Skip to main content

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

See other formats


Us 




— 


r 


OS and lap 


an 


Tragi-comedy of 
the rising yen 


Earopels' Badness -.Newspabe 


12 



Network insecpriiy 

Tackling crime 
on the Internet 



Balkan fears 


The Albanian 
equation 


Foralffi Affairs, Page 13 



Can Europe compete? 

Greenfields 
and red tape 


f Pages 


FINANCIAL TIMES 






i-.-'t’r" 


EU row over voting 
could undermine 
enlargement talks 

A row over how to adjust the European Union’s 
voting rules to accommodate more members is 
threatening to undermine talks in Brussels at 
which Sweden, Finland and Austria a greed to 
join the EU. It will not make it easier either for 
the EU to focus on the problems of the Norwegians, 
who are holding out for better entry terms, espe- 
cially on fish. 

The apparently technical dispute over the EITs 
“blocking minority” voting system masks firmly 
opposed views about the balance of decision-making 
power between big and small states. Page 2 

Serfs warning on federation: Serb leaders 
warned that the preliminary agreement to form 
a federation reached by Bosnia's Croats and Mos- 
lems in Washington left the central question 
of territorial division among the three sides unre- 
solved and could lead to fresh violence in former 
Yugoslavia. Page 14; Southern discomfort. Page 13 

German go-ahead for rapid rail route: 

The German government approved construction 
of a magnetic-levitation train which will run 
between Berlin and Hamburg at up to 400 kilo- 
metres an hour and cut the journey tfmp from 
314 hours to less than an hour. Page 14 

Vickers, UK engineering group which makes 
tanks and Rolls-Royce cars, claimed to have 
“turned the comer" last year by maWny pre-tax 
profits of £3L3m. ($47_2m) compared with losses 
of £36. 6m in the previous 12 months. Page 16; 

Lex, Page 14 

French car sales improve: Measures to 
stimulate the depressed French car market 
prompted a sharp increase in orders in February, 
Jacques Cal vet, chairman of PSA Peugeot Citroen, 
said. Incentives include a FFr5.000 ($836) govern- 
ment payment to owners who trade in vehicles 
more than 10 years old. Page 15 

Rabin rejects PLO*s caB for talks: Israeli 
prime minis ter Yitzhak Rabin rejected demands 
by the Palestine Liberation Organisation for 
resumed peace talks as Israeli troops MOed at 
least two Palestinians and wounded 60 others 
in confrontations with stone-throwing youths 
in the occupied territories. Page 6 

Uncertainty grows over ButheJezk Concern 
about Chief Mangosuthu Buthelezi’s role in South 
Africa's elections grew when the ftifcatha Freedom 
party leader responded angrily to President F.W. 
de Klerk’s warning that security forces would 
prevent disruption of the poU Page 6 

New Zealand growth heads for 5.5%: 

New Zealand's economic growth has accelerated 
sharply and is likely to exceed 55 per emit in 
the 12 months to the end of this month. Page 6 

Aircraft makers discuss superfumbo: 

Europe's four leading aircraft manufacturers 
meet Boeing of the US in London today to decide 
whether to pursue joint studies for a 600 to 800 
seat supexjumbo airliner. Page 4 

Bankers Trust shares Wt US commercial 
bank Bankers Trust said its “operations thus 
far in 1994 have been profitable,” after reports 
spread that it had been hit by large losses on 
derivatives. The stock market was not reassured 
and the bank’s shares lost $3%, to $77. Page 15 

Christiania Bank, Norway’s second biggest 
b a nk , returned to a full-year profit for the first 
time in five years, helped by interest rate reduc- 
tions and operating efficiencies. Page 16 

US multimedia trial delayed: Time Warner 
has delayed the start of US trials of multi m edia 
interactive television, until the fourth quarter 
of this year to allow “additional refinements”. 

Page 17 

GKN reports 20% tall: Engineering and 
industrial services group GKN reported pre-tax 
annual profits down 30 per cent to £97-5m ($142.4m) 
because a fall in vehicle production in continental 
Europe cut demand for the group's automotive 
components. Page 15 

Dutch output rises: Dutch manufacturing 
orders rose by 2.5 per cent in January over Decem- 
ber. consistent with, an emerging recovery in 
industrial output, but were still down 4.7 per 
cent from a year earlier. Page 3 

Mexican rebels agree peace deal: Maya 
Indian rebels and the Mexican government agreed 
a package of economic and political reforms aimed 
at ending a two-month old rebellion in the southern 
state of Chiapas. 

Tourists dive to see Messie: Tourists will 
next month be offered £70 ($102) submarine trips 
to search for Scotland's Loch Ness monster. 


■ STOCK MARKET MOKES 


FT-SE 100: — - 

Yield 3.79 

FT-SE Euotrac* TOO ..1,38350 
FT -SE-A All-Share — 1,640.13 
...19,74477 


(-22.5? 

(-37-5(9 
(-0-6%) 

_ (-471.85) 

New Yortc tanchfine 

Dow Jones W Aw . — 3,79625 H2.3BJ 

S&P Composite 46157 (-2.77) 

■ luwchtwejiates 

Federal Funds: 

3-mo Treas 8Bff. YH -.3538ft 

long Bond 99% 

Ml 6519% 

S LOH POH MOHEY 

3-flffl Interbank 5A I®™! 

Ufe long gffl tuture: -Jtar 11112 (HarllllS 

■ NORTH SEA OB- 

Brert 15-day W0 -$1358 (13.525) 

■ Gold _ 

New York Come* (Ap«1 _-S37fL9 (37S.fl 

London — .531515 P81.3) 


■ STERLING 


New YtBk hrtMne 


$ 

1A96 


London: 

$ 

1.4853 

P-486) 

DU 

25475 

(25395) 

FFr 

46615 

(8.8414) 

SFr 

2139 

(2-1354) 

V 155j6I3 

(1XL348) 

E Index 

SM 

(80.7) 


■ DOLLAR 


New York lunchtime 
DM 1-78335 


ffr 

56915 


SFr 

1AZ8 


Y 

London: 

10395 

(1.709} 

DM 

1.7037 

ffr 

5JJ06 

(5.815) 

SFr 

1.43® 

H-437J 

y men 

P 04.61 5) 

State 

GUI 

(66.3) 


Tokyo dOSBY 10423 


Astro 

Bate* 

Bekjul' 

C wm» 

Cxctifb 

Dmnsrii 

Fiini 

Fence 

Gamunr 


&MZ 

(XH25C 

BFffiS 

LkSDO 

CC110 

CZkSD 

DKilG 

EfSOO 

FW14 

FWOI 

OMUO 


Otncr MM 
HongKong WSlS 
Hungary RIB 


Iccbnd 

Ms 

fcrs* 

Wy 

Japan 

Judan 

KuwaS 


10215 

RsW 

3*fi» 

L3000 

V500 

JDUO 

Fl&fiS 


Lebanon USSI-SU 


Lux LFrffi 

Mate On 0£Q 
Morocco Iffihtf 
Neft B400 
Ngem NaraM 
her**} M017JM 
Oman , omifl 
Pakistan Rs4Q 
fWpplws PsoSO 
Pofcnd 33—000 
fotUffS Es32S 


Qatar QftlSflD 

SiActa san 

Stigma* SS430 
SbWkFte KSLSO 
Sou* ASrica RT 2 H 0 
Sp» PW22S 
Smdn 9016 
S*kz SR 3 J 0 
Sym SE 5 B.OO 
Tinsta Dhinn 
Tutor 113000 

LME EM2XC 


International sell-off prompted as growth rate exceeds Bundesbank’s target 

Markets 


shaken by 
German 
money data 



By Christopher Parfces in 
flranfcftirt and Ttacy Corrigan 
and Conner Mfddefmann In 
London 

The most explosive growth in 
German money supply since uni- 
fication in 1890, reported by the 
Bundesbank yesterday, sparked 
further turmoil in world financial 
markets already shaken by fears 
of rising US inflation. 

M3, the Bundesbank's most 
important guide to monetary pol- 
icy. grew at an annualised rate of 
20.6 per cent in January, far 
exceeding the most pessimistic 
forecasts and the bank's own tar- 
get range of 4 to 6 per cent 

Although senior hank nffiriala 

bad given warnings of an inflated 
figure, shock at the scale of the 
growth and fears of a brake on 
German interest rate cuts 
prompted an international 
sell-off. 

By the close, stock markets 
across Europe had partially 
recouped substantial losses suf- 
fered after the annnimceinpnt of 
the German data. Confidence in 
the outlook For European interest 
rates made a fragile recovery, but 
markets remained wary of a fur- 
ther tightening of credit policy by 
the US Federal Reserve. 

At 2pm, the Dow Jones indus- 
trial average, down more than SO 


■ Early warning system Page 2 

■ US economic data Page 5 

■ Editorial Comment Page 13 

■ Lex Page 14 

■ Government bonds Page 19 

■ London stock market Page 25 

■ World stock markets Page 36 

points in the morning, had recov- 
ered all its lost ground and was 
□p 1.12 at 3JU0.35. 

hi London the early toll in lead- 
ing equities of just over 2 per 
cent was small er than in conti- 
nental centres. The FT-SE index 
fell 749 before bouncing at the 
3,195 level to dose at 3,248 l 1. for a 
final loss on the day of only mu 
points. 

Frankfurt's Dax index fell 13 
per cent 

Rumours that several large UK 
funds were teTHnp bonds mean- 
while sparked fears that main- 
stream fund managers were join- 
ing the exodus from the market. 

Price falls in recent weeks have 
been spurred by hedge funds and 
h anks trading on their own 
accounts. Mainstream fund man- 
agers have dung to the belief 
that the sharp sell-off is not justi- 
fied by economic fundamentals, 
hut the extent of the recent 
decline is now forcing some to 
act 


Germany’s soaring money supply ghes markets a downhill shove 

M3 - money growth Bund Futures contract Dax 

AnnuaBsed % change from prev. 04 avg. March price indot 

25- - 100 ----- 2.160 • - 

20 *-V . 2.140 

I ea \* 2.120 

15 " / “ 68 \ >-V 2100 V 

10 --J V \ 2980 - 

_ / . 97 - ~ v a ' 2 * 060 ■■ 

/ ^ JY\ . 2.040 

0 / \ 2920 

i . * After hours traong 

1993 94 11 Feb 1994 Mar 11 Feb 1994 Mar 

Europe London 

Eurotrack 100 Uffe Long Gtt Future FT-SE 100 hma 

Index March price index a»o i 

1,520 - - i ; 117 3.440 9 £ 5«H 

usoo -yV- - 116 -w*V- 34CQ /\ ^-1 

1,460 - - 114 rrl.. ... 3^60 ^ - J l 

1/40 ^-V“ 113 - 3,320 

X In ~.~7 ----- 

1,380 11 Feb 1994 W 1,0 11 F^ 1S04 Ntar 11 1994 Mar 

SoacaK FT Biaph«aO M4n »i Vn u n OMft« w li 



“Some fund managers are 
panic selling.” said one institu- 
tional investor. “They have held 
on to the fundamentals for 
weeks, but the pain was just get- 
ting too great" There were also 
signs that some fund managers 
were buying selectively bonds 
which they thought had become 
underpriced. 

“Everyone has a pain thresh- 
old,” said one head of trading at 
a bank in London. “The markets 
are just.not acting on fundamen- 
tals, and that is forcing a lot of 
people to reevaluate their strate- 
gies. The problem is that they are 
shutting the door after the horse 
has bolted." 

European government bonds 
plunged at the opening, after the 
overnight sell-off in US Trea- 
suries, and slid further after the 
release of the German money 
supply data. : . 

Bonds recouped some of their 
losses as traders covered their 
short positions in futures mar- 


kets. Sentiment was fragile and 
long-term investors remained on 
the sidelines, awaiting the out- 
come of today’s Bundesbank 
council meeting and Friday's US 
jobs data. 

German bonds set the pace, 
falling by more than 2 points in 
the morning but closing only 
about 'A point weaker. Although 
traders reported an early offer 
from the Bank of England to buy 
nash bonds from market-makers, 
gilts slid in lfa* with other mar- 
kets but staged a late recovery. 

US Treasuries posted big 
declines yesterday morning amid 
mounting fears that the Fed 
would soon raise interest rates. 
By lunchtime the benchmark 30- 
year bond was down g at 92g, 
yielding &82 per cent Earlier in 
the session, the bond had been 
almost a full point lower. 

Foreign exchange traders said 
the currency market was con- 
fused with a lot of “hot money" 
about as investors liquidated 


positions to cover losses else- 
where. 

The trade dispute with Japan 
also weighed on the dollar, which 
fell to Y103.670 from Y104.615. 
The D-Mark closed higher in Lon- 
don against the dollar at 
DM1.7037 from DM1.709 on Tues- 
day. 

Although German-based ana- 
lysts concluded that the Bundes- 
bank’s policy of hyper-cautious 
Interest rate cuts would continue, 
they expected the pace of reduc- 
tion to slow because M3 would 
now take longer than expected to 
approach its target range. Some 
said the bank’s generalised expla- 
nations in its initial statemen t on 
the provisional January M3 fig- 
ures also sharpened the markets' 
initial reactions. 

The Bundesbank put part of 
the blame for the “distortion” on 
“special factors”. 

Additional reporting by Terry 
By land, Michael Morgan and 
Philip Gawith in London 


Hurd admits link in UK aid and arms sales 


By Roland Rudd In London and 
fQeran Cooke in Kuaia Lumpur 

Mr Douglas Hurd, the UK foreign 
secretary, admitted yesterday 
that there had been “an incorrect 
entanglement" between aid and 
arms sales to Malaysia in the 
run-up to Britain's funding for 
the country's Pergau dam proj- 
ect 

In evidence to the House of 
Commons foreign affairs commit- 
tee. he said that aid and £lbu 
($1.46bn) in defence sales were 
linked between March and June 
1988 under a protocol signed by 
Lord Younger, then defence sec- 
retary. 

Mr Hurd’s, disclosure came as 
Malaysia appeared ready to mod- 
ify its stand against British com- 
panies, which was prompted by 


British newspaper reports accus- 
ing Malaysian officials of accept- 
ing bribes. It made it clear that 
the effective break in trade rela- 
tions applied only to government 
contracts and procurements and 
not to the private sector. British 
companies had feared they could 
also lose private contracts 
because of Malaysian govern- 
ment pressure. 

Despite Malaysia's apparently 
softer stance. UK prime minister 
John Major accused the country 
of short-sightedness and said it 
owed much of its economic devel- 
opment to British trade and 
investment. “I believe that over 
time they may be seen to have 
damaged the Malaysian interest 
as much as the British.” he said. 

Brussels officials said the Euro- 
pean Commission would be ready 


to intervene in the dispute if 
Britain complained about dis- 
crimination. 

Meanwhile, a television show 
of British pop music awards has 
become the first victim of Malay- 
sia’s trade restrictions against 
British companies. 

The Dutch-owned Polygram 
Television International, respon- 
sible for selling the show world- 
wide, said a Malaysian television 
station pulled out of a deal to 
take the programme on govern- 
ment orders. 

Mr Hurd told the Commons 
committee that the protocol 
signed in 1988 by Lord Younger, 
“reflected the Malaysian wish" 
for British aid equivalent to 20 
per cent of the arms deal. 

Mr Hurd said, that was “wrong 
and irregular" 1 and had to be 


untangled. “The two policies can- 
not be linked," he added. 

So three months later on June 
28 Lord Younger wrote to the 
Malaysian government to say 
such a link was not possible. 

However, on the same day that 
Lord Younger delivered his let- 
ter, the British High Commis- 
sioner in Kuala Lumpur sent a 
separate letter to the Malaysian 


minister of finance confirming 
the UK government’s intention to 
provide up to £ 20 Qm for develop- 
ment projects. 

The then prime minister. Lady 
Thatcher, also mentioned both 
the arms deal and the aid in one 
letter sent on August 8 1988. 

Asked repeatedly whether the 

Continued on Page 14 


Channel 
tunnellers 
aim for 
alpine 
projects 

By Andrew Taylor in London and 
Ian Rodger In Zurich 


British companies which built 
the Channel tunnel will today 
meet the Swiss transport minis- 
ter in a bid to win a share or vast 
tunnelling projects planned 
through the Alps. 

The Swiss, who last month 
voted in a referendum to ban 
transit lorries through the Alps 
from 2004. plan to invest around 
SFrfiObn ($41.7bn) in public 
transport projects over the next 
15 years. 

At the heart or the Swiss gov- 
ernment proposals are plans to 
expand transalpine rail capacity 
to ease the strain on roads 
crowded with lorries passing 
through the country to other des- 
tinations. 

The project, known as Neat 
(new alpine transversal tunnel), 
would involve two low-altitude 
rail tunnels through the Alps 
allowing trains to pass through 
them at high speed. 

One 57km tunnel under the 
Gotthard pass would be the 
world's longest rail tunnel. 
Another 30km tunnel would ran 
under the Lotschberg. 

A cost of 5Frl4.9bn for the 
Neat project was approved in a 
referendum in 1992 although the 
final price is widely expected to 
be at least twice that figure. 

Test borings have begun and 
the first tenders for large-scale 
exploratory work were published 
last August 

A few British companies are 
believed to have prequalified to 
bid for the work and co ntr ac ts 
are due to be awarded late in the 
spring. 

Hie scale of the project means 
that Swiss companies, which are 
likely to dominate management 
and construction, will need to 
sub-contract some of the work to 
foreign companies. 

British groups have been 
advised that they should join 
consortia led by Swiss compa- 
nies. 

The 51km Channel tunnel offi- 
cially opens on May 6, a year 
later than originally planned. It 
wifi have cost more than £10bn, 
more than double the original 

Continued on Page 14 


Hong Kong cuts taxes after 
HK$15bn surplus on budget 


By Simon Hofberton 
m Hong Kong 

Hong Kong announced cuts in 
corporate and personal taxes yes- 
terday after producing a budget 
surplus this year of HK$15bn 
($1.9bn). The government had 
originally predicted a deficit or 
HK$3.4bn. 

Sir Hamish Macleod, Hong 
Kong's financial secretary, pres- 
enting the budget for 1994-95. 
said: “1 am convinced that a 
maj or reason for our success is 
that we have not succumbed to 
the temptation to spend money 
simply because we have it” 

The surplus had been under- 
pinned by strong growth in stock 

and property markets, he said. 
Rising exports had also been 
buoyed by Hong Kong's ties with 
the growing economy of southern 
China . A budget surplus of 
HK$8bn was predicted for the 
coming year. 

In a surprise move. Sir Hamish 
cut the corporate tax rate by 1 


percentage point to 16 ^ per cent 
This returned it to the level of 
two years ago before be raised it 
in his first budget. He also 
increased personal tax allow- 
ances beyond the inflation rate, 
some by as much as three times. 

The tax cuts have been made 
against a background of rising 
output and stable growth in 
prices. Sir Hamish predicted that 
gross domestic product after 
inflation , would grow 5^ per cent 
this year, the same as in 1993. 
Inflation would average 85 per 
cent the same as last year. 

Sir Hamish said the govern- 
ment would review company law 
in Hong Kong and extend the law 
against insider trading to deriva- 
tives, such as stock options. 

By the end of the last full year 
of British rule. 1996-97. Hong 
Kong would have accumulated 
fiscal reserves of HK$120bn. 
about HK$95bn more than 
Britain promised China in 1991 
that it would leave behind. 

Sir Hamish’s medium-term eco- 


nomic forecast suggested that in 
China’s first year of administra- 
tion of Hong Kong, 1997-98. the 
colony’s fiscal reserves might 
amount to HK$141bn. Including 
accumulated reserves in the land 
fund for China, a special fund set 
up to provide reserves for Hong 
Kong when it returns to Chinese 
sovereignty, t otal r eserves would 
amount to HK$270bn. 

In spite of the level of accu- 
mulated reserves, Sir Hamish 
said it would be wrong for the 
government to fund completely 
the colony’s planned airport. 
“When a project produces a rea- 
sonable revenue stream an which 
you can borrow, then that’s the 
right thing to do." he said. “1 
hope that when [China] looks at 
the debt in relation to our fiscal 
position, they will be reassured." 

Britain and China meet today 
to discuss the government's 
fourth financial plan far the air- 
port. It provides for a govern- 
ment injection of HK$60bn in 
equity, and debt of HK$33hn. 


CONTENTS 



ai ffi&Jde . 


Cronmnl. 


UK 

MLCflpMdS- 

hLOomnss. 


.20-23 

10 

.16-18 


Corrmotfiias . 


FTA3U0MS. 
FTWbMj 
Foreigi Exchanges . 
OeMMawe — 
EoUtyOpboTO — 
«. Bond Serwa . 
Managed FukJs - 
MowyMstafe- 


.24 

.36 

_19 

1-32 

-32 


ftecant i 

Share hte mteon —26^7 

Tradloral Options — 36 

tendon 5E-- —25 

WM Stoat 33-38 

Bouses 3L38 


LONDON - PARIS • FRANKFURT - NEW YORK - TOKYO 



School Fees 

and Further Education Costs 



J Nam*.'.... 
■ 

I Address., 

i 


Home telephone . 
Oflicu telephone.. 


O tup ei N iAMr.AT TIMES LIMITED 1994 No 32,307 Week No 9 






FINANCIAL TIMES THURSDAY MARCH 3 1994 


2 

~ NEWS: EUROPE 


‘Special factors’ foil monetary early warning system 

Christopher Parkes reports from Frankfurt on why German M3 is not quite the trusty instrument that the Bundesbank cracks it up to be 


Germany's vaunted M3, the money supply 
indicator which the Bundesbank unreserv- 
edly recommends to a monetarily-unified 
Europe as the world's trustiest monetary 
early warning system, has once again 
fallen foul of “special factors". 

After ending 1993 at a peak, with an 
annualised growth rate of 8.1 per cent, 
more than 1.5 points above the top of its 
designated target range, M3 attained a 
stratospheric 20.6 per cent in January - 
almost 15 points off the mark. 

The Figure, released yesterday, coming 
on top of bad inflationary vibrations from 
the US and fears of rising Interest rates, 
had a dramatic effect on financial mar- 
kets. However, Bundesbank directors had 
already warned that 1994's early figures 
would be distorted. Furthermore, they 
made their first cut in the securities repur- 
chase rate since early December only one 


day before releasing the January M3 bal- 
loon. It is safe to assume, therefore, that 
Germany's policymakers attach little 
importance to the figure - at least for the 
time being. 

It is equally safe to assume, economists 
agreed yesterday, that the Bundesbank 
will continue its softly-softly progress on 
reducing interest rates. This week's 0.03 
percentage point slice off the repo rate at 
which it supplies short-term liquidity to 
the market was widely read as a signal 
that further reductions in short-term rates 
are still on the cards. 

The rate at which they come is a differ- 
ent matter. The “special factors” which 
caused January's inflation of M3 are 
understood still to be lingering - liquidity 
parked in short-term deposits in expecta- 
tion of rising long-term rates and heavy 
borrowing by house-buyers concerned to 


pre-empt any interest rate rises. So it 
could be some time before the reality of 
M3 coincides with the lines on the central 
bank's graphic prognostications for the 
year. 

This is not to say that the routine M3 
figures offer observers an especially clear 
guide to the Bundesbank's course of 
action. 

The current rate-cutting process started 
in September 1992, when M3 was above 
target and rising. Since then the 
short-term discount lending rate has been 
cut eight times, even though M3 has con- 
sistently exceeded its corridor range apart 
from the first three months of last year, 
when a rush of funds overseas to avoid a 
new withholding tax caused a dip. The 
reversal of that rush was one of the “spe- 
cial factors” contributing to January’s 
monetary surge. 


A better guide, and the one on which 
economists base much of their optimism, 
is the west German infla tion rate and the 
medium-term outlook for prices. Allowing 
for a blip in January, when new taxes and 
increased administered prices pushed the 
rate ahead, month-on-month inflation has 
been rising at around 0.2 per cent a month 
for the past year. Last month the annual 
rate was down to 3^ per cent, continuing a 
steady decline which has continued for 
more than 12 months. Prices of goods, 
excluding services and administered 
prices, rose just 2J3 per cent in the whole 
of last year. 

Significantly, one state, Bavaria, this 
week announced an overall gnnng i infla- 
tion rate of 2.9 per cent - the lowest fix' 
three years. 

At the same time the federal statistics 
office reported a real 1.6 per cent fall in 


blue-collar gross earning, the first cut 
since 1983 and a clear indicator of feding 
inflationary pressure from the demand 
side. This was underlined yesterday by 
reports that retail sales last year feU a real 
4 per cent, with the retailers' association 
expecting no improvement in 1994. 

Despite disturbances caused by striking 
engineers and public sector workers, confi- 
dence remains strung that the year's pay 
rounds will end once again with real 
reductions in wages and salaries. 

The Bundesbank, not given to extrava- 
gant opt imism, has repeatedly said it 
expects 2-point-something inflation by tire 
year’s end, within striking distance of the 
2 per cent it regards as price stability. 

But it has other indicators in its sights. 
While It has openly supported the govern- 
ment's view that pan-German economic 
growth of up to 1.5 per cent is attainable 


this year, it also has to consider wide- 
spread opinions that the advance will be 
far smaller and will in any case rely 
almost totally on the continued revival of 
external demand for German goods and 
services. This will depend partly on a 
steady feed of interest rate reductions, to 
encourage recovery and maintain a 
D-Mark exchange rate at which German 
exports remain affordable. 

Co nsi dering this week's turbulent mar- 
ket conditions, the last thing expected 
from today's Bundesbank council meeting 
is a resumption of interest rate reductions. 
As several economists suggested, the 
members might usefully spend the time 
ass ess in g whether M3 is all it Is cracked 
up to be, or at least preparing a sound 
rationale for their claims that its rightful 
role is to be the guiding light of a Future 
common European monetary policy. 


Growth pains as the Union enlarges: M Row over voting rights M Norway thinks again 


Hungary 
will apply 
to join 
next month 

By Lionel Barber in Brussels 

Hungary signalled yesterday 
that it will apply for full mem- 
bership of the European Union 
in April, with the support of 
Germany. 

Hungary would be the first 

former co mmunis t country to 
apply. It will put pressure on 
the EU to come up with new 
ideas for integrating eastern 
Europe and could trigger a 
request for full membership 
later this year by Poland. 

Mr Jacques Delors, European 
Commission president who vis- 
its Hungary today, has ordered 
a study on how to strengthen 
economic and political ties 
with central and eastern 
Europe. 

The 12 member states and 
the Commission oppose offer- 
ing the east Europeans a pre- 
cise date for membership; but 
there are signs of a more 
adventurous approach to inte- 
gration, partly driven by the 
rise of Russian nationalism in 
last December's elections and 
the upcoming German presi- 
dency of the EU in the second 
half of the year. 

The UK and Italy are forging 
new links with the six east 
European countries with asso- 
ciation agreements with the 
EU. covering a common for- 
eign and security policy and 
justice and home affairs. The 
six are Poland. Hungary, the 
Czech Republic. Slovakia, 
Romania and Bulgaria. 

Even Mr Delors, who once 
favoured deepening integration 
within the 12 rather than wid- 
ening membership, appears to 
be having second thoughts. 

A Polish official said mean- 
while that Warsaw was pursu- 
ing membership on a “parallel 
track" with Budapest. But the 
Czechs are likely to delay an 
application until they have 
studied how to align economic 
policies more closely to the EU. 


EU states struggle to make the votes add up 


By David Gardner in Brussels 

An internal European Union 
row over how to adjust its vot- 
ing rules to accommodate more 
members is threatening to 
undermine negotiations in 
Brussels this week which saw 
Sweden, Finland and Austria 
agree to join the Union. 

It will not make it easier 
either for the EU to focus on 
the problems of the Norweg- 
ians, who are holding out for 
better entry terms, especially 
on fish 

The apparently technical dis- 
pute over the EU*s “blocking 
minority” voting system masks 
firmly opposed views about the 
balance of decision-making 
power between big and small 
states, as well as tensions 
between sovereignty-conscious 
nationalists and federalists. 


Spain and the UK want to 
keep existing rules to preserve 
their ability to block measures 
they dislike. Currently, 23 
votes out of 76 (normally two 
large states and one small) can 
stop legislation in the council 
of ministers. 

If all four applicants enter, 
the 16 would share 90 votes, 
according to their size. A 
majority of the 12 want to 
maintain the carefully nur- 
tured existing balance between 
big and small EU club mem- 
bers by requiring 27 votes to 
block proposals, a figure 
arrived at by arithmetical 
extrapolation from present 
rules. It was decided at the 
1992 Lisbon summit to post- 
pone until the 1996 constitu- 
tional review any radical look 
at how a Union set to expand 
later into east and central 


Europe should take decisions. 

Madrid accepts 27 as the 
threshold except when three 
member states with at least 23 
votes object or even abstain. In 
practice, this means two large 
and one small country. 

However, The European par- 
liament, which has to deride 
by March 10 whether to start 
approval proceedings for the 
new members In time for them 
to enter next January, wants 
to make it even more difficult 
to block Euro-laws. At the 
moment the parliament says it 
will not put through enlarge- 
ment if the 12 keep the block- 
ing minority at 23. 

The issue has to be resolved 
by EU foreign ministers meet- 
ing in Brussels on Monday and 
Tuesday, when they will also 
have a last try at reaching 
terms with Norway. Mr Theo- 


dores Pangalos, Greek chair- 
man of the council of minis- 
ters, said on Tuesday night: 
“We have domestic problems 
to be solved, but they will not 
stop a successful enlarge- 
ment" He may be being opti- 
mistic. 

Contacts by telephone and let- 
ter have taken place this week 
between Chancellor Helmut 
Kohl, President Franpois Mit- 
terrand and Prime Minis ter 
Felipe Gonzalez to try to 
resolve the voting rules dis- 
pute. 

Senior European Commis- 
sion officials believe the UK 
will budge, through fear of 
endangering the EITs expan- 
sion. The British themselves 
are cryptic. Their position on 
voting “is as firm an element 
as anything in our negotiating 
brief”, one official said, only 


hours before Britain caved in 
on the issue of agriculture sub- 
sidies for the newcomers. 

Spain is another matter. Mr 
Carlos Westendorp- its Euro- 
pean affairs minister, h as mode 
clear Spain must get some fish 
from Norway's rich waters and 
its blocking minority formula. 
Madrid believes otherwise that 
it and Italy and Greece, could 
be outvoted on issues which 
concern them alone, like, for 
instance, olive oil subsidies. 

Mr Gonzdlez strongly sup- 
ported this line in a letter to 
Mr Kohl this week and at a 
press conference in Madrid. It 
would be politically difficult 
for him to get neither fish nor 
votes. 

Norway sticks unswervingly 
to its line: “Not a single fish 
for Spain”, leading one Ger- 
man diplomat to tell a Norwe- 


gian colleague that “negotia- 
ting with you is like Salman 
Rushdie negotiating with the 
Iranians”. 

But some negotiators believe 
Oslo might “consolidate” the 
fish it conceded as part of the 
European Economic Area trade 
zone treaty, which came into 
force this year but would cease 
to apply once Norway joins the 
Union. Its battle cry could then 
become “Not a single new fish” 
for Spain. 

Some Brussels diplomats 
believe, too. that Spain could 
be flattered into line, if it got 
its present eight votes raised to 
10, putting it on a par with the 
other big countries, France, 
Germany, Britain and Italy. 
The flaw in this argument is 
that two votes added to 23 does 
not make 27; Spain's interests 
would stRl be vulnerable. 


Olympics hero Norway 
ponders life in the cold 


By Hugh Camegy 
hi Stockholm aid 
Karen Fossil in Oslo 

After basking in universal 
praise for its staging of the 
Winter Olympics, Norway this 
week was back playing its less 
popular role as the most stub- 
born of the four countries 
applying to join the EU. 

While Sweden, Finland and 
Austria each hammered out 
accession terms on Monday, 
Norway dug in its heels on 
fisheries, refusing to back 
down on the now celebrated 
statement from Mr Jan Henry 
Olsen, the young fisheries min- 
ister. that Oslo had “no fish to 
give away” to EU fishermen. 

But the long predictable fish- 
eries row has tended to 
obscure the fact that Mrs Gro 
Harlem Brundtland. the prime 
minister, has managed the 
domestically sensitive EU 
question with great skill. 


Norway has already applied 
three times for EU member- 
ship. Its applications in 1960 
and 1962 were blocked by 
France; then in 1972 the elec- 
torate voted against joining in 
a referendum following a row 
with Brussels over fisheries. 
That referendum split Mrs 
Brundtland's Labour party 
deeply, and it remains divided 
over joining. 

Opinion polls over the past 
year have consistently shown a 
strong majority of all Norweg- 
ians against membership and 
it was against this unpromis- 
ing background that Mrs 
Brundtland once again pointed 
the country towards the Union. 

All along, a powerful argu- 
ment in favour of membership 
has been the Fear that Nor- 
way's Nordic neighbours 
would join, leaving it isolated 
and transforming the long, 
open border with Sweden into 
a frontier with the EU. Since 


last year's general election 
opinion has begun to swing 
towards a Yes vote.The latest, 
polls show support rising to 37 
per cent and overtaking the No 
camp should Sweden join. 

With such a powerful “pull” 
effect anticipated from across 
the border, Mrs Brundtland 
will not be upset that Sweden 
and Finland have moved 
ahead. All along, a Yes vote in 
Norway has been seen as 
depending to a large extent on 
the two holding their referen- 
d nms first - and voting Yes. 

Meanwhile, if and when Nor- 
way finally strikes an acces- 
sion deal with Brussels. Mia 
Brundtland's government will 
claim that it held out for the 
best possible deal. And. cru- 
cially, the prime minister will 
have in Mr Olsen and Mr Bjorn 
Tore Godal, the foreign minis- 
ter, former prominent anti-EU 
figures campaigning this time 
for a Yes vote. 


HI: what the 16 would look like 


Population 


1958 the Sfe 
Belgium 
, France 
f West Germany 

1 Italy 

t' Luxembourg 
f Netfiertaids 
i 19730*8 nine 

{ Denmark 
Ireland 
> UK 

Vk"- •/*>.}»£ at 


1991 UW 10 
Greece 

108601012 
Portugal 
Spain 



Nafta US, Canada and Mexico 
Asia: Japan, China, Indonesia, Malaysia, | 
Phfllpplnas, Singapore and Thafland 




| We fly to 
! the Far East 
I more often 
| than any 
! other airline. 

i 



Singapore Airline* otYcn> >uu 42 tliuhis from 14 
l-.invpc.in cities m Singapore every week. All ennnoct tty 


nver .'Wi flight* to the l ? ar Lam, Australia and New 
Xi-aland, arid uf course, ail have in nigh r service even 
■it'-xr airlines i.ilk about. SIFIGAPORE AIRUriES 



Austrians praise 
their negotiators 


By Patrick Blum in Vienna 

In Vienna, news that 
agreement on joining the 
European Union had been 
struck brought a sense of 
relief. Austria's negotiators, 
especially Mr Alois Mock, the 
foreign minister, were 
afforded hero status hi media 
coverage. 

Nevertheless, the outcome of 
a referendum to approve mem- 
bership, scheduled for June, is 
far from certain. Until then, 
opponents - nationalists, tra- 


ditionalists, special interest 
groups, and most of the 
Greens - will look for ammu- 
nition in the small print They 
may yet be joined by the right- 
wing Freedom party led by Mr 
Jflrg Haider, who said he 
would not advise a Yes or No 
vote until be bad studied the 
deal. 

The most sensitive issues 
remain lorry transit and agri- 
culture, and the government 
may feel It has won a better 
deal on both than U might 
have expected. 



Bosnian accord could destroy itself 

Judy Dempsey spells out the opportunities - and dangers - in Tuesday’s agreement 


N ever before has one 
agreement, for one 
part of Bosnia, held 
out so much hope for extend- 
ing peace throughout the 
republic. But never before has 
such an agreement contained 
the seeds of its own destruc- 
tion. Such is the nature of the 
complex accord forged by 
Washington and signed on 
Tuesday between Bosnia's 
Croats. Bosnia's Moslems and 
the Croatian government 
The preliminary agreement 
which envisages the creation 
of cantons carved out of terri- 
tories held by the Bosnian Mos- 
lem and the Bosnian govern- 
ment forces, is divided into two 
parts: the establishment of a 
federation in one part of Bos- 
nia and Hercegovina, and the 
creation of a confederation 
between the republic of Croatia 
and that federation. 

The federation, which still 
requires agreement on the 


maps for the size and distribu- 
tion of the cantons, comprises: 

• a central government 
underpinned by a bi-cameral 
legislature. Hie house of repre- 
sentatives would be democrati- 
cally elected on a proportional 
basis; the house of peoples 
would have an equal number 
of Croats and Bosnians. 

• a legislature which would 
elect the president and 
vice-president, each of whom 
would come from separate 
communities and serve for 
alternate one-year terms over a 
four-year period. 

• a government in which no 
deputy minister could belong 
to the same ethic background 
as the minister. 

As part of the agreement, all 
refugees will have the right to 
return and will be compen- 
sated for any damaged prop- 
erty, although those details 
have yet to be worked out. 

Ths more sensitive part of 


the agreements rests in the 
relationship between the feder- 
ation and the confederation 
with Croatia. 

In principle, Croatia is not 
supposed to change its borders, 
thus preventing it from annex- 
ing territories gained during 
the war. Instead, the confedera- 
tion and the federation will 
establish a common market for 
the free movement of goods, a 
customs and monetary union, 
and defence arrangements. 
These will be agreed by a con- 
federative council formed of 
equal number of Bosnian 
Croats. Moslems and Croats. 

UN and US officials yester- 
day said President Franjo Tudj- 
man of Croatia, still hankering 
after a Greater Croatia, will be 
put under pressure to accept- 
ing the plan through threats of 
sanctions and promises of eco- 
nomic assistance. 

Lord Owen, who heads the 
Geneva peace negotiations. 


insisted the agreement was not 
aimed at isolating Serbia. “A 
final accord will always need 
agreement between the three 
parties.” However, US officials, 
playing a pivotal role in the 
peace process, like the Rus- 
sians. realise Mr Radovan 
Karadzic, head of the Bosnian 
Serbs, will be loath to join the 
central federal government of 
Bosnian Croats and Moslems. 

“Karadzic should not take 
the view that his self-styled 
Serb autonomous republics 
will be recognised by the out- 
side world, or indeed join with 
Serbia proper. These territories 
will remain in limbo 
Belgrade is prepared to negoti- 
ate an overall settlement for 
Bosnia - and for Croatia," a 
US diplomat said. 

Herein lies the self-destruc- 
tive element of yesterday's 
accord. Any lasting peace in 
Bosnia will require the Bos- 
nian Serbs to give up the Mos- 


lem enclaves in eastern Bosnia, 
or else cede other territory to 
the Moslems in order to hold 
on to eastern Bosnia. 

But the Moslems, now sup- 
ported by the US. might use 
the federal plan to secure 
peace in western Bosnia, and 
then launch a spring offensive 
to regain their territories in 
the east. That would tear Tues- 
day's accord to shreds. 

More crucially, the success 
of the accord rests on Croatia 
and Serbia reaching agreement 
over Serb-held territories, par- 
ticularly around Knin, 
south-west Croatia, and in the 
Baranja in the east. “There 
will be no lasting peace until 
Zagreb and Belgrade make 
their own peace,” a senior UN 
official involved in the Geneva 
negotiations said yesterday. 

With the US putting pressure 
on Croatia and the Moslems, 
the ball is in Mr Milosevic's 
court, and Russia’s too. 


Europe 
lagging in 
drugs 
research 

By GKflan Tett In Brussels and 
Daniel Green in London 

Europe’s drugs companies are 
losing their pre-eminence by 
not spending enough on 
research and development, the 
European Commission warned 
yesterday. 

They are also too small, pro- 
duction is too fragmented, 
companies have not yet been 
able to respond to the single 
market and have been left 
behind in the exploitation of 
biotechnology. 

“It is hard to escape the con- 
clusion that the US, rather 
than Europe, is now the main 
base for pharmaceutical 
research and development and 
for therapeutic innovation," 
the Commission said in its doc- 
ument "Outlines of an Indus- 
trial policy for the pharmaceu- 
tical sector in the EC”. 

The Commission neverthe- 
less backed away from last 
year's proposals calling for the 
phasing out of direct price con- 
trols. This is a blow to the EU 
pharmaceuticals sector, which 
has been lobbying against 
tighter price controls being 
Imposed by governments in an 
attempt to control healthcare 

sp ending . 

It emerged in Brussels yes- 
terday that the Commission 
changed its position following 
pressure from member states 
and the social affairs commis- 
sion. Mrs Nelly Baudrihaye, 
director general of the Euro- 
pean federation of pharmaceu- 
tical industries, the umbrella 
group for the sector, said yes- 
terday there was “strong disap- 
pointment” In the industry at 
the watering down of the pro- 
posals on price controls. 

Instead, the Commission 
called on separate member 
states to take steps to intro- 
duce greater market transpar- 
ency and open competition to 
boost the European industry, 
which has experienced a signif- 
icant slow down In the last 
year and seems set to shed 
some 27,000 jobs in the next 
three years. 

With European companies 
only allocating half the aver- 
age R&D funds of their Ameri- 
can competitors, they are in 
danger of lagging in the devel- 
opment of new drugs, the 
report said. It noted that only 
two British companies came 
close to matching the levels of 
funding of American and Swiss 
companies. 

“The picture is most worry- 
ing in respect of biotechnol- 
ogy." the report added, point- 
ing out that whereas half of all 
new medicines were developed 
in the community 20 years ago, 
this shar p had falle n to a third, 
with 65 per cent of the patents 
in biotechnology now held by 
US companies. 

The report recommended a 
greater emphasis on biotech- 
nology R&D, a reform of legis- 
lation guarding intellectual 
property rights and a harmoni- 
sation of sector regulation. 


• ■ < • wj ■ m ■ mam mi j mo — 

GmbH. Ntbdnngenpiitz j, 60318 Frank! 
an Main. Germany. Telephone ++49 69 1 
8S0. Fax +*49 69 5964481. Ttfcx 4161 
mauled in Frankfurt by I. Walls Bra 
...ihdrn J. Brdiid. CoUn A. Kennud 
Gesdufafahrer and id London by Da' 
G.M. Bell and Ahn C Miller. Ptinttc D\ 
□rodc-VcnneS and MarfceLm* Gtnb 
Adnurai-Romdahl- Sinsu & 633 
Neu-Iieabnfg (owned by Uirri] 

inienuioiuf}. 

Rcaponsbic Editor (Udonl Lambert, do 1 
Financial Timea Limiia 

Number One Scaihwark Bridge. London S 
9HL, UK. Shareholders of the HqndaJTe 
(Earopel GmbH are The Financial Tin 
( Europe j Lid. London and F.T. (Cfcrma 
Advenmog) Lid, London. Sbuctotda of I 
above mentioned two companka is. T 
Limited. N amber 0 
Sonlhwaik Bridge, London SEI 9HL. T 
* loawwntai under dm bn 
England and Wafa. Chunm D.CM. Bd 

FRANCE 

Jkhtog ttiet»r. J. RoScy. 168 Raa 
RiMfcF^S044 Pi* Cfata 01 . Tdnhone <! 
42VWK21, Fu (01) 4297-0629. PreuffT S. 
Nort Edto, R* de Cam. F-JM 
Rouhau Cta In I. Editor Richard Lambc 
ISSN: ISSN 1 1 48-2751 Ccmnrbsou pjrftai 
No 6780SD. 


phone 33 13 44 41, Fu 3193 ST3J. 




TtMjE ^^JRSDAYMARCH 3 1994 


; ur % 

SJlilgS 

1 '■"' t 'arrt 


• Is*. 


ft 


m 

;>V 

M 


NEWS: EUROPE 


EUROPEA N NEWS DIGEST 

Czechs name 
companies for 
privatisation 

The Czech government yesterday published a list of 862 
S ^? nd VOucher Privatisation scheme. 
5?™. ^Bue- The government gave details of each 
^? ry - assets - after-tax profits, basic capital 
md theahares available to Czech citizens. The companies 
the Czech power company CEZ, telephone monopoly SPT Tele- 
f* mtex plosives. Synth esia. Assets worth 
I55bn crowns (£3-5bn) are to be auctioned in several rounds 
between April H and May 12. In the first wave of voucher 

£ 1Va S 0n ’ shares m 987 companies with a book value of more 
than 200nn crowns were auctioned to Czechs. 

Poland wants to join Eurocorps 

Polish Defence Minister Piotr Kolodziejczyk yesterday he 
discussed the possibility of Poland joining the Franco-German- 
Belgian Eurocorps fighting force with his French counterpart 
Reuter reports from Paris. Poland would initially prepare 
observer groups before analysing the possibility of joining the 
Eurocorps, he said, after ta lks with French defence minister Mr 
Francois Leotard. Mr Leotard said the talks were preliminary and 
it was more timely to speak of Polish officers serving as observers 
with the Strasbourg-based corps than of Poland becoming a full 
member in the near future. The Eurocorps, seen as the future 
land-based defence arm of the Western European Union (WEU1. 
the EITb defence pillar, will become operational later this year 
with one French and one German division plus a Belgian brigade. 

Mr Leotard announced that French alpine troops would hold 
joint exercises with Polish units in the Carpathian rammtnins in 
June, the first time a French army unit fray trained in an 
ex-Warsaw Pact country. 

Turkey arrests Kurdish MPs 

Turkish police yesterday detained two radical Kurdish MPs after 
parliament lifted their immuni ty from prosecution on charges 
which carry the death penalty, Reuter reports from Ankara. The 
Anatolian news agency said Hatip Dicle. l e?d«* of the Kurdish- 
based Democracy Party (DEP) and his colleague Orhan Dogan 
had been detained outside the parliament building in Ankara. 
Parliament also lifted the immunity of Kurdish MPs Sirri SakHt 
and Mahmut Aimak and was expected to take the same step 
against three other Kurdish deputies and an MP accused of 
defaming modem Turkey's secular founder Mustafa Kemai Ata- 
turk. Ankara state security court wants to charge all eight MPs 
under Article 125 of the penal code, which bans treason and 
crimes a gains t the state. 

Ukraine steps up ‘gas war’ 

A senior Ukrainian official denied yesterday that Ukraine had 
been syphoning off Russian gas meant Cor export to western 
Europe, but said this could happen if Russia carried out a threat 
to cut supplies today. 

Gazprom's chief engineer said this would achieve nothing 
because the firm would simply shut off these supplies also and 
Kiev would face a storm of protest from Russia's western custom- 
ers. mostly in Germany, France and Italy. 

Gazprom said on Tuesday it would cut off gas to Ukraine unless 
Kiev took steps to pay a debt of about Rbsl^OObn roubles. 

Turkmenistan, Ukraine’s other gas supplier, stopped its deliv- 
eries on February 20 because of non-payment. 

■ Moldova is' negotiating with Russia to stop tt carrying out its 
threat to cut off gas supplies this week unless debts are paid, a 
senior Moldovan gas industry official said yesterday. Moldova 
owesRussia's gas enterprise Gazprom about Ebs53bn roubles. 

Court blow for Italian centrists 

The Pact for Italy, the centrist alliance of referendum leader 
Mario Segni, has suffered a serious reverse following the refusal 
of the supreme court to allow candidates in ten constituences to 
contest the March 27 general elections. Other parties were also 
penalised, often felling foul of legal technicalities that applied to 
the 155 seats covered by the old system of proportional represen- 
tation in the chamber of deputies. (Under the new electoral laws, 
75 per cent of the seats are being fought under the first past the 
post system). 

The pact includes former Socialists, Republicans and the Popu- 
lar Party (PPI) the former Christian Democrats, has been relying 
on the advantages of the proportional system to pick up the bulk 
of its seats. The absence of votes in these eight constituencies 
will complicate the task of mustering 4 per cent of the national 
vote, the minimum required for a grouping to be included in the 
allocation of proportional seats. 

The exclusion of the Pact is ironic given Mr Segru’s role in 
promoting the referendum that forced parliament to adopt the 
new electoral laws. 

Utilities reject competition 

Germany's municipal gas and electricity utilities yesterday 
rejected any attempt to open up the German energy market to 
free competition as likely to result in drastic concentration on the 
biggest suppliers, writes Quentin Peel from Bonn. They said the 
plan by Mr Gfinter Rexrodt, the economics minister, to allow 
third parties access to the gas and electricity grids would under- 
mine local utilities and make German suppliers less competitive 
internationally. 

Telecom groups lodge offers 

Unitel, one of the two consortiums competing for the licence to 
run Italy's new Europe-wide GSM mobile telecommunications 
network, yesterday brushed aside fears that the contest would be 
complicated by the elections on March 27. writes John Simians m 
Milan. Offers were lodged on Tuesday by Omnitel-Pronto Italia 
and UniteL The latter includes Fiat Vodafone and the Finmvest 
group of Mr Silvio Berlusconi the leader of the right-wing politi- 
cal party Forza Italia. O mni tel includes Olivetti. There has been 
some speculation that the winner might be announced before the 
elections, but government advisers have until the aid of April to 
complete their evaluation. . Unitel expected the decision to be 
made according to criteria laid down by the present admmistra- 

1°A draft finance ministry document to be discussed by the 
Russian government today puts the 1994 budget deficit at 10- per 
cent of gross domestic product, according to the Interffotnews 
agency said, Reuter reports. The draft 
income of Rbsl20,000bn and expenditure of Rbsl82,200bn. 

ECONOMIC WATCH 

Better exports lift Dutch output 

SESSsiSlgg 

published early last m onti u also months pomes- 

would wntmue garninE siiehtfrfo January, but those 

tic orders to Dutch industry feU ^sJignuy m ^ 

from abroad were higb enough to compe wrest increase 

Dutch economy is he* 

uASSR account deficit for 1*™ iM-g 

SchlO.tibn (£592m). At 0.5 per cent said. 

inside the rang? S^tioQ of German employers said 

■ The president of the BDA tenerauo frQm about ^ ^ 

unemployment could grow to 4.5 products at home 

January, thanks to poor demand for German v 

and abroad. 


Ukraine’s Kravchuk poses dilemma for west 

He wants money for reform and stability, but he might not be there to deliver, writes Jill Barshay 


U kraine’s President Leo- 
nid Kravchuk arrives 
in Washington today 
to fell the west: give us money 
if you want a buffer against 
Russian ‘imperialism” and sta- 
bility in eastern Europe. 

The trouble is that Mr Krav- 
chuk, if he is to he believed, 
wOI not be president in four 
months’ time. So the west has 
begun to wonder whether it is 
entertaining a lame duck who 
will not be able to guarantee 
the promised scrapping of 
Ukraine's nuclear weapons nor 
the economic reforms he wants 
the money for. 

Ukrainian journalists and 
diplomats In Kiev are sceptical 
that Mr Kravchuk, however 
unpopular lie is at home with 
the country’s disastrous econ- 
omy, will stick to his decision 
not to stand for reelection' in 
an early presidential election 
he called in the turmoil of a 
miners’ strike last year. 

Indeed Mr Kravchuk indi- 
cated (hi Tuesday that the elec- 
tion. scheduled for June, could 
be cancelled if constitutional 
issues were not resolved first 
Though he repeated his pledge 
not to run, Mr Bravchuk seems 
to be keeping the option open 
to serve his full term until 
1996. 

Others suggest his 
announcement is a purposely 
timed test of public opinion. 
Ukrainians in recent months 


have been giving low marks to 
their president in opinion polls 
and condemning him around 
kitchen tables as they have 
seen their standards of living 
decline with hyperinflation, 
paltry paychecks (when they 
come) and an energy crisis. 

If Mr Kravchuk's popularity 
rises, perhaps through the sec- 
uring of a huge aid package 
from the west to rebuild 
Ukraine's devastated economy, 
he could choose to stand after 
all - a practice reminiscent of 
an old Slavic tradition tinting 
back to Ivan the Terrible, 
when the dictator came back to 


power after his people begged 
him to come out of seclusion. 

Thus Mr Kravchuk might 
also be testing the west to 
come up with the money to 
keep him, their guarantor of a 
nuclear-free Ukr aine, in power. 
Aware that US Prerident Bill 
Clinton wants to encourage 
completion of the nuclear deal 
between Ukraine, Russia and 
the US. and that Washington is 
reassessing its policies toward 
a more assertive Russia, Mr 
Kravchuk is trying to get the 
best deal he can now. 

The new political tactic to 
gain economic assistance also 


takes pressure off Ukraine's 
miserable economic reform 
record. Ukraine has yet to take 
effective steps in fighting 
hyper-inflation, privatising its 
mammoth state sector and cut- 
ting subsidies to ailing, ineffi- 
cient industries. 

The International Monetary 
Fund and the World Bank are 
poised to loan SMbn (£73Sm) 
but Ukraine is still far from 
meeting the anti-inflation con- 
ditions necessary to release 
this money. Last week Kiev 
abandoned a brief three-month 
experiment to clamp down on 
the money supply and issued 


another huge wave of credits, 
totalling some 10 per cent of 
last year’s gross national prod- 
uct 

If Ur Kravchuk holds to his 
word and the presidential elec- 
tions are held, eyes are focus- 
ing on two well-known figures 
from the Ukrainian establish- 
ment; Mr Leonid Kuchma, an 
industrialist and former prime 
minister, and Mr Ivan 
Plyushch, the parliamentary 
speaker. 

Though neither man has 
announced his candidacy, opin- 
ion polls are giving Mr 
Kuchina and Mr Plyushch 


‘WE WILL REGRET IT IF WE DO NOT DO SOMETHING’ 


The west will live to regret it if it lets Ukraine 
go down the drain, says Mr Percy Barnevik, 
chief executive of the international engineering 
group ABB Asea Brown Boveri, writes lan Rod- 
ger in Zurich. 

Mr Baraevik has just returned from a visit to 
Kiev where he held meetings with government 
and industry leaders. ABB, a leading supplier 
of energy production distribution equipment, is 
involved in two modest joint ventures in 
Ukraine and has more ambitious projects 
planned. 

The impending collapse of Ukraine’s econ- 
omy, now suffering hyperinflation of 50 per 
cent per month, presents an Immense threat to 
the west, says Mr Barnevik. 

Collapse of Ukraine’s economy would present 
an immense threat to the western world, Mr 
Barnevik said. This was because Ukraine was 
the world’s third largest nuclear power and bad 
the second largest standing army in Europe. 


Be denied that his view was special pleading 
for contracts for ABB. U I talk about energy not 
because it is ABB’s business but because it is 
what is driving the collapse of Ukraine’s econ- 
omy. The cost of importing oil and gas is dou- 
ble the size of foreign currency earnings.” 

Be added: ”1111X81110 is not a priority country 
for ABB. But because of ABB, I have been able 
to see the situation and, as a person, I felt I 
should stand up and say something.” 

Ukraine relies on imported oil and gas for 
some SO per cent of its energy. But it can no 
longer afford to buy fuel. Two weeks ago Turk- 
menistan cut off supplies because Kiev had not 
paid an outstanding Slbn (£670m) bill. Earlier 
this week Russia threatened to do the same. 

Mr Barnevik said catastrophe might be 
averted with an immediate injection of S3bn- 
$4tm to revive the country’s crippled energy 
supply sector pins a similarly sized food to 
stabilise the currency. 



Barnevik: visited Kiev 


increasingly higher ratings 
despite their mutual lack of a 
coherent economic reform pro 
gramme for Ukraine. 

Mr Kuchma, who enjoys 
much support from Ukraine's 
ailing state enterprises, has 
expressed a pro-nuclear stance 
in the past. Last spring, when 
he was prime minister, he 
delivered a speech before a 
closed session of parliament, 
urging lawmakers to hold on to 
the country’s 176 strategic 
weapons. 

During the parliamentary 
debate on the trilateral deal 
signed in Moscow with Russian 
President Boris Yeltsin and 
President Clinton during the 
letter's European tour, Mr 
Kuchma cautioned his deputies 
“to know all the protocols and 
agreements being signed" 
before ridding Ukraine or its 
entire nuclear arsenaL 

Mr Plyushch, who came to 
power from the state farm sys- 
tem. is famous for his skill ns a 
deal maker and for build ins 
consensus behind the scenes. 
He helped Mr Kravchuk get 
parliamentary approval for the 
nuclear deal hist month. If Mr 
Plyushch retains his powerful 
seat after parliamentary elec- 
tions this month, he uuiy be 
reluctant to relinquish it to 
stand for the presidency, which 
has a weak and unclear man- 
date under the current Ukrai- 
nian constitution. 


Someone influences 

MODERN DUTCH PAINTING 
MORE THAN REMBRANDT, 

Van Gogh and Mondrian 

PUT TOGETHER. 


A new school of thought 
is sweeping through modern 
Dutch painting. Its influence 
can be seen in a change 
of technique from the 
most inept of handymen 
to the skilled master. 

What’s more the whole 
movement now has the 
backing of the Dutch 
government. 

A country, famous for 
centuries for its painters, 
is today earning a new 
reputation for recycling 
its paint. When the Dutch 
redefined paint waste as 
a hazardous material, we 
co-operated with the environ- 
mental authorities, to design, 
build and operate a plant to 
treat it. With our help, Dutch 


painting has now entered its 
green period. The paint waste 
treatment facility, at Moerdijk, 









tonnes of paint waste a year - 
40% industrial waste, and the 
rest household or municipal. 

So how does it work? Let 
us put you in the picture. 

Whole cans of paint, full 
or empty, are shredded and 
recyclable materials such as 
plastics and metals (which are 
resold as scrap) are reclaimed; 
and the paint waste is 
mixed with a solvent to 


opened in early 1993 and is the 
only one of its kind in Europe. 
At present, it handles 24,000 


produce a fuel that can be 
used in cement kilns and 
industrial incinerators. 

During a year, we can 
expect to recover around 

15.000 tonnes of fuel. In 
equivalent terms, that’s 
enough power for around 

3.000 homes. As recycling 
facilities go, the Moerdijk 
paint waste plant is state 

of the art. But, then again, 
the Dutch have always known 
how to handle their paint. 



Waste Management International pic 

LOCAL PRESENCE, GLOBAL KNOW-HOW 


WASTE MANAGEMENT INTERNATIONAL PLC IS A MAJORITY-OWNED SUBSIDIARY OF WMX TECHNOLOGIES, INC. 

THE WORLD'S LEADING ENVIRONMENTAL SERVICES ORGANISATION. 







NEWS: WORLD TRADE 


Algerian 
creditors 
face long 
delays 

By Frances GhBte 


Fears grow 
over revival 
of Super 301 


By Nancy Dunne 
in Washington 

President Bill Clinton 
yesterday said he was still con- 
sidering whether or not to 
issue an executive order to res- 
urrect Super 301. a controver- 
sial trade measure designed to 
build pressure on “ unfair trad- 
ers". The renewal would be 
specifically targeted towards 
Japan to force it to open its 
markets. 

Ms Dee Dee Myers, the White 
House spokesman, said: “Super 
301 is an option, but no final 
decision has been made.” News 
reports yesterday that the pres- 
ident had decided to reinstate 
the provision were “prema- 
ture." she said. 

On Capitol Hill there were 
reports that the president 
would move today after a meet- 
ing with his economic advisers 
yesterday. The a dminis tration 
has been debating renewal 
since the Clinton-Hosokawa 
summit last month when the 
two sides failed to agree on US 
demands for “objective indica- 
tors" to measure import pene- 
tration in Japan. 

There is strong opposition to 
the renewal by the Council of 
Economic Advisers and the 
Office of Management and the 
Budget. Sentiment from other 
senior officials ranges from 
unenthusiastic about Super 301 
to frustration over the US-Ja- 
pan stalemate and willingness 
to try any viable alternative. 

Many trade analysts believe 
Super 301 is more feared than 
effective because it has so 


By WHfiam Barnes in Bangkok 

Hopewell Holdings, the public 
company controlled by Hong 
Kong entrepreneur Mr Gordon 
Wu. has rebutted speculation 
that it wants to dump or delay 
its S3bn (£2bn) mass transit 
scheme in Bangkok which is 
two years behind schedule. 

Notices in yesterday’s Thai 


many loopholes which the 
president can use to avoid 
imposing sanctions. “Thera Is 
nothing super about Super 301 
except the rhetoric it evokes," 
said Mr Tom Bayard, deputy 
director of the Institute for 
International Economics. 

The measure requires the 
trade representative to identify 
unfair traders and the “prior- 
ity" unfair practices to be elim- 
inated during up to 18 months 
of talks. Super 301 was 
employed reluctantly by Mrs 
Carla Hills, the then US trade 
representative, in 1989 and 
1990. Only three countries were 
singled out as “unfair traders" 
- Japan, Brazil and India. Of 
the six “priority practices” tar- 
geted for negotiation and possi- 
ble sanctions under Super 301. 
four were resolved relatively 
successfully, Mr Bayard said. 
None of them resulted in sanc- 
tions. 

Three of those were with 
Japan which has since then 
increased imports of US super- 
computers. wood products and 
satellites. India, designated as 
an unfair trader for its closed 
insurance industry and trade 
related investment practices, 
refused to negotiate. 

Brazil has done away with 
its quantitative import restric- 
tions. but credit can be given 
to a change of governments as 
well as Super 301. 

According to Mr Bayard, 
Super 301's partial success rate 
is no better than that of Sec- 
tion 301, another form of uni- 
lateral pressure the US 
employs to open markets. 


newspapers dismiss ed rumours 
it was proceeding slowly so as 
to make attached property 
developments more profitable 
as prices picked up. 

No penalties for late delivery 
were attached to Hopewell's 
contract by the notoriously 
casual administration of the 
former prime minister. Mr Cha- 
tichai Choonhavan. 


Algeria's foreign creditors are 
becoming increasingly frus- 
trated with growing delays in 
repayments of the country’s 
debt. 

This is likely to complicate 
the country's attempt to res- 
chedule its $13^bn (£9 . 2 bn) 
official debt with the Paris 
Clnb of creditor governments. 
Such a rescheduling is expec- 
ted to follow after it has 
agreed a letter of intent with 
the IMF. 

This would lead to a standby 
loan of SSOOm and an ofl com- 
pensation facility of $300m, 
and would pave the way for 
France to seek from its Euro- 
pean Union partners a loan of 
around $lbn to help support 
Algeria's balance of payments. 

Algeria loams large in the 
tending of many western gov- 
ernment credit agencies. It is 
the largest debtor of Belgium's 
export credit organisation 
OND Ducroire. For Italy’s Sace 
It represents 24 per cent of 
total exposure. It is the third 
most important debtor of 
France’s Coface after China 
and Egypt, with a medium and 
long-term debt or FFrSObn 
(£3-43bn). It is the third larg- 
est for Spain’s Compania 
Espanola de Seguras de Credi- 
tos a la Exportacion after 
Mexico and Morocco and it has 
the fourth largest exposure 
with the US Rximhank after 
Mexico, Venezuela and Brazil. 

Bankers are increasingly 
sceptical of the explanation 
offered by the prime minister’s 
office one month ago and reit- 
erated ever since by the cen- 
tral bank and the Ministry of 
Economy that delays were of a 
“technical nature". 

International bankers fear 
the delays point to a deepen- 
ing conflict between the cen- 
tral bank, the Banqne d’Al- 
g€rie and the Ministry of 
Economy. The ministry has, 
for the past two and a half 
years, sought to reclaim pow- 
ers it lost to the centra] bank 
when the latter was granted 
an autonomous status in 1989. 
Algeria's total foreign debt, 
including official debt of 
S13.5bn, is $26bn. 


Thai scheme ‘on track’ 



US airlines push 
for more UK slots 


Robert Crandall, critical of UK’s ‘protectionist’ stance 


By Paul Betts, 

Aerospace C o rrespondent 

American Airlines and Delta 
Air lines, two of the biggest 
US carriers, are urging the 
Washington administration to 
renounce the bilateral aviation 
agreement between the US and 
the UK unless the UK grants 
greater access to US carriers 
into London's Heathrow air- 
port. They are also urging the 
withdrawal of British Airways’ 
ticket code sharing r igh ts with 
US Air. 

Failure to reach a compro- 
mise agreement by March 17, 
the deadline for the renewal of 
BA’s existing code sharing 
rights with its US partner, 
USAir, risks provoking severe 
trade tensions between the two 
countries. 

The UK has already warned 
the US it would consider limit- 
ing some US airiine flights into 
Heathrow If the BA code shar- 
ing rights were not renewed. In 
turn, this is likely to lead to US 
retaliation against flights by 
BA and other UK carriers into 
the US market 

Mr Robert Crandall, chair- 
man of American Airlines, yes- 
terday renewed his attack on 
what he considers the UK’s 
“protectionist" stance towards 
BA. 

“The US should renounce the 


bilateral agreement to get a 
balanced solution. The US 
should not allow European car- 
riers to participate in our mar- 
ket by far the world's biggest, 
unless we get equal economic 
opportunities in their mar- 
kets,” he said in London. 

Apart from more access into 
Heathrow, Mr Crandall wants 
the right to fly into Heathrow 
from the US and then into 
other international destina- 
tions. He also argued that 
scarce take-off and landing 
slots at Heathrow should be 
auctioned in the same way as 
they are bought and sold at 
Chicago. 

Mr Crandall also attacked 
BA's ticket code sharing 
arrangement with USAir as 
“nothing but a matter of con- 
sumer deception". Under the 
code sharing deal. BA and 
USAir can market each other’s 
fli ghts muter the Same ticke t, 
ing code. 

Through the code sharing 
system. BA was able to market 
under its own ticket code more 
than 20,000 combinations of dif- 
ferent destinations from which 
his airline was excluded 
because of the UK govern- 
ment’s unwillingness to give 
American Airlines broad oper- 
ating rights at Heathrow, he 
argued. In a document filed 


Transportation, Delta said the 
UK government “has been on 
notice for at least one year that 
the continued renewal of the 
code sharing authority was 
dependent upon material prog- 
ress on liberalisation in the 
bilateral negotiations". 

However, United Airlines, 
the largest US carrier, has 
opposed a confrontation with 
the UK government and disas- 
sociated itself from the intense 
lobbying efforts by the other 
two big US airlines. 

The UK government and BA 
have both rejected the US 
demands. BA said it wanted its 
agreement with USAir, in 
which it holds a 24 per cent 
stake, approved in full by the 
US government but “not at any 
price". 

Although the UK carrier 
favoured “open skies", Sir 
Colin Marshall BA’s chairman, 
told the British American 
Chamber of Commerce last 
week: “If, however, the US 
strategy remains geared to the 
notion that their airlines 
sh o uld be allowed to have free 
pickings in our British market 
while theirs remains dosed, I 
can summon up reserves of 
any amount of patience.” 

Sir Colin disclosed that talks 
between the two governments 
had taken place in Washington 


Aerospatiale wary of superjumbo project 

Paul Betts on France’s increasing reluctance to continue with joint studies 


Europe's four leading aircraft 
manufacturers are to hold 
talks in London today with 
Boeing, the world’s biggest 
commercial aircraft maker, to 
decide whether to pursue joint 
studies for the development of 
a 609800 seat superjumbo air- 
liner. 

The meeting comes amid 
signs of increasing reluctance 
on the part of Aerospatiale of 
France to continue the joint 
studies between the four part- 
ners in the European Airbus 
consortium and Boeing. 

France has been particularly 
angered by the recent decision 
of Saudi Arabia to place a $6bn 
(£4.1bnj commercial aircraft 


order with Rnefap nnH McDon- 
nell Douglas of the US after 
intense pressure from the US 
administration. 

The French Airbus partner 
also appears worried over Boe- 
ing's motives m collaborating 
with the Airbus partners on a 
superjumbo airliner project 

Airbus Industrie itself has 
suspected from the beginning 
that Boeing was attempting to 
split the four partners at the 
same time as stalling Airbus's 
own plans to develop a large 
aircraft to challenge Boeing's 
monopoly of the jumbo market 
with its 747-400 airliner. 

The Airbus partners includ- 
ing Aerospatiale, Deutsche 


Aerospace (Dasa). British Aero- 
space and Casa of Spain agreed 
last year to conduct an eco- 
nomic and market feasibility 
study jointly with Boeing on a 
new 600800 seater airliner. 

The chief executives of the 
four European companies will 
review with. Boeing these 
studies at today’s meeting and 
decide whether to pursue far- 
ther studies. 

Mr Philip Condit, Boeing’s 
president, recently indicated 
he expected the parties to 
agree to continue studying the 
superjumbo project But he did 
not envisage any early decision 
to launch such an ambitious 
programme at a time of con- 


tinuing overcapacity in the air- 
liner market 

Boeing also appears reluc- 
tant to launch another COStly 

programme at this stage 
because it is already Involved 
in the development of its new 
777 widebody airliner, a new 
derivative of its 737 narrow- 
body airliner anti a cargo ver- 
sion of the 767 twin engine air- 
liner. 

Boeing has also continued its 
own independent studies on 
developing a very large aircraft 
or stre tching the 747-400. Air- 
bus for its part formed its own 
integrated design team six 
months ago to study the devel- 
opment of an Airbus jumbo air- 


liner, the A3XX, to challenge 
Boeing. 

Although France appears dis- 
enchanted over collaboration 
with Boeing and may decide to 
pull out of the joint studies, 
the German partner yesterday 
said it remained interested in 
the collaboration project 

Mr Jurgen Schrempp, Dasa’s 
chief executive, spearheaded 
the original collaboration proj- 
ect between the European 
manufacturers and Boeing on a 
superjumbo. The rationale 
behind collaboration is that 
aircraft makers believe there Is 
unlikely to be room In the mar- 
ket for more than one very 
large airliner. 


co 


Lotas SmartSaite 

Complete Business So tailor? 



Lotas cc:Mail 



Laatitag E-mail 



Lotos Approach 

Entf-usm Database 


YOU'RE CREATING NEW PRODUCTS 
AND NO ONE'S MENTIONED LOTUS NOTES? 



OOPS. 


In i. 'il.iv ■; market pijce. developing the best product Mr 
mt.-ivV isn l necessarily enough To be successful you must 
brim; il to market lirst 

An.l th.it •; why anyone who's getting there with Lotus 
M'.'l'.-s is leaping quiet about it Because Lotus Notes is the 
weapon that helps you win the war 

The initial ■..park ol creativity can be 
enceuMged by allowing ideas, opinions and 
critical inl'irmatinn to (low freely between all 
depart ments. wherever they are located, as 
they share the same information through 
Lit us Notes 

Thus even key customers, market 
researchers and suppliers can input directly 
mki the development process using Lotus 
Notes discussions, ensuring that the product 
is completely tailored to the market and at 



Lotus 


the same time ensuring global designs 

Many of the critical steps in the product development 
process can thus proceed in parallel, further reducing the 
time it takes to bring a product to marker 
Overall progress can be monitored by the relevant 
departments such as sales, marketing and 
customer services This provides a further 
forum for discussion and preparation for the 
produce launch and minimises ihe impact of 

any specification or schedule change 

As a result Lotus Notes gives you a 
winning advantage in the race against time by 
enhancing every stage of your product 
development. To find out more, call us today 
and quote NA0I on 


0753 53 24 43. 


Working Together- 


mmiI.n L *i'.M ««i.i linn 
I . Il> .ulnqlniyvfl T If* M||^4int itali J<lkl 



•• • 

Ttopical banhrood Bed lit BOR 

ratable to logpmifna ether iitts m ibs 


High price* to huJwuutfc enure dm 
logpn lint no quins iboal dawning 
other mo th* in Aar wry. 

So i WWF pn y rt in Con Rn s 
l o mduiig wry, n f i era whom 

brapng dawn tmal odn Bound it. 
Ai4 how id lemon o whboa MWramg 
i pjtk di rough the moandnig «a 
If die Bthaa see wed wady, dry 
an be used fe rarai. Hdp WWF grant 

rira ™ ninferptfi imn . nl dm world, by 

writnq; is ifer Mnnbcnbf Officer » ihc 
.ill— below. 

* 




WWF 

World Wide Fund ForNatue 

laordr 9M W*S* Fwn0 
ii. nurifanww. imaa i 


“When planning for 
business you’ve got to plan 
medium to long term. To do that 
you’ve got to have confidence, and 
confidence comes with stability... 
and that’s what York can 
give you.” 


Richard France 

Gdnui lewis 


However, don't just 
fcdte our word for it* 

Take the from fnw and see for yourself. 


✓ 

✓ 

f fositian: 

Company Name; 

J Telephone Number. 

( Send to; Tony Bannalt, York Area Economic 
Deve l opment Unit, York Enterprise Centre, 

\ I Davygate, Freepost, York. YOl 2QE. 
Telephone 0904 653655 
Wet ad you to discuss your needs. 

OHpdhwMaMiWmrdedin A 
.■tonWi^awi 

IlkWWl.LWM ” 

mramgthr Met Became 4 

•mmriw _ 

hmwn ■ 


f Simply complete tie coupon and send you a tree firs? Class 

return rail ticks! so you am e xp lore the York option for yoursdf. 



YORK 


THE DISTINCT ADVANTAGE 


...and more, call AutoClM. When you work with AuioClM, the UK's 
largest AutoCAD main dealer, you have AutoCAD excellence 
plus ... plus consultancy, training, project management, hardware 
maintenance, software support and tailored third-party packages, 
with our help, maximising your productivity, efficiency 
and profitability is child's play. 





lying 


yiutocim 


Brandon Court. Progress Way. 

Coventry CV3 2TE 
Telephone (0203)636665 
Facsimile (0203) 636630 
Oil ices also In 

Southampton and Leeds 

AunClM works in partnaraftio wtth Ski 
■nd Hewlett Pochard to prowferteeonBlete 
AutoCAD customer support Package 


AUTOCAD 


HEWLETT 

PACKARD 












NEWS: THE AMERICAS 





Alan Greenspan: insistent that the Fed needs to stay involved in bank supervision 


backed the Treasury’s pro- 
posal. Mr Andrew Hove, acting 
chairman of the Federal 
Deposit Insurance Corporation, 
alsn backed the administration 
plan in most respects, though 
he argued that the board 
should be expanded horn the 
five members proposed by the 
Treasury to indude the FDIC 

chairman 

Members of Congress have 
urged the Treasury and the 
Fed to come up with a joint 
proposal. 


In the event of a clash, the 
Fed currently seems to hold 
the strongest cards. Although 
its argument about the need 
for competing regulators is 
viewed as bizarre by other 
bank supervisors, it is drawing 
support Cram bankers, as well 
as the Republican minority. 

Bankers have shouted loud- 
est about the need to dean up 
the four overlapping federal 
supervisory agencies, but tbe 
prospect that there wish mi ght 
be fulfilled in the shape of a 


single powerful agency has 
scared many of them into 
changing their tune. 

The Treasury's chances of 
winning Republican support 
for its proposal have been 
impaired by the continuing dis- 
pute over President and Mrs 
Clinton’s links to the White 
Water affair - a murky finan- 
cial imbroglio with a tenuous 
connection to the issue of bank 
supervision because of the 
involvement of the failed Madi- 
son Guaranty savings bank. 


Mexican 
rebels 
agree 
basis 
for peace 

By Damian Fraser 
in Mexico City 

The Mexican government and 
rebel guerrillas have reached a 
preliminary agreement aimed 
at aiding the peasant uprising 
in the southern state of Chia- 
pas. 

“We have reached the end of 
the first chapter of the dia- 
logue of the reconciliation of 
peace," Bishop Samuel Rnfa . 
the mediator in the peace 
talks, said yesterday. 

The government responded 
point by point to 34 of the 
rebel demands. Except for 
those of national scope, such 
as calls for democratic 
reforms, there seemed to be 
broad agreement on key 
issues. 

The government promised to 
meet rebel demands for 
Improved boosing, education, 
health, and employment in the 
state of Chiapas. The rebels 
will now return hi their vil- 
lages and consult with their 
supporters. 

The government is seeking 
to meet rebel calls for national 
electoral changes indirectly 
through talks with the main 
political parties in Mexico 
City. 

The opposition parties and 
the government have already 
reached partial agreement on 
changes to electoral roles, and 
an extraordinary session of 
Congress to approve the 
reforms now seems imminent. 

The self-styled Zapatista reb- 
els seized San Cristobal de las 
Casas and several other towns 
in Chiapas on New Year’s Day, 
in a revolt they said was 
prompted by the poverty suf- 
fered by Indians. 

Tbe preliminary accord with 
the rebels did not prevent far- 
ther weakening yesterday 
morning in the peso and the 
stock market, amid investor 
nervousness about the coun- 
try’s economic situation. 

The 24-hour peso/dollar 
exchange rate fell to 3.25 yes- 
terday noon, down slightly on 
the day, but against a rate of 
3.10 prevailing most of Febru- 
ary. The stock market fell 
some 0.6 per cent to 2£02 cm 
the opening. 

Analysts attributed the 
decline in the peso to the 
recent rise in US interest rates 
and the decrease in rates on 
Mexican government paper. 
Yesterday, the steady fell to 
Mexican short-term interest 
rates was reversed, as rates on 
28-day government paper rose 
20 basis points to 9.01 per 
cent. 

Foreign confidence has been 
dented by Mexico’s low eco- 
nomic growth, with GDP ris- 
ing 0.4 per cent last year. 
“Many people bought Mexico 
for the growth and are disap- 
pointed by GDP figures," Mr 
Jay Polaski, of Morgan Stanley 
in New York, said. Tbe sell-off 
was a normal correction in a 
market that climbed rapidly in 
January and the final quarter 
of last year. 


Clinton 
urged to 
back jobs 
for world 

By Robert Taylor, 

Labour Correspondent 

International trade union 
leaders will tomorrow urge 
President Bill Clinton to back a 
"global new deal” to create 
jobs for tbe estimated 35m 
unemployed in western indus- 
trialised countries. 

Led by Mr Lane Kirkland, 
head of tbe American 
AFL-C10, union officials from 
Organisation for Economic 
Cooperation and Development 
countries will demand "a pro- 
found change in the direction 
of international economic pol- 
icy" at the Group of Seven jobs 
summit in Detroit later this 
month. 

Union leaders will urge Mr 
Robert Reich, US labour secre- 
tary, to buck their call for a 
co-ordinated employment 
growth strategy and reject cur- 
rent western economic policies. 

“Governments must set n 
positive agenda designed to 
give workers security in 
change and a shore in the ben- 
efits of change,” the unions 
argue in a document to be 
presented to Mr Reich. 

They want immediate and 
substantial reductions in 
short-term interest rates in 
Europe; a growth strategy 
based on infrastructure invest- 
ments: regional development; 
targeted research and develop- 
ment spending; the encourage- 
ment of small and medium- 
sized enterprises and the inclu- 
sion of a social clause in inter- 
national and regional trade 
and investment agreements. 

Other union proposals 
include expansion of education 
and training for workers in the 
OECD area. 


Tussle 
over US 
bank 
regulation 
continues 

By George Graham 
in Washington 

A tug of war between the 
Treasury and the Federal 
Reserve Board over plans to 
overhaul the US's convoluted 
system of bank supervision 
continued yesterday as Mr 
Alan Greenspan, the Fed chair- 
man, refused to back down 
from his organisation's insist- 
ance that it keep its responsi- 
bilities as an independent bank 
regulator. 

Despite a warning from Sen- 
ator Donald Riegle, chaw - Trem 

of the S enate hanlring ram m it. 

tee. that the Congress would 
not tolerate “bureaucratic 
stubbornness where an institu- 
tion tries to dig in", Mr Green- 
span refused to relax his oppo- 
sition to the Treasury’s 
proposal to create a single Fed- 
eral Banking Commission. 

Mr . Greenspan told the com- 
mittee in a hearing yesterday 
that the Fed needed to stay 
involved in bank supervision 
in order to keep its finger on 

the poise of the financial mar . 

kets. He also argued, however, 
that it was important to give 
banks a choice of regulator in 
order to preserve “the current 
invaluable restraint on any one 
regulator conducting inflexi- 
ble, excessively rigid policies". 

Mr Greenspan’s concerns 
were not shared yesterday by 
his colleagues from the three 
other federal bank regulatory 
agencies. Mr Eugene Ludwig, 
Comptroller of the Currency, 
and Mr Jonathan flechter, act- 
ing director of the Office of 
Thrift Supervision, both 


d Nigel 
Bu rgess 

Specialists in the 
sale, purchase and charter 
of large yachts 

CVntnl Agents. 

Ili'su-. Riil l ■■■Jlf - — — — ^ — — — - 

_ . . u, MC WOW Munxw- Tdwtfiiine Hi ■JJ.50.22.tH Trtenx. *33 VJ.JS.J SJ& 

Ni«l fttrur-. Lr ™ ' «W.4Jt* Tdr* 2*108 Nihurr- TcW~ M4 (0)7 1 SW. « 29 

Burw-LiJ-. IH7MI MjD. h«l»n S»I Y *»-U. Tri. + tlWf _ ■ = 


ichrful 1 65.00tt (50.29m) LOA triple screw diesel motor 
if once owned by Richard Burton & Bteabed. Taylor, 
it in 1 906 bv R. image & Ferguson. Scotland and rebuilt/ 
tuj tooo oi in -England. Now restored to cxcelienr 
dirion and her original Edwardian charm bur with all the 
die , if modern equipment, including two new propuU.on 
in** (1995). Accomin.idation tor up to 10 guests plus. crew. 


.. rvart H'un accord publicitaire avec les ECHOS le quotidien 
: !t ^^imoortant en France. Dans la rubrfque "Offres d'emploi 
SS conjointe dans le FINANCIAL TIMES et L£S 
firaantara de fecon substantiate i'impact de votre message sur 
e® Europe Chaque semaine les annonces paraitront 
hrtluf USrdlet dans le Financial Times le mercredi ou le jeudi (le 
i*dans I'Editton !B du Financial Times). Pour da plus 

gnseignements. 8733511 


US balanced 
budget law 
back on shelf 


By Jurefc Martin In Washington 

The proposed constitutional 
amendment to balance the US 
federal budget has been put 
back on the shelf for at least a 
year following its failure to 
secure enough votes in the 
Senate on Tuesday night The 
Clinton administration 
expressed unalloyed pleasure 
at the outcome. 

The amendment was carried 
by 63 votes to 37, four votes 
short of the required two- 
thirds majority. Some 22 of the 
56 Democrats and 41 of the 44 
Republicans voted In favour. 

The House may well consider 
the measure later this month, 
but Senator George Mitchell, 
the majority leader, said after- 
wards there was “no way in 
the world" that he would per- 
mit a second Senate vote this 
year, regardless of what the 
House did. 

Senator Robert Dole, the 
Republican leader, conceded 
the issue was rigaH this ttxwinn, 
but vowed to fight on. “It's 
going to happen, if not this 
year, next year or the next 
year," he said. 

Tuesday's vote camt* as a 
great relief to the administra- 
tion, which had lobbied hard 
against the amendment on 
both constitutional and practi- 
cal grounds. Current progress 
in cutting the deficit would be 
put at risk, it argued, and 
important state and federal 
programmes beyond number 


eviscerated. 

The more immediate politi- 
cal concern was that failure to 
stop the flwwmrime nt could set 
a nasty precedent for the big 
upcoming battles in Congress 
on healthcare reform. 

As sponsored by Senator 
Paul Simon, the Illinois Demo- 
crat, the amendment, to take 
effect in 2001, would have pro- 
hibited a federal budget 
deficit unless two-thirds 
of both houses voted to permit 
one. 

To become law, it would also 
have required approval by 
three quarters of the 50 state 
legislatures. 

Conscious of popular support 
for the amendment ahead of 
this year’s mid-term elections, 
the Democratic leadership, 
under Senator Mitchell and 
Senator Robert Byrd of West 
Virginia, felt obliged to come 
up with a device to make a 
vote against easier. 

This took the form of a 
weaker amendment, proposed 
by Senator Harry Reid, the 
Nevada Democrat, calling for a 
balanced budget but with 
several exemptions from 
its stri c t ure s , including social 
security. 

