -- SP 2 U 0 9005 

875 -5 1078 E76 £9 _ SW__ 

Wtra 7ft « +1X0 ”9^72 30 — jrteB P 

4R5 +1 570491.10 7J — TcnoAS 


4® +1 570491.10 70 — ToroAS 

824 -1 709 mo 50 Torfr 1B0QD _ 

B66 +3 954 727 20 — Unieren 1£5® '120 


+G 5.195 £363 £1 _ 

+1 1088 4® _ _ 

-®B05O 4086 20 — 
5.7® +1® 70® 4,145 _ — 
40® +5 4X10 2076 _ 

9,805 +2® 11700 9,0® 3X _ 
110® -2W13J«l£ai 40 _ 
£410 +60 £730 1092 2.1 _ 

27.1® -fl®38JI»2£M0 1.1 — 
-0® __ 24.082 UA87 £9 

0® '12018700 10^60 10 


BIB — 970 MB 10 

7® -3 942 775 10 ... 

9*0 S 422 336 — 

1020 +20 20® 101S 3.7 _ MO 

1015 -35 10001.0® £0 _ Ktijiy 
2.520 +40£X32£4® £9 __ Kntan 
917 +2 10® 875 10 — 

330 _. 4® 330 30 _ KBaBt 

835 *2 071 782 IV __ KeioT 

161 — ITS TOXi 1.7 ._ KMonn 

8 ® _ *11 792 15 „ KhMan 

1.7® + 6 '1020 1,400 20 _ 

1.115 +5 1037 1084 £2 __ 

131 +4 T75 127 __ — 

1.8® — 1V40 10® 42 _ ItafcM 

47® +40 5040 4070 ._ _ KokBa 


£050 +®£ 1 ® 101 O — PacOer 

£2® +7O207B'" M " 

BGO +15 10® 


304 +04 371 2X0 _. _. 
1.® +X1 1.47 1X4 £7 _ 
£42 +.02 200 2X3 £7 1£1 
£40 +03 3 .® £27 82 _ 
BMtlta 1-77 -XI 1 78 1.12 £4 £4 

Gdmor 103 ._ 1.78 101 80 _ 

£20* +XS £85 £19 70 7.1 
107 +02 £02 1.12 30 _ 
HnettG 1X3 -05 £62 105 — — 
10® 1150 9.75 £5410 

4® -JO 4X0 £03 50 ... 
Lends 1508 -02 18.64 1508 40 30V 
£68 -or 3X0 £5B 6 V ._ 
£07 -X4 £08 205 10 780 
MaynaH 8.13 +03 1604 7.70 3 VJ30 
MrtWf 3X0 -® 4V1 3V8 4V „ 
1000 +.12 13X0 10.42 40 1£B 
6 X 8 -OS 700 625 10 _. 
NewaCS 8X3 +28 10X0 E 22 03 8.1 

9MMk 4.40 +.10 028 4XB 32 .... 

retards £20 +23 £79 1.96 £7 _ 

NBHPta 343* + 01 4.15 3® 30 230 


401 +X4 5.92 4. IS 50 „ 
108 -XB £15 1 38 __ _ 
1.74 +04 £43 102 _ _ 


757 +10 770 916 OX 

644 +4 E7Q 430 — SnjcH 578 +12 609 415 _. — Ptartn £92 +05 3*2 2 X 0 5.1 122 

2040 +70 2X70 20® ... .. Spporo 9 ® +31 W1 870 _ FlflPaC 140* -26 1 ® £48 IX _ 

_ 6200 +® 7^80 6050 00 _ PUrtnC 620 -05 925 5® IX _ 

7050 +40 9040 7010 _. _ PtnBd 

4.1 SO +2® 4,660 3070 08Eh 

_ _ SoUkT 1X50 +20 7.080 3080 00 _ OCT Re l+- r.wav r 

„ _ SrimF TV® _ 1040 1,060 _ RnsnBd 4® 

1.4® +40 1,510 IV® _ ... Whim 529 - 

^ 1.110 +20 1.1® OM _ ._ Eorawi 3X1 -® 4X2 308 6X 9.1 


570 +7 8 ® *25 — — 

1.1® +20 1010 1,150 „ — 

476 +12 5® 3® _ — _ _ 

304 +14 412 271 _ _ SolnoT 

411 +11 431 303 — — SUyOF 

647 +14 720 ®1 _ _ 

GW +10 615 615 


+3 370 825 OX „ SakHM 10® +40 1.4® 1050 IX .. SmMM 


1.7® —1^1083 00 _ MM 

82S +17 B77 804 — — SvSav 

1 . 1 ® +20 TV® 1 . 1 ® .. — 

311 +4 320 sso _ ~ 

OGB -10 950 749 _ _ Sltert 

2X40 +50 2260 1.7WJ _ „ ShBOl 


+3 283 1® BX — Ktteqta £B® +60 2X60 £1® _ _ STTogt 


452 -4 512 361 1.1 _ SonGm 

7020 + 1 ® 35607,4® __ _ snarp 

10® +40 107010® _. .. Sk* 

2040 (20 2XGO 2.4B0 „ INI 

MO +20 1X10 775 1*0*1 

2.770 +40 £3® 1010 _ _ WWlIH 

933 +331040 840 „ WMng 










7 rA‘ '■ 










23 

22 

21 

H® 

ton 

6 mrtC 971277 ) 

M 1922071 18797.43 2547040 16/2 

1776690 20(4 

tab® 

AKMau( 1 /l*n 

/uimvn^/an 

2 QZZX 

10330 

30100 

1036.1 

18930 

10261 

294069 aa 
1138.10 3/2 

im.ro 55 
804 ® 56 

oSfAManeonz** 

Trated tHnxpnm) 

400 X 3 

103509 

39807 

102608 

400.48 

1027.77 

480 X 8 2/2 
tmx 1/2 

38807 226 
ion® e* 

5 S?(ln*il 

140908 

1405.17 

140899 

15 CJSS a* 

1405.17 22 * 

tad 

DHOftB *»TM 3 f 

tt 

31 8860 

312760 3237900 20 * 

3800 ® 371 

Create 

Met® MHa 4 (lB 75 ) 
DmpMlf+ ( 1975 ) 
P«tlrto§§ IV 1 * 3 ) 

tt 

M 

tt 

ill 

3820 X 7 

4047 X 0 

168003 

3879 X 9 1®3 
4608 ® 2313 
2182 ® 1/2 

3299 ® 2074 
4017 ® 21 * 
188003 21 * 

CMa 

PGA Gen piMZTO 

H 

44567 

44230 

4807 ® 4/2 

390 L 20 4/4 

Duiania* 

OlMntaBMSEpTJKD 

36518 

356 ® 

35 SV 1 

<1579 2 a 

£ 58 X 0 226 

ffiTtocrtCWiaWl) 

16746 

16010 

16640 

1972 ® 4/2 

1601.10 371 

fttaCB 

SEF 250 01 / 12 * 0 ) 

CAC 40 ( 31 / 12 * 7 ) 

1292.19 

193002 

128101 

1917 ® 

1 ZJ 0 X 1 

1890.78 

150628 2 * 
235503 2 12 

1210 X 1 21 * 
189078 21 * 

n—W 8 ) 

FRZ MriBri 3 U 12/59 
Cuiurn'rtui 9 ( 1 / 12 * 3 ) 
wxuiviaBhj 

77113 

22010 

202110 

7 B £40 

21602 

1994.42 

782 ® 

21667 

198327 

rewvr 186 
2186 ® 2/5 
2 Z 71.11 186 

701 X 1 20 * 
2152 ® 20 * 
I 960 ® 2 D* 

Once 

Mre 56 Wi 2 W 

838.12 

830.12 

84603 

1194 X 6 IB/I 

885 X 7 256 

Haag tong 

Hang SeiBPt/ 7 ** 

8 B 6679 

8876 X 4 

885778 1220109 471 

8389 ® 46 

Mi 

BSESenMIDTB) 

4257 V 

4324.1 

tt 

mo an 2 SV 8 

6464 ® 571 

IwAmmla 

Jdate Coapjl 0 * 182 ) 

470 ® 

473.13 

47524 

812 ® 5/1 

45492 m 

Sao«rtvi* 8 ) 

173843 

173958 

174101 

2087-16 2071 

1738 ® 23 * 

wy 

Baoca Cbmm U ( 1972 ) 
MB Cend ( 471*0 

707.44 

11420 

691 ® 

11170 

67603 

169 S 0 

817.17 1015 
131000 106 

68805 1071 
944 ® IVI 

JSpta 

HHoizsnesNS) 
MkM 300 ( 171082 ) 
TJfk ( 4 / 1 * 8 ) 
MSectafVIfiS 

71 DW 21 20 HHX 2 2061116 2165281 13 * 

30807 29928 301 X 2 31171 13 * 

160124 16007 166307 171 ZM 13 * 

244615 M 0727 2 « 9 J 1 M 88 M 17 * 

1738574 4/1 
26822 4/1 
144507 471 
182393 4/1 

USE CcnpJVWB) 

1003 X 0 

10 T 5 X 3 1011 ® 

WU® 571 

92833 4/4 


US INDICES 


3 ® + 4 ® £23 3.3 _ 

5.15 -06 B.B 8 B 40 _ 

1.49 -JB IV* 1.15 6.7 ._ 

4 ® _. S- 2 S 400 0.5 __ 

529 - 7.13 522 70 6 X 

3 X 1 —28 4 X 2 3 X 0 6 X 9.1 

6 18 +26 7.10 6 X 6 4 A ... 

905 -.10 9 X 1 6.10 50 — 

£95 +29 3 ® £76 _ _. 

3 X 4 - 370 3 7 X 21.7 

£29 +X 4 206 1 X 1 — 72 

3 X 5 — 4.00 3.42 «0 ._ 

6.74 -.10 9 X 8 £10 13 ._ 

6 X 4 -.14 804 508 IV ._ 


SacecnmpflalM 


CSS T)RnEen£n! B3) 
CBS Aa Shr (End 83) 
IlM&art 
Cap. 40fV7fflq 


M 225701 225709 28BL17 8/2 

[U 4100 4OE0 ®*S0 3U1 

Q.7 2807 2S7X 291® 3U1 


2060JH 2OC903 204374 243904 3Q 


48600 2UB 
257® 21* 


W90 

Lon 

«9f 

Lon 

3B7&38 

359335 

197999 

41X2 

(31711 

(4M) 

(31/1*41 

C/7/3!) 

165X1 

96.43 

148.77 

54® 

aim 

(1915) 

P8/iim 

P/11W1) 

186229 

154502 

186229 

1292 

(S3 

cm 

cam 

677/3!) 

227® 

177.7* 

258 M 

10X0 

P/T) 

112/5) 

i3i«*a 

9W3H 


0® SEM(27Uq 101804 99469 980X1 1211 JB 28* 


Ma* CDqi W&S 282£15 2B15X5 281409 330887 4/1 


wns 

Sort Africa 

JEEGoUCaWT® 

J5E tad- (28/9/78) 
Strtb Kama 
»MBCnx&<471/B0r 


28940 2843.1 2B1B0 322680 18Q 

56202 561-41 56206 64L» 4fl 

21220V 22330 22450 233108 4H 

8SBE0f 69)20 65940 6757X0 15* 

93657 83639 awia 97428 2/2 


174000 14/2 
544800 19T1 


Madrid 5E (30712*9 30502 300.78 2BBJB 35801 3171 

Saw 

AftamtaGen (10371 1373.4 135BJ 13520 180800 310 

SvftzntaMl 

MaiBkMCn/12*flf 12*329 123502 122348 14Z£M Sift 

SC Gaert (W787) 93002 92178 90802 109309 31/1 

IlfcM 

WHtftedPt^QmGT 5871.14 585701 594607 846402 VI 

Tbrtted 

Bangkok SET (30W7B) 130408 131101 132932 135373 4/1 
Tlatey 

kart* Cmp+Jan 1B86) 

1B340JB 13703.9 201946 28883® 1371 

mo 

MG CapMM (1/1/70$ H7.T 6120 911.1 041® 1/2 

omMOim 

Etartra* IDOpenOBO) 133696 132300 13(0.48 154619 3171 

Bnlkfr- 1 ® P6/B790J 118823 115637 114306 131101 2/2 

JCBkNkgn (Jl/1 2 / 88 ) M 30S92 30509 888,18 671 

Batagi Enrno(7/lA2) 15105 151.73 15370 1B2J2 Wl 

m CAC-40 STOCK DUX RfTWES (MAT1F) 


□J kaL Days tagh 3748X7 *756X0 ) Low 3BMX5 (K74X8 ) (1batmart4r 
cur's MgH 3733X4 (3741® ) Low 3707X7 (36B641 ) (Actual) 

fgg * ill and P aun 

CunxrtB t <53X9 45104 45548 482® 438X2 482® 

(2/S) (4/fl (M/94) 

MSrtr 52704 52503 529X7 560® 51005 560® 

(270 (21/4) (2/2/94) 

Banal 45® 4597 45® 48X4 41® 4849 

(14*) riW (28*1831 

NYSE Cmo- 249X7 24aiD 251.40 267 Jl 24114 SB7.71 

a S) m (2®94l 

Am MB W 43122 43107 436.19 487® 427® 487® 

PTC Pm (HOT4) 

NASDAQ Cnp 71174 70679 71805 883X3 705X1 893® 

(18/3 (SOM) (18/3*4) 


To conquer the EC 
information mountain, 
you need 
an expert guide. 


Gel ihe information advantage by reading ihe 
Financial Times every day. We cover ihe laiesi European. 
US and International news and analyse the implications 
from a truly European perspective lo help you understand 
what it means for you and your business. 

1 1 is no surprise then that the Financial Times is 
read by more top business executives in Europe than any 
other publication.* Make sure you are one of them by 
gening your own copy of the FT delivered daily to your 
home or office. 

To order simply complete the attached coupon 
and reuim it to: Gillian Han. Financial Times (Europe) 
GmbH, Nibelungenplatz 3. 603 IK Frankfun/Main. 
Germany. Tel. +49 69 156 K50. Or better still fax your 
order back to us on +49 69 596 4483 and enjoy ihe first 1 2 
issues of the subscription completely free. -.w.r lhk% 


FT 


(18/3*4) (31710/72) 


1223® 21* 
BD 6 S 21 * 



Jun 17 

Jun 10 

Jun 3 

Yner ago 

Sow Jonas Ind. Dkr. YMd 

2/65 

200 

208 

205 


Jun 15 

Jun B 

Jun 1 

Year ago 

S & P bid. Dhr. yield 

202 

£44 

£47 

2.51 

S £. P Jnd. FVK rafio 

2301 

2301 

23.41 

25.42 


SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

To: Gillian Han. Financul Times i Europe l GmhH. Nlhclunpcnpljl/ J. nu.MS KunLiun.Mjxi tl.-in-jns 
Tri. ♦ 4<J (* ISOKM.TLx 4IMVT.F4V + 4*) IF’SH* AMO 

VES. 1 would hLc lo suhsenbf 10 ihe Financial Time*, and cn?i> m> fir-J I- issue lav. 1 will jIIuw up i«- -I ila> - 
bcfoie delivers oT my Titm raps . Pleare oner my suhscnpiii:*! for 12 nr whs a il»- Ml»winc rw.-’ 


■ ST4USX4URD AMD POOR* 500 MD4EX NTURCB £500 (hnres indeot 


Austria OES SJM1 
Belgium BFR 13-llXl 
Den mart. DKK .IVIW 
Finland FMKUff- 


France FFR 2JM0 

Germany DM TSfl 

iiais lit Mfl/mn 

Luvctnlxjurp LFR l.ljSOil 


Ncilk-rtukh OFL hr* 
Nun* at NOK .1.251 

Portugal ESC W>.tW 

Spain FI 5 t»VM> 


.Hwcdcn 
Sw iL/i-rijlkl 


SI : K 1J2«I 
SIX' l" 


Open 

Latest C 

hango 

High 

Low 

Ear. voL Open ht 

Sep 45400 

454.10 

-MO 

46SVS 

45405 

57.432 191,1® 

Dec 

45600 

- 

- 


1,408 

9,716 

Mar 

Opan ktenret fisurna 

460.25 
n for prevtou 




12 

1.642 


Fw subscnpliotts in Tutis-y. CjTnre. Greece. Malta, please o«M +.'2 2 s 13 2S lh 

□ Bill I — I Charge my Amcncan EsprcvJDiiK-n. Cluh/ 

me 1 I EufoamJ/VisJ Accnun. Ft pin Daw _ 


Ftpny Daw 


130MB 21* 
TU30S 21* 
290® 2U3 
141® 21/4 


■ ME® YOMC ACTIVE STOCKS ■ TRADMG ACTWTTY 


dm Omg& 
price an day 


• Mums mnom 

Jai 22 Jun 21 Jun a 



Open 

Sot) Price Change 

High 

Low 

EsL woL Open InL 

Jun 

1B3S.0 

19340 

+260 

1947.0 

10870 

38051 

42090 

Jui 

13290 

1930.0 

+250 

1940.0 

18970 

2002 

12027 

Sep 

1645.0 

19400 

+250 

19530 

19150 

1044 

20080 

Opan Mama Sputa tar ptedous day. 






Sen ESedric 
RRNsttSO 

4029000 

1067000 

494 

B 

-ft 

+» 

Haar Yarft 5L 
Ames 

251017 293087 234V54 
11732 19S77 15074 

Compaq 
o»y ft* 
TdrtMB 

bnruonn 

2.77&.1® 

2071000 

32ft 

19U 

56ta 

+1 

+ft 

-ft 

NAS&AD 

NYSE 

issues Trad® 

2015 

amjiir 1 

2037 

2015 

RripIlHTtS 

3041200 

52ft 

+ft 

MM 

1002 

495 

432 

SKrt 

10020® 

21ft 

42ft 

Me 

6® 

1.713 

1,721 

PspdCb 

1,7530® 

31*4 

+H 

Umftng® 

893 

029 

®2 

Moh* 

1,7950® 

30h 

-)l 

New Htfts 

22 

7 

18 

LBCO 

1040,5® 

18 

+ft 

New Lon 

® 

IK 

» 


. .. . - . p*_ id ■ K|m Camp Ex 928.1ft Bm vMuee ori rt htflea* are 100 mape AitaMta Al Orttay and 
- Sot Jun 18; : T ataro Wdjwri ^ S8F250. CAC40, Eim Top-100. BED OwtuDi Tbrarto Corap+VotaSe A 

“»*a '^-*^; l ^ 1 ^^Z®5vrJBe»lnii«tltte-284X:NY3E«CB«»ten-®andStai«tadtaidPtert-ia5| 

7V”?L: ygjJSaultaBM't «MAX Mac Jta ® - aaftte +27® ; • 


t CtxracQan. * CrioXted at tsxo QMT. • Bcdudng btatat t ktaasW. plus Urttaa, FtareU and T typortaiere 
AlhalM incL nttet OiBtxaOcal ttert Note and Ims am me remaeea cri da Njpieet and tart* p«w iwaiaii during tt* oar D» aaeri 
■acta rt«ea «n anal a^** h*(H and bars (auapfied by Triahun) unort me high* and Bm wtaea mot the nttat hai reaciiad 
ttatap tto day. (TSs tprej h bnrttabt res laaetare day**, y Suli)ec4 B aataMl mcaltaXBtiiL 


'CorTarvratn ree ,w/r \uUJ p* rhr iymkt « r ufar A Mrr ini- t/uotcj .la 7 >j< r^rnfr/: Pn, im tviut*ni>in nn, 
fit inx to prrji. Pn, es ore etWitiiia- 11 / l ‘AT in M EC ■ tunlrirs «-i, ept (ii-MWiii jnJ Fmni t /TM1 

DEIIJ2XIV 

Tondncrfbc lo Ibe FT In North America contact New York Tri 752450ft. Fat 3MCJ97. Far Last contact Tokio 
Tft 32951711, Fra 33951712. 

□ PtemcncL hoe rn nw mAjran&an dw«i h and 2* tenlh -ubkiiirt™ rates re ratrsUir 
j cuaary not Lwnlt**boM 

iPiutr spmfn — 


Cnaipany . . — 

Mitcui u> which I woOdlile ms Fhok ul Tuer. iMivried 




Uindra i rwrrf *iMmc j imlt"* 


Financial Times. Europe's Business Newspaper. 


44 


FINANCIAL TIMES FRIDAY JUNE 24 1994 


4 (*n dose June 23 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


19M 

to# Inna 

17ft IV* m 
19$ 13% ALLaCSA 
«ft 57** AMP 
72% 52% AMR 
5 Ptm 
56% 33 s * ASA 
31% 25ft AHO. 

13% UftAttfOTPr 
Oft 17% ASMkJd 
13% 11% AqXncein 

3r reft as tat 
13b iDbACUGnm 
10% 7% ACM GnGpp QJ» B5 
10% ACM Bit SC 096113 
12 9 %aCI1M5b IW1D9 
11% 8% ACHUan 1J» 109 
9% 8 ACM Maraud 0.72 OB 


^MW » 
Oh % E 1001 


Orgr 


053 Z4 

24 

044 1.B 3 

1X8 OB 


9% BbAcneBaa 5 6S 

B% 23ACOTto 060 21 14 B 

&h 5%ACBW 038 4.1 2 IBS 
15% 11% Abbot 104 214 

1B% 1B% Adana Exit 0.45 £8 0 359 17 

64 46% M Hot 3X0 5.7 

31% 16% AdvMc 
5% SAduaiGro 
20 16% AAn he 
57% 46% Aegai ADO 
85% 48% Ml 
34% 35% AltSC 
20% 16% Atman 
4 1% hoot he 
49% 38% Atm 
38% 31% HON Fit 
37% 19% Ahpstac 
16% 14% AMeme 
26% Z1% AtrTdl 
106ft 101 ABtaS.16 
18% 13 %AUbAB 
21% 17% AtanykR 
17% 13%A6mni 
25% 19% AUuB 
21% 17% AKUwA 
30% 25%A8» 

25% 19% Alcnfll 
60% 40% AfcaSl 
30% 23% MnBvn 
22% HAiexAlx 
24% 17A8e*lud 
26% 20% ABegP 
18% 13% Mm COT 
25% 20ABergan 
4% 1% ATIot 
27% 17% Aha Cap 
10% 9ABE8Q 
27% 21% Aid hsii 
40% 33% Ak&B 
29% 24 ASM Dp 

6% 4%ABwt> 

27% 21% AUTO 
82 64% Atom 
30% 20% Aba Cp A 
11% 8% AnCmtoe 


25% 20% AlDCHttad 
32% 44Amddts 
9% 8% Am *4 R 
31 20ft An Bart* 
35% 29% AmBmd 




048 33479 148 14% 14% 14% 

0.18 13 31 2 13% 13% 13% 

148 15 23 71801167% 66% 67 

29 3987 5B% 57% 56% 

13 439 4% 4 4 

200 43 30 924 46% 45% 46% 

076 16 17 9400 30 29% 29% 

050 43 6 3 12 12 12 

111 22% 21% 21% 

52 13% 13% 13% 

602 24% dZ3% 24 

642 11% 11% 11% 

11 6 % ' 

277 8% 

251 10% 

563 ID 

in 8% 

10% 

7 

2B% 

8 % 8 % 
13% 13% 
_ 17% 17% 
14 53% 52% 52% 

3.00 112 16 5390 25% 24% 24% 

0.18 19 8 200 5% 5% 5% 

0.10 o&ioa 21 16% 16% 16% 

295 06 11 32 52% 51% 52% 

27t 43 8 2986 ~~~ " 

048 1.4 14 1811 33% 

0 08 441 13 925 19% 18? 

1 58 2 

0.88 23 23 2791 42% 42? 

030 0.8 21 531 35% 34? 

45 898 26% 26 _ 

134 11.1 12 164 o16% 16% 18% 

13147 24% 24% 24% 

8.16 78 3 1D4 104 104 

030 1.3 8 353 15% 15% 15% 
035 13 32 181 19 18% 19 

020 1.2 2918 17 16% 17 

028 1.4 14 540 20b 20 20% 

028 1 5 14 55 18*2 19 19% 

044 13 22 3050 28% 2B% 28% 
030 13 40 5735 23% 22% 22% 

1.00 171431697 59% SB 59 

0.60 14 4 1386 25% 25 25 

OIO 0 6 30 1231 17 18% 17 

048 15 16 2315 19% 19% 19% 
134 73 11 2560 21 20% 20% 

0 IB 09 IS 2SE8 18% 17% 17% 
040 13 14 449 22% 22% 22% 

6 25 1% 1% 1% 

1 64 8.3 20 535 20% 19% 19% 
018 1.9 141 9% 9% 8% 

124 5 7 13 33 22% 621% 21% 

037 1.9 7 3199 38% 36% 36% 

038 14 18 1413 26% 26 26% 

22 473 5% 5% 5% 

8 650 26% 25% 

180 2110! 3837 75% 74% 

46 1649 25% 24% 

. 098 108 487 8% 8% 

8% 6% Am Prods* 025 IS 24 25 7% 7 

8% 8% AmaxGd 008 1.0 8 2034 8 7% 

0.48 24 13 110 21 1 

030 12 21 2253 51% 

024 27 323 9% ... 

0.10 0 4 32 7750 24% 24% 24% 

, 230 82 9 4302 33% 32% 32% 

25% 18% AdSusJW 080 1 9 12 41 20% 20% 31% 

6% Am Cap he i 0.65 91 158 7% 7 7l 

1.54 86 31 152 17% 

1.00 5J 0 MOO 20% 

1 85 14 31 8512 54% 

240 85 14 2859 28% 

130 1 7 1112911 26% . ___ 

1.16 4.1 24 3472 29% 28% 26% 

077106 334 7% 7 7% 

230 92 9 444 25 34% 24% 

066 17 11 15 17% 17% 17% 

292 £1 12 4964 57% 57% 57% 

075300 
048 05 

516 9 8% 9 



20% 17ft Au Cap 0d 
23% 19% Am CapCV 
55 42% AdCjfOT 
37% 27% AnBPw 
33% 26% AmEjpi 
29% 24% AmfieM 
9% 6% An Gout ki 
27% 24%AnHIBPr 
20% 16% AmHMga 
65% 55% AmttvM 
2% 2% Am Hauls 
86% 81% AnM 
11% 8%Am0pp« 130111 
30 23% AmPrem 0.88 13 
34 19 Am Proa 040 1.9 
8% 7ft Am Real Es 044 55 
27% 21 AmSta 049 19 

22% 15 Am urn m 1.25 00 



1$ 31*4 

B 3 2% 2% 2% 
15 362 83% 92$ 92% 


1474 27 26^ 27 

81132 21% 21 21% 

5 147 7% 7% 7% 

7 4182 25% 24% 24% 

Z30 20% 20% 20% 

1.08 18 11 156 27% 27% 27% 

1.92 4 7 14 5221 41% 40% 41% 

138 15 5 31 36% 36% 36% 

024 1.6152 330 15% 15% 16% 

223 17 16 8672 58% 58% 59 

010 1.4 5 39 7% 7% 7% 

012 33 60 68 3% 3% 3% 

1.40 4 5 10 408 31% 31% 31% 

12 650 3% 3% 3% 

030 OS 78 4130 55% 54% 54% 
27 1171 29% 28% 28% 
0.W 17 23 18 26 25% 25% 

1.44 17 24 4014 53% 53 53% 

237106 3 25% 025% 25% 

14 493 20% 020% 20% 
044 28 15 28 15% 15% 15% 

192 5 8 7 1167 33% 33 33% 

028 1.0 40 3285 28% 28% 28% 

075 7.6 339 8% 9% 9% 

27 816 16% 16% 16% 

1 482 4% 4% 4% 

012 06 33 S3 21 20% 21 

0 10 0.4 16 2945 23% 23% 23% 

50% 43% Amount 250 54 20 17 46% *6% 46% 

51% 46%Amw>4iP 4 50 9.5 zlOO 47% 47% 47% 
6% 4% Annco 2 1385 6% 8 6 

29 23% AnncolIP 2.10 09 3 23% 23% 23% 

' “ 128 17 35 1781 46% 46% 48% 

14 1463 38% 35% 35% 

2 107 5% 5% 5% 


32% 26% Am WHO 
43% 36% AnnUl 
43% 35ft Ameroi he 
15% 11% AlMBkt 

60 50% Amoco 
9% 7 Asmara 

4% 3% AamUcx 
33% 29% Ansouta 
4% JAfUcomp 
50% 42% Anatvfaa 
31% 23% Analog 
29% 2«% Angdta < 
55% 47% ArBscn 
26% 25%AI«PpePI 

34 20% Arnhem 
>8% 14% Antony in 

35 30 Am CD 
29% 22% Afuctie Cm 
10% 9%AfM>MuiF 
18% 14% APH 

7h 4%n*lUag 
22% IBft AjUPtiA 
27% 22% ArctiOn 


57% 43ftAnnsIW 
45% 33% Arrow Bee 
7% 4% Arm Grp 
33% 23% Awn M 
30% 21% Asam 
31% 22% AOTuCod 
44% 34AOT01 

25% 16% Asa Pk 7 
3% 1$ Aswthw 
37 31% As* HI Gas 
57% 49ft AT3T 
283% 226% Ad RUi 2 
38% 34 Aflnu Gas 

8% 5%AUlUStB 


076 33 14 189 25% 25% 25% 

0.40 1 4 90 1041 29% 2S 29 

040 14 11 8 27% 27% Z7% 

1.00 29 12 4620 35% 34% 34% 

027 1.5 541 17% 17% 17% 

020 7J 2 182 2% 2% 2% 
012 04 22 m 33% 32% 33 
1.32 14 18430 55 % 55% 55% 
180 1 1 3 244% 244% 244% 

138 80 14 7B 35% 34% 34% 

028 4.7 6 10 6% 8 6 

21% 16ft Altaic E® x 154 9.1 9 683 17 16% 16% 

112% 92% AtHcn 550 14 61 2524 102% 101% 101% 

10 4% Mas 15ft". ' 

20% 17% Amos Engy 088 4.7 B 9 18% 18% 

12% 6% ABwdlADR 046 4.7 4 1906 10% 

24% 17% Aiioa 040 23 24 632 20% 20 20 

12% 8-** Austria ft 010 (.3 292 9% 9% 9% 

030 1 I 24 1481 54 53% 53% 

0 44 33 11 82 15 14% 14% 

004 0J 2 1074 13% 13% 13% 

060 1 B 17 1108 33% 32% 32% 


6 % 6 % 
18% 18% 
9% 9% 


55% 47% AuDU 
20% 14% Awna 
18 13% Adrt 
45 30% Avnfll 
81% 48ftfira#r 
14% 10% Aydn Com 
7% 5ft Azar 


180 11 18 3461 »% 58% 58% 
10 110 11% <110% 11 
20 872 6 <6% 5% 


- B - 


38%31%B£x 168 82718 1354 

9% 6% BET ADH i 034 4.9 29 30 
5% 3 &6mco 020 43 7 385 
17% 16% Bata Fan 040 2.4 121 

22% 17 BOOTH 0 46 11 50 8139 

27% 21% Baku Be 040 1.7 22 164 


30% 24% BUCp 060 11 23 749 


035 


33% 32% 32% 
7 d6% 7 

4% 4% 4% 
16% 16% 16% 
21% 21% Sift 

24% 23% 23% 
27 26% 26% 
10% 10% 1Q% 

. . . .. ... 7 8% 6% 

25% 20% BaBGE 132 71 11 884 21% 21% 21% 

20 13% Bril Men a 020 1 0 30 624 u20 19% 19% 

38 30% BncOne l 114 33 11 8120 35 1 4 34% 34% 

29% 19%BancFUa 10 70 28% 28% 

25% 20%8anooMV 134 a7 8 

11% 9% BancoCsntH a72 71 4 

34% 27Btmmwfl 1.04 31 7 

(% i% ameliex* 68 


15% 9% 

7% 6% Ball 


03 14 342 
11 1615 



1% <!!% 


an 

14 

17 

470 

51 5D% 

100 

£56 

J4 

6.4 

9 

at**) 

r50 


008 

£0* 

14 

66 

11 

7431 

5 

Z6% 25% 
46ft d*6% 

1.10 

IS 

4 

U49 

» 28% 

1® 

67 


37 

48ft 48 

800 

7.1 


3 

85 85 

£80 

53 

5 

858 

68% 

139 

19 

« 

1«J 

33% 32% 

ore 

?J 

re 

IBS 

24ft 23% 

ire 

18 

53 

50 

35% 36ft 


48% 

85 

68 % 

32% 

24% 


48% 39% B3R«k 134 17 10 1930 45 44% 44% 

035 03210 3736 10% 10% 10% 
16 14 6740 38% 37% 37% 

.... 19 38 8679 26% 25% 25% 

28% 23% 8a» SI Gas 1.48 6 0 14 44 24% 24% 24% 

22% 19% BdTi 1838 1 72 H 16 21% 11 21% 

23% 16% Boar Sana 057 13 4 6398 17% 17% 17% 

50% 48% BcvStPIA 283 58 2 4«% 48% 48% 

37% Z7% Bavtan 064 10 22 162 32 31% 31% 

28% 23 Beckman in 040 1 6 21 391 26 25% 25% 


12% 8% I 

53$ 37% Bud) 098 

26%21%Ba*U 1.00 


TGCHUOUKrlHAT WORKS fORUfE 


Samsung Notebook PC 



804B6SX/25 MHz 
Removable HDD 
Inter Key Mouse 




BEOMMCS 


IBM 

Wife Um Stark 

<0% 34% BactaO 
7% 5BtaPr 
59% 4S BaiAB 
19% 14% Orth 
63% UBeKOi 
56 45% Beto A 
25% 20% Berms 
G6 57% Band 4.3P 
40% 34% Bart 
36% <9% Bendtun A • 
1% IjBdigJdB 

18% 14ftBertf3r 
1GBS0151DD BtaKH 
10% Stony ft* » 
37% 19 tom Buy 

2B% 26% toft SI 1 
55% 51% Beth* PI 
24% 16% HMhS 
53% 42% Bib L 
18% 12% BavEnt 
21% uVsttaaR 
32% 2SBtauunS 
22% 16 ft BOuckx 
22% lOftBbcftHPL 

10% 6%BUuMkhi 

6% S% Bfckntticx 
10% 8% BUnckToi t 
48% 39% Btadc 
31% 23%BtocMic 
s% E%8h»am> 
26% 19%aaCM 
50% 42% to** 