This went down to a large 
defeat - 78 votes to 22 - but it 
provided political cover for six 
Democratic senators who voted 
for it on Tuesday afternoon but 
then opposed the Simon 
motion later in the ni ght. 


LA quake blurs 
growth data 


By Michael Bowse 
bi Washington 

The US Commerce Department 
yesterday reported weak eco- 
nomic data for January, but 
the figures were consistent 
with relatively strong eco- 
nomic growth because of dis- 
tortions caused by cold 
weather and the Los Angeles 
earthquake. 

New home sales fell 29.1 per 
cent between December and 
January to a seasonally-ad- 
justed annual rate of 695,000. 

This figure was still 14 per 
cent above the level in January 
1993 because of big increases in 
sales to the second half of last 
year. 

Personal income fell 0.3 per 
cent to the same period, but 
officials said it would have 
risen by a robust 0.7 per cent 
but for special factors such as 
a decline in rental income and 
cuts in farm subsidies. 

Wage and salary income rose 
a robust l per cent from 
December, and consumer 
spending increased by 05 per 
cent in real terms, reflecting a 
0.9 per cent increase in spend- 
ing on services. 

Separately, the Conference 


Board, a New York business 
analy si s group, s aid its “help 
wanted" fndmr fell from 110 in 
December to 106 in January. 

Other labour market data 
have signalled sluggish job cre- 
ation at tbe beginning of the 
year. 

Most economists believe the 
rate of growth has slowed sig- 
nificantly from the fourth 
quarter of last year when real 
gross domestic product grew at 
an erratic annual rate of 7.5 
per cent in real terms. 

But distortions caused by 
bad weather and natural disas- 
ters have blurred recent eco- 
nomic signals. 

Mr Richard Berner, chief 
economist at M ellon Bank in 
Pittsburgh, said tbe economy 
was probably growing at an 
annual rate of about 3.5 per 
cent 

But this was a “stab in the 
dark”, given the various distor- 
tions. 

There was little evidence of 
higher inflation, he added. The 
modest rebound in commodity 
prices reflected in the purchas- 
ing managers' price index 
reported on Tuesday was to be 
expected, given the industrial 
recovery. 


i 

An airline for mature travellers. Everyone 
knows about Swissair’s outstanding service 


• 'ill '*>’* : 


superior food, and time-efficient terminals. 
Not everyone has ydt discovered our 
fun-loving nature. It fakes a while. Time is 
everything, swissair / 



NEWS: INTERNATIONAL 


Hosokawa 

abandons 

cabinet 

reshuffle 

Mr Morihiro Hosokawa, the 
Japanese prime minister, last 
night abandoned plans for an 
immediate cabinet reshuffle in 
the face of opposition from two 
members of his seven-party 
coalition, write Our Tokyo and 
Foreign Staff. 

The Social Democratic party, 
the largest partner, sensitive 
that the right wing of the coali- 
tion is increasing its influence 
over the prime minister, feared 
a hasty cabinet change could 
cause the fragile seven-party 
alliance to collapse. 

At a meeting with Mr Hoso- 
kawa last night the small New 
Harbinger party was also said 
to have opposed the move. Its 
main representative in the cab- 
inet is Mr Masayoshi Take- 
in ura. chief cabinet secretary, 
who was likely to have been a 
victim of the reshuffle. Mr Tak- 
emura had earlier maintained 
he had no personal objection to 
losing his job. 

The upheavals have started 
to harm the government's pop- 
ularity, according to two polls 
yesterday, showing that sup- 
port for the cabinet had fallen 
from a record high to its lowest 
since the coalition came to 
power last August. 

Mr Hosokawa is planning an 
important policy speech to par- 
liament tomorrow to coincide 
with the submission of a final 
Y73,080bn i£468bn) budget for 
the coming year. 

Ruling party in 
Sri Lanka lead 

Sri Lanka's ruling United 
National part)' gained control 
of IS out of -10 urban village 
councils in the war-tom east- 
ern province, in the first elec- 
tions since 1988. when Indian 
peace keeping troops entered 
the province, writes Mervyn de 
Silva in Colombo. 

The secessionist Tamil 
Tigers who claim both east and 
northern provinces as their 
traditional homeland Hailed to 
disrupt die polls despite sev- 
eral raids in remote areas. 
Twelve people were killed in 
the campaign. Over 55 per cent 
of the population took part 
The Moslem Congress, a new 
party, gained control of six 
councils. The main opposition 
party, the SLFP, won four 
councils and Tamil Tiger 
groups won majorities in 12 
councils. 

Assam separatists 
free hostage 

Militants fighting for an auton- 
omous Bodoland within the 
state of Assam yesterday 
released Mr B. Bordoloi, a 
senior manager of Tata Tea. 
India's buggest plantation com- 
pany. after holding him hos- 
tage for nearly 11 months, 
writes Knnal Bose in Calcutta. 
His release was unconditional. 

India foreign 
press ban ruling 

An Indian court cleared the 
way for the introduction of for- 
eign publications into India, 
Renter reports from New 
Delhi. The Delhi High Court 
threw out a bundle of petitions 
seeking to stop any such possi- 
ble move by the liberalising 
government. Six newspaper 
publishers had argued the 
entry of foreign papers would 
harm suite security. 

However, the judges said the 
petitions had no standing as j 
the existing policy, taken in ! 
1958. nut to allow any foreign I 
papers into India remained i 
unchanged. They said that if 
the government wanted to 
change its policy and let for- 
eign papers in. the court could 
not prevent it. 

Adelaide bomb 

A bomb exploded in the 
Adelaide offices of the Austra- 
lia's National Crime Authority 
yesterday, killing a policeman 
and injuring five others, writes 
Nikki Tait in Sydney. 

Dockers end 
strike in 
Sydney 

About 490 striking stevedores 
returned to work in Sydney 
yesterday, ending a three-week 
walkout that had tied up mil- 
lions of dollars worth of cargo, 
Reuter reports from Sydney. 

The dispute was settled after 
intervention by a government 
arbitrator who ordered the 
company at the centre of the 
dispute to re-hire 55 sacked 
workers. 

A spokeswoman for Austra- 
lian Stevedores, which handles 
over half the container and 
conventional cargo moving 
through Sydney, said the back- 
log should be cleared by Mon- 
day, a Maritime Union of Aus- 
tralia official said the union 
was happy with the outcome. 


Hebron violence worsens as Israeli troops shoot dead two Palestinians 

Rabin rejects PLO’s terms for talks 



Jericho Palestinians carry a shooting victim yesterday after a demonstration against Friday's Hebron massacre auv 


By Jiilan Ozanne in Jerusalem 
and Mark Nicholson in Cairo 

Mr Yitzhak Rabin, Israel's 
prime minister, yesterday 
rejected demands by the Pales- 
tine Liberation Organisation 
for resuming peace talks as 
violence Oared again in the 
occupied territories in protest 
at last Friday's massacre of 
Palestinians in Hebron. 

Israeli troops shot dead at 
least two Palestinians and 
wounded some GO others in 
confrontations with stone- 
throwing youths. Palestinians 
said the violence in Hebron, 
where one Arab youth was 
killed, was more serious than 
the unrest that broke out after 
the massacre in the town. 

In Washington, President 
Clinton urged Palestinians not 
to abandon the peace talks, 
saying to reject negotiations 
would "hand a victory to the 
extremists". 

Diplomatic attempts to close 
the gap between the PLO and 
Israel intensified yesterday. Mr 
Karolos Papoulias, Greek for- 
eign minister who is leading an 
EU effort to revive the peace 
negotiations, held talks in 
Tunis with Mr Yassir Arafat, 
PLO chairman, before heading 
for Israel with what diplomats 
described only as “some ideas”. 

Mr Igor Ivanov, deputy Rus- 
sian foreign minister, also 
headed separately for talks in 
Israel after meeting the Pales- 
tinian leader. 

Despite Israeli and US oppo- 
sition, international support 
appeared top be growing yes- 
terday for the deployment of 
an international force in the 
territories to protect Palestin- 
ians. 

Mr Rabin stressed that the 


tragedy should not be used by 
the PLO as an excuse for try- 
ing to put the issue of settle- 
ments on the negotiating 
agenda. Instead, he said, the 
violence of the past six days 
should refocus both sides on 
the necessity for finalising an 
agreement on Palestinian 
self-rule. 

Mr Arafat yesterday restated 
PLO demands for returning to 
peace talks: the deployment of 


an international force in the 
territories to safeguard Pales- 
tinian lives, the dismantling of 
some extremist settlements 
and the disarming of the 
120,000 Jewish settlers. 

Mr Rabin, however, said his 
government would not discuss 
settlements and settlers 
because the Declaration of 
Principles signed last Septem- 
ber had specifically left these 
matters to later talks. 


On the issue of the deploy- 
ment of an International force 
Mr Rabin said he had agreed to 
an “international presence” 
but not an “international force 
presence”. Officials said the 
prime minis ter had in mind a 
s mall group of observers Tor 
Gaza-Jericho only, and not for 
the rest of the West Bank. 

Talks meanwhile continued 
at the UN on the text of a pro- 
posed resolution which diplo- 


mats said had been sent to 
Tunis for consideration by Mr 
Arafat. 

Russian backing for an inter- 
national force would present 
difficulties for Mr Rabin. Rus- 
sia remains a co-sponsor with 
the US of the Middle East 
peace process. Mr Rabin said 
yesterday disagreement 
between the two co-sponsors 
could be exploited by the ene- 
mies of peace. 


New Zealand expects 5.5% growth rate 


By Alexander NlcoH, 

Asia EcEtor 

New Zealand’s economic growth has 
accelerated sharply and is likely to 
exceed 5.5 per cent in the 12 months to 
the end of this month, Mr Bill Birch, 
finance minister, said yesterday. 

Mr Birch, who is in London on an 
international tour to brief the financial 
markets, said in an interview that the 
country's 10 years of “bruising" adjust- 
ment and reform, designed to restore 
international competitiveness, were 
paying off in export-led growth and a 
rapid rise in investment. 

The latest estimate compares with a 


forecast of 2.9 per cent for 1993-94 made 
only last October by Ms Ruth Richard- 
son. Mr Birch’s predecessor. The gov- 
ernment believes annual growth rates 
of 3.5 per cent to 5 per cent are sustain- 
able. 

Manufacturing investment grew by 30 
per cent last year. Industrial capacity 
utilisation was approaching 90 per cent, 
and unemployment had dropped to 9.1 
per cent from a peak of 11.5 per cent 
Mr Birch said. 

Consumer price inflation, influenced 
by an appreciation of the New Zealand 
dollar, is expected to remain around 1 
per cent in the middle of the zero to 2 
per cent range which the Reserve Bank 


is contracted to achieve under New Zea- 
land’s arrangements for the central 
bank's independence. 

Faster growth has reduced estimates 
for the budget deficit. Mr Birch said 
that in the fiscal year ending June 30, it 
would be less than 1 per cent of GDP or 
under NZ$800m ($462m), compared with 
a NZS2L2bn deficit originally budgeted 
and NZ$L4bn estimated in October. Mr 
Birch is expecting future budget sur- 
pluses but gave no specific forecast 

He said New Zealand was benefiting 
from labour market reform - which he 
spearheaded as labour minister - dere- 
gulation, painful restructuring of indus- 
try and of government spending. 


and the opening of the economy. 

The National party government won 
re-election only by a narrow margin in 
November. Mr Birch said, however, that 
economic reform had been pursued by 
both leading parties during the 1980s 
and bad wide support “Now we want to 
carry on and ensure that the benefits of 
those reforms are demonstrated and 
captured.” 

Mr Birch had talks - which touched 
on central bank Independence - with 
Mr Kenneth Clarke, UK chancellor of 
the exchequer, and Mr Eddie George, 
governor of the Bank of England, as 
well as Mr Hans Tietmeyer, Bundes- 
bank president 


Bankers swap criticisms as system’s defects come to light 

Nigerian exchange controls prompt rows 


By Paul Adams in Lagos 

Efforts to resolve confusion in Nigeria's 
foreign exchange system continue 
today amid mutual recriminations 
between the central bank and the pri- 
vate sector. 

The outcome is seen as an important 
test or the military government's capac- 
ity to implement the 1994 budget, deliv- 
ered in January, and criticised by the 
country's creditors as Impractical. 

The government has pegged its offi- 
cial exchange rate at N22 to the dollar 
and banned all foreign exchange deal- 
ing outside Us control, but the naira 


has fallen on the black market to N52. 

The Central Bank or Nigeria (CBN) 
has accused commercial batiks of abus- 
ing the new arrangements, while bank- 
ers and other private sector leaders say 
that the CBN's allocation system is 
time-wasting and open to corruption. 

The new system is meant to channel 
all the nation's hard currency via the 
banks to the sectors which would most 
benefit the economy: half the foreign 
exchange going to buy goods for manu- 
facturers. 10 per cent to agriculture, 30 
per cent for finished goods, and the 
remaining 10 per cent at the discretion 
of the banks for invisibles. 


After a 10 week gap with no foreign 
exchange on offer, demand for the first 
allocation in Late February exceeded the 
supply of 5200 m by almost six times and 
the CBN delayed allocation by a week 
while it investigated the top 26 banks 
for irregularities. 

On Monday the central bank's spokes- 
man accused all 26 banks of submitting 
inflated or false demands or lending too 
much to their customers to fund the 
bids, then pardoned them with a warn- 
ing of a one-year ban for the next trans- 
gression. Leading banks which have a 
reputation for strict compliance and 
who were cleared by the inspectors last 


week angrily reject the spokesman’s 
accusations. 

“For a long time the CBN made the 
best of a bad job/' said one interna- 
tional banker. “Now it appears that 
they don't even want banks to lend 
money." 

Other bankers believe that they are 
being made scapegoats for a system 
which is bound to ML “The categories 
for applications are a matter of inter- 
pretation and even after following the 
CBN’s advice they still faulted us. They 
are basically involved in window-dress- 
ing to disguise the real flaws with the 
system," said a senior Nigerian banker. 


Puzzle grows 
over Buthelezi 
election role 


By Our Foreign StaFf 

Uncertainty about Chief 
Mangosuthu Buthelezi's role in 
South Africa's elections height- 
ened yesterday when the 
inkatha Freedom party leader 
responded angrily to {resident 
F.W de Klerk's earlier warning 
that security forces would pre- 
vent disruption of the polL 

“We need to separate the 
kingdom of KwaZulu from the 
rest of South Africa.” Chief 
Buthelezi told a meeting of the 
KwaZulu homeland legislative 
assembly in the homeland cap- 
ital LTIundL The position of 
Zulu King Goodwill Zweli third 
in post-apartheid South Africa 
had not yet been resolved, he 
said, and called for a separate 
Zulu kingdom. 

On Tuesday, Chief Buthelezi 
said he was prepared to regis- 
ter Inkatha for South Africa’s 
first all-race poll, but a final 
decision would depend on his 
constitutional demands being 
met The offer was made after 
faibc with his main black rival, 
ANC leader Nelson Mandela In 
Durban. 

It was not clear if Chief 
Buthelezi would go ahead with 
Inkatha's registration after 


yesterday’s developments. 

Speaking in Cape Town. Mr 
de Klerk welcomed Chief 
Buthelezi’s apparent offer, but 
stressed the April 26-28 election 
would take place as scheduled. 
“From the government’s side, 
the security forces will be 
used, the law will be 
applied. . . to ensure the elec- 
tion is free and fair. The gov- 
ernment will use everything at 
its disposal to ensure law and 
order will be maintained and 
the elections go ahead as 
planned," he said. 

The government had a con- 
tingency plan to ensure voting 
took place in the Bophuthat- 
swana and KwaZulu black 
homelands, both members of 
the autonomy-seeking Freedom 
Alliance of white and black 
conservatives including 
Inkatha, Mr de Klerk added 

“I will ensure the mainte- 
nance of law and order and use 
all the facilities available to 
the state to that effect, accord- 
ing to the threat and situation 
as it develops.” Chief Buthelezi 
told the Ulundi assembly the 
sovereignty of the kingdom 
was threatened by government 
and ANC “manipulation" of 
constitutional negotiations. 


‘No intention to reform - no money’ 

World Bank sets 
telecom aid rules 


By Andrew Adonis 
in Hong Kong 

The World Rank will make the 
promotion of competition and 
private-sector investment a 
condition for supporting tele- 
communications modernisa- 
tion in less-developed coun- 
tries. 

Dr Bjorn Wellenius. the 
World Bank's principal tele- 
communications specialist, 
told an FT conference on Asia- 
Pacific telecommunications 
that aid and loans had to be 
“closely tied" to policies of lib- 
eralisation if they were to suc- 
ceed 

“No intention to reform: no 
money - that’s likely to be 
World Bank policy In future 
he told the conference in Hong 
Kong. 

Dr Wellenius said less-devel- 
oped countries needed to 
invest $40bn (£27bn) a year 
until the year 2000 to build 
basic networks, up from SlObn 
a year in the 1980s. In the 
1980s, only about 15 per cent of 
investment came from the pri- 
vate sector; that proportion 
would need to rise to half, from 
$1.5bn to $20bn a year, to meet 
investment requirements. 

“The role of government is to 
regulate market-oriented solu- 
tions,” he said 

The World Bank statement 
comes at a critical juncture in 
the development of telecommu- 
nications policies In less-devel- 
oped countries. Latin Ameri- 
can governments have pursued 
privatisation, but most tele- 
coms operations in less-devel- 


oped Asian countries are still 
state-owned, with limited 
opportunities for the private 
sector. 

Only 1.5 per cent of World 
Bank outlays (about $300m a 
year) is devoted to telecommu- 
nications, but its advice has a 
strong bearing on the stance of 
the private sector and other 
International lending institu- 
tions. 

Mr Robert Morris, partner of 
Goldman Sachs, the US invest- 
ment bank, said pvernment 
attitudes to privatisation were 
"critical” to their ability to 
raise funds. 

“If governments just want to 
raise a few bucks to reduce the 
national deficit, that's not a 
compelling reason to invest in 
the industry when there are 
lots of other privatisation 
opportunities available world- 
wide.” 

Mr Simeon Klntanar. head of 
the Philippines telecommunica- 
tions commission, said his 
country, which has barely lm 
lines for its 70m population, 
was creating a “conducive pol- 
icy environment” for overseas 
investors. 

“Our vision is that applica- 
tions for phone connections 
should take 10 days, not 10 
years,” he said. 

However, Mr James Ross, 
chief executive of Cable & 
Wireless, the UK telecoms 
group which wants to boost Its 
Investment in the region, cited 
the Philippines as one country 
with restrictions on foreign 
operators, making investment 
less attractive. 


‘Golden Quadrangle’ united 
by a desire to make money 

Victor Mallet on economic frenzy in a zone of 300m people 


I n all, a dog, two chickens 
and two pigs have been 
killed and grains of rice 
and freshly-cut leaves are piled 
neatly next to the dog’s corpse 
under the hot afternoon sun. 

It is a routine sacrifice. Some 
villagers in the Akha hilltribe 
community of Paka Sukjai in 
Thailand's far north are sick, 
and they have paid the spirit- 
man Bt52 (£1.40) to perform a 
ceremony to cure them. 

Such are the ancient animist 
traditions that survive among 
these Akha villagers. But the 
region they inhabit is being 
changed and modernised at a 
bewildering speed. 

They migrated from Burma 
16 years ago to what was then 
an isolated Thai hilltop in the 
Golden Triangle - the zone 
encompassing the borders of 
China. Laos. Thailand and 
Burma that is notorious for Its 
fields of opium poppies and 
guerrilla warlords. 

Today most of the dense for- 
est that once blanketed the 
hills of northern Thailand has 
been destroyed. The Thai 
armed forces have pacified the 
area and discouraged opium 
growing, and have abandoned 
their military outposts and 
roadblocks. A paved road built 
a year ago reaches almost to 
Paka Sukjai, bringing ice 
cream vendors and the occa- 


sional tourist on a motorcycle. 

Schoolchildren learn Thai. 
The village is connected to the 
electricity grid and each house 
has its own meter. Villagers 
from the surrounding hills, 
with insufficient land for farm- 
ing, sell their services as 
labourers, domestic servants or 
prostitutes in the nearby pro- 
vincial capital of Chiang Rai or 
as far afield as Japan and 
Taiwan. 

The economy of northern 
Thailand - like the economies 
of each of the other three coun- 
tries in the neighbourhood - is 
growing rapidly. Businessmen 
and governments have started 
calling the area the Golden 
Quadrangle, a name designed 
to reflect the fact that there 
are four nations while recall- 
ing the supposed romance of 
the Golden Triangle. 

Any political differences 
between Thai capitalists, the 
communist authorities of 
China and Laos and the Bur- 
mese military junta have been 
submerged by the mutual 
desire to make money. 

The four g overnments have 
opened their borders to tour- 
ism and trade. Last year, the 
Burmese junta began allowing 
foreign visitors to cross into 
Burma from Mae Sal in Thai- 
land; this year Laos and Thai- 
land let them cross the Mekong 


river at Chiang Kong. 

A Thai businessman is build- 
ing a fleet of fast river boats to 
ferry tourists between Laos, 
Thailand and southern China 
along the river, and there are 
plans to blow’ up the rock- 
strewn rapids which prevent 
the passage of large cargo ves- 
sels. 

Chiang Rai’s big new airport 
has called itself “international” 
although there are no sched- 
uled international flights; it is 
taken for granted that airlines 
will soon be flying from 
Chiang Rai to China and Laos. 

The State Railway of Thai- 
land is examining the possibil- 
ity of extending its network 
northwards as for as Chiang 
Rai. Governments and foreign 
aid agencies are building and 
upgrading roads throughout 
the “quadrangle". 

Chiang Rai already has five 
new hotels, three stockbrokers’ 
offices and the first signs of 
traffic congestion, but local 
businessmen believe there is 
potential for much more 
growth. 

They see future profits in a 
combination of Thai invest- 
ment capital and cheap labour, 
hydro-electricity and raw mate- 
rials (including coal) from 
China, Laos and Burma. They 
want an industrial estate in 
Chiang Rai as well as a univer- 


sity and a railway station. 

“These four countries would 
have great potential once 
there's a big push in this area," 
says Mr Tanomsak Serivi- 
chyaswat. president of the 
Chiang Rai chamber of com- 
merce. “There’s a very big 
market in this area - 300m peo- 
ple - and there’s lots of 
labour." 

Not everyone is so enthusias- 
tic about what is happening. 
Environmentalists are trying 
to curb soil erosion, pollution 
and tbe deforestation of water- 
sheds. and health workers are 
worried about the spread of the 
disease Aids. 

Such concerns, however, cut 
little ice with the crowds of 
tourists and traders in the 
busy frontier towns. 

In the Burmese town of 
Tachilelk, across the border 
from Mae Sai, they are selling 
Chinese clothes, dried mush- 
rooms. plastic toys and medi- 
cines to improve sexual 
potency made from deer ant- 
lers, along with Burmese 
rubies, cheroots and peacock 
feather fans. Thailand’s contri- 
bution includes cigarettes and 
a cheap perfume called VIP 
Boms which comes in a con- 
tainer shaped liked a grenade. 

With China's Yunnan prov- 
ince struggling to find new. 
southward routes for its 


Convergence of interests 




exports to bypass the conges- 
tion afflicting Chinese ports 
and railways, the activity at 
such frontier markets is proba- 
bly only the beginning of a 
surge in cross-border trade and 


tourism. 

New buildings are springing 
up on both sides of tbe Thai- 
Burmese frontier, and one of 
the hotels in Mae Sai has been 
aptly named the Boom Hotel. 


Indonesia 
surplus 
up 29.5% 
to $8.6bn 

Indonesia’s trade surplus rose 
by 29.5 per cent to $8.66bn 
(£5Abn) in 1993 from $6.G9bn a 
year earlier, the trade ministry 
said. Renter reports from Jak- 
arta. 

Total exports for 1993 rose 
8.4 per cent to $3&82bn from 
$33^7bn in 1992. 

Imports rose to 28.16bn from 
S27.28bn. Non-oil exports 
increased by 16.2 per cent to 
827.07bn from S23fibn. 

Indonesia's trade surplus fell 
in December 1993 to $54&8m 
from $908m in November. 

Economic analysts said that 
Indonesia was reaping the ben- 
efit of a shift towards hi gher 
investment in manufacturing 
since oil prices had fallen in 
1980. 

In spite of the good trade per- 
formance, there were a few 
trouble spots, such as falling 
foreign investment, which tbe 
government was trying to rec- 
tify. they added. 

Information Minister Kar- 
roo ko disclosed yesterday that 
Indonesia's consumer price 
index rose 1.76 per cent in Feb- 
ruary. 

Tins brought the rise in 
Inflation to 3.01 per cent for the 
first two months of 1994. 

The government, which pre- 
dicted inflation for the 1994/95 
fiscal year at 5 per cent, fore- 
cast the rate for the current 
year at 4-6 per cent 





>ank 
aid ri 


! I • 1 !*■ 

. . o! ! i s 


? •. nV |V| ' 




1994 


NEWS: UK 


UK faces employment law condemnation 


By Robert Taylor and Robert Rice 

The UK government is likely to to 
condemned by the European Court erf 
Justice for failure to implement Euro- 

S safeguarding 

the rights of British employees B 

Britain's union leaders said an advi- 
sory niling yesterday in inj ractian 
proceedings brought against the UK 
by the European Commission was a 
shattering defeat for the govern 
meat’s policy of opting-out of the 
social chapter of the Maastricht 
treaty. 

Mr Walter Van Gerven, advocate 


general of the court, said the UK had 
deliberately avoided implementation 
of key aspects of the European 
acquired rights and collective redun- 
dancies directives. Advocate generals' 
findings are almost always later con- 
firmed by the full court. 

Mr Van Gerven said that in transla- 
ting the European rules into Englis h 
law through the 1981 Transfer of 
Undertakings (Protection of Employ- 
ment) Regulations, the UK had faded 
to require that workers' representa- 
tives be designated for consultation 
when businesses change hands or col- 
lective redundancies are enforced. 


Britain was also guilty of attempt- 
ing to limit the application of the 
European rules and failing to provide 
effective sanctions against employers 
who failed to consult, he said 
British unions are confident that if 
the opinion Is adopted by the full 
court later this year, the government 
will have to provide workers with the 
legal right to representation through 
unions, at least in situations of collec- 
tive redundancies, contracting-out of 
services and privatisation. 

Lawyers also claimed yesterday 
that the UK government could face a 
flood of claims for compensation from 


workers whose rights were adversely 
affected by the privatisation and con- 
tracting-out programmes. 

But the Department of Employment 
said last night the advocate general’s 
opinion held no implications for UK 
legislation and no right to compensa- 
tion flowed from it. Hie government 
legislated last s umm er to bring the 
regulations more closely into line 
with Europe. 

Mr John Monks, Tirades Union Con- 
gress general secretary, said he would 
ask Mr David Hunt, employment sec- 
retary, how he planned to bring Brit- 
ish law into line with Its EU obliga- 


Britain in brief 


tions on consulting workers in the 
circumstances dealt with by the advo- 
cate general. 

“This is a welcome statement from 
Europe and we will be pressing the 
government to act”, Mr Monks said. 
"Once again British workers have 
been shown to he denied rights that j 
are accepted in law in all other Euro- 
pean countries". 

Mr Jack Dromey. the TGVVU gen- 
eral union's national secretary, said 
public authorities and private compa- 
nies would “have to negotiate in good 
faith" now that workers had the legal 
right to union recognition. 



Malaysian ban | Legal ‘chaos’ in Iraq export case 
‘does not affect 
private sector’ 


By Kieran Cooke 
in Kuala Lumpur 

Malaysia appeared yesterday 
to modify its stand against 
British companies, though this 
was before Mr John Major, the 
British prime minister, made 
remarks critical of Malaysia. 

Mr Anwar Ibrahim, Malay- 
sia’s deputy prime minis ter 
told a news conference the 
Malaysian cabinet had reaf- 
firmed its decision that British 
companies should no longer be 
given government contracts 
but emphasised that the scope 
of the action applied only to 
government contracts and pro- 
curements and not to the pri- 
vate sector. 

Several private co mpanies in 
Malaysia have recently 
announced they would support 
the government’s action 
against British companies. 

But Mr Anwar said the pri- 
vate sector should not become 
involved in the row. He also 
denied suggestions by Malay- 
sia's education minister that 
relations between Malaysian 
colleges and British educa- 
tional institutions should be 
broken off and that Malaysian 
students should no longer go 
to Britain. 

Mr Anwar said Malaysia had 
been forced into taking action. 
“We had no choice. Why do I 
have to decide in favour of 
British companies and then he 
questioned, harassed and 
accused whbn we can give the 
contract to some other com- 
pany?' 


Observers feel that Mr 
Anwar, by emphasising that 
the action only applied to gov- 
ernment contracts, was seek- 
ing to modify Malaysia's 
stance. Some Malaysians are 
concerned that action against 
Britain could ricochet on Mal- 
aysia’s own economy. Fears 
have also been expressed that 
the action might contravene 
the Gatt and bring retaliation 
from the European Union. 

But later remarks by Mr 
Major to the BBC are likely to 
once again infuriate the Malay- 
sians. Mr Major described the 
Malaysian move as short 
sighted and said it could dam- 
age Malaysia's interests as well 
as those of Britain. 

“I don't believe that what the 
Malaysian government has 
done to British companies is 
remotely justified" said Mr 
Major. 

Mr Anwar told a news con- 
ference Malaysia had not 
sought any link between the 
memorandum of understand- 
ing on British arms sales to 
Malaysia and aid for the Per- 
gau dam project 

He repeated the Malaysia 
government’s version of the 
negotiations on the project - 
that the proposals for a British 
company being awarded the 
Pergau contract only became 
competitive after the British 
government offered conces- 
sionary loans., 

‘ “The Malaysian government 
had no hidden agenda," said 
Mr Anwar. He said he could 
not speak for the British side. 



By Jimmy Bums 
and Kevin Brown 


Lord Justice Scott arrives to chair yesterday’s session of the 

long-r unning exports-to-Iraq Inquiry nom* m** ajawooci 


A SENIOR Government lawyer 
yesterday tacked a reform of 
the system for handling public 
interest immunity certificates 
after admitting that there was 
legal “chaos” In the Matrix 
Churchill case and questioning 
whether it should have ever 
taken place. 

Mr Gerald Hosker QC, the 
Treasury so Heitor and former 
legal adviser to the Depart- 
ment of Trade and Industry, 
told the Scott inquiry that in 
future prosecuting counsel 
would be expected to take a 
stronger lead in ensuring dis- 
closure or material relevant to 
the defence. 

The inquiry heard that in 
September 1992 - one month 
before the Matrix Churchill 
trial - Mr Hosker received a 
memorandum from the intelli- 
gence agency SIS (M16) critici- 
sing the “chaos” affecting sev- 
eral Whitehall departments in 
their preparations of PH claims 
on behalf of minis ters 

The SIS note focused on the 
lack of co-ordination in a 
secret Interdepartmental 
Whitehall committee known as 
the Restricted Enforcement 
Unit - involving the identifica- 
tion of documents subject to 
classification under the PH sys- 
tem. 

Mr Hosker told the inquiry: 
“In future cases it will be 
incumbent on prosecuting 
counsel to ensure that there is 
no such chaos." 

Earlier Mr Hosker said he 
had doubted whether the pros- 
ecution of three Matrix Chur- 
chill executives on charges of 
selling anns-related goods to 
Iraq should go ahead after 
hearing that senior Whitehall 
officials had accepted that 
advice from Mr Alan Clark, the 


former trade and defence min- 
ister. may have suggested to 
the executives that their 
actions they had government 

support. 

Lord Justice Scott ques- 
tioned how the doctoring of 
official papers and the drafting 
by civil servants on legal 
advice of to accurate witness 
statements could be justified 
“in the public interest.” He 
described one witness state- 
ment prepared by government 
lawyers as “j unk ” 

Mr Hosker returns to the 
Scott inquiry today where he 
will be pressed about the 
advice given to the ministers 
who signed PUs. 

Earlier Mr John Major, the 
prime minister, distanced him- 
self from the row over Mr 
Michael Heseltine’s evidence to 
the inquiry. Mr Heseltine on 
Tuesday accused Sir Nicholas 
Lyell, the attorney general, of 
offering contradictory 3d vice. 

The dispute between the two 
ministers is expected to domi- 
nate prime minister's question 
time in rhe Commons today 
when opposition MPs will step 
up attempts to exploit the gov- 
ernment's embarrassment. 

Pressure on Sir Nicholas 
eased yesterday as he contin- 
ued to insist that he would not 
resign unless he was criticised 
in Lord Justice Scott's final 
report. 

There were continued rum- 
blings of unease among Con- 
servative backbenchers about 
Mr Heseltine's evidence, which 
some think has significantly 
increased the danger that the 
judge's report will severely 
damage the government 

But Mr Major studiously 
avoided commenting on the 
affair when he returned to Lon- 
don yesterday morning from a 
three day official visit to the 
US. 






Treasury 
buoyant on 
recovery 

A buoyant view of the UK 
economic recovery was pres- 
ented in the Treasury's 
monthly monetary report yes- 
terday. The report was pub- 
lished as Mr Kenneth Clarke, 
the chancellor, held a 45-min- 
ute meeting with Mr Eddie 
George, governor of the Bank 
of England, to discuss whether 
a rate cat was needed in the 
midst of turmoil in the inter- 
national financial markets. 

The Treasury report dis- 
missed a number of recent eco- 
nomic statistics, which 
appeared to suggest that the 
recovery was weakening, on 
the grounds that they were 
caused by seasonal factors. 

The surprise rise in unem 
ployment in January is 
described as being “broadly 
consistent with a continuing 
improvement in labour market 
conditions". The report adds: 
“Erratic monthly figures are 
not unusual, especially over 
holiday periods.” 

Overall, the report says: 
“The latest indicators are 
mixed, but consistent with a 
trend of con tinning recover}'-" 


Brussels 
‘ambiguity’ 
on excise 
regulations 

By Gillian Tett 
In Brussels 

Ms Christiane Scrivener. 
European Commissioner for 
Customs and Indirect taxation, 
yesterday poured cold water 
on suggestions that British 
consumers might be able to 
evade excise duties by import- 
ing alcohol or tobacco through 
European mail order or cou- 
rier companies. 

Speaking iu Brussels, Ms 
Scrivener said the only case in 
which it was clear that cross- 
channel excise duties could he 
avoided was when travellers 
bought goods on the continent 
in person for their own con- 
sumption - this Is in line with 
the British government's 
demands. 

However, she acknowledged 
that there was still ambiguity 
in legislation and said the 
issue was unlikely to be 
resolved until a test case was 
brought before the European 
court. 

Her comments, only days 
after other commission offi- 
cials suggested that mail order 
purchases might provide a 
legitimate means of evading 
British excise duties, high- 
lighted the uncertainty sur- 
rounding the implementation 
of the Commission's directive 
on excise duty, officially 
implemented last year. 

The issue at stake is the defi- 
nition ol “personal consump- 
tion." Current EU legislation 
permits member states to 
retain their own levels of 
excise duty, payable at the 
point of entry, but last years 
directive allowed consumers to 
evade duty oo goods were pur- 
chased In and brought from 
another country for private 
consumption. 

• Hoverspeed. the cross-chan- 
nel hovercraft operator, yes- 
terday received a licence for 
its duty-free shop at Dover - 
18 years after it first opened. 

Bemused magistrates at 
Dover granted the £12-50 
licence for selling J^nes. 
spirits and beer after it 
emerged that due to an over- 
sight the shop had been 
operating illegally since 
it was opened by Hover- 
speea s predecessor company 
Seaspecd. 


Bookkeepers counting on Pacioli party 


By Andrew Jack 

Droves of accountants are converging 
on Edinburgh today to pay homage to 
the author of the first manual of dou- 
ble-entry bookkeeping published 500 
years ago. 

More than 100 accounting historians 
will be gathering in the city as guests of 
the Institute of Chartered Accountants 
of Scotland, which claims to be the 
world’s oldest professional body for 
accountants. 

The twoday festival of accounting - 
renamed the siesta of accounting by 
unkind observers - is designed to cele- 


brate the life and works of Friar Luca 
Pacioli, an Italian monk. 

Among his many contributions to 
learning was documentation of the prin- 
ciples of accountancy known as “the 
Italian method" which have remained 
unchanged ever since: for every credit 
there is a debit 

The festivities began yesterday with 
the planting of a red oak in Queen 
Street gardens in memory of Pacioli, 
delaying the start of the Institute’s 
council meeting. 

They continue with a Pacioli seminar 
on the man and his work today, and the 
ambitiously-named session “A torch for 


the future” tomorrow to consider how 
the profession may change. 

The profession has shown its competi- 
tive edge recently by coining up with a 
range of events by rival bodies designed 
to praise Pacioli during 1994. Events in 
honour of Padoli are planned later this 
year by Italian, US and international 
accounting bodies. 

The Institute of Chartered Accoun- 
tants in England and Wales got in first 
with its exhibition last week called 
“Figures in proportion", which displays 
an original copy of tbe 1494 book, enti- 
tled “Siunma de Arithmetica, Geome- 
tria. Proportion! and Proportionalita 1 ’. 


As Pacioli concluded in his book: 
“Accounts are nothing else than the 
expression in writing of the proper 
order of your affairs." 

The Scottish institute will also have 
its version of the book on display, 
although its attempts to launch a simi- 
lar exhibition failed through lack of 
sponsorship. 

The English Institute said proudly 83 
people had visited since the exhibition 
opened last Thursday, which was 
“above expectations". These included 
the provincial curator of the Franciscan 
Order In London, the order of which 
Pacioli was a member. 


House prices 
show increase 

Further evidence of the con- 
tinuing recovery in the UK 
housing market emerged yes- 
terday as Halifax. Britain's big- 
gest mortgage lender, con- 
firmed that bouse prices rose 
2.2 per cent In February, the 
biggest monthly gain since 
September 1988. 

Figures produced by the 
Inland Revenue show that the 
number of homes sold has also 
risen sharply. 

According to Halifax the 
average price of home has 
risen 3JB per cent in the past 12 
months to £62,498. The latest 
price rise follows two months 
of small price falls. The society 
said this confirmed that the 
slow recovery, which started in 
the housing market last year, 
was continuing. 

High spending 
by visitors 

Spending by overseas visitors 
to the UK rose 15 per cent to a 
record £9.lbn last year, but 
higher expenditure by British 
travellers abroad led to a wid- 
ening of the tourism balance 
of payments deficit. 

British travellers abroad 
spent £12„8bn last year, a 14 
per cent increase on 1992, the 
Central Statistical Office said 
yesterday. The travel account 
deficit of tbe balance of pay- 
ments rose to £3.7bn, com- 
pared with £3.4bn In 1992. 

The UK enjoyed a travel bal- 
ance of payments surplus from 
1968 to 1980. Since then, the 
travel account has been in def- 
icit every year except for 1985 


when there was a £57 lm sur- 
plus. 

The number of overseas vis- 
its to the UK rose 4 per cent to 
19.3m in 1993. Visits from 
western Europe rose 6 per cent 
to 12.4m. However, the num- 
ber of visits from North Amer- 
ica fell by 2 per ceot to 3.3m. 
Visits from tbe rest of tbe 
world increased 4 per cent to 
3.6m. 

The British Tourist Author- 
ity said early indications were 
that the number of visits to 
the UK would exceed 20m this 
year, with expenditure likely 
to rise to over £9-5bn. 


Japanese plant 
for Shropshire 

Hoshizaki Electric, a private 
Japanese company making ice 
machines, is to set up a plant 
to supply the European market 
at Telford, Shropshire. 

This is the first new Japa- 
nese investment in Telford 

since 1991. The town became a 
significant centre for Japanese 
manufacturing companies dur- 
ing the late 1980s but over the 
last three years the flow of 
investment has dried up. 

The Telford plant will be 
Hoshizaki's second overseas 
manufacturing unit, it set up a 
plant in Georgia m the US in 
1987 and now bas 16 per rent of 
the US ice machine market. 
The company, whose annual 
turnover is more than £500m a 
year, holds 70 per cent of the 
Japanese market. 

The British government, 
seeking to capture more Japa- 
nese investment, is today hold- 
ing a seminar for medium-sized 
companies in Nagoya. 

Shortlist for 
fingerprint job 

Ten companies have been 
selected to compete for the 
contract to provide a comput- 
erised fingerprint recognition 
system for the 43 police forces 
in England and Wales, due to 
begin operation in two year's 
time. 

The 10, selected from 18 
applicants, are Arvin Caispan, 
SAIC, Digital Equipment, Elec- 
tronic Data Systems, TRW, 
IBM, and Unisys of the US, 
ICL, the UK-based company 
owned by Fujitsu of Japan, 
Siemens Nixdorf of Germany 
and Groope Boll of France. 

MPs may vote 
on Ulster body 

MPs are likely to vote next 
week on whether to set up a 
parliamentary select commit- 
tee on Northern Ireland in a 
move expected to bring the cre- 
ation of such a body signifi- 
cantly closer. 

Mr Tony Newton, leader of 
the Commons, is expected to 
announce the timing of next 
week's debate this afternoon. 
This could pave the way for 
the committee to start work 
shortly after Easter. 

The move, consistently 
opposed by the SDLP. will be 
interpreted as a bid to placate 
the Ulster Unionist party, the 
province's largest political 
party, which vowed this week 
not to return to round-table 
talks on Northern Ireland's 
future with Dublin and other 
constitutional parties. 


Independent bidder urges waiving of regulatory probe 

Raymond Snoddy on the turbulent recent history 
of Britain’s youngest national daily broadsheet 


The Independent’s rollercoaster ride 


Monthly dreuiaUan (oca) 


430 


The consortium close to taking 
control of British daily newspa- 
per The Independent and Its 
weekly sister the Independent 
on Sunday will today urge the 
Department of Trade and 
Industry not to refer the deal 
to the UK's Monopolies and 
Mergers Commission. 

The bidding group, which 
includes Mirror Group Newspa- 
pers, will emphasise that seri- 
ous damage could be done to 
the newspapers, which face 
losses of between £10m and 
etfrm this year, by the delay 
and uncertainty that would be 
caused by a referral. 

DTI approval is the final 
remaining hurdle after the 
decision yesterday by indepen- 
dent directors of Newspaper 
Publishing, owner of the Inde- 
pendent titles, to recommend 
an improved offer valuing the 
company at more than £74 dl 

The new offer includes an 
increased cash alternative Of 
355p - 5p more than the price 
paid by Mr Tony O’Reilly’s 
Independent Newspapers of 
Ireland for his stake of just 
under 30 per cent 

The consortium is also offer- 
ing 104.6p in cash and 1.35 new 
MGN shares. At MG^s share 
price of 172P when the offer 
was announced, this values the 
deal at 336.7p. 

Journalists at The Indepen- 
dent, worried about the inde- 
pendence of the papers, last 
night renewed their call for a 
full MMC investigation. 

If the deal goes through, 
MGN will end up with between 
35 per rent and 80 per cent of 
the company, although voting 


with 10 per cent less than its 
share stake. El Pais of Spain 
and La Repubblica of Italy will 
each have a 20 per cent stake 
but together will have a voting 
majority. 

The founders, led by Mr 
Andreas Whittam Smith who 
will become chairman as well 
as editor-in-chief, will have 
about 3 per cent rather than 
the present 10 per cent 

MGN mil provide all ser- 
vices apart from editorial for 
Newspaper Publishing and 
both newspaper groups will 
move to Canary Wharf in Lon- 
don's Docklands. 

The Irish Independent group 
will now press for board repre- 
sentation at Newspaper Pub- 
lishing to reflect its status as 
the largest single shareholder. 

All the signs are that Mr 
O'Reilly will not sell his stake 
but seek to remain an influen- 
tial minority shareholder. He 
has given undertakings to the 
Takeover Panel not to make a 
bid worth more than 350p 
within 12 months. 

Mr Whittam Smith, who has 
decided to take a decisive grip 
on the loss-making papa* he 
founded by coming out of his 
office and editing The Indepen- 
dent from tbe home news desk, 
said he would eat his hat if the 
consortium did not take its 
present 47 per cent stake 
quickly above 50 per cent 

However, it may be the week 
after next before Mr Mich ae l 
Heseltine, trade and industry 
secretary, decides whether or 
not to refer the bid to the 
Monopolies and Mergers Com- 
mission. 


Whatever happens. Mr Whit- 
tam Smith is going to have his 
work cut out 

Last month Independent 
sales settled at around 285,000 
with the Independent on Sun- 
day selling around 350,000. 
Losses in the financial year to 
September could be between 
£iOm and £12m compared with 
£480,000 last year and £20m 
may have to be raised to deal 
with debt and promotion. 
Unless bank facilities are 
extended or more money 
raised, the money will run out 
at the end of this month. 

The Independent’s directors 
are, however, pleased at the 
price they have persuaded the 
consortium to offer and that 
“certain pledges" have been 
made on editorial indepen- 
dence and that redundancy 
terms will be these available at 
Newspaper Publishing over the 
past three years. 

One Independent director 
expressed sadness that The 
Independent is likely to be less 
independent than it used to be 
- at least in managerial terms. 

MGN, which could end up 
with between 25 per cent and 
30 per cent of the company, 
will have a detailed service 
contract to provide all the 
needs of Newspaper Publishing 
Including printing, excluding 
editorial, and what Mr Whit- 
tam Smith cfliis the company's 
“ mar keting brain". 

MGN will be paid according 
to running costs spread across 
all the national titles of the 
two organisations rather than 
a fixed annual fee and there 
will be penalties for failure 


400 


350 



300 


-250 


■ ... 1988 1887 

SoofceflBCCWaiWwrtRwItw- 


to meet performance targets. 

The editorial staff of The 
Independent will join Mirror 
and Telegraph journalists in 
the Canary Wharf tower in 
London Docklands by mid- 
summer, which would create a 
"vertical Fleet Street" with 


1988 


1969 


1990 


1091 


1992 


1993 


1994 


seven national newspapers in a 
single building. 

Around 120 redundancies are 
expected at Newspaper Pub- 
lishing among non-editorial 
staff. Newspaper Publishing 
also said it had sought and 
received assurances that Inde- 


pendent staff would have equal 
opportunity with existing MGN 
staff for jobs in the new organi- 
sation. The mood of Indepen- 
dent journalists, worried about 
whether guarantees of editorial 
Independence could be 
believed, was yesterday 


reported as being "very glum”. 

But tbe first millionaire act- 
ing home news editor In the 
history of national newspapers 
was much more optimistic. “I 
think the future is going to be 
one of steady improvement." 
said Mir Whittam Smith. 


T 


8 



FINANCIAL TIMES THURSDAY MARCH 3 1994 



AN EUROPE 


Black skies, red tape, 
green fields, grey area 


Environmental rules have 
poured out of Brussels and 
could blunt the competitiveness 
of European companies. 
Bronwen Maddox reports 


I n the past two decades 
European countries have 
wished on themselves 
more than 200 environ- 
mental rules. That formi- 
dable legislative effort, which 
stretches from the levels of sul- 
phur allowed to stream out of 
power stations to the circum- 
stances in which yon can 
legally shoot birds, has won 
immense public support 
The European Commission, 
ministers and green campaign- 
ers argue that regulation can 
bring commercial benefits. Mr 
Jacques Delors, the Co mm is - 
sion's president has said that 
“an ambitious environmental 
policy . . . could create hun- 
dreds of thousands of jobs". 

But many European coun- 
tries are concerned that it 
could be a drag on their inter- 
national competitiveness. Mr 
John Major, UK prime minis - 
ter. has warned that “the UK's 
commitment in principle to 
environmental protection must 
not come at the expense of 
industry and competitiveness". 

Putting numbers to the cost 
of environmental protection is 
not easy, but industrialists 
have amassed a long checklist 
to support their claim that the 
green burden is too heavy, par- 
ticularly in the ail and chemi- 
cal industries. 

• Concawe. the oil industry’s 
European environmental 
lobby, claims the cost of meet- 
ing new limits on sulphur in 
fuel oils will amount to £L3bn 
in the short term, and more 
than $5bn eventually. 

• The UK chemical industry 
estimates spending on environ- 
mental protection rose from 9 
per cent of operational costs to 
14 per cent between 1990 and 
1992. 

• The German electricity 
industry has spent DM22bn on 
cleaning up its power stations. 
• The UK water industry says 
the Urban Waste Water direc- 
tive. under which sewage can- 
not be pumped into the sea. 
will cost it between £6bn and 
£12bn, and that roughly half its 
current £40bn investment pro- 
gramme is prompted by Euro- 
pean directives. 

International comparisons, 
while difficult to make, sup- 
port these industrial snap- 
shots. Figures suggest that 
environmental rules are 
hurting European competit- 


iveness on several fronts. 

For a start, European compa- 
nies may be handicapped even 
compared to rivals in industri- 
alised countries, let alone 
developing regions. According 
to the OECD, total environ- 
mental spending by public and 
private sectors in northern 
European countries appears to 
outstrip that of Canada and 
Japan, and to be roughly 
equivalent to that in the US - 
around 1.4 per cent to 1.6 per 
cent of GDP. 

The Commission's own fig- 
ures also support northern 
European companies’ com- 
plaints that they face tougher 
rules than companies in 
southern Europe. German 
spending, the highest in 
Europe, is roughly double that 
of Italy, Portugal and Spain, 

Compliance with many rules 
is lowest in the Mediterranean 
countries and in Ireland - as 
far as anyone can telL Mr Ioan- 
nis Paleokrassas, the environ- 
ment commissioner, acknowl- 
edges figures are incomplete 
and that “in the absence of sta- 
tistics we cannot say any- 
thing” about the degree of 
enforcement He hopes the new 
European environment agency 
being established in Copen- 
hagen will plug these gaps. 

The result of high environ- 
mental standards, companies 
say. is that Europe loses com- 
panies and industries. For I Cl, 
the international chemical 
group, the need to comply with 
mercury emission standards 
was “the final straw” for its 
chlorine plant at HUlhouse, 
UK. according to Mr Michael 
Wright environmental spokes- 
man. H We just closed the 
plant,” he says. 

S ome people, including many 
politicians and environmental- 
ists, reject these fears. They 
argue that tough rules bring 
commercial benefits. 

Clearly, new markets In 
environmental technology pro- 
vide compensations. If some 
companies have to dean up. 


then others can sell them 
equipment - UK water compa- 
nies have found customers 
abroad for water treatment 
devices. However, some studies 
argue the potential of these 
markets has been overstated. 

Moreover, studies agree that 
these rewards are reaped only 
by the handful of countries in 
the lead - mainly Germany, 
the US and Japan. Last year 
the German Institute for Eco- 
nomic Research (DIW) con- 
cluded that, on balance, envi- 
ronmental regulation had not 
harmed Germany as a place to 
do business, largely because 
tough standards had helped 
the environmental technology 
industry. 

A second claim is that 
higher energy and 
waste disposal costs 
make companies 
more efficient ICTs 
Mr Wright says that “rules 
have given us an incentive to 
use less inputs and reduce 
waste". 

But some dispute whether 
those gains count as a benefit 
of green standards. Mr Wright 
acknowledges that “we could 
have been doing this already 
without the regulation, had we 
focused on it, but it depends 
where you put your effort”. 

A third argument is that 
“green” products may be more 
popular with consumers. But 
manufacturers say they are 
unsure how much market 
share they gain because they 
tend to improve products at 
the wune time. 

These claims for the benefits 
of green rules are not conclu- 
sive enough to dismiss worries 
about the damage to European 
business. 

A better response to industri- 
alists' woes, perhaps, is that 
even if competition is suffer- 
ing, the case is easily over- 
stated- 

Mr Martin Houldin, environ- 
mental director at consultants 
KPMG Peat Marwick in Lon- 


don. says; “I believe the envi- 
ronment is in its infancy as a 
competitive factor, whether as 
a plus or a minus. The interna- 
tional differences in the cost of 
labour are generally so much 
more important that the envi- 
ronment pales into insignifi- 
cause/ 1 

Nevertheless, concern about 
rising environmental costs 
may have turned the legisla- 
tive tide within Europe. Some 
countries which blithely put 
their names to directives a 
decade ago have begun to cast 
a beadier eye on new proposals 
from Brussels. The Commis- 
sion's plans for more recycling 
of packaging have been scaled 
down after the ambitious Ger- 
man recycling scheme plunged 
into near-bankruptcy. Brus- 
sels's most-publicised environ- 
mental plan, a tax on fuel and 
its carbon content, has also 
stalled in the light of wide- 
spread opposition. 

Moreover, there is growing 
pressure, particularly from 
developing countries, to pre- 
vent Europe from wielding pro- 
tectionist tools to shield itself 
if it finds that it cannot afford 
its social and industrial stan- 
dards. 

The conclusion of the Uru- 
guay round of the General 
Agreement on Tariffs and 
Trade has brought new heat to 
that accusation. Some Euro- 
pean countries want to shut 
out imports from countries 
that do not share their envi- 
ronmental standards, but 
developing countries fear that 
Europe will abuse these princi- 
ples to shut out as much com- 
petition as possible. 

The Commission has already 
warned Denmark that Its ban 
on ozone-depleting substances 
may have to be modified, and 
has questioned Dutch plans to 
restrict timber imports- Mr 
John Gammer, UK environ- 
ment secretary, says: “We 
urgently need to write 'side 
agreements' into the final ver- 
sion of Gatt to set out a way of 
resolving these conflicts.” 

That new scrutiny - from 
inside Europe and beyond - 
may help Europe tackle the 
legacy of two decades of over- 
enthusiastic rule- making. It 
may also help it improve a 
poor record in designing work- 
able and affordable environ- 
mental rules. 



...as environmental consciousness grows... 


An, incre asi ngly green cotwum£v,cf4tareV .* > * : ; 

Those vjrti&agfee.tfi^ they..; »• ? v ' r . tt "■’V ‘ 

100%' -* *■ v '• 


' , ^ I*''. ■. 


100 % ; — I *—* T — t • ; . ■- .. ... y . » i;« : . ■ — -*-7— — 7 

' •’ •iwn past*' ■ . V }'< :*.■ : .- .. 



. Avoid products " Mdpacfabwf .* Ftacyefe ■ ■. ^ 0uy products: of- 'Aicpda - 

■ - itnetoiK potoflnp - .. -■ fowtedkj*to- ••• -ftjodwtthctwnfcsi! . i.ptptr • , • . ■ -\i«ydedis»ailali r ■ V bento a 

•• ' J .. ;. . . - •. 


Cut I 



‘We cannot continue 


.Cost of tiie rulebook 


like this’ 


By David Lascelles 


I ncreasingly, Europe is 
becoming aware or the 
costs of high environmen- 
tal standards. The question is 
whether it can afford them. 

At Porto Marghera, in the 
Venetian lagoon, Mr Lucio Pis- 
an! is the director of Italy's 
largest petrochemical plant, 
owned by the state company 
Enichem. 

The plant has already been 
forced to cut back its 
operations because of losses 
caused by foreign competition, 
and now the environmental 
pressures are mounting, not 
least because of the proximity 
of one of Europe's most beauti- 
ful cities. 

There have even been 
demands that the Enichem 
plant be split up or removed, 
which has enraged local busi- 
nesses and alarmed the work- 
force, already battered by thou- 
sands of lost jobs. 

"The problems of the lagoon 
are not chemicals." Mr Pisani 
says. "The water we put back 
in the lagoon is better than 
that which we take out-" Since 


1991, his company has spent 
L125bn (?74m) on clean-ups, a 
huge sum which Mr Pisani 
uses to justify the company's 
continued operation there. 

“To those who suggest frag- 
mentation of the site. I say we 
have the critical mass. That’s 
the reason we can afford all 
these environmental improve- 
ments.’' in this he is backed by 
bis workers. “Environmental 
costs don't add to others. They 
improve the efficiency and 
quality of the process," says 
Livio Marini of the leftwing 
CGIL labour union. 

This view gets an echo in 
Sweden where Mr Sven Niberg 
of the Swedish Labour Organi- 
sation sees environmental 
pressures in positive terms. 
“They have created jobs, for 
example in the engineering 
industry which has increased 
production of clean equip- 
ment," 1 he says. But generally, 
industrialists worry about the 
cost and competitiveness impli- 
cations of the environment. 

Europe's petrol retailing 
industry is doing battle with 
the Brussels Commission over 
a plan to oblige garages to 
recover vapours which escape 
from the pump when people fill 
their vehicles. The Commission 


wants stations to Install 
devices which suck in the 
vapours and return them to 
the storage tank - a small but 
nonetheless costly move. 

“Any analysis of the costs 
and benefits of this proposal 
produces very disappointing 
results,” says Mr Aurelia Aya- 
la-Thomas, head of the Spanish 
petrol retailing industry's 
trade group. “It entails a lot of 
investment for a tiny return in 
environmental terms. These 
emissions account for only 2 
per cent of total emissions of 
volatile hydrocarbons.” Like 
many EU businessmen, Mr 
Ayala-Thomas is urging a more 
balanced approach. He thinks 
ritaiing with industrial waste 
is a more pressing priority. 

One man who has experi- 
enced the bitter costs or envi- 
ronmental clean-ups in an 
extreme form is Mr Dietmar 
Hayn. He is mayor of MGlbis, a 
little community in the heart 
of the brown coal mining 
region south of Leipzig. MfilbLs 
was once dubbed the “filthiest 
village in Europe” because of 
the neighbouring Espenhain 
lignite iiquification plant 
which was run flat out by the 
East Germans. The plant has 
now been closed down, and 


MOIbis is being restored. 

But employment has fallen 
from 6,000 to only 1,000. Mr 
Hayn is hoping to attract in 
new industries - including fac- 
tories which make environ- 
mental control equipment 

In Leipzig. Mr Arnold Vaatz, 
the Saxony environment minis- 
ter, talks of "jobs versus the 
environment”. Goal miners in 
his region recently demon- 
strated to persuade a Potsdam 
power station to bum lignite 
rather than natural gas, 
despite the environmental con- 
sequences. 

But though Mr Vaatz wants 
to clean up Saxony, he Is 
acutely aware of the price. 
Hourly production costs in his 
former Communist-run terri- 
tory are already 10 times 
higher than in neighbouring 
Poland and 100 times higher 
than in Russia. Yet he still has 
to conform to EU water stan- 
dards, for example, which he 
estimates will exist DM43bn for 
a population of only 4&0L 

Up in Finland, the heavily 
export-oriented forestry and 
paper industry is finding that 
the environment can entail 
two quite different types of 
cost. One is the bill for 
cleaning up its factory 


operations. The other is for 
adapting its manufacturing 
processes to produce products 
which meet the environmental 
standards of its foreign cus- 
tomers. For example, Finnish 
paper companies now try to 
make paper which uses less 
bleach and contains more recy- 
cled paper. 

Mr Pertti Salolainen, Fin- 
land’s foreign trade minister, 
confesses to deep scepticism 
about Europe's future - in 
large part because of the costs 
it is loading upon itself. “In the 
Far East, they are now produc- 
ing products at prices which 
are equal just to our raw mate- 
rials. We can't continue like 
this.” Even though Finland's 
jobless rate is already 20 per 
cent he warns; “There is more 
unemployment on the way.” 

Mr Salolainen does not 
believe that the answer lies in 
compromising on environmen- 
tal standards because he 
thinks they are less to blame 
than unrealistically high 
wages. But he does believe that 
Europe should hasten -to reach 
international agreement on 
standards so that they do not 
get whittled down by competi- 
tion among countries keen to 
reduce their costs. 


Paper tiger versus the paper tiger 


By Angus Foster 


B razil’s virgin wood pulp 
producers ought to be 
happy. The country's cli- 
mate and soil mean fast grow- 
ing species like eucalyptus 
take about seven years to 
mature while a pine in north- 
ern Europe takes 35. This, com- 
bined with low labour and 
energy costs, gives the Brazil- 
ians a product they believe is 
internationally competitive in 
terms of price and environmen- 
tal standards. 

Instead of celebrating, how- 
ever, they are worried annual 
exports of more than 8500m to 


the European Union are threat- 
ened by planned environmen- 
tal legislation. They argue that 
the proposals are protectionist 
and discriminate against devel- 
oping countries. The problem 
stems from proposals in Brus- 
sels to Introduce “eco-label- 
llng” on paper products, to 
inform consumers of the prod- 
uct's origin. 

The scheme would start with 
tissue paper, and tissue pro- 
ducers would incur penalty 
points if their raw materials or 
manufacturing processes were 
deemed environmentally dam- 
aging. Producers who notched 
up too many points would not 
get a label 

This month Mr loaonis 
Paleokrassas, the EU environ- 


ment commissioner, said he 
was also keen to look at even- 
tually introducing a tax on 
timber to discourage felling in 
virgin tropical forests. 

EU member states are due to 
vote on the eco-labelling pro- 
posals in the next few weeks. 
Brazil tears the use of virgin 
wood pulp In paper products 
will incur penalty points. It is 
also worried the eco-labelling 
system devised for tissue 
paper, which has a low virgin 
pulp content, will later be 
applied to photocopying and 
writing paper, where the con- 
tent is much higher. 

To the Brazilians, such pen- 
alties are acceptable if they 
prevent the cutting down of 
100-year-old hardwoods or the 


Amazon rain forest But most 
of Brazil's virgin wood pulp 
exports come from replanted 
forest “farms" thousands of 
miles from the Amazon. 

According to the Commis- 
sion, the Brazilians are over- 
reacting. The best producers, 
who have been awarded a 
label, may benefit from the 
scheme if consumers prefer 
their products, but imports will 
not be shut out because they 
lack a label. 

But Brazil's Cellulose 
Exporters Association argues 
the proposals do not give its 
members credit for being envi- 
ronmentally less damaging 
than European producers. In 
particular, it points out that 
Brazilian paper companies 


draw more than SO pm* emit of 
their electricity from hydro- 
electric sources - a renewable 
form of energy which does not 
cause air pollution - where 
Europe's electricity is gener- 
ated largely by oil and gas 
power stations. 

Brazilian analysts acknowl- 
edge that the impetus for the 
European proposals came 
largely from environmental 
lobbies rather than competi- 
tors in Europe. They also agree 
that some of the biiinp which 
they see in the proposals may 
reflect bureaucratic oversight 
rather than protectionist 
instincts. But some Brazilian 
companies claim European 
competitors will benefit sub- 
stantially from the proposals. 


Eco-labelling 


Knock on 
benefits 
from tech 
effects 

The Organisation of Economic 
Cooperation and Development 
and the US Environmental 
Protection Agency estimate 
the world market for environ- 
mental products and services 
is worth $200bn (£I35bn). The 
EPA reckons it will reach 
$660bn by the year 2000, but 
the OECD expects it to be only 
half as big. They agree, 
though, that grow th Is fastest 
in technology for waste man- 
agement, air pollution control 
and water treatment, write 
Bronwen Maddox and David 
Lascelles. 

While markets for environ- 
mental products occur world- 
wide, suppliers are almost 
entirely from the industria- 
lised world, with Germany, 
Japan and the US the world 
leaders. Surveys suggest Ger- 
many has a fifth of the world 
market in environmental tech- 
nology, exporting 40 per cent 
of output and employing 
550,000 people in the sector. 

Legislation is one reason for 
growth in this market in 
Europe. In a survey of 300 
environmental technology 
companies in the UK. by Envi- 
ronmental Policy Consultants, 
a London-based research 
group, nearly two-thirds said 
European legislation was the 
main reason customers were 
buying “green" technology. 

But some industrialists, 

SUCh as Mr Wolf g an g Kflhnol , 

director of VDMA, the German 
industrial plant maker, cau- 
tion against unrealistic expec- 
tations of the sector’s poten- 
tial for growth and exports. He 
says the size a f this market 
has been exaggerated, because 
there are no agreed definitions 
and because the sector has 
been abased by manufacturers 
defining products as “environ- 
mental" for marketing rea- 
sons. He estimates environ- 
mental exports from his own 
sector comprised 3 per cent of 
orders last year. “That’s not a 
hit" 


‘More papist 
than the Pope’ 


A mountain of finely- 
shaven eucalyptus wood 
clippings, a large smoke- 
stack and a dank lagoon of 
treated effluent 100 mfiw; north 
of Lisbon mark a Portuguese 
industrial showpiece. 

The palp mill and paper 
plant run by Soporcel, the cel- 
lulose company, show how the 
second poorest country in the 
European Union can live with 
the envir onmental constraints 
favoured by the richer coun- 
tries in the north. 

Improving Soporcei’s ecologi- 
cal track record has, however, 
been costly. Other sectors of 
the country’s economy are not 
financially strong enough to 
make a similar effort - under- 
lining the difficulty of fi ghting 
pollution in the throes of 
Europe-wide recession. 

The Portuguese government 
selected the country's highly 
export-oriented paper industry 
at the start of the 1990s to lead 
a move to improve the coun- 
try’s environmental image. 

Determined to show the rest 
of Europe that Portugal was no 
longer a home for polluting 
industries, the environment 
ministry, a ccordin g to Mr Man- 
uel Gil Mata, Sqporcel's indus- 
trial director, wanted to be 
“more papist than the Pope". 

The company has spent $33m 
since 1991 to meet government 
requirements that are now 
tougher than those recom- 
mended by the EU. The $30Qm 
paper plant near the coastal 
town of Figueira da Foz started 
operation in May 1961 on a 60- 
acre site already occupied by a 
pulp mill Supported by loans 
from the European Investment 
Rank , the plant ranks as one of 
the largest in the world. 

The paper industry is 
heavily polluting, a conse- 
quence both of the residues left 
over from separating wood and 
Cellulose and of chlorine- and 
sulphur-based chemicals used 
in paper-making. 

“Three or. four years ago, 
this Industry in Portugal was 
thought to be a very profitable 
one. The ministry considered 
the industry had a big inveet- 


CASe STUDY: 

rSopjaircel;:. ; 



' . -to 'yriprOys^B>n^a 

;Pavkf Marsh reports 



ment capacity and this could 
be used to bring us up to the 
top environmental standards 
in Europe,” Mr Gil Mata says. 

Soporcel has been bearing 
the brunt of the world-wide 
downturn, making losses in 
1992 and 1993. But, backed by 
its main shareholders - state- 
owned investment bank Caixa 
Gera! de Depositos and the 
Anglo-French paper-maker 
Azjo Wiggins - Soporcel 
should meet national and EU 
standards for emissions in the 
next few years. 

Other Portuguese paper com- 
panies, with older plants, are 
in a less happy position. 
Reflecting Its favourable 
starting point, Soporcel has 
budgeted a mere $4m to 1996 to 
reduce discharges. Mr Gil 
Mata, also chairman of the 
environmental committee of 
the Portuguese pulp and paper 
association, says the three 
other paper min* will need to 
spend $5Qm by 1995 and a fur- 
ther J135m in 1996 to meet 
requirements. The scale of the 
figures casts doubt on the fea- 
sibility of the p lan. 

Mr Gil Mata says Soporcel's 
environmental drive is a valu- 
able marketing tool for the 
quality-conscious German and 
French markets. 

But he is sceptical about 
extending the approach to 
other sectors. “We were the 
first, and we are the last” 

This is the sixth pan of a ten- 
Vort series. Tomorrow: Finan- 





uj > | 












FINANCIAL TIMES THURSDAY 


MARCH 3 1994 


9 


Charles Batchelor looks at a new 
passenger ticketing system 

Check-in for the 
Channel rail link 


W hen the Channel tunnel 
train services between 
London, Paris and 
Brussels start this summer, they 
are expected to compete primarily 
with the airlines. So it is y 
appropriate that airline-style 
technology has been adopted at 
London’s Waterloo international 
station and the other terminals. 

The control system at Waterloo 
is claimed to be the first fully 
automated check-in system in 
du» at a main line railway station. 
The automatic gates will not only 
validate travellers’ tickets but 
will also provide train crews with 
a list of passengers, their seat 
reservations and meal 
requirements for the journey. 

Careful control of passenger 
flows at Waterloo will be 
necessary to prevent congestion. 
For all the praise it has won for 
its striking design, the new 
terminal has had to be 
sandwiched into a very restricted 
site alongside the existing 
station. 

European Passenger Services, 
which will operate the trains, 
is counting on most passengers 
spending just 30 minutes In its 
Waterloo departures lounge. With 
seating for 700 people and 
standing room for a Further 1,100, 
the te rm m a I has just enough 
space for two full train-loads of 
passengers. 

Passengers booking through 
EPS’s telesales office or one of 
the main terminals will receive 
a machine-readable ticket 
conforming to the boarding pass 
standard (ATB2) being introduced 
for airline tickets. This 
technology is also being adopted 
by the ferry companies and is 
In use at Dover and Calais by 
P&O European Ferries. 

On arrival at the terminal, 
passengers feed their ticket into 
the check-in mechanism, similar 
to that used on the London 
Underground, which 
automatically opens the entry 
gate and stores the encoded data. 

Passengers without 
machine-readable tickets will 
pass through separate channels 
to manned desks. In the early 
stages, half of all passengers win 
have the advanced tickets, rising 
to 80 per cent in five 
years. 



Waterloo: airiJne-styte technology 

The installation at Waterloo 
forms part of a £4m contract 
carried out by I CL, the computer 
group, for EPS, SNCF of France 
and SNCB of Belgium. S imilar 
computerised local networks wQl 
be installed at Brussels Midi, 
Paris Gare du Nord, Lille and 
Frethun near Calais, an linked 
to the central booking system 
in Lille. One feature of the system 
is that it allows the fares to be 
shared out fairly between the 
three railways. 

One problem faced by ICL was 
that each railway used a d iff erent 
networking system, so the 
application software written by 
British Rail Computing in 
Microfocus Cobol and Dialog has 
been ported to other 
systems. 

The automatic check-in gates 
were provided by Dassault 
Automatismes et 
Telecommunications, part of the 
French electronics and defence 
group. Each gate contains a small 
visual display unit, a ticket 
reader, a personal computer and 
a programmable controller for 
the sensors which record the 
presence of a traveller or luggage 
trolley. The system has been 
designed to withstand the 
relatively hostile environment 
of a station entrance, says 
Dassault 

Automatic passenger control 
will allow EPS to offer travellers 
a 20-minute check-in time and. 

It hopes, give it a competitive 
advantage over the airlines. 


TECHNOLOGY 


Crime on 
the line 

Louise Kehoe examines the greater 
need for security on the Internet 


Let's hot tlph -mis’ data- security 



I nternet has grown into a 
global metropolis but, like 
many large cities, this elec- 
tronic community linked by 
computer networks is now strug- 
gling to deal with rising crime. 

Last month, Internet officials 
reported that tens of thousands of 
secret passwords had been stolen. 
The thieves obtained keys to the 
private computer files and messages 
of their victims. 

The incidents demonstrate the 
vulnerability of Internet and raise 
questions about its use as an infor- 
mation thoroughfare by businesses 
and others who may be sending or 
receiving sensitive information via 
electronic mail or file transfers. 

Despite its genesis in a US 
Department of Defence programme 
in the early 1970s, Internet was 
never intended to be a secure net- 
work - quite the opposite. It began 
as an electronic communications 
system for researchers in US uni- 
versities and government laborato- 
ries, with the idea of encouraging 
dialogue and sharing ideas. 

Early Internet users seldom 
thought of protecting computer files 
from intruders. “Security was not a 
very high priority on Internet. 
Openness and communications 
were the most important issues,” 
says William Yundt, director of net- 
working at Stanford University. Cal- 
ifornia. "As the Internet population 
grows, however, that is inevitably 
changing." 

Over the past few years, use of 
Internet has grown exponentially as 
individuals, businesses and colleges 
throughout the world have linked 
up their computers and local net- 
works to “The Net”, as it is com- 
monly called. There are now an esti- 
mated 20m Internet users and 
commercial data traffic is increas- 
ing at a compound rate of 20 per 
cent a month, says A1 Hoover, 
vice-president of ANS, a data com- 
munications company which oper- 
ates the high-speed US coast-to- 
coast “backbone” of Internet for the 
National Science Foundation. 

The expanding population of 
Internet has brought with it some 
undesirable elements. These include 
“crackers” who make a hobby of 
breaking into private computer 
files. To date, most such incidents 
appear to have been pranks by indi- 
viduals out to prove their computer 
prowess. 

The latest incidents are, however, 
unprecedented in scale and may be 
the work of an organised group, 
Internet experts fear. A “sniffer” 
program masquerading as an inno- 
cent computer program was planted 
in several computers on Internet, 
says Terry McGfflen of the Com- 
puter Emergency Response Team 
(CERT) Coordination Centre at Car- 
negie-Mellon University in Pennsyl- 
vania. This secretly recorded the 
passwords and names of individuals 
who accessed the affected comput- 


ers. Armed wtth these passwords, 
the “crackers” can examine private 
computer files and record, change 
or destroy data or send computer 
messages in the name of the pass- 
word holder. 

Last October, a cracker obtained 
passwords that may have been used 
to access dozens of computers in 
US, Japanese and European compa- 
nies as well as universities and gov- 
ernment departments. In another 
case, a month earlier, the electronic 
mail and files of a California maga- 
zine were invaded by a cracker. 
Computers at the University of Cal- 
ifornia have been “cracked", as has 
the host computer of “The Well”, a 
California group providing public 
access to Internet. 

Victims of the latest Incidents 


include users at computer sites in 
the US and Europe, McGUlen says. 

the preliminary estimate that 
tens of thousands of passwords may 
have been compromised could sig- 
nificantly increase. We have been 
flooded with calls and are still gath- 
ering data." 

CERT has warned all Internet 
users to change their passwords as 
a precaution. However, this is only 
a temporary solution because new 
passwords could be stolen in the 
same way. 

The crux of the problem is that 
passwords currently flow through 
most computers on Internet in 
“clear type", making it all too easy 
for crackers to record them illicitly. 
Password encryption is the obvious 
solution, but implementing such a 


change will take time and is fraught 
with problems. 

First, there needs to be an encryp- 
tion standard for all computers 
linked to Internet. Then it would 
have to be adopted by all computer 
sites. Development of an encryption 
standard is under way. However, as 
Yundt points out, security measures 
are a nuisance for legitimate net- 
work users and can be expensive to 
implement. They also run contrary 
to the free spirit of open communi- 
cation that is at the heart of inter- 
net culture. 

Another potential hurdle is that, 
despite protests from the computer 
industry, the Clinton administra- 
tion this month determined that 
export controls should remain on 
most types of encryption technol- 
ogy. These controls have already 
forced the elimination of encryption 
features from the latest version of 
the Unix operating system used on 
most Internet host computers. 

In the meantime, large corporate 
users of Internet are erecting barri- 
ers between their internal computer 
networks and Internet. "Prudent 
organisations no longer keep sensi- 
tive information on any computer 
that is linked to the Internet,” says 
Bruce Baker, head of the informa- 
tion security program at SRI Inter 
national, a research and consulting 
group. 

For Nick Trio, Internet adminis- 
trator for International Business 
Machines' Watson Research Centre, 
the challenge is to provide IBM 
researchers with the benefits or 
access to Internet, while protecting 
IBM's Internal computer networks. 

To achieve this, IBM and many 
other commercial Internet users 
create “firewalls” between Internet 
and their internal computer net- 
works. “We use secure gateways - 
minicomputers that are one-way 
links to the Internet," Trio explains. 
All electronic mail sent to CBM via 
Internet, for example, is collected in 
a “mail gateway” isolated from the 
company's internal networks. 

User authentication, a technique 
widely used to secure corporate net- 
works, is also used by IBM to 
ensure that unwanted visitors do 
not access its computers via Inter- 
net. IBM researchers wanting to 
access their computer files while 
working at home or travelling must 
identify themselves with a pass- 
word and also use a “smartcard” 
security device that generates the 
answer to a “random challenge” 
which changes every time the sys- 
tem is used. 

Fencing off computers From the 
Internet is, however, analogous to 
installing burglar alarms on houses 
without having a police force to 
deter criminal activity throughout a 
city. Ultimately, there will have to 
be some form of policing of the net- 
work to ensure data security if the 
“Internet metropolis” is to remain 
habitable. 


Testing 
time for 
AZT 

D oes Welcome's Aids 

treatment. AZT. actually 
work? 

Sometimes, and maybe quite 
often, is the accepted answer 
in the scientific community- But 
that "maybe" has been there 
for several years, mystifying 
academics, drug regulatory 
authorities and carriers of HIV. 
the Aids virus, alike. The latest 
research, for from clarifying 
matters, has only served to 
confuse. 

AZT s usefulness for people 
with symptoms of the disease 
is well documented and the drug 
is widely prescribed. But AZT’s 
sales growth has all but stopped 
at less than £J50m a year, partly 
because the number of Aids 
sufferers is relatively small 
estimates suggest tiiat less than 
10 per cent nr HIV carriers have 
the disease. 

The question that remains 
is whether AZT can prevent the 
onset of Aids in HIV carriers 
who ore otherwise healthy. 

That question was apparently 
answered almost a year ago 
when preliminary results From 
the respected, long-term 
Anglo-French “Concorde Trial" 
suggested that HIV carriers did 
not benefit from receiving AZT. 
These results contributed to 
Wellcome shares being the worst 
performing component of the 
FT-SE 100 index in 1993. 

But, while the final version 
of Concorde was being prepared, 
other researchers continued 
testing AZT on HIV carriers. 

The latest findings, published 
last week, appear to conflict with 
Concorde. Researchers at the 
Johns Hopkins School of Public 
Health in Baltimore, Maryland, 
who studied more than 2.000 
HIV-infected men, say AZT 
“delayed Aids onset or extended 
life”. Alfred Saah, associate 
professor of epidemiology at 
Johns Hopkins, said explicitly 
that the work disagreed with 
Concorde. 

Resolution of the confusion 
may now be dose. Publication 
of the final version of Concorde 
has been expected for several 
weeks. City analysts rank it 
alongside profits figures in 
importance for Wellcome. 

Daniel Green 


PEOPLE 


Nigel Rudd takes on 
another chair 


Nigel Rudd, chairman of 
Williams Holdings, is to take 
up the chairmanship of East 
Midlands Electricity from May 
1 on a non-executive basis. 

He takes over from John 
Harris, 55, who has been in the 
industry for 38 years and will 
be taking early retirement 
from April 30. In his 12 years 
as executive chairman, Harris 
has been one of the regional 
electricity sector’s most power- 
ful chairmen but his high pro- 
file and decisions on diversifi- 
cation have sometimes upset 
investors. 

Rudd's appointment is the 
latest in a series or appoint- 
ments to key electricity posts 
of people whose experience is 
large outside the industry, 
although he has been an East 
Midlands’ non-executive direc- 
tor for four years. When Harris 
goes, the chairmen of half the 


■ George Constantinidi is to 
become chairman on an 
interim basis at the recently- 
restructured property com- 
pany Greycoat. 

He replaces Geoffrey Wilson, 
who founded Greycoat and 
turned it Into one of London's 
most ambitious property com- 
panies, with developments 
such as Embankment Place. 
Bnt it was undone by collaps- 
ing asset values and complex 
financing, and Wilson agreed 
to retire at the end of March, 
following Greycoat’s resuscita- 
tion by South African finan- 
ciers Brian Myerson and 


Barings Is beefing up its 
emerging markets coverage by 
sending two senior directors, 
to New York and to Hong 
Kong, to be closer to the cli- 
ents in Latin America and Asia 
respectively. . 

Andrew Norris. 41. go® to 
New York as joint head of 
equity capital markets, while 
Jeremy Palmer, 37, whom Bai^ 
ings is hiring from J-P- Morgan 
in London this month, moves 
out to Hong Kong, as the other 
equity capital markets boss. 

"Latin American, business 
naturally looks to the financial 
community in New York, not 
London," Norris explains, in 
terms of placement power. 


12 regional electricity compa- 
nies in England and Wales mil 
have moved on since privatisa- 
tion in 1990, several of them 
replaced by industry newcom- 
ers. 

Although Rudd has made his 
name as the head for 12 years 
of a highly acquisitive group, 
he made clear yesterday that 
his role at Bast Midlands will 
be markedly different from 
that at Williams. He wants 
East Midlands to focus on the 
"core electricity businesses” - 
which the City interprets as 
meaning he would be unlikely 
to want East Midlands to make 
further acquisitions. 

In the past, East Midlands' 
shares have been among the 
lowest rated, partly because of 
its acquisition of electrical con- 
tracting companies which have 
performed below expectations. 
There has also been disquiet 


non-executive director since 
Greycoat acquired City Offices 
in 1982, but ids length of ten- 
ure as non-executive chairman 
wifi be significantly shorter. It 
is understood that one 
appointment recently fell 
through, but other names are 
under consideration. The com- 
pany said it would not rash 
into a final decision. 

■ James Horan, formerly 
financial controller at Data 
Logic, has been appointed the 
first director of finance at the 
BUILDING RESEARCH 
ESTABLISHMENT. 

■ Bruce Bossom, former 
property director of 


proximity to the North Ameri- 
can investor base for say, an 
Asian deal, is important, too. 
He adds that “the competition" 
- largely American investment 
tonira - had been observed last 
year moving more staff out to 
Hong Kong for similar reasons. 

“The trouble is. issuers tend 
to look on the Americans as 
being more globally capable. 
Actually, it is a complete fal- 
lacy - the majority of our staff 
live outside Europe. Do the 
majority of the staff of an 
American investment bank 
live outside America?” 

Norris’s equity capital mar- 
kets operation in London had 
recently become, for adminis- 



about East Midlands' associa- 
tion with a prospective bid by 
the Union of Democratic Mine- 
workers for British Coal mines, 
although the company said 
recently it would not be part of 
the bidding consortium. 

Rudd says he will not be get- 
ting involved in the day-today 
running of East Midlands: 
“The company has an excellent 
team to do that already." 


Mountleigh Group, has been 
appointed a director of 
LASALLE PARTNERS in 
London. 

■ Adrian Sellers has been 
appointed commercial director 
of Balfour Kilpatrick, part of 
BICC; he moves from Swan 
Hunter. 

■ Clifford Fudge, technical 
director of Earthspan, has also 
been appointed technical 
director of Celcon Blocks, both 
part of KTNGSWAY. 

■ Colin Carter, a partner of 
Gardiner & Theobald, has been 
seconded to the central unit on 
procurement at the 
TREASURY as a works project 
adviser. 


trative purposes, part of Baring 
Securities, rather than Baring 
Brothers. Following the depar- 
ture of Christopher Heath, Bar- 
ing Securities is now headed 
by Peter Norris, Andrew's 
brother who is two-and-a-half 
years his junior. So is he 
pleased not to be reporting 
directly to him any more? "I 
rather *n»» him actually," is 
the reply. 

David Watkins, 49. a Gold- 
man Sachs veteran between 
1972-1991, joined in January 
and becomes the director with 
responsibility for equity capital 
markets not covered from New 
York or Hong Kong - again 
principally emerging markets 
- as well as for London syndi- 
cation of Asian. Latin Ameri- 
can and other Issues. 


Large quits 
Bupa 

Bupa, Britain’s biggest private 
medical insurer and healthcare 
group, yesterday announced 
the resignation of Arthur 
Large, managing director of its 
UK membership division, after 
management disagreements. 

A Bupa statement said 
Large's departure had “arisen 
from differences about the stra- 
tegic direction of the insurance 
business” , but the company 
declined to be more specific 
about the nature of the differ- 
ences. 

Large was one of the central 
figures in a new Bupa manage- 
ment team built up by Peter 
Jacobs, chief executive, when 
he joined the healthcare group 
from British Sugar. Large, who 
was with the RAC before Bupa, 
worked with Jacobs to inject 
stronger commercial attitudes 
into the management of the 
previously genteel group. 

Private healthcare has 
become for more competitive 
in recent years and Bupa, 
although still dominant, no 
longer enjoys the market share 
it once (fid. According to last 
month's Monopolies and Merg- 
ers Commission report on pri- 
vate medical services, Bupa’s 
share of the insurance market 
- although not its turnover - 
fell from 59 per cent in 1985 to 
44 per cent in 1992. 