27% 19 BotaoC 

11% 10% Bona&N 

15*1 9% Boron Qdi 

18% n raBomi 

22 ia% BoEtnCOT 
24% 20% BowaU 
31% 16%BnDIFnd 
34% 30*i HRtfteo 
90% f&ien&t 
33% 22% SrHoOTt 
56% 50%BrMr5q 
74% 55% & Air 
54% 39&nGn 
75% B%BP 
27 10% BP PruOToe 
23% ISBStnl 
71% 53% ETT 
36% 22% BMfrtJ 
38% 32% BmnGp 
8 5% BnmSi 
30*2 36% BmFflfi 
32% 24% BrFarra 
4% 3*2 BUT 
25% 17% Bram 
18% 13%Bnnh Wela 
41 3S% BucknyeR 
16*4 14?g BunUr HI 
17 i5%BngwKi 
28% IB Burt Coar 
66% 52%BurK 
49% 40% BrtiReSC 
19% 17Buntamfta 


m fl Sta 

mi i m 

074 13 14 2705 
038 53 3 31 

176 49 16 4897 
040 13 15 62 

176 43 29 47B4 
060 1J 21 300 
0.54 13 2S 607 
4.30 7.2 6 

132 4.0 1? 751 
047 13 19 22 

DM 4 6 4 223 
0.48 19 22 624 
44 280 
040 4.0168 48 

1713238 
230 01 41 

530 13 14 

0.40 11 7 3222 
144 33 2Q 564 
28 2706 
0 10 0.7 23 133 
0 40 1.4 63 846 
040 13 17 48Q 
132 06 12 230 
073 73 136 

075 103 2700 

070 7.7 Z70 

135 3.1 2322403 
aio 04 14 4510 
an i.7 311 

15 156 
130 11 1)10585 
060 15 S 457 
006 03 30 182S 

084 5.9356 1757 

030 14 18 3718 
115 5.B 7 16 

060 14 13 1463 
017 11 711 

140 7.7 7 244 
134 17 11 596 

18 6482 
192 S3 14 6431 
1.18 13 14 437 
307 7.7 21 172 
125 3 0 24 5977 
0.81 4 1 7 229 

019 03 31 565 

331 53 IS 1037 
05 5.4 14 263 
130 4.2211 118 
032 52 4 19 

085 33 4 460 
088 12 25 5469 

13 24 
044 1.9 41 1719 

020 12 40 (63 

230 73 10 69 
1.7211.4 0 193 
156 93 19 27 

13 860 
12) 11 17 7362 
055 1.3 11 2952 
1.40 79 23 166 


40% 38% 39% 
6% 6% 6% 
56% 55% 56 

17% 17 17% 

SSK Si 

=3% 22% 23 

60% 60 GO 

37% 37% 37% 

31% 31% 31% 

II 5 5 

17 16% 16% 
16350 1635016350 
10% 10% 10% 
28 26% r 


27% 


17% 
71 77*a 


53% 53% 53% 
19*4 19% 19% 
43% 43 43 

13 12% 12% 
15% »% 15% 
29 28*2 2B% 
17% 17% 17% 
20% 1B% 20 

3% 9% 9% 

7% 7% 7% 

9% 3% 9% 
41% <B7% 40% 
27% 77 77 

7% 7 7 

26% 26*2 26% 
46% 47% *7% 
23% 23% 23% 
12% 11% 12% 
1«% 14 14% 

‘ 12% 12% 
21 % 21% 
34% 25% 
2J ‘« 
30% 31 

088 68% 




23% dZ1% 21% -1 


55% 54% «£ 
61% 60% 61 
40% 40 4Q 

74% 74 74 

22% 32% 22% 
20% 20% 20% 
57 56% 56% 
3% 24% 35% 
38% 38 36% 

6% S% 6% 
28% 28% 26% 
39% 30*2 30% 
4% 4% 4% 

23% 23% 23% 
18*2 16*4 16% 
37% 37*2 37*2 
15% 15 15% 

18% 16% 16% 
18% 18% 18% 
55 54% 54% 
43% 42% 42% 
17% I7*r 17% 


35% 25% CB 
323% 258 CSS 
% Acpncuu 
25 20% CMSBi 
82*4 61% OKA FS 
51% 44% CPC 
17% 14 CPI Cam 

92% 71 CSX 
28% 19*2 CIS Cam 
24% 1B%CaOMWra 
ir*2 82% COTWrn 
56% 48% Game 
23% 18% CatM Q&G 
16% 10%CaOTcsO(«n 
59 38%caMamwi 
2% 1% Cal tod E 
15% 11% Gabon Qm 
19% 15% CaEngr 
15% 9% Cal Fed 
25% 17% QbnaiCo 
42% 36QnpUS 
jl iXcanptfRs 
18*2 14% Cu#ac V 
75*2 60% Capa 
38% 28%CapHd 
14% 12% CpES) 116 k 
37% 22% CatHtd 1.8 a 
42% 24%CapatHgea 
2% I5%carenaiti 
35*4 30%CaiKo 
27% l6%CSm*«a 
II %CuoleoPc 
13 9% CanAra Ft 
30 22%Cuf8L 
68% 56*2 CpntrT 
26% 18CSWW8 
18% t4CascdeNG 
10% 7% CatiAmer 
ia% 88% Catp* 

is io% cm Com 
36% 32% COdor ftt 
13% 9%cam£n 
45% 23% Cento i 
30% 25% Cano Hosi 
25*2 H% torn Lad 
15 10% Cent MOT) 
30 24% Com Hnsp i 

22 15Cfn&Wnd 
M% 20% CentSW 
27% 21% Centuy T) 
25% 1B% Carton 

36 28 amah t 
12% 8 7 e Ctownal 
15% 9% Oort It* 
51% 4e7 B CliBseMPIF 
40 30% QlosaM 
3% 1%C)amB 
17 10% Onto 
12% IZCtemttCx 
35% 30% Domed 
42% 33% Qomflk 
11% 7% Onm waste 
27% 22%QoDpmta 
47% 41 % down 
56% 4l%CMeFuod 
19% 11%OlaBi 
8% 6%CnockM 
38% 32C«m 
34% 24%CMriUa 
63% 44% Clvydr ■ 
83% 7D%Chttx 
73% 57Qjra 
9% 7% Ogro H I x 
37% 29% C8coi>h 
18% 15%CUiBal 
27% 21 cue Sot 
25% 19% Onlfl 
3% 2%Ctamfe*0 
30% 25%4»ai 

23 1«%ttni«a 
40% 20% Otaa Or 
44% 38% Oaqi 
26% SQbdfi.12 

96 83%Oq«2Ad 
100% 94Cktf>l3M 
17% 14%CDnlJaA 
19 14 Qm IB B 

11% 7% OqrMatnl 
23% 10 Dare 5t 

69% 50%QjAEq 
26% 18% Davlon toi 
11% 9% Dement G 
89 73Dew736 

45% 34% QnO 
86 73CtoUB 
55% 47CUW 
28% 22% DUO Med 
13 10% OH income 
18% lacaaman 
17*2 13 Cons tov 

33% 27% Coast 
44% 38% Coca C a 
t9% 14 Coes£n i 

73*2 '6% Coeur Oah 
30*4 3%Cote>an 
65% 53% CrdgPa 


62% 62% 

S0% Si 



aeo a? 
128102 
130 7.1 
132132 


- C - 

048 1 8 28 978 28 27% 27% 

200 03 12 748 260 d257 257% 
016 417 0 50 ]! % % 

072 18 10 1190 20% 020*4 20% 
29 49 

136 27 17 2740 51* 

036 16 17 141 
1.76 23 22 2972 

040 13 19 42 24?. 

064 12 18 470 20% 20% 2D% 

21 S337 90% 64% 85 

1M 11 24 2JD 51% 50% 50% 

016 07313 398 21% ?1% 21% 

762 3182 16 15% 15% 

9 1960 37 038% 36% 

020 103 2 70 2 2 2 

016 12 27 217 13% 13 13% 

18 1530 16% 15% 16*2 
0 916 12% 12 12 

040 13 56 34 21 21 21 

1.12 11 15 3052 38% <05% 35% 

16 1043 .* aij % 

032 12 55 2015 14% 14% 14% 

032 00 2 3370 73% 72% 73% 
8 1798 29% 29% 29% 

487 12%d12% 12% 
3 22% d22% 22% 
S 218 25% 25 25% 

17 1623 18% 10% 18% 

072 12 18 43 34% 33% 33% 

13 65 20 19% 19% 

0 733 ,’ t fl A 

020 1 9 10 74 10% 10% 10% 

1.70 72 11 1361 23% 23 3% 

140 IS 14 54 61% 61 6l 

033 12 301112 18% 18% 18% 

096 63 14 47 15% IS 15% 

005 06 16 382 8 7% 7% 

1-20 1-2 15 3014 103% 102 

34 94 14 

200 6.1 12 109 33% 32^ 

080 8.1 1 2005 10 09‘ 

020 08 10 1761 25% 25 _ 

236 7.7 9 79 27 25% 26% 

1.46 02 13 703 23% 23% 23% 

090 7.7 7 619 11% 11% 11% 

0.48 1 7 23 2367 3% 78 28% 

142 95 9 178 15% H15 15 

1.70 Ol 13 3661 21% 20% 21 

03? ij 18 803 26% 25% 25% 

67 1307 24% 24% 24% 

020 06 19 753 33% 33 S3 

020 11 85 82 9% 9% 9% 

1313481 7% 

105 61 2 50% 

1.32 3 5 19 3876 37% 

1 74 2 1% 1% 

104 68Su17% 16% 16% 

070 5.7 0 196 12% 12% 12% 

104 5l8 20 51 35% 35 35% 

132 19 6109*1 39% 38% 38% 


as 6% 

50% 50% 
37% 37% 



11% 9% Cofcn hr r 


. . 7%CrdonttH 
7% 6% Cdonall 
6% 7% Cdartat M 
30% 21% CdGas 
45% 36% COKA 
24% 17% Cammcn 
30% Z5%Conwta» 
27% ISCaaBOt 
29 21 CMnmlMet 

3% 3 C uw icdore 

28% 29% Caawtm.K 
25% 21% CammEdtS 
29 23 ComrtdZJB 

3% 22% CammEd 
19 12% Gmvn Pff 
39% 24% COTUTC 

1% u CoaexBtun 

44% 27% CmpAssi 
44 31% CtapSd 
9% 6% Conn* T6*j 
X 20% GonwB 
30% 25% OWra 
31% 23% Cornea W 
2S 20 Canned En 
20% l2%Conned% 

71 S 57% COT9E465 
32% 26% CmeEd 
75 GZCOTsGdPT 
29% 21% CnsHI 
47 36% CRsfflG 
69% SD%DRB* 

20% 12% Core Store 
66*4 as% Coreeen x 
60 52% CPwr4.16 
100 65 CPU 7.45 
100% 87 Can P738 

12% 7% Com Medt 
50% *9% CanSk PT 
27% 267, ConBdW 
37% 25% Condi 
28% 18% ConKp 
10% 6% COTV MB 
11% 10%COTVHFI 
7% 4% COTW COD 
1% Cocpw Ccr, 
52% 35% Coogtn 
29*2 23% career TBn 
15% 10% Care kid 
ZB 24 * b Crsd 
34% 27*8 Coneng 
16% 12% CmiBlr Tm 
19 19% CmnnyDx 
11% 7%CoOTBy» 
18 15%CmenPr 
127, n% Cnrig 
29% 34% crane 
17 14% Dnferd 
33% 19% Crajfb 
49*2 39% CMFn 
12 9%Crt»c 


020 24 5 2874 S% 8% B% 

072 28 58 56? 26% 25% ffi% 

135 43 1111996 43% 43 43% 

1.45 13 183 44% 44% 44% 

020 15 15 840 13% 13% 13% 

77 188 7% 7 7 

6 345 36% 35% 35% 

48 15 34% 34% 34% 

1.00 21 6I2S* 48% “ — 

134 24 19 1508 79% 

304 4 3 21 300 71% 

090 113 964 7% 

246 82 11 90 30% 

D» 43 16 282 16% 

1.72 83 72 1013 21% 

036 1.6 17 464 22% 22% 

375 2180 u3% 3% 

ZOO TT la 360 29d25% 25% ~% 

010 05 16 4923 21% 20% 21% *1 

166920 22% Z1% 21% -% 
OS) 15 1017961 39% 39% 39% -% 

228 89 48 25% 25% 25% 

630 7.1 3 84% 84 8* 

7.00 7.4 HOB 94 094 94 -1 

20 534 14% 14% 14% -% 

1.52106 6 420 14% 14% 14% 

064 02 29 1276 10% 9% 10% +% 

012 U 8 1850 10% OIO 10 •% 

25 966 63% 61 61 -1% 

17 1082 19% 18% 19 

057 05 106 10% 10% 10% •% 

7.56 9.9 1 76% 75 76% *1% 

120 33 7 230 36% 36% 36% •% 

740 9 7 250 76 7B 76 -1 

1 BO 33 15 473 50% *9% 50 -% 

030 13 11 45 23% 23% 23% ♦% 

138 05 12 11% 11% 11% -% 

024 1 9 7 88 134 012% 12% •% 

040 24 17 7*9 16% 16% 16% 

040 1.4 27 1885 3% 3 28 ft 

078 1.9 231825* *0% 40** 40% ft 

005 03122 487 16% 15% 15% -% 

015 08 2D Z95 19 18% 18% 

23 5781130% 29% 10% -% 
1.44 27 15115*7 54% d53 53 -% 

070 6 9 109 10% 10 10% 

060 7.5 4J3 8% 8 S -% 

070 105 187 6% 6% 8% -% 

056 7 7 ?J1 7% 7% 7% -% 

233 83 9 1417 28% ZT 7 , 27% -% 

012 03 4710403 39*4 38% 38% 

036 19 9 450 19% 19% 19% -% 

138 4.4 10 1506 29% 29% 29% -% 

OSS 25 SO 33 1(27% 27% 27% 

048 1 9 18 ISO 25*4 25 2S% .% 

0 510 3% ID 3 

> 43 60 S 23% 23% 23% 

130 83 29 227„ 3% 22% 4% 

230 64 3 S 23% 23% 23% -% 

130 6 9138 4705 23% 23% 23% •% 

038 29 21 2026 13 12% 12% -% 

1428128 33% 32% 32% -% 

1 470 d% % -V. 

030 05 20 7091 40% 39% 39% *% 

25 1575 42% 42% -1 

Oil) 1 1 3 163 9 8% 8% 

074 3 1 13 760 24% 2J% 237* -% 

072 2.4 18)7002 u30% S-V 3tft 4i 

1 48 0.1 13 14 24% 24% 24% -% 

130 63 15 IB 21% 21% 21% -% 

119835 U%011% 1l7 fl Sg 
465 7.9 S3 59 59 59 4% 

200 73 10 2381 27 26% 26% -% 

500 75 2100 66% 68% 66% .1 

28 912 25% 2S 2S -% 

134 50 19 1137 39% 38% 38% h 

1 30 23 20 2534 57 55% 56* 2 *% 

14 3585 12% ffl?5 l?% -% 

050 1.0 5 7584 53% 50% 51 4% 

416 63 4 52% l&2% 51 -1% 

7 4S 8.4 2 90*2 33% 88% 

7 68 S3 rlOO B 15 N 

22 «46 8% 8% 8% 

375 7 5 18 50% SO SO -% 

225 8 3 262 27% 27 27% 4% 

080 1.7 8 371 36% 36% K% -% 

130 61 61364 16% 16% 16% -% 

004 04 184 9% 9 9% 

121 11 3 97 10% 10% 10*4 -% 

1 B50 6% 5% S% -% 

1 260 r% 1% 1% 

U2 36 13 3020 36 % 3S*s 36*4 h 

022 09 19 1505 24% 24% 24% % 

024 03 10 179 10 ft 1110% 10% -** 

1.20 4.5 10 230Z 26% 26% 26% ■% 

088 2.1457 1964 32% E E ft 

012 1 0 7 12% 12% 12% -% 

032 13 4 9138 14% 14 14% -% 

Q64 80 SO 418 8% 8 6 

088 53 35 173 18% 16% 16% 

19 15 12% 12% 12% 4% 

075 26 16 378 25% *% »% ♦% 

050 31 15 99 16% 16% 16% -% 

9 813 23% 22% 3% •% 

1 60 35 13 372 46% « *6% -% 

1.16113 13 404 10% <0% '0% 


n n u 


orp 


8% 5% Cft Uq Rex 
24% 17% DenOTaOi 
41% 33% Owes 
13% 9%t3BSU 
Jl %CryeUB> 
35% 25CUCM 
17% 12% Cuore 
74% 66 Damn Enl5 

57% 40% CrarreEn 
13% 11% Damh 
37 33%OHtt 
11% SOlIWi 
12% 7% CycsmSyi 
16% 13% Cnv9n 
33% 25% Cypninx 
20% 12% Cytac 


- D - 


088 

036 


21% 18% OR. Hckdg 1.18 
20% 15% OaBa Sen 
30% 25% Dana OB4 
43% XOeiwlwrCax 012 
13% 1D% DtadalMx 018 
10% 6%D«BGn 
7% 3% Daiaaxm 
9% eftHMiww 020 

81% 64% toyWH 168 
2 % DOL B 

8% 5% D* SOT) 014 
33*2 25% Dean Foots 064 
41 3i%DeanWD 050 
8% 7% Oeanwcv oeo 

90% 67% Deere ZOO 
1% UWVdFn 
23% 16% Dim. 134 
57% 39% DtoMr 020 
12% 9% DCBaWfed 040 
2 % % Detxw 

38 26% Mum 1.44 

101 88 D9CQJ7.45 X 7.45 

102 90*2 DeBBf7.G8 x 738 
30% 24% DeBGdx 236 

22% Dextrcm* 038 
17% Dbg Root 040 
. 39% DUDd 1.20 
30 23%DldM)ada 052 
15% 6%BanaOm 
45** 34nmdd 

M% >8%0MC 
37*2 30% an 

9% 7%0kiaSvNr 
48% 39% Dkmny a ju 
35% 26% Dotaft 040 
45% 37% Dtmtoe 254 
6% 4% DarKarhc 025 
25% 20 torekSon 028 

31% »% tarty 058 
66% 50% Dow 082 
70% 5&% DnwQi 280 
41% 33% DowOTs 068 
21% 17% Downey S&L 048 

103 97 DFL 7375 738 

34% 29 DOE 

28% 21% Dmp7Up 
13% 10 Dram 062 

24% 20 Drasar 068 

52% 44% Dreyte 076 
10% 8%tasFdS 066 

11 9% Onus 516 OLSO 
11% 9% Difae SIM 073 
78% 86% Du FonMJi 4.50 
43 32% DuftrPw 1.86 
Z7% 20% Didd My 130 
64 55% Ouflrd 260 
62% 48% DIM 1.76 
29% 27% Du*. 4.1 Z05 

27% 23%0lifSd3J5 138 
29% 27% 0 uub 430 230 
29 27 DugL 4 2 2.10 

29 2SDuqftM.15 236 

100 92% Du*. 72 72D 

44% 3BDuaert 088 

10 % BIMWiSr 
18 13 Dynamics 020 


12 11% 
1 % 1 % 
27% 26^ 

at 90% 

91 01 

25% 25% 
24$ 24% 
2D% 2D% 

9% 8% 
44 43% 
20 % 20 % 
30% d30 
8% 8% 
42% 42% 
27% 27% 
37% <07 

5% 5% 

21 $ 21 % 


.1 


1J 


10 9% 
*7, 14% 


17*2 4%ECCW 
19 I4*a EGSfi 
46% 38% ESydn 
27% 22%todUfe 
27% 22% E Bap 
48% 39% Eastern 
98% 40% Kodak 
6J*a 49% Eant 
35** 24% EtMn 
23% 19%Ecold>lncx 
32% ?*% ftUnBni 

24% 16% Edwards 
8*a 6% Bon tknu 
25% 18% Bear Cup 
5% 1% Bed /to 
9% S%E*u 
5 1% Ebert 
23 12% EMC Cup 
9% 7% Emerg Gnxry 
65% 56% EmtnB 
7% 0EmprtH.75 
20% 16% Empae DU 
IB B*a ErnHoy Bm 
55% 43BdmaADRX 
23% 19% Enemw Cd 
31% 23%EngM 
16% 13 Errtstosn 

455376% Enran 105 X 
34% 27% Enrol 
24% 19% Enrol OK 
51 SOErecMJE 
101% 97EnschOK 
19% 12% EnareP 
10% 5% Enatn ft 
77% 25%Emn» 

23% 18% E i i oti j Co 
10% 9% ECU Bear 
2% 2%EOttodiy 
30% 21% EqOTKi 
2% 1% Etjusf* 

38% 32% Equfedde 
8% 6%ETOta 
19% 11%E»iyli 
14 10% Eurtpe Fd 
16% 6*. EygWi 
17% 15%Eartskx 
67% 57E»nn 


020 1512? 47E 
036 3.6 11 M9 
130 31 10 241 
134 84 S 41 
130 6.1 21 248B 
130 3/4 2087 

180 14 3224800 
130 Z3 20 1996 
076 14 18 2807 
044 ZO 18 207 
124 4.9 11 333 
056 12 6 1834 
63 58 

022 09 13 21 

2 123 
114 177 
6 1454 
052 19 270815 
012 1.5 649 

1.56 17 15 4464 
0*7 73 3 

138 7.7 14 « 

85 960 
138 Z5 14 722 
138 53 12 56 

044 1.7150 599 
056 42 11 321 
1050 23 7100 

075 13 25 5277 
038 03 13 490 
175 7.5 non 
730 7.1 3 

020 U 33 3782 
030 43156 9 

130 73 911910 
28 2T6 
1.10 10 6 74 3 

1.10 489 9 106 
052 2? 33 3002 
028 224 0 947 
1.14 12 15 309 
2 75 

050 43 1812001 
075 6.2 336 

71 55 
130 63 5 

288 4.9 1316281 


14 13% 13*4 
16*8 15% 15% 
39% 36% 38$ 
24% 23% 24 

23% <C2*| 23% 
47% 46% 47% 
48% 47% 47% 
53% 52% 52% 
32% 31% 31% 
22 % & 22 
25% 25% 25% 
17% 17% 17% 


7 !« 

! ;i 

6% 

2 

14% 

9 


12 % 

«*% 

21% 

25% 

13% 

450 


7 

34 24 

a § 

,a 

47% 7% 

59% 58% 58% 

,S A St 

13% 12% - 
44% 44% 

22 21% 

S% 25% 

14 13% 

450 450 ... 

33% 33 33% 

23% 23 23 

50% 50% 50% 
99% 99*4 99% 
14% 14% 14% 
6% 6% 8% 
25% 024% 24 7 g 
21$ 21% 21% 
io*a 10% 10% 

2% dZ% 2% 
20% 28% ?S% 
1 % 1 % 1 % 
35% 35% 35% 
8% 8% 6% 
13 12% 12% 
12 11% 12 
10 9% 10 

18% 16% 16% 
56% 5B** 58% 


4% 3 FA mar 

16% 13% FT Death 
18% 12% fahQm 
38% 35*2 FieMfll 
a 7Faraud 
71% 10% Famh he 
7% 6% Fays Drug* 
62% 48% Fed Eta In 
53% 44%fafB2375 
29*2 23FedFQyx 
1$ 6%Faddrs 
80%C3* 4 F«eE W 
37% 23%fe*iqi 
89%75%F«0« 
27% 3>%Fa«a 
21% 17faudSg 
25*4 20% FedJWSI 
35% 227jPermC«m 
3*% 22% FBCar 
10% 8*4 Rtetfc 
33% 2*% Fingertu 
*0% 35% Fird Am B 
39 S%FdBtS 
6% 7% First Boa 
9% 8% Fa Bos St 
37% 32% nrstBmd 1 
99 8* FstOlACPB 
51% 49%FaOH»CPC 
101% 95*J FSOhcnC 
55% *1%FstCU8 
46% *2% Fstfid 
37% 33 7 j Fa Fd 21 
18% 11*4 FW F« 
60% 51 % ftst Ft M 
85 62%Fstn 
17 12% FsC£s 
23% 16% Fa PM F 
43 33*4 Falkuon 
53% 51% FustUPIx 
10% 6%FaUfl 
40% 32'* fira ktu 
3S*a ZSftFtottrCO 
41% 31% Reeff 
28 18% FM& 

ZBft 23*2 Read* 
44% 33%Rip«ty 
33% 25% FSPig 
20% 16% towers 
56% *0% Ruor t 
52% 45% TOCCp 
7% 5%FMC0C 
46 41% Fotaa CSB r 
17% 12% Foatnd 0 « 
70 53% Fort 
10% 9Fortai 
45% 32% FoaWh 
14% ll^fimcw 
39% 27%FPL 
i4*s 10 France Era 
9 8 Frank) Pr 

Si 33% Frank) to 
42% 34%fts«»wi 
6 % *% FfHrxJAr 
S T s 4*s FntxCZx 
21% 16% FttWI 
27% 21 *9 FrUcbA 
24% Zt % ftetnCn 
33 ?3 Frtoom 

73% fitJFdAmfn 
16% 13*2 ftiaa Cmy 


56% 50GATX1875 

445 s 18*2 GATX • 

57% 49% GBCO 
11% 7%GRCW! 
35% 29% G7c 
33% Z8% GTE 2475 
53% 16% GTE F 125 
i2*a 10% GaaeMEn 
36 *b 29% G asp* 

15% 11% CaJwBLw 
<% '% Gxh Hstn 
59 SOGxnrS 
4^i 37% cajfc,. 

»*2 2&%GCCK 
11% MGemnli 
20% TG% G teen n 
16% 12 Cramp 

22% 13% GnAfeH 
57% 39 GcnDm 

55 45ftr2ac 
6% 4% Got Hot 
15% HCeiFtaoiBi 


- F - 

007 24 42 
1.12 73 
012 08 28 
on 08 

040 06 24 


16 3 d3 3 

97 14*2 14% 14% 
25 15% 15 15% 

3 36% 36% 36% 
49 


7% d7 7% 

743 246 1 5% 1*% I4ra 

020 29 14 396 6% 8% 6% 

1.0* 1 8 14 *5*9 60% 58% 58% 


238 61 9 47% 47% 47% 

136 03 42 268 3 24% 24% 

048 62129 2111 8 7% 7% 

» 166* 76% 75 76 

048 13 26 725 30% 30% 30% 

240 28 11 9346 86% 94% 94% 

1.00 4.1 70 3278 2*% 24 24% 

0*2 24 15 1040 19% 17% 17% -% 

16 8424 21% 019% 20% -% 

054 2* 121128 23% dZ2% 22% 

19 307 24 Z3% 23% 

026 25 35 15 1 0% 10% 10% 

0 16 07 15 2037 25% iE2% 23% 

130 4.4 10 516 36% 36% 36% 

1 16 12 14 1728 36 35% 35% 

0 72 01 in 7% 7% 7% 

081 9.1 145 9 8% B% 

032 09 14 380 37% 36% 37 

6.00 71 zim ® ffi 45 

150 70 S 50 SO 50 

050 66 6 99 97% 99 

2 DO 4.1 5 2377 48% 46% 48% 

1.68 15 10 9*1 46% 46% 48*j 

215 6.0 34 38% 36 36 

005 03 273 15% 15 

010 02 26 1586 56% 56 

330 *3 11 2886 76% 75% 

030 1 9 61 074 16% 15% 

Oft 4.1 263 19% 18% 


-% 

♦ *4 
-% 

s 

* 

3 


1.84 4.0 9 3205 
333 73 31 

0*0 5D 7 151 
1JB 34 IQ 278 
13) 35 10 5B1 


56% 

a 

. wl 

52% 52% 52% 
6 % 06 % 8 % 
37% 77% 37% 
35 34% 34% 
1 40 3.8 13 2841 37% 37 37 

056 28 IS 1070 20% 19% 19% 
120 4.1 28 3593 U2 ' 

040 1.0 19 132 3 
1.98 73 111114 2S3 

079 45 17 285 17% 

052 13 25 1591 51% 

« 669 uS2% 

005 09 7 39 5% 

120 27 19 8 44% 

030 1 5 1? 66 13% 

1 80 11 41 182S7 58% 57% 57% 

090 09 40 10% 10 10% 

074 20 a 550 38 37% 37% 

029 23 17 328 13% 13% 13% 

1.68 56 12 5068 30% 29% 29% 

0D4 04 937 10% 10% 10% 

060 73 36 8% 06 8 

032 09 IS 2384 J9% 37% 37% 

IS 10*7 37'* 36 38% 

005 1 I 4 4% 4% 4% 

035 11 9 15 4% 4% *% 

125 75 37 2561 17 015% 16% 

060 25219 435 24 % 24 24% 

076 12 7 123 24% 24 24 

9 2693 26 % 25% 28 

0.66 1.0 S 95 69% 69% 89 % 

OH 05 172 14% 14% 14% 


- G - 


1 


A 

-% 

*4 

1 



3 

I 

% 

% 

3 


IS 7 3 
150 06 
1.00 23 



140 *23 
030 IS 
0.60 49 
012 06 
1.40 33 
!« 11 
038 63 
032 27 



51% 41% GerentcD 
S% 3% Sertsco 
21% 13% GanemSB 
7% 5 Sanaa he 

39% 33% GemPI 1.15 
35 21% ftQt B( 

77% 56% a«rt> 130 
m%1B0% *0*7.8 730 

10* B5% Or0b7.73 X 7.72 
61% 26% GatPr 038 
16% 13%Gerter6d 024 

12% 10% toman? Fd 068 

12% 8% GerQI 

16% 12% Sd tatoP a OB 

14 % 10 % sen om 
10 % 7 % gamuts Q jo 
69% 57% OBa 130 
?% 1% StemQrn 

71% 1S% Sam 068 

15% 11 Susan Co 040 

7% 5% Oitol Got 048 

9% 7% total he ore 

4% 3% GMrtMar 
8% 6*2 GtaM Yldk 0.44 

46 37% GtatFn 030 

48% assnoi Z20 
51% 48% Goan 33 330 



iGdjeer 


030 


40% 

12" 

46% 38% &*aWR 1.40 
89% 58%GnuW 030 
30 24% 0 Md 1 JO 
27% 22% EWPT 030 
17% 12%SW6Eu 024 
62 48% BLdnsC 038 
43% 35SN0lhl 330 
20% 15% SMfta 002 
31% 23% Grain WPK 212 
61 43awnTmx030 
17% 12BRhdKg 028 
19% 14% Sow 028 
12% S%GnM0iSpn 015 
40% 19 STtthOR 

16% 10% Sadsma 032 
24% 20% Gtotonl M 060 


MR a 
« e Mu 

6.4 17 3654 

1.6 2318903 
1A 22 7884 

21 23 1633 

83 81908 S'. - . 

1.7 131854 114111% 

27 22 *23 33 % 

101 1888 51 

1 734 3% 

28 671 19% 

Z 177 

02 17 789 
32 157* _ . 

23127 6029 62% 61% 
73 00 100% 01 00% 

6.1 2 96 095% 

1.7 27 2Z73 uS1% 51 

13 28 516 15% 15% 
SO 210 11% 11 

11 3851 I 8% 
04 IB 21 13% 16% 
14 16 11% 11% 

33 5 78 8 07% 

15 34 5081 67% 66% 

0 1206 2 S1$ 

13 HUMS 16% 16% 

34 28 35 12% 11% 

73 149 6% 6% 

9.7 318 8 7% 

39 4922 4% 4% 

63 336 8% 053*2 

03 91584 39% 39 

63157 153 44% 44 

73 11 49% 48% 

22 11 7784 3&*a 37% 

» 803 12 10% 

3.3 Z7 1SB8 40% 39% 

1J 21 799 64% B% 
00 1302 24% C3% 

3.4 52 600 S% 23% 

1.6 124 13% 13 

07 14 1040 57 55% 

M 10 482 42% 38% 
43 86 4001 18% 18% 

8.1 11 113 2G% 20% 
03 15 2181 58% 5B% 

22 14 53 13 12% 

13 21 1836 18% 17% 

878 10 9% 

1407 25 24% 
33 18 16 10% 010% 

23 14 56 2D% 020*2 




13 


- H - 

19% 14% HSOHcara 036 82 11 

21% leMCTdADH 031 it 8 3427 
16% 13% WE Root 1.12 73 25 a 
3% 2% Hatbon 1 t52 

35% 27% Hdbtn 130 29 24 9627 
5% 2*2**rtOd 2 a 

10 7% Wreck Fd) 032 19 31 279 
17% I4*a IfCodcfeEX 128 85 19 65 
24% 19% Hrcaduom x i3> 81 a n 
14 IDtontananx 0.44 4.2 10 256 
16% 13Hddytora 020 1.4 a 138 
26% ZlbHama 050 20 17 611 
26% ISftHsnxtard 038 1.7 18 4195 
4% 1HMOT1R 554 

22% ISHhanMnx 1.13 02 17 91(0 
39% 30% HarcQi 060 1.8 17 835 

24% 21% taknd 038 43 13 145 

51 43% Hdby Dm 034 OS 95 684 
24%HariTOT)M 


I § S St 

15 14% 15 

2% 2% 2% 
36 34% 34% 
3 2% 3 

8% 8% 8% 
15% 14% 15% 
a% 2D% 2D% 

II 10% 10% 
14% 14% 14% 
25% 24% 25% 

a 21 21% 
^ 1% 
18% 18% 


16 985 
0.40 23 30 275 
1.12 24 IS 506 
1.40 34 12 381 
212 43 52 306 
OBO 93 31 230 
1.44 07 IB 
232 7.4 13 19B 
1.96 03 10 487 
0.98 103 15 2051 
036 13 10 110 
132 09 13 773 
21 1440 
14 4450 
035 OS ?1 2031 
024 03 26 8475 
1 22 43 14 2205 

oja 00 is a 
050 12 a 578 
224 01 72 1011 
120 27 131774 
120 13 15 7296 
0.44110 0 353 
13 2 

015 13 14 1570 
OBO 18 4B4 

OS3 03 248 

057103 207 

037 105 96 

. - 117 

43% 27E*rtMh 057 11 14 1627 
22% 18% Mm 9 2Z7 

74 49% Wgrtl 120 22 25 809 

107*2 7? Hktart 134 13 54 179 

7% 6% Hottsm he 381 67 

40% aft KnaOap 016 04 4112710 
15% 9%Hom9k» SO 773 

24% 17% HrasftM 020 13 51 8382 
1% 1 Honrtxdlo 039 S3 0 5 

37% Z7%HondaMADR02B 07 82 266 
35% 30% Ihywrt 098 3.1 13 2007 
28 ft 22*4 HrtftanEd 028 1.1 10 Z7S 
28% 18% EfeRnMOi X is 

22% 18% Honad 050 23 15 130 
15% 12% Hoaftam I 008 04 331620 
13% 8% HsMar 028 23 24 788 
2% 1% Hotel hv 5 1580 

53 38% Houohtai M 088 13 a 537 
8% 2% House Fad 048143 1 3976 
36% 28% HMI 120 33 131896 
27% 29% HMI Dp 238 08 397 

13% 1(>% ikueB 010 13 25 4 

18% 11% todmFdi 012 07 10 170 
19% IS toffy Cop 034 22 74 *» 
32% 19%ftl0OTSup 020 1.0 18 13 
2% 15% toman 1465 83.1 3113065 
16% 15%ftMWBCk 036 24 16 103 
11% 5%KUInodOT(016 27 11 20 

10% 0% Hypenao 098107 240 


25% 10*2 HaidQ 1 
52% 41% tans 
40% 30 ft tones 
53% 43% HMtd SOT 
7% 5% Etetatx 
1B% T6%H*OTaajr 
38% 30% Htantafi 
32% 27% total CB 
9% 9 tota Em 

5% 4*2 to&imaga 
18% H total ton 
34% 23*B Ita dOifl tl 
34% ISMhaun 
15 9% totaM 
3% 3 Halgliay 
30% 30% tohzx 
3% E% totem Or 
30% 24% HatenP 
121*2 98% Modes 
53% 41% Hrtay 
93% 74HMPKX 
4% 2ft Hand Crp 
8% 4% MStear 
9% 7% Hteanda A 
8% 5%Wt#ihe 
7 SHtokta 
9% 7%H)YUtacx 
9% 7% rtYWPh __ ... 