Large will be succeeded by 
Roger Hymas, 47, who joined 
Bupa in 1992 as group market- 
ing director. His previous 
employment history includes 
posts at American Express and 
Burton group. 

Insurance moves 

■.Derek Thornton has been 
appointed UK national 

marketing director of 

FENCHURCH Group on the 
retirement of Peter Bedford. 

■ David Binding, formerly 
company secretary of Saatchi 
& Saatchi has been appointed 
group company secretary of 
LEGAL & GENERAL in 
succession to John NeilL 

■ Mark Tucker has been 
appointed md of PRUDENTIAL 
Corporation Asia; he moves 
from Jackson National Life, 
the Pro’s US subsidiary. 

■ Stephen Dlnsdale, chair m an 
of Americas Insurance Co, has 
been appointed md of 
SEDGWICK’S underwriting 
operations. 

■ Derek Rogers has been 
appointed a director of Cannon 
Assurance, part erf LINCOLN 
NATIONAL (UK). 


Julian Treger. 

Constantinidi has been a 


Barings' global shuffle 


Put financial models 
in their place 



Responsiveness . . . Creativity . . . Robustness 


IBDO 


At BDO Consulting we've developed new techniques to put financial models in their place. 
Do you want to : 

• identify new, quicker ways to construct complex financial models ? 

• revitalise confused and inaccurate old models? 

• design methods to improve your modelling effectiveness? 

• train both junior and experienced modellers? 

Our practice leader is Neil Hogg, whose book ‘Business Forecasting Using Financial 
Models' is published by Pilmans/FT this month. He and his group developed these techniques. 
They can help. 

To make an appointment, or obtain more information, call Angela Thomas 
on 071-489 6239. 

BDO Consulting 20 Old Bailey, London EC4M 7BH. 



KS7MPvtt 

room 






FINANCIAL TIMES THURSDAY MARCH 3 1994 

MANAGEMENT: MARKETING AND ADVERTISING 


As the value of unit trusts hits new 
highs, Scheherazade Daneshkhu looks 
at the industry’s marketing methods 

Name of 
the game 

Unit trust sales in the UK 

Mot investment £bn. 



Soura: AUT1F 


T he value of unit trusts in 
the UK climbed to £99.9bn 
by the end of January. The 
disappointment of just 
missing the £l00bn mark and the 
excellent marketing opportunity 
that would have afforded the indus- 
try was palpable. 

Nevertheless, the figure is the 
highest recorded by the Industry 
and is almost three times the value 
at the end of 1987 (the year of the 
stock market crash). Last year 
alone, unit trusts attracted more 
than £9bn of net investment, the 
highest annual inflow recorded, and 
almost equivalent to the sum of net 
investment in the five years 
(1988-1992 inclusive) after the 
crash. 

in addition, the steady fall in 
interest rates, particularly since the 
UK left the Exchange Rate Mecha- 
nism in September 1992. has 
increased the popularity of pooled 
equity funds which offer investors a 
wide spread or holdings. 

Not surprisingly, this bonanza, 
and a favourable economic back- 
ground for equity investment, have 
contributed towards a sharp 
increase in the marketing budgets 
of many fund management groups. 

"The public gets interested in 
investments when interest rates are 
low. This is important to the sale of 
unit trusts - it is much easier to 
sell when the market and macro- 
economic conditions are right," 
says Mark Sylvain, executive direc- 
tor or retail business at Fidelity, the 
US investment house established in 
the UK Tor IS years. 

Figures from Register-Meal, the 
media research company, show that 
the advertising of unit trusts (which 
does noi necessarily include unit 
trust personal equity plans), based 
on the rate card costs of advertise- 
ments in the media, increased sub- 
stantially in 1993. 

The fund management groups 
with the highest spending were 
Fidelity, M&G and Save & Prosper. 
Fidelity, for example, spent £2 .2m 
compared with £738,000 in 1992, 
according to Register-Meal, while 
the comparable figures for Save & 
Prosper were £I.2m in 1993 com- 
pared With £245,000 in 1992. 

It is still Car short of what the 
industry would like, however. In 
the US. about 27 per cent of house- 
holds invest in mutual funds; in the 
UK. less than 3 per cent of the adult 
population has a unit trust 
Most unit trusts sold to the public 
are through intermediaries, such as 
finan cial advisers, but direct promo- 
tion is regarded as an important 
marketing tool, not only as a way of 
attracting investors but also to 
increase name recognition. With 
more than 1,400 unit trusts and 100 
unit trust management groups, 
investors do not lack choice, so an 
investor consulting an intermediary 
is more likely to agree to invest in a 
recommended fund If he has heard 


of the company. 

Roger Jennings, M&G's unit trust 
marketing manager, says: "We want 
to have a constant presence and we 
spend at least £lm a year on the 
direct side - that excludes special 
promotions - just to be present It 
is still cheap compared with having 
to maintain a branch network like 
the building societies." About 90 per 
cent of M&G's marketing budget is 
spent on advertising. 

Mike Ryder Richardson, market- 
ing manager at Save & Prosper, 
says the company has increased its 
marketing budget in the last two or 
three years, but "We kept our pro- 


motional spending high in the bear 
market because we thought that 
since it was a less competitive mar- 
ket we could gain high visibility.'' 
Ryder Richardson says S&Ps recent 
promotion of rugby at a cost of 
£750.000 for a year has been particu- 
larly successful in increasing its 
name awareness. 

Mercury Asset Management has 
turned to radio to increase brand 
awareness. It has been sponsoring 
London Broadcasting Centre's 
financial news updates since 1992. 
Richard Royds, managing director 
of Mercury fund managers, says the 
drawbacks of radio are offset by the 


advantages. "The problem is that 
people cannot cut out a coupon as 
they can In a newspaper but it is 
awareness-buildhig at a reasonable 
price." 

None of the advertising attempts 
to (Mine a unit trust. Victoria Nye, 
director of conununications at the 
Association of Unit Trust and 
Investment Funds, the industry 
body which has just started a cam- 
paign to attract what it terms the 
"missing millions" of potential 
investors, says: "We did not want to 
pose a boring question: ‘what is a 
unit trust?’ but prefer to say why it 
is useful to you. It becomes clear 
through our literature what a unit 
trust is." 

Unit trusts have to compete with 
investment trusts and insurance- 
linked products for equity inves- 
tors* money. Sylvain says it is 
imperative to attract the investor’s 
attention through advertising. His 
is one of the few companies to 
advertise on television with the 
goal being to get the viewer to call a 
freephone number. 

Newspapers and posters remain 
the backbone of advertising because 
of the amount of information they 
can contain. "Investors tend to 
blank out the ads of companies they 
have not heard of and somehow you 
have to break through that," says 
Sylvain. "We will advertise in five 
to six pages of a paper with a huge 
ad to begin with, and ads on every 
page after that” 

Fund launches and personal 
equity plans, which allow investors 
to save money in equities without 
having to pay income or capital 
gains tax, are vital marketing tools. 
"For some reason, people seem to 
think that buying a new fund is 
better than an existing one so we 
try to promote old funds by giving 
them a new spin, such as adding a 
PEP facility," says Sylvain. 

M&G relies on consistency to con- 
vey reliability. Peter Emms, group 
marketing and sales director, says: 
"Kit-Kat has always been promoted 
in the same way and we believe 
consistency in the style of our 
advertisements to get across the 
message of value and simplicity is 
important. Our posters are a perma- 
nent thing and people do notice 
them over a period erf time.” 

The challenge to unit trusts will 
come when interest rates rise again. 

If the companies can retain Inves- 
tors' money, they will be able to 
regard their marketing efforts as a 
success. 

Says Jennings: "We actually 
believe that equities are what peo- 
ple ought to have. What a great pity 
that typically women, whose hus- 
bands have died, have put their 
money in the building society and 
put a tiny amount into equities. 
Now, after 20 years they are enjoy- , 
ing a very poor lifestyle. It’s a pity 
we have not been better at persuad- 
ing them to do the opposite." 


On the prowl 
for copycats 


Nell Buckley reports on the battle to stop retailers 
from selling products identical to famous brands 


C onsumer goods 

manufacturers in the UK 
are fighting to stop 
retailers selling own-label 
products that look almost 
identical to well-known brands. 

A dozen of the biggest names 
have formed the British Producers 
and Brand Owners Group to press 
fin' a change in the law - which 
they say lags far behind those 
in other European countries when 
it conies to protecting their 
products from “copycat" 
competition by retailers. 

Members include Allied Lyons, 
Gillette, Guinness, Grand Met, 

IC1 Paints, Kellogg, Mars, Nestle, 
Procter & Gamble, SmithKline 
Beecham and Unilever. 

They say own-label products 
are being designed detiberatley 
to resemble manufacturers' 
brands - using similar bottles 
or packs, colours and typography, 
even similar nam es. But while 
manufacturers spend millions 
of pounds on research, 
development and marketing of 
brands, it costs retailers very little 
to copy them. 

The issue, says Michael 
Mflrftiw™, director-general of 
the Food and Drink Federation, 
which represents manufacturers, 
is not so much that consumers 
might mistake the own-label 
product for the manufacturer's 
brand. Rather, look-alike brands 
may "give the impression that 
the manufacturer of the 
pro pri etary brand has made the 
own-label product". 

Brand mnnnfar h i'T vrs may have 
contributed to the confusion in 
the past by actually making 
own-label products for 
supermarkets, but most no longer 
do so. Kellogg recently ran an 
advertising campaign based on 
the foot that it does not make 
cereal for anyone else. 

While the big names believe 
the problem has worsened, they 
have nevertheless been reluctant 
to speak out. This is because their 
relations with retailers are 
delicate. "The worst thing yon 
candois to pick a fight with your 
biggest customers," says 
Mackenzie. "But the customers 
are giving them no option." 

What has prompted 




manufacturers to move now is 
the prospect of changing the law 
through the government's Trade 
Maries Bill, which was introduced 
first into the House of Lords and 
reached the report stage last 
week. It will get its third reading 
in about 10 days' time. 

The bill is designed to 
harmonise UK laws on unfair 
competition with those in other 
EU countries, based on the Paris 
Convention on intellectual 
property. It aims to make it easier 
to register trade marks, as well 
as certain shapes, words and logos 
on packaging. 

But manufacturers say it does 
not go for enough. They want 
protection against look-alike 
brands which imitate the overall 
appearance of their own brands, 
without directly copying logos 
or designs. Lord Keay last week 
introduced an amendment on 
behalf of the brand owners group 
extending such protection. 

After a debate in the Lords last 
Thursday, Lord Reay withdrew 
his amendment when the 
government promised to review 
the issue, but the group may 
re-introduce its amendment if 
the government does not act 
during the passage of the bilL 

Paul Walsh, partner at Bristows, 
Cooke & Carpmael, a law firm 
spe cialisin g fa intellectual 
property, says the UK is out of 
line with most of Europe in not 
giving brands proper statutory 


protection. Germany has a statute 
on "protection of get-up", and 
there are similar laws in France, 
Benelux and Greece. 

The problem of look-alikes is 
particularly sensitive in the UK 
because supermarkets have 
worked hard to change consumers’ 
perceptions of own-label products 
from inferior imitations to quality 
alternatives. Retailers make much 
higher marg ins on own-label 
products because they do not bear 
the same development costs as 
manufacturers. The big three UK 
grocers - Sainsbury’s, Safeway 
and Tesco - have pushed 
own-label sales to more than 50 
per cent of turnover, far higher 
than elsewhere in Europe. 

But opponents of the 
amendment argue that the bill 
as it stands, coupled with existing 
safeguards, is adequate. The 
British Retail Consortium, which 
represents more than 200 
retailers, says manufacturers are 
attempting to restrict shops 1 
ability to introduce own-label 
products. 

"Shoppers are not confused," 
the consortium said. "They are 
very canny and read the label 
carefully.” The Consumers 
Association found in a survey 
last month that shoppers showed 
a preference for many own-label 
products in blind tastings. It 
warns that tighter restrictions 
on own-label products could lead 
to narrower choice for consumers. 


1 


Hi! 1 




t L ^ 

f| L n 


na- 


£' 





FINANCIAL, TIMES 


THURSDAY MARCH 3 1994 


11 


ARTS 


Cinema/Nigel Andrews 

Part of life’s 
rich pageant 


G rratcBchfe,ake great mom. 

teins, take mill ennia to form. 
CfcnsMter that old HollywoS 
favourite, "All human life is 
* iere - 1* looks like an inert, 
ponaerous, unavoidable statement; a sl£ 
ganeer’s massif. But how many aeons of 
PE prehistory conspired to produce its per- 
fectly hewn shape? 

And what does it take to n frapre that 
shape? A few seconds; given the right 
tremor at the right time. We get a "real" 
earthquake at the end of Robert Altman’s 
wonderful 3%-hour fresco of Los Angeles 
life Short Cuts, based on eight trans- 
planted stories by north-eastern writer 
Raymond Carver, when the 22 casually 
intersecting main characters are Tmi f c fl 
after a fashion, by a shudder from San 
Andreas. 

But there is another earthquake in this 
film. It is Altman the cHchfr-buster shak- 

SHORT CUTS (18) 

Robert Altman 

SHADOWLANDS (U) 
Richard Attenborough 

THE BALLAD OF LITTLE JO (15) 
Maggie Greenwald 


mg up another mighty cliche. His career 
began with all those genre movies that 
were not genre movies. The 

Long Goodbye, McCabe And Mrs Miner, 
Nashville: private eyes, cowboys, song-and- 
dance, except that nothing and nobody in 
these films behaved as Hollywood habit 
demanded. Goodbye was a film noir shot in 
sunlight McCabe a snowbound Western, 
Nashville a disaster-musicaL 
Short Cuts uses Carver’s writing partly 
to hack away at, and re-shape, the soap 
opera tradition's spreading empire on the 
modem screen. If "all human life" is here, 
it is served up not in the dainty, well- 
formed portions of most domestic agony- 
serials - opera buffet - but in raw, bleed- 
ing chunks which we fight over like feed- 
ing birds. Here is the housewife {Made- 
leine Stowe) biting on her unhappiness 
over an adulterous husband (Tim Rob- 
bins). Here are three fishing friends whose 
weekend is disrupted when they find a 
corpse in the river. Here is a mentally 
disturbed baker (Lyle Lovett), who poisons 
a couple's lives with anonymous phone 
calls. Here is that couple (Andie McDowell, 
Bruce Davison) whose son is dying in hos- 
pital after a car has knocked him down. 
Here is the car’s waitress driver (Lily Tom- 
lin) and her good-for-nothing chauffeur 
husband (Tom Waits) . . . 


Grim but zany, and a little like Nashville 
without the music. Except that Annie Ross 
is on hand, sin g in g moody bl ues In a bar 
when not squabbling at home with her 
neurotic cellist daughter Lori Singer. 

These two figures, tho u gh , are the only 
ones not hewn from Carve r's writing - 
though Ross's character “Tfess* bears the 
name of the writer's widow who gave this 
movie her b lessing - and they are the only 
jarring presences. They seem too pro- 
grammed-in, their problems at ww melo- 
dramatic and too hazy. 

The brilliance of Short Cuts elsewhere 
lies in its surgical casualness, at once 
blithe and precise. As everyday life is cut 
open before our eyes, no one in this biopsy 
on a blighted Paradise is allowed to escape 
attention by the excuse of “insignifi- 
cance.'’ All hnmav life for this director 
means all h uman Ufa The audience 
becomes co-artist with the ffimmairw m 
exploring that uniquely fertile chaos - 
that Designer Disorder - that Altman cre- 
ates by giving credible and compelling 
characters their own fragments of vividly 
autonomous life. 

★ 

Shadow lands, by contrast, feels 
warmed-over from reel one. This film 
might have been mud * from the remains 
of The Remains Of The Day, possibly 
sprinkled with bits of 84 Charing Cross 
Road. Here is Sir Anthony Hfnpfrins chok- 
ing back the emotions a g ain , this Bme as 
writer-scholar C.S. Lewis. And box is the 
woman who strives to awaken him. Only 
this time it is Hollywood’s Debra Winger 
rather than Our Rmma, and she plays the 
American divorcee Joy Gresham who died 
of cancer shortly after rescuing C.S. from 
a mouldering Oxford hanhflinrrfmn. 

You may have seen the TV and stage 
play : now see the film. It too is scripted by 
W ilHam Nicholson. It too, to judge by the 
number of hanrikerrhiAfc audibly deployed 
during the Press show's closing stages, is 
for many a substantive weepie. 

I found it to be substantive twaddle, bar 
the performances. We know director Rich- 
ard Attenborough is good with actors, hav- 
ing been a good one himself. Here he 
steers Hopkins and Winger through the 
deeps and shallows with same skill. But 
how few the deeps are; mostly a lot of 
rendered-down Lewisian stuff about the 
justification of pain in the divine plan. 
And how plentiful are the shallows. 

When it comes to imagery, as Gandhi 
and Cry Freedom taught us. Attenborough 
seldom conveys a point subtly or obliquely 
when he can push it in our faces with both 
hands. C.S. Lewis was an emotionally 
arrested man afraid of life and feeling? 
T hen paint his cottage interior in dingy 
grey-greens with yellowing woodwork and 
maVp sure the framed prints and pictures 



Emotional turmoil: Madeleine Stowe and Tim Robbins in 'Short Cuts'; and Anthony Hopkins and Debra Winger in ‘Shadowlands’ 


are all in black and white. (Only excep- 
tion, the childhood favourite by his desk 
depicting a golden valley). 

Joy Gresham was a force of life and 
vitality? Then have Debra Winger do all 
those noisy, pushy things Americans do in 
British movies, from hollering across the 
Randolph Hotel tea room (tak tak) to forc- 
ing stiff upper Brits to talk about their 

fadings 

Whenever the camera goes outside, try- 
ing to aerate Nicholson’s script we are 
treated to cli c he s no more welcome for 
being marginally more scenic: the manda- 
tory strolls through the tourist-brochure 
quadrangles or - beyond Oxford - to the 
odd lush margarine-commercial landscape. 
AhJ the golden Herefordshire valley that 


C.S. and Joy discover together (his paint- 
ing’s original), and whoGe delight-bringing 
beauty they see as part of the “deal” with 
the pain to come. 

This metaphysical bromide sticks in the 
filmgoer's throat more than an ything The 
idea of the “deal t r a shopkeeper's-ledger 
view of joy and pain, is also what we bow 
out on: a specious balm placed on Joy's 
death and the audience’s grief, a conten- 
tious comfort clipped from the pages of 
Lewis’s own late philosophy. 

Shadowlands promises us a true-life 
tragedy but gives us only a weepie with a 
message: one that only the actors emerge 
from with dignity. Amid the encroaching 
schmaltz. Winger somehow manages a few 
strong, acerbic, moving strokes. And Hop- 


kins, after much diffident head-bobbing 
and emotion-parrying in the approved 
Remains style, has a few final seconds, 
just before the bell, of real histrionic fight- 
ing. 

* 

Sometim es a film from one country seems 
to die and be translated to another. Surely 
Maggie Greenwald's The Ballad Of little 
Jo is "Orlando Goes West"? Suzy Amis, 
who could be mistaken on a dark night for 
Tilda Swinton. plays a young lass who 
dresses as a man. Choosing to live in wild- 
est 1860s Montana after being thrown out 
of home for becoming pregnant - child is 
left to sister - she decides that britches, 
cropped hair and a self-inflicted cheek scar 
are a must She becomes “Mister” Jo. 


He/she still foils foul of lan McKellen, 
playing a brutish hotblooded Midwestern 
mine-supervisor. And he/she risks all by 
pursuing a Politically Correct agenda 
decades before such things were fashion- 
able. No male chauvinist chit-chat, please, 
in Jo's presence. And look at the courage 
with which our hero(ine) rescues from a 
racists’ lynching - and later falls in love 
with - a C hinam an called Tinman (David 
Chung), whose name I thought I heard 
someone say was short for Tiananmen. 

This is a horse opera with moral-politi- 
cal hindsight Like any beast with eyes at 
the wrong end of its person, it foils to get 
np much forward momentum but does 
have a loopy charm if you are not in a 
hurry. 


Ballet/Clement Crisp 

Twyla Tharp Dance 


Concert/David Murray 

The Nash plays Casken 


T wyla Tharp's dances, 
like her dancers, offer 
a thrilling display of 
energy that knows 
exactly where it is going, 
where it has been - in the 
sense of the influences that 
have shaped it - and what it 
wants to do. This is dancing 
purposeful, vivid, hugely satis- 
fying. And it can be seen for 
the next ten days in the 
small er of the Riverside Stu- 
dios in Hammersmith. 

I reported on the Tharp 
troupe in their current reper- 
tory at the Paris Opera last 
autumn. The change of loca- 
tion is a shock - from the 
expanse of the Palais Gander’s 
stage (which the Tharpians 
grandly filled) to the close 
quarters of Riverside 2 is carry- 
ing contrast to craziest 
extremes - but the dances and 
the dancers (their wits very 
much about them) triumphed 
cm Tuesday night on no uncer- 
tain terms. 

There is a lot to complain 
about in this present setting. 
Getting to Riverside through a 


maelstrom of traffic is a wall- 
of-death exercise; the seating 
in the theatre is bum-numbing 
and for the most part fit only 
for midgets; the dance area is 
reasonable, th o ugh there is no 
wing-space, while the dancers 
must warm-up in front of the 
audience as it arrives, which I 
suppose is a bonus for people 
who want to see performers’ ■ 
bodies at their private devo- 
tions, hut I think it an intru- 
sion. Yet there is also a lot to 
praise: Riverside’s enterprise 
in acquiring Tharp's troupe 
when a tour was cancelled; the 
opportunity to see superb 
dancers and superb dances at 
close quarters, mid the extraor- 
dinary immediacy this brings 
to performance and our 
response to it. 

The balance is on the right 
side, and the season is not to 
be missed. The Erst of two pro- 


grammes opened with the 
recent Sextet. Three couples; 
some und is ti n guished mock- 
EGspanic jazz; popular dance - 
even jitterbug - balletidsed. 
These are ingredients which 
Twyla Tharp cleverly manipu- 
lates, though despite brilliant 
dancing from Stacy Caddell 
and Shawn Stevens (fine danc- 
ers from Balanchine’s stable), I 
do not find the piece reaches 
far enough into the music or 
the idea of dance-hall style to 
seem more than an appetiser 
for the delights to come. These 
are the blazingly contrasted 
Baker’s Dozen and In the Upper 
Room. 

While you watch Baker’s 
Dozen you know (hat it is the 
happiest jokiest, nicest thing 
in the world. Four enchanting 
piano rags by Willie “the lion” 
Smith; white clothes; dancing 
that is both relaxed and tautiy 


responsive to rhythm; twelve 
dancers who are friends, and 
can play merry tricks on each 
other and on dance itself; 
movement that runs and slides 
and takes a pause and then 
nips along over and through 
the music. Bliss. 

In the Upper Room suffers at 
Riverside from lack of space, 
and more especially from lack 
of the lighting that gave it 
such drama on the Gamier 
stage - choreography roaring 
at us Scorn oat of the dark and 
mist, or pinpointed with singu- 
lar vividness in a shaft of Illu- 
mination. But it remains a pro- 
digious example of Tharpian 
analysis, of movement con- 
trasted - athleticism versus 
classicism on the most obvious 
terms - and activity sprung 
from the grinding motor 
rhythms of a Phillip Glass 
score. It is dance driven, relent- 


less, sometimes fractured or 
trapped in the vain repetitions 
of Glass's orchestra. It is made 
by someone who is fascinated 
by how dance works, how it 
may be shaped and re-shaped, 
exposed and obscured. It is an 
intellectual (quite as much as a 
theatrical) exercise by a daz- 
zling choreographer who holds 
our attention at every turn and 
twist of her imagination, and it 
is danced with that energy, 
clarity, self-sacrificing bril- 
liance that we expect of 
Tharp’s casts. 

Very exciting in it are two 
male dancers: Jamie Bisbton - 
massive scale to bis move- 
ment, micro-second alertness 
to rhythm - and Potter Jacob s- 
son, his classicism given a 
bright edge and a kind of wil- 
ful daring. Absolutely admira- 
ble are Stacy Caddell, Shawn 
Stevens, and the rest of the 
cast. Wonderful dancing in 
wonderful dances. 


At The Riverside Studios with 
two programmes until March 
12. 081-748-3354. 


H aving been sour 
about the Nash 
Ensemble's first 
concert in its Wig- 
more season last autumn, I am 
happy to report that the play- 
ers were back on their usual 
distinguished form for the sec- 
ond of four “20th Century" con- 
certs. Each includes a premi- 
ere; this time it was John 
Casken’s Infanta Marina, a 
concertante piece for cor 
an glais and a pair of competing 
instrumental trios. 

Casken" s star has been rising 
steadily for several years, espe- 
cially since his Golem opera at 
the Almeida Festival He is a 
romantic, fiercely loyal North- 
erner with scrupulous musical 
standards. Here, his inspira- 
tion was Shakespeare's prin- 
cess Marina in Pericles, as re- 
imagined by the poet Wallace 
Stevens: tempest-tossed, at the 


eccentric mercy of fate, but 
resilient and calmly reflective. 

While the competing trios 
pursue their own lively mate- 
rial and sometimes coalesce, 
the solo cor anglais (Gareth 
Hulse, visually an unlikely 
Marina, but musically charac- 
ter-laden) responds sweetly, 
arbitrates, offers sidelong com- 
mentary. Immediately attrac- 
tive, Infanta Marina promises 
to divulge much more on fur- 
ther acquaintance. Some day 
soon, there should be a big, 
definitive Casken piece which 
will set his music in perspec- 
tive - perhaps his forthcoming 
violin concerto for the BBC 
Philharmonic, or his Philhar- 
monia commission for 1996? 

A refurbished work was the 
late Roberto Gerhard’s op. 1. a 
dozen Straussian songs on Cat- 
alan poems, for high erotic 
soprano: “With the velvet of 


my eyes I shall weave you a 
carpet] Which shall lead you to 
my bed." Meirion Bowen has 
made clever arrangements of 
six of those for a dozen players 
- in a couple of passages, 
maybe too "orchestral" - and 
Rosa Mannion sang them 
seductively. A rediscovery, not 
quite new but not yet familiar, 
was the original version of Fal- 
la's El Amor Brujo. 

Most of us know it in its 
later, more luxuriant dress. It 
was excttmg to bear the Nash 
players and their conductor 
Lionel Friend make so much of 
the leaner original with Jean 
Rigby’s lusty mezzo to electrify 
the songs. For good measure, 
we got Michael Berkeley's 
ingratiating, eclectic little Noc- 
turne and a sharply purposeful 
account of Falla’s Harpsichord 
Concerto, with Maggie Cole 
confident at the keyboard. 


Interna tional 


Arts 

Guide 


■ ATHENS 

Megaron Tonight: Katia Ricciarelll 
song recital. Tomorrow: Athens 
State Orchestra. Sat: Panayiotis 
Drakos flute recital. Sun: Marla 
Cartas Grand Prix for Pianists 
(Q1-728 2333/01-722 5511) 


■ BARCELONA 
Palau de la Musics Tomorrow: 
Alfred Brendel piano recital. Tues: 
Pavel Kogan conducts Moscow 
Symphony Orchestra, with piano 
soloist Biso Wsaladze. March id, 
17: John Eliot Gardiner conducts 
Orchestra Revolutionnalre et 
Roman tique (268 1000) 


jOGNA 

HTuntinale This month’s 
are Uto Ughi (March 7), 
Quartet (14). Krystian 
, (21) and Daedalus 
(28). Rains Kabam anska 
Ha Marty in Luca Ronconi s 
quage production of me 
jos Case, which receives 
formances between March 


12 and 29 (051-529999) 


■ FLORENCE 

Teatro Comm una/e Tomorrow and 
Sat evening, Sun afternoon: Zubin 
Mehta conducts orchestral works 
by Webern and Brahms, with violin 
soloist Midori (055-277 9236) 


m LONDON 


THEATRE 

• Peer Gynt Japanese director 
Yuklo Ninagawa tackles Ibsen’s 
Imaginative epic in an 
English-language version by Frank 
McGuiness, opening tonight and 
running tffl March 12. Michael Sheen 
heads an international cast of over 
40 (Barbican 071-638 8891) 

• The Kitchen: Stephen Daldry’s 
magnificent revival of Arnold 
Wesker's 1959 play about dishes 

and dreams In a busy London 
restaurant (Royal Court 071-730 
1745) 

• The Life of Galileo: a new 


af Brecht’s masterpiece 
by Jonathan Kent with 
Griffiths in the title rote 
i 071-359 4404) 

Absolute Turkey: Felicity 
plays a harassed wife and 
fs Jones a frantic bachelor 
Halt's enjoyable production 
mil’s Le Dindon (Globe 


aret Sam Mendes’ sell-out 
in of the Kanderand Ebb 
let in pre-war Berlin, with 
rocks as Sally Bowles 
Warehouse 071-867 1150) 
use!: Nicholas Hytner's 
ird-wlrming National 
reduction of the Rodgers 
irnfl rsteln musical 


(Shaftesbury 071-379 5399) 
OPERA/DANCE 

Covent Garden The Royal Opera 
celebrates Bernard Haitink's 65th 
birthday tomorrow with the first 
night of Trevor Nunn's new 
production of Katya Kabanova, with 
cast headed by Elena Prokina, Eva 
Randova and Keith Olsen (till March 
25). Repertory also includes 
Rigotetto with Giorgio Zancanaro/ 
Alexandra Agache and Francisco 
Araka/Jerry Hadley (tflJ March 11). 
Un bafio in maschera is revived on 
March 12, and the Royal Ballet 
returns with Kenneth MacMUfan’s 
Mayerting on March 19 ©71-240 
1066) 

Coliseum ENO has Jonathan 
MflJer’s new production of Der 
Rosenkavatier with Anne Evans and 
John Tomlinson (tifi March 16) and 
two revivals - Fastaff with Arwoi 
Huw Morgan and Janice Cairns 
and Philips Prowse’s staging of 
Bizet’s Pearl Fishers (071-836 3161) 
Sadler's Wells Adzido Pan African 
Ensemble, Britain’s largest African 
dance company, is in residence 
tonight, tomorrow and SaL March 
7-12: Cristina Hoyos presents 
classic Spanish flamenco (071-278 
8916) 

CONCERTS 

Barbican Tomorrow, Sat, Sun: 
Michael TTIson Thomas conducts 
London Symphony Orchestra and 
Chorus ft conceit performances 
of La boheme, with Barbara Frittofi, 
Nancy Gustafson, Francisco Araiza 
and Thomas Hampson. Mon: Danish 
Radio Big Band with Georgia Fame. 
Tues: Richard Hlckox conducts LSO 
in Malcolm Arnold, Strauss, Mozart 
and Britten. Wed: John UU 50th 
birthday conceit with RPO. Next 
Thure: concert performance of 


Vercfi’s Emani. Next Fri: Harnoncourt 
conducts Chamber Orchestra of 
Europe. March 14, 17, 21: Jessye 
Norman (071-638 8891) 

South Bank Centre Tomorrow: 
Simon Rattle conducts CBSO in 
woks by Roy Harris, Bartok, 
Hindemith and Copland, with piano 
soloist Andres Schrff. Sun: Franz 
Weteer-M6st conducts LPO In 
Haydn, Schumann and Elgar, with 
piano soloist Mitsuko Uchida. Mon: 
Ambache Chamber Orchestra plays 
Mozart and Fanny Mendelssohn. 
Tues: Goldsmiths Choral Union in 
Elgar’s The Dream of Gemntlus. 
Wed: Gerard Schwarz conducts 
London Mozart Players in Bartok, 
Mozart and Strauss. Next Fri: 
Andrew Davis conducts concert 
performance of Lulu (071-928 8800) 
Wembley Arena Sat Pavarotti sings 
Verdi’s Requiem (081-900 1234) 
Wigmoro Hafi March 6: New York 
Festival of Song. March 15: Kurt 
Ollmann. Mach 18: Kurt Strait 
March 25: Roberta Alexander. March 

27: Dmitri Hvorostovsky. March 29: 

Dawn Upshaw (071-935 2141) 


■ MADRID 

Audrtorto National de Muslca 
Tonight Italian Plano Quartet plays 
works by Brahms, Smetana and 
others. Tomorrow, Sat, Sure Antoni 
Ros Marba conducts Spanish 
National Orchestra and Chores in 
works by the Haiffter family, with 
vfofin soloist Victor Martin. Tues: 
Madrid Classical Orchestra plays 
works by Mozart and Mendelssohn 
(01-337 0100) 


■ MILAN 

Teatro arts Seda Tonight final 


performance of Puccini’s La 
Rondine. Mon: Orchestra 
Filarmonica della Scafa. Tues: 
Gabriele Ferro conducts first of eight 
performances of Pier Luigi Pizzi’s 
Pesaro Festival production of 
Rossini’s Maometto II, with cast 
headed by Bruce Ford, Cecilia 
Gascfia and Samuel Ramey (02-7200 
3744) 


■ NAPLES 

Teatro San Carta Tonight, Sun, 
Tues: Richard Bonynge conducts 
Sandro Sequi’s production of La 
sormambtia, with Maria Dragon! 
and Gregory Kunde (081-797 2331) 
Teatro dede Palme Tonight Artis 
Quartet of Vienna. Next Wed: 
Emanuel Ax piano recital 
(081-406011) 


■ PRAGUE 

CONCERTS 

• Vaclav Neumann conducts 
Czech Philharmonic Orchestra 
tonight at Dvorak Hall in music by 
Martinu, Dvorak and Kabelac 
(02-286 0111) 

• Jiri Tomasek conducts Czech 
Radio Symphony Orchestra at 
Dvorak Hall on Tues in works by 
Stravinsky and Beethoven. Gdran 
Wilson conducts Prague Symphony 
Orchestra next Wed at Smetana 
Hall in works by Grieg, Haydn, 
SandstrfJm and Sibelius (02-232 
2501) 

OPERA 

• A new production of Gounod's 
Rom6o eft Juliette opens tonight 

at the National Theatre, with Livia 
Aghova as Juliette. Oliver von 
Dohnanyi conducts a staging by 
Jozef Bednarik (02-205354) 


• Estates Theatre has Don 
Giovanni on March 8, 25 and 29, 

Die Zauberflfite on March 21. 23 
and 31, and Oimarosa’s II 
matrimonto segreto on March 27 
(02-228658) 

• Repertory at Prague State 
Opera includes II trovatore, 

Rigotetto, Madama Butterfly and 
Nabucco. A new production of Hans 
Krasa’s 1933 opera Verlobung im 
Traum opens on March 27 
(02-265353) 


■ ROME 

O ra tor io del Gonfalone Tonight 
I Stiisti del Madrigale in music by 
Lassus, Palestrina and others 
(06-687 5952) 

Teatro OUmpico Tonight Bordani 
Quartet, with pianist Bruno Canino. 
plays chamber music by Wolf, 
Haydn and Brahms (06-320 1752) 
Teatro deU’Opera Tomorrow, Sun: 
Lucia di Lammermoor with Mariella 
Devia and Vincenzo La Seda 
(repeated March 0, 11. 15). Sat 
Manon Lescaut Programme subject 
to cancellation or change at short 
notice (06-481 7003) 

Teatro VaDe Sat Barbara Hendricks 
song recital. Sun, next Tues and 
Thurs: Giuseppe Sinopoli conducts 
Orchestra dert'Accademia dl Santa 
Cecilia in concert performances 
of Parsifal, with cast including Ren6 
KoHo and Waltraud Meier (06-678 
0742/06-6880 3794) 

Unhrersfta La Saptenza Sat 
afternoon: Materassi Quartet plays 
string quartets by Britten, Wolf and 
Ravel (06-361 0051) 

Teatro II Sistina Sun morning: 
Emanuel Ax and Yoko Nozaki duo 
piano recital (06-5734 4664) 


ARTS GUIDE 

Monday: Berlin, New York aid 
Paris. 

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

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 


i 





FINANCIAL TIMES THU P*nAV MARCH 3 1994 


12 


Unfinished recipes 
of Russia’s reformers 



BOOK 

Review 


It is fitting that 
the book which 
may be the 
first history of 
radical market 
reform in Rus- 
sia has been 
edited by 
Anders Aslund, 
the Swedish economist who set 
out the challenge of reforming 
the old Soviet-command econ- 
omy in Gorbachev 's Struggle 
far Economic Reform, published 
in 1989. 

But Economic Transforma- 
tion in Russia, a collection of 
essays by radical Russian 
reformers and their western 
advisers, was not intended as a 
history book. It was meant to 
be a progress report on reforms 
that were, at the time of writ- 
ing, being implemented. 

Although most of its authors 
are no longer in power, it still 
provides pertinent answers to 
two questions being asked by 
western policymakers and 
some Russian voters. First, 
was the comprehensive but 
painful package of spending 
cuts, industrial restructuring 
and free market disciplines 
sought by the reformers before 
their election defeat in Decem- 
ber the right policy for Russia? 
Second, what can the west do 
to help Russia persevere along 
a path to a market economy? 

The only senior radical left 
in office. Anatoly Chubais, dep- 
uty prime minister, gives one 
important answer to the latter 
question: he warns that his 
programme for the mass priva- 
tisation of state-owned enter- 
prises could fait unless the 
Croup of Seven industrial 
nations pushes ahead with a 
promise to invest up to $4bn in 
newly privatised companies. 

hi an essay with his wife and 
fellow-economist, Maria Vish- 
nevskaya. he writes: “The lack 
of actual capital inflow in 1994 
may spell the failure of privati- 
sation in Russia, because mass 
bankruptcy of privatised enter- 
prises could undermine the 
hard-won confidence in privati- 
sation for decades.” 

As to the first question, the 
theme that emerges from the 
book is that the policy was 
basically right but serious mis- 
takes were made. In the event, 
the mistakes contributed to the 
downfall of the reformers. But 
Professor Jeffrey Sachs, the 
former Russian adviser and 
proponent of western financial 


ECONOMIC TRANSFOR- 
MATION IN RUSSIA 
Edited by Anders Aslund 

Pinter Publishers. London. 
£11.99 paperback. 137.50 hardback 


support for reforms, argues 
strongly - and in the event 
presciently - against a gradu- 
alist approach such as that 
being embraced by Victor 
Chernomyrdin, Russian prime 
minister. Prof Sachs describes 
"confusions which are w idely 
held among political elites” - 
Including the notion, discred- 
ited by Romania's experience, 
that gradual reform can stop 
industrial decline. 

If the radicals get a second 
chance to push for a western- 
backed package to stabilise 
inflation and the rouble, they 
could learn from the book's 
account of the mistak es made 
the first time round. 

Despite supporting shock 
therapy, which would have 
shut down enterprises around 
the country, Andrei Illarionov, 
Chernomyrdin's former. chief 
economist and Professor Rich- 
ard Layard of the London 
School of Economics, admit in 
a joint article that no prepara- 
tions were made to prepare for 
a consequent rise in unemploy- 
ment. “The effects or this 
. . . rise could be extremely seri- 
ous unless major training pro- 
grammes are implemented, 
especially in market-orientated 
skills ," they write. 

Elsewhere in the book, Boris 
Fyodorov, former finance min- 
ister, recognises that his target 
of bringing monthly inflation 
down to less than 10 per cent 
by the end of last year was 
“over-optimistic". The reasons 
he cites include underestimat- 
ing the need for subsidies to 
the northern territories, which 
comprise 56 of the Russian 
Federation's 89 provinces. But 
his recognition of the need to 
find a new mechanism for sub- 
sidising the north is an exam- 
ple of the vision of a reformer 
who achieved much in just one 
year in office. 

Other Russian contributors 
dwell on the psychological 
obstacles to reform. Irina 
Boeva and Tatiana Dolgopia- 
tova, who studied 10 plants, 
found only one manager who 
defined the survival of his 
enterprise as “having a solid, 
stable financial position. 


enabling it to avoid bank- 
ruptcy and to develop further". 
More typical was a manager, 
who still expects to be bailed 
out by the state, quoted as say- 
ing: “It's not that we have no 
money, it's just that we have 
no money In our bank 
account." It Is clear, however, 
that a start has been made in 
pushing managers into more 
market-oriented behaviour. 

"Practically all directors 
have understood the necessity 
of price competition” and “the 
importance of sales activities” 
say Boeva and Dolgopiatova. 

It is typically Russian obsta- 
cles to reform - such as exces- 
sive bureaucracy and corrup- 
tion - which lead Pyotr Aven, 
an ex-foreign trade minister, to 
conclude in his essay that the 
Russian economy “has to be 
more liberal than any other". 
A similar conclusion is reached 
by Vitaly Naishul, the arch-Ub- 
eral Russian economist, who 
goes as far as to argue that the 
Russian state is so weak and 
incompetent that it must con- 
fine itself to the bare mini- 
mum or {Unctions: law and 
order. 

Aslund himself dwells on 
perhaps the most serious weak- 
ness which caused the Russian 
radicals to squander the oppor- 
tunity to introduce stabilisa- 
tion policies: inadequate politi- 
cal skills. 

He says poor political judg- 
ment allowed them to persist 
under the illusion, widely held 
by economists, that elections 
are “ Hmi» ^n n«iiming complica- 
tions". In Russia's case, parlia- 
mentary elections were “a nec- 
essary precondition for 
breaking the power of the old 
elite and the industrial lobbies 
in Russia", he writes. 

Optimists, like Fyodorov, 
have said it is only a matter of 
months before the radicals’ 
policies are recognised as the 
only option for Russia. But 
Aslund predicts In the book 
that, in the event of an election 
backlash, “this indeterminate 
period could look as bad as 
Weimar Germany”. 

Such a backlash occurred on 
December H Without a return 
to political influence by the 
book's authors, it is difficult to 
see how the detailed recipes for 
financial stabilisation It con- 
tains can avoid a long spell on 
the history bookshelves. 

Leyla Boulton 


T he last few days' 
shakeout in the finan- 
cial markets bean the 
clear sign “Made in 
the United States". It has been 
triggered by an overreaction to 
a couple of flash American eco- 
nomic indicators coupled with 
persistent reports that Presi- 
dent Bill Clinton was about to 
grant authority fbr trade sanc- 
tions against Japan. The 
resulting renewed upward 
pressure on the yen may 
indeed be more disturbing for 
the Japanese economy than 
any actual sanctions. 

For two decades until the 
end of Bretton Woods in 1971 
the dollar-yen exchange rate 
remained fixed within a nar- 
row band around Y360 to the 
dollar. Trade imbalances were 
modest; Japan experienced 
double-digit growth rates; and 
trade barriers came down. 

After President Nixon floated 
the dollar in 1971, the US cur- 
rency plunged and the yen 
soared, at one stage reaching 
almost Y2Q0 to the dollar. The 
dollar recovery in the early 
Reagan years in the first half 
of the 1380s turned out to be a 
blip. The yen began rising 
again and is now within a 
whisker of Y100 to the dollar. 

A believer in the exchange 
rate approach to the balance of 
payments might expect that 
this three or fourfold rise in 
the yen over two decades 
would at least have killed off 
the Japanese trade surplus 
with the US. Yet in the course 
of the 1980s, this surplus has 
risen and now approaches 
$60bn per annum: an uncom- 
fortable result for those who 
erroneously believe bilateral 
trade balances to be important 
There is never a conclusive 
answer to those who believe 
that the only reason why a 
medicine is killing the patient 
is that he Is not to king unong h 
of it US officials have often 
pressed still further revalua- 
tion on Japan and threatened 
to talk the dollar down. 

Of course, It is impossible for 
either currency to move just 
against the other without 
affecting the exchange rates of 
third and fourth countries. But 
the Bundesbank, for instance, 
does not mind If American 
pressure for a low dollar helps 
to keep the D-Mark higher 
than it would otherwise be. For 
the moment, the action is in 
the US-Japanese relationship. 

Judged by the standard not 
of GDP but of industrial pro- 
duction, Japan's recession has 
been the worst among the 
ma in industrial countries, with 
little sign of recovery so far. 
Indeed both the concentration 
of the Japanese output Call on 
the internationally exposed 


Economic Viewpoint 

Tragi- comedy of 
the rising yen 

By Samuel Brittan 


Yen appreciation and Japanese deflation 


Yen against the dollar 
V par $ 


Producer prices 
Annual W change 



industrial sector and its dimen- 
sions are a strong reminder of 
the UK in the early 1980s. At 
that Hms the combination of 
the "Thatcher effect". North 
Sea oil and the second interna- 
tional oil price explosion pro- 
duced a ferocious rise In the 
pound and consequent indus- 
trial shakeout which remain a 
folk memory in UK business. 

Professor Ronald Mc Kinn on 
of Stanford has long been an 
opponent of dollar deprecia- 
tion; and the present state of 
the Japanese economy makes a 
new paper* of his specially 
timely. His argument is that 
the rising yen bas produced 
deflationary pressures in the 
true sense In Japanese whole- 
sale prices. Consumer prices, 
which respond more sluggishly 
to economic forces, are rising 
at a minimalist 1 per cent per 
annum. Nominal short-term 
interest rates could hardly fell 
very much below their present 
2‘/« per cent leveL But taken in 
conjunction with falling pro- 
ducer prices, the real rate of 
interest for even blue-chip Jap- 
anese borrowers must be at 


least 4% per cent 
Monocausality rarely works; 
and a sceptic could point to the 
experience of 1985-87 when a 
sharply rising yen and even 
severer producer price defla- 
tion did not prevent a vigorous 
recovery in the Japanese econ- 
omy. A more modest diagnosis 
is that the high indebtedness 
left over from the recent 
domestic property bust and the 
vulnerability of the financial 
system make it more difficult 
for the economy to bounce 
back in the face of falling 
prices than on other occasions. 

M cKinnon esti- 
mates the pur- 
chasing parity 
exchange rate to 
be about Y140-Y150 to the dol- 
lar, and he would like to make 
a start in moving towards this 
rate. But how could the Bank 
of Japan manage this? The 
usual way that central hanks 
ease policy Is by lowering 
short-term interest rates. If the 
Bank of Japan cannot go much 
further in reducing rates, what 
is left? 


The main way, in these cir- 
cumstances. to expand the 
money supply is by official 
purchases of foreign exchange. 
In these circumstances, an 
easy money policy would have 
a double effect. The traded 
goods sector would be freed 
from deflation and real Japa- 
nese interest rates would for a 
time become negative. 

Alas, in the present Wash- 
ington mood, a Japanese effort 
to edge the yen downwards 
migh t be taken as an economic 
Pearl Harbour. If the Japanese 
seriously wanted to gain accep- 
tance of a weaker yen. they 
would have to persuade the 
Americans that the stimulative 
effects of a monetary expan- 
sion combined with a lower 
yen exchange rate would more 
than oEEset the loss to the US 
on the direct price competitive- 
ness front I would not like to 
undertake the task. 

Yet I would not despair of 
McKinnon having the last 
laugh. The present Japanese 
and American authorities have 
in common a desire to get back 
to some form of world 


exchange rate accord - if not a 
full Bretton Woods, at least of 
the informal kind that marked 
the Louvre and Plaza accords 
of 1985-87. The difference, of 
course, is that the Americans 
would like this stability 
around a high yen and the Jap- 
anese around a somewhat 
lower one. This is reminiscent 
of Che period when James 
Baker was US secretary of the 
Treasury and always favoured 
stability provided that the dol- 
lar could be low enough. 

The Americans are, however, 
in a difficulty because they 
want Japan to stimulate its 
economy. Monetary easing 
would involve a weaker yen. 
On the fiscal side, the Japanese 
government has announced 
endless packages to stimulate 
spending and cut taxes; but so 
far with disappointing results. 
The orthodox view would be 
that the budget surplus that 
Japan runs in non-recession 
years needs to be cut and that 
the structural US budget defi- 
cit also needs to decline. The 
hope Is that Japanese saving 
will thereby be reduced and US 
saving boosted. 

Is this entirely rational? The 
Japanese structural budget 
surplus represents the effort of 
a high-saving society to safe- 
guard itself against the burden 
of an ageing population. It is 
quite rational for the Japanese 
to lend net sums to the US, 
which has a deficiency of 
savings except during periods 
of recession. At some time in 
the next century, the net flow 
of investment will reverse. 

Meanwhile it really is on the 
monetary front that action will 
occur, if- it does. The logjam 
might be broken by some 
chance events precipitating a 
rise in the dollar or fell in the 
yen persisting long enough for 
the US to see that it is not so 
damaging after all. 

A US-Japanese Bretton 
Woods would present some del- 
icate adjustment problems for 
Europe. If it made the Euro- 
pean Community get its act 
together, so much the better. 

But before we can have a 
Japanese-American currency 
accord, the threat of an eco- 
nomic war between the two 
countries must be averted. 
Unfortunately, the massive 
Investment that the US has 
made in public economic edu- 
cation has not killed the 
crudest mercantilist fallacies 
about bilateral trade balances. 
Indeed the “Austrian” critics of 
the US economics establish- 
ment, about whom Michael 
Prowse wrote in the FT on 
Monday, may be understating 
their case. 

* Dollar and Yen, Asia-Pacific 
Research Centre. Stanford 


LETTERS TO THE EDITOR 



Tlie International Herald Tribune and the State 
Commission for Restructuring the Economic Systems of China 
arc inviting the world's business leaders to an unprecedented 
three 1 -day Summit meeting on China's economic reform. 

Its aim is to foster n dialogue as well as business 
development opportunities at the highest levels amongst the 
leaden: of the Chinese government and the global business 
community. 

The Summit , “The Socialist Market Economy of the 
People's Republic of China, 1994 - ‘2000: Implications for 
Global Business! 1 will be held in Beijing on May lltli, 12th and 
1 :ldi of litis year. 

Porticiptiting will be die mqjor figures of the 
Government of Chinn as well as key provincial government 
and state industry leaders, it will be a rare opportunity to hear 
and personally moot tlie people who arc driving China’s 
economic direction into the next millennium. 

As you would expect with an event of this stature, it 


will be a closed- door conference and will not be open to the 
general public. 

Tlie International Herald Tribune is inviting a limited 
number of the largest multinational corporations with a stake 
in the future of die Chinese economy to participate as Summit 
Sponsors. There will be 8 levels of sponsorship: Summit. 
Corporate anti Supporting. Each will offer a comprehensive 
communications package consisting of conference-related 
benefits and advertising in the International Herald Tribune 
and a leading Chinese- tan gunge daily newspaper. The deadline 
for registration is March 15th. 

For a complete information package, please fax 
Mr. Richard McClean, Publisher, at +33 (I) 46372133- Or call 
+33 (1) 46379-301 . 

The International Herald Tribune China Summit. It will 
prove to be the major business event of 1994 for China, for 
Asia and for the -j* piukwhm . , 

companies participating. ItCrBlDjd^& fcnu UPf. 


THE INTERNATIONAL HERALD TRIBUNE CHINA SUMMIT. 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


Insulting customers does not pay 


From Mr Paul G rapes. 

Sir, I was dismayed when 
Malaysia adopted its “Buy Brit- 
ish last” stance, but even more 
dismayed by the tone of your 
editorial "False moves in Mal- 
aysia” (February 28) and some 
of the broadsheet responses I 
read over the weekend. 

As one who has worked 
extensively in Malaysia in the 
last two years, I am disap- 


Workaholic and 
proud of it 

From Mr Nicholas Ward. 

I read with interest John 
Raymond's plea for workahol- 
ism status (Letters: February 
23). Like Mr Raymond, l claim 
tbat title; unlike Mr Raymond I 
scored highly in your self-as- 
sessment test. Indeed, 1 proba- 
bly gain bonus points for tak- 
ing time off on a “workaholic's 
holiday”, a two-year MBA in 
the heart of workaholism land. 
New York. 

However, it seems Mr Ray- 
mond's argument misses the 
point - if he limits his industri- 
ous efforts to “normal working 
hours” he must surely qualify 
only as a hard worker, not a 
workaholic. Someone who 
"only” drinks for the entirety 
of pub opening hours (even if 
they be from 11am to 11pm) is 
clearly exhibiting extremist 
tendencies. Perhaps using his 
“opening hours” analogy is a 
more accurate parallel than 
the "alcoholic” comparison. 

Incidentally, after 18 months 
here. I have still to find a bar 
that serves that elusive liquor, 
workahoL Perhaps your read- 
ers could direct me. 

Nicholas Ward, 

Stem School of Business, 

New York University, 

New York, NY 10012. 

US 


pointed to find you still telling 
them “they'll be sorry in the 
end”. Surely we must learn 
that if you Insult customers - 
and, incidentally, suppliers 
these days - they have the 
right to take their custom else- 
where. The developed world is 
queueing up for Malaysian 
business - I wish I could see a 
similar queue at Britain's door. 

We must learn - the press 


From Mr Hugh Arthur. 

Sir, Professor Julian Franks 
and Professor Stephen Schae- 
fer (Personal View: “Safety net 
for pensions custodians”, Feb- 
ruary 24) suggest that the 
answer to “the Maxwell prob- 
lem” Is to make custodians 
directly answerable to a pen- 
sion fund's beneficiaries. 

The picture which this con- 
jures up, of custodians decid- 
ing whether a particular 
instruction from the trustees 
or the investment manager Is 
prejudicial to the interests or 
the beneficiaries, is quite 
touching. 

Instead of separating the cus- 
tody and trusteeship roles, this 
solution confuses them. 

Rather than limit the com- 


From Mr Younts S Costopouhs. 

Sir. With reference to your 
article “Greek disgrace” (Edito- 
rial comment: February 18), 
imagine, for a moment, that 
the UK is not an island. 

Imagine also the neighbour- 
ing non-ethnic state, in search 
of an identity calls itself Scot- 
land, uses the St Andrew's 
Cross on its flag and, in a pre- 


included - from the Japanese 
market approach of “Japan 
pic” when looking at global 
markets. Insulting customers, 
from whatever source, does not 
pay. 

Paul Graves, 

Sundridge Park 
Corporate & Executive 
Development, 

Bromley, 

Kent BRl 3TP 


pensation scheme to apply 
where the custodians have 
defaulted on their quasi-trustee 
role, would it not accord with 
Franks-Sc haefe r logic to make 
it a legal obligation that custo- 
dians did not hold the assets at 
all, but that they were held by 
sub-custodians (who would 
hold a duty of care, and so an)? 

The buck must stop some- 
where, and all that the Fr anks . 
Schaefer solution does is to 
pass it on. Whether or not 
would-be custodians will be 
queueing up to assume these 
additional duties and responsi- 
bilities is another matter. 

Hugh Arthur, 

Biddle & Co, 

1 Gresham Street, 

London EC2V 7BU 


amble to its constitution, 
states that the unification of 
the Scottish peoples is a 
national goal. Add to all this 
racial and religious differences 
and try to swallow national 
interest In favour of commu- 
nity convention and solidarity. 
Yannis S Costopoulos, 

40 Stndiou Street. 

102 52 Athens. Greece 


We say ‘No’ 
to creeping 
Fringlish 

From Jane Johnson and Unsey 
Mercer. 

Sir. In response to David 
Buchan's article (“France says 
'Non' to creeping Franglais”, 
February 24), we feel duty 
bound to expose the French 
attempt to dominate the 
English language - as in Fring- 
lish. 

When dining at La Gavrocbe, 
we strenuously attempt to 
order only those dishes with 
purely Anglo Saxon names. 
But unfortunately, in place of 
the more acceptable “potatoes 
creamed with egg. piped into 
mounds and baked in a hot 
oven for 25 minutes" we find 
“Duchesse potato” more suc- 
cinct. 

And attempts to order “small 
pots of burnt custard" hi place 
of erdme caramel would no 
doubt be met with forcible ejec- 
tion from the premises. 

Perhaps our own culture 
minister should describe risque 
jokes as “audaciously border- 
ing on the unseemly”, or 
enforce etymology on to the 
school curriculum in place of 
history? 

After all, who did win the 
Napoleonic wars? 

Jane Johnson, 

Limey Mercer, 

10 Sishopston, 

Montacute, 

Somerset TA15 6UU 

From Mr Richard Thorogood. 

Sir , With reference to 
“France says 'Non' to creeping 
Franglais" (February 24) - 
what is the French for “King 
Canute”? 

Richard Thorogood, 

Westfield. 

College Avenue, 

Maidenhead. 

Berks SL6 GAR 


Confusing the duties of 
the pensions custodian 


All in the national interest? 


Income dispersion is the key, not income inequality 


From Mr James Sproule. 

Sir, The third of your excel- 
lent series on “Can Europe 
Compete" (February 28) raises 
some interesting questions. 

You title one of your graphs 
“. . . wage inequality grows 
much fester in the US and UK 
...” This contains an implicit 
bias. No one is In favour of 
inequality, but your caption 
seems to imply equality of out- 
come to be the goal, rather 


than equality of opportunity. 

As a recent OECD report has 
noted (Employment Outlook, 
June 1993): “There is a general 
increase in the proportion of 
the workforce with higher lev- 
els of education, and a relative 
Increase in the earnings of 
highly educated workers.” The 
OECD goes on to note that, 
rather than imply any political 
favouritism, it uses the term 
“income dispersion", rather 


than “income inequality". This 
view has also been supported 
by The Economist, which notes 
that further controls on wages 
(for nothing else will make 
incomes more “equal") will 
have the same effect as the 
plethora of controls already in 
place, namely further unem- 
ployment. 

You correctly point to better 
education as the key. But the 
choice we face is a simple one: 


do we want people in low-paid 
jobs while they try to increase 
their level of skills so as to be 
able to earn higher wages? Or 
would we prefer them to be on 
a government training scheme, 
drawing the dole, while acquir- 
ing the skills necessary to be 
constructively employed In 
today's market place? 

James Sproule, 

S Moreton Place. 

Loudon SWl 


FINANCIAL Tflvigg 


THURSDAY MARCH 3 1994 


financial times 

T Bridge ’ Londo11 SE1 9HL 
Tel. 071-873 3000 Telex: 922186 Fax; 071-407 5700 

Thursday March 3 1994 


Message of 
the markets 


Band markets have taken fright 
But the shde in bond prices is 
only in part a response to changes 
in the fundamentals. It is also a 
technical correction after a long 


bull market The question sow is 
how the monetary airthories will - 
and should - respond to the 
adjustment which has pushed the 
yield on US long-dated bonds up 
one percentage point since the 
trough in October. UK gflt yields 
have also risen by a percentage 
point since late December and 
even those on German bunds are 
up 0.7 percentage points gfarp the 
beginning of January. 

At a time of increasing nervous- 
ness, markets tend to respond 
wildly to each new statistic. On 
Tuesday, it was the unexpected 
strength in the price index of the 
US Purchasing Managers monthly 
survey and news that US gross 
domestic product in the final quar- 
ter of last year grew at an annual- 
ised rate of 7.5 per cent Yester- 
day, it was the turn of Ge rman 
money supply: the annualised 
increase in M3 of 20.6 per cent 
above the average for the last 
three months of 1393 sent shivers 
through the market 

The figure is freakish. Nonethe- 
less, it exacerbates the dilemma 
already confronting the Bundes- 
bank, which has invested a lot of 
credibility in its 4-6 per cent target 
for M3 growth. The case for 
such target is strong. The govern- 
ment investors and wage bargain- 
ers all need clear guidance about 
the Bundesbank’s intentions. But 
this advantage comes to naught if 
the failure to achieve the target 
has constantly to be explained 
away. It is particularly embarrass- 
ing when the Bundesbank feels 
forced to cut the shortterm rate of 
interest even though its money 
supply target is overshooting. 

Yet that is exactly what it has 
had to do, however slowly and 
unwillingly. M3 seems to have 
been distorted, now by cine thing. 

Euro-babble 


now by another, ever since unifi- 
cation. As for the astounding Jan- 
uary figure, the annnaii«ri rate in 
the first month of a new year is 
inevitably volatile. In addition, the 
figure has been distorted by sev- 
eral special factors. 

The Bundesbank most now 
d ecide whether tire persistent M3 
overshooting is a warning of 
future inflation or a false alarm 
Certainly, the real economy is not 
showing any sign of overheating. 
This being so, the Bundesbank 
will presumably ignore the latest 
rise. But its desire to postpone fur- 
ther easing until it has more infor- 
mation may be strengthened. 

A strong additional reason for 
caution, from the Bundesbank’s 
perspective, is what has happened 
to bonds. The Bundesbank tends 
to pay particular attention to 
long-term rates of interest because 
of their relatively large role in 
German intermediation. But it 
will not be the only central famv 
to respond with caution. Sven if 
part of the reason for rising bond 
yields is technical, part at least 
must be related to economic fun- 
damentals. Cutting short-term 
rates in the teeth of such a shift in 
expectations could lead to a fur- 
ther flight from bonds, with dam- 
aging consequences, not least for 
German economic recovery. 

If a central hank is to cut inter- 
est rates in the face of rising 
long-term rates, it must be confi- 
dent that its relative optimism 
over inflation will prove justified 
by events. Since they ™n no lon- 
ger be so sure, central hanks must 
be more cautious than they would 
otherwise have been. They should 
at least wait fix' the bond markets 
to settle down once more. For the 
moment, therefore, the right 
actum in the main financial cen- 
tres seems to be none. But it is too 
early to conclude that the trend 
towards Lower short-term rates in 
continental Europe and the UK is 
at an end. 


Mr Jbdo de Deus Pinheiro, the 
European Union's culture and 
information commissioner, says 
Europe needs a flourishing film 
industry to encourage diversity in 
audio-visual entertainment. Few 
would disagree. However, his 
ideas for achieving that goal are 
so wide of the mark that he 
should tear up his script. 

He wants the EU to end a five- 
year exemption from competition 
law which allows Mg Hollywood 
studios to distribute films jointly 
in Europe. He also appears to 
favour stricter quotas on the 
broadcasting of foreign pro- 
grammes. That, he says, will 
enable Europe's film and televi- 
sion industry to counter domina- 
tion by Hollywood. 

When reviewing the distribution 
exemption, the commission’s over- 
riding concern should be whether 
it benefits consumers. To cham- 


pion the cause of focal producers, 
as Mr Finheiro suggests, would be 
to pervert competition law. Tight- 
ening broadcasting quotas, mean- 
while, would further compromise 
free trade principles while extend- 
ing an objectionable attempt at 
censorship. 

The danger is that Mr Pinheiro's 
approach would gratuitously pro- 
voke the US, which unsuccessfully 
sought to liberalise audio-visual 
services in the Uruguay Round 
trade talks, without helping Euro- 
pean programme producers. As he 
admits, their problems stem 
largely from an inability to make 
material viewers want to watch. 
In any case, any protection quotas 
might provide would rapidly be 
undermined by communications 
technology. Unless Mr Finheiro 
can offer a better answer than 
blaming Europe’s failures on oth- 
ers' success, he should shut up. 


Wider Europe 


Enlargement of the European 
oion to the east and the north 
is come closer after Tuesday’s 
cord in Brussels on entry toms 
r Sweden, Finland and Austria, 
tie deals still have to be approved 
t the European parliament and 
r national referendum^ later this 
*ar. Whether or not agreement 
in be reached for Norway, the 
urth applicant from the Euro- 
Kin Free Trade Association, wfll 
■pend an next week’s h ag glin g 
rer fishing rights. If these four 
ates join on January 1 1995, the 
Dion's population and gross 
imestic product will increase 
spectively by 7.5 per cent and 9.5 
t cent, but its gains in economic 
sources and political values will 
i greater. 

These small but wealthy econo- 
ies will bring net contributions 
the ElTs budget More impar- 
nt, the new members will spread 
e Union's commitment to liberal 
mocracy to the borders of the 
nner communist bloc, preparing 
e ground for the crucial next 
age of enlargement towards cen- 
al and east Europe. 

The Efta applicants, aireaay 
irt of the free trade arrange- 
ents of the European Economic 
rea, want EU membership to 
in a political stake in Europe's 
velopment However, in view of 
eir electorates’ scepticism about 
e benefits, entry comes with a 
ice tag. Reflecting this weeks 
xeements to offset the impact of 
ductions in Efta farm prices, the 
swcomers' budgetary contribu- 
ms will be phased in, and even 
1998 will be around EcuSbn less 
an earlier foreseen. This act of 
mpensation requires creative 
justment to EU financing rales. 
?t. provided these concessions 
cure Yes votes in the referen- 
ims, the price will be worth pay- 

-Tuesday’s agreement does, bow- 
er. raise larger questions about 
e much greater amounts oi 
aney at stake in the next phase 


of enlargement The German gov- 
ernment can be expected to make 
extending membership to Hun- 
gary, the Czech republic and 
Poland a centrepiece of its six- 
month presidency of the Union 
that starts in July. Further 
enlargement perhaps by the year 
2000, is highly desirable for politi- 
cal reasons. But the accession of 
members with, at present. GDP 
per capita of less than 30 per cent 
of the EU average cannot be con- 
templated without large changes 
in finan cial mechanisms govern- 
ing agricultural support a nd struc- 
tural fund payments to poorer 
regions. 

Prof Richard Baldwin, in a book 
to be presented at the Centre for 
Economic Policy Resea r ch in Lon- 
don next month, calculates that, 
on unchanged policies, member- 
ship by the most advanced eastern 
European economies would add a 
net Ecu58bn to the EU budget by 
1999. This would require a 60 per 
font increase in 1999 budget con- 
tributions — a condition that could 
be met neither by Germany, the 
largest contributor to the EU, 
which is already complaining 
about its rising net payments, nor 
by Britain re 1 France, the other 
two main net contributors. 

To increase the effectiveness of 
decision-making among a larger 
membership, the EU needs to 
push through institutional 
changes that go beyond the mod- 
est adjustments in voting proce- 
dures currently under discussion 
in Brussels. However, asse m bling 
a majority f° r cuts in the EU*s 
budgetary largesse for present 
beneficiaries from 1999 onwards 
may prove impossible, in view of 
the strong vested interests of 
fa rmer s and the poorer southern 
countries. The road to a wider 
Europe is now open. Yet, If the 
destin atio n is to be reached, the 
EU must find answers to ques- 
tions of institutional and financial 

reform that so Ear have barely 
been raised. 


Expensive treat for 
a poor relation 


Major’s trip to the US eased tensions, but shifts in the 
relationship are apparent, writes Philip Stephens 



Flying the flag: photo-opportunities fin* Bill Clinton and John Major do not add up to a special relationship 


F orget the cosy dinner in a 
Pittsburgh restaurant, 
the night spent in the 
Lincoln suite at the 
White House and the ride 
on Air Force One. Mr Bill Clinton 
played the gracious host in Wash- 
ington this week. Mr John Major 
was an appreciative guest But a 
series of photo-opportunities does 
not add up to a special relationship. 

That is not to say that the trip 
was a failure. Mr Major returned to 
London yesterday confident that it 
had taken much of the recent chill 
out of Anglo-American relations. 
The trip to Pittsburgh - home for a 
time of Mr Major’s father and 
grandfather - was a corny but 
friendly gesture. 

So, too, was the invitation to the 
prime minis ter to return to Wash- 
ington on the presidential jet before 
becoming the first British leader 
since Winston Churchill to spend a 
night at the White Hoase. 

The US president was magnani. 
moos also in his public comments. 
The phrase “special relationship" 
never passed his lips. But at every 
opportunity he stressed that dis- 
putes over Bosnia and Northern 
Ireland had not undermined the 
solidity of ties with London. 

Hie relaxed format of the visit 
eased some of the personal tension 
between the two. If Mr Clinton is 
still irritated by the overt Conserva- 
tive support for former president 
George Bush in the elections, he 
does not show it That unfortunate 
episode is. in the words of one US 
official, “dead and buried”. 

The whole event though, looked 
staged. Good friends do not have to 
go to elaborate lengths to prove it 
The prime minister’s aides - contin- 
ually emphasising the special treat- 
ment he was receiving - foil into 
the trap of mistaking form for sub- 
stance. 

For the UK journalists shadowing 
the two leaders, this was often 
embarrassing. Mr Clinton appeared 
as tile wealthy relative indnlg m g a 
less fortunate cousin with an expen- 
sive treat Britain may still be a 
special relation. It is also a poor 
one. 

The US media treated Mr Major’s 
appearance with casual indiffer- 
ence. They did not, though, wigs 
the happy coincidence that the 
Pittsburgh photocalls allowed the 
president to do some useful cam- 
paigning for Democrat candidates 
in the mid-term congressional elec- 
tions. The most graphic image of 
the trip was that of Mr Clinton's 
brand new Boeing 747 towering on 
the tarmac over Mr Major's tiny, 
antiquated VC10. British prime min- 
isters do not necessarily prove they 
have a strong voice in Washington 
by travelling an Air Force One. 


The substantive policy discus- 
sions the two leaders slotted in 
around the interminable photo- 
graphs provided the British side 
with greater cause for satisfaction. 

The real poison in Anglo-Ameri- 
can relations over the past year has 
been the two governments’ differ- 
ences over Bosnia rather than the 
awkward juxtaposition of a Demo- 
crat at the White House and a Con- 
servative in Downing Street. 
Britain’s consistent opposition to 
strang er western militaiy interven- 
tion in the conflict and to increased 
support for the Rnanian Moslems 
has infuriated the US. 

The combination of last month’s 
successful Nato ultimatum in end- 
ing the Serbian siege of Sarajevo 
and this week's visit has provided a 
partial antidote. 

Mr Major has accepted a more 
muscular stance by the United 
Nations forces on the ground to 
extend the success in Sarajevo to 


other beleaguered cities. Mr Clin- 
ton, with some success already, has 
raised the profile of the US in bro- 
kering a political deal between the 
warring Croats and Moslems, hop- 
ing the Serbs will fall into line. 

If this strategy foils, differences 
could well re-emerge. The president 
made it dear that in advance of an 
overall settlement he re mains 
opposed to committing US ground 
troops to Bosnia. The UK prime 
mtnigter did not press the opposite 
case only because he knew in 
advance that the answer would be 
no. 

But for the time being Mr Major 
was confident enough to declare: “I 
think there is no doubt that we see 
the problems of Bosnia very much 
in the same light Our policy is 
heading exactly in the same direc- 
tion." 

The trip also allowed a line to be 
drawn under last month’s row over 
Northern Ireland- Mr Clinton did 


not apologise for allowing Mr Gerry 
Adams, the leader of Sinn Fein and 
an apologist for the IRA's cam pai g n 
of violence, to visit the US. But he 
did go out of his way to emphasise 
US support for last December's 
Anglo-Irish initiative as the only 
basis for a political solution to the 
violence in the province. 

In their private discussions Mr 
Clinton made it dear he would not 
allow Mr Adams another propa- 
ganda COUP unless and unti l the 
Sinn F6in leader had renounced vio- 
lence. 

The president and prime minister 
were also on co mmo n ground over 
Russia Both have visited Moscow 
in the past two months. Both are 
now wary of investing too much of 
their own political capital in the 
personal success of Mr Boris Yelt- 
sin, Russia’s president 

But they agree that the west must 
continue to support the reform pro- 
cess and to buttress Mr Yeltsin’s 


13 

credibility by encouraging greater 
Russian involvement in Nato and 
the Group of Seven leading indus- 
trial nations. Standing on the White 
House lawn, Mr Clinton promised 
“tangible" evidence of a much 
stronger partnership by the middle 
of this year. Mr Major nodded 
assent. 

Both men ticked off a range or 
other areas where the views of 
Washington and London coincide. 
They will press jointly for faster 
implementation of last year’s Uru- 
guay Round world trade accord. 
They seat a joint message to Chief 
Mangosutbu Buthelezi, the leader of 
South Africa’s Inkathn movement, 
successfully urging his participa- 
tion In the country's first free elec- 
tions. Mr Clinton offered important 
public support for Britain's plans to 
introduce greater democracy in 
Hong Kong before the colony's 
transfer to Chinn in 1997. 

The list allowed the president to 
reaffirm “the importance of our 
enduring partnership". And to add: 
“We must continue to build on it - 
economically, politically, strategi- 
cally." Mr Major stressed their 
shared instincts and interests on 
virtually every’ significant foreign 
policy issue confronting the west. 

T his analyis could not be 
faulted as far ns it went. 
But it was a superficial 
assessment. Neither the 
glitz nor the substance 
of this week's public reconciliation 
addressed a much more fundamen- 
tal shift Mr Clinton felt ho need to. 
Mr Major could not afford in. 

The awkward truth is that the 
ending or the cold war. the move 
towards a more integrated Europe, 
and Washington's preoccupation 
with the economic power of Japan 
and south-east Asia have changed 
the framework of the relationship. 

Britain has long been a juniur 
partner - despite the illusion of 
equality generated briefly by Lady 
Thatcher's close friendship during 
the 1980s with Presidents Reagan 
and Bush. The decisive shift in the 
1990s has come from the ending of 
the strategic threat to western secu- 
rity from the former Soviet blue. 

The US no longer needs Britain as 
its first line of defence against a 
potential attack from a powerful 
communist aggressor. It is running 
down the US air bases in the UK 
which provided the most powerful 
symbol - and the real substance - 
of the special relationship. It is 
looking to the Pacific for its eco- 
nomic future and, increasingly, to 
Germany and France as much as to 
Britain to provide for the security of 
Europe. Mr Major can claim to 
remain a solid ally but there is no 
longer anything special about that 


Albania and Macedonia's war of words could lead to another Balkan tragedy, says Edward Mortimer 


T he war in Slovenia lasted a 
week. Eight Slovenes were 
killed. The war in Croatia 
lasted six months, and 
killed an estimated 20,000. The war 
in Bosnia-Hercegovina has lasted 
two years and Wiled 200.000. Each 
time while governments focused on 
ending one war, they failed to take 
action which might have averted a 
worse one further south. 

Now, while the US has persuaded 
Bosnian Croats and Moslems to sign 
a federation agreement, and Russia 
is trying to coax the Bosnian Serbs 
into line, an even more dangerous 
conflict is brewing in the former 
Yugoslav republic of Macedonia. 

Macedonia, now recognised under 
the provisional name of “Fyrom" in 
deference to Greek sensibilities, has 
been subjected in the past fortnight 
to a Greek blockade. 

On February 16 Greece dosed the 
frontier to goods traffic, denying 
landlocked Macedonia the use of 
the Aegean port of Thessaloniki, 
which had become its lifeline. Two 
days later Albania offered Macedo- 
nia the use of the Adriatic port of 
Durres. Despite this gesture, Mac- 
edonia probably faces a greater dan- 
ger of war with Albania than it does 
with Greece. Within Macedonia 
relations between the Slav majority 
and the ethnic Albanian minority 
have been deteriorating rapidly. 
Just how large a proportion of 


Southern discomfort 


Macedonia's population the ethnic 
Albanians farm is a sensitive ques- 
tion. Albanian estimates of 40 per 
cent are probably exaggerated if 
applied to the population as a 
whole, but may not be for out for 
the younger generation. The mainly 
Moslem Albanians have a higher 
birth rate than the Orthodox Slav 
Marpdnnian majority, who fear that 
they will soon be outnumbered. 

In the west of Macedonia, border- 
ing on Albania, ethnic Albanians 
already form a 70 per cent majority. 
Two years ago they voted for politi- 
cal mid territorial autonomy, but 
the government of Macedonia 
declared the referendum ille g al. 

Until now Albanian political par- 
ties in Macedonia have not tried to 
insist an autonomy. They are repre- 
sented in Macedonia’s coalition gov- 
ernment but, according to one of 
their leaders, Mahi Nesimi. “Mac- 
edonian pariiaiw pntar ians. whether 
or not they belong to the coalition 
parties, are uniformly tough in 
opposing Albanian demands". 

Last month the leading Albanian 
party in Macedonia, the party of 
Democratic Prosperity, split. The 
moderate PDP leadership, including 
ministers and MPs, walked out The 
majority then elected a new leader- 


ship dmnhintpri by Mendu Thaci, a 
28-year-old radical who has warned 
that Albanians could secede from 
Macedonia if they are not recog- 
nised as a “constituent nation". 

This development was hailed with 
enthusiasm by the state-controlled 
television in Albania. The media 
there have also been heaping scorn 
on Ibrahim Rugova, leader of the 
Albanian majority in neighbouring 
Kosovo, the formerly autonomous 
province now under Serbian con- 
trol. In an unofficial referendum in 
1991, the Albanians of Kosovo (85 
per cent of the population) voted 
overwhelmingly for independence, 
but Mr Rugova has restrained them 
from attempting violent resistance 
against the Serbian authorities. 
Once backed by Albania, he is now 
attacked by the press in Albania as 
an appeaser. 

Albanians, bke Serbs, see them- 
selves as a fragmented nation. The 
borders of the Albanian state fixed 
in 1913 left half of them outside it 
Today there are about 3m in 
Albania; 2m in Kosovo; 400,000- 
800,000 in Macedonia; 100,000 in 
Montenegro and southern Serbia; 
and an unknown number in Greece. 
There is as yet little evidence that 
they are seeking to reunite in a 


“greater Albania" but, according to 
an article by Mr Nesimi in the cur- 
rent issue of Balkan War Report, 
the Albanian state “must aggres- 
sively support the interests of Alba- 
nians in Kosovo. Macedonia and 
elsewhere in the region”. 

President Salih Berisha of 
Albania, emboldened by a defence 
agreement with the US signed last 
October and by Nato’s new-found 
willingness to use force against the 
Serbs in Bosnia, seems increasingly 
inclined to respond to such appeals. 
He is encouraging more radical 
leaders in Kosovo and Macedonia, 
and violence could break out in 
either place at any moment 

If violence does break out, it is 
certain to escalate. In Kosovo, the 
Serbs would respond with “ethnic 
cleansing”. In Macedonia, a leader 
of the main opposition party, the 
Internal Macedonian Revolutionary 
Organisation, has warned that “if 
the Albanians tried to get anything 
by force, there would be a much 
more horrible war than any there 
has been yet in Yugoslavia". 

Skopje. Macedonia’s capital, is an 
ethnically divided city. It has a Serb 
minority whose grievances Belgrade 
has been fanning. Macedonia was 
once known as "southern Serbia", 



, Montenegro.*-' 

Kosovo 



■ • # Skopje 
Fomor Yugoslav 
Beout*coi 
Macedonia 
(FVrom) 


ALBANIA T 

; jr-V* . r 
■ 

ate* - 


Thessaloniki 


GREECE 


r> 

loot 
lflnf ■ 


and Serbs would probably seek to 
reannex it if It appeared to be col- 
lapsing in ethnic war. 

Unlike previous wars, this poten- 
tial conflict could not be contained 
within the former Yugoslavia. Bul- 
garia recognises Macedonia as a 
state, but regards its Slav inhabit- 
ants as part of the Bulgarian nation 
and would he under great pressure 
to intervene on their side; Turkey 
would be equally tempted to come 
to the aid of the Albanians. 

This nightmare scenario is not 
yet inevitable. It may even seem 
farfetched. But so did the horrors 
further north, until they happened. 


Observer 


Sheriff Soros 
hits town 

■ Pure coincidence, we assure you, 
but international financier George 
Soros just happened to be in Bonn 
yesterday when the Bundesbank's 
latest money supply figures sent 
the financial markets into 
convulsions. 

In fact Mr Midas thought silence 
was golden, at least about his 
position in the shaky markets: 
“There is a lot rtf' instability in the 
fina ncial markets ... I would prefer 
not to reinforce the turmoil.” 

Gee, thanks George. On threats 
by central banks to investigate 
and clip the wings of hedge funds 
like his own. he was positively 
angelic: “It behoves the regulators 
to regulate ... we are ready to 
cooperate with them." How sweet. 

Soros was actually in town to 
finger-wag about instability tn 
eastern Europe and the threat of 
turmoil an Bosnian lines in 
neighbouring Macedonia. 

His Soros Foundations are 
heavily involved throughout the 
region, promoting open societies 
and market economies. 

Soros describes Macedonia as 
“the only multi-ethnic state left 
in the Balkans". He has already 
lentft$25m. 

So is he a Robin Hood type, 
reaping riches from the west in 
order to feed bankrupt economies 
in the east? “7 don't think that 1 
am really a Robin Hood ... my 


shareholders are not exactly pom* 
people." 


Narcissus speaks 

■ Ian Lang. Scottish secretary, 
hit nails on heads yesterday at a 
parliamentary press gallery lunch. 
Discussing the paradox of love-hate 
relationships, he gave as an 
example that existing between 
politicians and hacks: “We love 
ourselves - you hate us." 


Publicis Albion 

■ The English claim to have 
invented fair play. Noona's fooled 
by that old chestnut, however, least 
of all the French, it seems. 

"Chanteclair". a pseudonymous 
French author, reckons that British 
notions of fair play are risible. In 
practice, it's claimed, the idea is 
for export only, designed to weaken 
and humiliate the opposition. 

Chantedair’s new book. Pour 
en four otsec V Anglais (roughly 
translated as "To have done with 
English"), dishes out abuse, 
depicting the En glish as the 
“dirtiest", “beastliest" and “most 
hypocritical" of nations. It's gone 
down a storm - in France. 

Well, how's this for fair play, 
old chap. The London Tourist Board 
is spending £3Qm over the next 
three years on an advertising 
campaign promoting the capital 
to British, American, Japanese and 
continental European tourists. 



Tm here because of something 
Nicholas LyeD told me to do’ 


British-owned advertising 
agencies Saatchi & Saatchi and 
Ogflvy & Mather - presumably 
having played as fair as advertising 
agencies do in this sort of thing 
- were pipped at the post by none 
other than Publicis - one of 
France’s leading advertising groups. 

Pour encaurager les autres, 

presumably. 


Portillo protests 

■ What did Michael Portillo say 
at Eton? The chief secretary to the 
Treasury still seems to be having 
trouble shaimiff off his unfortunate 
“corrupt foreigners" gaffe. 


made over a month ago. 

Efforts to wipe the slate clean 
by apologising were spoilt by the 
revela turn that he had made the 
same remarks not once but twice, 
at Eton and then more publicly 
later at Southampton. 

Hence, when challenged by a 
Dutch journalist at the Foreign 
Press Association yesterday, be 
was quick to set the record straight 
Portillo noted that an Eton master 
had written to the Evening 
Standard to confirm his version 
of the events. 

But when Observer contacted 
the Standard last night no one 
could find the letter. TypicaL 


King Huhne 

m Another rat deserting the sinking 

ship? Definitely not says Chris 
Huhne, 39, The Independent's 
business editor, who’s off to join 
Robin Mbnro-Davis' IBCA. the 
fast -growing European rating 
agency. 

Having worked on the The 
Guardian and The Economist and 
tried to get into politics - he stood 
unsuccessfully as an SDP candidate 
against John Patten - he's going 
to try his hand at rating sovereign 
debt 

Up to now, IBCA lias prospered 
as a niche rating agency. But 
Huhne’s arrival signals that it 
wants to compete head on with 
the big boys - Moody's and 
Standard & Poor’s. An old pal of 
Lord Lever - they co-authored Debt 


and danger - Huhne is fascinated 
by emerging markets. So's 
everybody else these days, but at 
least he's taken a proper job, unlike 
most City editors who end up in 
financial pr. 


We like sheep 

■ Observer is more or less inured 
to the stream of notices that land 
on the desk detailing movements 
of sundry herds of City analysts/ 
salesmen/traders - swapping one 
employer for another more 
generous with the lolly or the titles, 
or both. 

But a team of IT people, for 
heaven’s sake? They are only 
glorified electricians. 

However, Nomura's pr machine 
felt moved to issue a release earlier 
this week announcing: "Nomura 
captu res systems team from 
CSFB". 

Should the cleaners or the tea 
ladies decide on a change of scene, 
please, please leave our name off 
the publicity list. 


Captain Scarlett 

■ True story. 

A British army officer finishing 
his t raining was more than a little 
peeved to find written on his 
Sandhurst assessment: "His men 
only follow him out of idle 
curiosity” 

Clearly cut out for intelligence 
work. 






14 


QflL€ 

□flL£ 

DflL£ 

DflLt 


Manufacturer a/ 

Generating sets, 
aerospace ground 
power equipment & 
battery baski systen 


j battery bas«i systecos 

Dale Power Systems pic 

Ektcffloty Buildings Filey North Yorksame YQM 9PJ 
TO 0723 5MH1 TOW 52163 Fax 0723 615723 


FINANCIAL TIMES 

Thursday March 3 1994 


TRAFALGAR HOUSE 

COH5TWCT! 

COMMITTED TO QUALITY 





A Transrapid magnetic-levitation train undergoes trials at a test track in the Ems region of north-west Germany 


Associated Press 


Go-ahead for Transrapid rail plan 

Germany to construct first commercial magnetic-levitation train 


By Quentin Peel in Bonn 

The German government 
yesterday approved construction 
of the world's first commercial 
magnetic-levitation train - nick- 
named the “whispering arrow" - 
to run from Berlin to Hamburg at 
up to 400 kilometres an hour. 

It is intended to cut the travel- 
ling time between the two cities 
from the present 3*/» hours to less 
than an hour, and give German 
industry a big technological 
advantage in the world market 
for high speed rail travel. 

The Transrapid project won the 
unanim ous approval of the Ger- 
man cabinet yesterday, in spite of 
a rising tide of protest on envi- 
ronmental and financial grounds. 


It could still face a big battle for 
parliamentary approval, because 
the opposition Social Democratic 
party (SPD) announced yesterday 
that it wants the new system 
drastically scaled down. 

The project will cost an esti- 
mated DM&9bn ($5 bn) in a pub- 
lic-private joint venture, with the 
federal government building the 
DM5.6bn monorail system. 

A private consortium, involv- 
ing AEG, Siemens and Thyssen 
Industrie, the three initial project 
partners, as well as Lufthansa, 
the national airline, and the Ger- 
man railways, will borrow 
DM3.3bn to set up the operating 
company. 

Mr Matthias Wissmann. trans- 
port minister, said the plan 


would give Germany a clear tech- 
nological advantage over its 
international rivals in Japan a nd 
the US. 

“We will not allow ourselves to 
be overtaken in this. Germany 
urgently needs economic and 
technological symbols like the 
Transrapid. We cannot allow it to 
happen - as so often in the past 
- that technology developed in 
Germany is undermined by the 
doubters in the republic." he 
said. 

Environmental groups have 
criticised the system as intrusive 
and far from silent, urging the 
government instead to develop 
traditional rail technology. 

Transport analysts have 
argued that the passenger fore- 


Serb leaders warn of violence 


By Laura Saber in Belgrade 

Serb leaders warned yesterday 
that the preliminary agreement 
to form a federation reached by 
Bosnia's Croats and Moslems in 
Washington could lead to fresh 
violence in former Yugoslavia. 

They suggested that the US 
was restoring the Moslem-Croat 
coalition in order to step up pres- 
sure on the Serbs, and stressed 
that the central question of terri- 
torial division among the three 
sides remained unresolved. 

Mr Momcilo Krajisnik, speaker 
or the Bosnian Serb assembly, 
said while in Moscow with the 
Bosnian Serb leadership: “We 
perceive the agreement as an 
action against the Serbian peo- 


ple. It is Incomprehensible to 
form such an artificial creation 
which cannot last" 

He warned that ''ultimatums, 
pressure and threats will not 
force the Serbs to make any more 
concessions". 

Mr Radovan Karadzic, Bosnian 
Serb leader, told a news confer- 
ence in Moscow: "We welcome 
this agreement if America helps 
Moslems and Croats move 
towards peace. But if it helps 
them to put pressure on Serhs 
and to gain more territory from 
them we are against it” 

The leadership in Belgrade 
appeared more restrained, 
although Mr Vladislav Jovanovic, 
Serbian foreign minister, warned 
that the US initiative for Bosnian 


Croats and Moslems to form a 
federation and then join Croatia 
in a confederation could lead to a 
“further escalation of crisis”. 

By contrast, Mr Franjo Turk- 
man, Croatia’s president, wel- 
comed the agreement “which 
paved the way for resolving Croa- 
tia's troubles, but most of all the 
UNPA zones" (Serb-held areas of 
Croatia under United Nations 
supervision). 

However, UN officials said yes- 
terday Mr Tudjman had not 
given up his plans of creating a 
Greater Croatia incorporating 
large parts of northern, central 
and western Bosnia-Hercegovina. 

Bosnian accord could destroy 
itself, Page 2 


Hurd admits UK aid-arms sales link 


Continued from Page 1 

government had not continued to 
couduct the same policy by dif- 
ferent means. Mr Hurd said the 
two policies were pursued sepa- 
rately, although in parallel. 

Mr Hurd appeared to blame 
Lord Younger for the “incorrect 


entanglement" of aid and arms 
between March and June 1988. 

Mr Hurd said the defence secre- 
tary had “pursued it with great 
energy", although Lord Younger 
had foiled to clear the protocol 
with any other government 
department or minister. He 
added: “The Foreign Office was 


not consulted before the protocol 
was signed." 

Mr David Sumberg. a Conser- 
vative member of the committee, 
described the original decision to 
link arms with aid without refer- 
ring back to any other depart- 
ment as an “extraordinary state 
of affairs". 


casts of up to 14.5m a year - 
eight times the present number 
travelling by rail between Berlin 
and Hamburg - are grossly opti- 
mistic. 

Mr Wissm ann yesterday dis- 
missed the doubters, saying that 
the project would create 10,000 
new jobs. He insisted that the 
state was not providing any 
financial g uarantees to the pri- 
vate sector investors. "The state 
will only be responsible for the 
tracks," he said. 

The trains are intended to run 
every 10 minutes between the 
two cities, and would be held 
magnetically on a cushion of air 
above the monorail, anri making 
less noise than a Volkswagen 
minib us, so supporters say. 

Tunnellers set 
to bid for 
alpine link 

Continued from Page 1 

estimate. Its construction, how- 
ever, is considered to have been 
highly successful. 

A presentation to the minister, 
Mr Adolf Ogi, and senior Swiss 
transport officials has been 
arranged in London by Mr Rich- 
ard Needham, British trade min- 
ister. He wants UK companies to 
take advantage of the successful 
construction of the Channel ton- 
ne] to capture work on large 
transport projects overseas. 

The presentation to Mr Ogi 
and senior Swiss transport offi- 
cials will be led by Mr Haro 
Bedel ian. chief exeentive of 
Transmanche Link, the 
Anglo-French consortium which 
built the tunnel. Mr Bedelian 
will represent the five British 
members of Transmanche Link: 
Balfour Beatty, Costain, Tarmac, 
Taylor Woodrow and Wimpey. 

Mr Ogi will later meet British 
executives of Eurotunnel, the 
Channel tunnel operator, to dis- 
cuss the problems of privately 
financing and managing large 
construction projects. 


Europe today 

High pressure over northern Europe wHI 
move to Ihe CIS. Scandinavia will be 
attecied by low pressure producing cloud 
and snow in the south-west as temperatures 
rise slowly to more seasonal levels. Western 
and central Europe will be unsettled. The 
Benelux. France and Germany will have 
sunny spells mixed with showers, especially 
dunng the afternoon. Wintry showers are 
expected over northern Britain. The Alps will 
be mainly cloudy with snow arriving tram the 
west above 1 .500 meters. Poland and the 
north-west Balkans will have rain. The 
Mediterranean will continue sunny and dry 
with comfortable temperatures. 

Five-day forecast 

Scandinavia will stay unsettled with wintry 
showers from the Atlantic. High pressure 
over south-western Europe will extend over 
western, central and eventually eastern 
Europe bringing temporarily drier conditions 
and sunny intervals on Friday and Saturday. 
Low pressure will influence south-eastern 
Europe dunng the weekend but the south- 
west of the continent will continue settled 
and warm. 


TODAY’S TEMPERATURES 


WEATHER 


p 000 -£^ 

- °,m 




s -a i t'oao HK3H 

3 S 

Nos 


•* -1 
4 


igh ; J <£> I?. ; 

Warm (root JUL Cold front AA. Wind spend In KPH 


Situation at 12 GMT TemoorMums m^nrnym lor day. Forecast: by Mdoo Consult of the Netherisncts 

CardMf shown- 9 Frankhxt tan- 12 Malta sun SO Rio 

Chicago loir 7 Geneva cloudy 13 Manchester shower 9 Riyadh 

Cologne shower 12 Gibraltar sin i9 Mania fair 3i Rome 

O' Salaam shower 31 Glasgow hail 7 Melbourne fair 2t S.Frsco 

Dakar Ian- 35 Hamburg shower 7 Medea City sun 24 Seoul 

Dallas sun 23 Hetsnki cloudy -3 Miami Fair 21 Singapore 

Delhi sun 29 Hcng Kong fair IB lUHan Fair 14 Stockholm 

Dubai sun 25 Honolulu shower 25 Montreal snow i Strasbourg 

DubSn shower 9 Istanbul Cloudy 13 Moscow fair -1 Sydney 

Dubrovnik fw 17 Jersey shower 9 MurkCft ram 10 Tangier 

Edinbugh shower 7 Karachi sun 32 Nairobi (dr 27 Tel Aviv 

Faro Sun 20 Kuwait sun 26 Naples sun 18 Tokyo 



May mum 

Bellas! 

hail 

7 

CanStf 

shower 

9 

Franklin 

(air 

12 

Malta 


Cot*w9 

Belgrade 

lair 

16 

Chicago 

loir 

7 

Geneva 

cloudy 

13 

Manchester 

Abu Dhabi 

lair 

28 

Bcrixi 

cloudy 

9 

Cologne 

shower 

12 

Gibraltar 

an 

i9 

Mania 

Accra 

Ihund 

31 

Bermuda 

lea 

23 

O' Salaam 

shower 

31 

Glasgow 

hail 

7 

Melbourne 

Algiers 

sun 

21 

Bogota 

fair 

20 

Dakar 

Ion- 

35 

Hamburg 

shower 

7 

Mexico City 

Amsterdam 

showrr 

9 

Bombay 

sun 

3d 

Dallas 

sun 

23 

Helsinki 

cloudy 

S 

Miami 

Athens 

tun 

20 

Brussels 

shower 

11 

Delhi 

sun 

28 

Hcng Kong 

fair 

18 

NBan 

B. Ai no 

fair 

28 

Budapest 

cloudy 

12 

Dubai 

sun 

25 

Honolulu 

shower 

25 

Montreal 

B.ham 

shower 

10 

C.hagen 

rain 

S 

DubSn 

Shower 

9 

Istanbul 

Cfaudy 

13 

MOSCOW 

Bangkok 

tai- 

34 

Cairo 

sun 

23 

Dubrovnik 

far 

17 

Jersey 

ahower 

9 

MurtrCh 

Barcelona 

lor 

18 

Cope Town 

loir 

23 

Edinburgh 

ahower 

7 

Karachi 

sun 

32 

Nairobi 

Bo>jing 

aun 

9 

Caracas 

fair 

26 

Faro 

Sun 

20 

Kuwait 

sun 

26 

Naples 


Lufthansa, Your Airline, 

Lufthansa 

German Airlines 


L Angeles 

fair 

23 

Nassau 

fair 

26 

Toronto 

L 23 Patinas 

lair 

21 

New York 

snow 

O 

Tuna 

Lima 

lair 

28 

Nee 

fair 

18 

Vancouver 

Lisbon 

fair 

20 

IWcosia 

sun 

19 

Venice 

London 

lair 

11 

Oslo 

snow 

-4 

Vienna 

LuxAouig 

Shower 

11 

Paris 

fair 

13 

Warsaw 

Lyon 

Cloudy 

16 

Penh 

sun 

32 

Washington 

Madeira 

fair 

19 

Prague 

Cloudy 

11 

Wellington 

Madrid 

Majorca 

(air 

fair 

21 

20 

Rangoon 

Reyfaavak 

fair 

snow 

33 

1 

Winnipeg 

Zurich 


shower 27 
sun 25 
lair 16 
cloudy 19 
shower 8 
shower 31 
snow -2 
ram 13 
hair 2S 
sun 19 
sun 21 
rain 10 
cloudy 2 
sun 20 
ran 12 
fair 14 
Cloudy 11 
rain 4 
ahower 5 
shower 17 
fair 5 
rain 12 


THE LEX COLUMN 

Too many marks 




It is tempting to dismiss the 20.6 per 
cent growth in Germany’s January M3 
money supply as meaningless. The fig- 
ure is a crude anTnmtisaHnn of only 
one month’s worth of data. Some of 
the rise in private sector lending 
reflects changes in the tax rules on 
mortgages. The difficulty, though, lies 
in knowing how much. Since the out- 
come was so for in excess of market 
expectations, the risk is that underly- 
ing money supply growth is still 
higher than the Bundesbank intends. 

The public importance it attaches to 
tins particular indicator puts the cen- 
tral han> tn a dilemma. Even if money 
supply remains fiat in February, ann- 
ualised growth over the first two 
months of the year will still be 13 per 
cent There may be quite a debate in 
Germany about the relevance of M3. 
But while it is growing so East, the 
chances are that the Bundesbank will 
continue the glacial pace of interest 
rate cuts implicit in this week's 3 basis 
point fall in its money market repur- 
chase rate. Although Infla tion is com- 
ing down and the economy is weak, it 
has to worry about losing credibility. 

The irony is that, by encouraging 
domestic investors to hold money on 
short term deposit, this may delay the 
slowdown of money supply growth, 
j Until the yield curve steepens, there is 
limited incentive to buy bonds, espe- 
cially in these nervous markets. Bond 
markets yesterday went down because 
they were afraid that the Bundesbank 
would not cut rates, not because they 
were worried it would unleash infla- 
tion by doing so. A yield of nearly 7 
per cent on 30-year government issues 
is attractive with inflation already 
below 3 per cent in Bavaria. Investors 
might realise that sooner if the Bund- 
esbank were not so short-sighted. 

UK equities 

What threatened to be a nasty bang 
for UK equities turned into an uncom- 
fortable whimper. After yesterday’s 
22JS point fail, though, the FT-SE 100 
index stands 8 per cent below the peak 
reached a month ago. Whether that 
can be dismissed as a healthy correc- 
tion or marks the begining of a bear 
phase now turns on developments in 
the bond markets, not Just in Ger- 
many. Given the fog that surrounds 
US monetary policy following Tues- 
day’s data, investors might be forgiven 
for feeling thoroughly unsighted. 

Even if bond markets did now 
recover some poise, these issues will 
not be resolved quickly. While a yield 
ratio of around two hardly suggests 


Germany 

Interest rates, 96 
10 — 


8 — ■ 


7 r 

■toy— rb wtehma tfc 
MntfyMd • 

6 s 


1991 92 93 94 

Saucer Datagram 

that UK equities are overvalued when 
judged against gilts, any further rise 
in bond yields would doubtless spill 
over. The main comfort must be that - 
as the Treasury's monthly monetary 
report yesterday confirmed - the 
domestic inflation indicators remain 
unthreatening. 

But neither is it easy to argue that 
UK equities are cheap in their own 
right. The market’s reluctance to see 
the FT-SE 100 below 3,200 yesterday 
points to some support at this level 
Yet a multiple of around IS times this 
year's forecast earnings still demands 
an optimistic view of profits growth. 
The results season has offered some 
encouragement The worry must now 
be that higher real long-term interest 
rates will undermine recovery in 
Europe and profits growth in the UK. 

France 

The sharp fall in European bonds 
and equities will have left the French 
monetary authorities shifting particu- 
larly uneasily in their seats. Not only 
will the government have to pay more 
for the money it raises at today's 
FFri8hn-20bn bond auction to finance 
its budget deficit it must also be grow- 
ing anxious about its privatisation 
programme, given the 9 per cent fall 
in the CAC 40 from last month’s peak. 
The shares of recently-privatised 
stocks, such as Rhdne-Poulenc and Elf 
Aquitaine, are hovering close to their 
offer prices. That suggests future 
issues may have to be priced much 
more cheaply. 

The bigger fear, though, is that 
France's precarious economy may be 
tipped back into recession if the trend 
in long bond yields persists. The Bank 


of France attaches great importance to 
long-term interest rates as a determi- 
nant of economic activity. It must be 
disconcerted that benchmark bond 
yields have risen almost 1 point to 6.4 
per cent this year - especially given 
that the burden has been magnified by 
a corresp o nding fell in inflation. 

Such worries must reinforce the 
impulse to cut short-term interest 
rates further. Yet given how deeply 
the franc fort policy is ingrained in 
French thinking, the monetary author- 
ities’ ha n d- ? will continue to be tied by 
the Bundesbank’s actions. Mr Edouard 
Balladur’s latest stimulus package 
may buy the French economy time 
before the monetary constraints can 
be eased. But the risks appear to be 
escalating just when the French gov- 
ernment could have expected them to 
fall 

Vickers 

Those investors who coughed up 
£60m for Vickers' rights issue last year 
have found their virtue rewarded. The 
loss of blood at Rolls-Royce Motors, 
which had threatened the company, 
has been stemmed. Working capital 
and cashflow have been substantially 
improved, albeit with the assistance of 
advance payments from the Ministry 
of Defence. Cos worth engines had a 
good year in both Formula One and 
IndyCar motor sport The dividend is 
back on an upward track. 

Now shareholders must weigh how 
much of Vickers' future prospects are 
already discounted by the share price. 
Another Challenger 2 tank order may 
well be forthcoming from the MoD, 
but the timing of deliveries will only 
maintain the current level of produc- 
tion. Further overseas orders, which 
would provide a boost are more specu- 
lative. Cosworth may well continue to 
prosper in the precarious world of rac- 
ing, but the collapsing market for Ford 
Cosworth road cars is unlikely to 
recover in the foreseeable future. 

While Rolls-Royce Motors has stabi- 
lised, overall demand is not rising yet 
Indeed, in the US there is little sign of 
renewed interest, despite the strong 
economic growth. Fears that the mar- 
ket has shrunk for good are probably 
overdone, but the concern may hold 
the share price back nevertheless. And 
however much the company argues 
that Rolls-Royce can progress through 
piecemeal joint ventures, a long-term 
strategic partner is needed to develop 
a new modeL Rolls is still a one horse 
company and cannot afford to bet 
everything on changing models alone. 


If you want to know 


At Gardner Merchant, our commitment to our customers is a 


why we’re the world’s 


direct result of our commitment to our people. 1 000 of our 


no. 1 , ask our 6000 

middle and senior managers worldwide are motivated to 

clients in Europe, the 


deliver superior catering service because they own a 


Pacific Rim and 


stake in our Company. 


the USA. 


***** 

GARDNER MERCHANT 

World Service 




3Sn.“- ' 




hr.-;;-.. , 


~ — 






15 



1\S 


S~* ■' 


A ,* 

;• 




f H 




technology 

in ACTION 

§§ Perkins 

CHewl engines from 5-J500 bbp. 
Pwkms Croup Hcodipurwrs. Td. 07 33 6747-1 
**'” mairv 


FINANCIAL TIMES 


COMPANIES & MARKETS 



HALL & TAWSE 


QUALITY 
CONSTRUCTION & DESIGN-BUILD 
NATIONWIDE 

(0M31 124000 

A luhrirtlnry of Ratee pk- 



IN BRIEF 


RMC sell-off 
abandoned 

The French, government has abandoned plans 
topnvatlse &MC.the state-controlled radio group 
because none of the bids were high enough 

Psgc 16 

Vickers ‘turns the comer* 

I^ckere, the UK engineering group which wwfcgg 
mnhs and Rolls-Royce cars, said it had “turned 

^ by ma{dn e Pre-tax profits 

rfRC-tai (S47^i) compared with losses of^sW 
Page 16; Lex, Page 14 

Euro Disney banks meet 

Euro Disney's creditor banks met in Paris to 
diOTiM their negotiating tactics ahead of tomor- 
row's formal meeting with the troubled leisure 
group and Walt Disney. Page 17 

Aluminium attraction 

Mutual fund managers have taken a to 
North American aluminium stocks as the next, 
and best, undervalued market in the commodities 
sector. Page 17 

MDnerals l»lp CRA rise to A$807m 

CR A, toe Australian mining house in which 
Britain’s RTZ holds a 49 per cent stake, reported 
a sharp increase in full-year profits, to A$806.7m 
(*568m), compared with A*4lL4m, on an equity-ac- 
counted, after-tax basis. Page 18 

A banana skin In the sh rimp works 



The Ecuadorean shrimp industry faces multi-min- 
ion dollar losses for the second year in a row 
as water pollution continues to hit production. 

The toxins originate from fungicides on nearby 
banana plantations. Page 24 

CRH Hits profits to l£76m 

CRH, the Dublin-based international construction 
and building materials group, reported a 33 per 
cent increase in pre-tax profits to I£76^m ($107 ,3m) 
on turnover up 28 per cent to I£L43hn for the 
year ending December 31 1993. Page 20 

Serco shares rise 117p 

Shares in Serco rose by llTp to I450p after the 
UK facilities and contract management group 
announced a proposed 4-for-l scrip issue and 
a 31 per cent growth in pre-tax profits to £9.4m 
($13. 7m) in the year to December 31. Page 21 

ADT trades at discount 

Shares in ADT, the UK electronic security and 
car auctions group, continue to trade at a signifi- 
cant discount to markets on both sides of the 
Atlantic because of shareholders' suspicions about 
its chief executive Michael Ashcroft- Page 23 

India static after budget 

Indian equities remained static yesterday while 
Investors review the budget earlier this week. . 
Bade Page 


Companies In this Issue 


r V • 

ABC 

21 

Hollas 


ADT 

23 

JP Morgan 


AST Research 

17 

Jos 


Austmln Odd 

20 

Kamlra 


BWD Securities 

23 

Koat Brothers 


Bank Austria 

17 

MaltierweH Bridge 


Bankers Trust 

15 

Mount Edon 


Blockbuster 

17 

Nottingham 


Bodcflngton 

20 

Petrogate 


Bora! 

18 

Peugeot Cltrofin 


BrightReaaorra 

20 

RMC 


Burrnfne 

20 

Redraw 


CRA 

18 

Resort Hotels 

• - ! * 

CRH 

20 

Saga Petroleum 


Christiania Bank 

16 

Sanderson BramaJl 

U ; l 

Clayton, Son 

22 

Serco 


Coca-Cola 

18 

Smith (WH) 


Comae 

21 

Stat-Plus 


EFM Small Cos 

22 

Swire Pacific 


East Mkflands Bee 

9 

Swissair 


Embassy Property 

21 

TR Property Inv Tst 


English China Clays 

20 

TetecomAsia 


Euro Disney 

17 

The prudential 


Europa Minerals 

20 

Thornton Pan-Euro 


F&C Income Growth 

22 

Time Warner 


Frewnan 

20 

•Trans World Comma 


GKN 

IS 

UES 


Gent (SR) 

21 

Union Pacific 


Greycoat 

9 

Unique Broadcasting 


Hanson 

21 

Vickers 

• 

Havas 

16 

Virgin 


Hoars Govett Small 

22 

Yorkshire Food 


20 

15 

20 

IS 

20 

22 

20 

22 

22 

15 

15 
22 
22 

16 
22 
21 
22 
23 
18 
16 
21 

15 
17 
20 
17 
21 
22 
17 
21 

16 
22 
22 


Market Statistics 


Jfjntusl opens swvtee 26-27 
Bandana* Sort bonds 19 
Bond futures end options 19 
Bond prices and ytetds 19 
Commodities prices 24 

OMdends announced. IK 2D 
BUS currency rates 32 

Eurobond prices 119 

Fixed Intern* Indices 19 

FT-A Wortd IrnBces BacfcPage 
FT GoU Mnes index Back hue 
FTflSMA Intt bond sw 18 

FT-SE Actuates irafices 25 


Foreign exchange 32 

GRta prices 19 

LHto equity options Back Rase 
London stare sendee 25-27 
London trafi options Back Past 
Managed ftmds sendee 28-32 
Money mortals 
New kd bond issues 
Recant issues. IK 
Short-term It rates 
US toast rates 
WoM Stock Markets 


Chief price changes yesterday 


FRANKFURT pM) 

25* !M0 

Bayar venue 473 
CntoMmam 1210 

Dw&cha Bank 7B1 
OnstaarBa* 385J 
Hoeocfst azJ 

m 


S3 

25M 

39W 


Miner Han U 
kraal Lnd M 
Storage Tech 

rat* 

Margreup 

Paranwrt 

Soc IMM 


New York prices at 12J0pm. 




pAmrm 

Hi 


45 

Cap GhuM S 

_ 

15.5 

LDreaJ 


55 

LffflS 


3L5 

sue 


15.7 

Tool B 

- 

10.7 

Unton ImmoB Ft 

TOKYO pr«4 



Brea 


2 

Dai Njn Ton® 



Ml* 


2 

Akam Brake 
FtdBedric 


4 

KsnsaiPaW 


MW 

UBE tads 

- 

2* 

Yttohema Bank 


200 -85 

1190 - S 

238.7 - 1U 

BOB - 35 

307 - 13 

6SS - 2B 


LONDON p aaeal 


BAT unto * 

fitoton Basra 32 » 

CteytonSon 127 * 

Computer 1toa 165 ■* 


GeNffW 

Grand Hat 

tason 

IMo 

Serco 

Howto 


rt 

481W ♦ 
309 + 

36 
1450 
738 


IBM 
3 
14 
20 
3 

1314 
14 
+ 4 

* 117 
+ 25 


Bfttsftlsnd 433 -« 

CutBras 455 - 35 


448 

SSI 

4BG 

450 

364 

870 


Comae 10> 

Oarta Sustana 382 

Genard & tat 410 

HS8C(75pM 844 

M2 M« 

Retard 573 

Schraders 1128 

ScottAito 585 

Tan* «« 

Vlcfcara 188 

WWwiHSGJ 


♦ 31 

- 25 

- 20 

- 24 

- 17 

- 41 


Peugeot boss warns respite may be temporary as UK group suffers production drop 

Incentives boost French car orders 


By John Ridding in Paris 

French government and industry 
measures to stimulate the 
depressed car market have 
prompted a sharp increase in 
orders, according to Mr Jacques 
Calvet, chairman of PSA Peugeot 
Citroen. 

Speaking at a press briefing, 
Mr Calvet also repeated bis claim 
that Renault, Peogect-Citro&n’s 
state-owned rival, should repay 
about FFrabn ($L3bn) to the gov- 
ernment following the failure of 
its merger with Volvo of Sweden. 

He said that the creation of the 
industrial alliance between the 

GKN falls 
20% and 
warns of 
disposals 

By Tim Burt in London 

GKN, the engineering and 
industrial services group, 
blamed a 20 per cent fall in prof- 
its on declining vehicle produc- 
tion in continental Europe. Pre- 
tax profits fell £24 .3m to £97.5m 
($142. 4m) in the 12 months to 
December 31, and the company 
warned that redundancies and 
diqmaaiQ were inevitable. 

Sir David Lees, chairman, said: 
“We've seat the worst foil in car 
and truck production ever 
recorded in continental Europe. 
There’s not been a year Hke this 
since the second world war." 

Redundancies are most likely 
in continental Europe, where 
demand for GEN’S automotive 
components has fallen sharply. 

GKN - embroiled in a £4 96m 
takeover bid for Westland, the 
helicopter — riaimoH con- 
tinental car production fell by 20 
per cent and commercial vehicle 
output by 26 per cent 
Sir David warned that reorgan- 
isation and redundancies costs - 
up 54 per emit at £19.9m - Would 
be a recurring feature. Those 
costs led to a 15.4 pm- cent fall in 
operating profits to £1 06.5m. 

Although the group received 
£26. 6m from associated compa- 
nies, a gainst £242m, their con- 
tribution was undermined by 
£19m of losses at UES Holdings, 
the steelmaker in which GKN 
has a 39.1 per cent stake. Sr 
David admi tted that GKN no lon- 
ger wanted to be involved in 
steehnaking. 

Automotive and engineered 
products - including GKN 
Defence — saw operating profits 
foil 20 per cent to £76m on flat 
turnover of £L56bn. 

Profits in the industrial ser- 
vices and distribution division, 
embracing pallet hire, were 
unchanged at £31m on reduced 
sales of £463m, against £471nu 
Sales by associated companies 
helped group turnover increase 
to £2.64bn, from £&£3bn. 

Mr David Turner, finance 
director, warned that redun- 
dancy and restructuring costs 
would exceed £10m in 1994 as 
staffing - reduced by 1^800 to 
26,400 last year - was cut fur- 
ther. 

The company was placing 
greater emphasis on joint ven- 
tures in emerging markets and 
increasing components capacity 
in the US, where it has embarked 
cm a $50m expansion. 

It also predicted that profits in 
continental Europe, which fell 
more than 43 per cent to £38m, 
would pick up in 1994. 

Net cash flow increased to 
£355. 5m, from £219.9m - due 
mainly to £101m in advance pay- 
ments for defence equipment. 
Net borrowing foil sharply from 
£1 56.9m to £10. lm. 

Earnings per share fell to 
18.7p, compared with £20.6p. 

The dividend is unchanged at 
20£p. 

Losses deepen at UES, Page 22 


two groups and the decision to 
unwind their cross-shareholdings 
could have the net effect of an 
increase In Renault's capital, and 
this should be reimbursed. Ren- 
ault has described Mr Calvet’s 
comments as “a personal inter- 
pretation” and said that any 
Increase in capital had come 
from Volvo, not the Fr enc h state. 

Mr Calvet said that last 
month's government measures, 
which included a payment from 
the government of FFr5,000 for 
car owners who traded in 
vehicles more than 10 years old 
to buy a new one. and which 
were matched by incentive 


schemes by the car companies, 
resulted in almost 50,000 extra 
orders in the French market. 
Total orders for the month were 
about 200,000. 

“It seems there was a strong 
effect,” said Mr Calvet. But be 
warned that the increase could 
be temporary. 

“We cannot say whether the 
rise wifi last,” be said, adding 
that consumers may have hur- 
ried to take advantage of the 

6fthi»m es_ 

The company has not revised 
its forecast made at the start of 
the year of a 7 per cent increase 
in total car sales In the French 


market to L85m, as it bad antici- 
pated stimulatory measures. 

Mr Calvet said that Peugeot 
was continuing to implement 
measures to cut costs and 
increase productivity to adapt to 
the depressed European car 
market 

The company plans to cut 
about 7,000 jobs this year, from a 
total workforce of 143,900. Pro- 
ductivity, wbich improved by 12 

per cent last year, is targeted to 

increase by a s imilar amount in 
1994. 

Mr Calvet described BMW's 
acquisition of Rover of the UK as 
“a courageous and intelligent 


move, but with risks”. 

He said that the move would 
strengthen BMW’s range, proride 
' it with four-wheel drive vehicles, 
and diversify its production base. 

However, he spoke of the diffi- 
culty of combining two car 
operations and said that the man- 
agement of industrial co- 
operation with Honda would be a 
crucial factor in the success of 
the merger. 

“Honda had a place in its alli- 
ance with Rover, concerning 
design, and conception, which 
was much more important that 
its share of the capital,” said Mr 
Calvet 


Richard Lapper examines UK insurers’ shift towards direct sales 

Crunch time Personal motor market 


looms for the 
motor crowd 


N o sooner have UK insur- 
ers enjoyed the fruits of 
premium Increases in 
their much-improved 1993 profits, 
than the threat of heavy price 
competition looms in a crowded 
corner of the market Premium 
rates are already starting to foil 
in some areas of the fragmented 
£6bn-a-year motor market, and 
many observers predict an accel- 
eration. 

This week’s launch of Guard- 
ian Royal Exchange's telephone- 
based subsidiary Guardian Direct 
hi g hli g hts an inexorable trend in 
motor insurance - and to a lesser 
extent in home cover - towards 
direct sales and away from the 
broker as an imlppmitunt inter- 
mediary. 

Direct writers - which can 
enjoy cost advantages over rivals 
dependent on traditional broker 
outlets - are increasing their 
market share at an impressive 
pace. Last year, for example. 
Direct T.inp - a company formed 

The rates for 
comprehensive 
policies could fall 
by 15 per cent 

only in 1985 - became the biggest 
motor insurer in the country, 
increasing policyholders from 
771,000 at the end of 1992 to L4m_ 
Churchill, owned by the Swiss 
insurer Winterthur, is the second 
biggest direct writer with 470,000 
policyholders. 

Mr Oliver Steel, an analyst 
with securities house Kleinwort 
Benson, estimates that direct 
sellers increased their market 
share from 17 to 22 per cent in 
1993. This was driven by the tele- 
phone-based players which now 
cover roughly 8m of the UK’s 
18.5m insured drivers. Most of 
the shift has been at the expense 
of high street brokers. 

Mr Steel expects direct writers 
to account for 40 per cent of aQ 
personal lines business by the 
end of the decade, while some 
observers believe the final figure 
could be as high as 80 per cent 
“Brokers appear to have most to 
lose . . .In the wain they will find 
larger portions of their business 
disappearing down the telephone 
and by the end of the century, we 
forecast tide source of business to 
account for less than 20 per cent 
[of the total!” Kleinwort Benson 
concludes. 

These changes are already 
stretching the resources of man- 
agements who have put their 
faith in broker-based distribu- 
tion. Companies, such as Sun 
Alliance, have invested heavily 
in acquiring ohahra of high street 
brokers only to find the ground 
shifting from beneath their feet 


In the view of many observers, 
the big high street chains - Swin- 
ton, AA Insurance Services and 
Safeguard - enjoyed their heyday 
in the early 1980s and face fur- 
ther decline. “The market is 
clearly in trauma. The compos- 
ites are losing a major distribu- 
tion mechanism,” says one senior 
broker. 

So far the impact of these 
rhawgBs on the price of motor 
insurance has been unclear. With 
the help of more technically 
sophisticated techniques, insur- 
ers have began to change the 
way they price their risks. This is 
illustrated by the higher rates 
charged to high-risk drivers, such 
as younger motorists or those 
with fast cars. Mr John Carter, 
chief executive of Commercial 
Union, says: “Some rates will go 
down and others up". 

Many insurers have increased 
the “excess' - the amount of a 
daim a policyholder pays - to 
encourage drivers to become 
more safety and security con- 
scious, making it more difficult 
to make a direct comparison of 
year-on-year premium rates. 

Mr Keith Lugton, head of cor- 
porate relations at Guardian, 
draws attention to another trend 
which has complicated matters. 
Guardian increased motor rates 
by 8-10 per cent last year, follow- 
ing rises of 25 per cent in both 
1991 and 1992. However compre- 
hensive policy rates fell by an 
average of 1 per cent The bulk of 
the increased charges, with rises 
averaging 20 per cent affected 
nun-comprehensive policies cov- 
ering third party liability. 

It has became less attractive to 
underwrite such policies because 
of the virtual disappearance of 
the “knock for knock” arrange- 
ment, designed to reduce legal 
costs and simplify the payment of 
claim c Under “knock for knock”, 
insurers agreed to pay claims 
presented by their policyholders 
irrespective of their responsibil- 
ity for the accident. 

Most major insurers have now 
withdrawn from the scheme. 
They argue that drivers with 
third party insurance are respon- 
sible for disproportionately more 
accidents, and so the “knock for 
knock” system involves under- 
writers of comprehensive policies 
subsidising their less “risk- 
averse” competitors. 

Despite the complicated pic- 
ture, few doubt that competitive 
pressures are increasing. Accord- 
ing to Mr Steven Bird, an analyst 
with Smith New Court, the secu- 
rities house, rates for comprehen- 
sive policies cotzld fall by as 
much as 15 per cent. 

The downward pressure on 
prices could be fed by the efforts 
of smaller direct writers to build 
up market share to offset their 
heavy investment in technology 


Hedge fund muscle sized up 


By Sara Webb and TTacy 

Corrigan 

The financial resources deployed 
globally by highly leveraged 
hedge funds could exceed the 
size of the UK government bond 
market. 

Large and medium-sized hedge 
funds have an estimated $40bn- 
$45bn under management, 
according to MAR Hedge which 
tracks more than 100 large 
funds. But they exert a far 
greater impact on finanrfai mar- 
kets than their nominal size 
would suggest because they are 
so highly leveraged. 

Based cm the MAR Hedge fig- 
ures, If the funds have an aver- 
age exposure of 10 times their 
nominal value, then they would 
account for global market expo- 


sure of dose to JSGOhn. To put 
tills in perspective, the total size 
of the UK government bond mar- 
ket is about £220bu, according to 
BZW. 

One head of bond trading to 
London said he believes that 
hedge funds' l e v e raged positions 
in the government bond markets 
total around $120bn at present 

Heavy selling by hedge funds, 
particularly of European govern- 
ment bond futures, has driven 
down the markets In the past 
fortnight. Concern about these 
activities has prompted central 
bankers to launch inquiries 
about banks' exp os ure to hedge 
funds. 

While informal estimates put 
the total number of hedge fends 
at 800 to 3,000, many of these are 
relatively small and not widely 


followed. Ms Lois Feltz, manag- 
ing editor of MAR Hedge, said 
that industry estimates of money 
under management range up to 
glOObn. 

Ms Nicola Meaden who runs 
Tass Management, a fund data- 
base service, estimates that the 
top 10-12 hedge funds “probably 
have about 8301m under manage- 
ment”. These fends include Mr 
George Soros's Quantum Fund, 
the biggest of the hedge funds. 

The degree of leverage varies 
between funds, so that market 
exposure ranges from twice to 20 
times their nominal size. By buy- 
ing bond fixtures, for example, 
hedge fend managers can create 
highly leveraged positions in the 
fixed income markets, which can 
then drive prices in the cash 
market. 



S' :*?■■■ «... 

Pramfera Income (Eh»onj j”J 
5 JO — - — - — 


looser ■ Other 


MO 



1990 


1991 


1902 


1893s 


*,WciKlB»ia»phflos»s>B«. direct mai and 'newspaper s d irematn g 


and marketing. “They'll inevita- 
bly concentrate on price. They 
will maybe budget to lose money 
for their first three years,” sug- 
gests the senior broker. 

Traditional brokers are also 
joining in, with a number launch- 
ing telephone-based operations 
recently. 

The implication is that private 
customers should enjoy cheaper 


and better insurance, but some 
companies may not be around to 
offer it ‘There could well be one 
or two players pulling out of the 
market or converting themselves 
into niche companies,” says Mr 
Bird. Or as Mr Peter Wood, the 
chief executive of Direct tine, 
puts it “It is a big money busi- 
ness - peanut players cannot sur- 
vive." 


Fears of 
trading 
losses hit 
US banks 

By Rfcfiard Waters In New York 

Shares in Bankers Trust and JP 
Morgan, two of the most active 
US commercial banks in the 
financial markets, fell sharply 
yesterday amid rumours they 
had taken big trading losses. 

Bankers Trust, which is more 
reliant on derivatives trading 
than other commercial banks, 
was forced to put out a brief 
statement after reports spread 
that it had been hit by large 
losses on derivatives. 

The bank said that its 
“operations thus for to 1994 hare 
been profitable”, though It 
refused to elaborate. This state- 
ment failed to reassure the stock 
market, and Bankers Trust’s 
shares lost 33% to S77 by midday 
in New York. In the first quarter 
of last year, the bank made after- 
tax profits of $230m. 

JP Morgan was also rumoured 
to have lost heavily on deriva- 
tives and to the Latin American 
debt market It would only say: 
“Our standard practice Is not to 
comment on our results until tbe 
end of the quarter.” 

The bank Is understood to 
have taken losses on Latin Amer- 
ican debt, where It is one of the 
biggest dealers, but these are 
thought not to have been signifi- 
cant Morgan’s shares were down 
$2 at S85Ys by midday. 

Rumours of big trading losses 
at several banks have been swirl- 
ing around the financial markets 
to the volatile conditions since 
the Federal Reserve edged up US 
interest rates on February 4. 

WUQe most traders claimed to 
have been prepared for some 
movement in US rates, the subse- 
quent fall in European bond 
markets has taken many by sur- 
prise. Many banks bad predicted 
a continuing rise to European 
bond prices in the first half of 
tills year. 

Also, the dollar’s foil against 
tbe yen - the cause of the 8800m 
loss admitted last week by Mr 
George Soros’s Quantum fend - 
had not been expected. The belief 
was that once US interest rates 
started to rise, the dollar would 
follow. 

Goldman Sachs, another bank 
said to have taken big losses in 
European bond markets, was 
forced to pnt oat a statement 
denying such reports last month. 

Even if losses prove less severe 
than some of the speculation 
suggests, banks are unlikely to 
sustain the sort of trading prof- 
its made last year, when the 
world’s biggest bond and stock 
markets were moving higher to 
tandem. 


s 


This announcement appears as a matter of record only 

MERCURY 

DEVELOPMENT CAPITAL 

and 

GROSVENOR VENTURE 
MANAGERS LIMITED 

are delighted to announce the acquisition 
of Grosvenor Ventures Limited by 
Mercury Asset Management pic. 

The combined business manages venture and 
development capital funds totalling over £450 million. 


x 


MERCURY DEVELOPMENT CAPITAL 
33 King William Street. London, EC4R 9 AS. 



Mercury 


Man age men - 


GROSVENOR VENTURE MANAGERS LIMITED 
Regal Court, 42-44 High Street, Slough SL1 1EL. 


Mercury Development Capital is a division of Mercury Asset Management pic. Mercury 
Asset Management pic and Grosvenor Venture Managers Limited are members of IMRO. 


I.- 




France abandons plan to 
privatise radio network 


By Alice Rawsthom 
in Paris 

The French government 
yesterday abandoned plans to 
privatise RMC. the state-con* 
trolled radio group, after decid- 
ing that none of the bids for 
was high enough. 

RMC. which owns a number 
of radio stations including 
Radio Monte Carlo for easy lis- 
tening music and Radio Nostal- 
gic for golden oldies, was put 
up for sale last November. 

The government which has 
a S3 per cent holding in RMC, 
invited private sector compa- 
nies to bid for the company 
rather than floating it on the 
stock market. It has since 
received four offers for the 
business. 

Havas, the French media 
group, made the highest offer 
with a bid worth FFr540m 
(S93m). NRJ, the pop music 
radio station, bid FFr440m. 

The offers from Alcatel-Als- 


thom, the electronics concern, 
and VSD, the weekly maga- 
zine, were valued at FFr420m 
and FFr400m respectively. 

However, the government 
had previously commissioned 
Coopers & Ly brand, the 
accountancy group, to prepare 
a formal valuation of RMC. 
Coopers is believed to 
have estimated that the com- 
pany was worth FFrtiOOm, sig- 
nificantly more than any of the 
private sector offers. 

The economy ministry yes- 
terday issued a statement say- 
ing that it had scrapped 
plans to sell RMC as none of 
the bids for the company had 
matched its minimum valua- 
tion. 

Although price was the main 
obstacle to the RMC sale, the 
government faced an addi- 
tional deterrent in that the 
Conseil de la Concurrence, the 
French competition authority, 
opposed the Havas bid on the 
grounds that the group already 


has significant advertising 
interests. 

Havas not only controls 
Euro:RSCG, the largest 
French marketing services 
concern, but already has inter- 
ests in broadcasting and bill- 
boards. 

It was last month embroiled 
in a political row over its con- 
troversial decision to effec- 
tively take control of Canal- 
Plus, the television 
group. 

The failure of the RMC sale 
marks the first setback in the 
Balladur government’s pro- 
gramme of state asset 
sales. 

Tire company was originally 
earmarked for privatisation in 
1986 when the last centre-right 
French government came to 
power with Mr Edouard Balla- 
dur, the curr en t prime minis- 
ter. taking a leading 
role in privatisation policy In 
his old post as economy minis- 
ter. 


Vickers claims it has 
‘turned the corner’ 


Nordic 
Investment 
Bank ahead 

By Hugh Camegy 
In Stockholm 

Nordic Investment Bank, 
jointly owned by the five Nor- 
dic countries, yesterday 
reported a 26 per cent rise in 
profits before allocations in 
1993 to Ecufrlm ($56m). from 
Ecu5lm in 1992. 

The Helsinki-based bank, a 
leading western investor in the 
Baltic states, said net interest 
income grew 36 per cent to 
EculOLm. but attributed much 
of this to its switch 
during the year to the Ecu as 
its currency of account and 
capital. 

The bank said it had charged 
Ecu3.lm against profits to 
cover loan losses. But it 
boasted that unlike other loan- 
loss hit Nordic banks, it had 
only two non-performing loans 
in its lending portfolio which 
at tbe year-end totalled 
Ecu4iibn. 

The bank said It had 
retained its triple A credit rat- 
ing - the only Nordic banking 
institution to have done so. 


By Andrew Bolger and 
Kevin Done in London 

Vickers, the UK engineering 
group which makes tanks and 
Rolls-Royce cars, claimed to 
have “turned the comer'’ last 
year by making pre-tax profits 
of £32 .3m ($47.15m). compared 
with losses of £36.6m. 

Sir Richard Lloyd, chairman, 
said: “Having fought for and 
won our survival, the Vickers 
group is now in a position to 
pursue growth in 1994.’’ 

Group turnover fell 4 per 
cent down to £690m in the year 
to December 31. Sir Colin 
Chandler, chief executive, said 
a squeeze on working capital 
contributed to a net cash 
inflow of £58m. compared with 
an outflow of £40m last time. 
The proceeds of last March’s 
£603m rights issue helped tbe 
group to net cash of £l8.6m at 
tbe year-end. compared with 
borrowings of £100m. 

Rolls-Royce Motor Cars, the 
luxury car subsidiary, man- 
aged to break even following 
two years of heavy losses. The 
operation has been drastically 
restructured to take account 


of a steep fall in sales. 

Worldwide retail sales of 
Rolls-Royce and Bentley cars 
stabilised last year at 1,360 
compared with 1,378 in 1992. 
and the business returned to 
profit in- the final quarter of 
1993. 

Overall Vickers' automotive 
operations, which include the 
Cos worth engines «nH castings 
businesses, made a trading 
profit of £10.5m compared with 
a £15 ,8m loss in 1992. Most of 
the profit was generated by 
Cosworth, which had a suc- 
cessful year in both Formula 1 
and the IndyCar series. 

Operating profits from 
defence rose from £7.8m to 
£10.3m. although sales were 
down from £179m to £145m. Sir 
Colin did not expect any firm 
orders from the UK for new 
Challenger 2 tanks before May 
despite December's announce- 
ment that the Ministry of 
Defence intended to purchase 
up to 259. 

Earnings per share of 8p 
compared with a loss oT 12. Ip 
last time. A final dividend of 
l.75p gives a total of 3p (L5p). 
Lex, Page 14 


Swissair 

confirms 

positive 

result 

By Ian Rodger 
in Zurich 

Swissair, the Swiss national 
airline, has indicated that it 
made a profit last year in spite 
of a fourth consecutive year of 
losses from flight operations. 
It gave no figures. 

Mr Otto Loepfe, chief execu- 
tive, confirmed the positive 
result, which earlier seemed 
uncertain, at a press confer- 
ence yesterday in Zorich to 
announce an increase in 
orders tor Airbus aircraft from 
26 to 29. 

The airline group also 
revealed a finance plan to 1998 
calling for capital spending of 
SFr4.6bn ($3.2bn) and debt 
repayment of SFi-SOOm. This 
would be financed by SFr3bn 
from cash flow, SFrl^bn in 
new capital and SFriJOOm from 
liquid fluids. 

Swissair’s Airbus order con- 
sists of 16 A320s, eight A321s 
and five A319s worth 
SFriL3bo. 

The aircraft will be intro- 
duced over two years from the 
beginning of 1995, more 
quickly than previously 
planned, and five of them are 
to be leased. 

They will replace 24 McDon- 
nell Douglas MD-81s and five 
A3 10- 200s, of which all but 14 
MD-8ls have already been 
sold. 

The Airbuses will be 
equipped with CFM-56-5B 
engines which produce 40 per 
cent less NOx emissions than 
file engines on the MDSls and 
are 25 per cent more fuel effi- 
cient 


Spanish insurer 
advances 14% 

Corporacion Mapfre, the 
leading Spanish insurance 
group, increased pre-tax prof- 
its by almost 14 per emit last 
year to Pta9.2bn (665.7m), 
writes David White in Madrid 
Total net premiums climbed 
23 per cent to Pta274bn. This 
partly reflected the impact of 
exchange rate changes mi pre- 
miums outside Spain which 
climbed 37 per cent to 
Pta90.3bn. Reinsurance rose 
30 per cent to PtaSSbn. 


Christiania Bank back in black 



Barger Lenth: 'More than NKr2bn hi new cue capital’ 


By Karen Fossil In Oslo 

Christiania Rank, Norway’s 
second biggest bank, has 
returned to a full-year profit 
for the first time in five years, 
helped by interest rate reduc- 
tions, operating efficiencies 
and gains on sec uri ties. 

The bank swung to a pre-tax 
■profit of NKr862m (9116m) in 
1993 from a loss of NKrlJObn 
in the previous year. 

The other dominant feature 
of 1993 was “our global share 
offering which strengthened 
the bank’s equity by more than 
NKr2bn in new core capital." 
said Mr Borger Lenth, manag- 
ing director. 

The bank's rapifeii adequacy 
rose from 8.6 per cent to 13.7 
per cent of risk-weighted assets 
at the end of December while 
core capital doubled to 5.9 per 
cent from 3 per cant 

Net interest income at 
NKr3.06bn was little changed 
from the previous year. Non-ln- 
terast income shot up by 35 per 
cent to NKr227bn. 

Gains on securities reached 
NKr731m, against losses of 
NKr94m in 1992. Net gains on 
foreign exchange and other 
financial instruments fell to 


NKr286m from NKr605m, due 
to lower profitability by the 
bank’s own trading in financial 
Instruments, and because 1992 
was particularly good, Christi- 
ania said. 

Operating expenses rose 
slightly to NKr2.92bn from 
NKr2.87bn. “Excluding the 
costs relating to the acquisi- 
tion of new branches and the 
increase in the charges payable 
to tiie banks’ g uarante e fund. 


Christiania reduced Its 
expenses by 2 per cent in 1993,“ 
it said. 

The bank almost reduced by 
half losses on loans and guar- 
antees, to NKrl.45bn from 
NKr2.8bn, but is still plagued 
by high losses in the fisheries 
sector, which accounted for 
NKc939m of the total, of which 
NKrll4m was incurred in the 
fourth quarter. 

Net non-performing loans 


were cut to NKr4.7bn from 
NKr5.9bn while gross non-per- 
formers fell to NKr9,6bn from 
NKrlilbn. 

The bank said the reduction 
in loan loss provisions and In 
the volume of non-performing 
co mmi tments in all sectors 
except fisheries, was primarily 
due to lower Interest rates and 
a strengthening of procedures 
for account monitoring. 

• D3CA, the UK-based credit 
rating agency, has raised the 
ratings of Christiania Bank, 
Den norske Bank and Spare- 
banken Nor. 

Christiania’s individual rat- 
ing was raised to C/D from D/ 
E, the long-term rating to A 
from A- and the short-term rat- 
ing to A1 from A2. DnB's 
respective ratings were raised 
to D from D/E, to A from A- 
and to A1 from A2. Nor has 
been raised to C from C/D, to A 
from A- and to Al from A2 due 
to an especially strong recov- 
ery tn 1993. 

“The higher ratings reflect 
the improving finatirfai condi- 
tion of the banks and the posi- 
tive outlook for the Norwegian 
economy, and for the banks 
themselves, for 1994 and 
beyond," IBCA said. 


Saga Petroleum increases payout 


By Karen Fossfi In Oslo 

Saga Petroleum, Norway's 
biggest independent oil com- 
pany, has reported a steep rise 
in pre-tax profits for 1993 and 
is increasing its dividend from 
NKrl.75 a share to NKr2. 

Group operating revenues 
advanced to NKrS.66bn (9764m) 
for 1993 compared with 
NKr4.92bn for the previous 
year after an increase in oper- 
ating costs to NKi3.97tm from 


By Hugh Camegy 

Kemira, the state-owned 
Finnish chemicals group due 
to be privatised, yesterday 
reported an unexpected return 
to the black, announcing a 
profit after financial items in 
1993 of FM50m ($9m) following 
a loss in 1992 of FM291m. 

Sales were up 6 per cent to 
FMll^bn despite the favoura- 
ble effect of a weak Finnish 

markka 

But Mr Heimo Karmen, chief 


NKr3-67bn. Pre-tax profits for 
the year were NKribn, against 
NKriKfim. 

The charge for net financial 
items was NKrfB&n in 1993, up 
from NKr449m in 1992. 
Tnffindad in last year’s charge 
Is a net unrealised currency 
loss of NKr451m on dollar -de- 
nominated debt 

Last year total crude oil pro- 
duction surged by 22 per cent 
to 35£m barrels as daUy crude 
oil production rose to 98.400 


executive, said a series of inter- 
nal cost-cutting measures, 
which saw the workforce 
reduced by L2Q0 to 11.000, has 
begun to pay off, producing the 
return to profitability. 

An extraordinary charge 
related to rationalisation mea- 
sures of FM20m left pre-tax 
profit at FM30m, compared 
with a pre-tax loss of FM338m 
in 1992. Mr Karinen said much 
of the cost of these measures 
Had now been taken and he 
expected higher profits in 1994 


barrels from 80,700 barrels, 
helped mainly by the first full 
year of output from the Snorre 
field. 

Crude oil sales rose by 4.5m 
barrels to 31m in 1993 as gas 
sales fell to 465m cubic metres 
from 485m. Tariff revenue from 
pipeline systems rose to 
NKrS03m from NKr450m. 

At the end of 1993, Saga's 
remaining proved and probable 
oil and gas reserves totalled 
147.4m tonnes of oil equivalent. 


despite little sign of significant 
growth in its main European 
markets. 

Kemira, which is 100 per 
cent state-owned, is one 
of the centre-right govern- 
ment’s main candidates for pri- 
vatisation. The government 
envisages a flotation of 
a one-third stake in the com- 
pany. 

Although no timetable has 
been set, the company is 
understood to favour moving 
ahead this year. 


Banco Mello 
net improves 

By Peter Wise In Lisbon 

Banco MeUo, a Portuguese 
bank privatised in 1991, yester- 
day announced a 12 per cent 
improvement in net profits to 
Eslbn ($5.7m) for 1993, com- 
pared with 1992. Cash flow rose 
20 per cent to Es2.3bn. Net 
assets grew 34 per cent to 
Esl24bn. 

The hank plans to hold its 
dividend at Es70 a share, and 
proposes to increase share cap- 
ital from Es9bn to EslBbn this 
year through a rights issue. 

It said an allocation of 

3hn in provisions ag ains t 

bad debt had increased its 
coverage of doubtful credit 
from 48 per cent tn 1992 to 67 
per cent but had slowed profit 
growth. 


Correction 

Tofas 

Tofas, the Turkish motor 
group, has a domestic market 
share of 45 per cent, and not 25 
per cent as reported on Tues- 
day. 


Unexpected FM50m at Kemira 


EPSON Stylus 800 INKJET 

SO GOOD, I TOOK MY 
OFFICE HOME. 


Around £240* for Ihts much quality? 
Epson makes laser-quality inkjet 
printers affordable for home or 
office. But it's not just the price 
that makes the 
Stylus 800 , ■ 




the* best 
value inkjet. 

Running costs •, 
average just 1 .5p 
per page - much V '. r “T : v 
less than most of the ^ 
com petition. The Epson^. 
piezo print head delivers 
belter inking, for superb print quality 
on almost any paper. The ink cartridges 



are among the cheapest you can 
buy. The power supply and A4 
paper feeder are built in, so you 
don’t pay extra for essentials. 
The Styftrs 800 runs with 
all major software. 
And. just to 
; prove it realy 
is as good 
as we say, we 
cover it with a fufl 
2 -year warranty. 
To get your free 
information pack dial 
100 and ask for FREEPHONE 
INKJET, or return the coupon below. 


TOO GOOD TO COST SO LITTLE. 



EPSON Stylus 800 Around £240* w 

‘Average retail price (RRP £316 Ex. VWT) 

■ Pmi ISO cps. iz.^prf LO « Epson permanent p«o nead pnm quaSry: Zo0x360dp> ■ 100-Swet M feeder txrt in 

1 4 scalable fam-s • Epson ESC/P 2 control language • low-cost leriaceebe cart-ege • Mtoosofi* Windows' Olwr suppled* 


Please send my information pack rcfcjdog brochure, prose reviews, tree gilt and The Inkjet Gride Q 

Name — — ..... . T*tte Company 

Address 


RastaxJe 


Telephone .... 


Affum la Epwn UK Lomca WEE POST. Cvnpu, 100. Mjyunas HenwIHeresaBti NerK. HP? sen { Nc r&rxtt I rTiO-PC ! 


Call Free! Dial XOO and ask toe Operator for Freephone Inkjet. 

JBL P» 


The World Printer Specialist 

Inkjet Punters • Dot Matrix Preiser? ■ laser Pnnterc 


EPSON 


■Motectr and Wnoowa - ore traoomaria rf ffia Mcrowf! saeoatm 



An expanded edition of the FT survey of the Top 500 companies is now available 
for £22. 

The “FT European Top 500” is a permanent reference of Europe’s biggest, most 
powerful companies, showing how they are positioned for 1993 and beyond. 

Companies are ranked by turnover and sector (including separate UK Top 500 
lists), by capitalisation showing profit increases and decreases, and by number of 
employees. A comprehensive address list, with key executives, is also included. 

If you would like a copy of the omnibus FT500 complete the coupon below. 


To: John White, Financial Times, Number One Southwark Bridge, London SE1 9HL. Fax number 071 873 3072. 

I would like HZ! copies of the FT Top 500, £22.00 per copy. 

(postage and packing Included) 

Please charge to my: American Express I } Mastercard I 1 Access 1 I Visa IZ~I Only UK cheques accepted ' ~l 


Card expiiy date 

Card Number III] 

i i i i i i i i i i i n 

Name 


Title 

Comoanv 


Tel 

Address .. . . 


City 

Postcode 


Signature 


Date 

(No order accepted without a signature) 


The Information you provide will be held try the Rnandai Times and may be used to keep you Inf or med of FT product? and by other -wh-rlfil compiles for mailing 
Ret purposes. The Rnandai Times is registered under Bis Data Pro lection Act 1984. The Rnandai Tanon. Number One Southwark Bridge. London SE1 9HL j” — J 
Please tick this box if you do net wish to receive any further Information from the FT Group or companies approved by the Financial Times. I ' 

FT Because business is never black and white. 







FINANCIAL Tnvnrc? 


Thursday march 3 1994 . 


INTERNATIONAL COMPANIES AND FINANCE 


17 


Time Warner 
delays trial of 
interactive TV 


Aluminium shines for fund managers 

The stock has reflected the commodity’s price rise this year, writes Laurie Morse 

Strong showing by aluminium 


S & P fru&es (rebased) 

125 



By Martin Dickson 
in New York 

Time Warner, which operates 
the second-largest cable televi- 
sion service in the US. has 
delayed the start of one of 
America's leading trials of 
multimedia interactive televi- 
sion, from April until the 
fourth quarter of this year. 

The company announced a 
year ago it planned to intro- 
duce a “full service network" - 
offering services ranging from 
home shopping to interactive 
games and information ser- 
vices - to 4,000 customers of its 
cable television service in 
Orlando, Florida. If successful 
there, it will roll the service 
out across its cable franchises. 

However, it now says it is 
postponing the launch to allow 
“additional refinements of the 
underlying system software 
and the set-top terminal”. 

The operating software is 
being designed by Silicon 
Graphics, the California-based 
maker of high-performance 
visual computing systems, and 
the set-top terminal, which 
controls the flow of informa- 
tion to the home, is being 
made by Scienti fir- A tlanta 

Mr Joseph Collins, chairman 
of Time Warner Cable, said it 
remained on track to have 


By Louise Kehoe 
in San Francisco 

Shares of AST Research, the 
fifth-largest personal computer 
manufacturer, dropped sharply 
yesterday when the company 
confirmed Wall Street concerns 
about slower-th an -expected 
sales growth in the current 
quarter. 

AST, one of the fastest-grow- 
ing companies in the PC indus- 
try. was trading at $24 in mid- 
session yesterday, down from 
Tuesday's close of $28%. This 
followed a 9 per cant drop an 
Tuesday. 

For the fiscal year ended 
July 3 1993, AST lost $53J8m, or 
$1.72 a share, on sales of 
$L41bn. 

The loss reflected a $125m 


By Damian Fraser 
in Mexico Ctty 

Mexico's private banks are to 
restructure about 55bn pesos 
($1.74bn) of agricultural loans 
in default, in a move that wiU 
help rescue up to 18,000 form- 
ers from bankruptcy. 

Mr Roberto Hernandez, the 
head of Mexico's bankers’ asso- 
ciation, estimates the restruct- 
uring will cause lbn pesos in 
lost revenues over the next 
three years. Private banks 
have largely replaced the state 
rural development bank as the 
main source of fi n a ncin g for 
the sector. 

The restructuring comes 
after intense political pressure 
on the banks to offer solutions 
to the farm sector's debt 
problems. These have grown 
since the new year peasant 


4,000 customers on the network 
by year-end, “and the develop- 
ment process makes us highly 
confident about its success". 

However, the delay is likely 
to puncture some of the recent 
hype surrounding the develop- 
ment in the US of an informa- 
tion superhighway - a nation- 
wide, interactive multimedia 
network. 

Coming on top of last week's 
collapse of the proposed 
merger between telephone 
group Bell Atlantic cable 
company Tele-Communications 
Inc, it shows there remain 
many hurdles - tgrhnningjj-a] 
financial and commercial - 
b efore the US creates a suc- 
cessful multimedia s ys t em 

Other cable television and 
telephone companies are 
involved in trials of multi- 
media systems, but Time 
Warner’s venture Is widely 
regarded as the most aggres- 
sive. 

It draws on the company's 
experiment in the Queens bor- 
ough of New York City, where 
Time Warner has been deliver- 
ing 150 channels of interactive 
television to cable customers. 

Mr Edward McCracken, 
chairman of Sflicnn Graphics, 
said it was important the 
Orlando system provided a 
“fully-refined environment". 


pre-tax restructuring charge 
related to the company’s acqui- 
sition of Tandy's PC manufac- 
turing operations in July 1993. 

For the first half of fiscal 
1994, the company reported net 
income of $2&2m, or 79 cents, 
on revenues of $L2bn. 

Several brokerage firms low- 
ered their ratings on AST after 
the company said its February 
sales were strong, but below 
projections. Growth here was 
about 60 per cent over the 
same month last year, rather 
than an expected 70 per cent 
increase. 

Other PC stocks also came 
under pressure. At midday in 
New York, Apple Computer 
was down $1 at $35%. Compaq 
Computer dropped $1% to 
$95%. 


uprising in the state of Chia- 
pas. 

Last week, thousands of 
formers from the Barzon cam- 
pesmo movement blocked the 
entrance to banks In eight 
state capitals in an effort to 
prevent their land from being 
seized. 

The banks have agreed to 
restructure loans over 15 years. 
The formers wtD pay a fixed 
Ann ual interest rate of between 
4 and 4J5 per cent above infla- 
tion: in the first five years they 
will be able to defer the infla- 
tion component of the interest 
rate for debts less than 200,000 
pesos. After the eighth year, 
they will have to start paying 
back the principal 

Most Mexican farmers pay 
more than 20 per cent interest 
on their debt in nominal terns. 

However, Fire, a government 


Banks meet 
to finalise 
Euro Disney 
strategies 

By ADce Rawsthom in Paris 

Euro Disney’s creditor b anks 
met in Paris yesterday to dis- 
cuss their negotiating tactics 
ahead of tomorrow’s formal 
meeting with the troubled lei- 
sure group, and Walt Disney, 
its US parent company. 

Members of the steering 
committee representing the 
banks in talks over Euro Dis- 
ney's proposed financial rescue 
have been meeting informally 
for the past 10 days with repre- 
sentatives of the Disney camp. 

These meetings began after 
the publication an Monday last 
week of an audit of Euro Dis- 
ney's finances commissioned 

by the banks from KPMG Peat 

Marwick. 

Tomorrow’s meeting will be 
the first formal negotiating ses- 
sion between the 63 interna- 
tional hanfcq in the Euro Dis- 
ney loan syndicates and the 
Disney companies since the 
completion of the audit Euro 
Disney is being advised in the 
negotiations by S. G. Warburg 
in London, and Walt Disney by 
Lazard Fr&res in New 
York. 

| The steering committee, led 
I by Banque Nationale de Paris 
and Banque Indosuez, has 
already told the Disney compa- 
nies it envisaged the final 
restructuring package being 
worth between FFrl2bn and 
FFrl3bn ($22bn). Walt Disney 
would share the burden of the 
restr u ct u ring equally with the 

banka 

However some of the smaller 

hanltq in the s yndicates (which 

are not represented on the 
steering committee) are anx- 
ious for Disney to play a huger 
part A number of these 
smaller lenders yesterday 
called on the committee to con- 
sult them more closely on 
negotiating tactics. 

The banks plan at tomor- 
row’s meeting to discuss ways 
in which. Disney can partici- 
pate in the restructuring. They 
will propose that Disney 
should significantly reduce 
its entitlement to various con- 
tractual payments from Euro 
Disney, to alleviate tbe 
financial burden on tbe com- 
pany. 

These payments include the 
US group’s entitlement to roy- 
alty income from the EuroDis- 
neyland theme park, a manage- 
ment fee on sales and a 
performance-related incentive 
fee. 


agricultural trust fund run by 
the Bank of Mexico, will offset 
some of the cost to the banks. 
It has agreed to guarantee 50 
per cent of the non-performing 
loans and to provide cheap 
funding to recapitalise the 
loaps. 

“Overall, this is positive for 
the banks, 1 ’ says Ms Susana 
Ornelas of Baring! Securities 
“This will improve the asset 
quality of their loans. 
Although they will be receiv- 
ing less interest jpayments, 
they will be making fewer 
loan-loss provisions." 

Mexico’s farmers have suf- 
fered from low international 
prices for basic commodities 
such as coffee, and have been 
hit by the government policy 
of opening up the agricultural 
sector to imports and reducing 
subsidies. 


M utual fond managers 
have taken a shine 
to North American 
aluminium stocks as the next, 
and best, undervalued market 
in the commodities sector. 

While copper and gold prices 
appreciated sharply last year, 
aluminium lagged, depressed 
by worldwide overcapacity. 

This year, however, the price 
of aluminium is already up 25 
per cent, and share prices have 
been reflecting this advance, 
although some of the shine is 
beginning to wear off 
Alcoa, the world’s largest 
and lowest-cost aluminium pro- 
ducer, for instance, saw a 10 
per cent rise in its share price 
during February, hitting a 12- 
month high of $82, despite 
reporting a fourth-quarter 
loss. 

The share prices of other top 
producers, including Reynolds 
Metals and Canada’s Alcan, 
also rose to highs, even though 
they have not had a profitable 
quarter in more tha n a year. 

Bulls argue that al uminium 
demand is certain to rise as the 
US economy strengthens, and 
that aluminium shares serve 
as inflation hedges in portfo- 
lios heavily weighted to finan- 
cial instruments. Some ana- 
lysts, however, have been 
counselling caution. 

Much of this year’s apprecia- 


GiroCredit 
bid opposed 
by savings 
banks 

By Patrick Blum in Vienna 

Austria’s savings banks were 
yesterday opposing a bid by 
Rank Austria to buy a major- 
ity stake in GiroCredit, the 
savings banks’ clearing insti- 
tution, 

Tbe bid was announced on 
Monday - to widespread sur- 
prise - as part of an initiative 
by Bank Austria, Austria’s 
biggest hank, aimed at forcing 
through a reorganisation of 
the savings bank sector. 

At a meeting in Vienna yes- 
terday, the savings banks 
decided Instead to press ahead 
with earlier proposals, which 
involve Erste Oesterreichisdie 
Spar-Casse, the second-largest 
savings bank, establishing a 
new company. 

This holding company would 
be formed by a consortium 
comprising Erste, Austria Kol- 
legiahtSt Versicherung, a lead- 
ing insurance company, and 
the savings banks. The consor- 
tium would offer to buy 
around two-thirds of Bank 
Austria's 31 pa- cent stake in 
GiroCredit 

Tbe meeting called on Erste 
to make preparations immedi- 
ately to establish the com- 
pany, and to start negotiations 
with Bank Austria to agree a 
“fair price" for its shares In 
GiroCredit. Erste is to be 
joined by three representatives 
from provincial savings hanks 
In the negotiations. 

Mr Rene Alfons Haiden, 
Bank Austria’s chief execu- 
tive, confirmed that the bank 
intended to pursue its bid for 
GiroCredit, worth up to 
Sch4O0 a share. 

Bankers say the outcome of 
tiie takeover tussle is likely to 
binge on whether Bank Aus- 
tria’s offer will And enough 
sellers among savings banks 
to give the bank the extra 20.4 
per cent of GiroCredifs shares 
which it needs to have a 
majority. 

Court rejects 
Blockbuster 
investor move 

By Richard Waters 

A Delaware court has rejected 
a move to block a $1.25 bn 
investment by Blockbuster 
Entertainment, the US home 
video company, in cable televi- 
sion group Viacom. 

The application had been 
brought by some shareholders 
in Blockbuster, which had 
agreed to pay $55 a share for a 
stake in Viacom to provide 
cash for the cable-TV compa- 
ny's winning bid for Para- 
mount Communicatians. 

Viacom’s non-voting “B” 
shares were trading at around 
$29 this week. 

The Delaware chancery 
court said blocking the invest- 
ment would cause "enormous 
uncertainty with widespread 
repercussions, causing Para- 
mount Communication's stock- 
holders to reconsider their 
decision to tender their shares 
under Viacom’s tender offer". 

Blockbuster shareholders 
have yet to vote on whether to 
accept an all-share offer for 
tiie company from Viacom. 

Although it has already 
received the backing of Block- 
buster’s board, the deal has 
come under fire from some 
shareholders. 


tion in aluminium shares name 
as investors anticipated the 
international understanding 
reached in Brussels in Febru- 
ary by the world's biggest alu- 
minium producers. 

The producing countries 
agreed to cut worldwide output 
by at least iAm tonnes as they 
sought to bring aluminium 
supply and demand back Into 
balance after years of overpro- 
duction, a flood of Russian 
exports, and soaring invento- 
ries. 

W hile the agreement 
provides the basis 
for optimism in an 
industry in the trough of a 
five-year recession, many secu- 
rities analysts believe the run 
on aluminium stocks has 
overdone. 

Mr J. Clarence Morrison, an 
analyst for Prudential Securi- 
ties, recommends clients hold 
their aluminium shares, but 
not make new purchases. 

He is sceptical that the Brus- 
sels understanding, which 
involves voluntary cuts by five 
big producing regions of tbe 
world, will ever be folly Imple- 
mented. 

“Sixty per cent of all the 
world's aluminium smelters 
are government or quasl- 
govemment controlled,” Mr 
Morrison says, “Many are 


By Richard Waters 
in New York 

The Prudential, the US 
insurance group, reported a 
$869m increase in its capital 
during 1993, to $10-7bn, as most 
areas of its business grew 
strongly. 

Changes in its capital base 
are the best indication of the 
insurer’s performance - as a 
mutual, it does not report con- 
ventional profit figures. 

The growth came desp ite a 
move by Prudential Securities, 
the broking arm, to set aside 
$430m to cover the costs of set- 
tling tfinnganrta of nlarma fmm 

investors in limited partner- 
ships sold by the firm in the 
1960s. 

After these charges. Pruden- 
tial Securities still managed to 
maintain after-tax earnings at 
$145m,. .down only slightly 


instruments of national 
policy”, which makes real cuts 
bard to sustain. 

He says aluminium output 
cuts have historically turned 
into a sort of worldwide shell 
game, with producers in one 
region boosting production 
when cuts are announced in 
another region of the world. 

Mr Vahid Fathi, senior met- 
als analyst at Kemper Securi- 
ties, puts it more bluntly. The 
Brussels understanding “has 


from $l50m the year 
before. 

Mr Robert Winters, Pruden- 
tial chairman and chief 
executive, said the results 
of the securities arm showed 
that customers had not 
lost confidence In the 
broker. 

Following the widely- 
publicised limited partnership 
problems, which continue 
to dog It. tiie broking firm has 
embarked on an extensive 
advertising campaign to 
try to rebuild investors’ 
trust 

The increase in Prudential's 
capital base compared with a 
rise of only $80m the year 
before, when the insurer suf- 
fered losses from Hurricane 
Andrew. 

Among individual insurance 
lines, the Pr udential said sales 
of property and casualty insur- 


1094 

all cartels cheat at the end of 
the day", he says. 

“I don't believe in all the 
hoopla.” says Mr FathL “Hedge 
funds and hot money have 
been moving into aluminium 
in the wake of the understand- 
ing, but there is very little to 
justify tbe price increases.” 

He points out that Alcoa is 
currently priced at 160 times 
earnings. 

Even assuming the most 
optimistic circumstances - 
where aluminium demand 


an«» sales had fallen slightly 
during the year, to S44lm in 
new premiums, reflecting 
efforts to cut its exposure to 
catastrophe losses. 

Sales of life insurance and 
annuities in North America 
ctimpd to $2.7bn in annualised 
premiums, up from $2.1bn the 
year before. 

Sales in the Far East and 
Europe rose by around a third, 
though from a for smaller 
base. 

• Bank of Boston is to acquire 
privately-held Pioneer Finan- 
cial, a cooperative bank, for 
$118m in cash. Reuter reports 
from Boston. 

Bank of Boston said Pioneer 
Bank, with $773m in assets and 
$720m in deposits, is the larg- 
est co-operative hank in Massa- 
chusetts. 

The acquisition is expected 
to dose this antumn. 


strengthened and the US econ- 
omy improved - Mr Fathi says 
al uminium shares are overval- 
ued. 

Assuming the price of alu- 
minium did rise to 85 cents per 
pound in 1997. from the cur- 
rent 58 cents. Mr Fathi calcu- 
lates that Alcoa is trading at 20 
times projected 1997 earnings. 

Using the same model, Reyn- 
olds' share price, at $54, is 23 
times expected earnings three 
years from now; Alcan is 
priced 20 tunes earnings; and 
Alumax, recently spun off from 
the Cyprus/ Amax merger, is 25 
times earnings. 

Analysts say that while tbe 
fundamentals do not support 
the aluminium share price 
increases, fond managers have 
been so anxious to buy cyclical 
stocks that they have willingly 
inflated prices. 

In aluminium, their influ- 
ence is magnified because the 
industry’s capitalisation is 
small, and indeed minute com- 
pared with the $25 bn US 
mutual funds have to invest. 

Ms Amy Gassman, a metals 
analysts with Goldman Sachs, 
says the result will be a very 
volatile and Opec-tike market. 

"Prices will rise when we get 
evidence of supply cuts, and 
fall when inventory draw- 
downs are slower than expec- 
ted.” she says. 


Union Pacific 
buys more oil 
and gas assets 

Union Pacific, tbe US railroad 
and resources group, has 
agreed to pay $B19m for the oil 
and gas interests of Cypress 
Am ax, the mining com pany 
formed by a merger late last 
year, writes Richard Waters. 

Union said it had already 
reached agreement to sell on 
some assets for $S45m, retain- 
ing mainly gas producing, 
gathering and processing 
assets in Texas and tr>iiisiana. 

The disposal signals Cypress 
Amax’s intention to concen- 
trate on its mining activities. It 
brings Union Pacific proven 
gas reserves to 550bn cubic 
feet adding about 20 per cent 
to its existing reserves. 

The assets also include 550 
miles of gathering lines and 
three gas processing plants. 


Midland Walwyn Capital Inc., 

one of CanarWs largest financial services organizations serving 
the Equity and Fixed Income needs of Institutional Investors, 
is pleased to announce the opening of its London office. 

Boston House 
63-64 New Broad Street 
London EC2M 1JJ 

Teh 071-69(5 0200 
Fax: 071-696 0208 



Midland walwy n 

BLUE chip thinking** 

™ BUIE CHIP THINKING is a trademark of Mfcfend WatoynGpitaf Jnc 
Member of 5FA 


This announcement appears as a matter of record only. 
The Brazilian Government through its entities 


BNDE§ 

concluded the privatization process of 



PROG RAMA 
NACIONAL DE 
DESESTATIZAQAO 



ACOMINAS 

Ago MINAS GERAIS S.A. - AgOMINAS 
for the final price of 

US$ 598,517,673.32 

for the stock offer of 79.871% of total capital 

ING Bank Brazil advised the Brazilian Government 
on the financial restructuring and sale modelling of Agominas, 
as member of a consortium. 


ING Jit) BANK 


Internationale 

Nederlanden 

Bank 

February 1994 


PC maker’s share 
slide continues 


Banks to restructure loans to 
embattled Mexican farmers 


the appearance of a cartel, and 

Strong growth at US insurer 



18 


FT CONFERENCES 

EUROPEAN WATER INDUSTRY 
London, 14 & 15 March 1994 

MrToni Garvey from the EEC win be the opening speaker at this topical 
Conference which wffl pnxrida a bum to dtecuss the impact ot EC tegldatiein on 
>he water Industry in Europe and consider how governments end companies 
are responding to the increasing demand tor greater environmental pro te ction. 
The meeting includes papers by senior figures from OFWAT; Severn Trent; 
Wetsh Water, North West Water Group; World Health Organisation; National 
Consumers Counci; Ang&an Water Services; I Kruger Gonart; McKenna & Co; 
NatWest Markets and the National Rivers Authority, as wefl as contributions 
trom the German and Spailsh Environment ministries. 

DOING BUSINESS WITH POLAND 
Warsaw, 22 & 23 March 1994 

This higW»el fcxirn wfl provida an opportunty to review and assess toe pcfdas ol ha 
naw F\*sh government, tie knpBcalanolorfln banking sector ot a defat rasBuctolng dad, 
and the opportunities and challenges ot Investing to Poland. Speakers toctuda: 
Mr Waktemar Pawfak. Prime Minister of the Republic of Poland, Mis Hanna 
GranWewkx-Watz, Reddens, Meadowy Bank PoteW, Dr Bxstad von Koertoer d ABB 
Aaaa Brawn Bated and Mr bn Huns cfThe WWd Bank Wand. 

WORLD PHARMACEUTICALS CONFERENCE 
London, 23 & 24 March 1994 

The Rt Hon Virginia Bottomiey JP MP. Secretary of State tor Health wffl be a 
keynote speaker at Hits important conference, which will examine how the 
pharmaceutical industry Is adapting to the changng healthcare environment, as 
governments around the world are Introducing programmes of reform and 
attempting to contain costs. Speakers include; Hon Toby Moffett. Strategic 
Policy Inc; Professor Or Jurgen Drews, Hoffmann-La Roche; Dr Hldeo 
ShfnazaW, Ministry of Health and Welfare. Japan; David Anstlce. Merck Human 
Health Division; Kunio Takeda. Takeda Chemical Industries and Thomas 
Moore, the Procter & Gamble Company. 

FT-CfTY COURSE 
London, 5 April <23 May 

The object ot this Course is to give an overview ol all Die workings of the City, 
paying particular attention to the banking and securities markets. Opportunities 
tor (Sscussion and interaction with the lectwers are provided. 

ASIAN ELECTRICITY 
Hong Kong, 26 & 27 April 1994 

The third FT Asian power summit will review electricity developments and 
requirements to the Asia-Pacific region. Restructuring, Joint ventures, project 
financing and business opportunities wfll also be discussed. Speakers Indude; 
Ross Sayers, China Ught & Power Company; Gordon Wu. Hopewell Holdings; 
Ross Bunyon; Pacific Power; David Weaver, Mission Energy Asia and Vlroj 
Nopkhun, Electricity Generating Authority of Thailand. 

ASIAN CAPITAL MARKETS 
London, 28 & 29 ApiH 1994 

This timely conference will review emerging opportunities tor capital market 
Investments In key markets in the region. The practical Issues relating to 
settlements, tax and risk management will also be addressed. Speakers 
include; Mr Frands Leung, Peregrine investments HokSngs Unified; Mr Satish 
Jha, Aslan Development Bank; Dr Mark Moblus, Templeton Investment 
Management (Hong Kong) Ltd. 

j WORLD GOLD CONFERENCE 
London. 6 & 7 June 1994 

This year's m oo ti n g, which has been timed to coincide with the tercentenary 
celebrations of the Bank ol England, win feature central bank and mining 
presentations, as we* as a major forum on the rale of the markets In the mid- 
1990s. Mr Rupert Permartt-Rea wffl deliver the opening address and speakers 
Include Mr Ctem Sunter, Anglo American Corporat i on of South Africa: Mr Harry 
Conger, Homesteke Mining Company; Mr Robert Ashley, RothscMd Australia; 
Mr Yuri Mltyuk. Bank tor Foreign Trade of Russia; Mr Norbert Sehraff, Credit 
Stdsse and Mr Makoto Tonold, Tanaka KDdnzoku Kogyo. 

TRANSPORT IN EUROPE - CREATING AND FINANCING 
THE INFRASTRUCTURE OF THE FUTURE 
London, 15 & 16 June 1994 

The conference wtl examine Industry implications of Community proposals lor 
Trans-European Networks, as wall as the prospects for public-private 
partnerships to finance Europe's transport Infrastructure. Speakers toctuds: 
The Rt Hon John MacGregor OBE MP, Secretary of State tor Transport 
Mr Henning Christopher son, Commission of the European Communities, 
Mr Boguslaw Uberadzkl, Minister of Transport, Poland; Mr Philippe Hamon, 
Airports Council international, and Professor Wolfgang Hager, Director, 
European Centre far Intarstructure Sturfies. 


All enquiries should be addressed to : Financial Times Conferences 
PO Box 3851. London SW12BPH, UK. Tat 081-673 9000. Fax: 081-673 1335. 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


CRA near doubles profit, 
but warns of year 


Boral announces 
rights issue after 
19% advance 


By Ifikld Taft In Sydney 

CRA, the Australian mining 
house in which Britain's RTC 
holds a 49 per cent stake, yes- 
terday reported a sharp 
increase in full-year profits, to 
A$806.7m (US$578. 7m), on an 
equity-accounted, after-tax 
basis, but warned that it might 
be difficult to repeat this per- 
formance hi the current year. 
The year-ago figure was 

A$41L4m. 

The advance came partly 
from strong performances in a 
number of CRA’s businesses - 
including iron ore, coal, gold 
and salt - and partly foam pen- 
sion fund surpluses, and same 
abnormal gains. 

“Higher sales volumes for 
iron ore, gold and coal com- 
bined with the weaker Austra- 
lian dollar, co n tribut e d to the 
improved earnings," said the 
group, adding that weaker US 
dollar prices for iron ore, alu- 
minium, load an d coal off- 
set some of this benefit 

Nevertheless, operating prof- 


TelecomAsia, the Thai 
telephone concessionaire that 
became the largest capitalised 
company of the Stock 
Exchange of Thailand when its 
shares were traded publicly for 
the first time last December, 
has reported net profit for 1993 
of BtS 64.7m C$22.3m), below 
projected earnings of Bt878m, 
but a strong tumround from 
1992‘s lass of Bt41.1m. writes 
W illiam Barnes in Bangkok. 

The company, a subsidiary of 
the Charoen Pokphand group, 
is likely to report sharp swings 
in profits because the company 
will only get a significant 
income from its core business 
of supplying and operating 2m 
telephone lines in Bangkok 
after several years. 

• A surge in sales of mobile 
phones enabled the Thai tele- 
coms group Shinawatra Com- 
puter & Communications, to 
report a 49 per cent increase in 
profits for 1993. 

The unconsolidated net 
profit of BtL02bn ($40m) com- 
pared with Bt683£bn in 1992. 
The group’s 60 per cent-owned 
mobile telephone subsidiary, 
Advanced Info Services, 


its, before any of the one-off 
items, rose to A$88&2m, com- 
pared with A$746.3m in the 
previous year. The pension 
funds' surpluses added 
A$114.4m above the line, com- 
pared with a A$47.2m charge in 
the previous year, while abnor- 
mal items contributed 
AgT! Am, against A$3L6m. This 
last figure resulted from the 
sale of investments in An Mail 
Steel and Kloeckner Werke. 