13% 11%WidbBHX 048 13 20 



KSr. ... 

41% 40% 40% 
44% 44% 44% 
0% 6% 0% 
IBS 16% 10% 
31% 31% 31% 
31% 30$ 31% 
9% 9% 8% 
6% 5 5% 

15 14% 14% 
29 27% 27*2 
28% 26% 27% 
10% 10% 10% 
Z7$ » 27% ■ 

3S% 33% 33% 

29% 28% 28% 

27 2B*2 26 ft 
109% 109 109 

45 43% 45 

78% 75% 76*2 
3* 



8% 8% 
12% 12% 12% 
27% dZ7 27% 
IB 18% 19 

SB 54% 64% 
102 % 101 % 102 % 
7% 7% 7% 
43 42% 42% 
11 % 10 % 10 % 
20% 19*» 1B% 
1 % 1 % 1 % 
37 35% 37 

31% 31% 31% 
27% 2* 27 

14% 14% 14% 

st s ’a 

48% 45% 45% 

Z7 27 
12 12 



- I - 


27% 22% BP he 
10% 8%IOlRdna 
31% 21% P Tkn 
11% 9% FT 
5 2% KTKa 
30% a% kktatar 

41% 33$ktoCop 
79 24% H*»4.42 
49*2 43HV1756 
a 23ipr4xe 
a24%llWJ 
52% 46BEWJ4 
39% 30% totaOix 
47% 39KWWPA 
S48 %KnARP8 
22% 16% ■># 

50% 44 D 

40** 32 ft UCFcnl 

11% $% knoDd 
18% 18 MA treed 

a»2 21% 9S30 

97% 83% ta«73B 
1 19 htaGrth 

23% l8%hdEneroy 
21% 12% Mot Fund 
15% 11$ Mreah 
41% 32% tagftd 
37% 29 ft Must 

B% 7% tear 9|d X 
23% IBfthStai 
48ft 42%tab«aFn 
9% iftmu 

3% ftktacrtc 
C% ZZftktaRng 
20% 16ft latacap 
3ft 2%»ftta 
647, 51 ft ay 

aft i4HFne 
40ft 35%MFFx 
19% I5%MUU 
77ft 60% HPap 
34% 27% rtpUl 
lift BfthtanUh 
30>« 22% htsSVr 
8ft 4% htTAN 
34 i7ft hOGanaT 

19% I3injtectl 

3% 2 UTtan 

SOft 42ft Wto 
24% 19ft boo 1 6BE 
35% 28% WOT EM ( 
11% 8% MOT km 
12% 9%WyFihd 

31 sfttacom 
104ft eo% in 


030 08 18 829 
9 601 
208123 3 300 
084 83 12 373 
3 515 
106 83 10 571 
20 09 
£21 83 2 

3.78 85 800 

234 00 nOO 
210 At 4 
4.12 8.4 2 

(LS4 2.4 16 470 
330 70 4 

300 73 3 

000 30 20 3961 
25? S4 T2 1669 
100 13 18 714 
050 53 3 129 
132 70 17 

0.40 10281 4650 
738 84 <100 

158 6.9 97 

lie 53 14 55 

005 04 27 

12 759 
070 1.9 23 1965 
000 1 J 42 1009 


75 

8 

120 

25 

114 


035 33 
030 1.0 15 
100 33 9 
16 
0 

OG4 27 4 
108 84 297 

1 328 
1.00 10 413757 
22 144 
1.00 27 24 2250 
000 4 a 22 4 

1 66 24 29 4153 
058 10 19 1100 
012 10 S 20 
£38 91 14 64 

0 129 
012 07 1921016 
« 557 
31 2387 
22 123 
1.73 80 10 388 
£12 7.4 14 5000 
007 00 313 

007 07 222 

55 111 
198 24 11 1490 


26% 28% 2B% 

0*2 dSft 8ft 
24% 23% 23% 

10% ID 10% 

Z&% 26 28*2 

44% 44% 44% 

24 » 24 

0 3 3 

49 48 49 

38ft 35% 35% 

41 43 41 

48% 048% 48% 

20$ 20jz 20*z 

33% 33 33 

5ft ?% ga 
16% 16% 16% 

2S% 25% 25% 

8* 84 84 

22% Sft 22% 

’■5 IK IK 

12% 12% 12% 

37 38*2 36ft 
34% 33% 34% 

7% 7% 7% 

20% 20 20 
46% 47% 

24% ___ , 

18% 18% 18% +% 

2 % 2 % 2 % 

62% BO 7 , si 
16% 16% 16% 

40 39% 

16% 16* 



45% 37ft JIPmrPF 339 88 
39 J tore L I 050 92 
14% rftJacimocEn or *1 
26ft 18% Jacatn Eng 
14ft 9% JdOTtaQr 006 06 
Jj Junaei 

0 19 1.0 
122 24 
70S 7.9 
1.44 £0 
1.16 27 
038 38 
008 53 


14% SftJapQtE 
51ft 43%Jel5> 

103 99 JnyP708 

61 ft *4ft OTmCn 
45% 3BJnsnU 
13ft Sft Johrston 
20 15% Jostereki 


- J - 

6 38% 
22 38% 

12 490 7% 
18 347 21% 

0 285 
375 12% 
II 429 50% 
Z100 IDO 
IS 616 49% 
1510088 43*2 

13 17 10 

27 600 16% 



- K - 


Sft 21% OMR DM 052 
25% 21% KNEndgyi 098 
GB 39% Kana 40 450 

£8ft 23% KanebP PI 230 
9% dftKntrtor 08? 
4% SftKaraoServ 
Z3% ISftkaaCyP 1.48 
20 14KanCyS41b U» 
52% 37 KareaaS h 030 

10% 4 Radar OH) 

26ft24%KaQM 025 
25% 14ft KtarsnUk 030 
ID SftRBrtAus 072 

sa 47ft Mogg 1* 

27 19% Kefwwd Offl 
11% 9% Kdnp kMm 1 007 
62$ 35ft Kemper 092 
10% 8% Kemp* Mi 090 
8ft 7% he mpa i p>x 0.70 
13% lIXamnlUK 087 
13% H%KeBt)taSirx 002 
59% 41% Kenrwt 1.18 
22 19% Ken G t.7 170 
4aft 40 KarrMc 102 



1904 

toh Ud Stack 

33% 20%Kl*Q> 

15 TOkaystaCoo 
29% 20%K*yrtilnt 
58% Sift BOZO 
2% IftHumtaEn 
44ft 33% KDgWU 
21$ 14% KBta 
B1 &3%IUfldd 
12ft 8ft KnogoCom 
9% 7% Kdhtaxgn 
asft 10ft Mans Rf 
25$ ISftKnm 
20% 24%KU Bug? 
IBft 16% Kirteoa Ce 
138 104KyectaaCP 
18 iSKWnrtada 


M. PT Sb 

B* % E tok HOR Idu 

138 43 4262 32% & 

IDG 3 14ft 14ft 

07* S4 10 1309 ZZ 21% 

130 33 IB 8820 66% 54 

008 1.5 9 110 2 dlft 

IS 3233 40% 39% 

OBO OO 1728130 19% 15% 

1*0 £8 M 2195 54% |B3% 

OIO OO 17 ISO 11% 11% 

008 10 51 55 8% 8% 

032 01559 733 22ft B 

14 ISIS 

104 6* 12 1355 _ . 

000 30 63 71 15% _ 

0*4 07 62 6Su1«% 138% 

002 30 TO 48 17% 17% 



10% SftLAeav 

47 SSfttGAEBl 
26% 19% IS Lg 
aft 19% LaOnkOT 

40 29% LaZBoy 
9% 8*a Lac Hnfe 
25% 21 Ladeaeto 

27% ISftIMbOT 
8% 4% LanmaBS 
27% 18% lOTdk Eld 
13% lOftlOTdertai 
17 lAftlaaeand 
38% 31% Li* Ertarp 
25% 18% LaggHaanox 
49%35%l*g0K 
18% 17% Lehman 
25% 17ft Lamer Cm 
4% 2% Leahy Fey 
Liana In 
LfedtyAS 
Ltaartytbx 
87$ 47%19y 
»% l&ft Lkatd 
44% 36% LU2M 
20%18%UrtlMH 
70 57 LongS. PSx 

74% 28ft Utn 
26% IBftmOb 
5 4% LLSEfBy 
08% 58% Lflddxt 
46% 35 LodtaCo 
HBft 85% Loews 
31% 25%Loglcnx 
9% Plenum* 
24% 17$UKiX 
39ft 3i%LogdJr 
23% l5%ungdniFx 
42% 33% LoraJ 
32 29% LaW 23 
45 35% LtxdlL 

48 SOftLontd* 

27% 26% LdMta 
18% 14 LTV 

6% 3*2 LTVMt 
38% 32% LOW 
24% 21% LihjBCate 
39% 28%UA0tatac 
35% 27% Luxates 
28% 20%l*Mtac 
27 20%L|UX)a9P 


- L - 

4 789 
230 S3 18 74 7 
20 64® 
on 04 27 1S2 
008 24 14 3SB 
012 1.4 21 17T1 
122 60 7 30 

030 10188 1084 
24 48 
020 1.1 91180 
040 30550 519 
058 A3 IS » 
004 20 17 413 
040 £1 5 236 
000 10 18 803 
10399 1 

an 00 Bine 


a 


100 OB 260 
062 23 13 9 

250 4.4 34 3740 
036 2.1 18 9068 
104 30 101273 
006 5A 54 
MO 83 ZSO 
• 1757 
045 22 12388 
000102 3Z 253 
238 30 9 80S 
000 10 22 301 
130 L2 91419 
032 LI 10 51 
1 1947 
1.78100 8 2904 
1.12 3l3 14 104 
002 £7 20 1148 
058 10 12 2827 
£16106 33 

130 £3102 1 202 
000 10 14 5414 
010 00 19 5589 
31 1801 
237 

008 2£ 27 4S2 
000 £5 w as 
130 £1 41 3Q 
040 10 25 55 
23 29 
000 £7408 3386 


a 


57% 


9*4 4ft HA Com 
65% 5S%ISntax 
40% 33%MCH 
7ft 5MOCHU04 
32% 26ft MOD fta 


7 3® 7% 

134 10 10 1200 59 

1.72 40 15 471 38% 

IS 178 5% 

100 30 13 102 27 

B%HF5Qanax 0L72 8J> 405 9% 



5*2 
27 

_ 9 

7% BMSGwKx 048 7.4 9 341 6$ 6% 0% 
16% 13ft MS prop 005 50 20 <02 1»ft 15% 15% 
10HB7 24 23% 23% 

14 554 17% 15$ 17 

33 4372 16% 15$ 15ft 

9 304 14$ 14$ 14% 

002 01 90 21% 21 21 

050 1.5 a 046 34 33% 33% 

100 30 23 11 25% 26%. 25% 
009 03 22 557 28% 2SY 20% 
Old 05 81 2795 21ft 21% £1% 
3ft 3ft 


39ft 22%MBHBand 
20 13%lbcFlS 
17% 12ft I 

reft 13*8 


29ft 

SS! 

29% 23% HnuC 
22 iBftUaopowar 
5% 3% Mans its 
10% 7%Mnao 

25% Z3%*kn*ePI 
54% 55% HU» 
19% 15% MmMer 
5% 4 wtms 

20% 15%0Mcirx 
32% 24% Hunt 
58%80%Ha«feL 



040107 S ■ ft _ ^ 
100220 25 84 7ft 07% 7$ 
£70 11 J 7 24 24 34 

130 1.7 14 483 60% 50% 59% 
130 5.1 15 51® 19% 18% 19% 
1.15 24J 5 S3 4% 4ft 4ft 
011 08 16 283 19ft 19% 18% 
028 10 22 2939 28ft 27% 27ft 
£90 £4 19 882 BBft 88ft 86% 
0 19 23li 22% 22% 
000 £1 10 108 43ft 43% 43% 
068 £4 19 3763 29% 

008 OS 14 1070 14% 

008 80 25 7ft . . 

200 85 9 87 32% 32% 32% 
23 287 25*2 «ft 2S 
1.15 07111 89100% 190 180 

004 09 334730 25% 25ft 28 
400104 10 38$ 35% 35% 

M U 7M ft 5 5 

104 £7 14 6812 40% 39 39% 
050 2J 38 2894 16% 18% 18% 
23% 2* 


28% 28% 

aft 


105% 1L. 

27% 20% KAMI 
45%33%HauPI4 
5ft 4% MdidE 
45% 37% HmDS 

20 IBHqteO 

27% 19% WM Oixpx 072 30 18S135 . 

24% 21% HcCttaff 032 1.4 21 28 23% ffl% 23% 

33** 28 HcOoRBZJ X 220 73 50 30%. 30 30 

31ft ®%W)uiie0i 200 04 nOO 31% 31% 31% 

l3%HeDonkai 030 £3 5 14 I3%d13% 13% 

048 00 207581 60% 50% 59% 
100 U 12 9JS TTBft 118ft TTBft 
£32 £3301 1482 89% 00% 89% 


-% 

) 


A 

1 

-%• 

1 


BA54%MC0« 

iz($ roz$ mhmb 
73 62%HdMf 
87 52% HcRan 
48% S% MokX^j 



108 £3 20 1607 75% 73% 73jz 


100 £3 20 2300 44ft „ , .. 

044 £4 38 135 19% 16 18% 

10 2219 27% 27% 27% 

201 70 17 475 35% 3«ft 35 +% 

088 03 20 2583 80% 78% 79% *1% 

Op 050 23 ZZ 214 25% 24% 24ft- ft 

HdMBM 230 84 <7 27ft Z7% 27ft -** 


60% 52’ 

41% 351 
10ft 10% total 
41% 31 MUSI 

38 28% HOT* 

19% HftUuuyRi 
45% 36ft IMHi 
46%3<%Ho1j|n 
4% TftMuiyGDM 
8% 5%H« 

3% 2%toMHTst 
10*2 9 Utfttktac 

55 47% HOTEL® x 300 82 
17% 14%HahfH 080 50 
' - ~ ft 031 1.1 
10% T" 

3 . 

10 % 

lOft^Ollitofl 

59*2 46%ltaU X 
Z7 16ft Mkagi Has 
22ft 1B%H0taBiA 
23% 17% MktaErt 
7% 3MUCUP 
28 atounto 
85% 72HM 
20ft 10ft 

s,s 



224 £9 12 2174 
102 £9 13 1227 toft 
095 U ' 15 10% 10% lfl 
102 £2 13 2039 32 31% 31? 

1.12 £7 1621988 39ft 3D% 

028 1 J 31 464 17 15$.1«_ 

072 1.7 24 6S 42% 42% 42% 
002 20 5 72S0 37% 

035 20 1 1795 2 

2 1400 6% 6 0 

0.40114 18 225 U3% 3ft .3% 
15 20 9% 9% 9%. 

*10 47% 047% 47% 

7 758 16% 18- W 
7 512 28ft 28 to 
92 9% 9% 0% 
67 2% 2% 2% 


ft St 


030 23252 
002 03 281410 

008 01 122 9ft 9% -9% 

000 1.1 47 788 52% 52% 52ft 

U7B £5 8 6340 50ft 50 50$ 

29 13088 17ft 016ft 17 

048 24 25 ID 20% 20 2D 

053 £7 84 33% 19ft 19ft 

12 2D45 3% 4? ■ 3 

038 03104 12 28% 25% 28% 

£40 4.D 18 5875 84% 53ft 84% 

5 47B 11% 11 11 

030 20 38 . B Sf 9ft 8ft 

1 018 10 8 25 12% 12% 12% 

72fttomfc £52 £3 18 4085 78% 77% 77% 

10% 8% tort Oka 078 00 21034 9% 9 B 

25$ Z2fttoxtaaP0 100 7.1 11 308 22ft 22% 

20% 16ft MDMguna 106 74 6 30 17% 17% 

20$ 16ft Hoot* Com 094 50 22 2564 17% T " 

72 aowgopx £72 40 7 3505 ' ‘ 

11% SftMutOT&an 1.16115 15 

89 77%kTgaoPPIx!UH 04 13 

13% IZttXBditaix 028 £2 5 64 

9 SMUffhPr <5 116 


55ft ttB« 
20% Muito 
111% 78% total 
55 42% KnXxx 
% ft tog 8 Had 
0% 7%-HntaOp 
11% 9%to#ndT 
9ft Sfttorteindx 
13% 1* 

46 31%»pbjO 
12% IDftMynLC 
3% 15% MythLdl* 



21 20% to* 
2% 79% 80 

1 

Bft W* 8% 
10 10 39 

9 8ft 9 

II. 10$ 11 


21 21% -«% 


! a 


130 £1 6 3715 

080 £8 18 070 

1.12 14 25 2677 

030 06 1220003 

0 183 
063 70 37 

072 72 273 

085 72 1*6 

tortaritenc 003 70 4® 

130 £0 22 ere 43ft 43% 43% 

032. £1 18 42 10% KJ% 10% 

010 07 210324 21ft “ 


130 25 14 S 
130 L7 14 34 
000 13 43 505 
OK 29 18 1364 
072 20 7 20 
032 20 2744 

104 80 11 8072 
280 80 18 134 
209 64 14 124 
1.16 44 10 237B 
044 23 22 282 
191218 

6 44 

108 83 14 .466 : 

124 an 

048 £113011307 
100 4.7 10 26 
12NfcB 

108 *1 17. 14? : 

7 70 
110006 

030110 24 

130 33 1Z 1782 
020 13 60 137 
22 188 
100 09 10 702 
; 004120 742 

230 73 11 1233 
012 1.1 673 

102 OS 13 .34 : 
1 139 Ol 2336370 : 
220 03 11 841 : 
OAO 10 20 2K3 . 
040 £7 42 45 ' 

024 00 37 283 ■ 
048 1.1 » 9411 ' 

017 03 IS 843 ! 

£50 43 69 1 

160 80 . 3 

1.12 70 8 5237 
060 14 132929 . 
144 U -1Z271* ; 
020 22 G 302 

018 05118 1748- •: 

028 40 1007 

330 80 18 J 

-40 289 . 
102 £0 181808 I 
048 10 221704 
OTO 1.1 11 IS 
030 2.1 IT 381 
.8 798 


A 


♦% 


* 


I SftNUOTS 

33% ires’) 
4ft Nora na 
59ft Nvtks 
MHUOTH** 
7ft HUM toe 

i 12% mb fan 

Aft BE Fed 


tab Low Stock Ota 

Bft 21% HE IB 1.7b 
13ft 38ft MSP* 204 
ift ftpwmgu 
15ft 34%M8xp 10D 

S% MNrtrePl* 106 
28% 22% Nanai 074 
8 ft 6ft NOM Com 034 
19 ft UHMEOT 
" i » Mamie .015 
17ft 14ft Ml Cl Milk 136 
10% 1S%Mr*rto*x 1.13 
72 48ft NncorCam 018 
toft 20ft HUCUp 100 
I 14ft MW CM X 133 

13 % liftnaemcix 077 
13% ii%NuanHlxO02 
17. 14ft Mnm M D X 1.12 
12 9ft town K II x 007 
18% 15ft Mito N P X 1.18 
18% 14% tfenaao P Px 138 
16% i4%NwaanPix i.is 
I 15ft Npngto 040 
41% 33ft ton 238 



W. » *■ 

» E to re 

03 13 059 22ft 

04 13 047 41% 

4 11b _ 

42 is osa . 
50 13 2 28 

20 12 2545 27ft 
£0 22 451 8 

17 1803 10% 
00 4 102 2 " 
60 251 1 

E7 12 1-, 
03 4T1S3 88% 
07 15 30 24% 

60 05 15ft 

118 12ft 
a 12 ft 

215 15% 
14 lift 
23 16% 
378 15ft 
ITS 15 % 
a za 


03 

04 
73 
00 
07 
73 
73 

20 13 


03 SO 6394 37ft 

- o - 


67ft 67% 
94 24 

15% 15% 
12 12ft 
12% 12% 
15% 15% 

lift 11% 

1G% »%- 
15 15 

15% 1^1 
19ft £«$ 
Sift 37% 


19% 10ft OHM Qp 

22% 16%0afcta0l 

29ft 19%0dOTB0d)taaDB 
2015%OcddP 100 
29% 19% OBeBOepal 
ft 19$ Ogden 135 
IB 14% Ogden Rs| 

22ft 10%OHaEd 100 
63 50%0HaG544x 440 
82% 5OOHOE405 400 
07 80% OrtoE7J4 X 734 
87% 81 OH0E738 730 

-% 29ft Odd) GSE 200 
54 460M» £20 

ift 25$ Qatar* 018 
ft 43ft Dnhfcmx 13* 
17 13% OnOTbUd 048 
20% 15% OMPk 1.12 
reft 22ft OwsMi COT 230 
oppemus 004 
OppmhlMk 062 

OranonCo 

Orange Rck 202 
OnoDnSa 058 
Oita Bp 

.OdonCto** £72 
20 ISOrrfil 040 
” 180MHU 040. 

_.18ftore9l 060 
17% 14% OuudH 018 
46 SlftOmC 
34ft 24% QdUdtad 072 




19% ■% 

2% -% 

St-* 

3ft ft 


43% 33 PHH 

81% 25%nCFv 

40% 34ft PPG to 
14$ 8% PS Group 
26ft 19ft P9 
10% 14%ncA(BkB 


Zlft PacStbnx 012 04 20 144 



- P - Q - 

130 £4 B 8!0 35ft 35% 
13B 40 9 2593 90% 29ft 
112 24 133820 38ft 38 
000 57 4 22 
134 50 12 70S 
130 01 26 


PnfcBtt 
PartcDr 
34PW«n 
iftPBBttPl 
0%Pao*xfl-x 
3Paancm 
. ZSftPBCtfir 
0B57%hM#L40 
5B47ftPunay 
27% 19$Pta#L 
30% 29% Pux&x 
56ft 45ft PnzOB 
32%’ SPHpEnx 
33ft 25*aPapBoysM 
41% 2S$Papdn 

39% 27Ftafip 
21ft 14ft PuMOTFm 




1.09 04 11 4023 17% 

138 02101869 
105 8* 10 BOO 
£10 OB G8 8806 
040 £1 3 3405 
037 £4 22 4144 
004 43 15 1811 
032 LI 22 473 
153 2050 

130 20 30 2006 41* 

-11 W1 

000 S3 206 Oft 
13 88 3% 

702 50 10 4003 20% 

400 13 1 

108 £4 13 4797 

107 83 9 8884 20% 

£20 70 IB 30% 

300 50 13 409 51ft 51* 

L80 73 10 258 25%<Q**. _. _ 

017 05 30 1323 32% 31% 31% 

072 £3 1528405 31% 31% 31% 

008 £2 S 3900 31% SOft 30ft 

130 70 13 20 

012 £5 10 218 

4 81 
032 » J 17 4060 

000 £8 42 « 

020 00a 451 



ISft 18ft 



5ft Pany ttng 

20ft 16% Pel hex 032 1J 17 4080 19ft 18 . 

30% 27% MflW ' 000 20 42 « 28ft a% ‘ _ . 

29% ZJftPlUbx 020 00 a 451 B% a 25% 

6S$53%PRor 108 13 30 5794 93% G2ft" 63% 
0D$ 47ft PMfcO 7^ 23 21 2735 55ft 57ft 57% 

60% 54PW43 430 10 X20 54 US* 54 

B2 54 MEM 4.40 01 2 54% 01% 34% 

109% 98%PtoE7J5 7.75 6.0 1 S7dfiG% 97 

19ft T7%R0tan 1.12 S4 » 40 17$ 17% 17ft 

61 <7%n*krrx £78 04 123U24 52% 51% 51% 

34% 2S%Plta>t 1.12 £4 a 5410 33 32ft 33 

a Z7%fUBM 015 08 IS 230 27% dZBft 2Bft 

ZSh 19ftftoUudKx 104 0*13 120 20% » a 

10% 7%flr1 ku MO U 

12 ft 9ft Wn tax are £4 
9 % GftrevtaP are ao 

22ft lOFUKp 
Z7$ 24%Pkn£l25 
14$ nnanoerFto 
14ft iSPIuMu 


Cl tift 11% lift 

8 207 7% • T 1 

are 43 01381 17% IBft 10ft 
242 U «B 25ft 25% 25% 
1*5 10 -4 208 W% 10% 10% 
LOB 83 


8 Oft 13% 13% 
388 303niay£12x £12 87 2100 818 310 318 

46% 37FM»fl 10* 20 172BB0 Sft 89% aft 

31% 2lftPUta £30 £7 « M60 28% 27$ aft- 

aft 19% rear Dan ore 13 46088 22% 2S% 22% 

27% 19%PR8MM £2* 1.163* 200 20% 21ft 

13 SPHitoca 0 HE 7% 7ft 7ft 

32% 22% Pin Cato 102 00 11 2839 22$ d21ft 22% 

l&ft Pop) Prod 30-BSB Z3% 'Z2$ 23 

29% Petal 000 10 221823 S3% 

25ftHqtol m *n 32% 

37%PUy&un £40 10 48 -246 41ft. 

19ft Rapa A TV- 0J5 £010 580 20% 

1113 13% 

ore 00 ® 12 % 

072 20 211212 aft 
105 30 a 209- 40% 090% 

108 £7 9 1975 19% IS 19 
028 14158097 15% Uft 1B*b 


RopnATir 
10% Pubc be 
15% 12PUICHF 
29% 22%PHtai8n 

S 39%P9tt 

zi*» i8%Poulr 
36ft renicHBD 

88% 87%rtantol(x. 

28% 1B% PUrttax 
15 llPtatk 
(ft %MaHtalP 
GO a % ProdB 
40%27%Pigmon 
14ft 7*2 Pnta W 

55 % retain . 

2ift ia% Prop total 
4ft Jfttanstr. 
40$re$ta8JL 
3i$a*ftPmUB 
"ft - fttadltaa 

SO 51PBSU4M 408 70 
io2 9o%pun7re £40 as 
99 BFPBSdVQj! -7.15 02 
tO3 94%EBBUW0 

a ren&ts . 

13ft r. TT RjGNBrtS 

ift H* 1101 * 11 * 

2<ft 18 % PtmdS ■ 

38% 34ft PUR# 

3Sft 2Jftfl0»r 
11’ 



£24 £7 19 173 


33% 


in - ra m - ft 

|S-KK 

Z7% Z7% 27% -ft 


100 £1 15 515 76 77%' 77% 

040 £1 18 837 19% »% 19% 
' ■ S 110 12% lift 12% 

arenas i to i% 1 % ift 
134 £2 727380 55% 55. 55% 

£20 00 9 307 33$ 39% 33ft 

are £2 54 74 8% 8 8% 

3810185 30% 29ft 29ft 

100 52 20 324 10% - 18 19% 

£42108 285 3$‘ 

1.12 Z7 11- 23 ' ~ 

10* 30 13 128 
0.18921 0 57 -018' £18 £18 

m « 52 52 

220 00 1 
zm 87% 

2 94* 

£18 £510 5772 ZM 
8 1883 11* 

1 £40 rt* 

104 U 9 1282 18? 

058 10 19 7 384 

034 '.hi 7 838 22%- 21\ 

288 10 9< 

121 10 

:218 7%'d 
1W 13 1 


700 S3 


. .MntMaxOTB 80 
B%MuHtrex a75 70 
7% IrtixtodQi x 900 80 
IlftPntanhnGrxOSB 7.4 
Bft PtfdHi Ita x D7B 7.1 
7%M»MOTBxatt 90 
TfttaaatoHBxaTS.ai 
TftP fwP iunx 072 £1 
82S1%Qrtot)x £12 20163308 
16% 12fttkadMrS OAO 27 23 662 1 

aft .170UHKX 058 £7115 97 21ft 

_ SlftCtotatWD 130 40 102 34% » . 

18% 12OM0MPX 130 £7 282 12% 12ft 1 

3S% 29ft Qatar. LT4 30 15 3® 32 31ft 3 

35% Z«%Qi**flTj 048 10 6 273 25ft 



8 SbRMtm 
27% 20$ISJ COIp 
IS 9%RDC7 Hmd 
‘ WSRatop 
Mcop 



® ZSft RapWAOR 
62% 45$RdptoMYx 
23% wftBaA-.., 
11 StartvCp 
% 19ftfbynftA 
ft 40 ft BaydMi 
21% 14$ RhOTt#4D5 
■ 8D$RHtaPltar 
21ft i5ftnaMi 
PaRMft . 
Z5%ftSwtHd 
_ _21ftftadfl> 
25% 20% itadiTd - 

f 8ft ^stataOQP 
54% tam( . 

stahWbrie 
53% Wtot 

%** 

£1% nt 



15ft 12%Rmtouih 
». repwaCp 
Ift 15$ flat 
$ 2lftRjtMS -- 
ift iTftfltoMGm 


20% 16%GMB«-- 

1A18%1 

20% WSdKutfx 


. '• 

8318275 0ft 5$ 5$ 

000 £8 X 189 21% 21ft 21% 
015 10 .954 10% 10 10 

032- 80 87. 405 id% 4 4 

1581 18% 15% 15 
130 03 Tl 4829 36 25% 

032 00m 837 35% 35% 

032 22 B 185 14$ 14% 14 
100 20122859 66% G4% 

140 £4 17.71* *|% . 41 41* 

' 137 (12 6$ 6ft 
108 £1 15 68 (7 16$ 

18 30 8% 8ft 

030. 13 121008 81% 80$ 

. 20 a 02* 021 

032 50 5 488 5ft 5% 

073 £4 16 2419 30% 20% 

102 20 8 129 47% <8% 

18 608 16ft 15% 

5 230 (ft 9ft 
034 10 9-861 23% 23% 

10£ £1 - 9 2T39 
203137 X100 14$<n4 

-1.12 £3 11 3378 34% 3 

000 £0 133717 20% 1: 

0 IT « 

41 100 3B% 38' 

178 80 M 157 22<J2T. 

001 £5 9 388 23ft 23% 
070122 £ -213 5$ 6% 

100 £0 (4 4779 38% 37$ 

16 17 5% d5 
140 20.361098 «2% Sift 
’ 13 TO 10$ Wh 
£10 £1 32 671 5 4$ 

000 20 20 337 25% S 
000. .12 IB Si - 17 

y^^SA'A-A 

628 40 19 S3« 100% -107*3107% 


r.15 03 .210 

045.1.7 19 2829 
aa : 17 14 037 

aea.- as a m n 

040 14 re 320 0 
19 122 Jl 
£05 2417 .1480 
£00 34 05 Bi 


.£08.-40 S3 88‘17% (7ft T7% 

«•**«■ «% 'ii2 iii 

139 £0 3 23 26$ jsjl 

107100. 9 298 13ft 

030 10 151*85 15? «$ re? 

ore it.® ore ^ Si 



: •* 


m 

•i ,-ij : 
f. ?■?; ■3 

ill 


li-fe 
mm 

■WES 




« ygjiSt - 1 

Ktr-AptsLl 




GMflttwl OH next page 



/V 








FINANCIAL TIMES FRIDAY JUNE 24 1994 


45 


* pm dose June 23 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


UM * 
UoUNi, 


w* w tu 
* E IBOl 




Contirawl frwn prmfous page 

Z7 19% saerraj 





3?j» g*eH M 1.40 17 

1s ,a 11% SataienBr 038 23 

52% «%Sata™, aw 13 

J5 ’■» M 

£&**** ** 


7 51* 38% A 38 - 

« 125, (JJg ,?% . 

6 1833 50 49$ 49% * 

1^ 1^ 18*s 

,J® Z8 ° 84 15 ^ 34$ 03% 33$ -\ 

wo os inn** ai%^a 2 t 2 - 

26 20%Sar*Loe 064 10 14 65S3 — -= - * 


25 555 34%d33$ 33$ 
2X4 34 1410BB1 B2% 60% 60% 
lXO 2X a 7804 80% GO 60$ 
028 11 12 3T2B 27 2B% 26% 
?1 42 7% ?% 7% 

012 0.4 66 2212 34% 34$ 34% 


■ n f 664 10 14 6833 22 215, 21% 

Si* SonaCorp 2JZ 66 11 247 43% 43 « 

«1 2 33% sSSrW 100 7 3 J 1D 3? !“* 13 $ 13% 

68% 54% SeftrPI 
61*3 60% Sehknb 
33$ 25%Sehw i * ( a 
>0% 6$Setatere 
36% Z4%SdA0 

IS? Si® 5?™" 0-1“ 0-7 13 61 

S? 3 H 4 5“*L 060 IS 13 3882 52% 

28% 18% ScoOfetUtf 021 U 125 a 

efi'fSS®' 0118 “ « '0 

18% 13$ SatfnB 0.70 43 7 4 15% 

,6 & J 5 ?^- 4825 *■« 07 5 15% 

32 3fi%Soa(m* 056 13 38 4819 30% 

2B% 23S*W*En 35 510 27% 

3i% 26% Scaled 8k 21 47 28% 

160 33 710298 48% 

IS 1 064 B.7 41 12% 

»% MShuomre 022 07 31 2703 30% 

S?! “80 10 5 55 31 30% 30% 

"$ -PSS? 060 13 17 5 33% 33% 33% 

-LOISES 0.42 1.7 20 1072 25% 25 25 

^ 082 17 13 203 25% 24% 24% 

25 15% SbiM 022 1.4 1825363 16% 1 5% 16 

3 18% 9BMKX 81 060 33 18 4885 21% 2121% 

14% IDSWDflH 028 2.7 22 7 10% 10% 10% 

£? 5£? 2"!L r 337 43 20 378 64% 64 64 

35% 29% Shot'S 061 IX 16 OSS 31% 30% 30% 

S3 16% Stomp 11 870 16% 16% 16% 

22% 15% StiaatoM * 010 05 20 100 18% 18% 18% 

30% 17% Stesfte 1.12 01 11 097 18% 16% " 

t B S%SgnalAn. " J 3 

34% SteelBok 
18% StecsnGr 
11% Staler 
6% Shzhr 

24% l?%SKy8nsx 
5 3% SL Inds 



1 

tilO 23 12 2460 

2610264 21 . 
1 ffl 87 35 68 13% 

OIB 25 ■ 1 336 
048 15 18 267 
006 13 14 3 


iSMBOorax 020 43 77 256 


|SnMl 

j SOM 

30% 23% SlSEqU 
24% 1B% SnriUmFd 
28 20% Smuckar J 
44% 34% SnpOnT 


1171843 1 
1.12 36 IS 114 
1.12 4j0 4220 _ _ 

052 17 12 477 19% 18% 19% 
030 22 17 186 22% 22% 22% 
I iB 28 IB 1044 



21% 17% Snyder 01 x 024 17 25 468 Z0% 20 TO 

34 23% Sofcdran 25 2354 25% 24% 24% -% 

a 26 Sana 1.0B 3.6 9 1952 30% 30% 30% -% 

61% 49% Sony 047 08137 231 60% 80% 60% +% 

19% nVSrthebyn 024 10 60 2430 12% 11% 12 

48% 40 Sauce Cap 150 8.7 41 41% 41% 41% -% 

45% 32%SouhCBS% 250 7.1 7100 SS 35 35 

24 18% Sfehretad 1.44 7.7 11 422 18% 18*2 18% 

30 18% SmOhn 050 14101 702 21% 21 21% 4% 

22 17% SCMWl 170 57 II 52 20% 20% 20% +% 

22 16%5tMBK» 068 37 9 288 21% 21% 21% -% 

22 17% S8mCo 1.18 07 6 8200 19 18% 18 

33% 26% SouMGE 156 00 11 88 27% 27% 27* 

38*4 28% SUET* > 1.76 04 57 356 33 

39 24% SWAT 004 01 25 3255 27% 

19% ISSauMSEes 082 45 21 102 18% 

18% 15$ SoukWEngy 024 15 18 280 16% 

30% 23% SouBWMPS* 120 08 9 456 25 

12% 8% Spun Fad 048 50 287 6% 

10 136 5% 

012 07 6 16% 

170 40 It 286 30% 


7% 5%Spataty 
18% 14% Spheres 
39% 2B% Spring 
40% 32% Sprtt 
18 13% sn 
19% 14SUCPBB 
26% 14% Smioior 
12% 7% 

38% 26%Stf>td 
30% 2« 

37 3t: 



44% 36% SMHk 
36% 37%StefBnc 


25*2 21% Stain x 
11% lOSWfUBO 
29% 24% SUfHLBk 


150 18 2 6829 36% 36% 35% 

040 25 20 554 16% 15% 16 

040 15 3 4 16 IB IS 

032 15 12 66 18% 17% 18 

012 15131 1182 8% d7% 7% 

084 27 13 129 26% 26% 28% 

056 25 17 21 27% Z7% 27% 

SUtoemx 150 11 19 365 33% 32% 32% 

ITS 13 20 1416 41% 41% 41% 

1.40 17 81 ' 

088 10 20 3 

054 B.4 
060 27 7 


SiSiS 

10 (tID 10 

f 
a 


an 45 35540 i6$ 

21 540 24% 

054 5.4 17 217 15% 15% 15% 
1016852 33% 32% 32% 
41 764 29% 2B% 29% 
038 3.0 10 1187 13% 12% 12% 



B1 

366 

7% BVSferigBcip* 020 28 fi 2 

10 3%SDrigOiam 008 05119 553 

36% 20% StmtgSwra 25 513 

10% 7%S0Wfln 012 15 4 12 

33% 27% SkireHM 060 15 38 78 

19% 6% Skua Cut 
77% 19% Stop Stop 
16% 13% SfeEqu x 
41% 25S6TCS 
32 22% Stake 

»% izsntdeHto 

33% 23% SturreBgr 170 42 16 11 28% 26% 28% 

4% 2%GUMSh» 0X114 0 9 2% 2% 2% 

10% 10%SuiDfeA 1.10104 7 10 10% 10% 10% 

B% 4 Soi 0KB 024 45 4 94 5% 5% 5% 

7% 5% Sun Energy 078 55 9 250 5% 5% 5% 

44% 33*2 Sum 040 15 14 1941 43% 42 42 

40% 41 Sndsr IX 15 18 899 49% 48% 

11% SSwOttfl 

2427 1% 1% 1% 

IX 26 13 712 48% 48% 46% 

036 25 14 148 12% 12% 12% 

OIB 05 21 B15 32% 32% 32% 

OX 25 12 1320 32 81% 31% 

OIB 17 15 1008 13% 13 13 

OX 04 141 20% 20% 20% 

50 3308 25% 24% 25 


1.19114 

3% i%5mfcH 
50*2 43% SUM 
14% 11% Super Friod 
46% XSwolor 
40% 30%&4id 
2D 11% Sup Dm 
23% iBSubs Hah 

27% 15%S^xtTec 

10% 7%SpwDKp OX 25 10 23 8% 8% 8% 

19% 16% SimnuRlx 045 25 16 X 17% 17% 17% 

XV 12% Sjnter IX 45 12 4014 23% X 23% 

26% 23% Spco OX 15 21 4810 24% 24 X 


3 

4 


-T 

5 KEY Ewer x OX 12 25 845 
! TCFfkm IX 25 11 
lICWCWiS 054 85 738 

j 34% TDK Carp A 047 15 48 Z7 4 
2% l%TISMtD* OX 04 1 248 


6 % 6 % 
36% 35% 


SsS . 


23% 21% TJX 
16% 14^2 Wtep 

77% enpw 

13% 7%T3IMdx 
33% 22% Tehren Fd 
7% 6%T9KM 
12% IOTA* PI 
44*2 34% TstXdB 
16% 10% Tendon 
30%TnH 


1064 nt N 

B» % S 

056 25 13 4253 2% 

1.63105 IS 27 1 

IX 27 19 1X6 

010 OS 10 2786 

321 

0J2 G7 11 IX 

IX 04 a 11 

IX 44 X 1729 X 

2 211S 1 

. OX 1.7 14 1390 X 

12% 9% T**U8Ucn 070 65 X 10% 

S% i8%TecoE«D 1-01 57 M 734 1 
OX 2.1 16 IX 

X 7100 

ax 4.7 9 962 17% 

I X 25 7 OX 40 

IX IB 1137896 58% 

IX 21 X 782 48% 

112 23% 

. . , IX 7% 

S 6%Taap8GFdiaX 85 864 7 


B9 


33%23%Tknu 
4 ZVTfltoa 
26% 14% Tddjn 
46% U%T«WspSA 
76 X%Tdmece 
54% 43% Tapu 


30% 19% TavKnMl 017 07 
8% 6%TeCBp9GkB OX 85 



1.60 3-3 18 7212 48% 

240 u 11 IX 29% 

24 9X 24% 
OX 1.1 0 888 5% 

OX 10 23 247 7% 

21 32S5 11% 


SB%4$%Tmu> 

X 2S%TqpcaPli 
31% 20%T«a«v 
3% 6%Tere» 

8% »% Tens tack 
12% 6% Tesare 
68% 61 Texaco 

51 j SOTbwjC 
39% 29%T«hM 
89*2 61 TChatx 

21% 18% 1 bus Pec 
43%X%T«n 
4% 2% Tod Ms 
60% EO%Tsaa 
4% 4Ttadura7 
24% 14% Thai C« 

37% 24% ThdPuad 
44% XTbenreSoc 0.12 03 21 ISIS 38% 
X2Z%lMafea ax £8 7 179 24% 

G8S8%tMUz 124 35 21 540 63% 

18% 13% Thane* If* 040 17 X X 74% 
41% xVreoeaanM 140 65 IS iss “ 


320 

5.1 

14 

4045 

63$ 

323 

8.4 


Z1K 

5Q3fl 

n on 

06 

43 

83 

35k 

1x0 

12 

14 

H45 

7^ 

0.40 

21 

23 

11 

lift 

3XB 

QO 

IS 

4368 

31*5 

11036.7 

1 

a 

3$ 

1.40 

2X 

12 

13E7 

53% 

035 

212 

2X 

23 

25 

17*8 

028 

1.0 


79 

28$ 


a A 


* 


23% 19% TWntr 
35% 28% TBUnyr* 
44% 34%TmWam 
37% 29% TrnrtHr 
37%31%Tto*an 
8 7% TtanOp 
13% 11 TteiPI 

4 Todd 3pi 


a 


040 15X1059 22% 
028 08 58 619 34% 
OX 15 63 6698 36% 
IX 14 a 3066 31% 
IX 35 X 289 34% 
7 708 5% 
IX 06 6 

6 578 

15% 9%TattekeQ> 058 S3 X X 10% 

27% 25Toto£lS1 251 107 10 26% 

19%11%Tcd&m 13 247 13 

75 60% Tooule n X 044 07 18 74 82 

49% 36% Tctaric 1.12 15 11 1011 36% 
30% 23 Tore Cam ax 15 17 178 25% 

OX 10 12 8732 29% 
014 06 X 5 22% 
22 90GB 34% 
IX 02 10 X 23% 
2X 17 9 1129 53% 
OX 07 14 7X 55% 
OX 35 11 1090 15% 
S 2 14% 
024 15 10 27 13 

OX 15 612689 33% 
034 15 15 S 15% 


X 27% Tosco* 
28% 22% TaedSplx 
40% 32% TVcfUs 
28T 



14 Inure 
l2%TTeoeatR 
. 11 Tradedi 

43 31% TiuU 
15% 13% TMegar* 


2S»_ . 

22% 22% 
34 % 34% 
23% 23% 
53% S3% 
54% 54% 
15% 15% 
14% 14% 


37% 34TriCM25* 150 7 A 


28% 15%Tikre 
84% SS Triune 
24*2 11% TrfCan* 
47% 33TiMy 
40 31% Tmo*e 
37 24% Triton 
4% 3 Tucson B 

7% 4%Ti6huCre 
14% 6%TeriMta 
28% 14% Twti Cere 
21% lB%T%hOtt 
66% 44T|CdL 
10 7%TyuT 
6% 5 Tyler 


29% 23% UJB Fin 
8 5% URS 
51% 47% USF8G 4.1 
X 17% USO 
1% 23% 1ST 
51% 48% ISXQeiff 
1X115% UAL 
10% 5%UDCHR8 

19% ua care 

11% 8%UNCkC 
27 20% IH Me 
17% 14%UDlM 
74% 58%U*r 
1S%1«%MNV 
50% 42%IKUp 
28% 21%UnCBttl 
13% 13% Union COrp 
64% 4SUnS3X 
67 XIMB4X 
39% 30% (MSK 
17% S%lMMc* 
23%U*nPU 
22 16%IHerfta 
2% % IMBFfl 

16% or ■ 


10 


10 387 17% 
IX 15 21 32M 67% 
078 34 654 22% 

OX 19 X 1950 35% 
0£8 19 96 626 38% 
OIO 03 X 1257 35% 
27 2854 3% 
020 40 31 335 S% 
012 1.7 IX 7% 
054 36 3 307 17$ 
070 15 18 Z1X 19% 
040 05 27 384 48% 
0.10 15 3 2822 7% 
74 88 5% 


16% 17% «1% 
19% 19% 

47% 47% -1% 
06% 6% •% 
5% 5% -% 


3% 2% UntCOrp 
41% 2B%IMAM 
" 12%UMDouMy 
_ . 18% UkSonOnd 
50% 37% I 



34 
41%34%USUCp 
X 11% USShM* 

sas 

72 S8 LSTTec 
14% 12% uaflMrar 
■ 13%U*tte 
29% LHvRxidi 
17% 15% Ur* H»h* 
% AUMWL 
12% 9%1MrarCre 
26% 17%lWeelOp 
X 24% IMoe* 


- II - 

084 31 19 1474 
X 137 
4,10 85 16 

5 745 

1.12 4.1 15 8211 23% H 27 
ire 75 7 49% 40% 49% 

351 2396 126% 122% 125 
1X325 4 133 S% 5% 5% 
IX 02 24 IX 22% 22% 22% 
12 106 8% d8% 0% 
05B 23 IS 1164 24 23% 24 

0. 10 OS 17 X 18 15% 15% 

250 4.7 8 13 X 69% SB% 

454 45 15 1067 102% 101% 101% 

IX 34 M 100 46% 48% 48% 
075 28 Z7 5551 27% 27% Z7% 

10 140 10% 10% 10% 
ax 75 1 47 47 47 

450 7.4 3 BO% 00% 61 

2X 75 11 2421 31% 31% 31% 

1. X 29 10 3038 57% 9 66% 

054 12 10 587 27% 

OX 1.1 X 1219 19% 

01945 » 

2.77 31-2 816723 9% 

22 321 3 

OX 26 17 575 33% 33% 33% 
078 65 70 1282 14% 14 14 

OX 1.1 16 19 18% OIB 10 
003 0.1 1810087 46% 44% 45% 
278 03 9 314 33% (03% 33% 
4 384 5 4% 4% 

192 II 
9 200 
0 970 

OX 15 13 854 13 

X 78 2D% 

2 600 15% 15% 15% 
124 33 8 227 37% 37% 87% 
032 1J 54 912 19% 18% 19 

006 04 6 6700 21% 20% 20% 
2.14 45 38 1551 0 43% 42% 45% 
IX 25 18 1813 65% 65% 05% 
ORZ 85 13 IX 13% 19% 13% 

a a 16% is% is% 
052 25 14 417 32% 32% 32% 
IX 95 11 a — ~ J 
0 

030 10 31 236 . 

OX 55 11 304 19% 19 19% 
OX 28 22 0588 X% 3% X 


Htt latte* 

50 44%(JMNQre 

33%25%U|#«i 
X% 15% UEUGO 
10% 9%USLKMc 
18% 15%USXM 
45% X%USUS 
17% 12% US! DA 
31 2fi%Ufcp1775 
91% 27%IMcore 


53% 44% VFQp 
24% 17% Weret 
7 4% VAMcx 
B% 7%teW»M* 
10% 9%>MMUtet 
12% 10%UUWllldl» 
7 5% VmxJfca 
30% 2B% Mhtan 
50% 33%Mrtp 
15% 13% takur 
78% 64% VKSFSX 
41% 31%VWupH 

25% XIMate 

2G% 20% Mm Me 
94% 73% ttxMoae 
14 lOMtieav 

13% iGWnCre 

37% 31% Vnurio 
51% 44 WenM 


29% 18% MMSM 
32% 27% WUMUn 
20% uuataeMc 
35% 30%M*Ml 
19% 12% 

J? 34 

«% 37 

30% 30% HtereCS 
2S% 22% ItaMrt 
5% 2% terier* 
72% xre*u*> 

I si 

25% X% 

254221% 

35% 1B%MWcM 
3% 21taBT**)Md 
18% 14%teuM 
40% 3B%«ntvn*i 

II 6%wmnSi 
X 24% MWeGM 
10% 7% 

17% 

1! 

I 

«% T 

48% 3. 

15% 0 

2d% ttywano 
35% 24% WhsOB 
24% 18% WeelnMng 
34% 26% wuidee 
15% 10% IMaB 
5% 4% teeiCeol 
20% 11% UKKiteM 
20% 15% Weereece 
X 29%VkMP 
51% X% Wpriur 
21% 17% 

17 14% 

17% 13% 

32% 25*j McOrMC 
8% 5%1Mcre5G 
» B 22%Wfc* 

7% 8% Mehta 
11% 8% Whdreere 

4UMt 

13% 9WnriBHoo 
23% 

— 

18% IS 
X 28% MU Cup* 
30% 22% ll«XT» 
24% 18% Wetetu 
28% 1 

14% World W*e 


X% 18% WyuUtnrx 

22% 18% MpnH 


47% 46% 47 

31% X% 30% 
18% 16A 



’a n g 



10% «% 
10% -% 
38% 

46% -% 



VH. IV SM 

oh % e rare 

096 20 11 1188 
IX 45 13 SM 
024 1J 6 215 
OX 02 0 25 
088 35431 3432 
IX 25 B 0878 
020 1w4 18 195 

1.78 05 4 

IX OS 14 680 

- V - 

IX 27 12 1752 
052 10 1440 

008 15131 7 

099128 S31 

UD 122 168 

084 7J 926 
X SM 
024 07 11 S3 
28 2684 
IX 77 D 31 
5X 7.7 5 

19 152 
10 43 
X 54 
IX 31 X 723 

16 316 

17 1115 
200 5.4 43 X 
IX 28 19 105 

- w - 

15 1736 18% 18% 18% 
IX 7.1 T2 156 Z7%d27% Z7% 
35 397 16% 15% 15% 
IX 38 12 19GB 33% 33% 33% 
OX 24500 45 15 14% 15 

51 1032 5% 6 

1.7 18 2068 40% 

064 19 17 451 34% X% 

017 07 2312440 24*2 24 24% 

04K 18 6 X3 2% dZ% 2% 
244 16 » 2190 »% 67% 88 

IX 06 24 420 15% 15% 15 
222 58 14 198 38% 37% 3H 
IX 48 8 9 22% 22% ~ 

4-20 14 17 170230*2 
048 1.7 19 192 29% _ 

OU 48 0 348 2% dl 
OX 18 16 139 15%i IS . 

2X 58 a 12X 30% 39% 39% 
084 74 11 115 8% 8% 8% 
072 2.9 15 11 25% 25 25% 

032 38 1217S 8% 

024 09 21 227 27% 

4X 28 19 147710. 

024 18 21 41C 16% 18% 16% 
044 20 15 a 21% d21% 21% 
088 58 10 B45 15% 015% 15% 
1743 

13 3984 

4720138 12% 11% 

OX 07 22 X 2B% 2S% 

023 1X47 IX 23% 23% 

IX 7.4 9 2700 27 26% 

OX 18 17 6044 12% ' 

032 02 0 304 
29 512 

080 17 4 408 15 
1.10 38 a 404 314. 

IX 30 15 9164 41% _ 

OIO 08 22 1818 19% 18% 

IX 22 17 25B7 56% 55% 

12 21 11% 11% 

034 22 15 1583 15% 15% 

18 37 14% 14% 

IX 82 16 271 30% X 
OIO 18 13 ia 6% 6% 

084 30 12 2BB3 29% a% 

OX 09 14 86 1/7% 6*1 
OX 18 17 581 10% 10% 

IX 12 13 293 44% 44% 

18 478 9% 88% 

181 58 13 721 24% 23% 

1.78 03 11 78 28% 29% 

040 24148 7100 18% 18% 18% 
IX 38 82 1308 29% 28% 28% 
OX 23 aiflOE 27% a% 26% 
018 08 12 1718 20% a 20% 
1.16 7.1 4 3294 18% 16% 16% 
OlO 07 107 14% tfl4% 14% 

14 a 3% 3% 3% 

048 19 32 663 49% 49 « 

OX 17 18 102 17d1B% iG% 

044 12 12 06 20*| X 20% 


» Si 

SUE* Kl E lte MM leu LM 

ABStsbx ax a 38 IS 14% 14% 

ACC Core 012 a 853 14% 14 14% -% 

AdtelE 1918735 15% 14 14% -1% 

Acres U81 20 IX 23*2 22% 23% 

AodomCp 30 353 21% X 71 *% 
Adapuch 14 2799 1C 15% 15% -% 

ADCTeta 32 971 40% 38% 38% -1% 
Mcfatfon 22 571 17 16*2 17 4^4 

Aife Sere 016 21 clOO X 35 S 
Motes* 020 2010763 27% S% 25% -1% 




-X-Y-Z- 



012 13 


10 % 10 % 

“1? 
12 % 
X 20 


a 


If JE't 

" 1 1 7 

a 10% 10% 10% 


104% 87% Item 
64% nXiRMIS 

ss% xxnc&re 

25% aiMueEv 
40 33% VM fat 

S 4%ZipM 
72*06 

25% a%ze*giMd 

7% B%te*Mcx 
16% 11% 29m 
29% 20%a*BMd* 
13% 12% 2*Mg Fired 
10% B%2H*gTM 


98% +% 



tell Up* m M hr NOE ute* ue period torn Jan 1 IBS*, 
renri e u*n or uu* rite* reteg B 25 p*M u urn te here 
p*d Me te* Utfvohr UM* ere Mdred m Am tr Me mm tuck sty 
IMnounrinaHoHe Mu* era renal * 


eteuMp reach* riwhL hu jmtf km. »mm dren* er reu 
h pw d e 12 uihv pteMend h C hate ire, rete> » *59 
e re hten r i Ire. 1 te n dated mm u«te er te* (tea*. 
dred pM ede fear. *9hd edrere. or no redon ute a ted dMdred 


nreHhdihiiid Sates no M0vte urgo 
bu*a are te ten d tete otete rep dtere M priDModhgi 
rteteod dMted er pdd h uoateg 12 otrere. tea tec* dddn* 
*4Uee tpB. Dhteah toga an te d v*. do tew, iMted pdd h 
deck h prareteg 13 te** edtuhd cad tea re reiMrht* a 
re teau teu are. ih*m yreni dgu mdc« were, m i i udua te or 
nrdnnUp a te* r *hB* ted edr a 1 Batop tor Aa . a aorta 

rere utedddoefl er rente ite a eidtidnn at diene earrare* 
tendered a* tee M W. dHte. Mtec h td. 


AMEX COMPOSITE PRICES 


4 pm doss June 23 



ZttssCM 

AudtNXA 



... 

18% IB IB 

SSiS 

&&& 

13% 13% 13% 


Cdpnp 2 3395 % Oft % 

Certain OX 13 34 22% 22% 22% -% 

Can Meic OX 21 10 12 12 12 

QutnA 001 S 520 2V U2% 2% 

Cheotera 6 78 2% 10% 2% , 

QaHAon 45 214 31 30% 30% +% 

0*s 2BB1036 5% 5% 5% -% 

CtcRl 004 24 MB S% 3% 9% -% 

CnWFdA 001 82 5% 5% 5% 


w s> 

Mu E 1081 HP Lore dose C9ag 
030 21 9 1^8 18% 18% 


Ccnunco 

Qugxdmc 1 12 

CBncdFM 8 3 

CraaeATA 084558 140 16$ 16% 16% 

CWteCA OA0 41 6 lB% 18% 18% 

Croup CB OX >4 51 lA *6% 16% 

Cubic 053 80 « 1^ 18% 18% 

Cuskxnertx 13 2 2% 2% 2% 

15 100 14 1A 1A 

» 38 17% 17% 17% 
9 a 4% 4% 4% 


Utads 

Oiitek 

Oucoemai 


: 10 


9% 


Co 046 15 11 16% 10 10 

UBnup 1.722075 42 20% 20% 20% 

Echo Bay* 0073704531 11% 11 llje 
EcolEnA 030 9 13 T1%lT11% 11% 
BSttBRP 6 78 7$ 7% 7% 

Bob 18 753 35% 33 35% 

BnrSarv 50 2*91 *A 3H 4A 

Eptepe 10 631 15% 15% 15% 


4 


♦A 


FebMdsx 
Hne A 
Fetaqflne 
flute W 
FtresJLa 
Rnueocy 

Guen 

GMntFdA 

Sdflr 


064 12 a 34% 34% 34% ♦% 
IX 16 10 74 74 74 

OX 13 44 11% 10$ 10$ , 

052 73 80 » 2 a% 29% -% 
27 1596 X% 45% 45% -% 
2 14 4% 4% 4A -A 

OX 7 131 22% 

072 121547 
070 a 

2 307 
34 -114 
034 21 EX 

268W4 J <K% ^ -Ijg 



-»1 BV* 
147 20%d1B% 1 
84 16$ 16% » 


6UICdi 

HteOr _ 

Hubld OX 1210565 a% 28*4 


Madmen 

HedDrot 

Hdca 


ich core 
lutronCp 

Inf QOBB 


p 1 at 

M* E 108b Lore! 
4X33 
3 313 U3A 3% 
015 48 3D 10% 10% 
13 589 10% d»% 

1 845 5% 5% 
012 S U 10% 10 
213326 3% <Eji 
97 830 19% t 
OX 157407 15%d1 


3 

3% 


JuiBal 


KkuricCp 

mvB* 

KBOfi) 

IXerge 
UevMd 
Lee Pftnn 
LdteMc 
Lynch Cp 


MedtaA 
Mam CO 
MhiLd 
Moon A 
HER Bgil 

Net PM 
KT Theft 
maaat 
nrae£ 
NVR 


4 608 0% 6% 
21 270(114% 14% 
20 9 «% 4% 

IB 12568 18% 016 
re 557 9% 9 

8 144 1% 1% 

14 566 5% d5% 
6 316 1% m% 
181 131 lift 10$ 
B 4 28% 2B% 

2 82 36% 35% 
044 X a 2B% 26% 
OX B Z7 4% 4% 




A 

Qhte 
Pegasus S 


2jj 

OS63C 3988 24% (E4 
OX 10 34 7% d7% 
115 S 6 5% 
12 10 8% 8% 

34 IX U9% <S% 
0X154 814 33 32% 

OX M 599 17 16% 




! 22 - 1 % 
I 61% -1% 


♦% 

*J0 


MKT 

Uftrthen 

X*raab 


IV 1x1000099 

11 % 11 % 11 % 

23% 22 

B2% 61% .... _ 

35% 3S% 35*2 +% 
Z1% 20$ 20$ -% 
1A 15*2 15% 
i$ in Ui 
29% 29% 29% 

s s s 

“SSiSi 

11 % 11 % 11 % 

ss§ 

40 39% 

sS 

19$ 18$ 18% 

19% 16% 18% 


X 27% 27% 
34% 33% 34% 
32% 31 a 
13% 12% 13 

28% 28 
’4% 13$ 

29% 28% 

SB 3fi Btt 





GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN BELGIUM. 

A subscription hand delivery is available in any one of 98 postal codes xhroughout Belgium. 

We will deliver your daily copy of the FT to your home or to your office at no extra charge to you. 

If you would like more information about subscribing please call Philippe de Norman 
on rel: 02/513-28.16 or fax your requirement lo 02/5! 1.04.72. 


^SssSaiB* 1 ’ 







C 7 436 1 0% 10 10% 

Adtlxle 9 138 5% 4$ 5% 
AAFo*n 7 440 5*4 5 5% 

AchTcfeLnb a 377 I3%di?% I2Q 
Af hate OX 17 637 34% 33% 34 

Aflymre 9 SB 13% 13 13% 

AgencrRs X 291 12$ 12% 12% 

AadcaEe 010138 330 12*4 12 12% 

AtEqr OX 15 114 X% 22% 22% 
AtaoAM 224 19 89 55% X 55 
AfcteCp 34 1589 25% 24% 24% 

MOM 068 17 203 26% 25*2 25*2 
AletfiBW 15 31 B 7% 8 

AfalOrs 052 14 3 36% 36% 38*2 

Atari Pit 5 367 10% 9*2 9% 

AddCept* 1J30 12 205 14% 13*2 13$ 
Aid Cap* 050 12 133 14** 13% 14 

Atoefie C 052 18 2100 2% d2% 2% 
AtaGokf OX 8 384 1% lA lft 
AUnCD S2SB2 X%S2S% 25% 
Am Beater 072 8 427 23% 72 22** 

AoCQfBu 14 ID 15% 14% 15% 
Am Uuuq 22 3*5 23% 23% 23*2 
Am Med S 12 268 9% 8% 8$ 
Am SoRua *052 16 746 5 4% «t| 

Are Frtuy* 34 251 21 20% 20*2 
An&tA 050 17 3468 29% 29% a% 
AsddP i 321 iA U >A 

Ante! 2X 7 12 47*2 47 47% 

AmPwiCemr 2933910 17815*4 15% 

Amirs* 10 102 13% 13% 13% 
AngteMc 1527360 43% 41 41% 

Anriech Cp 0X 17 5332 13%tf1l% 12 

Amvfti 4 IX 9% X% 9% 

AMtoglc 15 12 16% 18% 16% 
Aadyae OX 13 IX 18*4 15% 15% 
AntagdAm IX 14 11 16% 16% 16% 
Andrew CJJ X 1107 36% 35% 35% 
Aakoe An 91102 17% 16 17% 

Apogee ED OX X 1612 1*% 13% 14% 
AfVBU 61769 6% 5% 6 

AppUMB 2611434 40% X X 
ApptaC QX 221B0B2 26%d»% 25% 
AppUhoes 004 31 3364 13% 11% 12% 
AitaarOi* 024X213 19 18% 19 

fata OX X 265 27 26% X% 

Argonaut 1.16 7 X 27% 27 27% 

AnaorAI 064 X 322 21% X% X% 

Anted h 0X17 IX 19% 19% 19% 

ASCGni 3 42 13% 13 13% 

Aspedfel n 1615 X 25** 25% 

AasocConm 272 X S 24% 24% 
ASTRenh 610631 13% 12% 13 

AtMrson 16 294 ull 10% 10% 
AtSEAK 052 17 1647 24% 23% 24 
Aostt OX 19 3026 51 48% 40% 

Aubbda 12 227 3% 3% 3% 
030 15 22 7% 7% 7% 


BEI B 


0X91 

B 


B - 

3 5*2 H5% 


BekerHM 
Bdsr J 
6MMLB 
taOK 


BudaGao 

Bared F 
Bay View 


X 10% 10% 
X A 4} t 
OX 11 323 19 18% 

024 3 7100 14% 14% 

14 306 20% 19% 
BrtSouBi* 044 101388 17% 17% 
BadursCp OX 9 6 18% 18% 

Bdtanrih 0X12 1S1 22 20% 

OS 16 33 32% (02 

QX 15 110 29% 28% 

OX 14 18 X 25% 

IX 13 339 61% 60% 

IX 10 612 31% 31% 

21 450 9 8% 

aa 32 127 15*4 14*4 
16 294 17% 16% 
BartdeyW *0.44 15 414 40% X 
BHAGTp 012 14 X 10% 10 
ate 97 155 6% 4% 

BgB 0.1B 16 209 11% 10% 
BMfcyWKOKIS SB 12 11% 
Btogen a 7447 XdZ7% 

ftoma 174124 10% io 

BtocKftg* 104 11 110 X% 29% 
BMCSdt* 14 7030 47% <H3 
Boatmen S 1 24 10 26a 32% 31% 
Bob Evans 027 T9 15X 21% 21% 
Boda&B 15 B 2B% 27% 
Bound 3 2427 B% «% 

BaekaX 076 5 425 33% 32 


BBSTRn 
BE Aon 
BeauOCae 
BsAiarry 


S% 

10 % 

A 
18% 

14% 

19% 

17% 

16% 

20 % 

»% 

28% +% 
25% 

80% 

31% 

9 

M% 

16% 

X 
10 
4$ ♦% 
11% *% 

27% -1% 

ioA *A 

x% 4% 


BodoaTc 
BodyWA 
Branco* 
BnnoS 
BSSMcp 
BT 


BdkkraT 
Bur Ram 


ButUrNTg 


37 5373 8% «% 
OX 18 X 46% X 
OX Z7 289 12% 12 

02A 161211 7% d7% 
07B B 5 a% 27 
OX 6 4 2% 2% 

» 8571 17% 16% 
X X 14% 13% 
a 3G 67% 
a 12 31% 30% 
6 32 25% 24% 


43% 

31% 

21 % 

26% 

8% 

32 

8% 

45% 

12 

7% 

27 

2$ 

17 

13$ 


7% -% 
31% 


- c - 

CTec IK 18 25% 25% »% 

Cabal Med 9 278 6% 7% B 
CedSdwpa 1.37 15 259 26%d26% 26% -% 
CadnueGuBQX 21 32 16% 17% 17% -% 

Caere Cp 118 847 7% d6% 7% t-% 
(agepe 225 71730 13 12% 12% -% 

Cal Mot X 1347 22% 21% 22% 4% 

1 1035 1% 1% 1 A 

1X3% X 3 

Crete 1 15 1% 1% 1% 4% 

Canon Me OXTX 13o87% 88*2 88*2 4% 

2 5 4 4 4 *% 

012 a 144 46*2 46% 46% 

CtemCm 061 21 X a 25% 25% % 
Ceetade OX 19 16 20% a% 20% -1 

CaseyS OX 16 1191 12% 11% 11% -% 

Cdgene sine 7% 6% 7£ +& 

Ceuar 8 334 19% ia% ib% 

CaJCp 19 22 12% 12% 12% 4% 

CantuTd 77 12 I07 a io$ I0 7 a 

Centocor 4 6709 11% 10% 103 
CrttIFU* 1.1211 609 32 31% 31% 

curisor 231122 11%tf10% 11% 
Dante 8X4% V. V. 