After some favourable tax 
changes, net operating profit 
was left at A$8 15.7m, compared 
with AS41fl.5m. On an equity- 
accounted basis, taking in 
CRA’s share of profits from 
Kaltim Prima Coal and Coal & 
Allied Industries (before it 
became a subsidiary) plus a 
portion of the losses at Pas- 
minco, the figure stood at 
A$806-7m, against A$41i.4m. 

Looking ahead. CRA warned 
that prospects for commodity 
prices in 1994 remained weak, 
and that “fundamental mar ket 
circumstances remain 
unchanged”. 


showed strong growth with a 
114 per cent rise in net profit to 
Bt978.Un from Bt452^m. 

Profits climb at 
Korean Air 

Korean Air, South Korea's big- 
gest airline, reported net prof- 
its of WonllAbn ($14_6m) for 
1993, up from from WanLSbn 
in 1992, as sales rose by 15 per 
cent to Won2,70lbn, writes 
John Burton in SeouL 
It predicted that earnings 
would increase in 1994 because 
of declining fuel costs and 
lower interest rates. It also 
expected increased air travel to 
C hina following a new aviation 
agreement and the resumption 
of flights to Taiwan due to res- 
toration of diplomatic ties. 

Woodside posts 
A$102m surplus 

Woodside Petroleum, the Aus- 
tralian offshore gas producer. 


to come 

“The steady improvement In 
the world economy Is unlikely 
to reduce the large Inventories 
of metals. Some bulk commod- 
ity prices will be lower, 
reflecting the continued weak- 
ness in fixe Japanese economy 
in particular," it said. CRA 
also noted that the presence of 
large stocks would hold back 
price improvements. 

Even Australia, whose 
growth rates are expected to 
outstrip many other countries 
In 1994, win “continue to feel 
the impact of weaker 
demand . . . for bulk commod- 
ities from Japan". The group 
warned that the rise in the 
Australian dollar mak-pc export 
earnings harder to achieve. 

The combination of these 
weak commodity prices, and 
the un certain outlook over the 
Australian currency, caused 
Mr John Ralph, chief execu- 
tive. to sound a warning note 
on prospects for the current 
year. “It wifi be difficult to rep- 
licate 1993 in 1994,” he said yes- 
terday. 


yesterday announced a return 
to profits in 1993, but warned 
that the slump in oQ prices late 
last year would have a signifi- 
cant effect on 1994 earnings, 
writes Nikki Taft 

The company announced 
this week that it is laying off 
around 430 employees in an 
attempt to cut operating costs 
by around A$70m (US$50m) on 
an annual basis. 

The energy group said that it 
made a net profit of A$l02.9m 
last year, compared with a loss 
of A$22.6m in 1992. The 
improvement was partly due to 
a A$20.6m abnormal surplus 
last year, compared with a 
charge of A$85-8m in the previ- 
ous year. 

However, operating profit 
before abnormals and tax also 
improved, from All 11 to 
A$13L8m. 

Woodside attributed the 
increase to higher liquefied 
natural gas. domestic gas and 
condensate sales volumes 
and to reduced interest 
charges. 


Futures 
volume rises 
sharply in 
February 

By Laurie Morse 
In Chicago 

Volume on the world's leading 
financial futures exchanges 
jumped during February, 
reflecting the rush by banks 
and hedge fund managers to 
stem losses In a turbulent 
world interest rate and foreign 
currency environment. 

Volume in exchange-traded 
interest rate derivatives 
soared, with action hi Paris’s 
Notional bond future more 
than doable February 1993, 
and up 61 per cent on an 
active January, at «L9m con- 
tracts. 

I.jffe saw volume in its bund 
futures contract rise S3 per 
cent over January and 264 per 
cent over last February to 
4.38m contracts, while action 
In Chicago's US Treasury bond 
futures pit was up 80 per cent 
from last February and up 15.7 
per cent from January at 8.4m 
contracts. 

Chicago's Eurodollar 
futures, used for short-term 
interest rate hedging around 
the world, traded 9.3m con- 
tracts in February, up 43 per 
cent from January, and nearly 
double last February. Interest 
rate options trading activity at 
all exchanges also soared. For- 
eign currency futures, avail- 
able only in Chicago, had vol- 
ume gains of 8 per cent over 
January, at 2.8m contracts. 

Even within the derivatives 
industry, where volumes dou- 
ble every five to eight years, 
MEphang n turnover during Jan- 
uary and February has been 
remarkable. Traders say the 
sharp rise in exchange busi- 
ness correlates with world- 
wide financial volatility and 
heavy trading in underlying 
cash markets. 

There was little evidence 
that fund managers and banka 
were liquidating derivatives 
positions as part of February's 
heavy turnover. The mnnligr 
of open positions in Matifs 
Notional future were up 41.4 
per cent over January, posi- 
tions In London’s bund futures 
contract rose 60 per cent from 
January to February, but there 
was little change in the num- 
ber of open positions Chicago’s 
Eurodollar or US Treasury 
bond futures. 


By raid Taft 

Boral, the Australian building 
materials group which last 
year paid A*830m (US$593m) to 
acquire the Sagas co energy 
business, yesterday combined 
news of a 19J5 per cent increase 
in first-half profits, before tax 
and abnormals, with the 

grmniinrgmgnt of a ODfi-for-10 

rights issue to raise A$353.7m. 

Both elements reflected a 
si gnificant restructuring. The 
company saw a fairly strong 
opeating performance in the 
six months to end-December, 
with sales revenues increasing 
by 10l9 per cent to A$&32bn, 
and operating profits rising to 
A$213Jm from A$178J5m. 

Sagasco was included for two 
numths . priding A$10 Jm at the 
operating level, while Azon - 
Boral's former manufacturing 
division which was floated off 
in November - made a five- 
month contribution of 
AJ17.4m. Geographically, the 
improvement came from the 
core Australian business, with 
North American operating 
profits dipping to A$1.64m 
from Ag&OSm, and Europe’s to 
A$6.06m from A$8.44m. 

However, Boral also took a 
A£265.6m abnormal charge in 
the first half to cover a range 
of write-offs, rationalisation 
and restructuring moves. The 


By Louise Lucas bi Hong Kong 

Swire Pacific, the Hong 
Kong-based property, aviation 
and trading group, has 
increased its stake In Its bot- 
tling Joint ventures with Coca- 
Cola and plans to invest 
HK$lhn (US$129ml in bottling 
plants in China. 

Swire win lift its share of 
Coca-Cola Swire Beverages to 
87.5 per cent from 50 per cent 
The joint venture wfil change 
its name to Swire Beverages, 
and Coca-Cola will hold the 
remaining interest 

Swire also takes an addi- 
tional 2 per cent of Swire Bot- 
tlers and 19 per cent of BC 


largest goodwill write-off 
applied to the US operations, 
where Boral says it is looking 
to become “more focused”. 
Goodwill was written off in the 
resource and clay roof tile 
operations in Southern Calif- 
ornia, and a large portion of 
the resource and clay brick 
assets will be sold. 

Smaller amounts of goodwill 
were written off in Australia, 
and there were also some large 
rationalisation provisions 
there - Including one to cover 
the expected loss on the sale of 
Boral’s collieries business, 
acquired in 1987 with Blue Cir- 
cle Southern Cement. The 
group's total abnormal charge 
was then offset by the 
A$l21.2m surplus on the Azon 
sale, leaving a net charge 
against profits Of AS16?..2lU. 

This meant that profit after 
tax and abnormals fell to 
AS4.61m in the first half, com- 
pared with AflGLBm. 

The rights issue, pitched at 
A$3.60 a share, is designed to 
return Boral’s gearing to “nor- 
mal” levels. In the wake of the 
Sagasco deal it rose to 72.5 per 
cent at end-1993, but will 
reduce to about 50 per cent 
after the rights Issue money is 
received The company said a 
more normal gearing level 
would give it flexibility to pur- 
sue any opportunities. 


Development, the holding com- 
pany for the Coca-Cola bottling 
interests in three China prov- 
inces. It will also take 29 per 
cent of the Taiwan Coca-Cola 
Bottling Company from Swire 
Beverages, to become the hold- 
ing vehicle for its bottling 
interests in Taiwan. 

Coca-Cola will invest the 
US$18.5m received from the 
sale of these interests .to 
develop new Coca-Cola 
operations in the region. 

Two months ago Swire 
Pacific announced it was buy- 
ing 25 per cent of BC Develop- 
ment and 49.2 per cent of the 
Taiwan Coca-Cola Bottling 
Company. 


Turnround for TelecomAsia 


COMPANY NEWS DIGEST 


Swire Pacific lifts stake 
in Coke bottling venture 


This annoujurmml appears as a matter of retard only. 

BACELL S.A. 

A joint venture company 

Owned by 

Industrias Klabin de Papel e Celulose SA 
Lenzing AG 

U.S.$70,000,000 

(equivalent amount) 

Financing for a dissolving pulp mill 
near Salvador, State of Bahia, Brazil 

Arranged by 

International Finance Corporation 


U.S.$50, 000,000 

Long Term Loan 
Provided by 

International Finance Corporation 

and through participations 
in rhe IFG loan by 

GiroCredit Bank New \ork Branch 
Creditanstalt-Bankverein 

Vienna 

Bank Austria Aktiengesellschaft: 
Deutsch-Sudamerikanische Bonk Aktiengesellschaft 

-Drusdncr Bank Group - 

YYestLB Group 

Raiffeisen Zentrulbank Ocsterreich Aktiengesellschaft 

iRZB-Ausniii) 


DM 1 7,000,000 

Lon« Term Loan 


Provided bv 


DEG- Deutsche Investirions- und Entwicklungsgesellschaft mbH 


U.S.$1 0,000,000 

Equity Contribution 

Provided by 

International Finance Corporation 


February IW 


PHCM tor OMMWM kv tM 


MHopjuLM 


MMaikM! 


VS Mu 

Port 

Pm* 

pidm 

Km* 

■»! 

IMM 

«*8 

Bfct 

MMh 

pitot 

owwi 

o sz 

yr*) 

1551 

1720 

1720 

0100 

15.74 

1573 

21.48 

0130 

10JJO 

1839 

21.74 

0200 

11 .75 

1028 

21.74 

0230 

15.70 

10.73 

2138 

0300 

15.89 

19.73 

2138 

0330 

1SJB 

18.73 

3TIM 

DM0 

15.64 

1728 

1728 

0430 

1552 

1728 

1728 

OSOO 

1082 

1724 

1724 

0530 

1450 

1724 

1724 

0G00 

1450 

1725 

1725 

0830 

14B4 

1728 

172® 

0700 

1473 

1827 

21.72 

0730 

1475 

1927 

31-73 

0800 

1528 

30.02 

21.78 

0830 

1528 

20.81 

=335 

0900 

1527 

3031 

=327 

0830 

1528 

2033 

2227 

1000 

1528 

3033 

3328 

1030 

1529 

3032 

3337 

1100 

1523 

2082 

3237 

1130 

1530 

30.62 

2328 

1200 

1531 

ppfg 

2328 

1230 

1520 

3033 

=28 

1300 

1528 

2031 

=227 

1330 

1528 

2029 

2SM 

1M0 

1527 

1728 

1728 

1430 

1527 

1724 

1724 

1600 

1527 

1724 

t?J4 

1530 

1527 

1725 

1735 

1600 

1527 

2020 

2335 

1830 

1528 

20.78 

2328 

1700 

1520 

27.14 

2842 

1730 

1531 

4570 

4823 

1800 

1547 

46.11 

4820 

1830 

1539 

4425 

4043 

1800 

1831 

2531 

2723 

1830 

1564 

2234 

2423 

2000 

1530 

31.12 

3228 

2030 

1527 

21.10 

3225 

2100 

1525 

21.10 

3335 

2130 

1582 

2040 

22.15 

2200 

1530 

2040 

22.16 

2230 

1470 

1721 

1721 

2300 

1454 

1727 

1727 

2330 

10.60 

1720 

1720 

2400 

1080 

1720 

1720 



Cheaper 

electricity 

here! 

rr your earrpeny utet lOCkW ct n-;re 

(ilrrunr: p«r mcr,;.-]. Mil 

Cali 021 423 3013. 

Powerline 



LONDON 
RECENT ISSUES 




The Financial Times “Tips from the Top” is a compilation of 10 articles 
written by some of Britain's most respected captains of industry. 

This 24 page booklet offers insights on all aspects of company manage- 
ment , from the creative use of in f orm ati on to how to handle a hostile press. 

“Tips from the Top” is only available by post. So, If you want to profit from 
the success of others, complete the coupon below. 


To: John White, Financial Tim es, N umber One Southwark Bridge, London SE1 9HL Fax number 071 873 3072 

I would like □ copies of “Tips from the Top", £8,00 per copy. 

(postage and packing Included) 


Please charge to my: American Express □ Mastercard □ Access □ Visa □ Only UK cheques accented I I 


Card expiry date _ 

Name 

Card Number 1 1 1 

1 1 1 1 1 1 1 1 1 | | | | 
Title 

Company 


Tel 

Address 


City 

Postcode 

Country 

Signature 


Date 

(No order accepted without a signature) — — 


Hie Information you prodde wlH be Iretfl by ttie Financial Times and may be used to hoep you gflormafl of FT products ann __ , 

list purposes. TMe Financial Times is registered under me Data Protection Act 1S84. Ths financial Times, Number One So.m n -arvSSi- 0,T, P an I sa ' ormaJiir, li 
Please Uckaxsfaoxlf you do not wtsn to receive any further WonnaBon from me FT Group or companies approved by the fin»idaTlmai ' Lflrtd ° n SEl 9HL | 

FT Because business is never black and white. 




'"S 

aft, 

«MlCo 


FINANCIAL TIMES THUBS ^y MARCH 3 1994 


INTERNATIONAL CAPITAL MARKETS 


fit Ilf 


uiiny 


Wts sut 

'entj 


European prices rebound after opening sharply lower 


By Conner Middelmami in 

London and Patrick 
Harverson in New Yorfc 

European government bonds 
opened sharply lower folio wine 
the overnight sell-ofr in US 
Treasuries and plunged further 
on shocking German M3 
money supply numbers 

However, prices rebounded 
towards the close on heavy 
short-covering in the futures 
pits and speculation that the 
Bundesbank, whose council 
meets today, may lower inter- 
est rates. 

While those hopes were 
partly dampened by comments 
from Mr Gun tram Palm, a 
member of the central bank 
council, who described the M3 
figures as “alarming" and said 
he saw no room now for a fur- 
ther reduction in official rates 
many traders said this did not 
exclude the possibility of fixed* 
rate repos at a significantly 
lower rate next week. 

Long-term investors 

Biggest ever 
intra-day margin 
call from LCH 

By Tracy Corrigan 

The London Clearing House, 
which clears London's four 
futures exchanges, yesterday 
made a record intra-day mar , 
gin call, reflecting sharp move- 
ments in contract prices. 

The LCH made margin r»n« 
totalling almost £5Q0m on 
members holding long posi- 
tions in bund, Bobl. BTP long 
gilt and ET-SE 100 contracts, 
when initial margin limits 
were breached. It also 
Increased margin rates on 
bund. BTP and FTSE futures 
and options, and some stock 
options, effective March 7. 

Margins act as deposits on 
futures contracts and are 
returned when positions are 
closed. 


r ema i n ed sidelined, ceding the 
stage to short-term traders. 
Dealers also reported more sell- 
ing by highly leveraged play- 
ers, including US hedge funds. 

“This price action is «*arjng 
the hell out of investors - vola- 
tilities have risen so much no 
one wants to get involved," 
ssid Mr Karl Haeling, hpari of 
the futures and options group 
at Deutsche Bank in Frankfort 
“The market is moving on pure 
emotion, pure psychology. The 
sell-off won’t end on anything 
logical, but simply when the 
last seller sens.” 

Many futures exchanges 
across Europe registered new 
record volumes yesterday, and 
as a result of extreme volatility 
several of them called for extra 
margins on certain futures 
contracts during the day. 

■ While a double-digit German 
M3 number had been expected, 
the publication of a 20.6 per 
cent annualised growth rate 
for January triggered another 


sharp bout of selling on fears 
that the data would farther 
delay the Bundesbank's 
already slow pace of easing. 

German bunds fell by more 
than two points after the 
release, dragging the rest of 
Europe down with them. Prices 
were further pressured by the 
Mr Palm's comments and dis- 
appointing results of the Treu- 
handanstalt's latest 10-year 
auction, which saw virtually 
no retail demand. 

However, the late short- 
squeeze helped bund futures 
recoup most of their losses. 
The March bund future stood 
at 95£1 in late London trading, 
down 0.62 point on the day but 
well above its 93.80 day low. 

■ French bonds tumbled in 
line with bunds and were 
pounded by more foreign sell- 
ing. Prospects of FFrl8bn to 
FFr20bn of today’s new 10 and 
25-year supply also weighed an 
the market 

However, rumours that the 


Bank of France had bought 
OATs via inter-dealer brokers 
helped calm the hectic market, 
and some observers were confi- 
dent today’s OAT auction 
should go smoothly. “There 
may be better demand than 
expected.” said Mr Steve 
Major, European economist at 
Credit Lyonnais in Paris. 

GOVERNMENT 

BONDS 

The notional OAT contract 
ou Matif fell by L36 paints to 
124.38 on the day, but crept 
higher to I2-L96 in late London 
trading on Globes. 

fl UK gilts slid in line with 
other European markets, 
despite an early offer from the 
Bank of England to buy cash 
bonds from market-makers. 
“The Bank ramp in early, offer- 
ing to take paper off distressed 
market-markers' bands.” said a 
senior gOt dealer. 


Ontario Hydro prices C$lbn 
global floating-rate note issue 


By Sara Webb 

The volatile conditions in 
many government bond mar- 
kets yesterday kept borrowers 
away from the international 
bond market, with only a 
handful of new issues launched 
amid the general turmoil. 

Ontario Hydro, the largest 
electricity utility in Canada, 
went ahead with the pricing of 
its already-publicised issue - a 
C$lhn global floating- rate note 
with a five-year maturity. 

The coupon will be set at the 
same rate as that available on 
three-month Canadian dollar 
bankers acceptances (which 
are currently trading at around 
415 per cent). 

The notes were priced at 


99.64 to give a yield of 8 basis 
points above the rate on bank- 
ers acceptances. 

The joint book runners have 
heralded the deal as the first 
substantial FRN offering in 
Canadian dollars. 

INTERNATIONAL 

BONDS 

They said the pricing was 
based on “general market per- 
ceptions,” as well as by looking 
at the recent US dollar FRN 
issue which was launched by 
the Province of Ontario at the 
pnt! of January. 

That deal, which had a 5Vr 
year maturity, was launched 
with a yield of three-month 


Libor plus 8 basis points and 
tightened to a yield of Libor 
plus 7 basis points. 

Ontario Hydro has an Aa2/ 
AA- credit rating and has an 
expected borrowing require- 
ment of between C$2bn and 
C$3.8bn per annum over the 
next three years. 

Syndicate officials said that 
demand came mainly from 
North America, continental 
Europe, and to a lesser extent 
from the Middle East. 

They said that investors in 
the issue were looking for 
exposure to the Canadian dol- 
lar and were expecting to see 
Canadian interest rates to 
move in tandem with those in 
the US. 

Burns Philp, the Australian 


While he felt the offer was 
not heavily taken up. another 
trader said the Bank had been 
“a very aggressive buyer”. The 
Bank declined to comment on 
rumours oT its market-smooth- 
ing intervention. 

Gilts also staged a late recov- 
ery, with the June long gilt 
future closing £ point higher 
on the day at 1102. off its 109^ 
low. 

E Japanese bonds were 
whipped around by jitters sur- 
rounding the auction of 
Yl ,200b n of 10-year bonds. The 
market sold off ahead of the 
auction as participants feared 
a lack of demand for the paper. 

However, results showing 
better than expected support 
for the auction prompted a 
small recovery, said Mr Adam 
Chester, international bond 
strategist with Yamaichi Inter- 
national. 

The JGB future rose by 0.70 
points to 110.50 in London, 
from a Tokyo dose of 109.65. 


■ After heavy overnight sell- 
ing in Tokyo and London, US 
Treasury prices posted big 
declines yesterday morning 
amid mounting fears that the 
Federal Reserve would soon 
raise interest rates. 

By midday the benchmark 
30-year bond was down V= at 
yielding S.819 per cent. 
Earlier in the session, the bond 
had been almost a full point 
lower. 

There was little movement 
in prices at the short end of the 
maturity range, with the two- 
year note holding steady at 
99%. yielding 4808 per cent 

Traders said the downward 
momentum from overseas mar- 
kets, where investors had sold 
US bonds heavily overnight, 
spilled over into early New 
York trading yesterday. 

The selling of the past few 
days has been Inspired by fears 
that the Fed, which raised 
interest rates a month ago, will 
ti ghten monetary policy again 
to prevent the rapid expansion 


in the economy from reigniting 
infla tion 

Concern about inflation has 
been rising because several 
indicators have suggested 
prices may be heading upward. 

Just yesterday, the Com- 
merce Department reported a 1 
per cent increase in wages and 
salaries during January, dou- 
ble the growth rate of the pre- 
vious month and a worrying 
sign that wage inflation may 
be picking up alongside the 
fast-growing economy. 

The wages data, plus the 
overnight declines, pushed lon- 
ger-dated prices sharply lower 
from the start. The selling in 
New York, however, was not 
as pronounced as in overseas 
markets, and with the lack of 
buyers, rather than an abun- 
dance of sellers, being the 
main problem, prices quickly 
bottomed out. 

By midday the 30-year bond 
had halved its losses, but 
remained firmly rooted in neg- 
ative territory. 


MEW INTERNATIONAL BOND ISSUES 

Amman Coupon Price Maturity Fees Spread Book runner 
Borrower n. K % bp 

US DOLLARS 

Bums Phflp Trass. (Eurapctta)§ 125 (5-5'.4)» 100.00 Apr2004 2.50 - Morgan Stanley Inti. 

Malayan Bartdng BrahadfbJ** 100 (O 10020 MarJOCM inrisdL - JP Morgan Sectaries AHa 

YEN ~ ~ ~ 

KnM Nippon fedway Ca|dJ 10bn 3.60 101.775 Jut 1999 1.875 - Mitsubishi Trust ML 

Kerid Nippon Railway Co.[d) lObn 3.35 101.335 Jon 1996 1625 - Mitsubishi Finance InB. 

Ford Credit Euiopefd) lObn 3.635* lOaOOR Jun. 1997 0 Q5ft - G-Sachs/Sumtoma Trust 

CANADIAN DOLLARS 

Ontario Hydros Ibn 14 99.64R Mar.1999 0.15R • Mend Lynch/Wood Gundy 

SWISS FRANCS 

Kinlq Nippon ftflway Co (fr»4> 300 2.00 100.00 MarXOOl Nomura Bank (SwitsJ 

Final terms and non-coUobte unless stated. The yMd spread (over relevant government bond) at launch b suppled by the lead 
manager. ^Private piaoemenL §ConvenKita. iJlWlth equity warrants, tflooting rale riots. tfScn*- annual coupon. R: fixed ra-o/ler price; 
fees are shown at the re-offer level gj Fixing approx 1 0/3/94. Com premium mdcaced or 17-21%, Caflabie after 3 yrs. b) Subotangisd 
certificates of deposit Callable on any coupon dole from 17/3/99 at par. d 6-ntih Libor .1% lor in 5 yrs and +22% thereafter. d) 
Shon lot coupon, a) 3-mth BA’s fiat I) Fixing: 6/3/94. 


food group, yesterday tapped 
the equity-linked sector with 
the launch of a $125m convert- 
ible bond issue. 

The deal has a 10-year matu- 
rity with an indicated coupon 
of between 5 and 5.5 per cent 
The bond proceeds will be used 
to help finance the recent 


DM 182m acquisition by the 
company of Karl Ostmann, the 
German herbs and spices pro- 
ducer, and for general corpo- 
rate purposes. 

• Standard & Poor’s has low- 
ered the senior debt rating of 
Lasmo to triple-B from A-, and 
Enterprise Oil to A- from A, 


writes Tracy Corrigan. Both 
companies were placed on Cre- 
ditWatch with negative impli- 
cations in January. 

The moves reflect the compa- 
nies' exposure to weakening oil 
prices, the rating agency said, 
as their cashflows are very sen- 
sitive to crude oil prices. 


Japan takes 
step-by-step 
approach to 
deregulation 

By Emiko Teratono in Tokyo 

Japan's ministry of finance 
yesterday outlined the sched- 
ule under which the country's 
nine city, or commercial, 
h anks ' subsidiaries will enter 
the securities industry. 

The announcement is part of 
the MoF's blueprint for the 
“gradual" lowering of the bar- 
riers between the banking and 
securities industries and comes 
almost a year after it opened 
the door to Japan's, three 
long-term credit banks, Norin- 
chuMn Bank, the central agri- 
cultural bank, and trust Hnnka 
to set up securities units. 

The step-by-step approach 
has been taken in response to 
fierce opposition by Japan's 
brokers, which are still recov- 
ering after the plunge in the 
Tokyo stock market in 1990 
and a spate of securities scan- 
dals. The ministry also lim- 
ited operations by securities 
units to underwriting, dealing 
and broking corporate and gov- 
ernment bonds, and underwrit- 
ing equity-linked bonds. 

The deregulation comes 
while banks are still suffering 
the effects of bad loans made 
during the late ISSOs. Of the 11 
institutions permitted to enter 
the securities industry last 
year, only Industrial B ank of 
Japan. Long-Term Credit Bank, 
Norinchukin, and two trust 
banks have set up subsidiaries. 

The MoF said the city banks 
would be allowed to establish 
securities units in July, 
November and March 1995, in 
an “orderly manner to avoid 
confusion”. Asahi Bank is 
expected to set up new 
operations in July, followed by 
six leading city banks, Dai-Ichi 
Kangyo Bank, Fuji Bank, Mit- 
subishi Bank, Sakura Bank, 
Sanwa Bank, and Sumitomo 
Rank , in November. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


Australia 
Belgium 
Canada * 
Denmark 
Franca 

Germany 

Italy 

Japan 

Netherlands 
Spain 
UK Gats 


US Trauuy ' 5.875 02/04 

6250 OS/23 

ECU (Frendi Govt) 6000 04/04 

London ctoetag. ■New York nrid-dey 
t One* anm*4 yield flndudtog umhholdina nw 
Pree* US. UK « sends. other* In decimal 

IIS INTEREST RATES 

LuncftUme Mas 


Coupon 

Red 

Date 

Price 

Day's 

change 

YMd 

Week 

ago 

Month 

ago 

9.SOO 

0OD4 

115.3500 

-0810 

7.05 

6J38 

6.18 

7.250 

(MAM 

100.1000 

-1.200 

723 

6.83 

045 

6.500 

06AM 

94.6500 

-1J50 

722 

6.83 

6-41 

7.000 

12AM 

1008000 

-1.650 

&87 

6.40 

6.03 

aooo 

05.08 

107.7100 

-0.7B0 

5.42 

5.42 

5.10 

5.600 

04AM 

93.8300 

H 0.000 

624 

6JJ3 

5.72 

aooo 

09/03 

97.1000 

-1.350 

6.41 

6.96 

5.69 

6300 

D1/D4 

933 BOO 

-0890 

9.57T 

8.72 

828 

4J80O 

06^9 

105.9580 

-0240 

3.47 

323 

3.05 

4.500 

06AJ3 

104.2360 

-0.650 

3.88 

as2 . 

353 

5.750 

01AM 

94.6400 

-2-050 

6.47 

5.95 

5.86 

10.600 

10/03 

108.4000 

-0.300 

9l14 

821 

7.78 

aooo 

06/99 

98-00 

+3/32 

6.45 

B23 

5.67 

8.750 

11AM 

97-22 

+10/32 

7JB 

6.77 

ay? 

9.000 

10/08 

115-14 

+14/32 

727 

7.03 

048 

5875 

02AM 

66-27 

-35/32 

8.31 

6-08 

5.71 

6350 

08/23 

92-28 

-92/32 

6.81 

6.61 

0-29 

6800 

04AM 

93.1500 

-1.750 

8.96 

025 

5-96 


■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
(UFFq* Lira 200m lOOtha of 100% 



Open 

Sett price 

Change 

Hgh 

Law 

EsL VOI 

Open InL 

Mar 

11020 

10925 

-127 

11050 

107.00 

96767 

47402 

Jun 

Sep 

11020 

109.38 

109.32 

-1.73 

-1.73 

11040 

106 90 

47463 

0 

77887 

1 


■ ITALIAN QOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ura200m IQQtfts of 100% 


Strike 

Price 

Jun 

CALLS 

Sep 

Jun 

PUIS 

Sep 

10000 

221- 

3.45 

225 

3.13 

10050 

- 223 

321 • 

2.77 

3.38 

11000 

£26 

228 

3.02 

3.B6 


YWdc Local mertat nmdnd. 
* 12 Ji per cant potato t>y nonrewdonaj 

Sourtoc MMS tanattm/ 


LuncMfme rales Treasury Bfls and Bond Ytakfe 

Ore moan 3.14 Tnoyar 

Prtne id? 8 Tnommai 149 Jhwjwr—— 

Broker nan rate 5 Thrre worth 15B Fheyra 

hxLtmft 3A K» mm*] 180 TO** 

Fedtaidiri Manemm. 3% Oacjor 4.11 30i*ar 


BOND FUTURES AND OPTIONS 

Franco 

■ NOTIONAL FRENCH BONO FUTURES (MATIF) 


Erf. «eL total, Cato 6288 Puts 4132. Previous day*a open kit. Cafe 50152 Pure 43534 


Spain 

■ NOTIONAL SPANISH BOND FUTURES flAEFF) 

Open Sett price Change Ugh Low Eel vof. Open M. 
Mar 99.46 99.08 -0-51 9060 95.71 99,999 122j013 

Jui 87-90 98.48 -128 S9.05 06-23 6.100 41,391 


Open 

Sett price 

Change 

High 

Law 

EsL vol 

Open tat 

SlrwD 


124 56 

12428 

-1.38 

12424 

12224 

461265 

151227 

110 

2-48 

124.12 

12294 

-128 

124.48 

122.40 

29,006 

68281 

12240 

123.1 B 

-128 

123.40 

123.10 

266 

10.484 

112 

1-48 


■ NOTIONAL UK OILT FUTURES (UFFE)* B50.000 32nds of 100% 

Open Sattprtoe Change High Low E*L vol Open im. 

I MW 110-25 111-80 +0-01 112-10 109-09 30122 55743 

Jun 109-30 110-31 +0-01 111-12 108417 180834 137013 

Sep 110-03 +0-01 0 0 

■ LONG GB.T FUTURES OPTIONS (UFFQ ES0.000 64th» of 10094 

Strike CALLS PUTS 


■ LONG TERM FRENCH BONO OPTIONS (MATIF) 


Strike 

Price 

Apr 

- CALLS - 
Jun 

Sep 

Apr 

— PUTS 
Jun 

127 

0.29 

0-55 

0.5B 

- 

3.66 

128 

0.15 

0.40 

0.50 

- 

420 

128 

0.10 

020 

027 

- 

516 

130 

- 

0.10 

- 

- 

- 

131 

- 

0.08 

020 

- 

- 


Erf. wri. tote. Crfti 81.009 Puts >30-625. Prevuim day's open w. Cut* 281283 Pm W0.««7. 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFET DM250.000 lOOtha of 100% 

Open Sen price Change Wgh Low Ea t, vol Open M. 

Mar 85.43 95.44 4X76 95.89 9300 318962 135256 

Jun 9522 95.19 -0.79 95.76 9355 93430 13745B 

Sep 8384 95.03 -a 82 95.00 9384 652 4047 

■ BUND FUTURES OPTIONS (UFFE) DM2 50-000 points of 10014 . 

Strike -CALLS- ptfrs 

Price Jun Sep -Mi o«P 

9600 1J56 1.74 187 1.71 

9560 1-33 1-50 1 - M 

0600 1.10 180 181 287 

Erf. MX. low. Com 51299 Puts 33781 Plwora riay'u Open W, Cato 187*70 Putt 178S30 

■ NOTIONAL MEDIUM TERM GERMAN QOVT. BOND 

(BOBUQJFFEr DM250,000 lOOtha of 100% 

open Son price Change Hgh Low EsL vol Open M. 

Mar 100.30 100.17 -083 10085 99.06 1*11 7545 

Jun 10088 100.17 -0.73 100.44 99.47 464 1777 


Erf VOL MX. eras 8678 FVtt 11771 fewtoua de/s open H, Crfta 47322 Putt 38638 


Ecu 

m ECU BOND FUTURES (MATIF) 

Open Sattprice Change High Low Erf. vui. Open hit. 
Mar 118.40 115.90 -188 116.68 114.76 5,788 13.634 

Jun - 90.10 -186 - - - 211 


■ UB TREASURY BOND FVTUBm (CBT) Si 00800 32ndSOt 100% 

Open Latest Change High Low EsL vol Open Im. 
Mar 111-00 110-16 -0-15 111-08 110-02 96.047 195816 

Jui 109-30 109-13 -0-15 110-05 106-27 289856 187.669 

Sep 109-02 108-17 -0-13 109-02 108-12 578 33820 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

flJFFQ YIOOttt lOOtha Ot IQOTe 

Open Qou Change Hgh Low Est vol Open InL 
Mar TT188 111.80 11185 316 □ 

Jun 109.68 11085 109.65 5184 0 

- LB=re ce w ram traded on APT. Al Open Merest figs, ere tar previous d at- 


UK GILTS PRICES 


_.vwd__ 

Mom im Bed Pdcet 


State- (Urn op H Bre VeroJ 

Ettfl 1J‘:|IC rv« 

Tires. 1 0pe La 1991#. 8* 

Each l? 1 . *061994 1M7 

liras 9dC 1994ft *75 

I2pc 1885 11.31 

bull TOC (Ub 5KMB ■ - — 3.07 

10'epc 1995 

Tires IJVBClBBStt — 

14pc 1996 12-1* 

151* PC 1996ft ‘“2 

Excfl U‘,pc 1996# - TT-43 

Ctranrfon lOpc 1986 . . Sit 
liras 13'4PC iMftt — *7.1® 

EkH ItJ'.-pc 1997 S.43 

llOTBltPClWfrt- •- 

£kb 15dc 1997 - U-JJ 

9lfp(i998. ■ — 6TB 

1109 7*.BC 199W*--- 
liras 6tiPCl995-9W - *22 

I4PCV8-1. ... 

TnatibL'PCWt 

LuCB 12PC 1999 8* 

1IMS9I.-CC1WO- • 


HmtoRnean Yrara 

Ena 12 l epc 1889——- 
litjj ltHjpc 1999 — 
liras fisc 1898 ft — - 
Cwwrraw ID'ept 1999- 

apcMOOH 

lieeslJpcaWO- — — 

lOpeam 

7pc01tt 

Tpi-OIA 

stpcSDOZ 

*K20Wt 

10PC2D08 


5JB 1018 
4 98 101% 

4 93 103,“. 

499 ItCii 
4S7 l«Ps 
497 97* 

520 10B« 
532 Hill 
553 »14j: 
567 T19,i 

5 HI 115% 
5 94 109! I 

610 nay 

6.13 111 1 * 
622 I07J7 
634 127)1 
6.40 HOfl 
685102U«I 
525 lOia 
6M 128A 
«3I3»,W 
560 lO^J 
050 111A 


1963/94 — 

Hgh law 

109A ioi£ 

105B 101»8 

iiOA nn& 
losii lass 
niB ice's 
SO 94 
1091)1 IDUfi 
llB^k "1U 
120S H4B 
I25*s 

120,1. UMi 
112% HW% 

122.'. lift 

114}] 110J& 
llD^i T0S>z 

iru i?7i 

11*« KB, 1 . 

105A 99U 
note 97 ii 
131«8 12SA 
I40U 53W 

1=6A 11W 
116A lOBfl 


„ Yield _ _ 1993194 — 

M DM Pitas E ♦ O’- Htfl UM 


—YMd- _ 1993/M _ 

P) (3 Pita t »cr- Hfri Law 


679 122^ -tt 

672 1154. -B 

644 07U 

675 U5'l -1} 

&73110A® 

698 ia'4 -4i 

784 USA 
689 B0$3 -U 

694 49y -4} 

7.18 11SA -fj 

7.05 ids.; -d 

7 21117!:® -w 


i?aii tao,} 
121% 113} 
101 U 9B!1 
121 'I 112i« 

lieu IM 

136U 12S»J 
122A 199U 
1D6A 97IJ 
51 A «ii 
123,*. 108% 
1130 WA 
iCTA 


TTeas 11 1*1*2001 -4 — 

FmJng.Y'jpc-99-4 

Cormnlan 9%pe 2004 _ 

Trees 64ipc 2004ft 

SLPC2DMA 

CBm 9 % pc 2006 
T(WI12>20C 2003-5 — 

7 Loc 2006ft 

8pe 2002-fift 

Tiraiii%pe200M — 

T«8S 8^2007 ft 

IJiipeTrf-a — 

litas We 2008ft 


OrerRttaH Teres 

Tien 6pc 2009 — . • 

Treat VtacTOiafCSOpW 

Coo* 9peLn 5011 ft — 

Trees Spc 2012ft 

Tress Sijpc 200B-1 2tt_ 
Tires epc 201 3ft 

74ipc2012-isft 

Tress MO* 20T7» 

E*dhl2pcW17 


CWstaapC—- 
WLoM^pett- 
Cun* 3*j|* ‘61*9-- 

TieM3pc-86«l— 
Consrts?‘:PC — - 
Tiws.2*apc 


640 781 122 Ad 
4.45 630 78A 

624 T2B US* 
6.S7 7.05 eefl 

583 71* 80S 

621 727 115U 

633 743 T33H 

753 781 102BII 

7.74 7.271ttJVri 
623 72B T27W 

7.79 754 109A 

655 745 T«l% 

780 780 11311 


7£1 780 1 067^0 

782 7.18 39Q 

7.79 787 115*1 
7J5 780 115A 
663 783 S2) W 
747 723 107A 
7.45 781 1B3U 
753 789 115% 
853 744 14LSU 


-\l 129J3 
-.1 8BA 
-il 125]] 
-fi 105A 

-n i2su 
-ii 143ffl 
-1% 112B 
-TB 111% 
-il 136& 
-1A 119JJ 
-B 161B 

-1A 1240 


-2 115B 
-1 4BA 
-14 12GB 

-ia 127a 

-1% 94 

-41 1174. 
-1U 114% 
-B 1284. 
-11 159% 


-1A BO 
-1% 5413 
-1% 71 

-1 44% 
-% 38% 
-% 37% 


TibblZpc *94_ — flBLS) - - 137% 137% 151% 

a* 98 fifjf I M £4620 oai -% 2tM% HMJj 

4%pe-9Bft — (1358 183 252 10R1 — 11V. 105A 

2%pcm (76^ 249 268171AM 175% 15S 

2%pc YXi (766) 271 303 197ft __ 173% 155 

4%pcTHft . . (V35JK 281 111 11211 I 1 . 118% 

apem ma in iiz t7S,j -% im,*. 159 % 

2%pe 1 09 (788 106 229 158,1 -% IBB,', 144 

2%PCH 474S 112 331 164)1 -.4 175,1 *48)] 

2%pc'ia (892) 3.15 382 136% h 146% 122.’. 

2 1 mc , 1fi JBT83 220 138 I45A -A 157% 130J3 

2%pc'S0 4810) 32S 338 141 Pj -A 1521] 1240 

21266-2411 (97.7) 123 3X 117U -% 129% HB% 

4%peW P35.1) 385 238 117*2 -% 1M4* 

Proepaetiw reel iwSwnption rata on protected inflation of 0) 1W 
and (2) 5%. (ft Rpra In parentheses show rpi base tar 
indextng (ha B months prior to Issue! and hove been adjusted to 
reflect refaarfng of RPI to 100 ta January 1987. Conversion factor 
1845. RPI for June 1993: 1418 and tar January 1994; 1418. 

Other Fixed Interest 


-% 204% l»4H 
— 113ft 105A 

178% 159 

173% 155 

-A 118% 105% 
-% 184ft 159% 

-% 1BBA '« 


-A 157% 13013 

-A ISZIi 1240 
-% 129% 102% 


-field- -1993/94- 

Hates U Bed Wrat+er- Mph Law 


AMcen ns* 11 1(1010 __ 
Mm Dm 10% ge 2000 — 

Bran ii <apc 2012 

Wald CrfJ 8^x10— 
BpcCsp i860 .■■■■■ — 

1 Spc 17-2 

anted spc an i. 

I«dsl3%pc2006 

Uwpsol^pelmd. 

UX Spc -20 AIL 

HareMHsr iUatc2007_ 

Mtl Wr.SpCB 1 

jnMdBAqita3%K2(ei. 

4%pcL2S4 

(Ad HbSMH 1S*ac 2008 


7.71 130J1 
7.7S 1?1il 
838 123*a 
- 108 
- 101 % 
- 112 % 
80S 1564 

- 130% 

- 40% 

35 

889 126 

708 72% 
4.04 140% 
480 135% 

- 140% 


-Hi 142ft 
-1.1 138% 
-2 142 

-»% 120 
-*2 no 
-i 130 
-2A 170A 
~2 149% 
-1 44% 

-1 40*2 
-1% 135% 
— *2 70 

-% 150% 
145% 
-I 159*2 


FT- ACTUARIES FIXED INTEREST INDICES 

Price Intfieas Wed Day's Tue Accrued xd ad). 

UK Oita Mm 2 change N Marl Merest ytd 


-Lew coupon yMd Madken coupon yMd Mgh coupon yMd — 


1 Up Id 5 yearn p3J 126.06 -0.31 127.05 


2 5-15 years (24) 

3 Over 15 years (8) 

4 InedeemaUes (6) 

5 All stocks (81) 


6 Up to 5 yrara(2) 

7 Over 5 years (11) 

8 A> stocks (13) , 

Debentieee and Loans 
S Debs & Loans (73) 


152.40 -0.72 153-51 

17287 -O.B5 174.15 

20185 -281 207.03 

14689 -a 64 14084 


18782 -0.04 18788 

18184 -081 18223 

18183 -0.18 18188 


-1.82 147.49 


2.07 5 yrs 
2.75 15 yre 
383 20 yrs 
187 tned-t 
2.62 


141 Up to 5 yra 
0.79 Over 5 yre 
085 


Mar 2 

Mar 1 

Yr. ago 

Mar 2 

Mar 1 

Yr. ngo 

Mar 2 

Mar 1 

Yr. ago 

ass 

545 

625 

6.79 

065 

623 

092 

078 

099 

720 

7.17 

728 

7.40 

729 

017 

727 

7.4* 

828 

7.40 

7.48 

725 

728 

7.96 

042 

728 

727 

824 

7.57 

7.49 

047 



-hMkn 8% — 



— 

— bteeflen 10% 



Mar 2 Mar 1 Yr. ago 

283 281 2.03 
380 328 347 


Mar 2 Marl Yr. 

1.73 1.71 1. 

• 3.12 3.11 a. 


8 year yMd 

Mar 2 Mar 1 Yr. age 

540 828 849 


IS year yMd 2S year yield 

Mar 2 Mar 1 Yr. ago Mar 2 Mar 1 Yr. ago 


829 923 880 881 


Average pom redemption ytafc »e shown shewn. Coupai Bands: Lew 0%-7*%: MetfUiC rtgh: 11% end owe. t Ret yMd. yld YMr to dta. 


FT FIXED INTEREST INDICES 

Mara Mar 1 Feb 28 Fab 25 Feb 24 Yr ago 


GILT EDGED ACTIVITY INDICES 

Marl Fab 28 Feb 25 Feb 24 Feb 23 


Govt Seca. (UK) 100.12 101.11 10181 10125 10094 9725 10780 S328 OK Edged bargain* 1878 1888 162.0 127.7 103.8 

Reed Interest 121.47 12388 12287 123.78 12429 112.74 13387 106.67 5-dwy average 1508 140.4 128.1 1128 1098 

■tar 1993/M. Government SecuOet Mgh rfnea compaBtoo; 127.40 p/1/35). be 48.18 (W7Q. Ftad Warn* Mgh rfnee compMUon: 13387 (21/1/94) . be 5053 (3/1/75) . Beta 100: Oovwnment SeewflM 15/ 
10IZ8 Dnd'Ftaed inrarat 19C& SE aoMry hares rabasad 1974 


FTrHSMA (NTERNATJONAL BOND SERVICE 


LMed we fie Wad Manslkroi bonds tar wNdi there b an adequate secondrey nertet. Laftst pdoea at BSS pm on Mrach 2 
tsaued BU Oftar Chg. YMd tael W OOw Chg. 


OS. DOLLAR 8IRN0HIS 
Abbey Nad Treocuy 6b 03 _ 

AdwtaPrevinoe 9% 95 

Austria^ CO 

Bar* cf Tokyo 8% 96 

Begun 9% 99 

EfCE 7% 97 

BitWiGesDZI 

CanadaOSS 

CCCE9%95 

Chung Krug fti 5*j 96 

CandEuapaS96 ■ ■ 

OedK Fonder 9*2 6B 

Duma* 9% 95 

BSC 6% 96 

S3C 8% SB 

B8 7% 98 

EB 9% 97 

Bee de Fraca 9 96 

Bnftna9%9B 

Bt-taiBaikJqrai902 — 

Export Dev Corp 8*2 98 

FHmd7%B7 

Fmfeh Expert 9% 95 

Font Motor 0*8% 98 

Gen Bee Cfcpttri 9% 96 

GMWC9** 96 

hdBkJgunFta7^97 

Irta AnerDev 7% 96 

My 23 

Japan Dov a 8% 01 

Kata Bee Rre 10 9S 

LTCS Rn 8 97 

MdsusMa Bee 7% 02 

Nppon CM 8k 10*195 — 

HwTelTd9H95 

Norroy7%S7 

Ontario 7% 03 

Oaer KoMboik 6*2 01 _ 

PrfnKinaJs 7% 96 

Pon>Od5%a3 

Oudxc Hydu 9% 99 1 

Ousbrc Pmv 9 98 

Sen*uy9*sB6 

SAS 10 89 

S8A8 9*2 95 

SNOF9*2 90 

Span 6*2 09 

Stab Si NSW B*z 96 

6tafe>.S*z95 

£v*«Mi Export fl 3 * « 

Tokyo Bee Rrecr 8% 96 _ 
Takyohtaopol)5%96 — 

Toyota IMor5»g 98 

LMad Kngdom 7% 02 

Worid Bank g 99 


_ 1000 96% 

600 106% 

400 110% 

K» HB% 

— 250 1T3% 

150 105^ 

_ 1500 11% 

_ 1000 107% 
300 104% 

— 500 94% 

— 100 WS% 

— 300 113% 
_ 1571 104% 

IBS 106% 

TOO 106% 

280 104% 

_ 1000 111% 
200 110% 

— 100 107% 
„ 500 107% 

— 150 112% 

200 105% 

200 106*2 

_ 1500 100% 
300 10&*i 

— 200 106% 

200 105% 

200 105 

3900 90% 

_ 900 110% 

350 108% 

2m 105% 

_ 1000 102*2 

150 106% 

_ 330 104% 
_ 1000 104% 
_ 3000 103 

200 110% 

200 103% 

_ 1000 92% 

150 112% 

200 109% 


_ 500 105% 

- 150 113 

. 1500 106% 

— 206 106 

.2000 100% 
- 700 108 

_ 300 107% 
_ 200 106% 
.1500 63% 
.3000 103% 
. 1900 110% 

. 15m 106l| 


DEUTSCHE IMRK 8IRMGHTS 

AU*»6%24 2000 64 

Out Fonoar 7% 03 2000 102*2 

terms* 5% S3 2000 100% 

teph Ffeuoce 6% 03 1500 97% 

Dome Bk Rn 7*2 03 2000 103% 

ECSCS%96 700 106% 

aC6*2tD 2900 101*1 

B8B%00 1500 WO 

FWn) 7*200 3000 104% 

Wy7% 9B 54X10 HJ3% 

Norway B% BB 1600 100% 

(Mario 6% 04 1500 94% 

Sp*n7%03 *000 WZ% 

SwdenSB? 2500 106% 


97% -% 

107 -% 

110 % -% 
105% -% 

113% -% 
WB% -% 
12 % -% 
107% 

104% -% 
35 -% 
10B% -% 
114% -% 
105 

107% -% 

106% 

105% -% 
111 % -% 
«1% -% 
107% -% 

W8% -% 
113% -% 

105% -*2 
108% -% 
H»% -% 

106% -% 
W6% -% 
105% -% 

105% -% 

90% -1% 
110% -% 
W9% -% 
T0S% -% 
W2% -1 

W6% -% 
»4% -% 
104% -% 

103% -% 

110% ^ 
104% -% 
92% -% 
113% -*2 
110% -% 
108% -% 
m% 

W5% -% 
T13% -% 
W1% -% 
«S% -% 

W1 -% 

Wft -% 

107% -% 

107% -% 

89 -% 
103% -% 

110% -% 
109% -% 


9*% -% 

103 -% 
Wft -% 
97% -*2 

104 -% 
107% -% 
101% -1% 
100 % - 1 % 
104% -1% 
103*2 -% 
10ft -% 

95 -1% 

103 -% 

107 -% 


Untied Kngdbm 7% 97 5500 103% 

697 Vdhsvegen H Hn 7 03 1000 99% 

506 VtaBBafcOIS 2000 25% 

633 Worid Bat* 5% 03 3000 95% 

592 WortdBartcft m 1250 119% 

603 

557 SMSS FRANC BIRNQKIS 

BOS /tan Dev BeMi G 10 100 110 

507 Annta4%00 WOO 101% 

456 CouidEutpeft 98 250 102 

750 BB6% 04 3m 111% 

544 Bee da Fdnce 7% 06 im 114 

6.17 Finland 7% 99 3m 111% 

432 Genual Mrfro 7% 95 im 102% 

657 HyUKta Motor Fin 8% 97 100 106% 

522 taeft«l7%m WO 112% 

546 Kobe 6% 01 240 109% 

574 Ontario 6% 03 400 107% 

596 OrebecHyttoSOe 100 100 

581 ®ICF 7 04 460 117 

ft 72 Worid Bank 5 03 150 102 

007 Wedd Bank 701 6m 112% 

555 

513 YBI STRAIGHTS 

OZT BdgUn5 99 75000 101% 

545 ffiftm tooooo 111% 

571 Bos da Fiance 5% 96 20000 105% 

507 Finland 6% 96 5mm 107% 

543 ktor Anar Dw 7% 00 30000 116% 

788 Uy3%01 30CD00 93% 

532 Jqpui Dev Bh 598 100000 104% 

535 Jqsn Dw 8k6% 01 120000 112% 

585 Nippon Tel Td 5% B6 50000 106% 

657 Nanay 5% 95 50000 102% 

540 SNCFB%0D 30000 112% 

483 Seeden 5% 95 20000 104 

563 WWd Bank 6% 00 50000 112% 

784 

056 OTHER STRAIGHTS 

544 Aibad 7% 85 LFr 6m Wft 

688 Gerfinance Ub 0% 99 LFf woo im 

640 Worid Bank 9 96 IA WTO 102% 

829 Bar* Voor Ned Gem 7% 02 F _ 1000 109% 

56B Energie Befta 8% BBR . SOD 113 

789 Atamftawioa 1ft 96 CS 500 WB% 

481 BelOenodalft B9CS ISO 113% 

68? aasfiCbintij tosses an wft 

030 BB 10% SBCS 130 112% 

536 Bee defence 9% 99 CS 225 111% 

588 Gen Bee Capul 10 9BCS 300 W7% 

528 WWW Fb 5001 CS 400 113% 

548 Nbpon Tel Td 10% 99 CS 2m 114 

548 Create 8 03 CS 15m H£% 

596 (Mario Hydm 1ft SB CS 500 115% 

570 Oehr Kotateank 10% 99 CS ISO 113% 

622 Quebec Ptov 10% 96 CS 200 113% 

548 Bdoken 9% 66 Ecu 1250 1tt% 

Counci Eirape 9 01 Ecu 1100 1U% 

QedrtyintafiSBGto 125 10ft 

688 BB W 97 Ecu 1125 109% 

897 fendd SM 10% 88 Eoi GOO 111% 

685 My 10% 00 Efiu 1CC0 IIS 

577 Spain 996 Feu 1000 105% 

690 IHed Kngdon 9% 01 Ecu — 2750 112% 

587 /8DCW99AS im 110% 

527 BPAmoka 12% SB AS 100 10ft 

525 CwimBKAm*dta13%S0AS — 100 1Z7 

650 BBpatfnBis12%95AS 75 W% 

525 McODMtoCanedil5BSAS 100 110% 

60S NSW Dewy Zero 0 M AS — 10m 12% 

696 R fi 1 Bank 7% 03 AS .125 96% 

881 ShAuEtGMfinBQZ AS 150 106% 

593 U*rfrAueWte12S6AS ISO 115% 


. 100 110 
WOO 101% 
-250 102 

- 300 111% 

_ im m 

- 300 111% 

_ ioo we% 
_ 100 106% 
-WO 112% 

- 240 100% 
-400 107% 
- 100 100 


. 75000 103% 
100000 111% 
.20000 105% 
.50000 107% 
■ 30000 116% 
300000 9ft 
100000 104% 
120300 112% 
.50000 106% 
. 50000 102% 
.30000 112% 
20000 104 


103% -% 

im -% 
25% -% 
95*2 ft 
113% ft 


110% -1% 
101% -% 
102 % -% 

112 -a 

115 -% 
112% ft 
103% ft 
lift -% 
113*2 -1 

lift -% 
106% -% 
10ft 

117% 

103 

113 -2 


104 

112% ft 

HJ5% -*1 
107% 

lift ft 
aft ft 

104% ft 
113% ft 
W0% 

102 % 

112 % 

104% 

113 ft 


101 % 

110 

103% 

109% 

113% 

106% -% 
113% -1% 
106% ft 
113% ft 
112 % - 1 % 
106% ft 
113% -1% 

114% -1 

10ft -1 
115% -1 

lift -1% 
lift -1 
105% ft 
112 % -1 
10ft ft 
WB% ft 
112 ft 
lift ft 
10ft ft 
112% -1% 
170% ft 

110% ft 

127% ft 
107% ft 
111 ft 
13 ft 
99 -1% 
106% ft 
lift ft 


Alma Lots 11% 97 E — 

Briteti Gra 12% 95 E 

Brifeh Lnt 8% 23 E 

BB1097E 

HeUn 10% 97 E 

Hanson 10% 97E 

HSBCHdktag* 1189 02 C . 

My 70*2 14 E 

Japan Dev Bk 7 00 E 

Land Secs 9% 07 E 

(Mate 11% 01 C 

[Xreupn ft 03 E . 
Severn Tien 11% 60 C — 
Tokyo Bee Rraer 11 01 1 . 

VtaddBenM1% B5E 

Abbey NtanalO 96 NS _ 

ICNZRnftOZNZS 

CB’MEWBSFFr 

fee de Fiance ft 22 FR_ 
SNCF 9% 97 FFr 

ROMMS RASE NOTES 


Abbey Nad Tieasrey -A 99 - 

Banco Fkma 096 

BdgUn A 97 DM 

0FCE-OQ296 

BremSa 0.10 90 C 

Create -% 99 

COCE 0 06 Ecu 

Crete Lyonnais A 00 __ 

Oenmalift96 

DratearFteraeAMDM. 
Fane dd Sot <110 97 


100 113% 
-.300 10ft 
_ 150 97% 
-637 109% 
_W0 110% 
-500 lift 

- 153 120% 

- 400 121 

_ 2ffl 10ft 
-2m 106% 
_W0 118% 
-250 107 

_ ISO 117% 
_ 150 lift 
-U0 10ft 
-W0 65 

75 IM 

.3000 W*% 

. 3000 118% 


Oftar Chg- Tta* 

113% 680 

Wft ft 563 
97% ft 934 
109% ft 642 
110% 656 

110% ft 781 
121 ft 820 
121% ft 631 
100% ft 682 
106*2 945 

lift ft 789 
107% ft 7.77 
118% ft 738 
179*2 ft 748 
W6% ft 558 
66 ft 646 
115 ft 697 
105 ft 630 
118% -2% 722 


FHSnd097 

1000 

Hatac B5 , « 95 C — 

m 

k8hr%96 

LKS Bedeo-Wtat Fin ft 96 
Ltayte Bulk Pep SO10 — 
J«S£Bjt05_ 

— 2000 

1000 

600 


FterteOBB 

500 

Sototo tenontia 0 96 

300 


In -085 SB DM . 
1 005 89 


106% 106% ft 

620 

Bd 

Oftar 

Cqn 

9958 

9969 

D 

9922 

99.73 

33790 

9996 

10085 

58750 

9956 

9396 

34175 

ease 

iono7 

55375 

9955 

9989 

33125 

B6JB 

9900 


9954 

10024 

58000 

9956 

9965 

3J500 

9981 

10004 

59686 

mio 

10031 

36000 

9995 

10002 

34141 

9994 

warn 

55000 

9MB 

9079 

34400 

most 

warn 

35625 

9956 

9078 

34375 

85.13 

86.13 

4. WOO 

wai7 

10038 

52500 

9989 

mw 

34590 

9959 

6925 


9937 

9957 

13750 

9998 

9975 

32812 

9993 

9985 

58125 

9070 

9981 

35344 

waw 

10022 

17500 

6688 

9992 

1129 


CBM. 

kreood Price Bkt Ofcr Pran. 


Dwwwg-rame 6% 05 — 

Chita Capua BBS 

Eassnan Kodak 6% 01 _ 
Odd Kefgoufle 7% m _ 

0*2 OGE 

HaMeyPtalBIB 

LandS«36% 02C— _ 

Lbbtd7% OGE 

MM Sank 2% 03 

Moulin Rn 6% 97 — 

Na8FoMr6%06£ 

OgdenOOE 

Ponml4%03 

Suntano Bank 3% 04 _ 
Sun Afcrca 7% 06 £ — 

Traco tepM 9 05 C 

Teat > camara 2% 02 . 
■ Mo ktemwen wdrete 
t Only one tnukrf meta 


«o s?% 

250 66 

300 <152 ■ 

65 1855* i 

500 25875 * 

4m iai 

94 672 I 

B0 584 

200 23328 

100 2283 1 

250 433 1 

85 26077 

500 117% 1 

3ffl 36069 

155 38 1 

200 281 1 

300 62% i 

• pmkus ck*/» price 
[ BUppta a pn» 


99% 100% 
W3% 104% 
107% 106% 
lift 120% 
1W% 119% 
135% 136% 
104% Wft 
91% 92% 
96 97% 
100 % 101 % 
125% 127% 
95% 90% 
101% 101% 
91% 82% 
111 % 112 % 
122% 123% 
105% 106% 


BTRAWNT BONOS: Ttayta to irayta to iadenei(annlB»hiOi»lee: tile rental bead II re n«ni of cuiencv lrtlt. CJig. ttfleOrataeonttiy. ...... .. _ _ 

FUMTWG RATE NOTES DrarkteBd In untaes u rion fe a nfiriewl Coupon dOMi to mrtmm SpreedtoMogn etioue n-montii Utared Ms (phramgreh getiove irwon m US dntan. Ccp^Tne cunw* 
mere 

COWVCTTnNEBtMDaDa w tota d tadctaiute»reh w ratoMtated.PTfcaito-Na rniiraa mPurereboitopwrfitae«pa»tdncuneneyrftaMrfcmvarfmM«ta 

anwl (fbcttve price of acqdnng Nraee toe #» bend rare tire meet meere ptoe cftiH dame. 

OTnltati TlneeLid. 19B4L Roonxiraun n ericte cr to pm m any »*ii not pentad tau wten noraere. Dare auppied by Mamaknet Secute Meriui AaoxtaMon. 


• -Tro' rf«iL rt rra-he. lo non-iwtavra « eppStata 






E fluMtai barfs, fid E« dividend. C3eA\) mttprieee ■eehawi to peuta. 






COMPANY NEWS: UK AND IRELAND 


Acquisitions and better profit margins in US provide main growth 

CRH advances 33% to I£76.5m 


By Tim Coane in Dublin 

CRH. the Dublin-based 
construction and building 
materials group, reported a 33 
per cent increase in 1993 pre- 
tax profits from I£57.6m to 
I£7&5m (£74m> on turnover up 
28 per cent to I£l.43bn. against 
l£l.llm. 

The strongest growth 
occurred in the US through 
acquisitions and improved 
profit margins. The US now 
provides a quarter of sales and 
32 per cent of trading profits 
with l£30.Lm (I£15.4m). Growth 
of 5 per cent in construction 
activity is forecast for 1984. 

Profit margins in Ireland and 
on the European mainland 
were further squeezed in 1993 
resulting in trading profits of 


I£31m (I£32.1m) for Ireland and 
l£2l£m 0£20.7m) for Europe. 

Losses continued in Spain 
offset by strong profit contribu- 
tions from acquisitions in the 
Netherlands. Analysts expect 
the Spanish activities to return 
to profit with an improvement 
in market conditions, although 
this is not expected before 
1995. 

Trading profits for the UK 
rose to I£ll-9m (I£3£6m) and 
volume growth and Improved 
margins point to further recov- 
ery there in 1994. 

Last September’s l£147m 
rights issue substantially 
unproved the balance sheet, 
bringing down net year-end 
borrowings to I£66.fim for gear- 
ing of 11 per cent, against 47 
per cent a year earlier. 


The group is in a strong posi- 
tion for further acquisitions, 
which are being planned in the 
US and the Benelux countries. 

Further improvement is 
expected in the present year 
due to increased construction 
in Ireland, the UK and the US, 
although continued difficult 
trading is expected in Spain 
and a slight decline in activity 
is forecast in the Netherlands. 

Ear ning s per share were up 
27 per cent to ifljtp (lS.Gp) and 
a final dividend of 4JXip Is rec- 
ommended for a total of 7J23p 
(6.75p). 

Mr Harry Sheridan, finance 
director, said dividend cover 
had improved to 2.55 times, 
“which underpins our ability 
to maintain a policy of steadily 
increasing the dividend". 


• COMMENT 

After two years of falling prof- 
its, the group’s diversification 
into the US and European 

mainland is helping the bottom 

line. With the exception of 
Spain, manag ement seems to 
be coping successfully with 
bedding-in its acquisitions. The 
strong balance sheet positions 
it well to take advantage of 

recovery in its main markets. 
Pre-tax profits exceeding I£90m 
seem likely this year giving a 
prospective p/e of about 16. 
This lags far behind CRH’s 
peers, suggesting a buying 
opportunity. Indeed, non-Irish 
shareholders increased their 
stake in the company from 8 
per cent to 37 per cent over the 
past year. 


Hollas seeks £17.3m to fund purchases 


By David Blackwell 

Hollas Group, the Manchester-based 
clothing and textiles group, yesterday 
announced a £17.3m rights issue that will 
double the size of the company. 

The proceeds will be used to acquire two 
companies - Textilion, a maker of ladies' 
wear, knitwear and children's clothing, 
and JB Hunter, holding company of 
Edward Macbean. which specialises in 
making clothing for foul weather. 

The purchases are conditional on share- 
holder approval at an EGM on March 25. 

The 5-for-4 rights issue of 73m ordinary 
shares, fully underwritten by Charter- 
house Tiiney Securities, will be at 25p a 
share. The shares closed at 3ip. down lp. 

In January Hollas announced pre-tax 
losses of £254,000 for the six months to 
end-September following a review of its 
activities by the new management team 


which resulted in exceptional costs of 
£705,000. Yesterday it forecast a final divi- 
dend of Q.3p for the enlarged share capital, 
giving a total of 0.6p for the year. 

Hollas is paying £5m for Textilion, sub- 
ject to a downward adjustment if pre-tax 
profits for the year to end-February come 
in at less than £440,000 or if net assets are 
below £2. Km. In the 1993 year Textilion 
made operating profits of £442,000 on turn- 
over of £2 -2m. Net debt at February 4 this 
year was £5. 6m. 

The initial consideration for Hunter is 
£3. 48m, subject to downward adjustment if 
it does not make a pre-tax profit for the 13 
months to March 31 or if net assets are 
below £775,000. In the year to February 26 
1993 Hunter made operating profits of 
£627.000 on turnover of £6 .85m- Net debt at 
February 4 was £l-3m. 

Mr Julian Lee, who came out of retire- 
ment to become group chief executive of 


Hollas in October, said the company had 
been drifting sideways for several years. 

Textilion, whose customers include 
Marks and Spencer, Next and Boots, would 
complement Gardner, the clothing 
importer at the heart of Hollas, whose 
customers include BHS and Woolworths, 
Mr Lee said. 

Edward Macbean’ s protective clothing 
was a new direction for Hollas. But the 
potential for quality goods in the health 
and safety equipment area was tremen- 
dous in both the UK and Europe, he said. 

Mr Lee, who has 2.7m shares, plans to 
take up all his rights. 

On Tuesday Mr Jaymin TTivedi, the big- 
gest shareholder with 13 per cent, resigned 
as a non-executive director because he felt 
there would be a conflict of interest after 
the acquisition. He wanted to take up 100 
per cent of his rights, but has agreed to 
take up only 80 per cent 


Freeman ahead of forecast 


Pizzaland Scottish growth 


Freeman Group, the building 
products company which is the 
subject of an agreed bid from 
Sheffield Insulations, 
.announced profits for 1968 
ahead of the forecast in last 
month's offer document. 

Directors had estimated that 
the pre-tax outcome for the 
year to end-December would be 
not less than £950,000. In the 
event, the USM-quoted group 
turned in a profit of a little 
more than Elm. against 
£496,000. 

The improvement was 


achieved on turnover up from 
£5&6m to £64^m. The pre-tax 
advance was boosted by the 
release of a £40,000 provision 
for expenses on discontinued 
operations, against a £310.000 
charge last time. 

Earnings per share on an 
FRS3 basis came out at I0.4p 
C2.7P). 

A second interim dividend of 
4p has already been declared, 
which will be paid within 14 
days of the offer becoming 
unconditional This will raise 
the year's pay-out to 6p <5p). 


By Urn Burt 

BrightReasons, the private 
company which owns the Piz- 
zaland restaurant chain, yes- 
terday announced an expan- 
sion plan which could pave the 
way for a flotation. 

The group, which operates 
160 pizza and pasta restaurants 
around tire UK. said It was 
acquiring a further six outlets 
in Scotland and one in England 
for an undisclosed sum. 

Mr Michael Guthrie, group 
chairman, said the acquisition 


from Edinburgh-based Pizza 
Gallery had been funded by 
loans from Samuel Montagu. 
Bank of Scotland and Banque 
Indosuez. 

Mr Guthrie, a former chair- 
man and chief executive of 
Mecca Leisure, said yesterday: 
“We are now considering a 
float, but it's not imminent. " 

The group was committed to 
further expansion, and 
intended to spend up to £4m 
developing operations in Scot- 
land, where it now has 22 out- 
lets. 


$31.5m US 
aggregates 
acquisition 
for ECC 

By Maggie Unry 

English China Clays, the 
industrial minerals, speciality 
chemicals and construction 
materials group, has bought 
Kost Brothers, a US aggre- 
gates, ready-mix concrete, con- 
tracting and building block 
manufacturer, for 931.5m 
(£2L5m) cash. 

Kost has net cash of $7m, 
giving a net purchase price of 
924J5m, and assets wrath SI 7m 
before a revaluation of its 
reserves. In the year to Febru- 
ary 28 Kost is expected to have 
made an operating profit of 
94.7m. 

Hr Alan Shearer, ff nn wgffl g 
director of the construction 
materials division, said that 
Kost was a private company 
and Its reserves had not been 
valued for several years, so 
were likely to be worth more 
than book value. 

Kost’s reserves were “sub- 
stantial" with a life of over 50 
years. He said there was likely 
to he a small goodwill element 
in the purchase. 

ECC is expected to announce 
details shortly of the demerger 
Of tile construction materials 
division, possibly at the time 
of its frill year results on 
March 14. This will involve 
giving new shares in the divi- 
sion to ECC shareholders on a 
pro rata basis. 

Kost is based in the Fargo/ 
Moorhead area on the North 
Dakota/Minnesota border 
where it has a leading market 
share. As such ft is relatively 
close to ECCs other US con- 
struction materials operations 
in Denver, Colorado and Mm - 
neapolls/St Pauls, Minnesota. 

ECC said the deal forth mud 
its strategy of being an aggre- 
gate-led, regionally based busi- 
ness in the US. 


Thornton Pan-Euro 

Net asset value per share of 
the Thornton Pan-European 
Investment Trust expanded 
over the 12 months to Decem- 
ber 31 1999 from 32.29p to 
40.79p. 

Earnings per share were just 
ahead at 0.92p, compared with 
0.91p, while tiie single final 
dividend is again lp. 


Disposal of Devenish stake 
behind rise at Boddington 


By Tony Jackson 

Boddington, the pubs, leisure 
and healthcare group, pro- 
duced an 87 per cent rise in 
pre-tax profit in the year to 
January 2. thanks almost 
entirely to the disposal of its 
stake in Devenish, the rival 
pub group. At the trading 
level profits were op less than 
1 per cent 

Mr Denis Cassidy, chairman, 
said this was a “continued 
strong performance in very dif- 
ficult market conditions”. 
Trading in the year to date, he 
said, had bear ahead of last 
year. 

Sales were E242.3m (£236£m). 
Trading profits were £32. 7m 
against £32. 4m. However, the 
com p an y pointed out that 1993 
had been a 53-week year. 
Adjusting for that, the underly- 
ing growth in trading profit 
was 5 per cent 

Trading profit in the pubs 
division was Am (£22. 7m), 
with beer volumes down 3.1 


per cent Leisure hotels made 
£JL8m (£lAn). Drinks wholesal- 
ing profits were unchanged at 
£7.5m. Mr Cassidy said there 
are signs the price war of 
the past couple of years may 
be changing. Profits in health 
care, hit by the introduction of 
the Community Care Act last 
spring, were also unchanged, 
at £3.2m. 

After a £l4.7m profit on the 
Devenish sale, and net interest 
charges reduced from £7Jm to 
£4.7m by the £37m sate pro- 
ceeds, pre-tax profit was 
£41 .2m (£22m). Earnings per 
share, excluding disposal prof- 
its and exceptionals, were up 
9.9 per cent at 17.8p. The 
annual dividend is raised 10 
per cent to 8D3p with a final of 
5.17p. 

Mr Cassidy said the supply 
agreement whereby Whitbread 
supplies Boddington with beer 
brands, including Boddington 
bitter and Stella Artois lager, 
had been extended to 2000. The 
price would be tied to 


the general rate of inflation. 

• COMMENT 

Though underlying profits are 
flat this is not a bad perfor- 
mance in Boddington’s mar- 
kets. In particular, both the 
wholesaling and nursing 
homes divisions had to cope 
with supposedly temporary 
problems. This year, the mar- 
ket expects about 10 per cent 
growth in earnings; a full 
year's use of the money from 
the Devenish sate is worth 2 
per cent on earnings alone. On 
that basis the shares - 
unchanged at 273p in yester- 
day’s falling market - are on 
an apparently unde mandin g 
multiple of 14. The unsettling 
factor in the near term is that 
Whitbread must unload 5 per 
cent of tbe equity. Further out, 
Boddington is contracted to 
tefeA tbe bulk of the beer it 
arils through its pubs at prices 
linked to the RPI until the mil- 
lennium. But what if the beer 
price falls? 


Court clears Europa 


lerger 


By Kenneth Gooding, 
waning Correspondent 

The proposed three-way 
merger involving Europa Min- 
erals, a small UK-quoted 
finance house, and two Austra- 
lian companies with which it 
already has dose links - Bur- 
mine and Austmin Gold - 
looked virtually certain to go 
ahead last night. 

The Western Australian 


Supreme Court yesterday ruled 
in Burmina's favour and 
a gains t Mount Edon, another 
Australian company which has 
made a hostile hid for Rut -min e 
and is attempting to block the 
three-way merger. 

Burmine hopes to implement 
this by making a recommended 
£l5m offer for Europa and a 
separate agreed bid for 
Austmin. 

Mount Edon already owns 


22.6 per cent of Burmine and 
previously had a 19.9 per cent 
shareholding in Europa. Mount 
Edon sold the Europa stake 
last week in the hope that it 
would therefore be able to vote 
at the Burmine meeting called 
to approve the mergers. 

However, the court yester- 
day upheld the decision of 
the independent scrutineers 
to disregard the Mount Edon 
votes. 


[DIVIDENDS ANNOUNCED J 



Currant 

payment 

Data of 
payment 

Comas - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

Boddington 

tin 

5.17 

Apr 19 

4.7 

8.03 

7.3 

BWD Secs § 

fln 

2.5t 

Apr 15 

1.9 

4 

3J2 


bit 

1-5*t 

Apr 22 

1.5 

1-5 

1£ 

CRH 

fln 

4.96*t 

May 5 

4.5 

7J23 

6.75 

Gent (SR) 

kit 

09 

May 13 

075 

- 

2.1 

GKN 

fln 

12J5f 

June 1 

12.5 

205 

205 

Jos- 

kit 

JL875* 

Apr 15 

2.875 

- 

11.65 

North Midland _ 

fln 

nU 

- 

03 

04 

06 

Prtanadona ...... — 

kit 

2 

Mar 30 

2 

- 

4J5 

Serco 

fln 

11-7T 

Apr 21 

9-5 

17 

14 


fln 

4.8 

- 

4.44 

08 

8 

Thornton Pan 

fin 

1 

Apr 25 

1 

1 

1 

Trans World § fm 

1 

Apr 15 

08 

1.3 

0.8 

Vickers 

fin 

1.75 

May G 

1 

3 

1.5 

Yorkshire Food ...... .fin 

2.48 

May 5 

- 

02 



Dividends shown pence per share net except where otherwise stated. fOn 
increesed capital. §USM stock. Xlriah pence. 4 In Heu of ftttL * Second 
interim; makes 5.75p to date. 


Jos net assets 
advance to 277.9p 

Jos Holdings, the split capital 
investment trust, reported net 
asset value per capital share of 
277-9p as at January 31 1994, 
against 217.3p a year earlier 
and i%.2p at July 31 1983. 

Net revenue for the six 
months to end-January was 
£313,000, compared with 
£287,000, tor earnings per 
income share of 4A5p, against 
4.43p. 

A second interim dividend of 
2.875p is declared for an 
unchanged total so far of 
5.75p. 



f 


The concept - a dedicated 1 1 5 acre 
Automotive Component Park in the Black 
Country, with shared, centralised RAD, 
testing and waste management facilities. Plus 
the priceless benefit of interaction between 
neighbouring companies - like the ACP*s first 
occupant, USA's Johnson Controls. 

The benefits are manifold. 

Poised at the northern tip of the new 
2.5 mile Black Country Spine Road dual 
carriageway, currently under construction, 
the ACP benefits from rapid road access to 
the M5 Junction 1 and M6 Junction 9. Which 
means you can reach manufacturers like Rover, 
Jaguar, Peugeot. Rolls Royce and Toyota Just 
In Time- within about an hour. Ford, General 
Motors and Honda are within a further hour. 

Skilled labour, materials, sub -contract 
assembly and business services are close at 
hand. And you can be on an Intercity rail 
platform within ten minutes, or in your 
departure lounge at Birmingham 
International Airport within about thirty. 

The ACP is only one part of the 300 acres 
opened up by the Black Country Spine Road, 
which, together with a further 400 acres of 
sites from around 2 to 80 acres elsewhere in 
the Black Country Development Corporation's 
area, are available for a variety of uses. 

With all these opportunities to choose 
from, you'll hardly need to invent a reason to 
return the coupon. 


One of the 
most 

significant 

automotive 

developments 

since 

the invention 
of the 
motor car. 




LACK CO 


T R V 


DEVELOPMENT CORPORATION e 
TELEPHONE: 021-511 2000. FAX: 021-544 5710/021-552 0490 .%■' 

To: Linda Clement, Black Country Development Corporation, Black Country House, Rounds Green Road, Oldbury, fc - 

West Midlands B69 2DG. Please send me details of: ^ 

the Automotive Component ParkLJ other sites available in the Black Country £ further information about the Corporation’s work |_] 



J» \ 


Name 


Position 


Organisation 

Postcode 


Tel 


TTTra 


hn wm.'J 
( itM'KSKM i s 


CITY 

University 


BUSINESS SCHOOL 


Present 


FT-City Course 

An introduction to the 
Financial Markets 


London 5 April to 23 May 1994 


The FT-City Course is held at the Barbican 
Centre on Monday afternoons for eight 
weeks. It is designed to give a broader 
understanding of how the major financial 
institutions of the City of London operate 
and the factors that make it a pre-eminent 
financial and trading centre. 

SUBJECTS TO BE COVERED IN PROGRAMME 
ORDER INCLUDE: 

London as a Financial Centre - The Stock Exchange 
and Equity Markets • Gilt and Fixed Interest Markets 
Short Term Money Markets • International Capital 
Markets • Commodities Markets • Foreign 
Exchange Markets • Futures and Options • Swaps and 
Related Option Markets • Current Developments In 
Clearing Banks • Building Societies ■ UK Insurance 
Market ■ Securities Houses and Investment Banks 
Pension Funds * Discount Houses • Principles of Bank 
Lending - Corporate Finance - Mergers & Acquisitions 
Venture Capital • Role of the Central Bank • Fraud & 
Money Laundering ■ FSA and the Regulatory Regime 
How does Economic News Affect Markets? -.Overview 
of the World Economy • Outlook for the British Economy 

PRESENTATIONS AHE GIVEN BY 
REPRESENTATIVES FROM: 

31 • Association of British Insurers ■ Bank of England 
Banking Consultant • Barclays de Zoete Wfedd Limited 
Building Societies Association • Canadian Imperial 
Bank of Commerce • Deutsche Bank • UFFE 
London Stock Exchange • GW Associates 
GuBdhafl Limited • Jamas Cape! Fund Managers 
Lywood David International • Midland Bank 
National Westminster Bank • filed Thunberg & Co IntL, 

SFA - Seccombe Marshall & Campion 
Trtmus Sainer & Webb * Yamaichi International 


For a fufl brochure, please return this advertisement, together 
with your name and address or a business card to: 
Financial Times Conference Organisation 
P.G. Box 3061, London SW12 8PH. 

Tel: 081-873 9000 Fa* 061-473 133S 


Thk milter » imttf in compUauce wilt Hit re palr e m enn of The IWtnwiml Sfnrit 
Exchange o f Ike United Kingdom and the JbpnMic of Inland Limited Me ’London 
Stack Exchange!. ll dm mi cwtf itett n offer or jnvifaium la m person to 
tubacrlbe for Or purdxaee any of the New Ordinary Sfcnrrf. 

Application hoi hen made la the London Stock Exchange foe an of the ittaed and 
folly paid Nor Ordinary Shorts of Embassy Property Grotty PLC to hr issued 
pwnmant to the proposed Acgnaitions. Hoeing and Open Offer to be admitted to the 
Official Lilt. II if expected that admission tv die Official List wSI become effective 
and that dealings aW commence on Slot March. 199L 


EMBASSY PROPERTY GROUP PLC 

n England nMr Krthlrred No. imtOO 

Proposed acquisitions of 
Skiliion Limited 
and of 

Embassy China Investments Limited 
Placing and Open Offer 

of L650 million New Ordinary Shares of lp each at par 
by 

Singer & Friedlander Limited 

Admission to the Official List 

Share oqrftal faUowtag Ike inplemeatatioa the abm pmpoaalm 


• OfSfM* 


Wt0»UQ 


Uattttg partkBhus are available for collection daring normal office hoars, today 
and an the 4th and 7th March 1994 from the Company A nnot a te cmenta Offer, 
the London Sox* Exchange, London Stock Exchange Tohc* Cope] Court 
Entranog, ofl Bartholomew Lane, London EG or on any weekday [Saturdays 
and public hcdUays excepted) op to and inducting 28th March 1994 from: 


Ufa edotnisemeni has been appnoed by Singer St FrioSander Limited. 
a waiter of The Secmeities and Futures Authority Limited 

3rd March 19 M 



Mortgage Funding Corporation No.5 PLC 

(Incorporated m England and VE'iiia uilfi limited 
tiab&itj render registered number 207967/) 

Class A Multi-Class Mortgage Backed Floating 
Raze Notes due November, 2035 
Class AeZ £110,000,000 Class A- J £17,500.000 
Class A-2 £ 80,000,000 Mezzanine Notes £18,500,000 

5° r period 28th February, 1994 to 31sr May. 1994 

the Class A-l Notes will bear interest at 5. 5625% per annum. Interest 
payable on 3 1st May, 1994 will amount to £672.99 ner £48 000 
Note. The CL* A-2 Nona will bear interest at 5. 7375 %pet annum. 
Emerat payable on 31st May, 1994 will amounr to £l +46 Ifi per 
£100, COO Note. The Class A-3 Notes will bear interest at 5.8875% per 
annum. Interest payable on 3 1st May, 1994 will nnvmnr to 

blreS v 6 P 2fi74% 0, ° 00 Noce - | " nw M «=™nc Notes will bear 

™ 5I “ 19,4 


B Bankers Trust 
Company, London 


Agent Bank 



The wvsl fo. Ae totwu, 

Market-Eye 

London stock exchange 



i 


i 

i 





Address 







jjNANCIAL TIMES THURSDAY MARCH 3 1994 


COMPANY NEWS: UK 


21 


Serco makes £9.4m 
and shares rise 117p 


By Andrew Boiger 

Shares In Serco rose by li7p to 
£1450 after the facilities and 
contract management group 
announced a proposed 4-fbr-l 
scrip issue and a 31 per cent 
increase in profits. 

The pre-tax outcome rose 
from £7.21m to £9.42m in the 
year to December 31. while 
turnover increased by 25 per 
cent to £187m (£15Qm). Of this 
figure, 17.4 per cent came from 
established businesses and 7.5 
per cent from acquisitions. 

Serco said its mainly public 
sector markets had continued 
to offer good opportunities 
throughout the year and the 
outlook was promising. 

The rate at which the group 
was winning new contracts 
indicated that it would con- 
tinue to expand in 1994. 

Mr Richard White, manag i n g 
director, was confident the 
pace of UK privatisation would 
increase. 


“The push Is there from the 
government and we see it as a 
big opportunity in the medium 
term.” 

Serco recently won the five- 
year, £B6m contract to manage 
a new jail at Doncaster 
through Premier Prison Ser- 
vices, its 50/50 joint venture 
with Wackenhut Corrections 
Corporation, a US private 
prison operator. 

The prism will be the most 
complex, to be run by the pri- 
vate sector, with convicted and 
remand prisoners, young 
offenders and high-security 
cases among its 771 

Overseas work won by Serco 
includes looking after 17,000 
parking meters in Hong Kong 
and winning a share of 
the management contract for 
Diego Garcia, the US 
naval base in the India™ 
Ocean. 

Earnings rose to 4&5p (37p) 
per share. A. proposed final div- 


idend of 11.7p makes an 
increased total for the year of 
17P (HP). 

• COMMENT 

A 9 per cent share price 
increase in an nruwfflpri mar- 
ket was tribute to the City's 
growing enthusiasm for Serco. 
which s h ire f lo ta tio n in 1988 
has increased its market value 
more than eightfold. One con- 
straint on the shares has been 
limited liquidity, so the scrip 
issue certainly helped senti- 
ment The group sees plenty of 
opportunities, both in the UK 
and overseas, although ana- 
lysts f i n d it difficult to really 
understand the huge variety of 
activities in which Serco is 
involved. Assuming 25 per cent 
earnings growth this year, the 
shares are on a hefty prospec- 
tive multiple of 25. After 
doubling in value since the 
beginning of last year, the 
shares look more than up with 
events. 