Chapter! OX 6 78 22% 21% 21% -% 

ChreSh CLOB 13 2880 9% 9% 9% 

dumdeipi 42 47 X% S.’c 6% 

Charted 15 5 10% 10% 10% 

Dumto 1 290 % d% % 

O u mp u a u 12 10 3% H3% 3% 
CNps&Te 7 BBS 4% 3$ 4 

0*01 Cp 64 47B9 58 55% 56% 

CtuFtax 1X 122537 53 52 52 

CMteaCp 017 31 1299 32% 31% 32 
CtnsLoc 2910334 29% 27% X 
CBTedi 1181172 2% (12$ 2$ 
decors 112BE51 23%d2D% 21 

CsBencp 1X15 a 9% a a 
CJaasHor a 62 8% 7% 6% 

CUM Or SB IX 12% 11% 11% 

CUhBSB 81439 5% 5 5 

CboCbIbB IX 17 IK 9% 27% 27% 


Coda Earn 127 517 6% 6% 6% 
CodBAtarm X 19 10% 10$ 10$ 
CagnsrCp 21 3290 13% 12% 13% 
Cagaoa IX 813 13$ 12 12 

Coherent ie X 13 12% 13 
Cttegen OX 73 432 19 18 18% 

CtM Bes IX 13 54 20% X 20% 
Q*1 Grp OX B IX 24% 9% 23% 
Cant 024 13 359 19% 18% 19 

CmcatA ora 181788 18% 10% 1B% 
CmotASp OX X 6379 18% 18 18% 

CopwiMMX II a 91% 31% 31% 
CaunO an X 187 19 18 18% 

Camprtds 329 864 10$ 8$ 9$ 
Gomdure 54 110 12% 12 12 

CandDdft X1263 3% 3$ 

ConPBp IX 20 430 42$ 41% 41% 

Caafern 7 8X 8% B BA 

CauM 1.44 18 50X011% 10$ 11 
DmMM 31 41 16% 1616% 

torttete 14 647 10 9$ 9$ 

CoanA OX 18 211 19% 18$ 18$ 

Conte 761313 9% 9% 9% 

Cards Cp 172X9 42% « 40% 

CorpQfA X 2£8 16% 15$ 16 

DadarB 0JQZ7Z7B1 23% H% 22% 

Cray Coop 02227 1& 1 1 


GnnmRea 

Cyagen 


3* a 6$ 5% 5% 
31095 <$ «$ 4% 


-% 

-$ 

•$ 

% 

-% 

-it 

-2% 

-% 

J 2 

■% 

-% 

-% 

4 $ 

-1% 

4% 

-% 




-D 

- 


dsc cm 

1216349 

2D$tfl7% 16*2 

-1$ 

DartSrou 

OlUXcIX 

74 d74 74 

-% 

Danswich 

11 

X 

2 H 2ft 2ft 

% 

Oteflre 

SI 

77 

8 7% 7% 

-% 

Ottompn 

18 

242 

«7 16% 16$ 

-% 

DaupteBOp 

092 11 

380 

X 25% 25% 

+$ 


DeoSnopo 
DekaDEn 
DBM) GO 
De Lhau n 
De* Comp 


om 

DxQys 

Deveon 
DM Tech 
DkmBB 
DVMfl 
OB Mere 
OgSousd 
ngsps 
OhnaCp 

Dtdeftn 

DMA fled 

DeteGn 

Dmji Hn 

DrewEngy 

DrereBun 

DnyXx 

DregErepo 

DS Bexar 

Dunn 

Durn 

Dyndedi 


EafpeFfl 

EredCp 

EastErurmt 

B3Td 

Egghaed 

BteoB 

BeetrSd 

Beaus 

BedArts 

BreaiAB 

Enrtre Cp 


n so 

Oh. E UBi at* 

QX X 2 6$ 
0 32 23 X 15*4 
0X43 260 29% 
044 11 3 22% 

X 8881 26% 
016 18 53 15% 
321X8 37% 
IX 8 52 33% 
OX 3 7 7% 

15 X 20% 
OX 855B4 17% 
121625 14 

42513 

6 6S7 
B 404 

15 382 
nte«n 85 
2 883 
OX X 2157 
068 14 20 

11 271 
11 XI 10$ 
024 X 550 X% 
0X51 IX S% 
IX 18 18* 33 

042 13 31* 17% 
030 24 aun% 

7 a 21% 


4 % 


10 

1>’e 

4 

X 

9% 

a 

13 

8*4 


6 $ 6 $ 

IS 1S% 

27% S3 
22% 22*7 *% 
2 % 2 % •% 
15 15 

36% 37 r% 
29% 30*3 +>2 
7% 7% 

13$ 19$ A 
16% 17% +1% 
12% 13% -% 
X% 9 
1*2 1 ft 

3% 4 

37% 33 


-% 
-ft 

4% 
4$ 

< 8 % 6*2 -% 
3% 3 tf 
24% 24% 

13 13 

07% 7$ 

10 $ 10 $ 

=3 23% 

4$ 5% 

31% 31% 

16% 17 

32% 32% 

X% 21 


4 % 

4$ 

-ft 

*u 

-% 

-% 


- E - 


En*Shi 

Era* Me 

EqUHOI 

Erioofi 

BHO 

Evans SHi 

Exteyte 


E z enrpArh 


Fal6rp 
Fair Cp 
FiAref 

RPtnfl 


5 7 

2 174 

3 45 
018 21 1615 

245 510 
21163 
10 204 
0X47 E 
1618101 
22 823 
271442 
41 5 

87 40 
2 458 
OIO 15 34 
0481X2113 
75 

67 238 
19 16X 
9 30 
16 IX 
010 21 12 
X 616 


4 04 

4% 4$ 
1 % 1 $ 
17$ 16$ 
7$ 7$ 
2ft (Eft 
10 % 10 
47% 47% 
15013% 
7$ 7% 
6% 06 
11% 11% 
2$ 2% 
2 $ 02 $ 
3$ 3$ 
50% 50$ 
S% dS% 
15%d14% 
15$ 14$ 
8% 7% 

Xft 21% 
18% 18 
12 $ 12 % 


4 % 

4ft “ft 

1% 4% 
16$ •$ 
7$ 

2ft -ft 

10*4 4$ 
47% 41% 
13$ -1$ 

7$ 

6$ 

11 % 

2$ *% 
2% 

3% -% 
50*4 -% 
5$ 4$ 

14% -% 

14% -$ 
7% h 
21% -% 
18% *% 
12% 


RDiThrd 

nrtyOf! 

AggtoA 


HM Am 

HBcOhU 

FsCoGk 

Fate* 

FstTenox 

FdWestn 


Aslier 

Rretmiss 

Rearv 

Han K 

FcoflLA 

RflOB 


Foster A 

Ft* An 

FdFHx 

FdHreU 

FidalB 

Hdunflnx 

Fuar 

FionedAOR 


- F- 

11 <3 5% 4% 

024 12 167 5 4$ 

004 51 6*7 33 32% 

151567 24% 24% 
3 174 3% 2$ 
1.24 16 171 54% 54 

5 3X 3% 3% 
024 0 429 11 10% 

224531 1B%(tlS% 
IX 12 1652 35$ 35$ 
Ofl« 87170 32% 32% 
IX 11 116 9$ 25% 
QX a 799 23% 22$ 
IX 11 393 X% 28% 
IX 10 37D 44 4315 

036 7 IH BJJ 8% 
052 6 206 23*2 23% 
IX 11 17 47% 47 
45 IX 7% 7$ 
25 1132 20% X% 
IB IX 6% 6*4 
0X 162X9 8$ 5$ 
0096122X1 6$ 6$ 
IX 10 13 32 31% 

12 71 12%dl2% 

38 3 3% 3% 

144 12 IX 30% 29% 
OX 8 153 16 15% 

1.18 11 224 a 27 
05B 2331K 37 X 

056 11 51(122% 21% 

024 18 640 14% M$ 
329 4$(Bft 


4% -% 

5 

32*2 -% 
24% -$ 
3 

54% 

3$ -$ 

mil -ft 

IStl -3ft 
35$ 

32$ -% 
25$ *% 
22% -$ 
X 

43% 4$ 
8$ 

23% *i. 
4J -% 
7% *$ 
20 % 

6$ -% 

6 

6$ -% 
31*4 
12% 

3% 

29% -$ 
15% -% 

a +i 

37 +% 
21% % 
14% -% 
3$ -1% 


GB Ape 
GUSarv 
Gums 
B ared Rs 
MOD 
Bind 
Qrtyte 
GencUPti 
GeomCp 
Gens Kb 
G anzyme 
»Gt 
GkMMgd. 

RA 
Bsbatam 
flood Got 
G oUdeftnp 
DrekuSys 
Granite 
Breen AP 
EmwdiPti 


amwv 

on Gap 
GtNTSeg 


- G - 

6 2 3$ 3$ 

0B7 22 170 14% 14 

o a 3 3 

10Z100 3% 3% 
016158 14 6% 6% 
040 18 92 17% 18% 
18 133 4$ 4% 
33X5 11 10 

4X 41 414 24% 24% 
133 930 4% Si 
61 3477 27% 2% 
040 10 596 16%d1G% 
012 16 698 22% 21% 
OX 16 4 14%d14% 

11 21 5% 5 

14 441 12 11% 

OX 18 972 21 ft X% 
33 330 2$ 2 

OX 67 123 21% dX 
024 11 75 18$ 18*2 

0 1633 ft £ 

01167 2$ 2% 
862 88 13$ 13% 
8 132 11 10% 

6 4X 9$ 9$ 


3$ 

14% +% 

3 

3% -% 
6% 

17% +% 
4% -% 
10 -% 
24% -% 

4 *& 
26% -$ 


18$ __ 
21% -$ 
14% -% 
S 

11 % -% 
20$ -il 
2 -ft 


-$ 

*% 


X$ 

18% 

% 

2$ +ft 
13*4 -% 

II +% 

9ft -A 


B 41 
Harieeyelx 0« 6 647 
Harper Q) 0X 133805 
HBD 6 Co * 0.16 24 7973 
17 9578 
0X21 1356 
8 337 
12 389 

Hachtager 016X1938 


HahnTrei 

Hat* 

itatesy* 

HotogK 

tome Beal 

HonuOtce 

HaiMde 


HteX 
KrtMotn 
nits Co 
MteiTech 
HycorBM 


FRSye 
DBConuu 
IS Intel 
tnousr 
Imw u wgw 
Impart Be 
MdBencp 
ted Ms 
Ml Res 
Kormfc 


8 2 
072 14 1221 
015 24 413 
52 238 
OX B 113 
072 25 XI 
044 19 IX 
1621X 
0/44350 5 

OX 181060 
OX 11 830 
OX 0 X 
36 4489 
19 167 


- H - 

B% 6 
21d19% 

14$ 14% 
29% 28% 
16% 17$ 
12 $ 12 $ 
6$ 05$ 
7ft 7$ 
16$ 15$ 
11010% 
13% 13% 
22 % 21% 
8% 8 
11 $ 11 $ 
X$ 20% 
U21 X 
27% 28% 
14% 14$ 
3% 3% 
18% 18 
X$ 25$ 
2 $ 2 $ 
25022% 
6$ 4$ 


LtegrOev 

WgaSys 


i jl_ jg 

war Tel 
MfcriceA 

MW 

MW 


k*D8t|0A 

MtBes 

MlTdtl 

Mncva 

kmexCp 

bonuh 


43 167 7$ 7 

2318483 8$ 7$ 
5 BBS 5% 05$ 
27 297 5% 04% 
3 337 4$ 4% 
DAO X 2 17% 17% 
1.X 19 405 40$ 39% 
024198 54 14% «14 

16 12X 14 13% 

1718X 15% 14% 
OX 14 IX 10$d10$ 
S1032B a 29% 
a 3X 9% d8% 
7 216 2% (2% 
024 1123732 60% X 
7 1® 2$ 1$ 
032X3395 17$ 17 

X 370 10 9*4 

024 15 715 11%(f!1% 
3 574 9% 9% 
7 911 5$ 5% 
3 291 9% d9% 
125410 7% 6$ 
14 157 17% 17 

0X21 75 3% 3ft 
2X1550 5% 5$ 
001 IB 396 2S% 27% 
1 IX 2% 2$ 
16 46 17% 16% 
1.17 37 244206*2 205 


6$ 

X% -1 

14% -% 

28% -1ft 
16ft *H 
12 % -% 
5$ -% 
7$ -% 
ISft -Jl 
10 % .$ 
13% -% 
21 $ -$ 
8ft -ft 
11% ♦$ 
20$ +% 
2D% 

27$ *$ 
1*ic 
3% 

18% 

2S.V -ft 
2$ 

22$ -IB 
5$ *% 


7 -% 
7$ -h 

5$ *$ 
4% J 2 


4$ 

17% At 
39% -$ 
14 4* 

13$ -$ 
14$ 

10% -$ 
23$ -1$ 
6% -% 
2% -% 
58$ -1% 
1$ •% 
17 -51 


0*4 

11 % 

9$ 

5% 


9$ *% 
7 -% 
17 
3% 

5$ -$ 
27$ -$ 

V* -ft 

17% 

205 44 


J&I Snack 
jantac n?S 
JL6tnd OlO 
Johrsai* 
JdpbM 
Jana* tied A10 
JnteCp IX 
1%) 004 

Jam 14* 028 
justti* are 


- J - 

14 IX 13 
16 IX 11 
27 X 3i% 
X 18 23% 

9 256 13 

161412 11% 
11 IX 25% 

15 903 25*2 
18 252 16% 
9 X 12% 


12$ 12$ -$ 
10 % 10 % -% 
30% 31 4% 

23% 23% 

12$ 12$ -% 
10 % 10 $ -$ 
25 25 -$ 

24*2 24$ -1$ 
18% 18% 

12 12 


A/ B* 
OK. E IBB* 


tea UW tad dap 


- K - 


K Serin 0X11 179 
K*"» Cp 044 5 696 
Keydon Cp >0«) 12 275 


KaflreOB 

Kelly Sk 

Kersucky 

Kfehttei 

Kowdtner 

HA Mar 

tnouedge 

KWA 

Kaoagmc 

KUKteS 


71403 
072 23 43 
Oil 10 19 

OU 13 J 
14 80 

45 2654 
31258 

0 145 
1X3017 
8 338 


21% (Cl 21$ 
9*4 9 9% 

70% X 20% 

7$ :% 7% 

a 28% 28% 

7 6% 6% 
23% 23% 23% 
8% 6*4 6% 
34% 33 34 

8% d7% 7% 
ft dft ft 
18% 17% 18 

13% 13$ 13$ 


- L - 

Ladd Fun 012 42 910 7% 06% 7% 
Lam tech X 2458 X 25% X 
Lancaster 06* X 422 48% 47 47% 

Luca Me OX 17 470 18% 17% 17$ 

LanankGph 37 6S6 28% 28*4 28% 

Lanogocs B 4 7 d7 7 

Laotncj* X «8 5$ ns% 6% 

LdaceS 151216 19 17$ 18 

LamanPr 048 17 53 23% 23 23 

LOTS 21611792 1555 14% 15$ 

UUCP 0.16 1 23 4% 3% 3% 

Labors 151145 13 12$ 12% 

Lager* Cp 15 7905 28 25$ 25$ 

LUyMSci 078 15 326 31$ 30% 30-% 
Lite Tech* 0X15 147 17$ 16% 16*4 
Lftfine 72 430 4$ 4$ 4% 

UByMA OX 13 104 14$ |4 14$ 

99 7X11S$1 17% 117$ 
052 16 IX 16$ 16 15% 

14 45 32 31% 32 

024 355399 44% 42*4 43% 

040 18 226 X 34% 35% 

UuwenGpiOX 271527 73 22$ 22% 

Lone Sts 21 81 7$ 8$ 6$ 

LotmD 2722107 36$033% 33% 

LTXCp 2 1070 2$ 2% 2$ 

LVUHt 075 4 17 30% 30*2 30% 


MO Cm OX 2019556 23$ S3 23$ 
MS Cars 19 1166 23% 21$ 22% 
MtecMM OX X X 1277 12% 1277 
ItetanCE IS 14 94 33% 32$ 33 

Magma Pw 13 290 28% d28 26$ 
Magna Cre 070 12 504 19*4 19 19*4 


LnBr 
UncaMTx 
LreBaytH 
Lkwarlec 


t$ 

•1% 

-1 

-% 

.11 


-$ 

1$ 

-% 

♦% 

-1$ 

-% 

■% 


Mat Bor 
Marcum Cp 
Marine Dr 
UaftdGP 
Mapel 
Murkoa 
ttoehSoMOM id 
M as ite 


12 289 8 d7% 7i: 

301*46 10$ 10% 10$ 
15 367 6$ 5% 5% 

9 17 40 X 39% 

0 7 1% 1$ 1% 

19 4 8% 8% 8 % 

3 10*4 10% 10% 
060 11 2836 20% 19 % 20*4 
9 178 8% 8 8 

ttaeaiM X 3364 52$ 50% 51$ 
Cp 0 1545 5$ 04% 4$ 
UcSraSiR 044 12 3 16*4 16% 16% 

McConnlc OX 171693 20% 20*4 20% 
Me CMC 46 3175 52$ 51$ 51$ 

Med Mug 0 25 ft ft ft 

Medea Me 01615 IS 12% 11% 11% 
OX 13 21 B 22% 22% 22$ 

024 7 73 6*4 5% 5$ 
Mentor Cp 016 45 70 14% 13% 13% 
MenkG 024 X 5936 10$ 10$ 10$ 
XOES 11 361 20$ 20$ 20$ 
Mtecuy GxQTO 8 161 30% 29% 30% 
MnUM IX 11 627 31$ X$ 31 
MertsU 6 5411 9$ 8$ 6% 

MeOmdaA OX 17 259ai7$ 17 17$ 

F 0X15 6K 11$ 10% 10% 
HU NUB 2X334 839 73$ 73 73$ 
9 1» 4% 4 4 

Menage 133996 19%d17% 17% 
MJcrecon SHOT 6*4 5$ 5$ 
Mbgreh 16 771 7 «$ 6$ 

Mtapcdi 2 754 5$ 5$ 5$ 

MKaft 1430577 52*4 50 50$ 

MdAHM 456379 52$ 50% 51*4 
Mxtanhc 040 11 1373 28$ 28% 28*4 
MawGran 050 27 X 34 S$ 33$ 
H OH 18 1429 25% 75 25*4 
920 22% 21 21 
15 123 11% 11% 11*2 
MnMeTa! 43 1454 17$ 17$ 17$ 
Modem CO 0X19 31 7% 7% 7% 
Moduli! 052 IB 190 27 25% 26% 

Mate 004 499 35$ X 35 

Mote Me 004 27 396 37% 36$ 36$ 
ax 10 550 5% 5*4 5$ 
036 23 124 32 31$ 32 

18 » 14$ 14% 14$ 
056 11 te 26$ X 28$ 

13 21X 29$ 3 20 
Myngeo 5 X 11$ 11 11$ 


P 

Mr Coffee 
MTSSjs 


v-.ll 

*% 

*$ 

-$ 

♦ft 


-% 

.$ 

->. 

-$ 

■% 

•% 

•ft 

*$ 

♦ft 

$ 

•% 

♦$ 

-$ 

-$ 

♦% 

% 

-V 

-% 

♦% 

•ft 

■1*4 

-$ 

-$ 

-$ 

■1$ 

1$ 


PirtmB 012 
Pyranw 
QuaenLog 
QuakeiClen 062 
OuaiFowi ox 
Quartim 
Qucisft 
OVCNHWk 


n at 
t ite 

? ite? 
9X35 
8 » 
71 .-!» 
1 J 1Ch5 
5X80 
j? ai 
221461 


rare low 

X% 19$ 
6% C% 
5ft d5$ 
17% 17% 
24 22% 
12’3tfll$ 
12 $ 12 % 
34$ 33% 


cue 

.1. 


J:* 

1:% 

23 
11 % 
12 % 
13 V 


Rreum 

ftaBw 


(aynwna 

Ream 

RttKeA 

RrpOgcn 

Rep Hx3f 

RccreMna 

ReuttD 

RexantH 

RtreFa* 

Rokms 

RteW 

RocnSvB* 

Raxarea 

RoreEtri 

RotechUad 

Borer ■ 

RPUMc 

RS Rn 

RyhiFirer 


13 713 
G 1070 
3 KM 
25 177 
X 603 
IS 92 
2 rt 

5 175 
13 392 
224 14 4147 
1 184 
OX IQ 6 
140 221775 
012 12 X 
056 4 2192 
015 3 1507 
DX 103554 
S3 Hhn 
068 59 IS37 
asr x inn 

048 14 22 

13 P56 


14% 12$ 14% 
6% 5$ 

5$ 4$ 4$ 
19$ 18 >4 IH’4 
31 29*4 29% 
17$ 36% 16% 
4% 3'j 4$ 
3$ 3% J% 
8$ 87$ 7% 
41% 39$ 39«. 
6$ L.% 5% 
XV 35 % 35% 
60*2 68$ 60% 
6% dt. G 
19$ 19$ l‘j$ 
16$ *6$ 1G$ 
13$ u$ is;: 
Ill; 19 19 
19% 16'j 1-1 

17$ 17 17«. 

71$ 73$ 73% 
”$ 7% 7% 


1$ 
■ In 
.U 


-i. 

$ 

•l a 

% 
■ IS. 

% 

-% 

% 

■*0 

Jl 

•$ 

■$ 

•*3 

.% 


- S - 

Sdeco 1» 8J1U1 &B“e 67$ 57.^ -I 
Sarxferan OX 13 176 17% 17% 17% 

ScMutegrA 030 13 KB 27% 26% Io% % 

Sn Mtd L 7 2176 2h$ 25*4 26$ ♦$ 

SDSystm 11 2'7 14% 14 14 % 

Sets G 771 f.% d5% 5'; ■% 

SdtO Cp 052 71151 Hid 1 5% 15$ ■% 

San Bid B 603 8 7$ 9 

5aafldd IX 45 7 ,nj 37 37 

Step 860085 X%dl8$ 19 1% 

EE) Cp 016 23 397 J-J 18% 1H% -% 

SetecbB QJ6 I 541 1$ 1ft 1$ 

Setactas 1.12 15 131 25% X 25 .% 

Saquere G51D74 13$ 13$ u% 

Srepna 22 5(9 j$ di$ 5% 

SorvTrch 17 01 B$ 8 8$ 

Sentinel X 233 eft 3?e 37, 

Sw enson 16 4 17$ 17$ 17$ 

SortM 084 IB 501 24$ 24$ 24$ 

aasystm 2 491 G"fl 6$ 6$ 

ShomcoDd X 1143 17% 17 17% 

ShoNhlzr 101390 M% 10$ 11 

Sena On 13 834 1Sdl6$ 16$ 

SrereTuc 2 21 3% 3% 3% 

SrgmA) (133 181511 40% 39$ 39$ ♦% 
SiflrnDes 1 3089 8% 6% 8 >1$ 

SUaMBc OX 53 13 10% 10% 10% >% 

SIcrilGp 34 1»« «•% 11$ 11$ +$ 

StoUGUl 056 X 710 21% X% 20% -1 

SreMU 34 1514 X% 75 25$ 

Snappteflv 56 Bite 22$ 21$ 21$ 

SUhimP 1 10X 4$ 4$ 4$ 

Sonoco OX 15 2796 71% X% 21% 

Southtst aa 10 864 20% 20% x% 

Spiegel A OX 38 3990 21$ 1 7% IB 


»$ 

-% 

•$ 

-% 

-% 

.% 

■1$ 


-x 


SJudeMd a« 122875 28*2 20 28$ 
StPBuBc OX 101469 22% 22$ 22$ 
SteyBI 1 IX 2$ d2$ 2*g 

Staples 39 3707 27 25 25ft 

Soto SV OX 163117 40*2 39$ 39tt 
SMWcre S2661 14% 14$ 14$ 

SU Regis 0X15 X 22% 21% 22% 
SreelTac OX 19 626 18 17% 17% 

SWyUSA OX 37 347 10% 9% 10% 
Stem IX 54 18% 18% 18% 


-$ 
♦ % 
*% 
-3% 
♦% 
-% 
-$ 
-1ft 
-ft 

♦*2 

•% 

♦$ 


IK 


Wtwkflen 

ItetwkS 

rieuogen 


MAC Re* 016 12 383 
Hash Fflril Q72 11 IS 
NMFUZa 12 22 
MCDnpt 0X 72 515 
Mrs Sun 020 19 12 
12 9 

0.45105 IX 
16 280 
212070 
94 772 
25 3 

027 X 423 
NewEBua 0X 22 94 
Mew linage 8 43Z 
NUdgUtet 2124752 
NewprtCp *004 12 IX 
Notes Dd 243894 
050 3 202 
a« 25 4764 
Narsonl 12 370 
NSreUn 4 321 
NenhnTit OX 14 459 
NWAk 14 2623 

NOMA 72S3S233 

MhdkB 27 2905 
NSC Cap 7 191 


28*j 27$ 
17% 17 

6 5% 
12 11 $ 
13% 13 

18% 18 
61$ 61% 
26$ X 
15% 14% 
5% 6$ 
7% 7% 
19% 18% 
19% 18% 
10 % 10 
31 $028% 
8 5% 
8 7% 
56 64$ 
45*4 43$ 
18*4 16% 

5$ 5% 

42 41% 
13% 13$ 
15$ 14*2 
32% 29*2 
2% d2% 


27% -% 
17% *% 
5*4 -% 
lift -ft 
13 
18 

61% ♦% 
» 

14% -% 
6% -$ 
7% 

19% ♦% 
19*4 ♦% 
10$ +$ 
29% -2% 
5% -% 
7H +A 
54% -% 
43$ -1% 
16% -2 
5% 

41% •% 
13% -% 
14$ -$ 
29% -2 

2% -ft 



.A. 


LS Hater 

oxa 1421137 41$ 39 39$ 

-1% 




Urta 

2 1844 6$ 57« 5$ 

-ft 

OCharieys 

29 355018$ 17% 18$ 


UCaesfls 

1XD 13 

X 16 15$ 16 

♦$ 

Da* Cun 

13 3608 18 17 17% 


US Ter 

2X0 12 

67 51% 50% 51% 

*% 

OffsnreLg 

14 179 14$ 13% 13% 

-$ 

United Si 

Q4Q 9 

299 10%tf10% 10$ 

-ft 

OteebeyM 

ODD 8 26tl2B% 24% 24% 


IMtog 

0X4 21 

5 27$ 27$ 27$ 

*% 

ON0Q1 

1.46 615X 30% 29% 30% 

♦$ 

IMtta 

IX 21 

192 *0$ 40 40 

-% 

OldXert 

1.16101328 34 33% 33 % 

-% 

US Bhncp 

OX 10 1692 27% 26*2 28% 

-ft 

OUNaX 

0X2 16 27 36% 036 38% 

•$ 

US Energy 

X 

?IX 4$ 4$ 4$ 


OrteanorpxlXO 6 719 33$ 32% 32% 

% 

LET Core 

1.12 9 

61 13% 13$ 13% 

-% 

One flu 

13 655 17$ 17 17 

•% 

Utah Med 

11 

230 7% 7 7$ 


Optical R 

21 725 22$ 21% 22$ -M% 

UMTHev 

10 

11 46% 46% 46% 

+% 

OracteS 

503D75B 36% 34$ 34% 

-IB 

on* 

15 

220 S% 5 5 

-A 

OrtSenea 

46 663 19$ 16 18% 

-1 






Ortotoch OX 

IkegeeMel 031 
Oshap 


X 7% 7% 7% 
17 14% 13$ 1«% 
'37 5% 5*2 5*a 
16 2% 02% 2% 


OshhflA 041 44 174 14 13$ |3% 

QranahTOXll TO 1110$ 11 
OttefTea 1.72 14 IX 33% 32% 32% 


•% 

-$ 

♦% 

♦% 

-% 


Padhrtip 

PTdcm 

PaefflCre 

Pemmeac 

Payeter 

PaycoAm 

Peenus 

tanTffy 

FwiMig 

Penal 

pB«Bdii 

Penned L 

PoapteH 

PeMHB 

toamtr 

phoemteh 

PtXdB 

flctinte 


floneerfip 
PlnieuH* 
FteaeaS 
Ponca Fed 
Panel 
flat Ute 
Pteastek 
pr/GDU 
Pitt Pa 
pi Mb inf 
Rod Ops 


-P-Q- 

1J» 12 907 46*4 45$ 

OH 12 31 12% 12$ 

IX 15 292 24% O 

21 523 53% 51% 

283)880 23% CC2 
024 374122 31%d28% 
23 3 8*2 9$ 

0X 40 7 10 9% 

9 115 14% 14% 
UO 22 61 33$ 31$ 
0:72 1611X038% 37 

14 181 5% 5% 
0X24 X 22 21% 
024 13 209 13$ 13$ 
1.12 17 33 SI 3) 
25 37 8% 8% 
23 366 5 4% 

OX 4 IX 10$010$ 
275566 13 12$ 

41 13 16% 16 

OHS 639 39$ 37% 
OX 229293 35% 32$ 
014 14 IX 26 24$ 
6 111 
17 « 

009 3 1042 
IX 7B9 
21 4956 
41 1103 
IB 10 


4G +1 
12$ +$ 
23$ -% 
51% -1 
22% -% 
29% -1% 
9$ +% 
9*4 

14% +$ 
31$ 

37% •$ 
5% ft 

n$ ♦% 

13$ +ft 
31 


8% 

4% 

10 $ 

13 

16% 


6% B 
6% 6 
7 6% 
X 29*4 
15 14% 
5% 5% 
B% 9% 


024 23 161 26% 26% 


-% 
% 

♦% 
♦% 
37% -1*8 
32% -2% 
25% +% 
6% +$ 
6*4 -% 
6% 

29*4 -% 
14% -% 
5ft +ft 
9% ♦% 

•vU. 


SraArta 

1,10 12 261 30% X X 

-% 

Struct Dy 

21 10® 10% 10$ 10$ 

-$ 

Shyker 

QX X 4366 28 25*2 25% 

•1% 

SteratO 

23 9 15% 14$ 15% 

♦$ 

SunteomoB 080 25 7 23 22$ 22$ 


SurenlBc 

Q« 13 235 22 21$ 21% 

*% 

Sunni Ta 

X 467 27 26 26 

-1 

Sim Spat 

13 66 5ft 5% 5ft 


SuHHc 

10W« 19%dl8% MIS 

% 

Swift Tra 

33 X 32% 32% 32% 

$ 

^maalnc 

5318846 40$ 46 46$ 

-3$ 

Symuriac 

27 7009 11% d97 fi 10ft 

-lift 

Syndoy 

036 17 39 18% 17% 17% 

•% 

Sync mill 

67 11 3% 3% 3% 

-% 

Sytreger 

2 3594 9% d7% 7% 

-1$ 

Syitetic 

59 7 15 14% 14% 

*% 

SynopOcs 

13 7429 15014% 14% 

-ft 

SysurSoft 

012 15 703 14 13 13% 

♦$ 

SyetomSca 

23 636 14% 14% 14$ 

-% 

Systomeo 

X 805 6$ 6 6*4 

% 


- T - 

T-CekSc 6 16* 3% dl$ 3$ 

Tjpwaflx 052 17 2642 M 27% X 

TBCCp 16 119 12% 12% 12% 
TCACatee 044 27 222 23$ 22% 22% 
TechDota 10 1903 16 15% 15*2 

Teamen 080 13 156 54 49% X 

Teketec 2 20 9 8$ 9 

TefcaSys 8 885 12$ 11% 11% 
TekComnA 26710763 21$ X 20$ 
Tdd* 82141 8 5% 5% 

TafedH 21 4985 31% 28% 29 

TehoaCp 001 63 1149 15% 14% 15 

Taira Tec 71 404 8% 8$ B% 

TenPMDR OX 24 1070 24$ 24 24$ 

Three Cum 4719579 47 43% 43% 
TJMx 022 28 6795 20% DIB 10% 

Tolas Med 2 526 4% 4$ 4$ 

Tokyo Mar 032 37 37 62$ 62$ 62$ 
Tom Brown 77 1x1 14?! 14% 14% 
lappa Do 0283591195 7$ 7 7ft 

TFI Enter 3 3811 6% #5% 5*4 

Transwld 10 33S 11$ 11 11$ 

Imwk* 1.X 12 U 42 42 42 

Tneare a 45 3$ 2 ^ 2$ 

Trimtea 51 113 10% 9% 9 7 j 

TnsteaOkC IX 11 189 22% 21$ 21$ 

Tseng UD OX 12 7E0 7$ d6% 

TysfdA OX 18 1 594 22*4 22$ 22$ 


- u - 


■$ 

- 1 % 

•% 

♦% 

-% 

•3$ 

■i 

"1* 

-$ 

-(% 

*$ 

♦$ 

-3% 

■2% 

*% 

-1. 


7 -$ 


- V- 


Vatnort « 

OX 32 16 15*4 14$ 14$ 


ttvdCtf 

891062105*2 34% 35$ 

♦% 

venter 

17 1214 18$ 15% 15% 

•% 

Wear 

X 3491 2fl’z(118$ IB 

-1 

VteapRet 

8 170 14$ 14 14$ 

5 

-14 

Wantage 

191469 16*4 15% 15ft 

♦ft 

VIS Tech 

X 1382 13% 13$ 13$ 

■% 

VahaB 

0X4 16 49 88% 88% 88% 

♦$ 


- w- 


Warner En 

010 22 111 29 28*2 28% 

-$ 

Wantacii 

X 601 4$ 4 4$ 

♦ft 


WreMftlGBOGB 7 1715 20$ 20% 

WEtfedS ax 9 291 22% Z1% 22% 
WandMA 022 10 39 X 24$ 24$ 
Mum PM *024 151751 25*4 23% 23% 
M>-40 2X0 15 266 40 X 39*« 

X 103 4$ 3% 3% 


Nedd 

vrtatora 

WsSU 

WstpStA 

VMScaM 


*$ 

♦% 


072 12 919 30$ 30% 30% 

9 901 12ft 11$ lift -ft 
1 097 12%d12% 12% -% 
11 204 3$ 2% 2% 

096 X 2264 48% 47$ 47$ -% 
WnsSmnu 71 Z298 31$ 31 31% t% 
woman l aa 12 is 14% 13% 13% +$ 
wmngt 040 X 1354 X*; X X 
WPenkVkOjBX 307 3ft 3% 3% -ft 
Wynahtak)040 4 247 6% 5% 57g 


-X- Y-Z- 

XBnr 21 34S9 35*2033% 34 

tern Gap 2 525 3% 3 3 

VBB M 094 28 2732 17% 17% 17% 
VortReen IS 97 4$ 3% 37g 
ZkasUXi 1.12 ID 35 41% 41 41$ 


1 % 





46 


rfrvTAxmr at TmillC 


Friday June 24 1994 



AMERICA 


Equities sag 
after bonds 
drift down 


Wall Street 


US share prices sagged late 
yesterday morning in an unin- 
spired session widen belatedly 
tracked a downward drift by 
bonds, writes Frank McGurty 
in New York. 

By 1 pm. the Dow Jones 
Industrial Average was 9-51 
lower at 3,715.26, while the 
more broadly based Standard 
& Poor’s 500 was down L60 at 
451.49. 

In the secondary markets, 
the American SB composite 
dipped 0.77 to 432.45, but the 
Nasdaq composite suffered its 
third big setback in four ses- 
sions, dropping 6.78 to 705.96. 

With relative calm returning 
to the foreign exchange mar- 
kets, equity investors 
attempted to build on Wednes- 


NYSE volume 

Dalfy (mffton) 

400 


300 



200 


to 13 14 15 16 17 20 21 22 23 
June 1994 


day's 17 point advance. The 
dollar was helpful, climbing 
above Y101 on speculation that 
central banks were preparing 
to intervene to support the US 
currency. The rescue mission 
did not materialise but the dol- 
lar held firm nevertheless. 