Hanson 
asset sale 
raises $54m 

By Maggie Uny 

Hanson is maintaining the 
pare of asset sales with the 
$54m (£37m) disposal of its 
half share in North Texas 
Cement and 15 ready mixed 
concrete plants. The move con- 
tinues its strategy of concen- 
trating the US building materi- 
als business on 

The net value of the assets 
being sold was $45m at Decem- 
ber 31, and in the year to Sep- 
tember 30 1993 they contrib- 
uted operating income of $3m. 

Ash Grove Cement, of Kan- 
sas, bought the stake in North 
Texas Cement, while the ready 
mixed plants, located in the 
Dallas and Fort Worth areas, 
were sold to Pioneer Concrete 
of T6X8& 

The deal brings to $500m the 
proceeds from sales in the US 
SO far this financial year. The 
largest was the flotation of 
Beazer Homes USA, its US 
honse farildin g business which 
raised $2 3 2m. Hanson also 
completed the sale of its US 
office products business for 
$l&L5m this week. 


ABC to take Unique 
Broadcasting stake 


By Raymond Snoddy 

ABC of the US has reached 
agreement in principle to take 
a significant minority stake in 
Uniqne Broadcasting, the inde- 
pendent producer that makes 
radio programmes for commer- 
cial radio stations in the UK 
and the BBC. 

Unique, in which Capital 
Radio, the Txmdnn commercial 
broadcaster, has a 24 per cent 
stake, produces programmes 
such as the Pepsi Network 
Chart Show for commercial 
radio. Rock line for BBC Radio 
1 and interval talks fbr Radio 3. 

ABC, which is in terested in 
increasing its presence in the 
independent sector, is likely to 
take a stake of about 20 
per cent in Unique, aTthrmg h 


Interim lift to £1 

A £lm turnround to profits 
from related companies’ contri- 
butions helped SR Gent, the 
MarfcK and Spencer garment 
supplier, lift pre-tax profits 
from £986,000 to £U2m in the 
six months to December 3L 
Turnover grew to £62. 4m 


this could rise later. 

ABC already owns a 33 per 
cent stake in Satellite Media 
Services in the UK In the US 
the company has been develop- 
ing streams of radio services 
delivered by satellite to local 
stations all over America. This 
helps local stations cut costs. 

It is likely that ABC may be 
planning something similar in 
partnership with Unique, 
which was founded by Mr 
Simon Cole and Mr Tim Black- 
more, who hold about 25 per 
cent each. 

it is believed that, as part of 
the strategy, ABC is in talks 
with the Financial Times about 
the possibility of creating an 
FT radio service fbr distribu- 
tion to UK commercial radio 
stations. 


12m at SR Gent 

(£59Bm), while operating prof- 
its were lower at £1.79m 
(£2.44m). The share of profits of 
related companies amounted to 
£533,000 (£476,000 losses). 

Earning s -per share were 1.8p 
(L5p) and the interim dividend 
is lifted to 05p (0.75p). 



Proposed flotation of 

REDROW GROUP pic 

Redrew is the UK’s largest privately owned 
house builder operating from 7 regional 
offices throughout England and Wales 

The Group has announced its intention to seek a 
listing on the London Stock Exchange. 

INTERIM RESULTS 

For 6 months ended 31 December 1993 
Profit before tax increased to £12. 3m 
Homes completions up 82% to 1153 
Sjgjf Shareholders’ funds increased to £65. lm 
Sjg Land bank increased to 6700 plots 



JlIWo 

mi 

lluU 

IW 2 
14 — ~t»l 



Ita 

tm 

llUtPM. 

Tu mover 

103.6 

64-3 

61 % 

Profit from operation* 

1 1.9 

7.1 

68 % 

Profit on sale of invcatiaent* 

1.0 

_ 


Interest payable (net) 

(06) 

<0J) 


Profit before tax 

I 2 J 

633 

31 % 

Corporation tax 

( 09 ) 

(2-3) 


Profit after tax 

!M 

4-5 



TO REGISTER FOR A COPY OF THE MINI PROSPECTUS PLEASE CALL: 


1- R F 1: PH ON h 

0800 58 0800 


Th»» idiMIliBMi b*i bocn approval! Sj Barclay, dr Zhic W,dJ United. 

a member of The Securities and Authorliv- 


Redraw Group pic. Redraw Home, Sc. David's Park, Clwyd CH5 3PW. 
Telephone: 0244-S20044 Facsimile: 0244-520720 


CheiterhanAQoucester 

BIWSocHy 

£125.080 .#00 


nnivtjwtfj of ibe 

ty p«n ibW U* 

the ihrec m«uh 

y, 1W has been 
nmitn. The inier- 
tee month 

juui — ■ — Nrttfi 


» Bearer Note, 
pnsenuttanor 


AUSTRALIA AM3 
NEW ZEALAND BANKING 
GROUP UURTED 
Staffing Floating Rate Nates 
due 1997 

in accordance with the provtekms of 
the Notes, nodes Is hereby ghat that 
the rate ot Interest tor (he period from 
February 2»h. 1994 fo May 31st, 1994. 
Ima been fixed et 5.3125 per cent per 
annum. 

On May 31st, 19** interest of staring 
66.95 per Staffing 6^00 nominal 
amount ol the Nates, am) Interest of 
staffing 334.78 per staring 28.000 
nomtaat amount of the Notes, wfl be 
due agatest Coupon No. 30. 

Swlse Bank Corporation 
London 

Reference Agent 


Obayashi Finance 
International 
(Netherlands) B.V. 
¥4,500,000,000 
Floating Rate Notes due1997 

Interest Rate: 3.32% p-a. 

Interest Period: 3rd March, 1994 to 

6tfi September, 
T994 

Coupon Amount VI ,700,932 
(on Notes of 
VTOG.O00.000) 

Payment Date: 6th September, 

T994 

Salem Trust Intenubona] Limited . 

Fiscal Agent 

3rd March, 1994 


Oyston’s plan to sell stake may lead to a battle for control 

Trans World up 54% to £1.74m 



Michael Connolly (left) chief executive, with John Whitney 


Enlarged 
Comae 
£228,000 
in the red 

Ely Alan Cano 

Comae Group, the UK’s largest 
information technology staff 
agency, returned losses before 
tax at £228,000 is 1993 after 
exceptional charges and unal- 
located overheads wiped out 
an operating surplus. 

The results Included two 
months’ contribution from 
CSS Trident, formerly the UK’s 
largest Independent supplier 
of contract computer staff, 
a^ wi i' w i at Fho beginning of 
November last year. CSS Tri- 
dent made profits before tax of 

£2m on revalues of £53m in 
1992-93. 

Group turnover grew from 
£11. lm to £19J8m and operat- 
ing profits rose from £429,000 
to £855,000. There were, how- 
ever, exceptional charges of 
£773,000 to pay for redundan- 
cies and reorganisation costs 
smd unallocated central over- 
heads amounted to £216,000. 

Losses per share were lAp, 
against earnings of 3.7p. An 
interim dividend of 1.5p is 
declared in Ben of a final. 

Mr Philip Swinstead. who 
became chief executive hi June 
last year, piiil Comae’s agency 
business had been integrated 
into CSS Trident’s operations 
with the closure of all the for- 
mer Comae offices and some 
20 redundancies. 

He said that some 1,261 con- 
tractors had been placed with 
clients by December. The com- 
pany intended to make its first 
moves in IT consultancy and 
systems integration in 1994 in 
pmsntt of its declared strategy 
of becoming a broadly based 
computing services company. 
Growth would be both otipnte 
and by acquisition. 


By David Wrghtan 

Trans World Communications, 
the independent radio group 
where former chairman Mr 
Owen Oyston's 24 per cent 
stake is for side, reported a 54 
per cent jump in pre-tax profits 
from £3.I3m to £L74m for 1993. 

But the shares slipped by 13p 
to l65p yesterday, having risen 
by more than 60 per cent in the 
last month. 

Mr John Whitney, chairman, 
would not speculate on where 
Mr Oyston’s shares might go. 
“Only time will tell,” he said. 

Mr Oyston's plan to sell his 
stake may lead to a battle for 
control of the company involv- 
ing Emap, the publishing 
group which owns almost 30 
per cent of the shares, and the 
Guardian newspaper group 
which has 20 per cent 

The Guardian is unable to 
increase its stake under cur- 
rent rules ou cross-media own- 
ership. But these are expected 
to be relaxed later this year 
following a review by Mr Peter 
Brooke, the heritage secretary. 

At present, Trans World can 
own only one more major local 
radio licence and will be apply- 
ing for an FM licence for Lon- 


don in the spring. 

Mr Whitney predicts the 
rules will be changed to allow 
newspaper groups to own radio 
stations and that the market 
share limit will be raised to 25 
per cent 

Shares in radio companies 
have risen sharply over the 
last few months on hopes of a 
wave of takeover bids and 
signs of a strong recovery in 
advertising revenue. 

Trans World recorded an U 
per cent increase for the year, 
pushing total sales up by 
£L15m to £13 -3m. 

Operating profits jumped by 
£678fiQ0 to £l.7lxn, but a return 
to a near-normal tax charge of 
28 per cent left earnings at 
3.lp. A final dividend of lp lifts 
the total to lBp (OBp). 

• COMMENT 

Even after boiling over yester- 
day. Trans World shares are 
trading on a frothy 53 times 
historic earnings. But the rat- 
ing should fall sharply this 
year. Given that three quarters 
of the company's costs are 
fixed, it would require advertis- 
ing growth of only 15 per cent 
- compared with industry fore- 
casts of 20 per cent - for prof- 


its to top E3m, reducing the 
multiple to about 30. Relax- 
ation of 1TV ownership rules 
pusbed television ratings 
almost as high and that for a 
sector which is losing advertis- 


ing share, while independent 
radio is starting to make the 
inroads it has long promised. 
Add Mr Oyston's stake to the 
mix and there may be life in 
the shares yet 


Embassy seeks funds for 


By Vanessa Houlder, 

Property Correspondent 

Embassy Property Group, the development 
company, yesterday announced a complex 
restructuring together with an £8. 7m UK 
acquisition mid a £3m Chinese in vestment 

Skillion, a light industrial property spe- 
cialist, is being bought from TR Property 
Investment Trust for £8. 72m. of which 
£4.72m will be settled in cash and the rest 
in shares. The deal will leave TR Property 
with an SSI per cent stake in Embassy. 

The proposed investment in China is a 
47.850 sq m mixed use development dose 


to the centre erf Beijing. Embassy is buying 
a 25 per cent stake from Mr YP TSe. a 
Hong Kong businessman, in a part-paper 
deal which will leave Mr Tse with a 9.2 per 
cent shareholding in Embassy. 

Mr Tai Yu Wong, Embassy chairman, 
said the Skillion acquisition would provide 
a strong asset base. The planned Beijing 
investment would be the first of a number 
of opportunities in China and east Asia. 

Some £l5.2m is being raised from a plac- 
ing and open offer of l.6bn ordinary shares 
at lp each by Singer & Friedlander. The 
company plans a capital reorganisation, 
which will Indude the reduction in nomi- 


investment 


nal value or each existing ordinary share 
from 5p to lp. It has applied to move from 
the USM to Lhe Official List 
Dealings in the new shares are expected 
to begin on March 31. The proposals will 
increase the company's market capitalisa- 
tion from £3.lm to about £21 .7m. 

Embassy also announced yesterday a 
pre-tax loss of £454.000 for the six months 
to September 30. In the previous first half 
it made £4m before tax. Losses per share 
of 0.4p compared with earnings of 26p. 

Mr Michael Kingshott, managing direc- 
tor of Skillion. and Mr Barry Russell a 
Skillion director, are joining 1 he board. 







-T ; --ji 


•if 


|fr: 

ivfc Is 


r-i\' 


FINANCIAL IZVESTIA TALKS BUSINESS TO 300,000 
INFLUENTIAL RUSSIANS EVERY THURSDAY. 

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

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

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

To find out more about advertising to these influential people call Ruth Swanston at the 
Financial Times in London on 44 71 873 4263 (fax 44 71 873 3428), Stephen Dunbar-Johnson 
in New York on 1 212 752 4500, Dominic Good in Paris on 33 I 42 97 06 21, Sarah Pakenham- 
Walsh in Hong Kong on 852 868 2863. 


FINANCIAL TIMES 





22 



=aKmrmc— 

ANNOUNCEMENT OF INTERIM RESULTS 


Half year to Half year to 
31 December 31 December 



1993 

1992 


jfOOO 

£m 

Turnover 



Continuing activities 
Acquisitions 

62460 

59,052 

725 


62360 

59.777 

Costs and overheads 



Continuing activities 
Acquisitions 

(60370) 



(60370) 

(57333) 

Opera ring profit 
Continuing activities 
Acquisitions 

1.790 

2,076 

368 


1,790 

2.444 

Share of profits/flosses) 
of related companies 

533 

(476) 

Net interest payable 
anti similar durges 

(hi 17) 

(982) 

Profit before taxation 

1,206 

986 

Taxation 

(543) 

(439) 

Profit for die period 

663 

547 

Dividends 

(327) 

(271) 

Retained profit for 
the period 

336 

276 

Earnings per ordinary 
share 

1.8p 

13p 


STATEMENT OF TOTAL RECOGNISED 


GAINS AND LOSSES 



/:ooo 

/~000 

Retained profit tor 
the periou 

336 

276 

Currency translation 
differences 

(128) 

(22) 

Total recognised gains 

208 

254 


• Operating profits from manufacturing up 23%; the 
effect of continued retail expansion produced divisional 
losses which reduced group operating profir year on 
year. 

• Stocks for the Spring 1994- season were higher at 31sr 
December 1993 which enabled our customers to 
achieve an earlier launch for the current period. 


• Orders lor the current season are encouraging and rota! 
group prospects arc anticipated to continue to improve. 

• Dividend declared at 0.90p net per share (1992 0.75p 
net), payable 13 th May 1994. 


Manufacturing reorganisation between domestic and 
international is now complete. 


Peter Wolff 
Chairman 


The summonsed results far the half year to 31 December 1993. which 
are unaudited, have been prepared in acoordanpe with accounting 
policies adopted in the accounts Tar the year to 30 June 1993. 
There is no material difference between the results shown above 
and the historical cost results for the period. 


NOTICE OF NAME CHANGE OF ISSUER 
CSFB FINANCE B.V. 

USS200.000.000 Guaranteed Subordinated 
Floating Kale Notes Due 2003 
and 

USS200.000.000 Guaranteed Subordinated 
Flouting Rote Notes Due August 2003 

Cuumnlecd on a subordinated basis by 
First BuHii-in. Inc. (rormeriy CS First Boston Group. Inc.) 
NimCI. 15 HF.RKBY GIVEN, ramuonl la Cmibian U> aTlh* Tern* aid Cmliiiuna. 
Ill I hr obuir N<*n. that the muwollhc Inner has been ctumqnJ u of December 30. 1993 
lo 15 FioM Boiiihi Finance. B.V. 

D«inj: »L«ch a. wm CS FIRST BOSTON FINANCE. B.V. 


"city ' • pm6 Cl '** ss BooKM.ftjafiHBBB 

Iht Market Lmhn m htfUwg - >«ancid art d Spurts Fur a 

I jy Ir Y Iwmhuir m1 an mwmi opplicnHw fhsm usd 07 1 '1 1 J«.7 

-il S« Iin ihMimJuc priol Sam loVp m un Tektrai pajtr MIS 




hEU i ERS 1GOC rm 

« 24 hours a day - only $100 a monthl l / *v 1 

LIVE FINANCIAL DATA OtRECT TO YOUR PC 


Toi more nfoimation ^*J^P*** OOM p M .45 4587 8773 HETIElTB 



INDEXIA Chart Books 

FT —SE 100 A Traded Options Securities 
updated at Friday clme, on your dot Monday monriog 
Bur Chart. RSI, Relative Mrength, OB V, Ranking tables 
INDKXIA Research, 121 High. St. BcrkhantMcd. HP4 2DJ 
Td (P44ZI ID 801 5 Fax 104421876834 


Signal 


O 130+ software appUc a Bon s O 
O RT DATA FROM 310 A MY O 
© Signal SOFTWARE GUIDE Q 
Cafl London 7T 44 *(0)71 2313556 
for your fluMe and Signs price fat 


LOW COST : 

SHARE DEALING SERVICE #81-944 0111 


MlV.f^T Mt.M'* I r.TTIH 


Ct)MMlV»lt)\ 115UM £10 MI N [Ml 
£9') It N.VLM' 5! ON ANY 1 It 


* Daily Gold Fax - free sample 

5o? . . J ocSc Anno Whitby 

* xo* from CiNirt Analysis Ltd , nT , T ,. 7)7 . 

5S.5 W 7 Swallow Snoct. London W1R 7HD. UK . 1°'' 

xu* . * Fax. 0/ 1-43 ? 4?6$ 

© ccmiTiOaiiy spcculi tor over 22 years r ., 0 . , . 


DO YOU WANT TO KNOW A SECRET? 

Tho l.O S. Gam Seminar wfl show you how the marliets REALLY work. The 
amazing trading techniques ol the legendary W.D. Gann can increase your 
profits and contain your losses. How? That's the secret. Ring 061 474 0060 to 
bocH your FREE place. 


Forex or Futures prices from £49 per month 

For 30 second updain on your Windows PC Screen or 
Pocket Financial Monitor call 0494 444415 

QuoteLink from SPRINTEL 




☆ PROPERTY FINANCE * 

Nen sources (or commercial properties: up to 90% loan to valuation; mas 
compotwvo and tadtsa terms: Unfenon C500.000. Contact Richard von GOCon. 
(Ached Laurie Partnership Ltd (Uember ot the SFA) 

Tel: 071 433 7050 Fin 071 493 6279 


— 


FtrtureSburce 


-ft- !e--J.|:r:« :r.io:r-;i:!c-, syi.v- pf;!s::cc t;. i-^fi:; :l cri ; ,ird r:::.v .K-.Y.otiC ir, a! 

y.-.riva »c ve-.-jn .« an un-iva'ed c-i:* Futures • Outers • Fa • =■-«:';>• 
• V-f.-vj • ::■*? * “yl- Cr.-.r : -g 3 m ; 

joov<M*s« ■ 9va - iV*-..a c.-s-.-qS l s t UK a Z.imec 


COMPANY NEWS: UK 


Redrow plans listing 

expansion 



T*o*or KaigMe* 

Sir David Lees: ‘Quite frankly, DBS is not a business we w ant to 
be in ... but prospects for an orthodox disposal are pretty poor' 

Losses deepen to 
£48m at 


to fund 


By Andrew Taylor, 

Construction Corresp on dent 

Redrow, which claims to be 
Britain’s biggest private house- 
builder. yesterday announced 
plans for a stock market list- 
ing. 

The company Is expected to 
be valued at about £350m 
under Che Dotation, which is 
likely to involve the issue of 
about £5Qm of new shares. Mr 
Steve Morgan, the founder, is 
expected to raise a further 
£100m by selling part of his 98 
per cent stake. 

Mr Morgan, who started the 
company in 1974 when he was 
21. is expected to be left with 
just over 50 per cent of the 
shares following the transac- 
tions. 

Originally the company's 
activities were mainly in 
north-west En gland. 

They have spread to York- 
shire, east Midlands , south 


By Bethan Hutton 

Edinburgh Fund Managers’ 
Small Companies Investment 
Trust is aiming to almost dou- 
ble in size with a conversion 
share issue. 

The trust - launched last 
August - invests in UK quoted 
companies mainly capitalised 
at under £l00m. It has net 
assets of £5&n. 

The marimimi size of the C 
share issue has been set at 
£50m, after the placing drew 
irrevocable undertakings for 


Resort sells 4 
hotels for £7.3m 

Resort Hotels has sold four of 
its 50 hotels for £7_28m to Cairn 
Hotels, a subsidiary of Bank of 
Scotland, one of its banks. 

The company said the am- 
slderation was based on the 
latest valuation, and included 
the freeholds- Proceeds would 
be used to reduce debt Resort 
shares have been suspended 
since last July. 

Accounts for the year to end- 
April 1993 have not yet been 
published because of difficul- 
ties in finalising property valu- 
ations. Resort called in inde- 
pendent consultants last July 
to investigate financing issues. 

The trade and industry 
department has granted the 
group until the end of this 
month to publish the accounts. 

Mr Roland Lewis, acting 
managing director, said yester- 
day that the group's strategy 
was to maximise immediate 
profitability, which called for 
"some pruning of our network 
especially in areas where we 
are densely represented”. 


Wales and south-west England 

Last year it acquired Cos- 
tain's former housebuilding 
business In south-east 
Emgland in a deal worth up 
to £24m. 

The money raised will be 
used to acquire land and 
finance expansion. 

Some 2JW0 homes are expec- 
ted to have been sold in the 
year to June 30. 

During the SIX months to the 
end of December, Redrow 
increased pre-tax profits by 81 
per cent to £12-3m (£&8m) on 
turnover of £104m (£64 .3m). 
The number of hrmea sold in 
the period rose by 81 per cent 
from 636 to U53. 

Profits included a £lm gam 
from the sale of Us 12.7 per 
cent stake in Bell winch, a rival 
housebuilder. 

The company traditionally 
does better in the first half. 
Even so it should be capable of 
producing pre-tax profits of 


£20m-worth of C shares at lOOp. 

The public offer opens today 
and closes on March 23. War- 
rants will be attached on a 
l-for-5 basis. Conversion will 
take place by September 30. 

• The Foreign & Colonial 
Income Growth investment 
trust, the group’s first invest- 
ment trust to concentrate on 
the UK, has raised £7m from a 
placing. The public offer, 
which closes on March 25, has 
been given a £250m limit, to 
avoid any need to scale back 
applications. 


By David BteckweU 

Yorkshire Food Group, the 
Bradford-based food processor 
floated last March, yester- 
day reported an 89 per cent 
rise in pre-tax profits to £5.1m 
for its first year as a public 
company. 

The shares, placed at llOp to 
March 1993. dipped 3p to 119p 
yesterday. 

Turnover for the 12 months 
to end-December Increased by 
51 per cent from £63 -2m to 
£952?m, reflecting a combina- 
tion of organic growth and the 
August acquisition of Dei Mon- 
te's dried fruit business to Cal- 
ifornia. 

“Clearly to our first year we 
can claim to have improved 
shareholder value, ” said Mr 
Mike Firth, chairman tmri chief 
executive. 

Earnings per share increased 
from 8J21p to 9.33p. A final divi- 
dend of 2.48p is proposed, tak- 


approaching £20m for the full 
year. This would compare with 
£13-3m to 1992-94 and a peak of 
£l&3m to 1988-90. 

Annual output in the 
medium term is likely to be 
lifted to about 3,500 homes. 
The landbank of 6,700 plots 

with p lanning permission will 
need to as thg busi- 

ness expands. 

The average purchase price 
of each plot is £11,400, equiva- 
lent to 13.5 per cent of the car- 
rent average selling price of a 
Redrow home. This was £80,000 
in the first half, bat is expected 
to be nearer £90.000 to the next 
financial year as the former 
Costato first-time bayer busi- 
ness is moved up-market 

Net debt of £13-Sm at the end 
of December represented 21 per 
cent of capital reserves of 
£65- lm. 

Barclays de Zoete Wedd is 
organising the issue, Cazenove 
is acting as broker. 


By Bethan Hutton 

The two Hoare Govett Smaller 
Companies Index investment 
trusts are to merge and raise 
up to £2Sm through a conver- 
sion share issue. 

The moves will create a sto- 
gie trust with assets of about 
£95m_ 

The merger Is based on the 
arg ument tha t a larger portfo- 
lio would lead to more consist- 
ent investment performance to 
line with both trusts’ aim of 
matching the Extended HGSC 


tog the total to 3.2p, compared 
with an estimated 2.88p for 
1992. 

The group said the results 
fully justified the £16£m acqui- 
sition, which contributed 
£152m to turnover and £L9m 
to total operating profits of 
£6.5m (£3.9m). * 

Yorkshire's sales are now 
split equally between the US 
and the UK. where 24 per cent 
of sales go to supermarkets. 

The group considered the 
proportion oF its sales going to 
supermarkets as an advantage 
because their demands led to 
efficient business practices, 
which gave knock-on benefits 
when dealing with other cus- 
tomers. 

The results included closure 
costs of £502,000, mainly 
reflecting the group's with- 
drawal from its baiting busi- 
ness. The tax charge for the 
year rose from 17 to 23 per 
cent 


WH Smith 
confirms 
Virgin/Our 
Price merger 

By Neff Buddey 

WH Smith, the retail and 
distribution group, yesterday 
confirmed it was merging its 
Our Price music chain with 
Virgin Retail, its joint venture 
with Mir Richard Branson’s 
Virgin group. 

Smith will put all its 305 
Our Price stores into the ven- 
ture, and increase its stake 
from 50 to 75 per cent Virgin, 
which operates 24 megastores 
to the UK and Ireland, will 
reduce its stake to 25 per cent 
No cash is changing hands. 

The enlarged group will be 
the UK’s biggest music retailer 
with annual sales of £350m - 
SO per cent of the market 

It will be managed by a 
twin of Virgin and WH Smith 

executives headed by Mr 
Simon Burke, currently Virgin 
Retail’s wigwaging director for 
the UK and Ireland. Other 
directors will be Mr Peter 
Troughton. WH Smith’s man- 
aging director of UK retailing, 
and Mr Trevor Abbott, manag- 
ing director of Virgin Retail. 
Mr Branson will be president 

The merger is subject to 
ap proval by the regulatory 
a u t ho r i ties. 

• Virgin also announced a 50/ 
50 ventur e with Saehan Media 
C or p ora tion of Sooth Korea to 
open Megastores there. The 
first is expected to open in 
Seoul In mid-1995. 

Sanhan manufactures video 
tape and magnetic media, and 
has affiliations with Samsung, 
one of South Korea’s largest 
groups. 


Index (excluding investment 
trusts). Lower administrative 
costs and greater liquidity in 
the shares are also ex pe ct e d. 

Participation in toe C share 
issue is limited to existing 
shareholders. Commitments 
have already been received for 
20Bm C shares at 125p. 

The arrangements are likely 
to be approved at the annual 
meeting of the first trust on 
March 23, as the merger offer 
has already been accepted by 
holders of 82 per cent of the 
second trust’s shares. 


£15m Sanderson 
Bramall buy 

Sanderson Bramall is increas- 
ing its involvement in toe 
commercial vehicle market 
with the acquisition of Petro- 
gate Group, the commercial 
vehicle and car distributor. 

The Yorkshire-based motor 
rifat h -Ffmll tin gnmp h ass condi- 
tionally agreed to pay a sum 
equal to the net asset value of 
Petrogate at completion, 
which is expected to be about 
£400,000, plus a profit-related 

mavimnin of {S-ffim. 

The Initial consideration of 
£4.75m Is to be satisfied by the 
issue of lm new shares worth 
£2m with the balance payable 
in cash. Sanderson is also 
assuming bank borrowings of 
about £9.7m. 

In toe year to July 31, Petro- 
gate, which operates in the 
Midlands and the north of 
England, incurred a pre-tax 
loss of £852,000 on sales of 
£70.4m. Of tts £1.9m operating 
profit some 70 per cent was 
derived from commercial 
vehicle operations. 


By Anckew Baxter 

UES Holdings, the Rotherham- 
based engineering steels and 
forgings group in which GKN 
has a 39.1 per cent stake, 
plunged to a record pre-tax loss 
of £48. lm last year, compared 
with a restated loss of £10.3m 
in 1992. 

The latest deficit could 
increase the pressure on GKN 
to resolve the Future of its 
stake in UES, which is toe last 
link with its past in steel forg- 
ings and related “nuts and 
bolts” businesses. The rest of 
UES is owned by British Steel 

Sir David Lees, chairman of 
GKN, said yesterday: “Quite 
frankly this is not a business 
we want to be in”. It is 
included among the peripheral 

businesses which GKN wishes 
to divest, but Sir David said 
prospects for an orthodox dis- 
posal were “pretty poor”. 

The loss at UES. in which 
GEN’S share is num , comes in 
spite of a rise in turnover from 
£565m to £591m, due partly to a 
full-year contribution from Lee 
Bright Bar, acquired in Octo- 
ber 1992. 

Scrap prices paid by UES 
rose more than 80 per cent last 
year, and with selling prices 
depressed, margins were 
squeezed. On top of that, elec- 
tricity costs rose faster than 
inflation, it said. 

Mr Rod Beddows, the steel 
consultant, said the European 
engineering steels market was 
in great difficulties. Also, Thys- 
sen and SaarstaJhl the two 
main competitors of UES In 
leaded, so-called free-cutting 


Motherwell Bridge Holdings, 
the private engineering and 
contracting concern, is acquir- 
ing Clayton, Son (Holdings) at 
128p per share, valuing the 
engineering construction 
group at £3.4m. 

Clayton shares rose 14p to 
127p. 

Mr John Crawford, Mother- 
well chairman, said toe acqui- 
sition would enhance his com- 
pany’s engineering and 
contracting strengths in the 
areas of design and project 
engineering of specialist plant 


UES 

steel used blast furnaces and 
did not rely on scrap as their 
raw material, 

UES suffered an operating 
loss of £2l.lm last year, against 
a deficit of £12.2m in 1992. The 
latest figure includes EL9m of 
redundancy costs as UES cut 
average employment from &3Z! 
in 1992 to 7.653 last year. 

Exceptional costs were 
£2&9m in 1993, with £19.6m of 
closure costs - principally 
related to the closure of the 
Templeborough works in Roth- 
erham late last year - and £8m 
of reorganisation and restruct- 
uring costs, offset by small 
exceptional credits. 

The latest loss is only the 
second since UES was formed 
in 1986, and compares with 
peak profits of £67.3m in 
1969. 

On a brighter note, UES did 
increase exports last year from 
mam to £242m. 

Mr Don Ford, chairman, said 
there was some evidence of 
restocking in January and Feb- 
ruary, but signs of a sustain- 
able uplift in volumes and mar- 
gins had yet to be confirmed. 

Some observers believe the 
best solution for GKN would 
be to sen its stake to British 
Steel which could then com- 
bine and rationalise toe steel 
side of UES with parts of its 
own business. 

Bat it is understood GKN 
does not want to sell at a price 
which would force it to make a 
big write-off on the carrying 
value of its stake. 

In the meantime Sir David 
said UES has to continue 
attacking its cost base. 


for storage of solids, liquids 
anti gases. 

Motherwell has received 
irrevocable undertakings to 
accept toe offers, to be made 
by mil Samuel- in respect of 
61.2 per cent of Clayton's 
founder shares and 50.2 per 
cent of the ordinary, represent- 
ing 56.2 pw cent of the votes. 

Clayton also announced 
results for 1993 which revealed 
pre-tax losses of El.OTm (£L4m) 
on turnover of £ 20 . (£16. 6m). 

Losses per share were 42J27p, 
compared with 47.45p. 


Nottingham seeks to raise £15m 


By Simon Davies 

Nottingham Gronp, one of toe UK's largest 
suppliers of educational products, is planning 
to raise about £15m in new capital from its 
forthcoming flotation. The funds will be used to 
redeem preference shares and repay debt 

The pathfinder prospectus, released yester- 
day, showed 1993 pre-tax profits of £7.3m 
(£7.08m) after a £l.lm write-down on fixed 
assets. 

Mr David Mansfield, chief executive, said 
Nottingham's existing business offered steady 
growth, but he was looking to expand the prod- 
uct range through acquisitions. 

He said that government schools had built up 


budget reserves of £400m, which he expected to 
support Increased purchases of educational sup- 
plies In the coming years. 

The company was formed through a manage- 
ment buy-out from Coats Viyella in 1989, and 
the subsequent purchase of EJ Arnold, its main 
competitor, from Pergamon. 

The management and its venture capital 
barkers will sell some existing shares through 
the placement and intermediaries offer, in addi- 
tion to the £15m of new shares. Nottingham 
will have an iwwtai market capitalisation of 
about £80m. 

Impact day is March 17, and the offer will 
dose a week later. It is the first UK flotation to 
be sponsored by Goldman Sachs International 


EFM aims to double Hoare Govett trusts 
Small Cos Trust’s size merge and seek £25m 


Enlarged Yorkshire 
Food exceeds £5m 


Clayton, Son agrees bid 





^ Bssocfation -with 

OCTOBER . 1394 




FOR FURTHER INFORMATION ABOUT ADVERTISING OR EDITORIAL CALL 
MARK RIX, COMMERCIAL ADVERTISING MANAGER, ON 051.832 7200' Ext 2532 


Ail these securities have been sokL This announcement appears as a mailer of record only. 



TRADEPOINT 

Financial Networks pie 


Cdn $6,195,000 

Private Placing of 2,065,000 Ordinary Shares 

Agents: T. Hoare & Co. Limited (UK) 

Canaccord Capital Corporation (Canada) 

Lead Promoter: Bennett Waller-Bridge Wilson & Associates 


February 1994 

T. HOARE & CO. LIMITED. MEMBER OF SFA 







loll*:*' 

ir'r 


• V- 




iCalTFotunSMirtvTtliO- 


-?6? 6SG7 Fa: 


;54 












23 





FINANCIAL TlTvire 


COMPANY NEWS: UK 


BWD 
advances 
77% to 
£3.08m 

By Ian Hamflton Fazey, 
Northern Correspondent 

BWD Securities, the 
USM-traded financial services 
group, increased pre-tax prof- 
its by 77 po- cent from £L74n 
to £3.08u in the year to 
November 30. 

Turnover for the West York- 
shire-based company increased 
to £l4.Gm (£io.4m), while 
ramifi e s per. share expanded 
73 pear cent to n.ip (6.4®). a 

final dividend of 2.5p mwy^ g 

total of 4p, up 25 per cent 

Ur Christopher Broadbent, 
chief executive, said that 
improved sentiment on stock 
markets had helped growth, 
coupled with a switch to equi- 
ties by private investors from 
banks and building societies 
as interest rates fell. 

Total funds under manage- 
ment at the year end were 
£1.63bn, after a 36 per cent 
increase in discretionary funds 

to £815m and a 44 per cent 
advance In Pep funds to £8 Shl 

The Capital for Companies 
offshoot raised more than 
£39m. (£9m). With another 
£30m raised this financial 
year, tee income bom business 
expansion scheme activity 
would continue until 1998. 
Recurring fee income in the 
year increased by £lm to 
£&8ra. 


Interest rates 
hit Stat-Plus 

Stat-Plns Group, the legal 
stationer, blamed lower inter- 
est rates for a 5 per cent drop 
in pre-tax profits from £3.61m 
to £3.42m for 1993. 

Although gross margins had 
been maintained and over- 
heads reduced, enabling oper- 
ating profits to advance 14 per 
cent to £2.58m (£2.26m), net 
interest income fell from 
£l-35m to £8344)00. 

Bank balances increased 
from £134hn to £I42m. Turn- 
over rose to £ll.7m (£ll.4m). 

Earnings per share were 
10.7p (U.3p) while a final divi- 
dend of 4^p fills the total to 

8£p (8p). 


A new image to remove the stigma 

Paul Taylor looks at ADT and its unconventional chairman 


A DT, the electronic secu- 
rity and car auctions 
group run by Mr Mich- 
ael Ashcroft, once the City's 
Mte noire, is “a stock with a 
stigma". 

Shares in the group. 1 which 
retains Its London quote 
despite being Bermuda-regis- 
tered and having administra- 
tive headquarters in Boca 
Raton, Florida, continue to 
trade at a discount to markets 
on both sides of the Atlantic. 

Shareholders in Europe in 
particular have had rough ride 
- the shares collapsed from a 
peak of m.15 in September 
1388 to a low cf 281p in Decem- 
ber i 99 i - and have only 
recently moved up to about 
700p. 

On Wall Street, where more 
t ha n 80 per cent the stock is 
held, the shares have recov- 
ered somewhat in recent 
months, but are still trading at 
a relatively low earnings multi- 
ple compared with the Stan- 
dard & Poors 500 average. 

Mr Jack Blackstock, an ana- 
lyst with CS First Boston in 
New York, said, “a pall hang s 
over investors’ perceptions of 
the company that emanates 
from the firm’s often confusing 
and unenviable acquisition 
record". 

More bluntly, many inves- 
tors remain suspicious of Mr 
Ashcroft who, long before 
acquiring the US-based ADT 
commercial security group in 
1988, enjoyed a reputation in 
London as an unpredictable 
corporate raider having built 
up “strategic" stakes in a num- 
ber of companies including 
BAA Lep and Christies Inter- 
national. 

In the process he alienated 
most City institutions, analysts 
and investors with his secrecy, 
accounting techniques and 
inter-affiliate transactions. 

However, Mr Ashcroft, 48 
tomorrow, appears keen to 
project a new image, though he 
accepts that he pushed the 
rules to the limit in the 1980s 
and says he understands why 
British institutions nhnnrinnsri 

him 

“I was chairman of a public 
company at 31, 1 had never met 
a merchant banter or a stock- 
broker.” he says. “1 made all 
my mistakas in public - but 
we aQ move on". . 

He Insists that “perception Is 
stQl far removed from reality 


ADT 

Share price (pence} 
2 £00 


ZfiQO 


1,500 


1000 


500 



cs" 




Michael Asheroft was an unpredictable corporate raider. 


1888 

- Source aorenoBiii 


90 


91 


92 


93 94 


in London, ** but he Is clearly 
concerned about how he is 
viewed in the UK where some 
19,000 individual investors «tI 1 
hold ADT shares. 

“While New York win con- 
tinue to be our primary mar- 
ket, we recognise the impor- 
tance of London both 
commercially and financially, " 
he says, “and being British, I 
am naturally teen to mamtam 
my links with London". 

The partial recovery in 
ADT’s share price over the 
past six mwitha in both Lon- 
don and New York reflects a 
reduction in some of the uncer- 
tainties which have overshad- 
owed ADT in recent years, and 
greater confidence that the 
group will, under pressure 
from its larger North American 
investors, stick to its core busi- 
nesses. 

“Three years ago everyone 
was betting against our sur- 
vival,” says Mr Ashcroft refer- 
ring to early 1991 when ADT 
WaS hit by a fa ffal rmrfgng’hf 
launched by Laidlaw, the 
Canadian waste management 
group and ADT’s largest share- 
holder. The Laidlaw suit 
accused ADT of “manufactur- 
ing an illusory profit stream” 
and sent ADT’s already shaky 
share price plunging towards 
its nadir. 

The suit, fiercely contested 
by ADT, never went to court 
Laidlaw withdrew its accusa- 
tions after being given four 
seats on ADTs board. The 
company was never formally 
investigated hot it was scrutin- 
ised by both the public and 


regulatory authorities. At the 
time it was proceeding through 
the listing process on the New 
York Stock Exchange where it 
is now traded. 

Even before the Laidlaw suit 
Mr Ashcroft and Mr Steve 
Rusifcg, ADT’s finanra director, 
were drawing up plans for an 
“Americanisation" of ADT. 

Since 1991 ADT has adopted 
American aiwHmHwg and cor- 
porate governance standards, 
Including accepting a majority 
of outside directors - nine of 
the current 13-strong board are 
non-executives. 

The re-fashioning of corpo- 
rate ADT was a necessary pre- 
cursor to completing a $L3bn 
(£890m) refinancing deal last 
August which averted a poten- 
tial crisis triggered by moun- 
tains of maturing bank debt 
and put options on two series 
of convertible preferred stock. 

The refinancing deal 
included $156m of new equity, 
two public debt offerings and a 
new $500m credit facility 
which is being used to retire 
the preferred stock this year. 
As a result ADT’s debt matu- 
rity schedule has been 

extended and halanno sheet 

cleaned up, a thoug h the group 
stm hiw hi gh gearing. 

Meanwhile, Laidlaw, which 
retains a 233 per cent state in 
ADT, reduced the perceived 
share overhang in December 
by issuing an innovative 5-year 
debenture which can be 
redeemed for cash, Laidlaw 
shares or ADT shares, depend- 
ing an the ADT share price. 

With the refinancing out of 


the way. Wall Street analysts 
who have begun to follow the 
shares are arguing that the 
market will be able to concen- 
trate ADT’s core security and 
car auction operations. 

Both ADT’s core businesses 
hold leading market positions 
in high marg in service indus- 
tries, offer substantial operat- 
ing leverage and are strong 
cash flow generators with 
growth opportunities. 

The security services busi- 
ness, which installs alarm 
systems and provides 
round-the-clock alarm monitor- 
ing services reported 8141m of 
operating profits on revenues 
of $901m in 1992, and is the 
largest in the world with over 
865,000 customers. 

The business Is expanding 
rapidly, particularly in the US 
residential market where 
growth has been fuelled by 
mounting concern about crime. 
Last year 145,000 residential 
customers signed up, making a 
total of 477,000. Most sign 
3-year contracts generating 
substantial recurring revenues. 

Meanwhile, its smaller auto- 
motive division handled L4m 
vehicles in 1992, generating 
revenues of $343m and operat- 
ing profits of 868m. ADT runs 
26 car auctions centres in the 
UK where it ranks number 
one, and 31 sites in the US 
where the group is second after 
Manhehn, a subsidiary of Cox 

fi nmnimiinatinina . 

lake other highly geared 
companies ADT hi g hli g hts the 
earnings before interest, tax, 
depredation and amortisation 
of its core businesses which 
have increased from $27L3m in 
1990 to 9321.6m to 1992. outpac- 


ing revenues which grew from 
$L14bn to $1.24bn. 

The group’s 1993 full-year 
results are due out next week 
and are generally expected to 
show steady progress at the 
operating level, although earn- 
ings are likely to be Oat. 
reflecting the dilutive effects of 
new equity, higher interest 
expens e s following the refinan- 
cing and higher reported tax 
rate. 

The one remaining question 
mark is whether ADT’s current 
management will stick with 
the strategy focusing on the 
two core businesses. Since 1991 
the management has moved 
steadily to divest all non-oore 
operations and the new strat- 
egy is written into the strict 
financial and operational hanlc 
debt covenants agreed as part 
of the refinancing which specif- 
ically prohibit any divergent 
acquisitions. 

Mr Ashcroft owns only a 
KmaTl ADT state but his posi- 
tion Is secure. Last year he 
agreed a five-year contract 
worth up to $5m a year 
together with a valuable share 
option package. 

It appears that even if he 
harbours any secret ambitions 
to enter new business areas, or. 

miaiww the ami tom wit of his 

earlier adventures, he would 
have to use his own funds and 
private companies outside 
ADT. 

However, UK institutional 
investors have long memories 
and until ADT and its manage- 
ment have a sus taine d track 
record of delivering solid earn- 
ings growth based on their 
new strategy the stigma will 
not he folly removed. 


INVEST TWO DAYS 
OF YOUR TIME 
AND CHANGE 
YOUR COMPANY'S 
FUTURE. 

24-25 MARCH 
IN BRUSSELS. 


Understanding the complex and vital role of the European 
Union's Future media policies may be essential for survival. 
What will these future policies be? How will subventions 
for cable and satellite be changed? Will technology itself 
bypass the regulatory structures? Is die power of the medio 
too concentrated in the hands of too few? Should 
incentives for European programming exist? Is the public 
prepared for the new multimedia world? How will the EU 
react to international copyright (ond piracy) in the years to 
come? And is the advertising industry on agent or a victim 
of change? 

A rare opportunity to debate with an expert team of global 
media owners, world technology players, broadcasting 
companies, publishing and advertising groups, media 
analysts ond international lawyers in addition lo top level 
representatives of the European Union, 
in interaction with those who care enough lo want to 
contribute to the debate. Or who simply want ta be heard. 

Media fat Europe Towards the Millennium 

24th & 25th March at the Brussels Palais des Coagrds. 

An event you may not be able to afford to miss. 

For further information on how to register: 

Fox: London |44 71) 437 0299 
Fax: Brussels (32 2) 

Sponsored by: 

DENTON INTERNATIONAL 




Golden Hope 


Golden Hope 
Plantations Berhard 

f/rurvyxinurJ in MaLiim) 

DIVIDEND ANNOUNCEMENT 
NOTICE IS HEREBY GIVEN that an Interim Dividend of 5 sen por snare (less 
32% tax) has been declared by the Directors of Golden Hope Plantations 
Berhad. payable on Monday, 25th April 1994. in respect of the 15 month 
financial period ending 30ft June. 1994, to lowing the change ol year end tram 
3ist March to 30th June. 

Duty complMod transfers received by the Company's Registrars up to 5.00 p.m. 
on Thursday, 3ist March 1994 will be registered batore on interne ms to the 
Dividend ora determined. 8y Order el <he Bawd 

Kuala Lurtfiuf Norlln Abdul Samad 

2nd March. 1994 Secretary 


rf.ir ■; !,v. :>ri'.i'.lc.v.,t D.r.n 

• F.:;i:rrs >i C i:ti ti nv • 


QUOTE 

PC QUOTE 

64KE HYPERFEED 


iii mal ausla 



MALAYSIA AIRLINES SERVES more PEOPLE 
THAN ANY OTHER AIRLINE FROM SOUTHEAST ASIA. 


^ Imagine the future for one of the world's fastest growing airlines. In of today's most advanced aircraft. Spanning a truly international network 

1992, we flew over 12 million passengers, more than any other airline of 90 destinations. Across 5 continents, graced with service from the 

from Southeast Asia. On a fleet of the latest 747-400s and 737-400s, some heart which says, you mean the world to us. Imagine. Fly Malaysia Airlines. 









COMMODITIES AND AGRICULTURE 


Aluminium prices 
slide as Ottawa 
talks disappoint 


By Kenneth Gooding, 

Mining Correspondent 

Alum inium prices tumbled 
yesterday as sentiment was 
affected by two factors: ner- 
vousness about the steep drop 
in bond and share prices and 
disappointment among some 
traders over the outcome of 
international trade talks in 
Ottawa about measures to 
bring supply and demand back 
into balance. 

Mr WUUam Adams, analyst 
at Rudolf Wolff, the Noranda 
subsidiary, said that it was 
unusual for disturbances in 
share and bond markets to 
spill over to metals but yester- 
day it was obvious some 
investment trusts had decided 
to take profits on metals while 
they could. 

Meanwhile, the two-day Ott- 
awa meeting merely approved 
proposals drafted last month in 
Brussels and Ms Karen Norton, 
researcher at Bllliton-En- 
tboven Metals, part of the 


By Canute James in Kingston 

Members of the International 
Bauxite Association have 
agreed to continue the produc- 
ers' group, despite mounting 
financial problems because of 
the failure of some to meet 
their obligations. 

The association, which has 
its headquarters in Jamaica, 
has been forced to scale down 
its operations and cut back its 
staff over the post two years 
because of the withdrawal of 
Australia, the world's largest 
producer, and the increasing 
delinquency by some members. 

A recent meeting of officials 
from most of the nine member 
countries agreed not to phase 
out the IBA, concluding that 
the aims of the organisation 
were still relevant, said Mr 
Robert Pickersgill, Jamaica's 


Royal Dutch/SheB group, 
suggested the aluminium mar- 
ket had also wanted to see 
more substantial ideas about 
how the Russian industry 
would meet its proposed target 
of cutting production by 

500.000 tonnes and how these 
cuts would be monitored. 

Aluminium for delivery in 
three months closed on the 
LME last night at $1,272.75 a 
tonne, down $33.75. Both ana- 
lysts suggested that there was 
Important technical support 
for the price at $1,260 a tonne 
but if it breached that level the 
next support was at about 
$1535. 

Ms Norton said the price 
might stabilise, however, 
waiting for the announcement 
of more production cuts. So far 
western producers have cut 
about 850.000 tonnes Of annual 
production but the has indus- 
try agreed that global cuts of 
between 1.5m and 2m tonnes 
are needed to bring the market 
back into balance. 


mining minister. The delin- 
quent members have agreed to 
settle all arrears. 

The IBA was established 20 
years ago and has been acting 
as a data hank for Its members, 
allowing them to exchange 
information and ideas on the 
state of the industry. Members 
once accounted for about 85 
per cent of the western world's 
bauxite production, while con- 
tributing 54 per cent of alu- 
mina ^aluminium oxide) pro- 
duction and 18 per cent of 
primary aluminium output. 

The association lists its 
members as Ghana, Guinea, 
Guyana. India, Indonesia. 
Jamaica. Sierra Leone, Suri- 
nam, and Yugoslavia. Mr 
Nenad Altman, the secretary 
general, said recently that 
membership was open to the 
states of former Yugoslavia. 


Gold joins 
in general 
decline 

By Kenneth Goot&ig 

Gold, often seen as a haven in 
times of turmoil in financial 
markets, failed to live up to 
this reputation yesterday. As 
stock and bond prices went 
Into free fall on world markets, 
gold also lost ground, closing 
in London at $375.75 a troy 
ounce, down $5.55. 

However, Mr Andy Smith, 
analyst at the Union Bank of 
Switzerland, pointed out that 
governments were still deter- 
mined to keep inflation under 
control and would consider 
increasing interest rates to do 
so. “Higher interest rates are 
not good for a non-interest 
earning asset like gold," he 
said. “People are holding cash 
in the expectation that interest 
rates will rise." 

Mr Smith said that if gold 
could hold above the technical 
support level of $376 an ounce 
for a few more days it could 
move up again. He warned, 
however, that the investment 
buds that last year made prof- 
its by chasing up the price of 
gold mi ght start to push the 
price down if they thought the 
time was ripe. 

Market sentiment was also 
affected by increased hopes 
that there would be no violent 
conflict during the elections in 
April in South Africa, the 
world's biggest gold producer. 

Dealers said trading was thin 
and demand w eak “Gold was 
being tugged about by other 
precious metals,” said one. Sil- 
ver's price closed in London 
down by 12 US cents an ounce 
at $5,245 while platinum fell by 
$6.25 an ounce to $386.50. 

Platinum was also affected 
by Engelhard, the US precious 
metals group, announcing that 
Ford Motor would soon begin 
limited use of its all- palladiim! 
automotive catalyst. These cat- 
alysts are the biggest consum- 
ers of platinum. The market 
has been aware of the all-palla- 
dium catalyst for some time 
and this has helped the palla- 
dium price move up from $80 
an ounce last November to 
$135. 


Cash-starved bauxite 
association to soldier on 


COMMODITIES PRICES 


US fisher 


By Nancy Dime 
in Washington 

A US-French row is simmering 
over US complaints that 
French health inspectors are 
deliberately holding up 
imports of fresh and frozen US 
figh- There have been reports 
this week that the French are 
dose to at least partially lifting 
a virtual embargo against US 
fish. But the US administra- 



en to protest against French 


tjon, which filed an official pro- 
test last week, is expected to 
reject any compromise. 

US fishermen are expected to 
stage a protest, today outside 
the French embassy in Wash- 
ington if no solution has been 
found. 

Congressman Gerry Stndds. 
chairman of the House Com- 
mittee on Merchant Marine 
and Fisheries, says American 
ftehprman, trying to sell fish 


“under-utilised" in the US mar- 
ket - including dogfish, skate 
and mackerel - in France, last 
month suddenly found their 
products refused entry and left 
to rot in airport warehouses. 

According to Mr Studds. the 
French government has never 
made any that rejection 
of the fish was based on legiti- 
mate health concerns, but pub- 
licly admitted during the Feb- 
ruary 23 General Agreement 


on Tariffs and Trade council 
meeting that the actions were 
a " highly temporary” solution 

to address strikes and violent 
protests by French fisherman 
about cheap imports. 

“It is clear that your govern- 
ment's actions are an attempt 
to placate your fishermen at 
the expense of American 
fishermen and exports," he has 
told the French. 

He says the US is consider- 


embargo 


ing retaliation. The US annual 
Sorts about 3200m worth of 
fish and fish products to 
France, while the French 
exports about S&Om worth to 
the US. 

Congressman Studds says 
the French have "flagrantly 
refused to honour interna- 
tional agreements to conserve 
bluefin tuna. For this alone, 


Banana fungicide poisoning Ecuadorean shrimps 


By Raymond CoOtt in Quito 

The Ecuadorean shrimp 
industry faces multi- millio n 
dollar losses for the second 
year in a row as a water pollu- 
tion problem continues to hit 
production. 

In 1983 the industry suffered 
a $70m loss as toxic waste pol- 
luted the shrimp farms' water 
supply and cut production by 
about 16 per cent from the pre- 
vious year’s level 

Recent studies have estab- 
lished that the toxic sub- 
stances originate from nearby 
banana plantations, where fun- 
gicides are used to control the 
black sigatoka disease Washed 
into rivers and the Gulf of 
Guayaquil by rain water, the 
t racing enter the shrimp culti- 
vating pools, deforming and 
ul timately killing the larvae. 


Shrimp fanners insist that 
the shrimps that are being 
exported pose no health threat 
to consumers as the level of 
toxicity being encountered is 
too minute to affect humans. 

The so-called Taura syn- 
drome, named after the area in 
Ecuador where it first 
appeared, has been spreading 
steadily since it was first dis- 
covered in late 1992. It puts at 
loggerheads the country’s two 
largest non-petroleum export 
earners. While banan a indus- 
try officials r.iaim they have no 
alternative but to use the com- 
mercially available pesticides, 
shrimp farmers argue that the 
enormous quantity of toxins 
are endangering the entire eco- 
system. not only the shrimp 
industry. 

Says Mr Harold Muller of the 
National Aquaculture Associa- 


tion: “Shrimp are a type of bio- 
indicator. If they cannot sur- 
vive in a given environment, 
you’d know something is 
wrong with the ecological bal- 
ance”. 

TwHopH the outbreak of the 
Taura Syndrome puts an end 
to the image of Ecuador being 
a haven for shrimp-growing 
because of its pristine waters. 
Taiwanese shrimp fanners who 
flocked to Ecuador to escape 
polluted waters in their coun- 
try are now worrying whether 
the pollution will reach their 
shrimp farms in the southern 
region of the country's Pacific 
coast 

According to Mr Muller, the 
principal toxins responsible for 
the deaths of larvae are the 
fungicides propiconazole (Tilt) 
and tridemorph (CalixinV 

He says the banana growers 


are combating a disease that 
won't go away, while the effect 
of their fumigation Is killin g 
millions of dollars worth of 
shrimp. Neither of the fungi- 
cides is able to eliminate the 
sigatoka disease. They are only 
effective in preventing its 
spread. 

Representatives of the $500m 
shrimp industry are calling for 
a complete moratorium on the 
use of the fungicide and for a 
government evaluation of the 
alternatives to its use. Accord- 
ing to the president of the 
National Acuacultnre Associa- 
tion, Alex Aguayo, the govern- 
ment ought to study the feasi- 
bility of introducing other 
types of banana trees that are 
more resistant to the sigatoka 
disease, thereby reducing the 
need for fumigation. 

In a seminar sponsored by 


one of the chemical companies 
producing the controversial 
toxins, leading marine biolo- 
gists from around the world 
recommended to the Ecuado- 
rean government a morato- 
rium on the use of fungicides 
in the Guayas river basin. The 
government has formed a mul- 
ti-sector co mmiss ion to develop 
a strategy in response to the 
phenomena, which is unique to 

Ecuador. 

But shrimp farmers say 
action is needed now. They 
Haim their survival is at stake, 
not only because of the Taura 
syndrome, but because of the 
rising production costs caused 
by movements of the national 
currency, the sucre. In the last 
16 months costs have risen by 
70 per cent while the Sucre 
price has remained sta- 
ble. 


MARKET REPORT 

Coffee prices reverse early gains 

COFFEE futures prices eased 


Hydro seeks approval for 
Troll oil development 


in late trading at the London 
Commodity Exchange yester- 
day after putting in a strong 
performance in the morning. 

As the market digested news 
that B razilian producers had 
presented a plan to retain 

817.000 bags (60kg each) the 
May delivery price climbed to 
$1432 a tonne. But the rally 
ran out of steam with traders 
generally adopting a more cau- 
tious attitude on the Brazilian 
news, and a weaker New York 
market setting the tone In the 
afternoon. 


By the close the May price 
was at $1,210 a tonne, down $11 
on balance, and traders said 
there was room for further 
weakness. 

The COCOA market had a 
featureless day, the main activ- 
ity again being cross trading 
between March and May 
futures positions. The May 
price ended £6 down at £911 a 
tonne, but most traders 
remained confident the support 
at £900 would not be breached. 

At the Lo ndon Metal 
Exchange the COPPER market 
stood firm in the free of the 


al uminium price tumble. An 
early test of support below 
$1,870 a tonne for three months 
delivery quickly fo und under- 
lying buying interest and the 
price ended at at $1,875 a 
tonne, a gain of $3 on the day. 

I.ead and ZINC prices con- 
tinued to come under pressure 
with prices drifting danger- 
ously close to support levels of 
$460 and $950 a tonne respec- 
tively. NICKEL slipped to a low 
of $5.ffi0 on trade and general 
liquidation before finding 
support 

Compiled from Reuter 


By Karen Fossil in Oslo 

Norsk Hydro, Norway’s biggest 
publicly quoted company, 
announced yesterday that it 
was seeking government 
approval to develop a thin oil 
zone in the south-west part of 
the Troll West gas province in 
the Norwegian North Sea. 

It said the plan, which is in 
addition to the approved devel- 
opment of the NKrtMbn 
(£670m) Troll West oil prov- 
ince, comprises a NKrl.4bn 
four-well subsea development 
scheme, which is to be tied 


back to the Troll B platform. 

The company aims to bring 
the 12-I4m thick oil zone on 
stream in October 199 6. nine 
months after start of produc- 
tion from Troll West. 

Hydro said that to accommo- 
date the additional oil produc- 
tion from the gas province, 
export capacity on the Troll B 
platform would be increased to 

30.000 standard cubic metres 
from 25,000. 

Recoverable reserves of the 
potential new development are 
estimated at fiflm standard cu 
m of oil and 8.5bn enmof gas. 


CROSSWORD 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Trading) 


■ ALUM1NXJM. 80-7 PURITY (S per tonne) 



Cash 

3 mil IN 

Cose 

12465-9.5 

12723-3.0 

Previous 

1282.5-3.5 

1306-7 

H 5 M 0 W 

1259.5 

1297/1270 

AM Official 

1259-65 

1283-5-4.0 

Kerb doM 


127445 

Open mt 

268.780 


Total daffy turnover 

73.24S 


■ ALUMNUM ALLOY (S per tonne) 


Close 

1125-35 

1145-55 

Provflua 

1140-6 

1160-8 

m^viow 


1158/1150 

AM Official 

1135-7 

1153-5 

Kerb ctoso 


1145-55 

Opon giL 

3.417 


Total dally unmer 

501 


■ LEAD (S per tonria) 



CUMC 

449-50 

463-4 

Previous 

4SS.5-6.5 

470-1 

HiglvTow 

450 

470/457 

AM Official 

450-1 

464.5-5.0 

Kortj dose 


463-4 

Open inL 

35.116 


Tom tuny lumovor 

7,195 


■ NICKEL (S per tome) 


Close 

5625-35 

5880-85 

Previous 

5805-15 

5855-65 



585Q/5650 

AM OffKMI 

5695- roa 

5745-50 

Kerb dose 


5705-10 

Open W. 

50.926 


Total cMv lumovor 

15.082 


■ TIN (5 per lonnel 



Ooso 

5330 -W 

53 70-00 

PiWKHJO 

5410-15 

5445- SO 

HrpfllOW 


5440/5370 

AM Ofttdl 

5365-90 

5415-20 

Kt«b dce*i 


5405-10 

Opc-n Kit 

19.915 


ToM ctriv tumoo'v 

4.821 


■ &NC. apodal high grade FS par tonne) 

aoso 

935.5-6 5 

952.5-4.0 

Prc^tnn 

945-6 

963.5-4.0 

Hiph.1 cm 


961/953 

AM Official 

9395-405 

957.555 

Kerb close 


953-4 

Open ml 

107.565 


Tolu dairy lumow 

13.028 


■ COPPER, grade A IS per (omul 


Close 

1849 5-50 5 

1372-72.5 

Pifnous 

1845 -fi 

l*»-70 

HicHlow 

1052 

1879/1863 

AM Official 

1852-2 5 

1873.5-4 0 

Kett» 


1874-5 

Open mt 

250.296 


TWO) U3itv turnover 

97.377 



■ LME AM Official C/S rate: 1.4946 
LME Closing C/S rale: 1.4940 


Spetl 4445 3 matst.483! £ mtftt ( *&J fl nKTttl.4033 


■ HIGH DRAPE COPPER tCOMEX) 



Ooso 

urs 

iftaage 


tow 

Opn 

M 

W 

Mar 

S7D5 

• 1.30 

B720 

0550 

6.780 

I3B3 

AW 

87 ID 

*1.35 


06.90 

1.020 

48 

M*| 

3725 

*1 35 

87 ID 

KL60 

32.510 

5.042 

Jma 

87J5 

• 1 25 



847 

6 

JM 

a: JO 

*125 

87 JO 

8580 

7.907 

370 

taff 

87 35 

• 131 



380 

7 

Total 





WA 

MZ7 


PRECIOUS METALS 

■ LONDON BULLION MARKET 


/Prices supplied by N tU MgAMj 

Cold (Troy o=.> S prtco C eqiav. 

Cos* 375 50-37000 

377 KJ-37BJKJ 

Momirq fri 376.45 252-059 

Attenvjcn fa 37695 2S1.B36 

Dav'i High J7B 00-378.40 

Day's Low 373.60-374 DO 

Pnwnue ctau 381 10-381 .SO 

Loco Ldn Mean Gold Lending Raws (Ifa US$) 

' mwiin 3 12 6 months 303 

Cnywti* „ . .3.1J 13 months .3.51 

3 nxmtt» 3.18 

Stiver Fh p/troy Hi US CIS BQutv 

Spot 3*9.95 533 SO 

3 months 35-l.JS 530.15 

6 months 358.50 533-35 

1 war 366.65 544 30 

OoMCotra S pnet e<qg». 

Knjgerrand 378-38? 255-238 

Maple Leaf 38580-388 25 

New Sovereign 89-32 60-63 


Precious Metals continued 


■ GOLD COMBC (100 Troy oz^ Vtroy oz.) 



Srtt 

0“T** 



Open 



price 

ctanga 

M0 

tmr 

W 

YflL 

Apr 

37&S 

4L5 

3800 

3743 73370 30761 


380.0 

-0A 

- 

- 

- 


km 

381.1 

-03 

381.7 

3783 34308 

4.090 

tag 

3814 

-03 

3833 

379.7 

4.728 

837 

OcJ 

385* 

-03 

385.3 

3623 

4.108 

60 

Doe 

M&3 

■03 

388.5 

3833 

2.704 

51 

Total 




14*260 37,714 

■ PLATINUM NYMEX (50 Troy oz.; S/boy oz) 

AW 

391.9 

-1.6 

383.0 

385.8 

13,69* 

1562 

Jen 

3SLB 

-1.4 

3335 

367.0 

1888 

37D 

Oct 

383,1 

-1.4 

3945 

368.0 

1.073 

S3 

Jn 

3935 

-1.4 

394JJ 

3800 

477 

36 

Apr 

me 

-1.4 

392.0 

3900 

477 

57 

Tctal 





19019 

2/4S7 


■ PALLADIUM NYMEX (100 Troy oz.: S/troy QTj 


Mar 

13490 

-120 

13000 

13350 

IIS 

65 

Jon 

13L90 

-1.20 

13720 

133.50 

4,340 

276 

Sap 

134 A0 

-120 

13450 

13X00 

362 

2 

Dac 

Tatal 

13350 

-120 

134.00 

134.00 

164 

A9B2 

3 

346 


■ SILVER COMEX (100 Troy oz.; Caraa/troy oz.) 


Mar 

527.6 

+03 

5300 

516,0 

3257 

1294 

AW 

5200 

♦02 

5193 

5193 

1 

1 

May 

5307 

+02 

5333 

518.0 66562 20.793 

JM 

5345 

+02 

537 0 

5223 

10.615 

1,124 

Sap 

5385 

+02 

5395 

5283 

3518 

29 

Dac 

540 

♦03 

5463 

5343 

8.755 

210 


TOO! 1 07,508 24,152 

ENERGY 

■ CRUDE OB. NYM6X (42.000 US gate. S/barret) 


Lttoti Oafs Open 


I ssSsSa f 

low U W 

1463 11 1256 42467 
14.70 60,474 I8J40 
1436 62754 751< 
15.18 26.109 1794 
15.40 14,720 1355 
1550 18.533 1.110 
433312 82295 


Lawt 

Day* 



Ifcen 



Price 

change 

Mgh 

Lot 

H 

1M 

Apr 

1351 

♦00* 

1171 

1153 

65370 

14372 

May 

1372 

-tun 

1182 

1165 

3254)5 

6256 

-fun 

1188 

♦001 

1197 

1155 

15555 

1.416 

JM 

14 02 

+032 

1412 

14 02 

9.698 

*77 

Ana 

14.19 

♦006 

1419 

14.19 

4381 

20 

Sap 

14.38 

♦008 

14J8 

1438 

2041 


Total 




135323 30,172 

■ HEATING OIL NYMEX (42300 US pafeu c/US gafe.1 


LOW 

Day's 



Open 



Price 

change 

Huh 

Lm 

M 

VM 


45.45 

-a id 

4630 

*5.15 

48358 

14300 

May 

4355 

•0.13 

44 20 

4150 

43321 

6566 

Jun 

4X60 

-038 

4430 

4355 

26.734 

1050 

M 

44.20 

-033 

44 35 

4420 

19260 

l./0< 

taS 

4530 

♦032 

4500 

4100 

B.4S5 

910 

S«P 

4620 

+0.17 

4820 

4&20 

6.996 

1369 

Total 




179318 33^04 

M GAS OH. PE ®1 mt 





San 

nay's 



Open 



Pries 

dunga 


LOT 

tat 

Hal 

Mar 

141.00 

♦025 

141 75 

14050 

27.419 

3.859 

Apr 

14050 

♦130 

141.00 

14030 

24941 

2*20 

«*a» 

13950 

♦0.75 

14030 

13925 

14.107 

670 

JUH 

14030 

♦0.75 

14050 

14000 16.800 

723 

JM 

14225 

+0.75 

1*225 

14100 

10276 

140 

tag 

144 50 

•130 



5.110 

. 

Total 




120918 

9,799 


■ NATURAL CAS HYICt (10000 wrefltu., ymaBto.) 



Law 

Oofs 



taw 



price 

donga 

Htah 

Lob 

fed 

M 

Apr 

2100 

-0320 

2215 

2140 

17 700 

9332 

May 

2130 

-0016 

2170 

1170 

12515 

2083 

Jan 

Z1S 

-0309 

2.1W 

2170 


6SS 

JM 

1120 

-0.008 

2135 

2110 

1369 

661 

Add 

1125 

-0008 

2135 

2125 

8.488 

704 

Sap 

2150 

-0 008 

2160 

2146 

10296 

481 

rota 




117307 15376 

M UNLEADED OASOUNE 




KYMB {42000 U5 pA. cflJS gafcl 





Uatt 

Price 

Daft 

ctaoge 

Mgh 

05»O 
low Id 

VM 

Apr 

4550 

-as 

46.10 

4SJ0 36.610 

10.791 

May 

48.10 

423 

48.55 

48.00 39,151 

631 D 

Jun 

4fi30 

-023 

*703 

4660 17J70 

Z2» 

Jal 

4630 

-0.13 

47.10 

4830 4.614 

580 

A*g 

<635 

-a ib 

47.10 

46,75 4.588 

306 

S*p 

Total 

<6 JO 

-asi 

48.85 

4660 2092 273 

107304 21,394 


GRAINS AND OIL SEEDS SOFTS 


MEAT AND LIVESTOCK 


■ WHEAT ICE g par tome) 


SeO Oafs Opea 



Price 

ring* 

HStfl 

Lot 

kt 

VM 

Mar 

10210 

■025 

1(030 

10200 

242 

2 

May 

itn.40 

-045 10135 

1(0.15 

2305 

SI 

tai 

10140 

-075 

10430 

100.45 

366 

17 

Sep 

91.70 

+015 

91.70 

91 JO 

132 

5 

Rav 

9280 

+015 

3330 

9290 

900 

99 

J an 
Total 

9*36 

+025 

94,75 

94.75 

364 

4,151 

SO 

389 


■ WHEAT CBT (5000X1 min; canta/TOb busted) 


UK 

34210 

+1/2 

344/2 

3428) 11380 

9,105 

May 

344/6 

*015 

345/4 

343/4 72J30 18.740 

JM 

334/4 

+1/0 

334/S 

333/0 07,835 22705 

Sap 

33512 

a 

336/2 

33S/2 14E30 

1,730 

Dec 

344/0 

+1/0 

3444) 

343/0 19505 

1J40 

Mar 

34710 

+ 1/0 

- 

10 

- 

Total 




*0220 61,660 


■ MAIZE CST (5.000 bu nrim oanta/E6b buflhaQ 


■ COCOA LCE (E/tonne) 

Sett Day's Open 

price Mange Ugft lev W VM 


UK 

893 

-4 

M0 

693 103/ 

364 

«*y 

911 

-6 

918 

906 99 90B 

1 zn 

JM 

023 

-6 

929 

920 1*337 

729 


933 

-8 

8*1 

932 11J247 

386 

Deo 

946 

-10 

954 

945 17310 

217 

Star 

061 

■a 

967 

961 22346 

558 

Total 




189357 1573 

■ COCOA CSCE (10 tonnes %n onraa) 


fer 

1135 

•3 

1144 

1128 532 

16 

mr 

1153 

-1 

1100 

1143 38389 1433 

JM 

1177 

♦1 

1163 

1167 17,142 

1390 

lap 

1202 

+1 

1205 

1193 7322 

112 

Dac 

1233 

+1 

1236 

1225 6348 

36 

Mar 

1262 

♦1 

1295 

1250 9.701 

56 

Total 




SBJ13 8,138 


■ COCOA QOCO) (SDffa/tanne) 


■ LIVE CATTLE CME (4O.OO0KW: cente/lba) 


sea Day's Opes 

pries conga Hgt In* H Hot 

Apr 76525 +0J5O 76550 78.175 37-900 10,795 

Jn 74625 +0025 74700 74.360 21954 5093 

AfeQ 71250 -0.1ZS 71400 71100 12.178 2059 

Oct 71675 -0050 71725 71500 9,915 606 

On 71675 -0050 74000 71900 2005 » 

M 73660 *0.075 73750 73850 M2 4 

Total 83943 18,884 

■ LIVE HOQ8 CME (40.000**; cantaflbe) 


Apr 46225 -0750 46S75 48.125 1545? 3461 

Jn 54075 -062S 54.000 53425 8,484 1,144 

JM SI 475 -0550 54025 51375 1148 230 

tog 51825 41575 52500 51-650 2/94 151 

Oet 48.175 41325 46400 46050 1.460 33 

Dec 46050 41200 46150 46000 1,230 23 

TOW 36203 5,247 

■ PORK BELLES CME (4Q,«XSbs; certaffiaB) 


■tor 

283/4 

-1/2 

286/6 

283ID 54330 85355 

May 

291/0 

-2» 

294/D 

290M86431011433S 

JM 

294/D 

•2* 

296/8 

293® 527.425 60370 

Sap 

281/2 

-1/2 

282/0 

28016 1140117,180 

Dae 

2680 

-»4 

2630 

2870 26325299360 

Mar 

274/2 

-0* 

275/2 

273/2 16385 780 

Total 

■ BARLEY LCEK per tonne) 

13491274360 


Star 10100 +0.15 10100 10435 274 65 

May 10530 +0.10 10530 10435 179 22 

Sap 9230 - - 119 

doe 9475 +035 58 

Jaa 8S. 75 - - - 3 

Stay 9735 

Total 833 87 

■ SOYABEANS CST ftOOOau mln; eeataffiOO ludteO 

Kfe 

676/4 

-2/0 

681/4 

675/4 

57.735 23,070 

Mil 

681/2 

-are 

606ft 

090/2 300200111315 

JM 

683/B 

-w 

689M 

883022*3*5 29330 


676/4 


6810 

676/* 

»3X 

4025 

Sep 

6623) 

•1/0 

6650 

6BZO 10390 

995 

Hoe 

048/6 

-1/0 

®SO 

847/4125.835 

0425 

TMM 




788045136,120 

■ SOYABEAN OO. C8T (BO.OOOtoK cerrts/fc 


Ka 

2306 

•033 

2939 

2057 

9040 

1327 

MW 

a 63 

•041 

2895 

2839 38,483 

9063 

JM 

2055 

-0*5 


2052 27.1GB 

1*70 


28.15 

-037 

2 0*0 

2015 

6374 

264 

sw 

2738 

-OX 

2790 

2735 

6048 

333 

0c( 

2630 

-022 

27.05 

2090 

13X 

306 

Total 




108059 17009 

M SOYABEAN MEAL COT CIO® lone; Mon) 


Mar 

1923 

*06 

1923 

1913 

8353 

5057 

tan 

1911 

♦0.4 

193.7 

192.4 

31,731 11,422 

JM 

1817 

+03 

194.4 

1833 

24,541 

1622 

**) 

mi 

*06 

193-5 

192.7 

7029 

331 

sra 

192.0 

*09 

1923 

1910 

5032 

435 

Bd 

1905 

*07 

1908 

1833 

2.589 

162 

Total 





86373 2*335 

H POTATOES LCE iC/tonne) 




Mar 

1500 

. 

. 

. 

X 

. 

Apr 

1410 

*« 

1*00 

1300 

1063 

237 

«a» 

1533 

-33 

1540 

1410 

1.1W 

319 

Jan 

1X0 

- 

- 


2 

- 

HO* 

BOO 


. 

. 

. 

. 

Rar 

1010 

- 

• 

- 

- 

- 

TMM 





125B 

581 

M FflBGHT (BIFFEX) LCE {SICVIndex pofeiQ 


liar 

1155 

*23 

1150 

1132 

334 

B1 

Apr 

1212 

♦X 

1212 

1206 

1,147 

58 

May 

1211 

+22 

1211 

1204 

140 

74 

JM 

1114 

*26 

1105 

loss 

XT 

15 

X2 

1263 

+13 

- 

- 

243 

- 


1300 

*15 

- 

- 

74 


ratal 





20W 

226 


Don 

Awr 





BH 

1119 

1119 





Cotton 






LIVERPOOL 

Spot end 

shipment sales 

amounted to 80 tonnee tar the week ended 25 

Febwy, against 50 tonnes ei the previous 

week. SUjduud offtake dd not bring marry 

upeiadons. Support was tartbwmng in certain 

spedatet series, notably In the African and Mail 








Mar 1 



Price 


Piei. llay 

Daily _ 



~ 90838 


90110 

Mar 2 






10 (by Mage — 


- 90601 


90142 

■ COFFEE LCE (Mnnnaf 



Mar 

1199 

-14 

1217 

1200 

1083 100 

llay 

1211 

-10 

1232 

1210 

11308 1521 

JM 

1211 

-12 

1232 

1210 

1433 1036 

S«P 

1213 

-11 

1230 

1215 

1723 129 

Her 

1223 

3 

1235 

1222 

4.047 203 

Jn 

1221 

-9 

1239 

1219 

4584 380 

Tatal 





37001 3081 

■ COFFEE *C CSCE {373000*; cantata) 

Itar 

7430 

-035 

7150 

7350 

1008 lit 

Hay 

7015 

-050 

7725 

7520 29,440 1956 

JM 

7735 

■050 

7630 

7630 

7009 548 

sn 

7060 

■055 

7905 

7110 

5053 181 

Dec 

6000 

■066 

81.15 

8000 

1136 52 

Mar 

8060 

•075 

8130 

8100 

1052 13 

Tatal 





47,196 4083 

■ COFFEE fCO) (US centa^ound) 


Itar 1 



Price 


Pis*, day 

CoraLdBrir 


-7253 


72.17 

15(tayawraua — 


-7234 


72.76 

■ N07PREMBJM RAW SUGAR LCE <centsAte0 

mt 

1230 

-001 

113* 

1125 

804 

May 

12j*5 

+003 

- 

- 

1.454 

JM 

1134 

•005 



2352 

Oct 

1132 

-005 


- 

135 

TMM 





4041 

■ WHITE SUGAR LCE (S/Tome) 


May 

32730 

+030 3 2700 

32450 

7.487 1,778 


322.70 

030 

32250 

32050 

3066 269 

DM 

302.00 

000 30150 

30000 

1481 117 

Dac 

pgp?n 

-700 

- 

. 

128 

Nar 

29820 


- 


351 

May 

29960 

+0JO 

2S&3Q 

29030 

190 7 


Tote 11679 1,506 

■ 3U0AR T1‘ CSCE (112.000to; cantaflbs) 


taw 

11.77 

-001 

1101 

1158 6303812,700 

JM 

1105 

-OOI 

1108 

1158 21123 4,17* 

DM 

1150 

•006 

1158 

11.47 21210 2505 

Mar 

103 

■OOS 

107 

11-29 70« 751 

Map 

1130 

-002 

102 

1102 949 14 

JM 

Total 

1100 

002 

- 

- 745 29 

12401021674 


■ COTTON NYCE gOflOOtow wjgj 


Ur 

7700 

-150 

7850 

7700 

854 

199 


7659 

-250 

7800 

7659 

26037 

2068 

JM 

77 48 

-159 

7925 

77*8 

12.117 

903 

DM 

7406 

034 

7525 

7455 

2023 

SB 

Dae 

7152 

0.70 

7253 

7151 

10.705 

384 

Mb- 

7250 

-aw 

7120 

7201 

385 

71 

Tatal 





32028 3030 

M ORANGE JUKE NYCE (150008* cantatas) 

Mb 

10005 

+2.15 109.40 

1(7750 

1016 

1052 

May 

11150 

+2.40 

11250 

10950 

8075 

1577 

M 

11175 

+1.70 U4.75 

11230 

43D5 

502 

Sep 

11600 

♦IS 11650 11100 

1036 

150 

H OK 

11080 

+135 

116J5 

110.75 

1.134 

2 

Jaa 

11730 

*090 

11750 

11750 

1008 

63 

Total 





18038 3068 


VOLUME DATA 

Open Interest end Vofcjme data shown tar 
ca itioLt a traded on COMSC NYMEX CBT. 
NYCE. CME. CSCE and I PE Crude Oil an one 
Say In arrears. 


INDICES 

■ REUTERS (Basa: 18/8131-100) 

Me 2 Mori (north ego year ago 
1787.8 1792.7 1742.7 1764.6 

■ CBS Fug— a (Bagei flggfclOfl) 


Marl Feb 38 month ago year ago 

227.35 227.55 226.39 204.85 


br 56425 41825 55.750 54850 646 590 

my 56850 41600 56950 56100 5086 1.633 

JN 57.000 -0.675 57200 56300 2386 331 

Sag 54050 41700 54500 54050 463 45 

M 58675 40225 56675 59000 15 1 

■> 60400 ... 1 1 

Totri 9661 2660 


LONDON TRADED OPTIONS 

Strike price % tome — Crtto — — Put* — 


M ALUMNUM 





(99.7%) (AC 

Apr 

JM 

Apr 

Jul 

1275 

27 

68 

38 

52 

1300 - 

17 

46 

54 

66 

1325 

11 

37 

72 

81 

M CCPPBt 





(Grade A) LME 

Apr 

Jul 

Apr 

Jul 

1850 

50 

85 

34 

S3 

1900 

27 

60 

61 

77 

1950_ ._ 

13 

41 

97 

107 

M COFFEE LCE 

May 

Jul 

May 

JM 

1200 — 

47 

M 

36 

58 

1250 

26 

49 

65 

88 

1300- 

14 

33 

103 

122 

H COCOA LCE 

Mey 

JM 

May 

Jul 

900. 

39 

62 

28 

39 

925 

26 

49 

42 

51 

950 

19 

39 

sa 

68 

M BRENT CRUDE IPE 

Apr 

Mey 

Apr 

May 

1300 _ 

- 

. 

7 

30 

1350- — 

28 

- 

20 

45 

1400 

12 

43 

52 

67 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB {per berroVApij *or- 


Dubs* 

H2J50-2JJ3w 

*0.14 

Brant Blend (datoc0 

SI 356-358 

+0.135 

Brant Send (Apr) 

S13.B5-3.67 

+0.135 

W.T.I. (1pm eat) 

S14.77-4.7B 

*0.12 

M OB. PRODUCTS NWEprompt OoPrary OF (tame) 

Premium Gasoflne 

SI 54-158 


Gaa Of 

$146-148 

♦05 

Haavy FuM Off 

SSI-82 

-05 

Naphtha 

SI 36-1 38 

+1 

Jet Fuel 

SI 00-162 


PIMiin Apus aau—i 



■ OTHER 




Gold gw tray o4f 

S375.75 

-555 

SMvof (par tray az)4 

5245c 

-12 

FleJlnurn (per troy az) 

wreet cn 

-R25 

PaJtadhvn (par troy ozj 

*135.10 

-0.15 

Capper (US prod) 

8 Z0OC 


Lead (US prod) 

3500c 


Tin (Kuala Lunpui) 

14.50r 

-005 

Tin (New Yorfc) 

25200c 

-10 

Zinc (US Prina W) 

Unq. 


Cattle (Sva wetgtBjt 

12307p 

+0.64* 

Sheep 

12O07p 

+051* 

Hpa flhre wWght) 

0O.96P 

+as8- 

Lon. day sugar (raw) 

*2811 

■0.7 

Lon. day sugar (wtej 

£332.0 

+1 

Tale & Lyle export 

£303.0 

-1 

Barley (Eng. teed) 

Unq 


Maize (US No3 Ystanri 

Cl 290 


VWwS (US Dark North) 

£1435 


RMiberlApfff 

8506p 


Rubber (May)V 

6S50p 


RubbertKLRSSNol Api) 

24100m 


Cwmi oa PN0§ 

£550.0* 

-5 

Pakn OR [Malay.) § 

*38751 


Copra (P«0S 

*365.0 


Soyabeans (US) 

cisao 


Cotton Oudoafe A Index 

BZ.65C 


Wodtops (54s Super) 

373p 


r rtoggtoVg. pi llil i|iin aiMta » Apr. t JutS+e. V Apt/ 
Udy. « LfiMen PHyMO*. 6 CF RodMan. i HiAkn 

mares More. A shero (U*e «eva (atooM. * 

GMi/i on 


weeta pg ssm prime 


No.8,394 Set by HIGHLANDER 



ACROSS 

1 Girl in taxi is supplying drug 

( 8 ) 

5 Those carrying on a trade aay 
it's a gripping tool (6) 

9 Local head of state guillotined 
(8) 

10 Terrified oriental chief by the 
way (6) 

12 Restrains the way charges are 
added on (9) 

13 Travels in tbe Loire valley (5) 

14 Dig in front of staff parking 
area (4) 

16 Seen with pimples (7) 

19 Apart from being down (7) 

21 Refuses to acknowledge 
reductions (4) 

24 Old game corrupted Greek 
character (5) 

25 Stop operating- in cold snow 
drifting round top of Exmoor 
(5.4) 

27 Short sailor given rugby 
training (6) 

28 Possibly not below zero? (8) 

29 Checks car on the way back 
( 6 ) 

30 Description of betting - 

before and after 14-4) 


DOWN 

1 Church with capital provides 
this type of plate (6) 

2 Japanese play with arrogance: 
time to stop the game (2,4) 

3 A birch made of aluminium 
coloured over (5) 

4 Fired for editing broadcast (7) 


6 Time to go to bed - lungs on 
strike (63; 

7 Remove girl with acute disor- 
der (8) 

8 Reserve place on A team (3£) 
11 Requests barrels without a 

top on (4) 

IS VIP welcome for northern 
racecourse favourite <3£) 

17 Survey finds gold in canal (g) 

18 Made a pleased sound about 
English born pedigree (8) 

20 Gibraltar's music foundation 

(4) 

21 Get nearer the finish line - 
ignore the French (L2) 

22 Seemed ominously easy to 
include piece with spots on 
(6) 

28 In Paris a break in rebellious 
discontent (6) 

26 Cheer up - it’s a Quarter past 

(5) 

Solution 8,393 


□□□0QB □□□□□a 

□ □ Q □ B □ 

□□hqqsq oQraaaaD 

n 0 B 0 B B D 

□asnoiQDnnis scan 
ta q □ □ a 

SaQBEl QOQQQIDBB 

□ Q 0 H 0 
HBdHGHUOG] E3QQ0Q 

S3 0 a B Q 
anna qbdbebisqod 
h □ a 0 a a n 
□aamtaan beeheioq 
EJ □ 0 Q 0 Q 
oiaatias pbohiip 







ch 


fCMANClAJL TUVrc-g 


sfni 


"lift 



S' MARKET REPORT 


Share losses cut back sharply as bonds rally 


By Terry Byland, 

UK Stock Market Editor 


The 


in the 


a 

in 

as hope 
from the 


dramatic turnround 
government bond market hkoed 
"Ay frongly yeierdaj 
ftom substantial losses suffered in 
early trading The final ho™ “r 
business saw London outperform 
general recovery by markets 
France and Germany 
revived for a rate cut 
Bundesbank, perhaps todaT-rS 
FT-SE 100 Index ctand 3B? dlwnTt 
35431. having fallen toS£?2 
the height of the trading drama. 

Bargain hunting by the institu- 
tions and short-covering by market- 
makers helped the share price rally 
m London which was also encour- 
ag^ by a steadier trend on Wall 
Street in early dealings. Although 
somewhat more confident on Euro- 


pean interest rate prospects, traders 
remained nervous of a further tight- 
ening of credit policy by the US 
Federal Reserve. 

Equity prices were hit hard at the 
beginning of the session when Euro- 
pean bond markets collapsed on 
news that German M3 money sup- 
ply had soared by more than 20 per 
cent in January - far above the 
worst of market forecasts and a 
serious hlow to interest rate hopes. 

The Footsie plunged, driven down 
by widening discounts on stock 
index, futures. By mid-morning, the 
Footsie was nearly 75 points down. 
The surge in German money supply 
was seen as thrpatpnmp chances of 
a further cut in rates by the Bund- 
esbank, and raised fears that infla- 
tion may be on the Tnarr.h a gain m 
Europe. 

The market rallied when the Foot- 


Account Qrirflng Dates 

UMPetenojc 

Feb 14 

Feb 28 

Ms 14 

OptlCto Outetofcna. 

Feb 2* 

Ms 10 

MteZ4 

LMt Dwiingt; 

Feb 25 

Ms 11 

Ms 26 

Accoant Day: 

Ms 7 

Ms M 

Apr 5 

■Hew ttow Stegi 
huSneti days earUet. 

say take 

tea tram tare 


sie 3500 mark was pierced, but 
recovery was very ali ght as London 
saw that the Standard & Poor's 
futures contract was signalling a 
weak start on Wall Street 
New York duly came in lower and 
extended its fall to around 50 Dow 

points in early trading. But London 
appeared to have already disen- 
gaged itself from the Dow average 
to some extent even before the US 
bond and equity markets rallied. By 


the London close, when the Dow’s 
drop had been cut to 22 points fol- 
lowing publication of economic 
data, and London bonds bad staged 
their powerful recovery, UK stocks 
looked surprisingly confident. 

Stock index futures extended the 
recovery In later, unofficial, trad- 
ing, holding out the prospect of a 
fiim opening in equities today. 

The rally was focused on the blue 
chip stocks, and the FT-SE Mid 250 
Index was left to languish at a clos- 
ing level of 350L3, a loss of 425 
on the day. 

Once again, trading volume, as 
measured by the Seaq network, was 
modest, at 768m shares compared 
with 720.8m on Tuesday. Selling 
pressure has not been heavy in 
equities during the latest market 
setback, although some securities 
houses are believed to have suffered 



Equity Shares Traded 

Turnover by uohjmetntihonl Exckxfing: 
tntro-markst DISB1099 and ovorsoos tumwor 
1200 


heavy losses in gilt-edged securities. 

There have been signs this week 
that the institutions have picked up 
cheap stock in the equity market. 
Retail, or customer, business was 
worth £l.73bn on Tuesday, well at 
the higher end of daily averages. 

James Capel, London's largest 
agency broker, repeated its view 
that equities should be bought, 
drawing parallels with market expe- 
rience in the 2960s and pointing out 
that shares did well then in spite of 
rises in bond rates because earnings 
recovered. 

At Kleinwort Benson. Mr Albert 
Edwards said that, while London 
had much to fear in the short term 
from further tightening by the US 
Federal Reserve Board, it was still 
likely that rates would be reduced 
in Europe in order to stimulate eco- 
nomic recovery. 


■ Key Indicators 

Imfleos and ratios 

FT*SE 100 334&1 

FT-SE Mid 250 38012 

FT-SE-A 350 1647.9 

FT-SE-A Afl-Share 1640.13 
FT-SE-A All-Shara yield 321 

Best performing sectors 

1 Tobacco 

2 Spalts, Wines & Cider 

3 Leisra & Hotels 

4 Retalers, Food _. 

5 Consumer Goods 


1994 


-222 FT Ordinary Index 2531.S -J2 

-422 FT-SE-A Non Fms p/e 22.14 £2.23) 

-13.0 FT-SE 100 Flit Mar 3227.0 -24.0 

-13.0 10 yr Gilt yield 7.05 (7.31) 

(3.43) Long glti/aquity yid rfflo: 2.16 £.15) 

Went performing sectors 

... +3.6 1 Merchant Banks -3.6 

... +1.1 2 Other Financial -2.3 

... +0.3 3 Water -2.3 

... +0l 2 4 Extractive Jnds -2.1 

... +0.1 5 Property -1.8 





Pressure 
on bank 
sector 

Financial sectors again took 
the brunt of the downside pres- 
sure in the market as market- 
makers responded to yet more 
scare stories that the big clear- 
ing banks, investment banks 
and other financial institutions 
have had to absorb heavy 
losses on market trading 
operations during the latest 
sharp setback in bond and 
equity markets. However, deal- 


ers pointed out that these sec- 
tors would also respond 
sharply to any return of confi- 
dence in international markets. 

The most damaging of the 
scare stories concerned one of 
the US investment banks 
was largely discounted around 
the trading desks, but there 
remained lingering worries 
that plunging gilts anrf bonds 
have wrought havoc at some of 
the big international trading 
firms. 

The clearing banks, exposed 
to bond markets via treasury 
operations, took a substantial 
hit shortly after the opening 
when marketmakers chopped 
prices to head off any 
attempted selling in the wake 


of the German money supply 
figures. Similarly, merchant 
banks and financial services 
stocks were given a mauling as 
dealers pre-empted selling. 

The latest slide on the Hong 
Kong market exacerbated the 
weakness in the two Far East- 
ern-influenced banks, HSBC 
and Standard Chartered, the 
latter closing a fu rthe r 29 off at 
ll30p, after touching lllSp, 
and the former 24 cheaper at 
844p, after 828p. 

National Westminster Bank, 
whose shares plunged after the 
disappointing dividend news 
last week, was in the forefront 
of the market rally, ending a 
net 4 ahead at 489p, closely fol- 
lowed by Abbey National, a 


fraction up cm the day at 490p. 

Among the UK merchant 
banks, S.G. Warburg, one of 
the UK's largest biggest bond 
and equity market dealing 
firms, dropped to 849p before 
finishing 34 down on balance 
at 854 p. 

Schroders non-voting shares, 
also viewed as a possible candi- 
date to drop out of the FT-SE 
100 when the FT-SE Steering 
Committee meets next Wednes- 
day, gave up 40 to llL3p. Close 
Brothers dropped 35 to 455p 
but Klein wort Benson held up 
well to end only 5 cheaper at 
550p. Smith New Court, the 
independent securities house 
and London’s biggest market- 
making firm, lost 8 to 402p. 


TRADING VOLUME 


EQUITY FUTURES AND OPTIONS TRADING 


A recovery in the bond 
markets helped stock index 
futures to reverse an earlier 
slide after the March FT-SE 
100 contract crashed through 


the 3.200 support level, 
writes Joe / Klbeza. 

After a volatile session, the 
Mach contract closed at 
3,227, having touched a low 

e FT-SE 100 INDEX FUTURES (UFFEJ £25 per full Index point 


(APT) 



Open 

Sett price 

Change 

HBgh 

Lorn 

Eat voi 

Open fnt. 

Ms 

3225.0 

3227.0 

-24J) 

3256.0 

3163J) 

35441 

57974 

Jun 

3238.0 

32394 

-25.0 

32800 

3180X1 

1015 

15667 

Sep 

- 

3260.0 

-25 J} 

- 

- 

- 

480 


■ PT-SE MP SCO INDEX FUTURES flJFRE) CIO per fitf ridex port March 1 
Ms 30600 38330 39640 3832.0 628 


■ FT-SE MR} 250 INDEX FUTURES (QMLX) £10 par ftil index pot* 


-172 


3820.0 38652 


Mar 3920.0 3902.5 

Jtn - 38152 

Al cpm Hereto figmn am tar peutoui day. t Baa vdum duML 

■ FT-SE 100 INDEX OPTION QJFFE) [*3238) £10 per AS index point 


58 


2287 


ua 

Apr 

May 

Jun 

Ducf 


3000 3100 3150 3200 32SD 3300 3380 3400 

CPCPCPCPCPCPCPCP 
190 Vt 146 17 107 25>j 30 42 42>2 Wt 23»j 9B 12 138 5 182 

202 28-2 165 41 130 55 160 75 72 87»2 S2 127*2 35 160 &2 197^ 


230b 4712183b GO 15712 75 128 95^ 100 117 78 145*2 S 174*2 42*2 210 

2(4 60 207*2 72 176 89*2 145*2109*2 T17 130 05*2 153 75 188 58*2 222 

283 125 221 100*2 ITT 208 125 262 

Oft 17.856 Ms 2*348 • “ 

■ EURO STYLE FT-SE 100 WPEX ppnow QJFQ £10 per Mlndmt point 

3075 3128 3*75 asas 3275 332S 3378 3425 

Mar 161*2 14 1*1*2 23 84*2 33 5t*a 53 32*2 79*2 16 114*2 8*z 156*2 3*2 202*7 

Apr 182*2 33 145*2 45 112*262*2 84 83* 2 68 109 41 109 28% 175 18*2 214*2 

May 172 64 112 102*2 86 155*2 34 222*2 

JIM 188% 77 130*2 »7 85 170*2 B 235*2 

Sept 230 99*2 171*2 138 123 186*2 B4*2 245*2 

Cte 556 Ms 956 * IMmtytng kite vakre. PrjmfcsB timm an tansd in MBImnt (rice*, 
t Long [Mad mpfey monte. 

■ EURO STYLE FT-SE MU) 3S0 UPEX OPTION (OMUQ £10 per ftj index point 

3850 4000 4050 4050 4100 4150 4200 4280 

34*2 74*2 W*2 108*2 9 148*2 4 194 1 2« >2 587*2 *2 *2 

Apr 70 106*2 51 137*2 38 171 24*2 207*2 IB 350 9*j 2S2*j 5 2*j 

Cab 9 Pus 76 Satnarnm! prices ud wtanea in Mb a* «JDpm. 


•FT: - SE Actuaries Share Indices 


for the day of 3,183 at an 
1 1-point discount to the 
underlying cash market. 
Turnover was high, reaching 
35,441 contracts. 

Dealers attributed the 
recovery to short-covering 
from Independent (local) 
traders and further gains in 
after-hours trading indicated 
that a strong rally was likely 
to occur today. 

Early in the session, March 
tumbled in hectic trading 
after European bond markets 
feO sharply on higher than 
anticipated German money 
supply figures. 

The FT-SE Mid 250 futures 
contract on the Liffe ended 
at 3,239 on volume of 971 
lots and the sane contract 
dealt on the OMLX finished 
at 3,901.8 on 58 lots traded. 

The traded options sector 
was also busy and turnover 
rose to 67,008 contracts. 
Most of the activity was in 
the FT-SE 100 option, which 
saw 40,277 lots dealt 

BT was the busiest stock 
option with a total of 3,455 
contracts transacted, 
followed by Land Securities 
with 1,743. Barclays and 
Abbey National were also 
active. 


The UK Secies 



Mar 2 

Day's 

chgoH Mar 1 Fob 28 Feb 26 

Year 

ago 

Ota. 

yield* 

Earn. 

ytaidK 

P/E 

ratio 

Xda4. 

ytd 

Total 

Return 

FT-SE 100 

3248.1 

-0.7 3270k 3328.1 3281k 

2918X5 

am 

5.67 

21.51 

10.48 

1194.19 


3801^ 

-1.1 3944k 3860.0 3S19.9 

3077 JJ 

3.16 

4-84 

24.92 

11J7 

141947 

FT-SE MM 2S0 ax few Trusts 

3917.5 

-1.1 3859.5 3S72-9 393£5 

3oaa4 

325 

528 

2X51 

11^8 

142051 

FT-SE-A 350 

1647J 

-08 1660.9 1684^ 1662.6 

1438.0 

3X57 

6j60 

» ?? 

ai9 

124a 67 

FT-SE SmaflCap 

2021.82 

-0.8 203a 78 204339 2C3934 1549X12 

2.73 

3/46 

36.85 

5.67 

153830 

FT-SE SmaBCap e» few Trusts 

2004.94 

-0.7 2Q1&G3 2022^3 2018^5 1553-00 

228 

3.79 

34.40 

523 

152753 

FT-SE-A ALL-SHARE 

184ai3 

-0.8 1653.13 107S.48 1854^7 1419.72 

321 

525 

2285 

513 

1256m 

■ FT-SE Actuaries All-Sbare 










Day's 

Year 

Ota. 

Earn 

P/E 

Xd atfl. 

TOW 


Mar 2 

chpaW Msl Feb 28 Feb 25 

800 

yield* 

yield* 

ratio 

ytd 

Return 


MHERAL EXTRACTIOWffB) 2531.51 

Extractive tadusMestf) 3883.75 

Oil, kitegnnedp) 2443.01 

Oil BrotoraMon & ProdOl) 18B6.68 


-1.5 258848 2588.83 2551.13 2137.00 
-2.1 3978.07 3930-51 3819.11 3188.70 
-1.4 2477.34 2509.46 2481.76 201 £40 
-0.B 1881.61 1880.71 1861.14 2049.00 


3X57 

492 

26.14 

420 

909.77 

aro 

4.70 

2520 

aoo 

104723 

3J9 

5X38 

?4X>2 

6.35 

97441 

320 

3JBB 

3328 

0X10 

1057.93 


QEN MANUFACTUHEBSP84J 
Bufldmg & Constiuctionpi) 
Bunding Malta A Mareftspoi 
Chan4cals(2Q 
Dtaerefetad lndueiriata(iq 
Bocaomc 4 Becx EquIpPV 
EngbtMrtng(72> 

Engineering, VehWesfia) 
Printing. Paper & PckgOT 
Taxtflea & AptxueK22)_ 


211804 

-0.9 213648 2158.73213820 1738JX) 

349 

323 

3329 

428 

104343 

1501.07 

-09 1614.08 152121 150054 31520 

228 

120 

80.00t 

2.16 

1150.01 

2247.57 

-0.4 225722 227066 2248.19 151720 

313 

229 

5304 

1.14 

102921 

2382.50 

-1.1 240087 2422A7 2383XJ3 218720 

328 

4.77 

2628 

022 

1023.90 

208122 

-1.0 208221 2110.65 210025 186820 

421 

422 

30.04 

1024 

102424 

209888 

-02 2104232130282112.75 187120 

322 

522 

2021 

228 

994.18 

1928.78 

-12 1951.48 198728 195127 145320 

222 

221 

47.00 

428 

107383 

237120 

-1.1 2397.40 23B227 238821 1828.70 

429 

028 

4223 

029 

111303 

298422 

-1.1 2888.78 301390 2895.42 231520 

2.74 

4.17 

29.04 

120 

113390 

1912.78 

-02 192828 195342 1925.63 185390 

3.42 

317 

24.18 

122 

105420 


CONSUMER GOOOSP3} 2899.03 

Breweriesdri 2239.19 

Spirits. Wines & Cldere(10» 3140.11 

Food Manufacturers^ 2395.62 

Household Goocts(12) 20B627 

HeaWr CorafEQ) *83^® 

Pharmaceutlcola(10) “SHS 

Ttaflaccoffl 403096. 


+0.1 2890.78 283128 290428 290370 

398 

6.78 

17.40 

1347 

98828 

-02 224308 2283XJ3 2267.01 211590 

4.06 

7.66 

18XH 

9.84 

981.15 

+1.1 3104.443184.15 311424 284120 

327 

5.84 

2090 

1923 

102894 

-02 240724 243727 240621 247320 

392 

7XJ3 

1825 

295 

97526 

-1.0 2885.78 288572 287333 2419.10 

300 

542 

1893 

090 

997-50 

-02 184420 184623 183828 1814.60 

293 

5.18 

2305 

146 

1041.69 

-1.1 3117.78 311428 310525 333040 

4.18 

577 

1729 

24.70 

965.B3 

+36 30BZ-54 4036.16 400998 400890 

499 

7.88 

14.77 

aoo 

86511 


SERVICES(21S| 

3tatrinutofs(3l) 

Leisure & HoMs<22) 

W«Sa|38) 
rtetaBera. Food(i7) 

Ptetatere. GeneratfttJ 
Support Sanrtces(4a) 
rranEportfie) 

3ther Services & BudnesaQZ). 


audonO 

urications(4) 


2079.66 

-02 209124 211327 208S93 180720 

387 

5.42 

2345 

4.12 

88821 

3094.81 

-0.1 308923 312324 310315 258820 

374 

427 

2423 

1.48 

104598 

229545 

+02 2290.65 231329 230564 179020 

348 

426 

2424 

11.89 

111229 

3199.08 

-0.9 322557 328353 3230.43 2240X20 

126 

4.07 

2929 

428 

108999 

180377 

+02 180128 182924 158554 209510 

32S 

926 

12^48 

1.BB 

83129 

1737.74 

-19 175528 177563 1747.77 148320 

374 

523 

2352 

4.18 

90508 


-12 1768.17 1770.17 175790 155350 

227 

527 

1720 

1.16 

103379 


-0.4 263580 2648X6 2B1098 2061 .70 

320 

348 

3354 

318 

100492 

131220 

-92 131998 132221 1320.47 133020 

322 

330 

4221 

a72 

110427 

2600.51 

-92 2519-48 253725 249128 213820 

4.00 

397 

17.70 

360 

93319 


-1 9 242398 243377 238342 187420 

345 

1020 

11.83 

1385 

97315 


-a 6 2120A4 2(4348 21 1BL38 200320 

SMB 

t 

* 

aoo 

S3 1.11 

£21387 

-02 221503 223548 218568 201520 

357 

SAT 

2220 

099 

92027 

189525 

-33 1 94a 46 1941.58 1926.19 177300 

428 

1341 

377 

348 

91198 


J4CULS(630) 


-0.6 1774.13 1791.59 1768.82 155831 3^4 5J3 22.14 AST 1213-31 


lankaffil 

Ktal(25) 


IT TRUSTB(119| 
X-SHAREP54) 


238422 

-1.4 2419.05 249541 2484.12 188540 

388 

5.19 

2390 

1304 

91308 


-12 3087.95 324348 319034 233060 

344 

495 

2331 

22.08 

885.68 


-04 1402.76 143293 1414.17 1333S0 

427 

728 

1321 

504 

827.78 

280341 

260228 2819.55 2804.70 264920 

4.48 

4.67 

2694 

090 

95847 


-38 3214.98 327727 327197 227370 

292 

7.04 

1740 

1097 

91127 


-22 20S320 2081 96 208640 135820 

riOO 

340 

2331 

1019 

1047X13 

1768.78 

-12 178840 1802.08 1765.74 113380 

348 

3.17 

4193 

220 

086.16 

293370 

-1.4 2975.43 2997.76 297394 226& 00 

210 

1.75 

57.18 

taiB 

972.53 

1640.13 

-08 165313 1875.49 185427 1419.72 

321 

335 

2228 

513 

1258.83 


FT-SE 100 
FT-SE Mid 250 
FT-SE-A 350 


Open 

890 

1090 

1190 

12X10 

1300 

14J» 

1590 

16.10 

Ftigh/ttay Low/day 

32533 

3933.6 

18538 

32479 

39233 

16600 

ID r 

ill 

32089 

38332 

1832.1 

32212 

38989 

18389 

82330 

39022 

1842.1 

32206 

38942 

16862 

321 89 
38942 
18352 

32384 

38902 

1S442 

32559 

39322 

18532 

3195.7 

3888.9 

18282 


I 08 30 Low IMS 

usuries 350 Industry baskets 

Open A-** 10J0 11J ” ^ ” 


14AW 15U» 16.10 Cleee Prariow Change 


14412 1«aB 14315 143Q.0 1435S 

£! MM 3072.9 3051.7 30405 30514 

S.7 58 1BB7-2 1881 - B 1BMJ! 1WM 

S3 ££* SSl 3002.5 3039a 3059^ 


1435.1 

1438X3 

14389 

14335 

1451.7 

-132 

3038.7 

3035.1 

30452 

30649 

30872 

-332 

18836 

18022 

18939 

1891.1 

1936.8 

-4S.7 

30337 

3032.7 

30631 

30754 

31252 

-502 



Uteta endtmrta tre MW* thw Tlw Rnandai Thus 
vteh man a niQB ta tecMnc and pmMr-taiea tmtacm 

*MZ30,FT-8EAOuntai 3U and ihe FT-SE Actuate Industry 
HspuMd DfMmd and tha FT-SE Actveri» Me* la 

1 te Mate « Actuarial war a atandaid eat of orand iute 
M. e 1)w mate llnias Unntad 1894. 41 ritftm ntaaned. 
and llta naaneM Tlmea UntetLllie FT-flE AouriH 9an 
^ VUum on nagaOwNAliE CtMHBEt LhaOri Etamnt(77|la 


■ Major Stocks yesterday 



VfcL 

000s 

Oates 

Dayl 

crisnoe 

ASOA Ormpt 

B,tOD 

58*4 

*>2 

fihtmt NiUnnSt 

7J300 

490 

+1 

Albert Rails 

185 

KPl 

— *2 


1.300 

E23 

*3 

Amten Wetorf 

1^00 


-12 


703 

EJ 


22?l£2£t 

Anool&fe. Rtodsf 

w Ton 

4,1 DO 
425 

247 

2B5 

556*2 

-1 

•8 

♦*2 

Acsoa Ml Para 

100 

S71 

-12 

BAAf 

1A00 

1013 


3AThds.t 

0X300 

4001, 

♦16*2 

BET 

5200 

134 

-5 

BICC 

1XX» 

433 

<6 

Z? 

xooo 

1ZB00 

mo 

362*2 

-1 

-6*2 

BPH MS. 

2.100 

343 

+4 

8Tf 

8200 

434*, 

+3*2 

BT JWPte) 

MOO 

316 

367 

-3 

Benk at ScoUandf 

3400 

212 

-5 


fFqri 

529 

-7 

OueCkctot 

M 

524 

344 

+6 

+1 

Soaks 

■ri 

429 

S 


finnn 

527 

-3 

Bows) 

1400 

499 

-6 

BrtL Aeroenecet 

2400 

497 

-3 

BiUsti Akwiyit 

7400 

437 

-4 

BrtOSi Best 

Bdttati Una 

10400 

310*2 

-2 

1.100 

433 

-18 

BrMgh Stodt 

11400 

1»*2 

-a 



167 

-2 

Burneh Cattratf 


810 

-13 

Buton 

6400 

M*2 

-h 

OMo 4 Met 

6J00 

436 

-2 

Cadbuy SchMppmt 
Ctosanup 

2400 

211 

486 

S3* 

•2 

-3 

Cmrtont 

Cstton Camrm-t 

aoo 

140a 

409 

833 

♦1 

Casts vyttef 

Comm. Uniont 

3400 

1400 

257 

60S 

-4 

43 


614 

263 

-7 

Conteijr) 

1400 

510 

+1 

Ddacsy 

Da LA Hun 

400 

1400 

472 

943 

-1 

-41 

Dtjcons 

2JD0 

214 

-1 


GZO 

662 

-7 

Em MdSid Bscl 

S4S 

«2 

-3 

Eng Chkn Ctran 
BtepteiOff 
Euronnnol Unhn 

2400 

616 

B2 

483 

431 

535 

-2 

-4 

-4 

FW 

2400 

200 

-4 

Ffeona 

6,100 

129 

+2 

FOmgnftCU.LT. 

944 

288 

-2*2 

Rvtrff 

2400 

264 

+5 

GsLAcddentt 

1400 

648 

-S 

GmeoS BocLT 

7400 

310 

-3 

GkDcof 

atymred 

0400 

DO 

676*2 

387*2 

a 


pflnn 

338 

-1 

tondMs.f 

6400 


M3*2 




-4 

GRET 

5400 

203 

-7 

GKN 

1400 

S30 



4400 

920 


HBBC (75p oha)t 

5400 

844 

-04 

Haramerean 

204 

417 

-10 

Heneorat 

11400 

270*2 

-a 

HsrieorsCmdMd 

4400 

196 

-a 

HStKtasn 

1,71X1 

2400 

305 

170 

-0 

-o 

M 

GTS 

342 

-5 

iat 

1400 

730 

-19 


1.100 

643 

+1 

Johracn !**:;.«•/ 

314 

663 

-6 

KhgOshert 

KMtSsn 

MOO 

387 
SB 2 

♦1 

+e 


MOO 

209 

-a*2 

Lend Seortrtsf 

3400 

706 

-11 


618 

814 

-a 

LngcT ft QormSt 

1400 

489 

+7 


2400 

7400 

419 

383 

-5 

LAEUO 

4400 

128*2 

-2*2 

London Beet. 

768 

637 

-3 


6,700 

157 

-a 

Lucas 

4400 

219 

-4 

MEPCf 

1.700 

498 

-ID 

MR 

1400 

168 

-3*2 



738 

-E 

Marta ft teenosrf 

3400 

402 

417*2 

860 

-s*a 

t8 

Uamon {Km} 

ASX 

112* 

-1*2 

NFCt 

3,700 

236 

-6 

SaSu* U>*t 

10400 

*80 

+4 

NUtonrt Pswsrt 

3400 

482 

-7 

NM 

3400 

217 

-4*2 

North VM Xltetmt 

1.700 

335 

-18 

NorthmBecL 


674 

-a 

Northern FcwM 

ITvl 

222 

-1 

NonMU 

■C3 

070 

-8 


2400 

884 

-13 

PAOt 

2.100 

006 

♦8 

PflUspon . 

3700 

19b 


RNtaGent 

Piudwawf 

1.700 

4400 

572 

323 


RMCf 


931 

-4 


3400 

0-«8 

-21 

Hmf 




ndett^ebnent 

1.700 1001 

874 880 

♦10*2 

-8 


1200 

673 

-13 

F»2£ldtllfl.t 

OOC 

893 

-13 

rtartMT 

^fkaeonrmrrt 

Royal tnenrancef 

1400 

1400 

3400 

3400 

4,100 

262 

JX 

440 

292 

-4 

+10 

*h 

-1Z 

SStawyt 

6400 

362 

♦1*2 



1128 


Scotosh ft Nea-t 

1400 

548 

-a 

SonL Hyrke-aect 

800 

401 

-4 

erodUbFowert 

0,700 




3400 

119 

-3 

SMtgtacfc 

1400 

196 


&wi***rt 

1400 

343 




589 

-e 

Shel Trmsportt 

5400 

702 

-8 

SMbot 

1400 

093 


StoU|#>E3C9 

716 

273 

-6 

SmMi (WXL) A 

Ernflh ft Neprio*t 
augpeeemmt 

SraN Beadwn IM-t 

265 

3.700 

3.7DC 

2400 

304 

23 

356 

-4 

-1 

-4*2 

S 

AitesksK. . 

2,100 

481 

-7 

SoumemBecLT 

3B8 

661 

-M 

SouA Wtee Bed. 

13 

719 

-1 



seo 

-12 

Snub wseL Beat 

200 

646 

♦4 


66 

6W 

-14 

Standard Cheralt 

1400 

1180 

-29 





SuiAeaunt 

3400 

341 

-1 

TON 

4400 

238 

-3 

71 QwupT 

1400 

408 

-4 

iBaf 

7400 

239*2 

-3*a 

Ttomec 

B400 

196 


Tata ft tea 

Tsytor Utoodsw 

1400 

1400 

424*2 

in 

-*2 

-4 


3400 

226^ 

*1* 

Thames Want 

2400 

543*2 


ThomEJftt 

1400 

1882 

♦10 

Tomldrat 

2400 

253 

-a 

TreM^Herae 

SgODQ 

110 

♦2*2 

saszt 

IMtodEbafat 

69 

1400 

962 

1113 

W 

-a 

♦3 

Usl Neaepspere 

633 

674 


uodstonet . 

MOO 

Mb 


WOHMU (Stitt 

1400 

B54 

-34 


3400 

646 


wten water 

372 

601 


Ufesa* Water 

107 

648 

-IB 

WTHEIIMJT 

vuasma Wge.t 

1,106 

4400 

543 

391 

-1 


607 

21b 



1,100 

225 

42 

warnoyt 

421 

870 



457 

643 


YorioMmlMder 

IN 

540 


Ztettdt 

3400 

788 



aiMd on tndngwtaw fcra aslactibn at major 
Mcurttw deaa mnugh tho 8Cto wf*tr> 
ywwuny ml <L30pw. Trades at taw mMWn nr 
more m raendad dam. t Mesas an FT-6E 
100 hoax constasr* 


Discount houses showed Ger- 
rard & National and Cater 
Allen down 30 apiece at 410p 
and 570p respectively. Com- 
mercial Union was the best of 
the composite insurers, closing 
3 firmer at GQ9p. 

Leisures active 

Leisure stocks were among 
the market’s best performers 
as dealers pointed to the recov- 
ery potential of the sector amid 
speculation of further cuts in 
UK interest rates. 

Forte, the sector’s favourite 
blue chip, was firm all day, 
helped by good UK tourism fig- 
ures for 1993 and higher predic- 
tions for 1994. 

There was also renewed 
speculation over the hotel 
group's intentions with regard 
to the Savoy Group, in which 
Forte holds a majority stake 
but only minority controL 
Rumours that Forte is willing 
to listen to offers for its 69 per 
cent stake in Savoy were dis- 
missed by leisure analysts yes- 
terday, who pointed out that 
Forte bad spent much time and 
effort edging towards gaining 
control of the luxury chain. 

They also said that, with 
Savoy in closed season, a move 
by Forte, which has board rep- 
resentation, could have regula- 
tory implications. However, 
the tnTk did laari some observ- 
ers to conclude that the long- 
running battle over Savoy 
might be drawing to a close. 
Forte gained 5 at 284p, while 
Savoy feft 13 to 1050p. 

Multimedia considerations 
were again cited as (he power - 
behind Thorn EMI, 10 higher 


NEW HIGHS AND 
LOWS FOR 1993494 

MEW HUMS (88). 

BHEWStiES (Q Oesranar lira BUUM 4 
CNSTRN P) BN Bra*. BUJO MAILS A 
MCHTS a Oman, imrewon. CHEMICALS PI 
Croda IMV IMmuTOM p| Fortran. 
EMG2HEER1NQ P} Mora Ashby. Wagon Iran.. 
EM, VEHICLES (1) StF. EXTRACTIVE UBS (2} 
Crtedonta MMng. Oemcor. FOOD HANUF (1) 
Domain (St. HEALTH CARE. PI ba ron. 
HOUSEHOLD 00008 PI Detanay. LSSURE A 
HOTELS (3) Mn*actef IMted. Siortcv Lara 
MEDIA PI Teugmon, OR. EXPLORATION ft 

raoo PI (tea Rreourou. phtho. paper ■ 
PAJCXO PI Dntyn, PnOPBLTY p| Cjt> Sob 
ESNCO. SUPPORT SERVSM CRT. CanpUW 
PBOpb. Swco. Btol-Ptua. TEXTILES ft 
APPAREL p) UM> ri. AMERICANS fTJ SUn 
Co. 

mew town pq. 

QBLTS pz) ENGMEEfllNG p) BnaUhircL ENO. 
vehicles p) Bnai, mauHA NCE p) 

Amartcon On Gan, MVESIWENT' TRUSTS n 
Bstng Enwg. Ewo. Do Wn. Nmnt 2nd 
Bid*. RcAcy, ILmy B*. VM, Unman 
Pon-EuroZara OwPf. MVBTMBfT 
CQIWAMCB PI EAN Gannon TsL. OTHER 
RHAHCUL p| WoMHwmar. RETAILERS. 
OENBUU. P) taown ft Jadoon. AMEMCAM 
(4 FPU HBlMM Ml NWBL 

at 1092p, and Carlton Commu- 
nications, 6 ahead at 933p. US 
support was said to have 
helped Rank Organisation rise 
10ft to 1081ftp. 

Ladbroke shares held firm 
before fading in late trading to 
end 2ft off at 209p. Although a 
dividend cut with today's 
results announcement is 
widely discounted, the overall 
trading picture is expected to 
be brighter. 

A rumour that the group 
would report the sale of its 
Texas home improvement 
chain, with Tesco one 
suggested buyer, found few 
supporters among food and lei- 
sure analysts. Tesco steadied 
at 226ftp. 

The prefits recovery in engi- 
neering group Vickers had 


been discounted and the shares 
dosed 9 lighter at I83p. 

The company reported prof- 
its of £32J*m. against a previ- 
ous loss of £36.6m. Several bro- 
kers increased their 
current-year profits estimates, 
including Strauss Turnbull 
which upgraded its forecast by 
ElQm to £42m. NatWest Securi- 
ties called the shares “a fully 
valued recovery play”. 

Figures from GKN were also 
in line with market expecta- 
tions and the shares recovered 
from early weakness to finish 
just a penny down at 536 p. 

GKN signalled continued 
weakness in its European mar- 
kets and that sentiment hit 
Laird Group. The stock fell 
17ft to 387ftp. 

Reports that Vosper Tborny- 
croft was in talks about acquir- 
ing the Swan Hunter shipyard 
left the shares 3 cheaper at 
798p. The Tyneside shipyard 
has been in receivership since 
last May and a French ship- 
builder indicated last month 
that it planned to make an 
offer for it. 

International mining group 
RTZ surrendered 21 to 846p, 
with Smith New Court said to 
have advised investors to sell 
the stock. 

Shares in Clayton Son & Co. 
which reported a past year's 
loss of afi68m. surged ahead 
14 to 127p after tt announced 
an agreed bid. 

CRH, the Irish-based build- 
ing materials group and the 
first of the big companies to 
report, succumbed to the gen- 
eral market malaise, the shar es 
sliding 9 to 374*. However, ana- 
lysts said the group’s profits 


were at the very top end of 
market expectations, as was 
the dividend. 

UBS was taking a positive 
view on the stores sector, 
emphasising those retailers 
with large market shores par- 
ticularly in sectors where there 
is overcapo peity in supply mar- 
kets. Among these. Boots 
slipped 5 to 527p and Store- 
house 3 to 233p. 

The drinks sector bounced 
back from Tuesday's weakness. 
Boddington produced good 
results and the shares steadied 
at 275p. Bass rose 6 to UMp and 
Grand Metropolitan 13 ' s to 
431 ftp. Whitbread, however, 
suffered from continued con- 
cern over the threat of imports 
by telephone from France, slid- 
ing 11 to 543p. 

Business services group BET 
relinquished 5 to 13-lp after 
Charterhouse Tiiney down- 
graded current-year profits 
expectations. The broker 
reduced its forecast by £Gm to 
£91m. Volume was 5.5m at the 
close. 

Nervous trading in Cookson 
ahead of tomorrow's figures 
left the shares 7 lighter at 253p. 

British Petroleum was the 
market's most heavily traded 
stock, the shares slipping to 
347p at one point amid talk of 
renewed selling from the US. 
before stabilising and closing a 
net 6ft off at 352ftp; 12m shares 
changed hanrig during the day. 

MARKET REPORTERS: 

Christopher Price, 

Joel KIbazo, 

Stave Thompson. 

■ Other statistics. Page 19 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


. Cb*— . — -P ua — 

OpMnn up! J1 oo Apr M Oct 

KlHia 600 34 44 54 11H2BM 36 
C819 ) B50 16H30H31H 38 58* 6514 

240 17 M 27 10H20M 23 
rz*5 ) 280 •14M1B2BU2H3S 

ASHA SO 18 13 14 IH 3 4» 

r») 60 4 7 Btt 5H 7H 

a»Ahw*» 420 28 3BH 47H IDh Z3K 28 

r*38 ) 46D B» 2DK, 2BK 31H 46 51 

StoBteA 390 21% 34 43 IBM 28M 3TO 

ran) 420 B22K3DM 36 47 53M 
Boob 580 3BM 48 5514 7 IBM 24M 

1*525 ) 550 1114 22 31 31 H 47M 51 

BP 330 Z7 37H 43 5 12M 17 

(Wn 360 HIM 20M 27 18 26 31H 

BMaSM 12011M16H 28 4M 8 12 
C-138 ) 140 6 11M 15 9H 14 17 

Bn 500 38 4niBm 11M 21M27M 
rSZ3) 550 11 2737M37M4BMS5H 

Otktm* 450 3* 38 - 14 27 - 

r<57 ) 475 13 2BK - 26 38M - 

QUBtadi 500 2B4M44M 14 26M 33h 
1*510 ) 650 7H 17 23H46M60M 04 

QmlHoa 600 25 43 47M 18 27M 36 
(•602 ) 650 8 21 2S52M58H6EM 

IQ 700 36 n 60 17 31H 43M 

r727) 750 11M28M 37 SOW 61 TIM 

KtagBtter S60 46M66M BB BM 24M 33 
H82 ) 600 18 31 41M 33 51 59 

Mad Sacur 700 B 36 44 13M 32 35W 

(*707 I 750 M T4M2ZH 47 65M STM 
Marta 6 S 390 33 3BH «M 3W 12 I4M 

("416 ) 420 ISM 22 28W 14M 2SM ZTH 

WM 400 3BM S4W 80 9M IBM 24M 

f485 | 500 17M 33 41 28M 37 44H 

SMastury 330 37 48 8» 5M 15 19M 

1*358 ) 360 IBM 2BM 37 17 30M 34H 

am Tram TOO 14 31 39 C8 35W 46 

r700 ) 750 3 14M 29 68 71M 76 

Sfentan 220 Z1 27M 32 4 8 12H 

(*233 ) 240 8M IB 21M 12W IBM Z2M 




— - 

C*B* 



— 

Puts 

— 

lyilna 



SMI 

Nos 

uw 

Am 

NO* 

Hanson 

3U 

IBM 

21 

25 

6M 

11 

14ft 

C2fi8 ) 

2B0 

7V4 

11W 

16 

16 

21ft 

25 

Umno 

120 

15* 

21 : 

25W 

BM 

14 

18 

H2B) 

130 

10 

16: 

ani 

14M 

19 

23ft 

Lucas hds 

200 

25 

31W 

35M 

5ft 

10ft 

15 

(*21B) 

220 

12 

IBM: 

MW 

14 

19 

25 

PBO 

eso 

SOM 

B8W 

79H 

17 

32 

47 

rBB2) 

700 

M 

44 

55 

48 

58 

75ft 

PtMngttn 

T80 

22 

2BW: 

SOW 

5 

m 

12 

n») 

200 

10M 

U 

I9W 

14 

19ft 

22 

PtadertU 

3011 

2SM 

31 

38 

7ft 

13ft 

IS 

(*320 ) 

330 

a 

1BW 

22 

25H 

si : 

MW 

RTZ 

BOO 

61M 

B4WI 

S7W 

18ft 

32 

44 

(*844 ) 

850 

S2M 

57 

mw 

41ft 

58 

67 

Axfcnd 

560 

35. 

4BW 

55 : 

25ft 

36 

48 

rs«) 

600 

iaw 

24W 

34 

58ft 

67ft 

78 

HotSi MBS 

280 

2SW 

S3 Vi 

40 

12 

19 : 

21ft 

P280 ) 

300 

T6 

2ZW 

SOU 

22ft 

28 : 

Sift 

Teem 

220 

15W 

22 

27 

12 

19 : 

20ft 

C225 ) 

240 

0 

13 

IBM 

25ft 

2aw: 

32ft 

WtiM 

550 

57 

72WB8M 

14W : 

28ft 37ft 

rS88) 

600 

2BM48W 

64 

SB 

53 

63 

Wte 

390 

T7W 

24W 

31 

21 : 

26ft 32ft 

rsaoi 

420 

6 

I3W 

18 

42ft • 

MM 51ft 

Opdoo 


Apr 

Jri 

Oct 

Apr 

JU 

Od 

BM 

1000 

44 1 

saw 

M ! 

20ft 40ft 

46 

run 4) 

1050 

2BW; 

S8wi 

saw 

49 

67 

75 

Itausa WS 

500 

51W 

SB 1 

S3M 

4 

15 

18ft 

r»43) 

550 

Wtt 

27 

33 

20 

39 43ft 

Option 


■tar 

Jon 

5«P 

Mar 

Jen 

Sep 

Abbey NB8 

4M 

31 

37 

46 

5ft 

13ft 23ft 

P«8) 

500 

S 

rrw 

30 

29 : 

1714 44ft 

AiiBUml 

35 

aw 

5W 

7W 

2 

4 

5 

C36 > 

40 

IH 

9M 

5 

5 

6ft 

8 


Barbjff 500 31M 4ZM 54M 10M IB 29V. 

r924 ) 550 7 16M30M 42 47H 57 

Bbe OEM 330 18 29 41 5M 17 25 

("342 1 360 4M 15M 28 23W 35W 43 

MU 899 300 (9 25 2BH 3 11 14 

(*315) 330 3 8H 14 17M 25 31 

Dbgnt 200 18M2BM30M 4 S 15 

(*21«) 220 3M 15M 2BM 12M 17M 25 


Tmra0K 

10s 

If MM - 

5H 10W 

- 

HOB ) 

115 

BH 12ft - 

11 

16 

— 

IMerer 

1100 

30 84 m 31ft 

45 

52 

rui2) 

1150 

11 29ft 46 71ft 77ft 

89 

Zeneca 

750 

28 48ft 82 29H42W 

55 

nw) 

800 

BH 39 41ft B4ft 73ft 

85 

OMoa 


■tay Aag tee May tefl >«» 

a*nd Met 

460 

3243ft S3 

15 

22 ZTH 

1*477 ) 

500 13ft 24 34 

36 43ft 43ft 

Lsterte 

200 

18 23ft 28ft 

12 

IB 24ft 

1*206 ) 

240 

4 B 13ft 41ft 

45 

50 

UUBhcuta 

330 

24 30ft 34ft 

14 19ft 

26 

1*343 J 

380 

T 17 22 

35 

SB 

44 

Option 


Star Jaa Sep Up Jun Sqt 

Rsons 

120 12ft 19 25 

3ft 

9 

14 

1*128) 

130 

8ft 14ft 20ft 

8 

15 

19 

Opdni 


Mte Abb Me May teg Hm 

tail Aero 

490 

6480ft B4 

19 31 M 

SB 

r«j 

59040ft 60 78ft 

35 

50 

62 

BBT tad* 

460 33M 42 48ft 

17 

26 3SH 

rws) 

500 

15 23ft 31 

43 

50 

59 

BIH 

330 

30 37 43 

B 

14 19ft 

rasa ) • 

380 13ft 22 27ft 23ft 

2fl 

35 

BH Telecom 

420 26ft 3S 41 

8ft 

19 

24 

(*433 ) 

460 

8 16 22ft 

32 

41 

46 

CfeSuySth 483 17ft - - 

19ft 

- 

- 

(**99 ) 

542 

4ft - - ! 

5BH 

- 

- 

Eaten Sec 

650 

31 44 52 

24 40* 

48 

rwi) 

700 

12 23 31M 

56 

73 

79 

GUanesa 

500 

34 4110ft 

21 3TW 

37 

fSiB) 

550 

11 25ft 37 52ft 

61 

E6 

eat 

300 20ft 2829ft 

8 

15 

19 

faoaj 

330 

8ft 11 15ft 

as 

34 36ft 


intaiii 

180 

1Z» 

15ft 

19* 

2ft 

9ft 

12ft 

nos J 

ISO 

2ft 

5 

11 

14 

23ft 

25 

lonrtNi 

140 

21ft 

28ft 

33W 

1W 

6ft 

12 

1*157) 

160 

7ft 

17 

ZJW 

8 

17 

22 

M9 Power 

460 

te 

38ft 

48ft 

5 

it : 

Sft 

1*480 ) 

500 

5 

17ft 

2BW 

24* 

39* ■ 

46* 

Scat Power 

390 

28ft 

39 

48U 

3ft 

lift 

22 

1*411 1 

420 

BH 

22ft 

SOW 

16ft 

25 : 

35ft 

Seen 

110 

11 

13ft 

17 

1M 

4 

6 

nm 

120 

4 

7 

1BW 

4* 

BH 

11 

Fora 

280 

11 

17* 

ZB 

B 

17 ; 

22ft 

(*263) 

280 

3 

B 

17 

20 

30 : 

34* 

tarmac 

IBS 

8ft 

21 

_ 

Sft 

14* 

_ 

(*196 1 

220 

2 

9ft 

— 

26 : 

32ft 

- 

Vm BB 

1050 

54 

12 

102 

9* 

7T 

50 

H091) 

1100 

19W 

51U 

09 

20 

49ft 

75 

158 

220 

22* 

29* 

37 

3 

6ft 

lift 

(*Z39 1 

240 

BW 

17W 

26 

a 

15 

21 

Tomtom 

240 

IBM 

2« 

30 

3 

9 

14* 

C2S2I 

260 

4ft 

12ft 

19ft 

12 

18ft 

25 

Wtfcnni 

BOO 

51 

01 

89 

6! 

24* 

36 

r««) 

650 

19 

42W 

63 : 

25ft 

■SH 1 

Sift 

Option 


ter 

M 

Oct 

Apr 

M 

oa 

QUO 

650 

47 

72* 

as 

18 

35* 

52 

CW4 ) 

700 . 

21*47*1 

soft 

45 . 

sin ; 

ran 

Kscrcpfe 

BOO 

52 

96 

117 

38 

71 

54 

fwa) 

850 

37 

72! 

13* 

66! 

55ft 

109 

hmabtc 

1950 

63 

146 

105 1 

81* 

110 

1iS 

n«® 

2000 1 

57ft 

120 

159 

88 

127 

153 

Option 

•to 

fete 

tee i 

tej 

Ate 

NOV 

fkte-faa 

160 

14 

28 

24 

6* 

11 IS* 

(169) 

100 

_ 5 

IB* 

15 

IB* 

23 26* 


* UndBrtjtng smuiIM pnea. Pwiiuma taw ara 
i m mi art dortna oftar oiobl 
M onth 2. tSi contracts: 68607 CbBk 31. MO 
Puts 34J61 


FT GOLD MINES INDEX 


Itar % tha Mi F* Var tan* 62 n* 

i Mite a 25 igc |W4% WflO f 

GW Mm Max pq TfQSM 4fljj oma a 127103 112SZ7 UM Z367-40 112&Z7 


AMeapq 


Horti America (11) 


2731.12 

2527^1 

174452 


■*00 

+3J 

-AS 


273082 2616.63 126028 
246610 243673 118629 
175437 171613 107654 


600 

1.44 

654 


344060 124268 
301369 1164.72 
289965 107564 


CenitH. The FteneU TtaMC Lilted 1984. 

n^ns h tnkm show nuntn ol campinte. Bote U9 Mtar*. Bm IMk 10CO00 yinsm. 
IVteii»n (kta MhH Mn: Mar6 : 2074 : OtorV <te<e« -64 powa; Yee agx B&6 T PanU 
me (nWi unwhhb to ttat men. 


RISES AND FALLS YESTERDAY 


Hm 


British Funds . 


Other Fbced Interest 

Mineral Extraction ___ 
Gonaral Manufacturm . 

Consumer Goods 

Services — .. 


Uttttles — 
Pht a nci a ta . 


investment Tmsts . 
Othera 


0 

68 

6 

0 

15 

0 

22 

104 

91 

41 

303 

338 

10 

89 

85 

34 

223 

264 

2 

42 

2 

18 

233 

130 

4 

382 

76 

18 

85 

21 


Totals 


158 


1644 


1012 


D o t s howl on moo# compriM Unad on riw London Sham Service. 


TRADITIONAL OPTIONS 

first OeaBnge Marcn 4 Last Dsderadons June? 

last Peotinge March £1 For settlament Jun 13 

Cafe: Amfeiox, Ahmco, Carthls Grp, CavardMa, Hrflt (CM). Greycoat, Mosaic bar, 
TadpoiD Tech. Puts: EiatrtwmsL Puts 8 Cute HSBC, PtwnslMi. 

LONDON RECENT ISSUES: EQUITIES 

Issue Amt MKL Close 


price paid 

P UP 

cap 

ffmJ 

1B03/B4 

High LOW Stock 

price 

P 

♦/• 

Net 

dh. 

Ow. 

COY. 

Gre 

VM 

Pit 

not 

140 

FP. 

3510 

178 

163 Alpha Atports 

1GB 


RW4.03 

22 

3.0 

102 

150 

FP. 

1013 

140 

148 Chirosdenca 

149 


- 

- 

- 

- 

124 

FP. 

243 

186 

148 Ctiricd Computing 

153 

-3 

- 

- 

- 

2Aji 

235 

FP. 

67.7 

268 

250 Code 

258 

-2 

WM2.0 

4.5 

14 

264 

Soo 

FP. 

534 

173 

106 Carre 0,1 Sol 

135 

-6 

W- 

- 

- 

21.0 

50 

FP. 

131X5 

50 

47 Edn New Tiger 

47 

-Hi 

- 

- 

- 

- 

50 

PP. 

104 

50 

55 Enagy Capital 

58 


- 

- 

- 

- 

- 

- 

ixn 

28 

4 Do Warrants 

28 


- 

- 

- 

- 

130 

FP. 

312 

155 

130 Fntaet 

148 


R34 

24 

24 

104 

- 

FP. 

245 

102 

99 Renting Japan C 

99 

-2 

- 

- 

- 

- 

- 

FP. 

61.5 

74 

663* Guangdcng Mpt 

67 tj 


- 

- 

- 

- 

- 

FP. 

4P7 

29*7 

18>j Do warrants 

2S* 


- 

- 

- 

- 

100 

FP. 

64.3 

102 

94 Herald few Tut 

99 

-1 

- 

- 

- 

- 

_ 

F.P. 

024 

51 

45 Do Warrants 

48 


- 

re 

- 

- 

50 

P.P. 

455X1 

49 

40*7 KMiwort Euro Pvt 

41 

* 

- 

- 

- 

- 

- 

FP. 

38 X) 

49 

37 Do Warrants 

38 


- 

- 

- 

- 

50 

FP. 

204 

52 

49 hithras Inv Tst 

51 


- 

- 

- 

- 

- 

FP. 

2X36 

28 

25 Do Warrants 

26 


- 

- 

- 

- 

no 

FP. 

34.9 

126 

117 ParksWe hfl 

117 

-3 

RN3.0 

14 

34 

230 

125 

FP. 

19.7 

133 

125 Redstone Tech 

128 

-3 

RXG 

24 

24 

T 64 

§120 

FP. 

m 

146 

122 Sfcnma 

140 


R3.7 

24 

13 

144 

100 

FP. 

40 J] 

98 

BB Taiwan bw 

99 

-1 

- 

- 

- 

- 

_ 

FP. 

3JS0 

52 

40 Do Warrants 

40 

-2 

- 

- 

- 

- 

200 

FP. 

334 

216 

211 Trttest 

211 

-1 

RS.6 

22 

33 

17.4 

118 

F.P. 

505 

140 

131 Trtng kill 

133 

-5 

WN3.8 

3.1 

3.6 

154 


t Hroduam. S Ptacmg pries. FP. Fi4y-oala meuntv. For on ruplaiuuon or osier noma, pteo niter 
to tha QUda to ttto London Shan Santoe. 


FIXED INTEREST STOCKS 


tasue 

price 

£ 

Amount 

paid 

Latest 

Ranun. 

data 

1083/94 

Ffigh Loir Stock 

Closing 

price 

C 

+Of- 

100 

FP. 

FP. 

PP. 

FP. 

F.P. 

14/3 

B5 00 Budgens 5pc Cv 2003 

I30p 119>2D Cation Comm. 5Xp Cv PI. 
56pran 30ppm GKN Units Cv Ln -94/99 

101 nip 98\p Swprte 7?spc Rrl 2009 

131 107 Wttan &>ioc Bds 

94 

122p 

30porn 

A 

-1*2 

-1 

-1 

RIGHTS OFFERS 



tawe 

price 

P 

Amount 

paid 

to 

Renin. 

dde 

1903/94 

High Low Stock 

Ctosng 

price 

P 

*or- 


20 

W 

11/3 

38pm 

3pm 

Beauted 

4pm 

+»: 

92 

m 

11M 

12 pm 

11 pm 

Burlord 

11pm 

-1 

12 

W 

13/4 

12*jpm 

10 pm 

firth (GM> 

t2ta»n 

♦*: 

120 

M 

21/3 

46pm 

33pm 

jGroevenor Inns 

43f»n 

-1 


pm Pnce H a prawn. 


FINANCIAL HUES EQUITY INDICES 

Iter a Mar 1 Fab 28 Feb 25 Fab 24 Vr ago -High tow 
Ordinary Share 2531 6 2530.0 2564.1 25359 2526.1 2264.4 27136 2124.7 
Out (flu. yield 3£8 187 3.B3 187 3.67 OO 462 3.43 

Earn. yid. % hi! 4^1 4^0 4^4 450 4.90 606 638 362 

PTE ratio net 22.10 22.14 22.40 22.15 22.15 2099 3643 19*0 

Pffi ratio nB 23.04 23to 2135 23.09 23.09 19.40 3060 18.14 

*Fte 1903/94. Onfiuiy Share Indes since ecteteOorK Mgh Z713J at law <HW 708/40 
FT Ontevv Share moat bou date 1/7/3G. 


Ordkutry Shane hourly changes 

Open 600 lOuM 11J0 12,00 13J0 1400 IMP 1600 High Law 
2S2S.6 2524.2 251X4 2501 J 26100 25169 25122 2508.0 2524.0 2531.0 2491.9 


Mar 2 M»1 Feb 28 Feb25 Fab 24 Yr ago 


SEAQ bargains 32.967 26740 33.844 39256 33.568 

Equity turnover pmjf . 1723.7 1382.1 1879.5 17562 

Equity targwvf - 33342 38.619 42^95 S7J7S 

Stases traded (mQt - 6532 585J3 681.5 8442 

T EteUfeg MrA4narM« hrinta and cvnreoas amowr. 


35.843 

1478.6 

4C.3J5 

824J5 






THURSDAY MARCH 3 1994 


LONDON SHARE SERVICE 


■ MSB 

kw 


Z&H 

1 BBS 

E47H 

i an 

210 

749 

345 

iIWj 

m\ 

1 770 

500 

. *379 

100 

! £1441 £101% 

MS 

03 

288 

215 

34 

21 

199 

128 

MB 

88 

48 

28 

cm 

421 

381 

228 

148 

103 

42% 

164 


11% 

3% 

27 
50 
241 
i £12311 

13 

17 

150 

ebb% 


JXZZ 


Rhkdrar H 

Gmftw IG 

Ghwchowtn □ 


GTE 

HE 

2.4 

182 

11 

S7.T 

13 


- 

- 

1.1 

254 

1.4 

306 

13 

252 

TO 


9*1 

WE 

2.1 

201 

13 

133 

2.1 

M2 

32 

17.1 

55 

— 

4.1 

273 

as 

27.1 

33 

_ 

73 

103 

33 

17.1 

il 

203 

15 

413 

ii 

123 

u 

213 

4 5 

103 

23 

183 

4.4 

163 

32 

“ 

50 

155 

32 

— 

22 

162 

43 

535 

10 

IT 

A 

32 

22 2 

57 

158 

32 

172 

1.4 

355 

48 

58 

18 

* 

43 

222 

33 

221 

23 

« 

25 

183 

ra 


Gr» 

HE 

33 

172 

30 

111 

38 

71 

4.) 

- 

23 

223 

40 

— 

15 

621 

33 

303 

4.1 

143 

23 

205 

25 

133 

42 

— 

43 

243 

23 

- 

43 

120 

13 

213 

21 

208 

43 

303 

34 

158 

33 

213 

11 

* 

23 

202 

17 

352 

14 


1.4 

158 

23 

235 

1.4 

20 

*5 

22 

213 

IB 

212 

11 

21.1 I 

23 

750 

16 

142 

1.4 

313 

£7 


32 

122 j 

30 

“ 

IJ 

502 

13 




•» 


33 

243 

13 

204 



438 

— 

— 

992 

23 

233 

73* 

— 

— 

454 

43 

343 

428 

13 

193 

311 

— 

- 

143 

1.4 

— 

133 

52 


HU 

m 


1 *ni 

Grt 

HE 

I4SJ 

43 

175 

872 

12 

823 

5253 

12 

309 

1.10 

55 

— 

153 

17 

Ill 

>243 

22 

373 

i Aa 

19 

200 

!437 

1293 

- 

- 

1328 

657 

1388 

32 

222 

1453 

12 

257 

1125 

33 

— 

1231 

U a 

83 

128 

272 

18 

113 

I2H 

30 

315 

1270 

42 

118 

I3S7 

52 

251 

604 

50 

_ 

I2M 

5J 

282 

178 

47 

11.9 

I2CS 

13 

223 

UC4 

22 

194 

521 

32 

- 

noa 

1.4 

4> 

1208 

13 

77.4 

M72 

03 

* 

I2U 

12 


E24S 

19 

232 

Z1.7 

22 

105 

1429 

42 

212 

102 

6.7 

223 

213 

1 7Q 

58 

215 

1 Ja 

5445 

12 

163 

1713 

*5 

114 

1193 

TAB 

53 

203 

■2.1 

22 

213 

LSffl 

13 

188 




TIM 

- 

M 


M3 

” 

78 


UB 



x%* 



« 

_ 

33 

-1 

91 

-1 

2BS 

— 

483 

*8 

147*} 

-1% 

2n 

-1 

M 



SIS* 

. .. 

348 

-3 

15% 

-% 

14% 

-1 

270 



38 

-2 

31% 

-% 

446 




14 

IM 

YU 



Grt 

WE 

31*. 

1,115 

15 

342 

140 

554 

22 

252 

38 

3M 

- 

395 

104 

851 

13 

210 

22 

2122 

1.7 

- 

36 

230 

10 

500 

35*! 

au 

2003 

03 

" 

230 

ua 

1.4 

315 

319 

IMT 

53 

- 

12% 

281.1 

73 


224 

283 

4.3 

175 

14 

939 

- 

575 

408 

157.1 

25 

195 

270 

B«2S 

25 

no 

5*7 

433 

08 

- 

11% 

114 

- 

- 

223 

472 

2.2 

185 

24 

S3 

18 

244 

11% 

757 

- 

- 

225 

1722 

12 

292 



+ nr 

1993194 MM 

no 

Mm 

«■ 

% 

ba Oo£m 

St% HE 

ni 


38 1U 

»«i 

191* 


282 

109% eu 

434 

L 

40 

243 BU 

15 200 

82* 

+2 

119 

72 1U 

02 - 

M2 

-12 

388 

78% 8795 

U 345 

SB 

-4 

888 

414 78W4 

13 22.1 

40 

-J 

46 

M 177 

17 12.1 

M* 

___ 

79 

44 491 

1* 12.1 

486* 

imi 

sa 

393 t*J 

10 4 

73 



77 

48 ffiJ 

43 31 3 

1635 


18* 

68S MU 

05 325 

02% 

X 

-1A BUM 

n 

£17% 2588 
18% 315 

a * 

9 

-fl 

£39% 

n 

£16% 1317 
0 965 

14 - 

25 225 

772* 

“rf 

774 

442 343.1 

14 202 

740 

-4 

778 

490 SU 

15 225 

84% 

- 

91 

S3 856 

IS 87 

238 

+1 

276 

81 1&4 

2.1 107 

21% 

+% 

JS 

13% 751 


884% 


27012,80 

05 - 

818* 

-a 

387% 

254 1476 

42 1U 

173* 

-2 

191 

103 3» 

12 - 

TO 

-i 

TO 

10 1ZL1 

77 au 

£80,’. 

-A 

£62% 

£4z% nan 

1.1 

0 


■32 

S 292 

15 - 

IK 


US 

118 nj 

13 113 

187 



(S3 

TO 8385 

15 XI 

11 


IB 

B 351 

15 - 

STB 

-a 

396 

3E0 1387 

25 212 

78M 


BBS 

465 MU 

44 304 

M3 


289 

TO 133 

H 174 

47 



89 

44 422 

65 - 

290 



an 

205 05 

19 - 

UK 


Z72 

202 458 

U 204 

9m* 



Ml 

178% N85 
23% 235 

22 IM 

31 

-% 

36% 

- — 

371 

-14% 

30% 

241 7549 

14 801 

47 

-( 

0 

X 351 

65 10.7 

21% 


0 

18 4JB 

U - 

889% 


ERA 

S36AM546 

as - 

MS 

896 

317 9564 

14 - 

*40£ 

*b 

WIG 

E10& 875J 

U - 

71 


91 

36 10 

57 - 

81 

■^5 

98 

55 HU 

47 235 

A 

-ii £1 OB 

£7% 5,199 



£!ES% 

ESS 115 

55 - 


_ 

336 

171% 315 

14 XI 

gH 

... 

SB 

151% 25 

14 04 

118 

_ r _ 

va 

n au 

24 244 

28 

-a 

so 

a 877 

22 - 

83 

,, 

to 

S3 258 

108 - 

231 

, . 

291 

81 615 

15 BU 

Z24 

, 

zm 

10 S&3 

25 113 

48 


78 

0 UB 

34 103 

za 


31 

15 558 

- 292 

281 

-4 

294 

233 aa 

09 195 

BB 


aa 

49 315 

46 215 

208 

_ 

2M 

117 7U 

11 253 

rami 

-4^ 

E2M 

£2X14513 

10 - 

43 


49 

28 UB 

29 - 

«3 

-1 

mM 

91 

£71% 14794 
0 858 

05 174 
13 * 

SB* 

+3 

140 

58 94J 

47 5.1 

asm 

-A *27% 

£18 483J 


284 

-7 

364 

TO 04 

- 07 

A 


a 

08% 

4% 122 

CT7% 3JB3 

1.1 325 

132 

-a 

198 

bo ms 

04 217 

87 


Ql 

X 145 

10 31.1 

248 

-2 

292 

173 789 

U 312 

181 


181 

96 225 

14 21.1 

481% 

-10 

606 

31216546 

U 89-7 

290 


■303 

118 939 

15 A 

302* 


324 

104 2BU 

18 515 

36% 


38% 

V 8U 


12% 


18 

3 255 

- m 

479 



*483 

368 ms 

43 194 

84 



84 

X MU 

05 - 

4 


*8% 

1% 335 

~ 214 

107 

-Z 

111 

0 4U 


ING 






+or 

1993/94 IM 

IV 

Mm 

- 


In QmEni 

era WE 

188* 

-1 

MB 

i23 as 

55 207 

127 

-2 

138 

SB 04.1 

55 - 

TO 

ip _ M _ 

236 

n 105 

40 « 

£%* 


28 

io ua 

55 - 

—*2 

71 

17 05 

14 124 

S3 

-a 

120 

73 165 

44 225 

178 



in 

10 46.7 

44 174 

543 


■» 

488 5U 

51 135 

£38% 

it 

£25% 4B0I 

1.7 XI 

40% 

17 

13 445 

24 - 

36% 

-% 

M 

25% MU 

34 214 

178 


221 

10 838 

44 182 

75 


81 

48 1841 

15 307 

137 


10 

10 09 

53 - 

a* 

42 

*300 

23 414 

- _ 

27 


M 

25 858 

— _ 

8 


18 

3% 2JB 

- 7B5 

213 



311 

TO 359 

12 « 

8% 


11% 

2 102 


£13% 


£U% 

£11A 1,128 

14 I 

m 

-2 

329 

230 1885 

24 205 

41 

17%* 


n 

28 

X 172 
12% 117 

35 - 

165 


M3 

64 H5 

32 - 

487* 

-3 

881 

185 1576 

11 <37 

lit 

-Va 

TO 

85% 3285 

01 - 

SS 

* 

10% 

54 2JW 

15 - 

. .. . 

126 

78 815 

44 IU 

M% 


M 

8% aw 


M4* 

“ 

TO 

81 MU 

48 7X2 

0 


TO 

48 230 

107 104 

28 



28 

12 09 

18 192 

m* 


*93 

178 1817 

40 XI 

261 

r „ 

a 

158 630 

13 177 

TO 

__ 

183 

113 07 

43 114 

345 



388 

220 09 

35 174 

127 

f14 

150 

55 172 

- — 

280 



*288 

114 15.1 

14 785 

453 



466 

295 152 

08 - 

32% 

-h 

41 

25 114 

— — 

K7 

-4 

283 

188% 044 

30 205 

391 

, 

218 

TO fU 

25 114 

M 

-4 

121 

*3 335 

24 04 

349* 

-a 

354 

200 815 

09 - 

286 


291 

in MU 

24 202 

103 

.... 

tM% 

48 an 

2.4 lay 

91 

„ 

0 

50 1149 

52 207 

416 

-a 

■M 

386 MU 

15 172 

0 

-i 

48 

17 1U 

1.7 X3 

M 

... 

■90 

43 303 


48% 

_ 

46% 

8% 289 

14 - 

89 



0 

0 434 

45 14 

206 

*4 

211 

to au 

11 205 

298 



308 

211 2107 

11 113 

141 

....... 

141 

0 05 


18 



29 

9 112 

175 7.0 

aw 

78% 

-a 

*B 

92 

5% 108 
83 <15 

25 I 

88 


M 

70 »5 

24 _ 

126 

. .. . 

134 

79 438 

41 

10% 

-i% 

394% 

245 TOM 

40 344 

41 


<3 

a 256 

24 215 

12% 

... ... 

*14% 

7% 0.1 


10 



M 

30% 703 

11 2U 

91 



10 

44 IBB 

15 - 

318 

-i 

M 

115 SU 

15 25.7 

227 

-i 

258 

161 4885 

12 ZM 

«* 


71 

X 3U 

34 21.1 

118* 



TO 

78 012 

84 - 

MO 



■221 

148 101 

17 01 

48 

. . 

91 

X on 


184* 


283 

112% 848 

42 192 

0 


83 

X 446 

10 411 

29 


M 

25 HI 

48 - 

98 


183 

54*2 2775 

19 154 

248 

-4 

*2B 

173 2M5 

10 209 

10% 

-a 1 ! 

145 

88 CM 

75 - 

498 


913 

789*2 MU 

15 327 

3(2 


379 

247 i,m 

17 303 

81 


H 

X 224 

SB 105 

40 



64 

36% 832 

34 424 

883 

-fl 

BM 

425 1573 

25 224 

0 



0 

18 086 


288* 


20 

193 758 

i9 i 

178 

4-JU 

za 

10 00*6 

11 - 

Z2S 



229 

0 109 

35 154 

118 

-2 

131 

re u.1 

41 174 

86 



220 

X 951 

44 94 

21 


H 

10 2.10 

21 305 

17 


0% 

IS OM 

85 2(7 

44 

-1 

KB 

14% au 


91 

-l 

0 

0 M7 

5.1 37.4 

188 


189 

n 202 

19 265 

908 

-0 

sa 

379 4833 

34 245 

112 

-2 

TO 

M 24U 

43 lOI 

130 



m 

98 W74 

34 212 

119 



118 

70 IM 

_ 

580 

-a 

09 

» nos 

33 132 

385 

-4 

408 

282 89U 

41 202 

in 



TO 

26% H4 

54 - 

ZM* 

+1 

214 

134 200 

25 182 

48 

-1 

0 

18 113 

27 81.7 

121* 



188 

121 05 

17 21.1 

66 



K 

« 258 

_ 

66 

-It 

84 

21 244 

40 - 

30 


a 

10 25 0 

_ 

30* 



336 

19S T7U 

14 344 

294 

-1 

376 

272 2635 

19 155 

■% 


• 

4 151 


22* 

- 

23% 

16% 348 

45 124 

289 

... . 

218 

IX 05 

12 107 

190 

-1 

no 

10 709 

ID * 

95 

r ___. 

98 

73 159 


22 

-1 

a 

13 124 


81 


77 

41 3(5 

OS 

m 

-2 

0 

X 04 

34 308 

296 

-7 

TO 

208 1449 

34 XI 

10 

-h 

148 

35 107 

15 - 

70 



IB 

so on 

87 

IBS 

-3 

na 

B3 SU 

34 269 

189% 


in 

98% 2971 

37 - 

191 


« 131% M75 

25 213 

168* 


•TO 

88 315 

14 202 

742% 

-I 

*84% 

77 MU 

18 2*0 

268 


27S 

235 au 

18 203 

WM 

-13 

TOO 

40 2543 

12 214 

320% 

-At 

381 

O 2304 

15 403 

X 


0 

35 2 U 

.48 - 

D1% 

481 


sa 

£8% MU 

3 W 1538 

11 103 | 

400 


40 

314 3BU 

24 XI 

20 

-4 

2(2 

TO SU 

11 303 

51 

, , 

78 

H 5.18 

75 aa 

31 



a 

21 IM 

M - 

408 


485 

zre 1501 

13 274 

48 



n 

24 U9 


MB 

-A sn% £133 8117 

— — 1 

0 



TO 

70 089 

72 107 I 

96 

-1 

118 

81 907 

42 114 

191 



■TO 

TO 1040 

M 104 

12% 

-t 

H% 

5% 094 

- 

48 

- - 

*48 

2% 4JB 

48 207 

17% 

.. . 

M% 

8 ns 

- | 

1866 


1093 

313 XU 

34 115 

24 



31% 

6% 346 

- - 1 

183 

-0 

*188 

95% OBU 

11 - 

314 

-1 

00 

243 1300 

11 115 

507 


83 

M3 204 

14 234 

17% 



38% 

10 on 

- - 

TO 

-3 

886 

40 M64 

24 185 

515 



817 

388 227J 

42 22-7 

in 

♦1 

10 

124 3U 

10 - 

399 

“3 

384 

252 3302 

22 19.1 

27% 



X 

16 on 

*.1 444 

29 



T2 

8% 994 


0B% 



336 

121 3387 

17 XI 

30 


848 

453 1*4 

22 185 B 

au 

-z 

*363 

2H 747 

40 Ho 1 

M3 

-5 

191 

44 267 

- 0.7 


IG, VEI 


ns 

DOB -IS 
2M +2 




m 


"ETC 


144 
122 
78 87 

EB *2 
133 108 

130 88 

& 30 

too »% 
30 




411 - - 

7U 443 175 
iaa - - 

11 53 - 

MB 82 ISO 
188 - - 
U8 

1*88 12 112 
14» M *14 

’flu 124 7.7 
410 4.7 17.1 
24* 52 - 

024 - - 

145 - - 

3802 - - 

mt - - 


*-p 


+0T 1993/94 

Wb M 01 In 

288* -1 211 121 

182 -1 120 48 

88)4 -2 97 78 

211 -8 218 IIS 

3*®* -6 328 MS 

no -a no aa 

8i -2 -m as 

47 — 09 48 


-1 221? fSb 

-3 290 131 

-4 301 46 

-3 187 21 

-3 US 82 

-a 78 18 

-1 148 72 

-% «0 141 

-% 41 18 

-2 M3 106 

-21 2858 1548 

-8 m 226b 

-1 288 218 

-1 MS SO 

-1 77 28 

-4 418 304 

270 188 

-13 <19 240 

-2% 181 124 

178 133 

+1 82 47 


-3 g s 

+i Oh 32% 

-e% icazi 078 

-6 2*7 ISO 

-12 an 2E4 

-2 2*3 131 

-4 231 111 

-2 138 28 

-111 88 57% 

-1 48 14 

-S 234 158 

-3 140 111 

■4 272 174 

-1 109 88 

a 24 

-10 383 243 

89 « 

-1 38 9*» 

-2 148 89 

-1 78 32 

-1 183 M 

— 1 b 48 18 

-ii a Zb 


1 M Mar 

Grt f*W Puf ) 


118 - - 
- 3008 288 
3L5 3114 27 
-1008 08 
-law 117 


112 1317 -72 

12 414 *2 
481411 132 
182024.4 52 

23 2872 47 


28 5022 112 
148 

- 7121 487 
IS 1342-408 
12 - - 

- 7803 22 

- IBS.) -SB 
22 1912 -62 


-8 303 MS 

-1*2 SO 27b 

R>i SH 

-Ob TO 87 

-2*2 122 18 

-9 1S1 81*2 

-2 2BS 82 

83 B5 

-3 112 53 

-% 180*9 1«4 

KSH £515 

-3 130 103 

-V 108 168% 

-% so m. 

-% 95% as 

-2 IS 87 

123*2 98*2 

-6*a 1*7 K 

-% 173% 150% 

4 102 85 

-5 32 7 

-4 212 143 

-2 121 n 

-b El 35% 

-I 191 115 

131 94 

-1 75 44 

— 122 OS 

-8 IM 98 

-2 31 19 

-7 429 184 

m 207 

-4 184 83 

-2 478 340 

-6 183 48 

18 5 

38 15 

-1 147 101 

— *2 48 29 

-4 112 K 

-4 78 40 

-2 111 63 

-t 152 96 

a a ia 

-1 42 18 

-2 292 ITS 

-1 156 101 

-2 78 25 

-1 59% W 

35% 31% 


-4 111 

40 

-2 198 

-3 rar 

27 

— — 008*2 
+% Tl« 

188 

-4 144 

-b tab 
-a 122 

— 105% 

-a wo 

112 

-4 131 

71 

-1 48 

-2 X02 

-b 74 
-% 01% 
—2*3 an 


U 29U IS A 
24 4083 143 
1.1 2310 -17 
-2012 11 

63 1107 4 2 

14 - - 

U 1043 103 

17 2413 113 
1.1 1283 -S3 
23 281.4 114 
13 1211 113 

U 2853-147 
17 674 85 



■ ' r " Liiwd 


- 1414 183 %tttnl» l*C-JO 
_ ^ - - 

18 150.7 -2.1 

111 395 -43 "J*™ 


VS % 

-2 137 08 

-1 81 68 

4 *8 £ 

-1 131 72 

-1 80 28 

95 78 

48 28 

-2 IS 80 

-1 29 7 

-2*9 £148% £138 

M3 143 

4 a is 

-1 TO 02 

156 138% 

-a 111 35 

-5 TO 84 

-1 177 93 

-1 120*9 28 

-1 144 63 

£ 

-J 714 576 

-3% MB 78 

4 88 34 

-8 827 513 

■4 78 58 

-1 37 18 

-« 126 81 

-1% a a 

-1% 82 25 

-2 87 42 

-% n% 31% 

-4 173 . 92 

-4 MS 41 

-2 SB 27 

-2 37 8 

-1 123 97 

-1% Bt 48 

-*b UB 97 

70 33 

-8% 380 250% 

-7% 004 183 

-3 220 141 

an M 

-a xmi as 

-1 02 18 

-10 400 248 

-a 325 178 

-12 TOO 543 

-as 1270 an 

-a 139 90 

-1 05 21 

-J, 154 95% 

— *9 £56% £42% 

■Z 44 17 

-fi 88 55 

-% 262 165 

-% 1BZ BQ 


113 - - 

- 718 504 
113 1133 -85 

11 - - 
183 

-4773 *14 

113 B3.3 08 

13 1105 75 
18 1713 185 
M 1393 -QJ 


3 5 3383 83 

45 7713 -25 
- 1011 -14 

15 8845 103 
05 733 92 


112 377 135 


S3 3544 14 

23 3715 14.4 

a&j 3 

13 1300 63 

53 - - 

43 3095 -.1 
43 - - 

4512245 OB 
15 135.4 47 



m -i 
80 — 
118 -1 

IM 

M1% -% 

250 -4 

48% 

IK 

872 — 
754 -4 

118 -2 

115 

123 HZ 
BO -1 

34 

234 -a 
46 -1 

20 

Ml 

320 -4 

am 

2820 -23 

<1% -% 
27 -1 

121 -1 


138 -3 

136 

850 -20 
217 -S 
13701 -4 

77 

fiM -1 

41 -2 
146 -i 

a -s 

784% -3 

140 

W 

MO -5 
■23 -17 

m 

42 

51* 

33 -1 

nw -i 

% 3 

23® 

4t am -a 

so s 

188% -.% 

wz% -% 

67 

144 -3 

48 -4 

132 -2 

41 -a 

22BO -5 
64 -1% 

ana 

an -i 

381 

607 -7 

511 -7 

83* -2 

m -« 
im -% 


Mi 64 
98 55 

IB 101 

IM 74 

187% 138% 

272% 178 

53 46 

H6 108 

878 429 

KB 540 

129 101 

■m 08 

129 85 

87 55% 

33 30 

247 135 

64 34 

24 15 

TO 71 

33* 230 

<S 283 

2773 1860 

43% 32 

34% 13% 

137 94 

77 44 

59 48% 

41 27 

33% 15 

88 43 

80% SB 

W 106 

MB 130 

820 348 

2Z7 164 

W4 119 

87 47 

118 67 

50 11 

MO ffi 

18 50 

813 885 

140 98 

13 3 

X24 221 

664 435 

125 88 

D% 40% 

87 21 

39 15 

131 91 

88 % 54 

M4 IM 

ZB 127 

433 285 

BBS 383 

174 124 

BB 28 

185 118 

71 35 

Isa m 

54 23 

148 58 

8 41 

E2SO £117% 


381 280 

648 ass 

637 236 

IBS 82 
174 73 

TO 142% 
04 £27% 
383 230 


71 774 818 
148 - - 


-2 1B3 88 

-% 123 98 

— 78 42 

•S M2 7V 

-8 73 18 

— 018 £100% 

-T SB 88 

-3 104 39 

-6 245 118 

-1 86 40 

-1 266 103 

-ism 

— 290 185 

-3 111 67 

-% 219 163 

-« 404 249 

-8 841 S3 

-14 847 28S 

"12 545 187 

-I SB 29 

-1 14 fi 

-1 205 140 




















































FINANCIAL TIMES THURSDAY MARCH 3 1994 


LONDON SHARE SERVICE 


no -n.t 7 hficc*n 


"6 

tap 

7*3 

in 

9 

MB 

120 

164 

tzr 

SB 

a 

Ml 

47 

US 

56 

43 

16 

SB 

M 

129 

101 

99 

aa 

as 

133 

1101 

638 

W4 

24. 

"ft 

GB 

a 

31 

11% 

099*3 

700 

880 

300 

*92*7 

M4 

*343 

164 

B 

5*1 

3 

4a 

Jt 

1154 

800 

2k 

1 

32 

13*3 

Iff 

75 

K§lj 

a 

a 

ii 

us 

N 


h 4 ' i j ' .CT? 


ZIB 198 
124 58 


m 

125 
503 

no 
m «»** 

177 128 

177 m 
181 104 

348 231 

287 97 

173 73 

S3 
81 


18 

BO -h 62** 
« -2 79 

SO -10 SS3 
1M -1 113 

134 -1 147 

43 -3 82 

5 h* -3 Ml 

<25 428 

8SB -10 fOW 
181 -lfc 177** 
1M -2 173 

98 -1 101 

17M -5 203 

00% -4*2 in 
in -a i(7 


r* 


-h om 

r,-i a 

3 55 

-A Wl 

-*. 

2« 
a 
a 

«u 
nip 


240 XM 
30 74J 
133 an 
395 201.1 
405 73 34 
151* 1S4 

zb no 

on 

MS 317 
100 EBB 
88 0884 
175 133* 
297 M4Q 
IBB 1^81 
94 BBS 
VLB 

SJgf 

ISOS 
819 

no 

OlO 

HI 


“*7 

bar CBgm 
14. S2J 


m 

35 

224 

22 


61 

187 

m 

m 

im 

4HUI 

aa 

ii 

4% 

467 

- 


83 

42J 

34 

m 

79 

iae 

81 

124 

47 

108 

- 

a 

5 

8*3 

— 


19 

114 

— 


ISA 

004 

15 

474. 

15 

497 

- 

$ 

4 

an 

125 

34 

99 

42 

577.2 

11 

178 

n? 

M2 

51 

3% 

912 


749 

as 

14 

25 

227 

74 

491 

04 

114 

37 

1401 

22 

4H 

301 

57.1 

24 


43 

154 

— 


74 

55U 

33 


248 

CLt 

24 

TO 

74 

0888 

32 

Ma 

181 

Ml 

14 

TO 

175 

an 

52 


19 

629 

12 


m 

302 

27 

365 

780 

1774 

24 

IDO 

(4 

1054 

37 

n 

34 

•49 

14 

144. 

54. 

142 

“ 

81*1 

* 

474 

314 

32 

272 

205 

5695 

M 

238 

85 

171b 

72 

H 

at 

342 

4J 


mu 

490 

as 

70 

35 

384 

— 

234 

173 

684 

u 

703 

513 

W»7 

“ 


^ 1M 

nap 
-U »% 

-36 B32p 

^ H 

till 804. 
-Oh 2873 

-19*4 





rrwnHmn- 



■9 A 

SB 5 

37 17 

81 33 

Ml. S® 

S3 26 

E21 488 

39 10 

233 145 

3*2 1 

a sz 

97 31 

W. 32** 

» 7% 

44 23*2 

22*2 a£ 

az 3i 

11 

W* IJi 

27*2 101* 

*17 1 

521 397 

772 438 

W"® 

6tt 84£ 


m 10**J 
1S1 00* 

SB 18*5 

191 « 

in bi 

Itll* 9B>; 
M 

% ^ 
a a 

164 1* 

■a ^ 

n 

M2 9 

4Bt 26 

70k 1 

MB S 



Mtfi 

ton anon 

rs 

TO 


118 

43 

Z7J0 

34 

no 


M4 

71 

4BB 

34 

84 



113 

784 

22 

311 


617 

M3 

no 

2.7 

200 


in 

107 

153 

74 

[40 


MB 

46 

180 


71 

54 

744 

89 

134 


2n 

13B 

«.1 

1.B 

21.1 


88 

53 

702 

40 

— 


220 

141 

28B 

90 

ISO 


S 

0*4 

in 

— 



n 

21 

in 

24 

♦ 



44 

803 

89 



W4 

68 

in 

33 

210 


14% 

2*4 

1.18 

- 

- 

-2 

384 

290 

1411 

2J 

220 

-4 

287 

212 

1,737 

36 

350 


> 

an 

34. 