Bonds were supported early 
in the day by developments in 
the foreign exchange markets. 
The day’s economic news was 
not uniformly positive but nei- 
ther did it seem to present any 
obstacles. 

The Commerce Department 
said that orders of durable 
goods bad risen by 0.9 per cent 
in May, against expectations of 
a 0.4 per cent gain, but most of 
the overall increase came from 
a rise in aircraft orders. 

Meanwhile, the Labor 
Department reported a gain of 
3,000 in claims for unemploy- 
ment benefit last week, while 
economists had expected a 
slight drop. 

Both sets of data pointed to a 
moderating growth rate which, 
on balance, is positive for 
equity investors hoping that 
the Federal Reserve wQl delay 
its next move to lift interest 
rates until late summer. 

Still, stocks appeared to be in 
a holding pattern, with the 
activity in bonds or currencies, 
and the fresh economic data, 
failing to generate either 
excitement or disappointment 
The blue chips were showing 
moderate gains by midmom- 
tng, but tailed off as the after- 
noon began, mirroring a slow, 


S Africa fails to find spur 


Johannesburg was mixed as 
the generally improved mood 
following Wednesday's nat- 
ional budget was countered by 
a lower gold bullion price. 

Trading was slow, as the 
package failed to spur a hoped- 
for recovery in demand, partic- 
ularly by foreign investors. 

A stronger rand hampered 
export-oriented companies, 
especially gold mining issues, 
after bullion's softer showing 


undermined prices in the sec- 
tor. The overall index finintinH 
17 softer at 5,688. industrials 
firmed 4 to 6,586 and golds lost 
21 at 2,221 

De Beers retrieved an early 
hall to end unchanged at 
R113.75. Anglos shed 50 cents 
to R238 and JCI Rl to R105. 

Iscor collected 5 cents at 
R3.63, adding to its 9-cent 
advance registered on Wednes- 
day. SAB was steady at R9L 


EUROPE « 

Bourse recovery, but dollar fears revive 


steady erosion in the bond 
market 

Cyclical issues were mixed. 
Paccar, a heavy-duty truck- 
maker, gained gLtt to $46% but 
Eaton, a supplier of motor 
vehicle components, dropped 
$1 % to $52%. Bargain hunters 
gave Caterpillar a lift after two 
losing sessions. Its share price, 
hit hard by jitters over a strike 
by union workers, gained $1% 
to $103%. 

With a takeover battle for 
Kemper suddenly taking 
shape, the insurance concern’s 
share price jumped $4% to 
$63%, a new 52-week high. The 
trading followed a bid by Con- 
seco to buy the company for 
$67 a share in cash and stock, 
compared with a $60-a-share 
cash offer by GE Capital, a 
General Electric subsidiary. 

Investors were uncertain 
which of the suitors had the 
Upper hand, and so the shar e 
prices of both appreciated. GE 
climbed $1% in very heavy vol- 
ume of nearly 3m shares, while 
Conseco was marked up $1% to 
$52%. 

Eastman Kodak gained $1 to 
$47% after Sanofi. a French 
pharmaceutical group, agreed 
to buy the prescription drug 
activities of its Steriing-Winth- 
rop division. 

After a one-day respite, the 
sell-off in the technology sector 
resumed. On the Nasdaq, Lotus 
Development dropped $2& to 
$33%, WeDfleet gave back $2% 
to $20% and Microsoft receded 
VA to $50%. 

Canada 

Toronto stocks were slightly 
better at noon as the Canadian 
dollar and bonds streng thened. 
The TSE 300 composite index 
was up 6.85 at 4,059.03 in vol- 
ume of 27.35m shares. 

Declines led advances by 269 
to 250 with 261 issues 
unchanged. Toronto's 14 sub- 
indices were evenly split, with 
gains In precious metals and 
property offsetting losses in oil 
and gas and communications. 

The gold sub-index was 42.65 
higher at 9.924.76 as London 
gold fixed at US$390.10 per 
ounce, up from US$389 earlier 
in the day. Franco-Nevada rose 
C$% to C$74%. 

Hoffinger fen C$2 to C$14% 
on news that the London Stock 
Exchange was investigating a 
34 per cent fall in the shares of 
its UK newspaper subsidiary. 
Telegraph pic, after the com- 
pany cut the price of the Daily 
Telegraph. 

Brazil 

sao Paulo was up 22 per cent 
in local currency terms in thin 
mid-morning volume. Traders 
expected the market to be flat 
to firmer in the immediate 
short term, saying that the 
market was lifted by ongoing 
optimism over the introduction 
of the new currency on July 1. 

The Bovespa index rose 663 
to 32.679 in low turnover of 
about Crl2&5bn ($502m). 


The dollar had a better day In 
Europe but renewed US fears 
of currency weakness, after 
continental market hours, sent 
brokers pensively home, writes 
Our M arkets S taff. 

FRANKFURT fried to move 
on the news, or the absence of 
it, retreating from its highs 
after the Bundesbank 
announced that it would leave 
key interest rates unchanged 
for at least the next two weeks. 
The Dax index rose 27.68 to 
2,022.10 an the session after a 
high of 2,031154. 

In the afternoon the bund 
future reacted by half a point 
after its earlier gains, said Mr 
Jens Wrecking at Merck Finck 
in Dttsseldorf; equities followed 
suit, falling then recovering to 
end the day at 2,03252. 

Turnover rose from DM&5bn 
to DM9.2bn. Deutsche Bank 
lost ground in the post bourse, 
ending at DM68L50 after a rise 
of just DML50 to DM688 on the 
session on exposure to debt 
markets, property scandals and 
recent talk of management 
changes. 

Merck Finck was not looking 
for a sustained equities recov- 
ery, “As the most important 
bond investors are stQl heavily 
over-invested", it said this 
week, “they will be inclined to 
use any recovery to reduce or 
unwind lo ssmaking bond posi- 
tions. As a consequence, the 

ASIA PACIFIC 


FT-SE Actuaries Share Indices 


Jun 23 
tarty 


opm imp 11J0 1200 13J0 


THE EUROPEAN SERIES 
1100 1503 Oom 


FT-SEEuntrack 1D0 
FT-SE Eurotacfc 200 


1341X1 
1371 S3 


134238 

137330 


1345.17 

137525 


TJ45S9 

137172 


133671 

139989 


133470 

08X98 


1335.7* 

1380.72 


133898 

138022 


Jaa 22 


JH 21 


JM20 


Jun 17 


JOB T0 


FT-SE Emaadt IX 
ft-se Etamek zoo 

BKH 1000 OBflOTMt WMF 100 


132300 1303-48 T3»« 

1357.37 13*5X3 U5 1J» 13SRJ7 

■ 13*8.®; 200 - 077 GO lam** I® - HEW 3®‘ nR3 ° 


535176 

K8LC7 


recovery potential for German 
bonds will be dampened in the 
weeks ahead, so that equities 
sftmiiri not expect much sup- 
port from this side." 

PARIS saw the CAO40 index 
dip to 1.90&32 in reaction to 
the Bnba news before regain- 
ing its confidence once again 
to dose the session, and the 
account, at L939-02, up 2158 or 
1.1 per cent. 

Eurotunnel ended 30 cen- 
times down at FFr24.70 as the 
takeup of the UK side of the 
rights issue came in above 
expectations, and the bourse 
authorities said that it had 
opened an official enquiry into 
the movement of the shares 
prior to the issue coming to the 
market The result of the 
French side of the issue is 
expected early next month, 
and the takeup level is forecast 
to exceed that in the UK. 

Euro Disney was one of the 
day’s losers, off FFrl.50 at 
FFr16. 


MILAN held on to early 
gains, although it remained 
cautious in the absence of 
clear government action to 
tackle the budget deficit. 

The Comit index rose 15.81, 
or 22 per cent to 707.44; but 
there was concern that farther 
profit-taking could emerge at 
around the 710 point leveL In 
contrast, the nod-tune Mibtel 
index finished 45 higher at 
11,190. after a day’s peak of 

11,331. 

The insurance sector 
remained under pressure 
jiftonri of Monday’s public of fer - 
ing and private placement of 51 
per cent of Ina, the state 
insurer. Generali slipped LL50 
to L42J.Q0, Fondiaria dropped 
L430 to L1&230 and Has lost 
L300 to XR5J300. 

The new shares of Monda- 
dori, the publisher, finished at 
L15.480 as they made their 
debut, compared with an open- 
ing L15.260 quote and the 
L15.000 offer price. The old 


shares, which have dividend 
rights and are quoted sepa- 
rately, rose L6S4 to LI 5384. 

MADRID reacted to early 
strength on Wall Street, Iber- 
drola. Repsol and Telefonica 
accounting for some 40 per 
cent of the day's Pta29bn turn- 
over as they rose Pta29 to 
pta979, Ptai35 to PtaM* and 
Pta35 to Pta775 respectively. 

However, the outstanding 
gain, given the recent unpopu- 
larity of banks on poor bond 
market trading experience, was 
a PtaSQQ, or AS per cent rise to 
Ftall.OOO for Banktnter, picked 
out with Banco Papular this 
week by Mr Bryan Crossley at 
Hoare Govett for their "almost 
irresistible combination of 
high rates of profitability, 
strong balance sheds and low 
mar ket rati ngs." 

AMSTERDAM made a hesi- 
tant recovery assisted by 
strength In the bond markets, 
helping the AEX index to a 
day's gain of 4£4 or L2 per 
emit to 387.38. 

One of the day's best per- 
formers was Nutricia. the food 
group. There were reports, 
which the Dutch company 
denied, that Unigate of the UK 
might be considering the sale 
of its stake to Heinz of the US . 
Nutrida’s shares added FI 3.40 
to FI 84.00. 

ZURICH continued higher in 
response to firmer bond 


futures, but the SMI Index 
edged back from 2,641.1, Its 
best level of the day, to finbb 
31.0 ahead at 2£2(L7, 

Banks and insurers contin- 
ued to load after their recent 
long slide. UBS bearers rose 
SFr37 to SFTU47 and Zurich 
Insurance gained SFr84 to 
SFrim 

The weak dollar, however, 
continued to dampen the per- 
formance of industrials. Nestle 
added just SFrS to SFri.115 
while Ciba lost SFr3 to SFr709. 

OSLO recovered after recent 
weakness, underpinned by 
lower debt market yields. The 
all- share index rose 10.19 or 13 
per cent to 577.58 in turnover 
Of NKr365m. 

Shipping and industrial 
stocks led the advance. Elkem 
A shares gained NKr7 to NKriG 
as a wage agreement a v oted 
the threat of industrial action 
at two of its aluminium plants. 
Norsk Hydro, benefiting from 
higher aluminium and oil 
prices, added NKr4 to NKr214. 

TEL AVIV rose 2.75 per cent, 
supported by aggressive buy- 
ing by portfolio managers. The 
Mishtanim index finished 4.63 
ahead at 173,17 in low turnover 
of Shki32m. but it was still 3.1 
per cent down on the weds. 

Written and edited tty WUUwn 
Cochrane. John Ptt and M teh aa l 
Morgan 


Warsaw 
equities 
fall 2.6% 


By Christopher Bobtnaki 

in Warsaw 

Poland's privatisation 
ministry announced yesterday 
that it would be lowering the 
minimum share offer price for 
Rolimpex. a state-owned farm 
products trader, as the coun- 
try's stock market tumble hit 
privatisation revenues and 
new share issues. 

Warsaw's equity market fell 
a further 2.6 per cent yester- 
day in heavy volant* bringing 
its drop on the week to 14 
per cent. 

The government was origi- 
nally planning to offer half of 
the shares In RoUupex at a 
minimum of 300,000 zlotys per 
share, which would have vaL 



Nikkei up 2.2% as region remains cautious 


Tokyo 


The easing of the yen against 
the dollar and the parliamen- 
tary approval of this year’s 
budget encouraged sentiment 
The Nikkei 225 average jumped 
12 per cent topping the 21,000 
level for the first h™ in three 
days, writes j Eraifco Terazono in 
Tokyo. 

The index gained 45A89 at 
21,040-21 after a day’s low of 
20,637.43 and high of 21,068.01, 
recouping part of a 42 per cent 
fall seen during the previous 
three days. Arbitrage buying 
and purchases by financial 
institutions pushed shares 
higher, absorbing a steady flow 
of selling by arbitrageurs clos- 
ing their positions. 

Investors welcomed the 
decline in the yen from its 
record high against the dollar, 
and comments from US and 
Japanese authorities aiming to 
halt the volatility. The long- 
awaited passage of the budget 
for the current year also 
boosted investor confidence. 
Construction shares gained 
support on expectations of new 
public works spending. 

Meanwhile, comments by the 
Socialist party, which had split 
from the coalition last April, 
hinting that it might rejoin the 
government, also heightened 
hopes that a general election 
this summer could be averted. 
The opposition liberal Demo- 
cratic party proposed a vote of 
no confidence yesterday 
against the current administra- 


tion. but this cannot be passed 
unless the Socialist party co- 
operates. 

The Topix index of all first 
section stocks climbed 3227 to 
1.68L24 and the Nikkei 300 rose 
6.79 to 306.07. Gains outscored 
declines by 991 to 107, with 101 
issues unchanged. But in Lon- 
don the ISE/Nikkei 50 index 
eased L28 to L369.44. 

Volume totalled 390.8m 
shares, against 495m. Newly 
established investment funds 
were also buyers, but some 
investors remained inactive 
due to continued nervousness 
in the curren cy market 

Domestic investors were buy- 
ing blue chip manufacturers, 
including steels and shipbuild- 
ers. Mitsubishi Heavy was the 
most active issue of the day, 
rising Y18 to Y792, and Kawa- 
saki Steel put on Yll at Y411. 

Mitsubishi Oil, which rose 
earlier in the week on reports 
that the company had discov- 
ered oil in Vietnam, eased Y10 
to Y1.040 on profit-taking. 

High-technology issues, 
winch have been battered by 
the recent surge in the yen, 
rebounded. Hitachi rallied Y20 
to Y1.040 and Sony Y50 to 
Y6420. Automobile companies 
were also higher, with Mitsubi- 
shi Motors up Yll to Y972. 

In Osaka, the OSE average 
advanced 36238 to 23,321.57 in 
volume of 37.4m shares. 


US interest rates making inves- 
tors cautious. 

HONG KONG dosed higher 
on the firms' US dollar, the 
Hang Seng index improving 
89.95 to 8^66.79. Turnover was 
light at HK$2Rlbn. 

Hopes of agreement in Sino- 
Brifish negotiations on financ- 
ing of the new Hong Kong air- 
port helped the market; over- 
seas investors were cautious, 
awaiting direction on US inter- 
est rates. 

Asia Securities soared 14.3 
per cent to HKS2.40 on specula- 
tion that the stock exchange 
might grant the company a 
waiver from the rules demand- 
ing that at least 25 per cent 
of its shar es be held by the 
public. 

KUALA LUMPUR closed 


lower as election rumours died. 
The KLSE composite Index slid 
11.93 to 1,(XKL50 in volume of 
160m shares. 

SYDNEY was volatile on a 
nervous bond market and a 
weak Australian dollar, the All 
Ordinaries index finishing 11.6 
better at 2,022£ but off the 
day's high of 2,0342. Turnover 
was ASSTS.Om. 

WELLINGTON saw signs of 
recovery in good volume. Turn- 
over was quite high at 
NZ$55m, and forestry stocks 
were the *n*in beneficiaries as 
the NZSE-40 index moved for- 
ward 30.49, or 1.5 per cent, to 
24 ) 60 . 1 . 

JAKARTA drifted lower in 
thin volume which shra nk to 
only 7.4m shares worth 
Sp38.6bn. The official index 


was finally 2J7 down at 47096. 

BOMBAY’S 30-Share index 
fell 66.42 to 1257.2. The market 
leader. Associated Cement, 
reported a 12 per cent drop in 
profits and the shares receded 
Rsl40 to Rs4,10Q. 

MANILA closed firmer for 
the second day in succession 
after a nine-day fall, the com- 
posite index gaining 6.20 at 
2.822.15. PLOT continued to 
rise, closing five pesos better at 
1,700. but overall volume feU 
sharply to 6513m shares, from 
1.15bn on the day before. 

KARACHI stocks ended 
easier to trade thinned by a 
threatened "strike" by busi- 
ness and Industry this week 
against higher taxes in the 
budget. The KS£ 100-share 
index dipped 84) to %S42i>9. 


ued the company on a price/ 
earnings ratio of 14, a pre- 
mium to the current multiple 
of 11 for file bourse. 

Mr Andnei Gruszka, a gov- 
ernment official, said the mini- 
mum price would certainly be 
lowered by the time the offer 
opened on July 4. 

Meanwhile. Elektrim, the 
power energy and telecommu- 
nications equipment specialist 
which has a rights issue on 
offer, faces having to torn to 
the underwriters as the slide 
on the bourse has left the 
rights price, of 1.2m zlotys, far 
above the ament share price 
of 785,000 zlotys. 

PoHfarb Cleszyn, the paint 
producer, and Okodm, a brew- 
ery, which are both listed on 
the stock exchange, have also 
been forced to place the major- 
ity of their rights issues with 
underwriters. 


Roundup 


Activity was thin in all major 
Asian markets, concern on the 


Solidere at 11% premium 

Shares in Solidere, the $l-8bn Lebanese company created to 
develop central Beirut opened the first day iff trading yesterday 
at $111, an ll per cent premium to the issue price, writes Mark 
Nicholson In Cairo. 

Hie secondary market in Solidere stock, which will be the 
foundation of a revived Beirut bourse, opened under the auspices 
of the Soctete F inancie r* du T.Thnn, owned by Lebanon’s commer- 
cial hflnkc 

The Solidere price was agreed at a morning fix, under a 
trading system developed by Andersen Consultants. 

Around 100 shares were traded as investors tested the market 

A second daily price fix will be introduced on Monday and a 
third soon thereafter. Trading is c u rrently limited to “B" shares, 
which were issued in an offer to Arab investors late last year. 
Trade in “A” shares, which Solidere exchanged for titles to land 
in central Beirut, will open only once the final allocati on has 
been decided - a process still undergoing a ju d icial review. 


FT-ACTUARiES WORLD INDICES 


JdBUf ctxnpBBd by The Rnand* Times UeL, OokJman, Sacha & Co. and NaMfat Securities Ltd. ki m ni ^Kaign wtti too btstiuta of Actuaries and tie Faculty of Actuaries 
National am p 

REGIONAL MARKETS WEDNESDAY JUNE 22 1994 

figures In parant h ea es US Day’s Pound Loc^ i 

show number of toes Dollar Orange Staring Yen DM Cunnev % d» 

stock Indat 96 Wax Index Index Indac on day 


Gross 

Div. 

YMd 


TUESDAY JUNE 21 ISO* DOLLAR MDEX 

US Pond Locri Year 

Dollar Starling Tan DM Currency 02 week 52 week ago 
Index Wax Indac Indat Index Htfi Low (appro) 


AusrraSa (69] - 
Austria (171— . 
Belgium (37) 
Canada (106}- 

Donmarh (33).. 
Finland 124) 

fiance (97) 

Germany (58). 


. 171.15 
. 17B.1B 
.164.66 
.12154 
.252.78 


Hong Kong (56). 

Ireiand (14). - 

WyiMi- 


J4*an (459J___ 

Malayan fWJ 

Mexico (18) 

Hethariand £7)— 
Hew Zealand (14)., 
Norway (23). 


14149 

16134 

133-53 

26128 

— . — -185,72 
83.49 


.16157 

-48153 


191043 
-19656 
.0090 


Singapore ( 44 ) _ 

SomhAtocaiH 
Span (43. 


.18020 

.237.47 


28137 

135.60 


Sweden (3Q 20458 

Switzerland (47) —15119 

Unttao Kingdom PCQ .. jg 5L5S 

USA (519) — ,84.74 


EUROPE (7201. 
Nonflc (118) 


12 

-0.1 

-08 

02 

02 

0.4 

10 

06 

02 

oo 

15 

-02 

1.7 

-12 

12 

-06 

1.6 

-03 

OO 

IS 

as 

10 

05 

04 


16524 

17197 

15097 

11927 

244.03 

135.64 

156.73 

12822 

349.48 

17920 

6061 


10094 

114.04 

104*1 

7063 

16038 

89.42 

10133 

8429 

23040 

11021 

5114 


14142 

149,09 

137*2 

102*0 

21033 

11091 

135.06 

111.12 

301-22 

154*4 

69.48 


15104 

14*33 

13177 

124*4 

21097 

15093 

139.48 

111.12 

359.18 

17139 

8014 


12 

-OL1 

-08 

01 

ai 

as 

i.i 

03 

0* 

02 

11 


160 

1.07 

4.13 

173 

126 

091 

n*>g 

1.80 

330 

062 

121 


16091 

17032 

166.90 

12322 

25131 

139.96 

16075 

13172 

361.15 

165.71 

81.45 


16188 

17192 

15097 

11082 

24328 

13428 

155.00 

12727 

34025 

170.07 

7054 


10008 

114.74 

10015 

7084 

161.44 

8057 

10225 

8422 

231.09 

11823 

5112 


-10221 


Pacific Bask) (750) _ 

Eu»-Paci5c (1470)- 
North America (625) 


_ 18063 
i- 17Q28 
—167.02 
—18025 


Bmpe Ex. UK (515) , 46.73 

Paste Ex. Japan C2S1)-™ 24420 

5SS E: 

wond Ex. UK (1867)-— __ 17 , 35 
»brid e*. so. At. pi I^ZllTlS 
World E* .fawn (17Q3) 


fee World Index pi 7a 


0.9 

02 

-02 

02 

04 

1.1 

0.7 

02 

03 

02 

06 


157.92 

10411 

156.11 

10411 

-09 

074 

10414 

15826 

10523 

465.00 

30656 

40079 

47898 

1.4 

1.70 

47172 

45880 

30112 

185116 

1221.09 

159898 

706433 

-19 

1.10 

194122 

1872.15 

124128 

19016 

12137 

16190 

16191 

12 

152 

16456 

18722 

12449 

6459 

4159 

5598 

59.77 

-07 

4.00 

07.45 

66.05 

4116 

174.06 

114.75 

16002 

17021 

15 

194 

17753 

171.18 

11159 

325.8? 

21430 

28062 

237.74 

-03 

1.78 

33825 

32625 

216.69 

27158 

18037 

23690 

29165 

-03 

116 

2814Z 

Z7390 

18195 

131.0Q 

8037 

11291 

13898 

1A 

422 

13165 

12828 

8522 

197.32 

13009 

17097 

23172 

09 

1.72 

20135 

19629 

13012 

15172 

100.69 

13143 

13110 

12 

124 

155.05 

14921 

99£1 

17S4T 

118.09 

15438 

179.1t 

06 

420 

16456 

17729 

118.11 

17136 

11718 

16173 

18474 

0.4 

290 

18404 

177j47 

117.76 

156.42 

10112 

13481 

147.77 

09 

llfi 

16029 

15485 

10175 

191.77 

128.43 

16529 

19596 

03 

193 

197.70 

10064 

12060 

16438 

108.77 

14120 

11155 

-07 

126 

17120 

16529 

10926 

16146 

loan 

13SL96 

127JS7 

OO 

191 

166.61 

16066 

106.81 

174.70 

11117 

15057 

16060 

04 

129 

16027 

17123 

11035 

14070 

82.76 

121^7 

12181 

1.0 

153 

14412 

13697 

9122 

23597 

15550 

20130 

31898 

07 

193 

24151 

wire 

155.19 


10691 

139.78 

13094 

00 

193 

16728 

16120 

10793 


109.00 

USJO 

14499 

01 

107 

17081 

164.71 

10029 

1B530 

109 M. 

14299 

14066 

OI 

227 

17196 

16523 

10924 


11430 

14042 

17139 

06 

298 

17826 

17118 

11425 


14028 
14925 
13008 
10165 
209*9 
11050 
13178 
11046 
30059 
15427 
67.79 
13081 
39428 
1815.90 
16124 
• 56.14 
147.75 
281.88 
23529 
11124 
16925 
12925 
15163 
15118 


161.13 

148.18 

13424 

12320 

215.76 

15051 

137.97 

11048 

36033 

173.12 

9018 

10523 

47145 

715099 

159.36 

8018 

167.72 
23827 
29323 

135.04 

moo 

139.72 
17729 

184.04 


188.15 

19641 

17067 

145.31 

£7079 

18072 

18637 

147.07 

50656 

20923 

97.78 

16624 

621.63 

2647.08 

20743 

77.58 

20042 

37082 

284.68 

15679 

231.35 

17056 

2T4.96 

19604 


13019 

14190 

14102 

121.46 

20756 

8654 

14030 

107.59 

27142 

15SL83 

5736 

124.54 

31151 

1481.08 

16452 

4080 

15061 

24146 

17533 

11633 

163.85 

12446 

17032 

17696 


134.76 

148l20 

142.02 
123 S3 
21442 

87^5 

151.16 
10623 
286.68 
158.07 

6062 
130 BO 
330 SB 
1514.18 

166.16 
49.11 

15113 

24114 

19109 

12090 

16941 

126.02 
17443 
18114 


1Z153 as 10057 1094, 143S6 147S3 


13165 

164S4 

14249 

13007 

150.04 

11695 

201.85 

13648 

142.16 

14162 

148.61 


14848 

194.71 

114J29 

127.60 

179-93 

12749 

21093 

130-90 

144.32 

148.40 

17145 


17058 

22060 

17175 

17078 

182.73 

16747 

29021 

17151 

17058 

17850 

19520 


141 S8 
165S2 
134.79 
14178 
17SJ87 
12137 
18138 
143SB 
15179 
16646 
IK. 72 


142.79 

159.77 
14185 
14178 
17089 
12329 

165.77 
143S9 
15179 
155.46 
16037 


OI 


Ca. wxi WWw 6wxMk» Uwm. iSB7 


127 17105 16090 11009 14019 14746 17097 155.62 156-62 


Eurohedge 


LIFFE’s Three Month 
ECU Futures Contract. 



The greater your ECU interest rate exposure, the more you 
should know about this important risk management tool. 

UFFE has now introduced two additional delivery months in 
response to member and market demand, bringing the total 
number of delivery months to six. This has been made 
possible by the renewal of the designated market maker 
scheme. 

The following major institutions will continue to ensure 
liquidity, upon request, in all delivery months of the three 
month ECU futures contract 

Istituto Bancario San Paolo di Torino S.p-A. 

Kredietbank N.V. 

Midland Global Futures/Div Midland Bank pic 

(acting on behaif of Midland Global Martots/Dfv Midland Bank pic) 

NatWest Futures Limited 

(acting on behalf of National Westminster Bank Pic) 

UBS Futures & Options Limited 
(acting on behalf of Union Bank of Switzerland) 


For further information, please contact Angelo Proni or 
Jonathan Seymour at UFFE on +44 71 379 2467/2425. 


0 


1 




Cannon Bridge. 
London EC4R3XX. 
Tel: +44 71 623 0444 
Fax: +44 71 246 5864 



The London international Financial 
Futures and Options Exchange 










1 








i 


* 5. 


fe 



• i • 
!r‘A 
S T 


r % § 

%S0F‘ 





Bad loans have caused 
headaches for the state 
banking sector: Page IV 


FINANCIAL TIMES SURVEY 


INDONESIA 



Friday June 24 1994 


W ith President 
Suharto at the 
helm of power 
over the past 27 
years, stability has been the 
predo minant characteristic of 
Indonesian politics and eco- 
nomics. 

Now in his sixth term as 
president, however. Mr 
Suharto is giving increasingly 
frequent hints that he plans to 
make this term his last as h»»n 
of state - although he remains 
as reluctant as ever to name a 
successor. 

Like the traditional toayang, 
a theatrical performance where 
shadow images are held in 
front of back-lit screens, 
Indonesian politics is not 
transparent and nothing is 
clear-cut. It is difficult to gauge 
Mr Suharto's Intentions, as it 
is certainly not the first time 
since he took power that he 
has hinted that he may step 
down. 

And yet Indonesians are 
attaching more significance 
now to suggestions that he is 
planning an exit than they 
have done in the past. Mr 
Suharto will be 77 when his 
term ends in 1998 and there are 
signs that the jockeying for 
power has already begun. 

The uncertainty is making 
some investors jittery. Perhaps 
in recognition of this, during 
the last year Mr Suharto has 
opened the doors just a little to 
demands for increased political 
openness, although direct 
criticism of his family's 
wide-ranging business 
interests and monopolies 
remains off limits in the 
domestic press. 

It will require some skill to 
balance stability with 
openness. 

Indonesia is a huge country. 
Its 13,000 islands extend 5,000 
km from one end to the other 
and its 187 mini on inhabitants 
include hundreds of different 
ethnic groupings and make it 
the fourth most heavily 
populated country in the 
world. 

The labour riots in the 
northern Sumatran town of 
Medan earlier this year, where 
demonstrators ran amok, 
protesting against their ethnic 
Chinese employers' 
unwillingness to adhere to a 46 
per cent increase in the 



IN THIS SURVEY 


Foreign investment looks 
roster this year with the 
government's lifting of 
restrictions on stakes held in 
companies, to promote a 
flow of funds wi,.,,. Page U 


Politics: calls for more open 
debate and a reduction of 
the military In government 
Indicate that change is on 
the way Page III 


Profile: Mr Mohamad 
Hasan heads a huge 
Industrial empire, but his 
influence extends further 
than mere business Page IV 

Kalimantan, the Indonesian 
part of Borneo, Is rich in 
resources and conservation 
controversies Page V 

Foreign policy has recently 
been dominated by a 
diplomatic row with the 
Philippines — Page VI 


Jakarta, on the north west coast of Java, ks Indonesia’s capital and largest dty 


mn Ptuek Lucero The island province of BaB, east of Java, is regarded as paradise by many tourists 


ftcan- PtSppt Lmm 


Looking beyond Suharto’s era 


miriimnm wage, reminded 
many peopl e of how thing s raw 
go wrong. 

The ethnic Chinese are 
estimated to control some 
three quarters of Indonesian 
private capital - although they 
make up only a tiny 2 per cent 
of the country’s population - 
and they are resented on this 
account 

Indonesia’s ethnic Chinese, 
after years of bang criticised 
for dominating local 
businesses, are now being 
scorned for investing in China 
TTurtaari of Indonesia, althoug h 
much Of the money rihannellflri 
to projects in China is already 
held offshore in Hong Kong or 
Singapore 

That criticism comes after 
domestic and foreign 
investment declined last year 
amid stiff competition for 
foreign funds in neighbouring 
Asian countries. According to 
Mr Hartarto, the coordinating 
minister for trade and 
industry, deregulation of the 
economy has taken on a sense 
of urgency. 


Indonesia is a stable country with a steadily-growing 
economy. Uncertainty, however, now surrounds the 
succession, as Manuela Saragosa reports. 


“We have to change,” he 
says. 

Change is taking place. In 
June this year a radical 
deregulation package for 
foreign investment was 
introduced and a trade 
deregulation package will 
follow. 

The government has said it 
needs $300bn to meet its 
investment requirements, both 
domestic and foreign, for its 
new five-year development 
plan - the sixth of its Mnd. 

More than two-thirds of that 
total will have to come from 
the private sector. An increase 
in investment is also needed to 
maintain the momentum of 
growth in the economy - 
growth which has averaged 6 
per cent a year over the past 25 
years. 

The latest deregulation 


package comes on the heels of 
one of the biggest corruption 
scandals In Indonesia's hikory 
since independence, as the 
drive for political openness 
prompted Mr Mar'ie 
Muhammad, the minister of 
fmanrp in President Suharto's 
cabinet, to expose the extent of 
bad loans at state banks. 

The Bapindo banking 
scandal, which involved an 
e thni c Chinese businessman 
dnfanltir\g an loans received on 
recommendations made by 
former cabinet ministers, did 
little to help investors' 
confidence in the country - 
although the revelations have 

highlighted Mr M uhamma d's 
commitment to cleaning up the 
state hanking sector. 

None the less, this 
corruption case is symbolic of 
the problems that beset the 


Indonesian economy. 

Foreign investors say they 
must struggle against a 
stubborn bureaucracy and 
against corruption. These 
handicaps have earned 
Indonesia a reputation for 
having some of the highest 
hidden business costs in Asia. 

Government officials do not 
deny that there is a problem, 
but they promise that 
deregulation packages, 
scheduled to appear in the 
near future, will deal with it 

Another economic policy 
issue is the debate hotting up 
in the Indonesian government 
between “technocrats” and 
“technologists”. 

Technocrats, who have 
steered Indonesia's economy 
down a path of export-led 
growth, are constantly battling 
with technologists, who are led 


by the country’s enthusiastic 
mini ster for research and 
technology, Mr B J Habibie. 

Technocrats want to 
maintain austere budgetary 
policies after the budget deficit 
widened significantly last year. 
Technologists want the state to 
pump billions of dollars into 
heavy industry projects - such 
as, for example, aircraft 
manufa cturing - which critics 
say are not making adequate 
c omm ercial returns. 

A t the same time, there is 
growing concern that 
the benefits of 
export-led economic growth 
are not filtering down to the 
country's poor, an argument 
sometimes used to thwart 
attempts at deregulating the 
economy- 

president Suharto, the 
self-proclaimed “father of 
development”, is credited with 
greatly reducing levels of 
poverty since he came to 
power. Yet discrepancies in 
wealth in the cities, and the 
gap in average income between 


the more prosperous islands of 
Java and Bali aim the out-lying 
islands, is of growing 
importance to many 
government ministers. 

This concern, together with 
nationalists' fears that an open 
economy will lead to too much 
foreign domination, could be 
forceful enough to limit further 
deregulation measures. The 
latest foreign investment 
deregulation package was 
well-received in the business 
community, but an attempt to 
deregulate the media sector 
was immediately squashed 
after outcries from nationalist 
quarters. 

The non-oil export sector, 
however, needs the 
deregulation in order to 
diversify and become less 
sensitive to swings in world 
demand and prices. Last year 
the non-oil export sector 
showed a slowdown in growth. 

There is a sense of urgency 
about this, because Indonesia’s 
economy is burdened with 
growing private and public 
foreign debt 

Exacerbated by the recent 
weakness of the US dollar, the 
country's foreign debt is now 
estimated to be between $90bn 


and $100bn. In the meantime, 
economists question whether 
the borrowed money is being 
used productively to generate 
the exports needed to pay it 
oil. 

It is against this background 
that ministers are positioning 
themselves in case President 
Suharto does decide to make 
this term in office his last. 
Than are many who aspire to 
his position, but few who are 
likely to meet the stringent 
requirements. 

First, if Mr Suharto's 
successor is to survive, he 
must be accepted and approved 
by the military. 

Second, it is impossible to 
imagine the world's largest 
Moslem country under the 
leadership of anyone but a 
Moslem. 

Third, he must be someone 
accepted in the international 
community, especially in the 
Association of South East 
Asian Nations (Asean) in 
which Indonesia is a very 
active member. 

Because President Suharto is 
unwilling to prompt any 
premature power struggles, be 
is unlikely to hand out any 
dues. 


The Raws 

of Life 


Life itself springs forth from the sun. 
Sinar Mas, as one of the leading 
business groups in Indonesia, 
appreciates the gifts of nature and is 
committed to the responsible devel- 
opment and preservation of the 
environment in order to improve die 
quality of life for the benefit of mankind. 

FOOD 

The Group's agro-business activities help provide the 
mosrfundamental of all human needs - the need for food. 

The Sinar Mas Group has roots in 
die vegetable oil business, having 
begun operations in this area more t h an 
40 years ago. Tbday, the Sinar Mas 
Group has modern refineries 
producing edible oils and fats 
required by domestic consumers and 
food industries. The Group also owns 
and develops 
over 160,000 
hectares of 

plantations devoted to oil 
palm, tea, coconut, cocoa 
and bananas. 

Through its vertically 
integrated struc- 
ture, the Group 
has achieved 
significant 

market share in agro-industry 
while adhering strictly to the 
national standards of health, 
safety and environmental 
protection. 



.The name Sbtar 
Mat mm Golden 
Raya,' reflecting the 
khmx of strength 

and diversity of oar 

tmrmcu aaMHes 


SHELTER 

From urban housing estates to 
luxury hotels, the Sinar Mas Group 
contributes to the essential human needs for 
housing and shelter. 

As (»e of the leading developers in Indonesia, Sinar Mas 
ensures its diverse real estate projects art developed in 
harmony with the surrounding environment. The Group’s 
interests include commercial real estate and office buildings, 
resklentiai subdivisions and condominiums, shopping centers, 
industrial estates and golf course developments. 


EDUCATION 

As one of the leading exporters of pulp and quality paper 
to over 40 countries, and with its dominant share of the 
printing and writing paper market in Indonesia. Sinar Mas 
helps make learning possible. 

Its subsidiaries, Tjiwi Kimia and Indah Kiat, provide a 
model for Indonesia and the work) in waste management 
including their exemplary waste water treatment processes. 
The Group also makes extensive use of recyclable paper 
products in its pulping operations. 

The Group's' activities in the pulp and paper industry 
adhere to strict environmental policies, including extensive 
reforestation projects and maximum use of forest plantations. 

QUALITY OF LIFE 

Sinar Mas works to enhance the 
quality of life with its wide range of 
financial services. The Group ope- 
rates one of the most profitable local 
private banks in Indonesia, Bank 
Iniernasional Indonesia (BIT}, which 
actively supports 
programs such 
as the World 
Wildlife Fund's 
endeavour to save the Javanese 
Rhinoceros. Through its 
consumer marketing program, 
BII contributes to this 
project for every 
new credit card 
ssued. 

Sinar Mas was selected to 
participate in the government spon- 
sored program “Care ’92", designed to 
educate the public on environmental 
issues, including pollution control 
and recycling. The Group's 
activities in this program include providing 
loans to small businesses for waste management 
projects, and the purchase of materials for recycling 
purposes. 

With the source of its business and inspiration found in 
nature, the Sinar Mas Group is committed to responsible 
development through its environmentally sound policies and 
activities. 

Just as the rays of the sun give life to nature, so Sinar 
Mas shares [he benefits of its successes. 




Sinar Mas Group 

Hlvna OL JL Mil Tlwnrh ka* SS. 
jdHtawaax Nonas 

nt tffi-euaoMaaaooeoe. f*c (&211 maw 


PT. Baidt iTtternaslbnM bndoneste, wkaBtLxiu jiimiejsaiMDHB^ttiE^rcfanna ta(E»7i)!»wx WKtiwiinu 

FT. Duta Pfertiwf.j^WinUWMi^C^ra4»»0Bti*iirtiia^BBaRj^JMruiMSainflq«ATitga^11SDWaB FCK (GZ-ZT1 CnnBS5fi 
FT. SMART C A r p' v,rt ^ nn .»iMmi«wa^TBd»ciPBtaha«tJi*iM«*»i«Diai&^jaanai4«ftinanBai*ig;i)«njaB fac(B-?nsnmsK0in)Bi 
PT. indah KJat Pulp ft Paper Corp,. ww*flHUfe« ta s ut HtmvmaJUaA 1 tm. mmk. v ibhij wkhs fv pwi) wEff-a raraa wbb 

PT. Pabrik KertnaTJhni 


■ GOIOCN THANGll - JAKAtTA • MlltOUINl • NlWDtlHI * fHUIll • UNOAPOH • SINGAPOtt CHANG! * tOKVO - gANQIOV * GOIDfN I HANG! C 

I 

v 


Le Meridien Jakarta. Surrender to the charms of Java 
while attending to the business at hand. 

'Hip * 



niwiding thr Jiresiar rtandtud* of aa ialrmalinaal hrtei in flu- ril* 'i btvmr n turr. t* Meridien Jakarta 
■/ulnj^oln itirlf frith an intmatr Jaraarv itylr. 1 uw/ur Umd of tJd and nra- that nen tmrrt inun 
euvuft'iwi will ftndrefmduaa ffter uiL thr mnrryni Irui rL fir marry uifrrl Wrrilira. Hr re*rrndiiM*. 
onlnrl Mmdim Hrvrmtmtu falernalinaaL iu W: t07l ) (.W l"tLur*inr Irtirei acral. 


BAH AUGUST '45 • NOUMEA DECEMBER '9< 


& 

M ERIDIE N 

HOTELS & RESORTS 


I1AVEI COMPANION Al 


1 


f 

i 








FINANCIAL TIMES FRIDAY JUNE 24 1994 


II 


INDONESIA II 


A growth economy faces some serious challenges, writes Manuela Saragosa 

Protectionism does not help 


While the international 
c ommunit y is hill of praise for 
the Indonesian government’s 
consistency in sustaining 
average annual economic 
growth of 6 per cent over the 
past 25 years, the cabinet's 
economic team, which took 
over the reins of power in 
April 1993, faces some serious 
nhaUgng es- 

In order to maintain this 
momentum, the government 
es tima tes that it will need 
$305bn In its new five-year 
development plan, RepeHta VL 
Some 73 per cent of that must 
come from the private sector. 
It is needed to maintain tile- 
country’s growth momentum. 

The economic team must 
tackle jealously guarded pro- 
tectionist measures in some 
sectors, toget her with growing 
concern among some high- 
ranking officials that deregu- 
lation does little to alleviate 
the level of poverty. 

The economy appeared to be 
teetering on the edge of a cri- 
sis at the beginning of this 
year. Foreign debt had 
reached the worrying $9Qbn 
mark; inflation was climbing; 
growth in non-oil exports was 
slowing down; the oil price 
plummeted on international 
markets and foreign invest- 
ment appeared to be levelling 
out 

At the same time, the gov- 
ernment reported a budget 
deficit of $8bn for the fiscal 
year 1994. 

It had been, hit hard by the 
worldwide slump in oil prices, 
which sparked off fears of a 
sharp one-off devaluation of 
the Indonesian rupiah, remi- 
niscent of the 45 per cent 
devaluation that occurred in 
1988. Oil prices have since 
climbed back from their year- 


■ Production aodc dra u ro ptfotit' 



long lows, so that the govern- 
ment’s $i6/baixel oil price 
ass umpti on for its fiscal 1995 
budget appears to be realistic. 

Meanwhile, foreign invest- 
ment has alSO pinked up. Ana , 
lysts point to steady improve- 
ments in consumer demand 
and economic recovery in the 
developed countries as factors 
which could lift Indonesia's 
economic growth as high as 7 
per cent this year, after 
expanding by 6.7 pea; cent last 
year. 


The looming crises did, how- 
ever, bring home Indonesia’s 
sensitivity to external eco- 
nomic factors. The country’s 
oil exports may only account 
for a third of total exports, 
compared with two thirds at 
the beginning of the 1980s, but 
oil revenue is still an impor- 
tant part of the budget. That 
will remain the case as long as 
non-ail exports rely to a large 
extent on wood products and 
textiles. Textile prices 
slumped by about 25 per cent 
last year, accounting for much 
of 1993’s sudden slowdo w n in 
growth of noitoil exports. 

What is needed to reduce 
the country's sensitivity to 
fluctuating oil prices is diver- 
sification of the non-oil export 
sector - a difficult feat to 
accomplish. Many of the coun- 
try’s most important economic 
figures are politically well-con- 
nected and have assumed 
monopolistic roles, protected 

by high tariffs 

There is also growing fric- 
tion at the uneq ual distribu- 
tion of wealth in the country, 
an issue which economists say 
is being used as a harfr door 
way of getting at deregulation. 

The discrepancies between 
rich and poor are most stri- 
king in the cities, where lux- 
ury Shopping malls, sailing 
the latest western fashions at 
extravagant prices, tower over 
beggars and street vendors 
akeing out a miserable exis- 
tence. President Suharto is 
credited with red ucing by two- 
thirds the number of people 
living in poverty since he took 
power in 1967. ‘'There is great 
sensitivity to distribution of 


Balance of Payments fgm) 


Current acco u n t 

1992/93* 


1993/94* 



Oil (net) 

Gas (pat) 

Non-oil 
exports (tab) 
Non-oil 

Imports (cJ.f) 
Non-oi 
services (net) 

1,327 

2,188 

24,823 

(23,751) 

(7.148) 

759 

1,990 

28,169 

(25904) 

(7988) 


2,561 

2988 

Capital account 
Donor aid 

5.755 

5934 

Debt repay- 
ments 

(4.84Q) 

(5,146) 

Direct invest- 
ments 

1,705 

2.048 

Other capital 
flows 

2,579 

3935 


5.199 

633 

Total 

2,638 

3.443 


Fiscal year, anting March 31 
Source Beit Indonesia 


wealth in many very high 
quarters,” says a Jakarta- 
based economist 

The Indonesian government 
has been introducing deregu- 
lation packages regularly 
since the mid-1980s, but while 
deregulation of foreign invest- 
ment has been relatively easy 
to push through, deregulating 
trade has been troublesome. 

“A lot of export potential 
remains untapped,” the Jak- 
arta-based economist says. 
“There needs to be further 
deregulation but this has been 
met with a lot of resistance in 
the government, particularly 
deregulation of the agricul- 
tural sector, because this area 
of the economy delivers huge 


Mr Maria Muhammad is the 
present inMstar at finance 

sources of rent to key eco- 
nomic players.” 

The latest deregulation 
package on foreign invest- 
ment, introduced an Jane 2. 
was welcomed by economists 
and analysts who predict that 
it will significantly improve 
Indonesia’s investment cli- 
mate relative to competitors 
for foreign funds such as 
Hhrna , [nrfia and Vietnam. 

The move was well-timed. 
The minimum wage was 
raised by 46 per cent at the 
beginning of this year and it 
would be unwise to scare off 
labour-intensive industries 
while there are 2.5m people 
pntprm g the work force every 
year. 

Easing restrictions on 
exports is proving more diffi- 
cult, although economists esti- 
mate that high tariffs an d pro- 
tectionist measures could be 
costing the economy as much 
as 2 per cent in annual eco- 
nomic growth. These high 
rates of protection raise the 
costs of raw materials, and 
therefore production costs, for 
many local producers. Com- 
peting on international mar- 
kets Under these ranriiffnny is 
impossible. 

The problem is deep-rooted - 
some of the industries in ques- 
tion are controlled by Presi- 
dent Suharto’s family and 
friends. Economists point to 
the petrochemical sector. 


where last year the govern' 
meat introduced a 25 per cent 
import tariff on polypropylene 
rean accompanied by a 3840 
per cent import tariff on the 
plastic fihns with which resin 
is made. 

In the agricultural sector, 
import tariffs help maintain 
an artificially high {rice for 
sugar, which in turn hampers 
the development of an export- 
oriented food processing sec- 
tor- The problem extends to 
the pulp and paper industry, 
where frustrated paper users 
formed an association to lobby 
the government 

Despite dire warnings about 
the consequences of high lev- 
els of protectionism, the lobby 
- which includes publishers 
and printing companies - has 
had little success so far. Mr 
Fanzi Tjitng, chairm a n of the 
TTykmPician Pr inting Company 

Association, was quoted 
recently in the national press 
as saying; “Out of the coun- 
try's 100 notebook manufac- 
turers. only nine are still oper- 
ating.” 

Donors and government 
technocrats are equally con- 
cerned at the high cost of 
heavy industry projects being 
undertaken by Mr B J Habibie, 
the minister of technology and 
research, at a time wbeu the 
government is struggling to 
balance its fiscal 1995 budget. 
Mr Habibie's eagerness to 
develop aircraft manufactur- 
ing. car and nuclear power 
industries has caused a storm 
of controversy, reflecting the 
policy struggles taking place 
between technologists and 
technocrats in government. 

Although analysts recognise 
Mr Habibie’s efforts in foster- 
ing a highly-trained work 
force, they argue that it is 
Impossible to leap-frog to 
development through techni- 
cal wizardry. 

If the growth of nan-oil 
exports does not pick up and 
the current account deficit 
continues to grow hand in 
hand with foreign debt, the 
government's technocrats will 
certainly grin the upper band 
hi the mwantimg they face the 
unenviable task of battling 
with well-connected business 
monopolies and cash-hungry 
state enterprises. 


Manuela Saragosa looks at foreign investment 

This year looks rosier 


After years of hearing 
complaints about restrictions 
on Foreign investment, the 
government has at last greatly 
reduced the limits. In order to 
increase the flow of funds into 
the country. At the beginning 
of June the government 
decided to scrap rales stipula- 
ting that foreign companies 
must reduce their stakes in 
joint ventures to a minority 
shareholding after 20 years of 
operation. 

Moreover, ft announced that 
It would open 
up sectors as 
diverse as trie- 
communica- 
tions, civil avi- 
ation, nuclear 
power, electric- 
ity, and sea- 
ports to partial 
foreign owner- 
ship - all pre- 
viously barred- 

It was neces- 
sary. With 
2.5m people a 
year entering 
the Indonesian 
workforce, to 
say nothing of a 46 per cent 
rise in the minimum wage at 
the beginning of this year, and 
increased competition for for- 
eign fluids Cram neighbouring 
Asian countries, Indonesia had 
to take action to improve its 
investment dimate. 

Deregulation had assumed a 
sense of urgency. Many Japa- 
nese Investors have been oper- 
ating in Indonesia since the 
mid-1970s; their investment 
licences were corning up for 
renewal. Under the old regula- 
tions they faced becoming 
minority shareholders. Offi- 
cials say that some Japanese 
companies were threatening to 
pall out of Indonesia alto- 
gether. 

The latest deregulation 
package “was very, very big 
news for us." says Mr Yobsnke 
Udaka, director of PT Teijin 
Indonesia Fiber. He says it 
will Increase Indonesia’s 
appeal to foreign Investors and 
also strengthen his company^ 
argument to expand their 
activities in Indonesia. 

Nevertheless, the five-year 
tax holidays which are offered 
to foreign companies setting 
up shop in China, together 
with Indonesia's high interest 
rates and bureaucratic hold- 


ups, may continue to convince 
some Investors that they 
should move elsewhere. “We 
realise we have competitors,” 
says Mr Asril Noer, director of 
overseas promotion at the 
Investment Co-ordinating 

Board CBKPM). “Developing 

countries have to compete for 
foreign investment Many are 
trying to make their invest- 
ment climate more attractive 
than others. Bnt so are we.” 

The latest deregulation 
package, however, had to 

Approved f orw l fl o Jiw p atemnft pmfocU . uc. ; jjs j ASC 

liasatowt s&mamWon 1 



tackle some stiff opposition. 
Ministers initially decreed that 
the media sector would be 
open to foreigners - but that 
derision was quickly squashed 
after an ou tcr y from Mr Bar- 
moko, the minister of informa- 
tion, who complained that 
opening up the media to for 
rign ownership threatened the 
country’s national integrity. 
President Suharto a ssu r e d Mr 
Harmoko that any foreign 
ownership of foe media sector 
would be illegal. 

The event demonstrated that 
nationalism is still an effective 
instrument In thwarting 
attempts at deregulation. Bat 
it neither surprised nor <&ssp- 
pointed investors, who sty 
that any benefits derived from 
investing in Indonesian media 
are (KuwoipMu oy uk rts&s- 

Meanwhile, foreign inves- 
tors are stiH digesting other 
points in the latest deregu- 
lation package which so for 
have remained trocoa tested. 

They indude for- 

eign companies’ operating 
licences to 36 years from 20 
years, and abolishing regional 
restrictions and a minimum 
capital requirement of $50m 
on foD foreign ownership. All 
have been hailed as important 


breakthroughs - at the. right 
time. Last year foreign direct 
Investment in Indonesia, 
excluding oil and gas explora- 
tion, showed an u n ex pe c te d 
drop to $8.4 bn from $109 bn a 
year earner. Mr Noer at the 
Investment Co-ordinating 
Board blames last feart drop 
on the recession in Japan, 
Indonesia's largest foreign 
investor. 

But things look roster this 
year. According to the latest 
statistics from the Investment 
Co-ordinating 
Board, foreign 
direct invest* 
meat tetadted * 
healthy 
gg.OSba by 
mSd-May. But 
the figures 
most be 
treated with 
caution, 
tecaase histor- 
ically only 
about half of 
approved for- 
eign projects 
by value are 
Implemented, 

Companies compbrin about 
the bureaucratic obstacles 
they bamp into when doing 
business in Indonesia. They 
protest that the country’s legal 
system does not provide ade- 
quate protection, especially in 
anti-dumping legislation. Get- 
ting approval for as invest- 
ment project is long and ardu- 
ous, although steps have been 
taken to speed toi foe pro ce s s. 
Once that Is overcome, some 
favas tara complain that they 
have problems getting raw 
materials into the countiy 
became customs officiate hoM 
them to ransom. And they Bad 
it impossible to work tin tax 
rebate system. "The problem 
ta that foe hnreancre c y tods 
to divert foe good Intentions 
of ministers;* says a disen- 
chanted investor. 

Mr Noer at the firatmmt 
Co-ordinating Board points 
out that despite complaints, 
applications keep rolling In. 
Ministers, meanwhile, have 
indicated that tiler will not 
become complacent ' . 

"We aredncusringtfae next 
deregulation package.* says 
lb- Saleh A flfl, coordinating 
minister for economic and 

» »-V ■ I —WM -li — 

rmimuii utbitt finny ouwr 
things have to he done." 



Now 

delivered 

daily 

worldwide. 


To commemorate our 11th 
anniversary, we thought we ' dgive 
our circulation a boost. 

So we 1 ve established the first 
digital link-up with two world 
famous news and data agencies in 
London and New York. 

This means we can deliver 
local news to them at the same 
time we print it in Jakarta. 

Between them, these two 
agencies supply world news, as it 
happens, to worldwide readers via 


70,000 computer terminals. 

Which means that now, for 
the first time, the rest of the world 
can read Indonesian news on the 
same day you do. 

It's this kind of innovation 
that has made us the English 
language newspaper of choice 
amongst the country's most 
influential readers. 

And while it's nice to have 
achieved our 1 1th, it's even nicer 
to be able to celebrate it with a 1 st. 


The Jakarta Post 

Vfcc N iil <rt fnrlnn i rt a tcOy 

Fax: (021) 6390112, 5492685, 6244091 



A network that delivers quality 
service across Asia. 




« - 



A 4 




SianAml Chartered has bag maintained an extensive bunking 
netwoifc in Asia. Wfe have also been recognised as the best, having bem 
voted Best Bank in Asia in the 1993 Euromoney Awards. 

Across the region, we continue to aihance the quality of oar service in 
aims such as trade finance, treasury and corporate and imcstmmt bank- 
1993' & infl-And wt continue to develop new capabilities and 
.^AWARDS,®? creme newcocnections-far example in China, where 
we now have more offices than any other Iordan 

Euromoney v 

B«r Bank r Asia bank, ond.mast recotiy, in Vietnam and Qunbodiu 


In this highly competitive marketplace, it is not enough merely to 
operate an international network. It is a question of international 
networking — actively co-ordinating offices and services to provide 
benefits in roponshraess, innovation and efficiency 

Having been wad Best Bank in Asia, Standard Chartered can 
fiiirfy claim to deliver: 

Standard S Chartered 


INTERNATIONAL NETWORKING 


"5 


: 






V 





FINANCIAL TIMES FRIDAY JUNE 24 1994 


HI 

INDONESIA III 


Manuela Saragosa notes more open debate in politics 

Suharto is untouchable 


President Suharto is unlikely to go down 
na history as a born-again dem o crat, but 
his recent calls for more open public 
debate, with his moves to reduce the 
number of military men in government, 
indicate that there is change brewing. 

The changes started when Mr Suharto, 
a former general, entered his sixth five- 
year term in office in Mamh las t year, 
having run in elections as the sole presi- 
dential candidate and been backed by 
both opposition parties and the ruling 
Golkar party. 

First, he introduced a surprise cabinet 
reshuffle. Out went many of the older 
1945 independence gene ra tio n . ministers; 
in came younger faces. In the process, 
members of the armed forces were 
reduced to eight from 11 in a 41-member 
cabinet, with only two of them on the 
military's active service list. 

A few months later. President Suharto 
was calling As- more open public debate. 
Politically sensitive subjects such as his 
own succession, human rights in East 
Timor, and the role of ethnic flhinpaa 
Indonesia ns tn the country's business and 
economy are no longer completely taboo. 
"The degree of political openness is unre- 
cognisable from three or four years ago,” 
says a Jakarta-based western diplomat. 

To be sure, Mr Suharto and his family 
r emain untouchable. Earlier this year, 
students who demonstrated outside par- 
liament, demanding 1 that Suharto account 
for his leadership, were each sentenced to 
six months impris onment for dofamtng 
the president Open discussion of Mr 
Suharto's family business monopolies, 
which extend from satellite communica- 
tions to cement manufac turing, also 
remains nff limi ts frt the nafrinna) press. 
What is interesting is not that the press 
has became bolder, but what has moti- 
vated Mr Suharto to call for more open 
public debate. 

Observers point to his increasingly fre- 
quent hints that he may step down when 
his presidential term ends in 1998 - he 
win turn 77 that year - but they also 
mention the strain in volved in keeping a 
lid held down on a society which is 
demanding more democracy to accom- 
pany its more open economic pohdea. 

The national press is stiS constrained 
by a law which empowers the govern- 
ment to revoke publication and broad- 
casting licences when "file wrong kind of 
information’’ is dispersed - but Jakarta 
roof tops are littered with large satellite 
dishes, soaking up information from 
international broadcasting networks. 

“Mr Suharto realises that with globali- 
sation it is inevitable that people know 
about what is happening instantly,” says 
Mr Jtiwono Sudarsono, professor of Inter- 
national Rel ation s at the University of 
Indonesia. "He realises that managed 


openness Is better than a complete cla m p- 
down. It Is more effective in managing 
change.” 

Political analysts say that Mr Suharto’s 
moves to foster open political debate 
show he is concerned about the legacy he 
will leave when he steps down. Over the 
last few years be has soocessfaHy dubbed 
himself as “the father of denrehonaent” in 
Indonesia and his rule is credited with 
consistency in sustaining a healthy level 
of economic growth. 

Politically, his track record is not 
squeaky clean, particularly on the subject 
of human rights. An attempt to set the 
record straight on that front was carried 
out earlier thi« year w hen the Indonesian 



President ScftartO: sixth flwo-yoar term 


government invited journalists from all 
over the world to attend a government- 
guided tour of East Timor - part of a 
campaign to improve Indonesia’s interna- 
tional reputation. The campaign is 
accompanied with a gradual reduction of 
military presence in government The 
military, however, remains a force to be 
reckoned with. 

Much of the pahbc debate in the press 
is a reflection of the power struggles tak- 
ing place in. the ruling elite - technocrats 
and military men battling with technolo- 
gists - and debate between the genera- 
tions. Political analysts note that a new 
generation of ministers has entered Indo- 
nesian political life and that unlike the 
1945 independence generation, they are 
less concerned with cohesion and 
national unity. Many of them have been 
educated in the west and have tasted 
political freedoms which they do not have 
at home. They stand behind the drive for 


more transparency In government How- 
ever. rather than argue things out in par- 
liament, some politicians have resorted to 
tossing subtle barbs at each other in the 
press. 

One example is the controversy sur- 
rounding Mr JB Habibie, the minister of 
technology and research. Pressure on Mr 
Habibie’s demands for a budget of $ULhn 
for the purchase and upgrade of the for- 
mer East Germany’s fleet of warships 
was mounted by the minister of defence 
and security, who commented to Journal- 
ists that the budget request was exces- 
sive. A few days later the minister of 
finance forced Mr Habibie to slash his 
budget to 5482m. 

Increased political openness has also 
had its negative manifestations. Some 
newspapers have used their freedom to 
vent racist feeli ngs against ethnic Chi- 
nese Indonesians. 

Their grievances are based on the fact 
that the ethnic Chinese control about 75 
per cent at the country's private capital 
although they only make up about 2 per 
cent of the population. 

Observers say that attacks on ethnic 
Chinese Ind o nesians are veiled criti- 
cisms of government nfffefaia who benefit 
from then- association with large Chinese- 
dominated conglomerates, and an indi- 
rect attack an President Suharto, who 
has often protected Chinese business 
interests in Twdnwpsin. 

It is certainly true that resentment of 
ethnic Chinese domination in industry 
and commerce has been an enduring 
characteri stic of Tnrinnpgjsm p olitics since 
independence. 

But some observers say that in this 
sprawling archipelago, consisting of hun- 
dreds of diffaent ethnic groupings who 
together count as the world’s fourth larg- 
est population, wingg could easily g Rp 
into chaos. They point to the labour riots, 
laced with anti-Chinese sentiment, in the 
north Sumatran town of Medan earlier 
this year. 

In the meantime, Indonesians are 
watching the massacres in the former 
Yugoslavia with a mixture of horror and 
interest Events there are a grim 
reminder of the consequences of etbno- 

natiannMftm 

Analysts say, however, that a Balkan 
type break op is unlOmly to occur in 
Indonesia because there is a strong sense 
a mong the ruling elite and military that 
stability is essential to keep up the 
momentum of economic growth. Thus, 
white the press may be bolder, there is 
stm no freedom to assembly, no freedom, 
of association and people’s right to infor- 
mation is limited. 

As Mr Sudarsono puts it; “The govern- 
ment wants to strike a nice balance 
between openness and stability.” 


Victor Mallet analyses the growing pains of industrial revolution 


Disputes can turn violent 


Indonesia's industrial 
revolution has not been with- 
out growing pains. Strikes and 
demonstrations by factory 
workers have become increas- 
ingly frequent since the begin- 
ning of the decade, and labour 
disputes have occasionally 
turned violent. 

The owners of export-ori- 
ented factories - for whom 
cheap labour is one of the 
main attractions of Indonesia 
- are understandably con- 
cerned about rising labour 
costs and the risk of unrest 

But employers are aware 
that Indonesian workers are 
still much cheaper than most 
of their counterparts else- 
where In south-east Aria; and 
they know that the lowez^paid 
workers of Vietnam and China 
are starting to demand more 
money for factory work. 

Indonesia’s fledgling inde- 
pendent trade union move- 
ment has found support froui a 
motley collection of allies, 
Including liberal non-govern- 
mental organisations from 
Indonesia and abroad who 
have helped to inform workers 
of their rights, and the US 
administration, which has 
threatened to withdraw tariff 
privileges from Indonesian 
exports to the US if Jakarta 
foils to adhere to international 
labour standards. 

Indonesian employers, most 
of tfmwi from the ethnic Chi- 
nese minority, have also 
unwittingly contributed to the 
increasing strength of the 
local labour movement; some 
have fuelled the resentment of 
workers by paying less than 
the official minimum wage 
(currently Rp3,800 a day in 
Jakarta) or by treating 
employees with exceptional 
harshness; one factory was 
reported to have dedncted 
Kp500 from workers’ pay each 
time they went to the lava- 
tory). 

Trade unionists already pro- 
claim two martyrs whose 
names are known by indus- 
trial workers throughout the 
c ountry : Marsinah, a woman 
labour activist and watch fac- 
tory employee who was tor- 
tured, sexually abused and 
murdered last year (three of 
tite company’s employees were 
recently found guilty of the 
crime but the men say they 
were forced to confess mid the 


authorities have been accused 
of a cover-up); and Rusli. a 
rubber factory worker whose 
body was found in a river in 
Medan, north Sumatra, follow- 
ing a d em onst rat ion in March 
that was broken up by riot 
police. 

In April, thousands of 
Medan workers went on 
strike, and demonstrations 
degenerated into rioting 
directed at the ethnic Chinese; 
one factory owner was 
dragged from his car and 
killed before the anned forces 
restored order. More recently 


there have been several strikes 
on the main island of Java. 

The independent Indonesian 
Welfare Labour Union, estab- 
lished two years ago, has led 
the struggle for higher wages 
and better conditions, but the 
government has refused to 
allow the unkm to register and 
occasionally arrests its offi- 
cials. instead, the government 
insists that workers must be 
represented through the offi- 
cially sanctioned All Indonesia 
Workers Union, an organisa- 


but by a textile magnate who 
is also a member of the ruling 
Golkar party. 

Government officials argue 
that Indonesian workers are 
not sufficiently educated to 
establish their own union and 
that an officially-controlled 
union is justified by the need 
to maintain law and order. Mr 
Suwarto, director general for 
industrial relations and labour 
standards at the ministry of 
manpower, says: "How can 
they organise for themselves 
without bring guided by the 
governments* 

Hie adds: "Here in Indonesia, 
if there are 50 people carrying 


banners, in five minutes there 
win be hundreds and then 
thousands - and stone- throw- 
ing - because of unemploy- 
ment." 

He acknowledges that the 
ministry sometimes few diffi- 
culties in enforcing the mini- 
mum wage rules and- other 
labour legislation, pointing 
out that there are only 700 
labour inspectors covering 
147,000 companies. 

Asked about allegations that 
employers routinely bribe 
inspectors to ignore company 
malpractices, Mr Suwarto 


replies that ft is impossible for 
the government to act against 
corruption without proof. 

Employers, meanwhile, have 
threatened to lay off workers 
if wages continue to rise. They 
say Indonesian productivity is 
low and they normally employ 
more people than they need as 
part of an Informal social con- 
tract involving low wages on 
the one hand and Job security 
on the other. With 2£m school 
leavers entering the workforce 
each year, and an estimated 
30-40m Indonesians either 


unemployed or underem- 
ployed, factory owners say 
they do not see much eco- 
nomic justification for 
increased wages. 

The independent trade union 
(known by its Indonesian acro- 
nym as the SBSL not to be 
confused with the government- 
backed SPSQ argues that 
wages and conditions should 
be improved both to provide 
workers with a living wage 
and to ensure that labourers 
are treated in accordance with 
the international agreements 
to which the Indonesian gov- 
ernment itself has subscribed. 

Trade unionists - and for- 


eign businessmen - repeatedly 
refer to the fact that whereas 
wages account for only about 7 
per cent or 8 per cent of total 
costs for a typical company in 
Indonesia, bribes for govern- 
ment officials can account for 
between 10 and 30 per cent: 
the obvious way of phasing 
employees and employers 
alike is to abolish corruption 
and use the money saved to 
raise wages. 

The SBSI, which now claims 
to have more than 250,000 
members, inevitably finds 
itself straying into the politi- 
cal arena, confronting the gov- 
eminent on snch Issues as 
freedom of association (theo- 
retically guaranteed in the 
constitution) and the role of 
the armed forces (which are 
dominant In politics and fre- 
quently intervene iu factory 
strikes). 

“My struggle is to build a 
strong civil society through a 
strong trade union," says Mr 
Muchtar Pakpahan, SBSI 
leader. “Only a strong trade 
union can balance the domina- 
tion or the military " 

Should the government 
attempt to close down the 
SBSI, be says, "I will organise 
a rally to topple the govern- 
ment if the government acts 
against the law and against 
the constitution." 

Some military leaders have 
likened the SBSI to a subver- 
sive communist organisation, 
and the Indonesian govern- 
ment may be tempted to emu- 
late its counterparts in Malay- 
sia and Singapore by 
suppressing the independent 
trade union movement Even If 
that happens, Indonesia is 
unlikely to be able to resist 
domestic and international 
pressure for higher wages and 
better working conditions. 

This was one of topics raised 
by the International Labour 
Organisation’s Mr Herlbert 
Mater, who called for a new 
Indonesian labour code based 
on ILO principles during a 
recent visit to Jakarta. As he 
said in a speech to Indonesian 
officials: “The events of the 
last few years, months or even 
weeks in the country have 
shown quite dearly that the 
evolution of its industrial rela- 
tions has not kept pace with 
its rapidly developing econ- 
omy and industry.” 



STRIKES 1988 

- 1998 




Woricara 

Houa 

Yaar 

Nunber 

bnratad 

lost 

1968 

39 

7,545 

69.213 

1989 

19 

4.245 

27,454 

1990 

61 

31,234 

316,500 

1991 

130 

64,474 

534.810 

1992 

197 

98.764 

1,044,519 

1993 

169 

97,807 

857,845 

Source Indonesian Gorannant/US Embassy Jakarta 


tfrm beaded not by a worker 


Government officials justify an officially-controlled 
union by the need to maintain law and order 


You don’t have to buy a Mercedes to get the best truck on the road. 



W hrfs this? Is Mercedes-Benz, 
the world’s largest manufac- 
turer of commercial vehicles, giving 
best to another manufacturer? 

Sony to get our rivals’ hopes up. But 
no, a Mercedes still delivers economy, 
reftabtfity, technology, whole fife costs 
and re-sale values that set ft apart 
from other vehicles. 

All we’re printing out is that if it’s a 


Mercedes you're after, you don't have 
to buy one. You can choose from any 
one of dozens of operating or acquisi- 
tion methods, an with the advantage 
that they're backed by Mercedes-Benz 
themselves. 

For the ultimate in convenience, a 
Mercedes-Benz CharterWay contract 
covers evety aspect of a trade's opera- 
tion. AH you have to stippiy Is the fori, 


and the driver. Alternatively, a 
Mercedes-Benz Maintenance and 
Repair Contract could be the solution 
if you want to own the vehicle but 
need a fixed servicing cost to budget 
for. And whan you see how low those 
costs are, youTf realise that uncom- 
promising buSd quality really does pay 
off hn the tong rua 

And if you want to keep your options 


open? With a Mercedes-Benz Finance/ 
Mileage agreement, you pay a fixed 
deposit and monthly repayment, and 
decide at the end of the term whether 
to buy outright or start anew. 
Whichever method you choose, you'll 
find that a Mercedes-Benz fa a very 
cost-effective way to run a business. 

AO Mercedes-Benz service and finance 
packages are available across the 



Mercedes-Benz 

Trucks and Vans 


range, from the 208D panel van right 
up to the 2550 6x2 tractor. And as 
you'd expect from the world's number 
one, there are fiterelly hundreds of 
options and specifications open to you. 
To help you select the ideal vehicle for 
your needs, there’s no better place to 
go than your nearest Mercedes-Benz 
dealer. It may be hard to persuade you 
not to buy it But well try. 


f«rn<r»Worm«tloir«W»»U«w«de«^eniring^8«rvic®i#KJfirumc«p3CkagB8,phoi»ftieeonOBDO 181361 
Of write; M are a riaa B e n z Trade* «td Vain, Pape C2, FREEPOST, RM8QS, Wofd, Eaw IG2 6BR 




INDONESIA IV 


Profile: Mohamad Hasan 


Private king 


In the tight-knit Indonesian 
business community, the 
same names keep cropping 
up - such as Mr Mohamad 
Hasan. Universally known as 
Bob, Mr Hasan heads one of 
the gnmll number of enor- 
mous personal business 
empires which control much 
of the country's economic 
activity. 

By his own count, Mr 
Hasan owns more than 100 
companies with interests 
ranging from forestry and 
construction to insurance 
and banking. But although 
his wiry figure and impish 
looks are a familiar public 
sight, his personal affairs 
have remained very private - 
often wrapped up in the yay- 
asans, or quasi-chart table 
foundations which conceal 
much of Indonesia’s wealth. 

Mr Hasan has never floated 
shares on the public 
gyphang ftg Tn a recent inter- 
view he said his group made 
no use of debt either. 

But the influence of the 
Hasan empire extends well 
beyond mere business. Mr 
Hasan is dose to President 
Suharto, whom he got to 
know in Hie 1950s when he 
was a regional military com- 
mander. Today the two meet 
regularly to play golf. The 
mere association of Mr Hasan 
with some initiative is 
enough to get it off the 
ground. 

Like most of Indonesia's 
business tycoons, Mr Hasan 
is of Chinese ethnic origin. - 
a somewhat touchy matter in 
a country which resents Chi- 
nese commercial ri«mmafrip w 
But if this ban been a disad- 
vantage, it is greatly out- 
weighed by Ms links with 
Suharto, which are closer 
than any cahfmit member’s. 
To reinforce these ties, Mr 
Hasan chang ed his name (it 
was originally The Eton 
Sang), and converted to 
Islam, joining Suharto on the 
haj to Mecca. He is also said 
make a point of not 
employing Chinese staff. 

The heart of the Hasan 
empire lies in forestry and 
wood products. His personal 
power base is reinforced by 
his chairmanship of Apldndo, 
the Indonesian plywood trade 


association whose members 
account for over three quar- 
ters of the plywood supplied 
to the world market. 

This forestry connection 
has made him a controve r sial 
figure, not merely because of 
Apktndo's powerful grip on 
toe wood products business, 
but also because of interna- 
tional concern about the 
destruction of toe rain for- 
ests. 

Mr Has?n denies that 
Apkindo sets prices: "That 
would get us in a lot of trou- 
ble.” He has also gone on the 
offensive to defend Indones- 
ia's forestry practices, visit- 
ing Strasbourg earlier this 
year to put his case to Enro- 
MPs. 

“We want the world to 
know that we care about our 
forests.” he says, adding that 

Tnrinnpsifl has a detailed plan 
for its forest management, 
and has embarked on initia- 
tives to enforce the law an 
concession holders, such as 
aerial surveillance and an 
eco-labelling scheme. Asked 
about toe extent of Illegal log- 
ging, he says; “There’s a 
small quantity.” 

Mr Hagan beUs vBs that nat- 
ural resources must underpin 
Indonesia’s economic growth. 
“Everyone is going into elec- 
tronics, cars and steel But 
you need a table to put your 
computer an, a case for toe 
diskette. We can make those 
things. They’re complemen- 
tary.” 

Now in his 60s, Mr Hasan 
has begun to pull back from 
direct day to day involvement 
with his businesses. His real 
interests, he says, are the 
string of sporting and com- 
munity causes with wMch he 
is involved. He heads Indon- 
esia’s athletics, gymnastics, 
golf and chess associations. 

He is also a member of the 
Business Council for Sustain- 
able Development - the 
Swiss-based group of environ- 
mentally concerned business- 
men - and is in toe process 
of setting up an Indonesian 
branch of the Duke of Edin- 
burgh’s Award. “These are 
my businesses. My industries 
are my hobbies,” he says. 

David LasceOes 


T he Jakarta stock 
exchange has provided 
investors with an object 
lesson in the thrills - and 
s pills - of emerging markets. 

Last year the exchange was 
a star performer the composite 
index doubled, triggering a 
flood of company flotations 
and rights issues. But after hit- 
ting a three-year high in the 
first week of January, it went 
into a nosedive which wiped 25 
per cent off share values. In 
recent weeks prices have 
begun to creep back up again, 
but the experience has caused 
analysts to look more warily at 

thi» marke t — ami its ^mailer 

sister in Surabaya. 

The ostensible cause of the 
sell-off was the Federal 
Reserve Board's decision to 
raise US interest rates in Feb- 
ruary. But with a domestic cri- 
sis bubbling up in the state 
banking sector, and ethnic 
riots In Medan, there were 
other reasons for investors to 
be nervous. 

Analysts say that it is impor- 
tant to understand that unlike 
other south east Asian mar- 
kets, Jakarta is not dominated 
by local Chinese traders. This 
means that there is less of the 
speculative investment seen on 
other regional exchanges. On 
the other hand, 70 per cent of 


The Jakarta stock exchange is 70 per cent foreign driven 

Insider thrills and spills 


the trading is driven by foreign 
investors, which means that 
Jakar ta is vulnerable to what- 
ever Wall Street or London 
fashion says about emerging 
markets. 

Jakarta’s modest capitalisa- 
tion of about Rp 40tr ($l&2hn) 
and the relatively small num- 
ber of stocks traded (183) make 
for the poor liquidity widely 
considered to be one of the 
exchange’s biggest drawbacks. 

The strong family ties link- 
ing shareholders of the biggest 
companies also mean that 
investors have to beware of 
TTwridw (jading. Nor is fraud 
unknown: last year, counter- 
feiters fed over a million forged 
share certificates on to the 
market, forcing suspension of 
trading In five listed compa- 
nies. Some of toe exchange’s 
limitations are bureaucratic. 

A farther curb is toe limit of 
49 per cent on foreign owner- 
ship of the listed stock of Indo- 
nesian companies. This rule is 
more stringent than it appears 
because many large Indonesian 


Jakarta cotnpostte-pricw indue 


700 



com panies only list a small 
proportion of issued stock - as 
little as 10 per cent. So foreign 
investors are being excluded 
from a sizeable area of poten- 
tial investment territory. 

Against that, however, the 
market is relatively open by 
south east Asian standards: 
there are no capital controls, 
and foreign stockbrokers can 
become members of the 


exchange by forming partner- 
ships with local concents (27 
have). The exchange also Ms 
ambitious plans to automate 
operations and move to scrip- 
less trading later this year, 
which will greatly increase its 
trading capacity (currently lim- 
ited to 5,000 manually entered 
deals a day), and reduce deal- 
ing costs. 

Nonetheless, it was a blow to 


the exchange when Indesat. 
the large state-owned telecom- 
munications company, decided 
to go to Wall Street for its 
forthcoming privatisation. 

The recent crisis in the bank- 
ing sector has sharpened the 
need for alternative sources of 
Wnwnrp- and the government is 
keen to see the stock market 
take on a heavier share of the 
load. Much of the task of 
strengthening the exchange 
lies with Mr Bacelius Runt, the 
chairman of Bapepam. the cap- 
ital markets supervisory 
agency, which is part of the 
ministry of finance. He is try- 
ing to improve the market’s 
reputation, and persuade the 
ministry to relax some of the 
more onerous regulations. 
Items on his agenda include 
more disclosure both of the 
finances of listed companies 
and of trading in their shares. 
Bapepam is a standard-setting 
body for company accounts: it 
is working with the accounting 
institutes to improve the rules. 
He is also trying to raise stan- 


dards for initial offerings- Doc- 
uments are vetted maze, 
closely, even if this hoW* 
the Dow of new feraes. 

Mr Ruru has told the mink* 
try that the 49 par cent rate 
should be removed - although 
so far with no result. He is in 
less of a hurry to ream the 
15 multiple rule. “It's a way to 
teach the market how to 
behave. People should float 
shares out of need, not greed." 
Nonetheless. Mr Rum says this 
will only be temporary "We 
don’t want our market to be 
different from the others.” 

Insider trading Is a bigger 
problem. Bapepam does not 
have the powers to deal with it 
effectively: there hare been no 
successful prosecutions, 
despite what broken say are 
blatant cases where shares 
have moved sharply in 
advance of price-sensitive 
news. Part erf the problem is 
cultural. As an official puts it 
“An exchange without insider 
trading is like a night chib 
without girls." 

However. Bapepam has tried 
to protect the independent 
shareholders In large 
companies with dominant 
family shareholders. ~ 

DavidLagcefled 


David Lascelles on the banks 


Stern specifics 


Loan growth 

Amai percentage change 
175 


“I specifically urge all parties 
related to banking activities to 
stick to ethical and efficient 
practice In managing the 
industry.” 

These stern words came last 
month from no less a person 
than President Suharto - a 
dear indication of toe serious 
straits in which Indonesia's 
banking industry finds itself. 

Suharto made Ms utterance 
just as fiie Indonesian press 
was regaling its readers with 
details of the Bapindo trial in 
wMch Mr Eddy Tansil, a local 
businessman, is accused of 
defrauding Bapindo, the state 
development bank, of the 
equivalent of over 9430m. The 
case has sent shock waves 
through toe Indonesian politi- 
cal aid business establishment 
with its suggestion of corrup- 
tion in high places. But it has 
also forced the Indonesian 
authorities to confront the 
extent of bad loans in the 
country’s notoriously manipu- 


lated state banking sector. 

According to an announce- 
ment by Mr Marie Moham- 
mad, the finance minister, last 
February, 21 per cent of Tnamc 
worth $7bn in file seven state 
banks are either bad or in 
default He told a parliamen- 
tary hearing that much of *hte 
was the result of collusion 
between the banks and their 
customers, and promised a 
massive clean-up. The minis , 
try of finance has now set up a 
supervisory team with Bank 
Indonesia, toe central bank, to 
pick through file state banks’ 
loan boobs. 

Mr Sudradjad Djiwandono, 
who became governor of Bank 
Indonesia a year ago, says: 
“Although there’s a big public 
uproar over Bapindo, we had 
already begun to address the 
issue of bad loans.” He says 
that a wide range of measures 
is being adopted to strengthen 
the banking industry - and 
supervision. 



All this attention to banking 
- fed by the sew openness 
Suharto has sanctioned - 
might be thought highly 
embarrassing, coming as it 
does on the heels of problems 
in toe private banking sector 
as well. But many bankers 
welcome it as evidence of gov- 
ernment determination to get 
banking back to health. "It’s 
long overdue," says a foreign 
banker in Jakarta. 

The private sector's prob- 
lems date back to the HI* 
jndged deregulation of the 
banking industry In 2988, 
releasing banks from tight 


controls on reserves and 
branch numbers. The banks 
used thteir new-found freedom 
to go on a lending spree which 
came to a halt a couple of 
years later, when the central 
bank tightened monetary pol- 
icy to rein In credit growth. 
Since then, many private sec- 
tor banks have been forced to 
merge, or turn to their share- 
holders for mare capital. Last 
year Hawk Sununa, one of the 
country's largest, was wound 
up on government orders. 

But the read ba ck to health 
has proved long and arduous. 
The central bank tightened 


capital requirements to meet 
the new Basle regulations in 
1991, but had to looses them 
again last year to mobilise 
more lending, although the 
level of bad debts was still 
high. “By the end of this year, 
I can say that we shall hare a 
very dean portfolio," says Mr 
Glenn Yusuf, a director of 
Bank Ifiaga, a leading private 
sector bank. 

But the shakeout has still 
some way to go, in many peo- 
ple’s view. The number of 
banks In Indonesia, M3. Is 
considered to be for too large. 
At the same time, the number 
of property qualified personnel 
is too small; this means that 
banks are badly managed. 
Another undertyfug problem Is 
that many of Indonesia’s larg- 
est banks form part of wider 
industrial conglomerates 
where they are treated as 
“in-house" banks. Much of the 
banking sector's difficulties 
stem from the inoestnoos refe- 
tionshlps that result 

The central bank Is trying to 
cut down the amount of finked 
lending by enforcing the inter- 
nationally accepted celling erf 
20 per cent of assets to a single 
customer. Bat because the 
problem is so luge, it has had 


to give banks a breathing 
space by allowing them to 
insure the credit risk on any 
over-limit loans until 1997. 

The problems erf the state 
sector hare also had repercus- 
sions on private sector banks. 
Many of Indonesia’s largest 
companies relied heavily on 
state h*"fcs for their funding. 
But now that the state sector 
Is more tightly policed, these 
companies hare been forced to 
turn to private banks instead 
- putting pressure on the pri- 
vate money markets and help- 
tog to push up interest rates. 

Some companies have also 
begun to turn to foreign banks 
operating in Indonesia. But 
there are Umita to the growth 
of this market because foreign 
banks are required to restrict 
most of their lending to 
export-related business. There 
are also limits on their ability 
to raise foods externally. 

The sharp growth tn bad 
loans has exposed another 
bugbear for bonkers: the diffi- 
culty of recovering debts 
through the courts became of 
inefficiency and corruption, 
reform of the few effecting the 
rights of crotiHnre and deposl- 
tortfc aueef foe items an the 
rental bank’s agenda. 


The 

transformation 

of 

Nusa Dua Beach Hotel 

has begun........ 





B 


The Nusa Dua Beach Hotel Bali has recently embarked on a US$ 22 million refurbishment program to 
restore the hotel to its original authentic Balinese palace-style design. The transformation of its 380 
guestrooms and suites will emphasise ethnic decor, larger bathroom facilities and all the amenities you 
would expect from a deluxe hotel Incorporating the latest technology , all rooms will have individually 
controlled air-conditioning, private bath and shower, hairdryer, radio , IDD telephones, safe box, 
satellite television, in-house movies and a private balcony. Additional facilities will include an 
environmentally-friendly Health Spa complete with a Lap Pool and Spa Cafe, a new lagoon-style 
swimming pool and a Business Centre. The new Palace Wing zoill ensure exclusivity and regal service 
beyond all expectations, with classical interior decorations, private gardens for the Lanai looms and an 
exclusive butler service. With a highly successful and legendary history, the Nusa Dua Beach Hotel 
has preserved and recreated the Bali of days gone by, securing an era for prosperity. The future looks 
even brighter as the management and staff pursue a course of improvement and by March 1995, the 
reality wUl be even more glorious than the dream. 



Nusa Dua Beach Hotel, P.O. Box 1028 Denpasar, Bail Indonesia • Tet (361) 771 210 • Fax: (361) 771 229 • Tbc 35206 NDBH 1 A 


WE 

BUILD 

INDONESIA 


Indonesia's progress towards the status of a newly industrialized country is filled with new power 
projects, roads, harbours and airports, new towns and cities. 

At the foundation of these infrastructure developments arc cement and concrete. 


... w - -in South Hast 

Asia is responding to the challenge through a program of acquisition and a major expansion 
project in central Java. ~ 

The Cement Qbioong group has four million tons of cement capacity, a rapidly expanding ready 
mix concrete operation and an efficient distribution network that utilizes road, rail and sea links 
to serve Java. * 

i 

And Java is home to over 100 million people consuming two thirds of national cement 
production. 

Cement Cibinong is m ax i mizing the opportunity to support infrastructure growth. Opportunity 
thatmakes us more than a cement company. ^ 

It makes us a solid investment 



PT SEMEN CIBINONG 

Rtf further inform ttron contact Uic Finance Director, PT Semm Qbfnong, BRHIBmkfing 
Jl. Jeaderal Sudinmn No. 44-45 Jiteuta 10210 
, Phone. (fiZ>21-25I2377 Fax. (62>2i-25l2394 





FINANCIAL. TIMES FRIDAY JUW 24 1994 


INDONESIA V 


V 


David Lascelles looks at mining, natural gas and forestry developments in the Indonesian part of Borneo 


Controversy persists over conservation issues 


Kalimantan, as the 
Indonesian part of the ©land 
of Borneo is known, is a 
huge wilderness, thinly 
populated and rich in 
resources. 

The terrain extends from 
high mountain peaks, through 


lush rain forests to the 
mangrove swamps and lazy 
rivers of the coast. Despite 
difficult working conditions 
- torrential rain and few 
roads - the island has 
important industrial projects, 
particuiarty in East 


Kalimantan where some of 
the richest energy and 
forestry resources fie. 

But development is 
controversial: It creates social 
and economic strains and 
stirs up environmental 
concerns. 


Sensitive to international 
criticism, the Indonesian 
government has been arguing 
that development and 
conservation can go hand 
in hand in developing the 
area's potential. 


Sangatta coal is of high quality 


“Tliafs the Sangatta seam we’re chasing” 
says John Arkeveld, pointing at a thick 
black line in the hillside. We were stand- 
ing on a muddy hilltop overlooking a huge 
man-made hole. All around us, dump 
trucks growled their way about, heaving 
out huge loads of glistening black coal. 

Sangatta is one of the largest open-cast 
coal mines in the world. Set 13km 
from Kal imantan's east coast, the three- 
year-old operation Is already producing 
some 10m tonnes a year, and is aiming to 
go up to 12m. Last month the mini* set a 
world record by loading just imder 200.000t 
of coal on to a single cargo ship. 

The existence of coal in East Kaliman- 
tan has been known for some time. But 
Sangatta was only developed recently as a 
result of licensing deregulation by the 
Indonesian government. The Sangatta 
licence was won by Kaitim Prirca Coal 
(KPC), a 50.50 joint venture between Brit- 
ish Petroleum and CRA, the Australian 
mining company part owned by RTZ. 

The mine is highly attractive, for a num- 
ber of reasons. The coal is of exceptionally 
high quality; it is low in sulphur, ash and 
moisture; the seams are thick (up to 14m 
in places); and the reserves are estimated 
at 590m tonnes, enough for nearly 50 
years. Production is already 50 per cent 
above plan. 

Furthermore, the mine is linked by 


conveyor belt to a deep sea berth which 
means that the output r-ari be shipped out 
cheaply. Most of the production is 
exported, mainly to power generation utili- 
ties In Japan, Taiwan and Hawaii. 

But against that, the have turned 
out to be more complicated than the geolo- 
gists expected, so mining costs have been 
higher than first thought Also, steaming 
coal prices have fallen by a quarter since 
the mine got into production in 199L 

The mine cost $57Qm to develop, and 


The BP/CRA contract with the 
government does not specify who 
is to pay the final clean-up costs 
once mining is finished 


KPC pays the Indonesian stale coal com- 
pany PT Batubara a 1&5 per cent royalty 
on all the coal it takes out. Mr John Slater, 
the managing director, <1 Primes to diSCUES 
the operation’s finances, but he says that 
production costs are at the lower end of 
the world scale, mainly because the coal 
can be shipped out so easily. 

He is also optimistic on prices; ‘'We are 
at the bottom of the cycle, and well see 
prices come back a little, ” he says, noting 
that spot prices could rise in Europe. (CRA 
reported a profit of $A44m on its half 


share in the mine last year, double the 
previous year’s profit). 

Another difficulty is that Sangatta lies 
next door to the Kutai national park, one 
of the few areas of virgin forest left in East 
Kalimantan, which makes it an easy tar- 
get for environmentalists. KPC is helping 
to fond conservation projects to protect 
the area, and has a programme to reforest 
the open pit itself. What is not specified in 
the contract is who pays for the final 
dean-up costs once mining is finished. 

The mine employs 2300 people and pro- 
vides jobs for another 2000 contractors; it 
is the mam source of employment for 
miles around. Employees get access to 
high class shops, education and health ser- 
vices. But this also sharpens the divide 
between the haves and the have-nots, the 
latter clustering hopefully round the hHm 
in little villages. 

How long BP and CRA will remain in 
control at Sangatta remains to be seen. 
Under the terms of their agreement with 
the gove rnmen t, they are required to offer 
up to 51 per cent of the business for sale to 
Indonesian interests between 1996 and 
2001. Ironically, BP has been selling off 
most of its coal operations elsewhere in 
the world as part of its big rationalisation 
drive. But it held on to Sangatta because 
of its exceptional prospects. 


Natural gas on the equator 


Eton tang lies almost exactly on the 
equator. The air is hot and steamy, and a 
warm breeze blows in from the sea. But 
ice several inches thick coats the huge 
compressors where natural gas is befog 
liquefied at temperatures below -150 
degrees centigrade. 

Each year the giant Bon tang plant pro- 
duces 15m tonnes of liquefied natural gas 
(LNG) from the surrounding gas fields 
and loads it on to special container ves- 
sels for shipment to Japan, South Korea 
and Taiwan. Developed nearly 20 years 
ago at a cost of some S3J)tm, ft Is now the 
largest of its kind in the world - a Mg 
contributor to Indonesia’s overseas earn- 
ings. 

Over that period, a complete town has 
sprung up along what was previously an 
empty coastline, dotted with a few fishing 
villages. Still hard to reach by land 
because of the poor roads and muddy riv- 
ers, Bontang is linked to the outside 
world mainly by air and sea. Although 
the plant itself only employs 1700 people, 
it helps to suppor t a co m munity now esti- 
mated at close an 100,000 people. Bat out 
at sea, within sight of the plant, a small 
village still perches on stilts: the home of 
the orong Urn, or sea people who live off- 
shore. 

In the past, Bontang has been overshad- 
owed by Indonesia's other LNG plant at 


developed more rapidly. But Bontang is 
about to take the lead. As Aceh’s output 
levels off towards the end of this decade, 
Bontang’s will continue to grow. Last 
Novembo* it opened its sixth train, or 
production fine, and H has plans to add a 
seventh by 1997 and an eighth by the end 
of the decade, by which time capacity will 
be about 20m tonnes. 

Mr Snbroto, the plant’s manufacturing 
manager, says that the only constraint on 
the scope fin growth is the ability of the 


The gas market is there - the 
fuel-hungry electricity utilities of 
the Pacific rim are expected to 
double their consumption by 2010 


gas field contractors to snpply the gas tost 
enough. The market for the LNG is there: 
the fuel-hungry electricity utilities of the 
Pacific rim are expected to doable their 
consumption by 2010, and than is space 
at the plant for the additional trains. 

Bontang is owned by Pertamfoa, the 
state oQ and gas company. But It is man- 
aged by PT Badak, a company jointly 
owned by Pertamfoa, a consortium repre- 
senting the Japanese customers who 
financed construction of the plant, and 
two of the companies which supply the 


venture between Lasmo of the UK and 
Union Texas Petroleum). 

The gas comes from fields to the south 
of the plant, linked by a network of pipes 
running through the forests and man- 
grove swamps, culminating at the Badak 
processing plant just below tire equator 
where the gas is made to tire right blend 
and pressure for transmission up to Bon- 
tang. The fields also supply the Kalttoi 
fertiliser plant just to the north of Bon- 
tang - again one of the largest of its kind 
in the world. Badak marks the spot where 
the first oil and gas was found in the area 
- by Roy Hnffington of Texas (Huffco) in 
1971. Hnffco’s properties later became 
part of Vico, with Lasmo acquiring its 
interest in 1991 when it bought Ultramar. 

Since the Huffco finds, Total has been 
sucoesrfol in discovering large new off- 
shore fields in the mouth of the Mnfiakam 
River, despite the difficult operating con- 
ditions. The French company will shortly 
became the main supplier to Bontang, 
contributing about three quarters of the 
gas needed to fulfil new contracts cur- 
rently under negotiation. “Our gas 
reserves will continue to im p r ove,*' pre- 
dicts Mr Bernard Vitry, Total's represen- 
tative in Jakarta. 

The total capacity of the fields supply- 
ing Bontang is about 33 trillion coble feet, 
of which Total has about half. 


Aceh in northern Sumatra which was gas: Total of France, and Vico (a joint 


As the oil surplus dwindles, David Lascelles considers energy needs 

Big decisions to be made 


'trV; 

1 


As Indonesia's oil surplus 
dwindles, the country feces 
Increasingly large questions 
about its energy future. 

In some areas, Jakarta's pol- 
icy is clear, the place vacated 
by oil is to be filled by other 
energy sources, which Indon- 
esia fortunately has in abun- 
dance, notably liquid natural 
gas and coaL But in others, 
important Harimnns have still 
to be clarified: how are the 
ambitious targets for power 
generation to be achieved? And 
how is burgeoning demand for 
refined products to be met? 

In donesia currently produces 
same 1.5m barrels of oil a day, 
of which it exports about hall 
But although it has managed 
to maintain production at this 
level For some years, there Is 
little prospect of it being 
increased. No major new finds 
await development, and all the 
most promising and accessible 
areas have been well explored. 
Meanwhile, domestic fuel con- 
sumption is increasing at the 
rate of about 5 per cent a year, 
raising the possibility that 
some time early next century 
Indonesia will cease to have 
any oil to spare. 

Of the alternative energy 
sources, natural gas seems to 
lave the brightest prospects. 
\lready a world leader in the 
sport of liquefied natural gas, 
ndonesia hopes to build on 
his position, but the pattern of 
induction will change. 

Until now. the Aceh LNG 
iroject in northern Sumatra 
las been the spearhead, 
^though Mobil has a new off- 
Imre field with Utr cubic feet 
, f gas still to develop there, 
-»ceh’s output will begin to 
f ;vel off through the rest of 
ds decade. Meanwhile. Total 
as made substantial gas dis- 
sverles in East Kalimantan 
hich have opened the way for 
oportant expansion of the 21- 


year-old Bontang LNG plant 
there. A fresh round of con- 
tracts Is tiding negotiated with 
utility customers in Japan, an 
the basis of which two more 
production lines wifi be added 
to Bontang bringing its capac- 
ity to 20m tonnes a year, (see 
separate article on this page). 

A question mark remains 
over the large gas field discov- 
ered by Exxon at Natuna in 
the northern offshore region of 
the country. The new energy 
minister, Ida Bagns Sudjana, 
halted negotiations last year, 
blaming the poor economics of 
the project The feeling among 
the Jakarta oil and gas commu- 
nity is that its remoteness and 
the high carbon dioxide con- 


weakened its chances. 

The outlook for coal is also 
good. Following the Uberahsa- 
tkm of licensing in the 1980s, 
several foreign companies have 
launched projects, mainly in 
BTaiima-ntan. including CRA, 
BP and BHP. This has led to a 
dramatic increase in produc- 
tion and exports which has 
propelled Indonesia into the 
position of the world’s fourth 
largest exporter of steam coal. 
Production last year reached 
28.6m tonnes, with exports 
amounting to 19mL The expec- 
tation is that production this 
year will reach 33mt, with 
exports rising to 24mL 

Most of this coal is produced 
from efficient open cast mines 
where reserves are large, war- 
ranting development plans 
extending several decades. In 
Kalimantan the coal quality is 
also good, with low sulphur, 
ash and moisture content 


The question is the extort to 
which Indonesia will deploy 
these resources of gas and coal 
for its own domestic use. 

The government has an 
ambitious electricity pro- 
gramme for which it is trying 
to obtain private sector invest- 
ment The objective is not just 
capacity expansion, but a 
reduction of the current heavy 
reliance on oil for power gener- 
ation. The io year plan wfom to 
create some ISjOOOMW of new 
capacity, most of it coal-fired, 
but some n«ring gas. 

Dozens of foreign companies 
are chasing th<> business, and a 
number of projects have been 


mainly drawing gas from small 
offshore fields in the Java Sea. 
But the big decisions have still 
to be made. “Everyone’s trying 
to wiiff out what’s happening,” 
says a western oil executive. 

“The gas in ValTmantim and 

Aceh is for export," says Mr 
Suyitno patmosakismo, direc- 
tor general of the oil and gas 
directorate. “Other concentra- 
tions will be developed for 
domestic use. for power gener- 
ation." 

An Important milestone was 
passed in January when PLN, 
the state power company, 
struck its first electricity pur- 
chase contract with a private 
sector generator, showing that 
agreement could be readied on 
prices. The plant, the coal-fired 
Paiton plant in East Java, Is a 
joint venture between Mission 
Energy, GE, Mitsui and PT 
Batu ffitam Perkasa. an Indo- 
nesian concern. 

A permanent debating point 


in the energy industry is the 
quality of investment Incen- 
tives for foreign companies. 
This has become more critical 
now that Indonesia needs to 
stimulate a greater exploration 
and production programme. 

Last year, the government 
improved the profit share for 
companies operating In the 
less mature areas of eastern 
Indonesia and the offshore 
provinces: they will get 35 per 
emit rather than 20 per cent 
But other changes reduced 
some of this benefit, leaving oil 
industry wrBr n tjras less than 
enthusiastic. A big sticking 
point Is the government's 
refusal to consolidate taxation 
so that expenses incurred in 
one contract can be used to 
offset profits in another. 

Mr Suyitno says: “There is a 
dialogue with the companies 
and we try to consider then- 
concerns. But in the oil and 
gas area we do not need any 
more action to open our door 
wider." 

Another potential difficulty 
is abandonment costs. Early 
contracts between Pertamfoa. 
the state oil company, and for- 
eign contractors, omitted to 

specify who was responsible 
for removing equipment when 
production was finished. For- 
eign ofl companies have taken 
the line that since Fertamina 
owns an oil industry assets, it 
should logically pay. Fertam- 
ina is now specifying in new 
contracts that foreign compa- 
nies are responsible for these 
costs, but the question of who 
pays in old contracts - where 
millio ns of dollars are at stake 
- wntHrfna unresolved. 

"According to our law and 
the law of the sea which Indon- 
esia has agreed to, we have to 
remove it,” says Mr Suyitno. 
"But tile cast mast be borne by 
the companies - We are discuss- 
ing it with them." 


agreed involving concerns 
such as British Gas and Enron, 


The government has an ambitious electricity 
programme for which it is trying to obtain private 
sector Investment 


tent of the gas deposit have 



In the raki forest, frees draped in bright green fofiage raw more than 100 feet into the air 

‘We are deep in the rain forest’ 


All around us, trees draped in bright green 
foliage rear more than 100 feet into the air. 
At our feet, the orange clay has been 
churned up by bulldozers. Close by we 
hear the roar of a chain saw followed by 
the slow crash of a falling tree. 

We are deep in the iraKmantan rain for- 
est, In one of the giant logging concessions 
winch supply the bulk of Indonesia’s tim- 
ber. This one. covering a huge area of 
470,000 hectares, belongs to the Interna- 
tional Timber Corporation of Indonesia 
(TPCI). We are here because ITCI is keen to 
rebut accusations that it is ravaging the 
forests. 

Suwardi Suwasa, who is in charge of 
forest rehabilitation, gx piafos that the con- 
cession has been divided up into 35 blocks, 
and only one may be logged each year. 
Even tiffin, an inventory has to be pre- 
pared and accounted for to the authorities, 
and only trees measuring more than 50cm 
across may be felled. This form of selective 
logging, which removes up to 10 trees per 
hectare a year, is healthy for the forest, 
Suwasa explains, because it lets in light 
and encourages regeneration. 

He shows us a spot logged five years 
earlier. The “pioneer” species which 
recover first are already 20 feet high, 
creating an enviro nment for the slower 
growing, longer lasting species to return. 

After felling, logs are loaded up to 10 at 
a time on to huge haulage trucks and sent 


off to the saw mills where they are trans- 
formed into plywood, boxes, furniture and 
even conservatories for English suburbia. 

The ITCI operation looks impressive to 
viators. But environmentalists say it is 
not typical of logging operations on the 
i-qinnri . where much falling is done ille- 
gally, with the connivance of the authori- 
ties. It is certainly easy to see the results 
of earlier rapacious logging along the 
coast where whole tracts of land have 
been flattened, and now lie neglected. 


An eco-labelling system would help 
purchasers of Indonesian wood to 
know that the timber came from 
properly managed forests 


Another worry is that Indonesia may 
increasingly turn to fast-growing eucalyp- 
tus to feed its ambitious plans for a domes- 
tic paper industry. But the forestry Indus- 
try Is beginning to hit back at these 
accusations. Mr Djanududin Suijohadiku- 
sumo, minister of forestry and a former 
forester, acknowledges that there are 
“weaknesses in the chain of control,” but 
he gm phaai»«»fi that steps are being token 
to beef up enforcement - he points to the 
growing number of concessions which are 
cancelled each year because the holders 
have failed to heed the rules. 


Apart from employing more foresters, he 
is encouraging the Industry to set up an 
eco-labelling system so that purchasers of 
Indonesian wood can know that the timber 
came from properly managed forests. The 
scheme, which would be independent oT 
government, has the support of non-gov- 
ernmental organisations. 

“The industry needs a sustainable sup- 
ply." he says. “Without it the industry 
would co mmi t suicide.” He estimates that 
Illegal logging amounts to between 4m and 
6m cubic meters a year, compared to offi- 
cial production of about 30m cum - “but 
no one really knows”. 

The forestry industry on Kalimantan 
also supports a local independent research 
institute, Wanariset, which is funded by 
Tropenbos. the Dutch foundation, and 
multilateral lending agencies such as the 
World Rank Mr Willie Smits, the Dutch- 
man who runs it, says that the basic inten- 
tions of the Indonesian forestry industry 
are “good", but implementation of the 
rules is a problem. 

His institute is developing ways of man- 
aging the forests more economically 
through botanical research and computer- 
ised management. He envisages a time 
when anyone buying a product made of 
Indonesian timber could identify the pre- 
cise location of the tree which supplied it, 
and obtain an aerial photograph showing 
whether the area had been regenerated. 




Philippines 

New Issue 
February 1994 


eJP 

y 


US$235,000,000 

Unive