440 

148 

ms 

33 

116 


*83*2 

20 

an 

— 

— 


648*2 

124 

aao 

82 



w% 

51** 

1381 

09 

34J 


41 

10 

198 

34 



(7 

22 

681 

- 

“ 



13 

25* 

— 

— 




111 

70 

12.1 



2«S 

428 

64 

120 



498 

188 

20 

120 



15 

XU 

— 

— 


128 

56 

148 

30 

283 

*3 

74 

43 

ZL7 

10 

210 

-1 

ta> 

1U2 

2Z9 

3.6 

110 

178 

135 

488 

14 


-2 

Z77 

30 

770 

- 

“ 


33*2 

20 

378 

85 


“ 

249 

156 
14 % 

381 

181 

22 

12 

188 

681 


£ 

721 

1 1 

120 



48 

174 

Bj 6 

12 


211 

63 

182 

23 

110 



45 

ID 




383 

XV 

87-0 

11 




285 

2U 

4.1 




248 

1423 

12 



-343*4 

235% 

981 

2.1 

17.7 


n 

62*1 

281 

82 

* 



15 

187 


— 


5*2 

3 

14/ 

“ 

- 


122 

73 

871 


“ 


215 

89 

no 


“ 


*2i'l 

19% 

372 

81 

- 



3/ 

an 



-% 

21 

12% 

247 

“ 

- 



77*, 

224 


- 


136 

ff% 

3814 

3.1 

14.4 

-1 



134 

ID 



62 

2074 

10 

102 

— 

87 

98 


US 

204 

3.1 

43 

1 





— 

— 

-1 


11* 

770 

30 

182 


135 

TOjB 

1.0 

150 



83 

an 

2.1 




72 

719 

4i 

07 




513 

11 




2C 

413 

11 

12 

-7*4 


311 

540* 

Ii 

636 


IOC 

259 


— 


67 

53 

254 

814 

4.9 

SO 

22 

141 



27 

214 

12 

ra.i 

-1 


3 < 

329 

i: 

- 


29*4 

118 

3i 




290 

126 

285 

2.3 






r^r 


xra 




XL1 


bmdaiNR 
EanwgC 
baud on 


EKE 




2.4 

33.4 1 

20 

250 

12 

i 

20 

70 

24 

180 

4 2 

120 

24 

250 

17 

(70 

17 

182 

11 

190 

10 

— 

2J 

230 

10 

- 

11 

117 

oo 

SM 

u 

19.9 

11 

405 

20 

240 


-8*« 

470 

+5 

•534 


*281 

-1 

282 

-0 

203 

-0 

348 


91 

"+a 

728 


194 


141 

-2 

Ml 

*A 

80*. 


21% 



200 



(444 71 873 
Ml OH FT CHy 
























































































































































































































































































































































































































































































































32 


CURRENCIES AND MONEY 


TIMES TKURSP^' MARCH J 

MONEY market FUNDS 


MARKETS REPORT 


POUND SPOT FORWARD AG* 


Dollar under pressure 


The dollar was again under 
pressure in foreign exchange 
markets yesterday as turmoil 
in financial markets dampened 
sentiment towards the US cur- 
rency. writes Philip Gawith. 

The immediate cause of the 
dollar's woes was news that 
German M3 had grown by 20.6 
per cent in January, which 
quashed hopes of an early 
monetary easing. 

The D-Mark rose against the 
dollar and European curren- 
cies after this news, but later 
fell back after profit-taking. It 
closed in London at DM1.7037 
against the dollar from 
DM1.709 on Tuesday. The dol- 
lar was also weaker against the 
yen, closing lower at Y103.670 
hum Y104.615. 

The pattern of recent trading 
continued with foreign 
exchange markets in a residual 
role reflecting the panicky 
behaviour in equity and bond 
markets rather than moving in 
response to any fundamental 
factors. 

■ Although the Bundesbank 
had been assiduous in its 
efforts to discount a poor M3 
□umber, the market was 
unprepared for the shock of 
20.6 per cent - way above the 
4-6 per cent target range for 
1994 M3 money supply growth. 
Mr Neil MacKinnon, chief 
economist at Citibank, com- 
mented: “Even allowing for 
distortions, there is no doubt 
that the money supply figure 
was a shocker.” 

This was reflected in the 
3-month D-Mark interest rate 
futures on Lille. The December 
contract fell by 14 points at one 
stage, although it later 
recouped most of this fall. 

London traders said US 
hedge funds continued to be 
responsible for most of the sell- 
ing pressure, which was 
emerging in the futures mar- 
kets. rather than pension funds 
and corporate customers. 

Ms Alison Cottrell, senior 
international economist at 
Midland Global Markets, down- 
played the M3 figure which she 
described as “laughable". She 
said the Bundesbank would 
not have eased the repo rate on 
Tuesday if it had been con- 
cerned by the figure. 

The Midland analyst said the 
M3 number had merely has- 
tened the market in the direc- 


Dollar 

Agafrnt the D-Mark (DM per S) 

1.78 -- 



1.70 - 


1 . 68 ' 


- Feb 1804 

StuoK Damstraam 


Mar 


Ibr 2 

EHW 
1 mm 
3mm 


1.4945 

1.4916 

1.4805 

1.4829 


Prrv. Otoe - 
1.4885 
1.4875 
1.4845 
1.4780 


tion it was anyway moving. In 
ihia regard the US purchasing 
managers index on Tuesday 
had been more influen tial. “It 
was just the market looking for 
another cliff to jump off." said 
Ms CottrelL 

She predicted that the Bund- 
esbank council, which meets 
today, would be unlikely to cut 
interest rates. The problem it 
faces is that a policy easing 
that cheers financial markets 
would almost certainly come at 
the expense of its own reputa- 
tion and the health of the bund 
market 

The D-Mark was stronger 
against most European curren- 
cies. It finished at L990.2 
against the Italian lira, from 
L9B9.8. Compared to the 
French franc it closed at at 
FFr3.406 from FFr3.403. 

■ Dollar/yen continued to be 
influenced more by the politics 
of the US-Japan trade dispute 
than the chaos elsewhere In 
financial markets. The past 
few days have seen US officials 
again taking a more combative 
line against Japan. 

The Bank of Japan was 
again reported buying dollars 
to arrest the progress of the 
yen, assisted apparently by the 
insurance arm of the Ministry 
of Posts and Telecommunica- 
tions. 

Analysts said yesterday that 
the dollar was victim of a fun- 
damental reassessment under- 
way or the outlook for interest 
rates. Mr Steve Hannah, head 


of research, at IBJ Interna- 
tional. commented: “The 
recent policy moves of the Fed 
and Bundesbank have alerted 
us that we had pushed markets 
up to far. The markets most at 
risk are those where people 
were most optimistic at the 
beginning of the year.” 

■ Sterling recovered from 
early losses against the D-Mark 
and finished at DM25475, up 
from DM2.5395 on Tuesday. 
Yesterday saw the monthly 
monetary meeting between Mr 
Kenneth Clarke, chancellor of 
exchequer, and Mr Eddie 
George, governor of the Bank 
of England. Last month the 
meeting heralded a 25 point cut 
in UK interest rates the follow- 
ing week. 

The Treasury in its monthly 
report prepared for the meet- 
ing described the latest 
monthly indicators as “mixed 
but consistent with a trend of 
continuing recovery.” Analysts 
said the Treasury appeared to 
be talking up the UK recovery 
as the report downplayed some 
recent figures that hinted at 
economic weakness. 

Although this stance would 
be inconsistent with an easing 
of policy, last month’s report 
was also bullish. Following the 
controversy which accompan- 
ied the last cut, however, the 
Bank was expected to proceed 
cautiously. Room for manoeu- 
vre will also have been dimin- 
ished by developments in Ger- 
many which have riiminighpH 
the prospect there of an early 
lowering of rates. 

■ After forecasting a fairly 
large shortage of £l-95bn in UK 
money markets yesterday, the 
Bank of England dealt with 
most of the shortage in its 
early round of dealing when it 
put £1.6bn liquidity into the 
market. Liquidity conditions 
were therefore much easier 
than on Tuesday when over- 
night rates rose as high as 20 
per cent In further operations 
the Bank pot another £309m 
into the market. 

■ OTHER CUBMOHaEB 

Mr 2 
taw 
hr 
Am* 
raw! 

Ruda 
UA1 


Mar 2 

CJoaing 

mid-point 

Chengs 
on day 

BWoRs 

spread 

Day's MM 
high low 

One nrniBi 
Rote UFA 

Three uwuBta 
toe %pa 

Onaywr BanK ol 

Ban MPA Eng. Index 

Bongo 

Austria 

(Seri 

172974 

-OD015 

907-041 

17.9372 17.8272 

17X938 

OX 

17X88 

02 



113X 

Belgium 

(BFt) 

524571 

♦0.1788 

311 - 831 

52^112 52^305 

62X121 

-IX 

52X171 

-IX 

52X421 

-0 9 

114X 

□enmartc 

(DKij 

92850 

+0.0314 

818-881 

69693 69534 

9X051 

-IX 

100158 

-IX 

10X514 

-07 

114.4 

Finland 

(FM1 

63383 

+0,0968 

284 - 441 

63570 62350 

. 

■ 

. 

- 

- 

- 

81.1 

Renco 

(mi 

6681 5 

+00401 

785 - 844 

66811 68355 

66923 

-IX 

67061 

-1.1 

67331 

-as 

1060 

dm many 

(□Ml 

2-5475 

+OJXU 

488 - 483 

2-5494 2.5341 

.25504 

-1.4 

25533 

-oa 

2X554 

-ox 

1227 

Greece 

(Drj 

389.402 

+1.097 

116 - 688 

371.459 387-334 

- 

. 

- 

. 

. 

. 

- 

Mend 

W 

12*42 

+0 0921 

433-451 

1X4.48 1.0391 

1X448 

-0.7 

1.0464 

-ox 

1X526 

-as 

102.6 

Italy 

W 

2S22.02 

+645 

139 - 265 

2529.38 251435 

252832 

-3-0 

254062 

-60 

2589.47 

-27 

75.4 

Luxembourg 

(LFi) 

62.4571 

+0.1788 

311 - 831 

52-4112 62.2305 

52X121 

-1.3 

520171 

-IX 

529421 

-0.9 

114X 

Netherlands 

(H) 

2-8597 

+0-0074 

584 - 809 

2X815 2X460 

28609 

-05 

28813 

-ox 

28549 

OX 

1161 

Norway 

(MU) 

112S34 

+0.035 

578 -603 

11.1242 11X042 

11.0577 

OX 

11X703 

-ox 

11.0614 

ao 

B4.6 

Portugal 

m 

281.632 

+2^25 

476 - 7B7 

262.113 256394 

282.607 

-4X 

264X52 

-4.5 

. 

. 

- 

Spam 

P») 

209.522 

+1.853 

375 - 689 

209.505 207X42 

210.172 

-3-7 

211X72 

-65 

215X92 

-29 

84X 

Sweden 

(SKd 

12.0000 

+60763 

911 - 0B9 

120405 11X215 

120195 

-20 

12.0565 

-IX 

12.1795 

-IX 

7S£ 

SwtcsariBnd 

(SFr) 

2.1390 

+4X0038 

379 - 401 

2.1461 21307 

21374 

OX 

21332 

1.1 

2113 

IX 

1165 

IRC 

« 

- 

- 

- 

- 

- 

- 

- 

. 

. 

- 

eix 

Ecu 

- 

1.3198 

+0.0038 

193 - 203 

1.3192 1X136 

1.3211 

-12 

1X238 

-IX 

1X287 

-07 


SDR 

- 

0.941515 

• 

. 

_ 


. 



. 


_ 

Americas 

Argentina 

(Peso) 

1-4952 

+0.0104 

949 - 955 

1.4985 1.4841 








Brazil 

P) 

982B43 

+20999 

664 - Q22 

988X00 961.000 

- 

- 

- 

- 

- 

- 

- 


Canada (C$) 2.0273 *0.0171 266 

Masco (Now Read 4.ssa6 +0.1371 438 ■ 

USA (SI 1.4963 +0.0093 950 

Pacmc/MUdk, EsetfAMca 


753 


20349 20070 
4.9001 4.7849 
1.4993 1.4850 


(AS) 

(HKR 

<R8) 

(MS) 

<Nz» 


AuaMa 
Hong Kong 
Inda 
Japan 
Malaysia 
New Zealand 
PNlpplnes 
Sautf Arabia (SR) 

Singapore (SS) 

S Africa (ComJ (FO 

S Africa (Hn.) (FO 

Soutti Korea (Won) 

Taiwan (IS) 

Thailand (BO 


2.1238 400485 227 
11.9553 400715 526 
48.9472 400314 281 
155.013 -0.445 942 

40010 400148 574 
26286 +0.0496 265 

41.418b +4X2S62 630 

5.8072 +4X0343 055 
23610 +0.0094 599 
5.1725 +00331 705 

70010 +00211 929 

1206.00 . +5.53 572 

39.5793 +4X2003 727 

37.8299 +02182 088 
TSOR rets for Mar.i- Bkttoffw spreads In «M Pound 3p 
tw vs tnpM by curort Maraat mao. Sming Mds* erteutotad by fee BanK or ErdaroL Ban 
me Dote Spot dailwd hn TIC WWIEUTStS CU5S8SG SPOT MIES. Soma aba 


- 249 21337 20885 

- 580 11.5851 11.4756 11.5423 

- 662 47.0630 406300 

- 063 155.830 153080 154.638 
4 0707 4.0372 
26384 25617 

749 41.5160 409998 
069 5521 8 05632 

23666 23515 
5.1876 5.1373 
7.0415 6-8378 
827 1209.19 1107 XO 

859 33.6800 39.3100 
511 37.9170 37.6000 
rtnrertyM 


-306 


621 

744 

102 


20251 

IX 

20213 

IX 

20141 

07 

1.4934 

IX 

1.4908 

IX 

1.4886 

as 

21233 

ox 

212 

0.7 

2118 

03 

11X423 

1A 

11X369 

OX 

11.4878 

OX 

154X38 

29 

153.898 

29 

150X28 

28 

26315 

-IX 

26358 

-1.1 

2X444 

-06 

- 

- 

- 

- 

- 

- 


88-9 

68.0 


1808 


pla c e * ro nia d mm m re* drecOy quotad tothamaMK 
waage 1965 niOOiM. Offer and Md+aMefcibati Ms srf 
m loundad by the F.T. 


I DOLLAR SPOT FOR 

vVARD 

AGAINST 

THE DOLLAR 



Mar 2 Closing 

Change 

BU/dffer 

Day’s mW One month Three months 

One year 

JP Morgen 

mcHPrint 

on day 

spread 

high tow Rale MPA Rats MPA 

Rate MPA 

index 


Bnps 


E S 

15439 - 154560 1929 - 1939 
2590.00 - 294.00 17489 - 1750.00 
0.4439 - 04448 02969 - 02974 

3ZT12.1 - 3Z723A 218BIO - 21BB10 
232025 - 2321.25 156050 - 1567.9 
5.4793 - 5.4905 16705 - 16735 


Austria 

(Sch) 

11.9685 

-0X755 

Belgium 

(BFij 

35.0825 

-0.098 

Danmark 

(PKrl 

6X778 

-0X204 

Finland 

(FM) 

55745 

+0X304 

France 

(FFr) 

5X060 

-a 0092 

Germany 

(D) 

1.7037 

-0X053 

Greece 

(Dr) 

247.050 

-OX 

Intend 

m 

1.4319 

*0X058 

Italy 

(U 

168668 

-4X1 

Luxembourg 

[LFr) 

35X625 

-0X98 

Netherlands 

(F? 

1X125 

-a 007 

Norway 

(NKr) 

7X990 

-0.0225 

Portugal 

(Ee) 

174X75 

+0.475 

Spain 

(Pta) 

140.125 

+0375 

Sweden 

(SKd 

60254 

+0X014 

Swlfrtaland 

(SFr) 

1X305 

-0.0065 

UK 

ra 

1.4953 

+0.0093 

Ecu 


1.1330 

+0.004 

SDR 

_ 

1.40248 

_ 

Americas 




Argentina 

(Peso) 

1.0000 

+0X008 

Brazil 

(O) 

657X10 

+■10.04 

Canada 

(CS 

1X559 

+0.0031 

Monica (NewPesri 

3X500 

+0X72 

USA 


- 

. 

PacMe/Mddta EastSAMca 


AustraBa 

(A« 

1.4204 

+0.0218 

Hong Kong 

(HK^ 

7.7280 

- 

todla 

(to 

31X875 

+OX27S 

Japan 

M 

103.670 

-0.945 

Miteyria 

(MS) 

27165 

-0X07 

Nw Zealand 

(Nzq 

1.7580 

+0.0226 

PhMpplnss 

(Peso) 

27.7000 

- 

Saw* Arabia 

(SR) 

3.7500 

-0.0003 

Singapore 

(SS) 

1.5790 

-0X035 

S Africa (Cora] 

(F) 

3+4593 

+0X008 

S Africa (FnJ 

IP) 

4X825 

-0.015 

South Korea 

(Won) 

806550 

-IX 

Taiwan 

CTS» 

264700 

-0X3 


720 12.0405 1 1.9165 
940 3SJ460 540380 
8.7210 6.6423 
6.5919 5.5356 
08385 5.7745 
1.7125 1.6930 
200 247.970 245.800 
329 1.4393 1/4244 

683 1B9726 168127 

940 35.2480 34.8880 
1.9222 19015 
7.4400 7.3828 
050 171X950 174.100 

200 141X500 139.450 
10755 7.9815 
14450 1.4225 
1.4893 1.4850 
1.1393 1.1277 


788 
‘ 795 
■ 070 
040 


130 
■ 015 


■ 300 
310 
955 
332 


000 1.0000 0X998 

4-10.04 300 - 320 657350 657300 

581 1.3575 1.34S5 

600 32700 3,2023 


Thailand 


(Bit 25-3000 


- 275 - 285 
5 900 - 050 

5 640 - 700 
7 140-190 

6 569 - 580 

- 000 - 000 
3 485 - 505 
5 785 - 795 
B 585 - 600 
5 775 - 875 
3 500 - 600 
3 700 - 700 

-0X1 900 - 100 


1.4241 1.4055 
7.7292 7.7275 


2.7295 2.7140 
1.7006 1.7382 
270500 27.5500 
3.7505 3.7485 
1.5640 1.5785 
3.4725 3.4540 
4.7100 40650 
807.900 806000 
28.4900 26-4700 260725 -40 
25.3100 252300 2507 -00 

TSOR ole far Mer.1. Bdfirihr spreads It Ole Dofcr Spot tafito show only the tot deae dacarai places. Forward rataa are not dkcoty quoted 10 ilia mortal 
but are Impaed by aorort Maraat adaa. UK, Ireland 6 ECU are quotad ki US cuirancy. JO. Mongan mtoea shown tor Mar.t. Saaa amrage 1090- too 


11X882 

-1.9 

12018 

-IX 

12063 

-as 

102X 

35.1675 

-2J 

35X225 

-27 

35.7625 

-IX 

104.0 

66933 

-2X 

67218 

-28 

6789 

-1.7 

103X 

5X78 

-IX 

5.580b 

-IX 

5X145 

-0.7 

765 

5.8219 

-3X 

5.8433 

-26 

5X937 

-IX 

104X 

1.7081 

-3.1 

1.7137 

-23 

1.7245 

-IX 

104X 

250.325 

-168 

2S7X 

-17.4 

287.05 

-1BX 

71 X 

1.4269 

26 

1.4231 

25 

1.4064 

IX 

- 

1692X9 

-4X 

1705.19 

-4.4 

1749.19 

-67 

75.9 

35.1875 

-29 

35X225 

-27 

35.7625 

-IX 

104.0 

1X156 

-20 

1X206 

-1.7 

1.9284 

-08 

1064 

7.4075 

-1.4 

7.4252 

-1.4 

7.454 

-07 

S4.6 

175,84 

-5X 

177X 

-60 

184.175 

-63 

93X 

140.72 

-5.1 

141.865 

-5.0 

145625 

-69 

864 

60494 

-XX 

60929 

-3.4 

8X179 

-24 

81.0 

1.4314 

-0.0 

1.4324 

-OX 

1.427 

02 

104X 

1.4934 

1.5 

1.4903 

IX 

1.4836 

OX 

866 

1.1304 

28 

1.1257 

2X 

1.1147 

1.6 

- 

1X562 

-OX 

1X568 

-OX 

1X593 

-OX 

85.7 

3X518 

-0.6 

3X544 

-OX 

3X65 

-05 

- 

- 

' 

• 

- 

- 

- 

101.0 

1.4215 

-as 

1.4243 

-1.1 

1.4319 

-0.8 

87.9 

7.7287 

-0.1 

7.7327 

-ox 

7.7515 

-03 

- 

31.4625 

-25 

31X975 

-25 

- 

- 

- 

103X65 

IX 

103X9 

IX 

101.645 

20 

147X 

27105 

27 

2894 

13 

27685 

-IX 

- 

1.7596 

-1.1 

1.7641 

-1.4 

1.7783 

-IX 

" 

3.7524 

-aa 

3.7568 

-07 

67755 

-0.7 


1X79 

ao 

1.579 

ao 

1.6025 

-IX 

_ 

3.4736 

-5.0 

3X020 

-5.0 

3X998 

-4.1 

_ 

4.7135 

-7.9 

4.7775 

-61 

- 

- 

- 

809X5 

-4.5 

813X5 

-22 

831X5 

-3.1 

- 


26.72 

2501 


-30 

-30 


25.88 -1.4 


CROSS RATES AND DERIVATIVES 


Money Market 
Trust Funds 


Coutts&Co 


went aos 


1111 iiinumim" 1 4S9 


M M CM 


SSSMSS=aa.“ , 

I— I 441 -I « 


0732 770114 


. S.«l 

iOiWi 

swsaass^“r-« P » : 

Dwedt -I 450 -I 4j»t»-*» 

OanL BtL «l Fta. WOKrt «t 
Z Atm snaL lcmm. 


M CM Mp 


(b'i4m nno 
- 1 -I - 

Premier Acc 
mhwmw 
us I itS 
an 

:ai i«o 

2.1*1 .'78 


id And Cm* na* 

mm*—--- 

ciaoai-ciukn [;« 

exsoo-ettuw. «- 24 
sa m » «» ad — — 1 -- a 

SSS&lib d 



jSmre Lta. tarosoraa 
liiinaei ire tTCTda 

ssssssclia ,iz\ :“l s 

emtw r t»w m "•»*■ 

tun 

I 

2ii I xedlxn 


£300000 p 

>*» 

HCftClIMM • 


lESSAMma — 


frlnhyl 


.! 371 

o2!%raBH.U3>i 


,a Vt M " 


,'2 331331 


Money Market 
Bank Accounts 


tsuonMAM. - 

mooiaie*- *5 

(IWICIM. 

re.aaaiBC9.9M-- 


*20 477 

J5H 5» 
Jld 4-W 
4 IS 119 4 J7 


M CM MCr 


Afflon Home Birtpic 

30 OWIM. uxdon BriTM 


£2Wjoo»c«.«» - «•** 1!2| 

C10J»«lt24.999 - j JSO U0( 4 30 1 

cs.Miion.n9. -i«A 
MB an 


«o**r-hF 

>-MU» 

arnae 

479 J592G 

SOO 3.79 

4»| MW 
9.121 M» 

11 

329 34379 

•DO 300 

*90 U7S 
4.75 39035 

Mn-itoaH 

330 1 m 
4iir 1 ten 
«so| MB 
4A5l MU 

Wtato 


ABadnmt Bank 1*0 

07-101 cam SL lodon. K4H MD 

FOMM £23)01+1 

ntteiA pzooio - 

TOUNA[ftJXII+) 

ohom 02.001 +i_ — 
wcabSoji +)___ 
Moi<nggi*t 


314 I 4 si 


_ _iCWMt7m 0977798800 

S-JI 431 I so 

nawMDedKl its 431 ■ ami 

H urtotfr iteH ntece Cree p 
9BMiy«)v.i«e*.eaam*e , 09M»«M 
tynuft- _IU) 394 I 3»l Oa 


Off 



430 
549 «* 

SJS4 493 
9LXI }■ 
400 3JB 

ADD 300 
am 51s 


aii-et 

094 

SJ3 

1M 

593 

4.07 

4.07 

097 


Averina Bmresa Sank Ltd 

t^riurgna HI Miaou 


«JM0-C4MLM 

ESJMO-OJHBJB 

pojoo-o49Ba.aa— 


Bar* of I 

39-40 H0N«.9M<bS, 

£10003 * 1 1*0 

cxDOO-ra.ens 1 iao 

Bnhri ScoSand 
ao ltmonMa sl ear xh 
aiihiciuBnR- 1 iso 

£23000-1243990 375 

£230900+ I 300 


C2S90I-C 100900 I 4 50 *9000 |l17M| 

redMOIltorr-. I 473 49400 LlmmI 


KTiMninrt BdUMM Ltd 

MW9 »l ,071-7071380 
HJ.CA (£2900+1 I 4.123 10Ul«IB9lMr 

KUmort Bamon Prti ritaBMk. 

14 dddw ri Maw i law "b*n»9 Ummaaw UB 

mr-irriTit-r ■— —4+41 OTvnfiaa 

IUCA62.S0Q+1 1 Acre low I 4 ml OMT 

i — I moabmnt Accaoat 



100 

0.7S 

100 

300 

263 

390 

373 

2X1 

382 

4 SO 

300 

*4)7 

4X5 

119 

*43 

4X9 

168 

ASS 


SJ. London lOP J8S 


wm reojooo* 


“■"is?,.... 

2925 { 3 146 1 OB’ 
1975 I 2924 1 O* 


071-001 B44S 
ZB2 I 3M 
291 382, . 

in I 5.121 Ml 


Mriand Bank pic 

WUbta w nri 


£25900+ , , .. 

KOMO+ 1 SW 

TESSA --I *a 


KaBomtUa 6Mg Soe - Butaenfamettr 


529 

104 

915 

309 

4 95 

171 

4.7S 

1W 

3.-5 

291 

490 

337 

500 

3 75 


0277 433372 
323 1 Here 
115 'IMMy 

«8S IWMy 
4 731 *aM£ 


0747 

ITS 

4J0 

SOD 

590 


una 

8 

SS 


PO Bor 120. WMMad «. COnray 

C2900-C9999 400 390 

£10900-124909 *Ji 358 

'LZ93W-W03* MB 175 

CS0900-C99990 325 394 

£100900+ ISO 413 


Bairiavs Prtma Account HJLCA 

roftn (2S. Mom+npb* 

B9 _| : 

m 

^— 1 




BnmnSttplM&Co 

Fanbre Court, uauuy, 

MCA 

MDwudtt I 


n mmm 290 190 

E?.H*Ma»90 US 190 

£1bOOO-C249n 2-75 290 

09.0001 333 291 

&CoU 0 

MHB2 
490 390 I 

490 390 I 

CaMoriMBaakn: 

aaundre+rSqm. En*nlucyiB12 27P 03I5»BZB 
MOL- I 475 35BZ5 I -I Yb**I 

Cuter Allen Ud 

2SBKMila».lmnpC3V0IU 071-8233070 

HCM 373 281 I 291 1 MX 

Conn ££.000 mb 4 50 337 I 4,50 Mh 

497 -I 4 46 1 Ml 


ndnaM M. BoumaaiMh. B* OCf* 
£30900+.-^.— fM * 13 

cm.ooo-c4s.en soo i.s 

Bn.0oo-ES.99e 4H ija 

E10900-CI9.999 - 150 £01 

£250019999 2.58 198 

Rn Biritare LhBBad, Baohan 

NOdiMH ■ ML Lud+1 5C7W S« 
MBMCWMd 4 73 1 56 

IMMUfclaM I **" 338 

QU»MMtare0n4c. 14 25 319 1 


130900+ 

£25.000 - £40908 — 
£10900 - £24950 - _ 

£5000- £1999 

£2900- £4999 


409 300 

3 BU 270 
590 223 

200 ISO 
150 I 11 


CharMam Bank UnaM 
1 1 leaiiiimi llm i In ei llu M 

E23oo-ciaBfie-flMH 

aB.W-C80^»1 
£ioa9oa+ 


Sow A Pnoper /SstMrt neodog 
18-72 wa d e ■ at Mmdinl Ml 99. 

COmt/km* I ITS 2*1 

1E5»RMMlTur 1405 

nsSAIMMa 1405 


175 

490 

425 

490 

1* 

100 

223 

ISO 


EXCHANGE CROSS RATES 

MarJZ BFr DKr FFr 


DM 


E 


H 


NKr 


Pta 


SFr 


C$ 


Brigtam 


(BR) 100 19.03 16.65 4.855 1590 4807 5.450 21A8 498.7 399.4 22A7 4.077 1.906 3.864 2-850 285,5 2.518 


Denmark 

(DKr) 

5254 

10 

8.694 

2551 

1.046 

2526 

2X63 

11.08 

2820 

209.8 

1202 

2142 

1.002 

2030 

1.497 

155X 

- 1X22 

Mtaid 

0.808828 

0791069 

-00021 

-207 

5.38 

France 

(FFr) 

80^3 

11.50 

10 

2X34 

1X03 

2905 

3X93 

1274 

301.3 

241 X 

1682 

2464 

1.152 

2335 

1.722 

1766 

1X21 

Netherlands 

219872 

216812 

-000132 

-1X0 

4X5 

Gcrnktoiy 

(DM) 

3100 

3.920 

3.400 

1 

0.410 

990X 

1.122 

4X42 

1027 

822S 

4.711 

0X40 

0X93 

0796 

0X87 

80X6 

0X18 

Priphan 

40X123 

39.7740 

-0.0043 

-1.09 

4X3 

Intend 

(IQ 

50X5 

9.564 

8X15 

2440 

1 

2418 

2.739 

10X9 

250.6 

200.7 

11.49 

2049 

0968 

1X42 

1.432 

1465 

1X84 

OemuBry 

1X4964 

1X3144 

-0.00041 

-093 

4.17 

Italy 

W 

2000 

0X96 

0X44 

aioi 

aoci 

10a 

am 

0.439 

10X7 

6307 

6476 

0.085 

0X40 

0.080 

0X59 

6.146 

0.052 

France 

6X3883 

6X8495 

+000732 

0.71 

247 

Nettwriands 

(FD 

1635 

6492 

3X36 

0X91 

0X65 

8821 

1 

3X88 

9150 

73X8 

4,197 

0.748 

0X50 

0.709 

0X23 

54,21 

0462 

Denmark 

7.43879 

7X8307 

+00008 

1.97 

1X0 

Norway 

(NKr) 

47.43 

9X28 

7.849 

2X03 

0944 

2280 

2585 

10 

236X 

189.4 

10X5 

1X34 

0X04 

1X33 

1X52 

1401 

1.193 

Portugal 

192854 

196680 

+■1.157 

602 

0.17 

Poriugri 


20.05 

6817 

6318 

0.974 

0X90 

964.1 

1.093 

4X28 

100. 

80.0B 

4.567 

0X18 

0X82 

0775 

0571 

59X5 

0505 

Spabi 

154X50 

153.176 

+0962 

3.19 

OOO 

Spain 

CPU) 

25.04 

4.766 

4.144 

1X16 

0.498 

1204 

1.365 

5X78 

124.9 

100. 

5.728 

1X21 

0477 

0X68 

0.714 

73X9 

0630 







Sweden 

(SKj) 

43.72 

0.321 

7X34 

2123 

0.870 

210? 

2383 

9X17 

2180 

174.B 

10 

1.783 

0X33 

1.689 

1X46 

129X 

1.100 

NON BM MEMBERS 





Switzerland 

(SFr) 

24.53 

4. BEX 

4.050 

1.1B1 

0.488 

1170 

1.337 

6171 

122X 

97.94 

5.610 

1 

0.468 

0048 

0.899 

72.46 

0617 

Qreace 

284X13 

280.121 

+0.042 

6X0 

-266 

UK 

(0 

5246 

9.985 

6681 

2547 

1X44 

2522 

2859 

11.08 

281.6 

209X 

12X0 

2139 

1 

2027 

1.495 

1560 

1X20 

Italy 

179619 

1910X9 

+071 

7.02 

-657 

Canada 

ICS) 

25.88 

4.926 

4X83 

1X57 

0.515 

1244 

1.410 

5.456 

129.1 

103.4 

5X20 

1X56 

0493 

1 

0738 

7647 

0X51 

UK 

0.786749 

0.760304 

-0.002562 

-636 

678 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 2 Ecu can. Rota Change % +/- tram * spread Dw. 

rauw agamgEcu on day can, rate y wericast but 

14 

8 

-8 
-13 
-20 
-22 


95900-449999— 

950.00D-4S090B , 

9100900-4199999 I 

EOOOOO+ 1 

HMIdba aireidtamHMb- laisbtym 
denaMZia 

Ctydeodala Bank RnBda SoMan Acc 

3O9KacretRare.<iheO’m01 2M. MI-awreiD 

£10900429.999 [ 370 270 I 175 1 Or 

£30900439.999 I ITS 241 1 100 1 Or 

nOQ.OOO-CIM.999 1 190 295 I 185 1 Or 

TIM Co- op er aU w Baafc 
70 Bn 300, BumoreOM, Lac 
TESSA 1 525 

MUr-MHedlMlieM 





Tyndaff Bank pic 


231 

am 

III 

3B2 

*07 

03 

m 

MB 

MB 

nMfSOOO+Atamrl’M 

DnuMmnwa+oa. 

37S0 J 
3B7S : 

1.13 

140 

in 

1 as 

141 

282 

227 

253 

MW 

MW 

MW 

MW 

mn Eiooooo* 

Tfodta IB5SA 

rfknToil 

lOMBotaMaU 

+ 125 1 

UOI 

iwtawm 


0345; 

-I -llm** 


bm 90-90 Bre hta Mp 

raojtto. 

£2S900-E«Sm 


490 398 I SdOll Ml 


US 32*4 1 V32B-MSI 

490 111 [ 495 OMb 

490 390 I 4D4 S-M1 

2TB 229 I KBle-Ml 

281 I 17V|e-Mi 
123 244 | 32B O-MI 

225 190 I 22sle-Mb 


£250900+ 1450 198 1 495 9-MI 

fa0900-C3499M 109 230 109 8-4* 

EIO.OOOCS.399 273 290 237 8-4* 

£50049909— 1225 190 I USlft-4* 

39-90 0«MU «M n 091-aa 5539 



no.ooo-soananrera 6 73 500 6JC9-M> 

CKUMO-MareyMlEt- 7H 393 7M G~*M 

£25900— Wes l 725 544 I -1W| 

UaflBdOanriBlam Treat Ltd 

70 Ore 92 1 Ml DO0UHMH M. OareA HbK EM 00Y 

c«H 9Ma OmtacaM 

£1990* 1 473 136 I 494 1 Or 

X Hemy Schroder Waofl & Co Ltd _ 

120 CDSOMUH, Lend*. epVBOS W1-392B0Q0 

StmzMMc. 14500 MBD I 457D| Ml 

ElOllHOaHIMw 1 4730 3280 I 48301 Ml 

Waatoni Dniri MgA Interest Ctmtna Acc 

Tin MaiWTBB B i ra . WtUKrth IV1 1SE 073? 22*141 

£13000+ 1 479 350 484 » 

E5.OO0-C149M - 450 138 458 » 

£1900-£4099 1423 3 IB 1 4.XM » 


■WEB- Bm OmkadM Mt * HUM MU M 
Utag mom af Bb dMdbi gf Mae mb bo™ 
MMOIMrnMnrnMbMWlO 
Mb nM M 6™ CNt one Ml aauMMta 

bm mam* i * imeinbB ** *■ M d» *** 
on ■ yrer. 'C un pa fo wa 4mud Bur. M Bo r ra ee pci 
«aMm nMhnMBMiiaff 


US 

Japan 

Ecu 


(SI 35.09 
(Y) 3365 
39.74 


6.679 

64.42 

7564 


5.807 

58.01 

6577 


1.704 

1643 

1.930 


0698 

6735 

6781 


1687 

16Z71 

1911 


1.912 

16+15 

2.166 


7.398 

71.35 

8.379 


175.0 

1688 

1982 


140.1 

1352 

1567 


>r fl pw 1.00ft DanoD Kranw. FronSh Franc. Nonragan Krona and SwetHi Kronor par 1ft Braoun Franc. 
KIMM) DM 126000 per PM 


Escudo. Lra and Fnab 


6027 
77.42 
9.091 
par THU 


1.431 

13-80 

1.820 


0J38A 

6452 

a75B 


1356 
13.08 
1 .530 


1 

9.645 

1.133 


103.7 

1000 . 

117.4 


QB 8 3 

6516 

1 


9 JAMWS8 YBI FUTURES (I MM) Yen 12-5 per Yen 100 



Open 

Latest 

Clunga 

Ugh 

Low 

EsL vol 

Open int 


Open 

Latest 

Change 

High 

LOW 

EsL vol 

Open ire. 

Mar 

05046 

05888 

+00040 

0.5891 

0X830 

49.871 

110X39 

Mar 

0X566 

0X665 

+00096 

0X704 

0X549 

18.994 

87,924 

Jun 

0 5810 

0.5859 

+00041 

0X082 

0.5803 

6X11 

16X57 

Jun 

0.9618 

09707 

+00102 

0.9745 

09615 

6117 

9.929 

Sep 

05030 

0.5835 

♦0 0037 

0X837 

0.5830 

9 

860 

Sep 

0X775 

0.9770 

+00138 

D.B805 

0.9770 

60 

887 

■ surras FRANC FUTURES (1MM) SFr 1 2SX00 par SFr 



■ STERLDia FUTURES (IMM) E82XOO per E 




Mar 

00956 

0.7010 

+00060 

0.7022 

08922 

22.007 

44.782 

Mar 

1.4088 

1.4870 

+00082 

1.4084 

1.4850 

14X70 

35.962 

Jin 

06946 

0.7015 

+0.0061 

07017 

06935 

3.382 

7X98 

Jun 

1.4854 

1.4920 

+0.0080 

1.4944 

1.4854 

5X06 

12X70 

Sep 

0.6095 

0.7015 

+0.0050 

0.7015 

0 6995 

22 

82 

Sep 


1.4090 

_ 

1.4890 

_ 

6 

452 







MHP 


Dec 


1.4860 

.... : . 

1.4860 

rrm ■■ ■ 

1 

18 


EcucHiMraiaa Ml by DM Ewepean Carrantsdon Curandrasreki deacandng reMwa 
RHCamee changes ore tor Ecu a pomva dwga denoia a ire* curancy. phregoneg 
■abo bonreBi lam afreodx die pwcanags affw ame bwreen tha a** model and Ecu 
lor a nnttc y. red the mu mum pmnlMd pec u n u ge dewreon o£ B» curacy's tom 
E cu i ^+ii nj rata, 

p 7/9192} Starting and Wa i lira wnpendad hem EWM. Adjustnwm rtan ta ita d by flit 
■ PHBJIP1LWA SE STS OFTIOMI £31 .250 (cents par pound) 


Ota 

hanta 

Ttawt 


Strike 

Price 

Mar 

- CALLS - 
Apr 

May 

Mar 

— purs — 
Af* 

May 

1.400 

648 

9X7 

9X8 

002 

004 

0X1 

1-425 

7.02 

7.09 

7X4 

0X3 

021 

051 

1+450 

4.57 

4.88 

5X8 

0.05 

057 

1.02 

1X75 

2X7 

3.16 

3X0 

0X8 

1X5 

1.83 

1X00 

078 

1X3 

2X4 

1.14 

2X6 

2X5 

1X25 

0.11 

0X5 

1.41 

2X4 

3X2 

4X1 


MONEY RATES 


t Q-lFFEl* DMIm points of 100% 


March 2 

Duer 

One 

Thrso 

Six 

One 

Lamb. 

0(3. 

Repo 


raght 

month 

mihs 

mtho 

year 

Inter 

rate 

rale 

Belgium 

- 

6+ 

6. 

6H 

62 

7.40 

5. DO 

_ 

i*«?k ago 

- 


Si 

6>b 

6 l « 

7.40 

5.25 

- 

Franco 

6S 

6>» 

62 

6W 

82 

G.T0 

- 

7.75 

w+Mih ago 

D>» 

6H 

6'. 

6i 

5H 

6X0 

- 

7.75 

Germany 

6 13 

6.05 

585 

565 

5.4? 

8.75 

5X5 

600 

wet* ago 

605 

605 

5X5 

5.65 

537 

6 75 

5X5 

6.00 

Ireland 

6* 

6i 

64 

82 

82 

- 

- 

8.75 

WM* 3f» 

5'J 

Si 

S’a 

5fl 

53 

- 

- 

8.75 

Italy 

8"» 

8S 

8H 

85 

82 

- 

800 

8.92 

work ago 

8;: 

O'a 

8'a 

01* 

82 

_ 

8.00 

892 

n oh ,q M 

wouwwnaii 

559 

5.50 

5.35 

SX9 

SOB 

- 

5X5 

- 

week ago 

5.01 

550 

5 27 

5.15 

5.00 

- 

525 

- 

Swhzertand 

41 

41.J 

■»i 

4Ya 

42 

0.625 

4.00 

- 

wwk ago 

4*« 

*■« 

4'a 

4i 

33 

6.625 

400 

- 

US 

3; 

J* 

J3 

4 

42 

- 

3.00 

- 

taenk .>>> 

3* 

32 

3^ 

31* 

42 

- 

300 

- 

Japan 


ri! 

j'. 

2‘M 

2'k 

— 

1.75 

— 

week ago 

2- 

l 1 • 

2’* 

24 

22 

- 

1 75 

- 

■ S LIBOR FT London 








Interbank Fining 

- 

3i 

3'a 

4'b 

*:i 

- 

- 

- 

week ago 

- 

3; 

J'l. 

3*a 

4i 

- 

- 

- 

US Dollar CDa 

- 

3.49 

3.69 

393 

4.33 

- 

- 

- 

week ago 

- 

3.49 

J.44 

365 

4.01 

- 

- 

- 

SOH Linked Da 

- 

3"q 

3 'a 

31a 

4 

_ 

re 

re 

week ago 

- 

3"« 

31a 

31* 

3!a 

- 

- 

- 

ECU Untox! Di raid mm 1 1 

Wh 0^: 3 rnda fli: 

0 rnlhs 

62. 1 par 

62. 9 UfiOA tnmrbant. feang 


Open Senpnca Change High Law Eri. vol Open W. 

Ms- 94.13 94.15 - 94,19 94.11 43305 175946 

Jun 94.48 94X3 - 94X5 94X8 1X7097 225499 

Sep 94.70 94.72 -0X1 94.75 94X0 77514 166820 

Dec 94.78 94X0 -0X3 94X3 94.80 77512 144117 

■ THREE MONTH EUROURA HfTJUTE FUTURES (UFFE) LI 000m points ri 100% 


Open 

Sea price 

Orange 

ragh 

Low 

EsL vol 

Open InL 

Mar 

91.44 

91.48 

-0X1 

91.51 

01X9 

6564 

33556 

Jim 

91.65 

91.72 

-0.03 

01.74 

91.45 

11819 

54719 

Sep 

91.85 

91 92 

-0.05 

91X3 

91.70 

2669 

22983 

Dec 

92.00 

91X9 

-0.10 

32.00 

91X0 

5650 

32507 

■ THREE MONTH EURO SWISS FRANC FUTURES (UFFE) SFrlna points of 100% 


Open 

Srit price 

Change 

Htfl 

Low 

E9L vol 

Open int 

Mar 

95X3 

95.95 

+0.01 

95.97 

95.85 

3911 

24885 

Jun 

96.07 

96 06 

-003 

96.07 

95 95 

6823 

30326 

Sep 

96.13 

96.09 

-0.07 

96.13 

95.95 

1636 

7046 

Dec 

98X0 

96.04 

-0 IT 

96.05 

96 00 

638 

3728 

M THREE MONTH ECU FUTURES (UFFE) Eculm points xA 100% 



Open 

Sea price 

Clunga 

High 

Low 

ESL vol 

Open Int. 

Mar 

93.64 

93.62 

-005 

93.68 

93X6 

1435 

12081 

Jl«l 

94X3 

93.90 

-0.07 

94.03 

90.07 

2152 

11314 

Sep 

94X1 

94.17 

-Oil 

94X1 

94.07 

1063 

9658 

Dec 

94X5 

94X5 

-0.13 

94X7 

94.17 

520 

6633 


rut r> ®n ebrard ram Ira 510m quotad ID mo mrahm by tour i m I u b uc b bsto at 11am roch 1+oriong 
dn Ttu+ ben+o jjo BanHre Trust, Bore, at Tokyo. BarCtoya and Manorial WmOWiHar. 
uo rav+1 ore +hraun to, rtw inns W. Money Ratal US 9 CDs sM SOR Ln*eo Prawns Psl 

EURO CURRENCY INTEREST RATES 

Mbr2 Short 7 days Ow Three 


* UFFE totures traded on APT 


■ -naaiOONTtl KURODOUJUI(1MM)Slin polntaof 100M 


Six 

morttf'3 


One 

ye* 


Bwc-ti Ftara: 

6,'. - 6*. 

8ii - 6A 

8,1 - B,'. 

8^ -BV 

6h - 6'* 

6.*. > 6,1 

Dxvsn Krone 

6 1 * - Sir 

- 6 

61 2 ■ 6 

8|*. - 8,1 

- 5'J 

5^-5<0 

D-Mark 

- 6% 

6 1 * ■ 6tfl 

6ii - Bu 

6 -5% 

SU - 511 

5fi - 5,’, 

tkrcti Guloer 

■ 5tj 

5,*. ■ 5.'. 

5*i - 5 ^b 

5,’. - 5A 

sq -sh 

5,1 - 5,', 

Frmcti Fnnc 

8ii - « 

fi.l ■ G.t 

63|-6>* 

■A ■ Si*. 

BA ■ 6A 

« A - sa 

Pcrajgueso Esc. 

10 - 9i 

10<« - 

10 - 94, 

SIV 0 s , 

9i - fl«2 

- 9<a 

Spann* Peseta 

9|( • B-o 

9 - BU 

bt, - ati 

- 0,’, 

8Jl - fl 1 * 

Bh - 8,1 

Si crimp 

J7j - 41 b 

4>; - j\i 

Si 

5,4 - Si 

5*4 - 5>a 

5,1 - 5'« 

S+iSa Franc 

■*' 2 • *>8 

4U - 41, 

41, - 4>« 

4'* - 41, 

*lt - 3!l 

3iJ - 3j« 

Can DofcF 



3ti - 3ft 

■ 3}J 

*A ■ 4A 

47 a - 41, 

US Mar 

Vi • 3 >8 

3.i ■ aft 


- al 

4,1-313 

4>2 - 

its on Loa 

9 - 7 1 ’ 

at, - r“a 
2»i - 2f, 

8*2 - 8 

Mr - 0 

a*, -s 

- aJ» 

Ten 

ill * 

2^ ■ 2A 

2,r . 

2}i - 2JI 

2JJ - 2« 

Anar SSng 

3*2 - 2*! 

»! - 2>J 

ih - 2‘J 

4 - 3 

4 - 3 

4^4 - 3*4 


Uorf inmi rjjcs jro caR lor Uw US Oofljr and Van. othent lira djY3 nance. 

■ nose MONTH PBBOR FUTURES ,MATTF] Pm IntertMnh offered rale 



Open 

Latest Change Hgh 

Low 

& L vet 

Open inL 

Mar 

96.14 

96.11 -004 

96.15 

96.10 

127.887 

329.955 

Jun 

95.72 

95.60 -0X4 

95.72 

35.67 

259.402 

447,411 

3*P 

95X7 

9532 -005 

05.37 

95X9 

169.737 

381,488 

■ US TREASURY BEX FUTURES (IMM) Sim per 100% 



Mar 

96X5 

96.51 

98.55 

9649 

4X59 

6X70 

Jun 

96.14 

06.15 

96.19 

96.14 

4.685 

25,792 

Sep 

95 83 

95.81 -0X4 

05X6 

95.79 

590 

5.337 

M Opox 

mtarBsl fig* ora tor pravtoui Cay 





■ EtStOMARX OPTtQHS 0JFFQ DMIm points of 100% 



Strire 

Price 





MMtat 


Mar 

Jun 

Sep 

Mar 

Jun 

Sep 

B400 

017 

0.55 

077 

0.02 

0x2 

005 

9425 

0.04 

0.3S 

0X7 

0.14 

007 

010 

9450 

OOl 

0.19 

039 

□38 

0.10 

0.17 


Eo. raL IOUI. Cons 38462 PICT 13167. PnMOUl dBy'J op* ml. Cab 287174 Puts 185805 


Open 

Smt price 

Change 

High 

Low 

EaL wot 

Open im 

Strike 


~ CALLS - 



— PUTS - 


Mar 9380 

93 83 

-0.03 

93X5 

93.77 

27J31 

88.415 

Pnce 

Mar 

Jun 

Sep 

Mar 

Jun 

Sep 

Jun >1X1 

94X2 

-0.04 

94.24 

94X8 

51X85 

71.634 

9S75 

OX I 

035 

0.41 

0X1 

0.04 

oar 

Sep 94.40 

84.37 

-0.T1 

34 40 

94X4 

25.985 

40.742 

9600 

004 

017 

axi 

0.09 

0.11 

015 

Dec 9448 

94.44 

-016 

94.51 

9*36 

38.108 

28.477 

9825 

001 

006 

0.12 

031 

oxs 

0X8 

■ THREE MONTH EURODOLLAR (UFFE)' 

Sim panuot lOOH, 



E*. vol toed. Cafe 0 PUa 0. 

PrOMOJi day's open ML, Cafe 2219 Puts 36J3 


Open 

Sen price 

Change 

High 

Law 

Eat vol 

Cfcen M. 








96.13 

96 14 

-0.05 

98.14 

9611 

238 

5543 








Jun 95.70 

95.72 

-005 

95.73 

9568 

930 

455a 








Sep 9533 

95X7 

■007 

95.34 

95.27 

578 

2241 








Dec 9493 

94X6 

-008 

94X8 

94.96 

785 

1439 









PlOnOUB day’s VC4. C*S 67.321 Puts 54.4B2 . Pirn, dor’* aarai ML, C*B 605^62 Puta 551 JX6 


UK INTEREST RATES 


LONDON MONEY RATES 

Mar 2 Over- 

night 


7 days 
nodes 


Stating CDs 
Treasuy Bits 
Barik Bla 


5A-5 


Dtaxunt marice* daps. 4li - 3 5^-4^ 


Up to 1 


One 

month 

Three 

months 

Six 

One 

year 

51,-5 

5d-5A 

SA - s\ 

s,\ - 5A 

5, 1 , - 5 

5A-5A 

51, - 5/, 

sq - Sri 

4R-4JJ 

4*-4jJ 



4JJ-4B 

4B-4« 

4i!-4% 

. 

5,‘a - 4|J 

5.V-412 

51,-5 

SA -5, 1 , 

bit kpm February 8, 1994 


1-3 

3-6 

6-0 

9-12 

month 

months 

months 

rnonUta 


Cera of Tax dep. (£M 00.000) I 1 ? 4 3% 3^7 

Cons of Tu CHp. woa SMOftOOO to lljcc. Ctopcam wBhdrawn tor caoh Vpc. 

Are. Mndar raw of decount x.7120pc. BCGO area rare Sdg. Expert France. Motor up day Fobnory 26 
1894 Marred rata tor pratod Mar 26 l»4 to Ap, +5. 1994 Schama R S II ewpe. Retoranca rats lj 
praodFab 1. 1994 to Fab 26 1994. Schema IV & V 5J!86pc finance House Baaaftata S'jpcbran 
Mar 1.1W4 

■ none IKHTH STXRUNO FUTURES (UFFE) ESOO.OOO ports at 100% 



Open 

Sea price 

Change 

High 

Low 

EsL vo 1 

Open «n. 

Mar 

94.79 

94X3 

+0X2 

94.85 

94.79 

11321 

66898 

Jun 

94X4 

94X7 


94X0 

94.80 

33241 

113142 

Sep 

94 70 

94.72 

-0X2 

94.74 

94X3 

20884 

67826 

Dec 

9451 

94X2 

-005 

94.55 

9*43 

15315 

101723 


Traded on APT. AM Open ntamat Sge tre kr pronous day. 

B SHORT smum OKTKJBS (UFFE) £500,000 prints af 100% 


Stake 

Price 

Mar 

— CAULS - 
Jun 

Sep 

Mar 

— PUTS - 
Jun 

Sep 

am 

0.10 

020 

022 

002 

008 

035 

0500 

0X1 

0.08 

0.12 

018 

021 

040 

0S25 

0 

0.02 

o.os 

0.42 

0.40 

058 


Era. raL mol. Care east Pun oses. Pnmous doYa open mu Cam 19878S Puts ’77364 


BASE LENDING RATES 


Adam & Company 525 

Afed Trusts®* —625 

Aifi Bank 625 

•Henry Arebadw 62S 

Bartk of Banda 525 

Banco BfflMo Ybcaya. 525 

Bar* oS Cyprus S25 

BanftefMand 525 

BaOcriMta -525 

BeriKof ScsMnd 525 

Bodays Bank -525 

Bri Bh of Md East .... 52S 

•BroimSHpley S25 

CL Bar* Nederland ... S25 

Ca&artcNA— A25 

OydeadaSaBsti -526 

The Co-oposfMi Bank. 625 

OtwBBOo — 525 

Credt Lyonnais -..625 

Cyprus Fopriar Bank _525 


% 

Duncan LaoDe — 52S 

Exeur Bank Limned — 825 
RnenoW 3 Gen Bank - . 8 
•Robert Ftarang S Co _ 525 

Orobank 525 

•Gutman Mahai 52S 

Habb Barit AG Zundi. 525 

•HamfaresBank 525 

HentaWeaGenlnvEk.525 

MMSamueL.- — 523 

C. Hocrsa Co _625 

Hongkoig&SIdnghaL 525 
Jrian Hodge Bank .._ 525 
•Leopold JesRAi &Sme 625 

Uoyds Baric __525 

Metfni Baric Ud 525 

MdarelBank 525 

‘MoulBarkrig 6 

NfflWes*TT*Mflr 525 

•RaaBraBwa -.525 


* Ratburgho Guarantor! 
Caporakm Lmled is no 
longer audnrtaed as 
AbtaMnainsHulan. o 
Royal Bk of Socfland _ 525 

•SmnBWMnsn Sacs. 525 
Standard ChMrad _ 525 

TSB 525 

•UrttadBkof Kuna*_ 525 
Unity TiUB Bar* Pic 525 

WastBm Trust -S2S 

WhUmay Lak3» — 525 
YcrteHre Bar* 525 

* Members of British 
Merchant Banking & 
Securities Houses 

ABSOQBhOn 

* bi aMrismSon 



Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hours 
on 071-329 3333 or fax 07 1-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

WNDON+71 3293377 NEW YORK +212 2696636 FRANKFORT +4969 44007 1 


FUTURES 

&0PTI0NS 

TRADERS 
roa*HKF P«3 E«r 
A COMFElmVE S8BV1CE 


B erkeley futures umtte 11 

38 DOVER STREET, LONDON W1X 3RB M 
THL: 071 8891133 FAX: 071 <950022 1SS 


FOR TRADERS ON THE MOVE 

Watch the markets move with the screen In your poctel Uut receives 
Currency. Futures. Indices and News updates 24 hours a day. For your 7 day 
free trial call Futures Pager Ltd on 071-895 9400 now. 

FUTURES PAGER 



tax-free speculation 

IN FUTURES 


Tocobraoi ymir fire aids to bon» ^jur Hnaoefal Bra*oato» iao beta 

]*». cdHklBd Monay m too jofidai on 071 -828 7233 erwrar 

tom 1C Index Hr. 4| I GnmnorGaUcm, Lmton SWIWOUJ. 


I.S V: f t^S r ?i Casfs n d Mark et Myths for 1994 

jU ‘ !lo!lor, _ continue-; gold 4 most ccir.mcidlic-s 


won r rise-: Japan s 
«OT read that In Fu 


Jlcck market wiil be weak. ' Ycu c!d 

• the Iconoclastic Investment teller 

* 7H0. UK :!S 


FOREXIA FAX $ £ DhT 

_DAILY FOREIGN EXCHANGE COMMENT A RiE 
CHARTS, FORECAS TS AND RECOMMENnaiir 
Tel: +44 81 948 8316 - 


Fuff dSaUs of Fax: +44 81 948 


Z4 < ' urrenc ^ ^ ax " FREE 2 week trial 

xxox item Ctart Aruiyiis Ud o*V Anne Whitby 

JOK 7 Sa-cKow Street, London Y/1R7H0, UK- Tei. 07 1 -734 7 1 74 

0 exenongc rale spseiaiists for over 20 yeors Fax: 07, -W9 496<5 


24 HOUR 

: FOREIGN EXCHANGE 

London 

Dealing Desk 

CtJRKBSCY MANAGEMENT 
COKP0RATT0N PLC 
Windmerllumr 

77 Uratoa Won 

LeadoB EC2M SND 

Trt 0H-J83974S 
Ftoc03l.M:-U87 

p 

.IREN D 

•FOREX -METALS -BONDS -SOFTS 

Obieitive analysis lor profaijional investors 

0962 879764 , 

• . Perries House, 3ZSouthg»te Street. Winchester, ' ; 

Hints 5023SEH Fax 0424 774057 ; 













FINANCIAL March 3 .994 


33 


WORLD STOCK MARKETS 


EUROPE 

WSTlMfttHr2/Scty 


JS6_!S5J«W 


♦ /- 


Im W ME 


+ /- Wk* law TO HE 


ag* 


MMr 


2m 
120 
atari 717 
EAGon 3X0 
EVN 1017 



-oofao’aBo zs 

— 1*70 gag nn 
-17 834 40fl oS 
-30 4*901*60 

sag G 
-gj-gi «; r* 
-221.071 562 ijj 
-1 1.108 no 2S 
-16 S13 2so 2.1 
-11 2S1 148 16 

-10 *99 211 is 

-0 701 380 13 
-11 COO MO | c 

-so 4*402*20 do 




Bn af Wn i B f FM BWHfi(Mg?/Fre4 


-150 3*052,111 IS 
-AH02J30 17 

-eBSS^g !f 

^miMoonjas 13 

-Wffl,1D0T3jei 14 
♦awiflrajijiD 5.4 
— 72£2fi_500 moa 

-ireiSreSISS 15 

■SS&HS'xn 53 

-00 S.95047M 33 
-t ICC tl 7j 
-31D7,8W5yDZ0 1 J 
^oimim ii 

-21° 5*205*10 BA 
-190 03005,450 Ei5 
-3*002*30 IB 
-30 4JG0ZX0S &J, 
-IW^M 40 
-701*201.110 27 
-flOB^107fl70 __ 


lb 


A£ 6rp 2.735 
Adonm W 
Mum aiflo 
AM 040 
BBL <775 

mtnUf 17.100 
BtioLPt 25,150 

BNpB 41JDS04 
Mil 24.050 

awera 12.10a 
CM 2m 


s*» 



Suoza 

Tam 

I gap 

TkMB 

uw 


256.70-1180 2BB 133 -_ _ 
ffg -16 Buna 27 _ 

-Jfg-S IE® 50 « - 

HUO -460 2S7I3UQ as 

’ss -awS*™ “ - 

’■ff® -*S,«a 732 4J _ 

170 -71B0BD12S9 4ft 

zouo —iso Mo M _ Z 
WO -10 59 b SB 10 „ 

fS j— aoflB « __ 

167 —423650 in in 

«“ iS SJB _ 

M3 +9 BOO an U 

5S1 _ Z 

J 4» -ouos 535 S7 _ 
510 -17 57371550 _ _ 
8*1 -27 1.12S 03013.1 _ 

,3 ^-^8 'g&n - 
*S 3«BiS » Z 

’■i -iJS,s “ = 

4-7047860 210 _ _ 

5S MO 310 13 _ 
J®® -» mo <os s* _ 

_6© -0 7DQ 430 4* 

«* -awo 7B7 _ Z 
888 -fi 782 570 37 „ 

-01 15741.150 IB 

-9 ES 2T3 _ _ 
-8 377 244 IB _ 
^8 3.1001B0S 13 _ 
-3-30 214 nr 4B — 
-13 3&421L1B U 
-SBO 227 153 0.4 
-6 <34 IK 14 

-U gO J17 47 
-“WO 461 4.7 
-871.535 E32 0.6 
-7-W aOlW.10 38 
-7 355 220 37 


*/- — taw TM WE 


><- HW ll IM HI 


«)- HBB tot W HE 


i (MV 2 / HR) 


■ /- «■< U 


2*02 

443 

328 

M 


186.70 

433 

813 


Umc 


^ H _ 

UCB 23775 
DMn 1570 


-16010*000710 34 
-80 5.tK02*00 14 

-351,b40U12 bb 
—17*5012906 0.1 
-1501DB7577O0 27 
-40 3XB02S4S 4.1 
— 14 588 273 _ 

-00 6*803*?? 15 

sjsys a 

-30015*008301 4.1 
-20 1.0001760 SB 
-gSISJOOlGri 07 

-5501 1.8007760 4.1 


nsraaS ft 8 


(V3-12 

Dnteco 


rjsb 

GVIonl 

bsb 


BtphoA 

SophaS 

Sureta 

ToffOan 

(MdnA 


(»tar2/Xr) 


715 _ 730 889 2.1 

230 -1 291 Iff U 

312 -Z.40 333 238 IB 
8,700 -2007*003 BOO 0.7 
132JOO _1Hmnu» OB 
34170-38*01,140 610 IB 
378 —13 427 235 82 

IBB -10 198 60 64 

537 -B 016 375 2Jf 
500 -25 BS825U0 2B 

344 -5 278 182 _ 

387 -0 425 217 2B 

1.510 -80 1.0501.060 03 

325 -1 353 186 3,1 

685B5— 14.1578381 524 OB 
630 -20 73732420 OB 

573 -11 615 400 OB 

670 -12 011 S8& Qfi 

450 -0 585 320 2J) 

930 -00 1.372 845 1.1 

248 -10 257 110 4B 


“ BBBMKI (Mar 2 / Dm.} 

~ {§» ,B V52 -4-30 1 87145.16 1.7 

— AfflMV 570 -7 B3Q 3B0 ij 

- «**0 +301XB727JB M 
ijlfi -BS3JH»l.KS OB 

622 -7 675 471 21 

1B00 -451^75 570 _ 

-=■ 505 -25 1.120 300 _ 

BASF 290.50 -TOT.® m £4 

53“rt 4G0 -1 4S0 373 U 

Ugn 406 -11 W8IB l5 

Bayw 85340 -7.10 374293.1B 3.1 

48850 -88053550 384 3B 
825 -10 88844556 i_5 

470-1350 5084053 2.7 

.P 00 03S 15 

*** ^ -O^ 34 ^'^ a 

Bffig 882 -121B2S 797 IB 

1.210 -551 AO ao? a? 
CDK11P 050 -30 1.700 425 1.2 

Cmmrt* 337.5C -6 808 229 IS 

g*« W^50 -5.30 288 IBS 15 

8 E* TT^-ioiS ffi.5 S 

SPSS’ “ 

TOJ-2tL6090650M6JB 2.1 
DMMWC 157 _ IBS 9450 2J 

Q*mte 543 -2 oab4Dua 23 

non* 274 -8 205 211 IB 

DfKffik 385JO-1&7D 472 338 3.1 
GEHfc 52ILGD— 1CL50 5552655# 1 J3 
Bnafira 261 -0 304 185 IB 

SSHpJ. 840 -12 875 520 2B 

HnmOO 220 -5 245 165 3.8 

HbUZOI 1B10 -30 1,380 785 OB 

605 -8 6S8 S02 1.7 

430 -3 452 254 2.1 

1.038 +2 1.282 BS0 \3 

tfdat 2H2B0-10L70 32DZS.1B 3.1 
am -Oig; 780 IB 
225 -0 2SS 140 22 

288 -733450 227 15 

MW 878 -flBO 395 250 2.1 


-1J0 TUMBLES 44 
-2.10 1117440 U 
-1,10 534O42J0 _ 
-7210500450 32 

:J.1Sg3iS 4 i 

-JO 5235B0 IB 

3OTH 37 

ii 

-2 296 178 X4 
-1B0 64.7028 JO 7B 
-ZB0 02B035B0 1.7 
-1BD 45*1-75 IM 
-150 04 705450 SB 
-1 BO 89504850 U 
-BO 54 23.18 2.1 
tJO 522725 1 2 
-340S7JS54J0 14 
-15083502290 4 7 
-1 60100206850 IB 
-615080 109 ZB 
-Z5O703D 38 38 

-150 43.101880 4J 
-20 8450 <3 IB 

-150 131 0870 2B 
-140 E84U0 U 

-1B012U08S30 25 
-210050 BO 45 
-2JQ21540I4UB 43 
-1.10 452650 2B 

-120 2361506 SB 
-120300608778 25 

-1B0 53B0312D 4.1 
-XSD13UD 01 1.1 


suing 


-0 250 191 14 _ MftflB 
-40 1540 1.1 ID _ Kokuya 
-5012.850 5.880 OB — KimtSl 
-HO 72703530 OB -- KnHCB 
-20SB001J87 M _ KmS 
-151295 BOO _ hBOta 
-4 288 148 _ — KmC»*rt 

-60 4.440 2JS0 12 _ IWBOa 

.. .. -75 42802.760 IB 

SMBRO 3,745 -7042502200 IB 

SUrtt 1550 -851.729 620 1.7 

Subflg 925 -10 970 581 1.7 

SwCMl 444 -10 531 304 12 

— 3-eWg 21750 -450 250 MBS) _ 

— S n 4Mfr 840 -18 BIS 408 _ 

— Mfelt 800 -SB 778 484 — 

— filfl 780 -ZB 885 420 

— UnBKBf 1J770 -30 1.517 8*5 23 

— WhrRg 888 —IT B35 SOS — . 

— Art* 1385 -40 1515 1. CWO _ 


i 

3.760 

S3 


_. Kxircta 

Kuna 

ICcera 

— k'OoSft 
_ Kjtoni 

— KloaM 


1930 
2 MO 


745 

ME 

510 

403 

14H0 

473 

>pn 


-80 2B50im 
-40 17902.150 
-39 010 635 
773 523 
831 547 
708 524 
625 353 
533 275 
-40 1,250 990 
628 068 
-2D2J301.no 


-24 

-IS 

-17 

-8 

+3 


8,710 -1207,0303.770 ._ 


z PACIHC 

- JAHUldtaf 2/ren) 


IWdta 

mart 

ITIUF 

ManiM 

Haul 

Msmi 


Alnmtt 

HUbBr 

HHW 

wpaB 


AndoCn 

Arrau 

AH 


ASBWC 

AnhiG 

ftsaMO 


H« tt 

msm 


UtlO -SO 1.4801.100 „ 
fiSl -25 675 422 — 

1.140 -10 lJSO 350 0 j4 

im -*50 im 70S - 

1.170 4401J2E0 830 -- 

IM -20 1.770 1B90 _ 

673 -6 784 SOI U 

1.160 -101JB0 710 _ 

4BZ -12 633 3M 1.7 .._ 

SJOO —100 8B006J248 — H*BW 


Hnrtt 


KHTuy (Utr2/KranBr] 



-2 106 35 S-7 
-&BD 1 62 7650 07 
^30 10901350 — 
-4 153 80 14 

-fi 114 22 — 

-3 isi 10B u 

-2 386 ISO IB 
-012150 89 IB 

-750 2051S5B 15 
-350 210 67 1.1 

-7 305 163 IB 
_ 235 141 15 

-2 83 87 23 

-150 038450 ZS 

_ 433 163 _ 

_ 217 78 05 
—814550 GO IB 
-B 6050 15 _ 

-1 a 65 u 


1540 

S52 


OB 

-SO 1B30 

-10 1-300 885 _ 

-15 738 533 IB 
+10 1.240 965 _ 
-11 S35 298 OB 

-2 580 355 IS 
-0 720 «B2 _ 
-61.170 741 _ 

-20 150 1.120 DB 
-7 625 3S0 — 
—40 137DEB7D — 
-20 1.340 709 *B 
-13 835 414 — 
-481.7101270 _ 


— map 


- WGgOi 

— UDHxy 




428 

880 

070 

2B80 

698 

807 

1J00 

708 

IBM 

488 

832 

375 

1JJ30 

IBM 

U40 

1,190 

3,440 

825 

EDO 

ms 

MS 

6*2 

1J40 

700 
443 

1.140 

3040 

1J05O 

B» 

1B50 

442 

701 
448 

408 


581 

S2S 

SIB 

379 


1.D 


— WTY8 1,500 


— SPAIN (Mar 2 / Pts.) 


-10 2^21^83 — 3SB um 142D 

-601BS0 885 IB — MaBaU 635 

-IB 1£B 30 _ _. MaUI 770 

*0 510 315 IB — MHErtS 338 

-221.210 B32 — — M6FUI 1290 

_ 1B70 981 04 — HUH 821 

-9 740 490 1.1 __ WtKnS 403 

-40 3.4902BBO — MtOffi 360 

-10 1.580 1.140 — — HtPrt 7S4 

-80 3,1402,100 _ __ MOSoh 850 

-2D2.01DI.ie0 — _ MU Ton 350 

-131.170 760 OB _ MBTrB 1.1 BO 

— n m& sos _ uutsn 930 
-IS 540 387 _ — MtamQ 2B60 

_ 627 338 _ _ M*tr 731 

-50 1.90c 70S _ M gprt 9M 

+101.7B01B30 IB — MoeWp 2jB00 


•3 814 330 IB 
♦10 IBM 709 
-27 1.190 886 — 
-a03f102B» 

-12 760 549 _ 
-11 1.130 740 _ 
-201,340 780 OB 
+4! 040 475 _ 

_ 2B801BB0 _. 
-12 545 337 „ 

-to eoa 742 IB 
-8 528 293 — . 
-10 1.9901.030 1.2 
2,150 WO — 
-301.790 995 
-aim 888 
-sosfisoifisa 

-5 889 485 .. 
-0 825 310 ... 
-14 1.150 640 
*2 798 501 _ 

-IB $30 550 0.7 
— 10 2B9O1BG0 0.7 
-2 70S 371 ... 

-7 495 311 _ 
-10 1.470 7B0 08 
-30 3.1902200 _ 
-a 1210 B13 — 

—12 634 443 — 

-30 1B90 855 _. 
+7 542 323 _ 

74S 4K1 — 
553 370 _ 
536 365 _ 
-1 888 821 _ 
-51.100 785 _. 

-31 717 450 _ 

-5 002 625 _ 
♦26 B14 3*3 _ 

—3 470 235 ... 
-32 821 380 

-901.010 838 
-501,9801.190 
_ 714 388 
_ 823 537 

-3 484 281 
-a 1.400 942 07 
-33 954 73) OB 
+5 563 324 
-14 480 331 

__ 815 510 

-»1B»1 571 
-10 440 295 
-S0 1.350 710 

sauna ess 

—40 01 601 BOO OB 
~ 660 438 


— ShrtJt 

— snwAlu 

— StiwDan 
_ smEiw 

— EnwSan 

— 5*w9* 

— Skjtar 

— SnwSrM 

— son* 


2.120 

i/n 

IJOO 

urn 

610 

480 

311 

828 

500 

im 

2.720 

74B 


-80 2^101.480 -- 
-40 1.150 685 _ 
-10iB0o1.no _ 
— 1B701XM _ 

-1 745 413 04 

BOO 3B5 — 

-14 415 230 _ 
-IB 748 4SB _ 
-8 6B0 468 
-M1B10 767 _ 

-10 2.7801.170 _ 
-17 884 807 00 


_ wrung 


BBS -25 050 4B4 IB _ 
042 * 02 032 445 1.4 _ 
WMJTr Z£2 +JJ1 297 136 36 _ 

VHtac 490 -04 595 275 12 04 

WBOdPl 4B2 -.03 4.72 109 2B -. 

WMl 133 -B3 3B2 2B0 IB - 


HDNB kuk [Mar 2 MJC$) 


0180 -210 04801850 _ BTAna 


-14 

-15 

-12 


700 

ScanBM 646 
_ Sui*rti 2140 
-. SwnCrt 543 

— SumOan 426 

— 5-nCp 986 
SunBa 190 

— SunH* 391 
.... SumUM 343 

5umMar 880 

— $umM8 279 
StimMtM 888 
Suifll 709 
siauRnr sn 

— suBins i.4to 
_ Siuifna 770 

— Suzrt# 1 Jio 

— TDK 4J510 
_ TlWW B93 
_ TsnoPtl 2.120 
_ TakBc 705 

— TkraSn 786 

— rmavn 1310 
_. Ttofe im 

_ TanSrt 940 

— reran 455 
TOUI 898 

— Teutan 961 

— TtnOoa Ttn 

— Ttetana 492 
Tan*w 899 

— TooaCp 702 
TOM 820 

_ Trtn 21 BOO -10021JOO«B» _ 

— Tot*B> 3BD0 -l»3.400UW _ 


BO* Mi 
*13 801 378 _ 

-40 24801*80 _ 
-12 EES «0B — 
-18 519 395 _. 
-24 1,050 080 _ 

-80 1.080 783 _ 
-12 517 321 
-3 478 2G9 _ 
-23 1.CHQ 785 OB 
-5 371 248 _ 
-8 1.100 831 .. 

-12 824 520 IB 
-B 990 BOO _ 
-601,570 740 _ 
-8 895 5SS -. 
-40 1480 800 — 
-80 4.600 2.9fC .... 
-11 BIB 5 m — 
-80 2B501B91 OB 
-12 834 430 ._ 
-a BOO 585 OB 
- 139 058 — 
-S0 14301.080 _ 
-21 im 790 _ 

-SO 519 372 __ 
-IS 058 552 IB 

-04 1.270 812 OB 
—28 911 491 07 
-20 838 315 IB 
-7 B84 5» _ 
-22 831 560 
-20 854 480 _. 


Dugn 

CnMotf 

CnnEst 

CacP 

atm 

□Faun 

Otaffc 

HSBC 

HLwffO 

HSangB 

HMCn 

Hartn* 

HenLM 

ikuo 

WSMO 

HtJUr 

W fit 

HKLand 

HWBA 

tKTd 


meow 

Hyson 


HnwWM 

RUM 

SHKPr 


z zSR 


SrteO 

soar 

5HKC0 

3WBA 

Swbwa 

TuiaBr 


... mien 


_ TUkve 

— ms* 


0.7 midp 
_ 65.9 Mrt 
Tanen 

-=B 


FHUU8)(Mar2/M<a) 


Hurt I 

HOP 

Mb 

Uni 

jEjiwn 


IBS 

1E3 

43 

214 

13 

54 

063 

IM 

226 

220 

223 


-3 160 B5 IB 
-5 178 81 12 

-B0 4GB01BB0 09 
-0 220 100 IB 
-JO 18 8 — 

-IBO 553050 2.4 
-7 70S 432 IB 
-2 13253.10 _ 

+1 247 115 OB 
-8 250 9/ OB 

-7 258 108 _ 
2399250 IB 


— Kao* 




— m 

463 -800 

BBO 

— KHD 

131 

-37013600 


128 

13800 

Lrtnrw 

685 



Lem 

770 


870 

undo 

846 

-700 

058 


380 



Lulltn 

16600 

—510300 

<t^S l, :i > rtfl 



101 


EX 


332 

+17 

35082.10 

0.6 

7B 


BI90CL50 


100 


11D 

40 

i n 

B5 

-3 

10Z 

33 

1.2 

107 

-1 

12D 

46 

OlB 

Z7D 

-1 

789 

130 

1* 

29 


36.50 

15 


17*0 

+.10 

21 

4*0 




F8UKE (Mar 2 / Fib.) 


ftfiF 

Acccr 

2a 

Axa 

BIG 


... 81 IB 

420 -3B0 429 231 2B 

330 —450 348 219 ZB 

403 -843050 225 IB 

7B5 „ 830 581 _ 

Harts 7725D-13B0 05730650 IB 

187.8® -6.70 4350358 4J 

3.340 -30 4.100250S OJ 

rw» 220 -6 257 145 — 

PlUComm 50050-1 060871 20 488 3B 
Pmth 670 -IT BOO 425 03 

Pang 481 -13483B0mi0 22 

RWE 420 —17 535 384 ZB 

RWEPT 541 -ID 424 303 SB 

RhrtnE 1J72 -16 1/m 756 1 0 

RfasiUB 313 -&50 3S6 230 Z7 _ 

flbnmFf 225 -050 262 170 42 „ 

FrtUM 202 -050 297 201 Z7 _ 

Sdang 1B15 -flBi.rtBHosao IB _ 

SctCub 350 -^3. 4 17 287 ZB — 

SHIM B7050 -75080680 568 IB - 

SpftxRg 865 —TO 700 465 IB _ 

fiUUQun 405 -10 530 305 IB - 



-160 02503560 Z1 
-1» 6.7004.190 
-45 35852590 55 
-65 4.1902550 75 
-45 4.2853500 01 
—3301 7,7001 0520 2 A 
—200 7B804J80 25 
+33 0000 700 2SB 
-100 32752000 34 
-150 4B703290 30 
-340104903560 ZO 
-MZ7151JOO 30 
-20 1.775 BOO 2.2 
-10 32601.205 2B 
-140 31003573 IB 
— 2fi 1595 630 _ 
-S3 6SS 305 134 
-150 5.140 1500 2B 
-16 IBID B40 _ 
-70 35003300 37 
—320 75303.410 25 
-250 34802J40 1.B 
-3O01TJ50M00 IB 

-100 4560 Z£D5 25 

-4 2fflS 34 _ 

-15 583 208 95 
-29 815 381 01 
-100 4^800388 6B 
-65 2.1951.135 IB 
-10 M15 388 IB 
-7 780 398 7 J 
-225 35301515 12-9 
-30 1/425 563 6 2 
-85 31201553 IB 
-38 3,160 B01 IB 


-60Z5401B30 _ _ mys 1 * ,5“ " 13 „ 

-30 1 51 a 1 .3211 _ Mnns 2.400 2. 

-3 1500 625 Z Z rt»Man 4.710 -110 4. 

-40 IBM " 

-21 735 


-2 1.180 7B3 _ TrftCC 

_ 32001*90 OB „ T«*Ma 
734 445 OB ... TaMu 


NEC 

_ HWW 

_ Z «»sp 

~ HHKSp 


_ DenUD 


— Mpom 
HDniia 
WiOnao 


— swhh (Mar 2 /Kroner) 


AGAA 
WAS 
Asm A 
AMB 


BNP 

%SSn 







889 

-70 

786 

560 

3.5 

607 

-8 

898 

692 

25 

602 

-17 

913 

601 

2* 

1.420 

-451*40 

907 

74 

1*10 

-25 1*87 

026 

11 

goo 

-81*10 

823 

24 

283*0 



740 


621 

-15 

683 

302 

;x 

3*43 

+337502*80 

7.7 

897 

-22 

767 

538 

7.4 

1780 

-23 1.480 

851 

37 


_ VMa 481 ; 


Qaiau 

OlUM 


950 -141*09 942 30 

200 -050 237 138 5J 

194.90 — 1-0023040 17*30 _ 

4508 -10 43002*50' IB 
181 -5 206 131 4.1 

1376 -a 1538 BBO 31 

371 -2 481 306 2.4 

CCF Z71 +J60 3062983 22 

CiFonF 1*80 -25 1*86 930 4B 

Ctl»a 725 -28 956 458 2.1 

QLacf 438 -4.10 501 32» _ 

mm 841 -5 737 528 94 

5570 -100 00503*12 07 
734 -18 830 380 _ 

411 -2 430 240 IB 

BIS -23 960 580 2B 

EawGn 2510 25942514 25 

Eoco 040 -19 703 392 2B 

EHAqu 40080 -390 489 320 «B 

EHAC1 38450 -1 41021010 _ 

EUSan 1,002 -a 1.144 883 3B 

essay SOS +61*88 571 _ 

ErBCtt Bit —12 BOB 455 _ 

734 -20 830 381 IB 

Hex 3,100 -60 3*851.725 01 

Burt 2*27 -63 25801*80 

600 -7 68SW93D 27 

33.40 -.10 9BZ3J0 25 
184 -6 18211296 5B 

885 -B 875 M 70 

5560 -00 0,0203325 08 

GTMB4 483 -2 E7B 307.IO 01 

c«a«r z.450 -68 07541*70 07 

Gaum* 975 -SUED 308 OB 

Offiiyi 


_ <££ s s y 

VB» 350 „ 37021350 2-1 

VuWrt 336 -441950 300 IB 

Vrtg 477-1050 513 314 15 
WT 42850 -6 458 241 05 

VWP1 348 -7 379 210 06 

WatrtP 795 -5 BOS 000 IB 

-8 270 181 1.7 


ASaaB 

one 

Ericas 


GnoraB 

Mill 


InenlA 

mens 

MUM 


- ITALY (Mar 2 / Ure) 


FoncLv 

FnnBd 


2*50 

075 

581 -4 690 493 11 

447-14.1048950 402 Z7 
648 -13 680334.10 22 


Mtmx 

knbrt 

MMc 

LVMH 

K 2 P 

Uwnd 


715 

005 

1DBB0 

618 

615 

3523 

46650 

1.130 


... 738 380 &3 

-231*78 817 8J0 
-20 155 105 22 
-27 508 410 64 
-25 038 368 67 
-69 4*403.120 07 
—491 BO 274 2B 
—62 1.395 990 09 


5560 -ISO 6,1201940 OB — 


BCtunui 6034 +14 6,2993*10 

UtnAg 4540 -60 4*302910 

moral 1*81 —78 27201536 

8&5D +375 98 64 

25.110 - 6 io 2 s*aoiajn 
a.jio -425n*oo -Tac 
2*95 -43 2*51 970 

2*41 -72,1451,115 

1*51 -471*201755 

M 1*81 +91*95 670 

Or Ha 2*02 -63 37952.130 

Dartol 10*00 —5012*107*75 

Frtfln 1J7350-54B01BB5417S2 
Rat 4*60 -805*802598 
RrtPr 2725 -65 3*701*75 

RAa 4*50 -10 4*102730 

FonSpa 12550 -25515*769*30 
Gonna 1*57 -22 1*371*30 

Mrt 39*10 -67042*958*0 
am 2*86 —15 3*402?i'5 

IRPT 17*05 -16819*008*10 
M 12*80 -9014*0012*15 

Met) 9*77 -27310*854*10 
Mem 11*36 -55133407510 
IDgaa 5.199 -SI 5*802*06 
LUAOT 13*00 —30017*50 tc.®j 
MeCHIC 14*00 -3&O16B00Wn 
MOftM 1.116 -141750 532 

DM 2775 -OB 25251.170 
PM 4.110 —5 4*6031506 

2*30 -33 2* 601*70 

24JBO -23030*80 1«jn 
9.800 -240107787,188 
8w400 —40010*004*80 
3*45 -654*401*10 

4*45 -86 4*481735 

5.709 +7 6*803*30 

M»n 3.140 -«S 4*832710 

SPMd 10*60 -2751 

SHI 9*65 -1151 

601 +1 ?40 ^ 

1*90 *35 Z ISO 875 

28*00 

TbaFr 21200 *2002sfinwai 
Untoam 11*00 -20014*455*80 


2* 

4* 

S 3 

1 * 

22 

37 

6.4 

4* 

4.1 


PhBnnS 

SCAA 

SKFB 

SnMA 

sums 

SEBnk 

Ekmtai 

EhaakB 

SVraA 

SHrtB 

SnHarfl 

SyrtoA 

SyrtoG 

Tip* 

VUmA 

VrtmB 


438 

420 

551 

848 

178 

173 

481 

450 

368 

340 

118 

lies 

406 

273 

50 

285 

260 

187 

187 

298 

2650 

20*0 

133 

133 

140 

142 

140 
142 
127 
120 

DO 

197 

zm 

422 

422 

113 

141 
139 

82 

640 


-Z 

-2 

-5 

-7 

-Z 

-1 

-7 


-TO 

-5 

-4 

-2 

-11 

-12 

-1 

-7 

-9 

-6 


485 318 2.1 
485 316 2.1 
617 348 1* 
015 340 IB 
700 127 — 
10412450 ._ 
474 296 17 
470 290 1.7 
417 193 1* 
477 172 1* 
134 83 22 

134 82 27 
440 310 1.1 
318 136 IB 
60 25 1* 
288 162 27 
288 1B2 2B 
212 108 2B 
214 103 2B 
_ 360 17B 2* 

-v50 30-511 12 _ 

-B0 30B012BD _ 
-0 235 126 77 
-6 298 12S 27 
-1 16511020 27 

-1 15BHB5D ZB 
-4 155 60 — 

-8 160MLS3 30 
-2 1437175 _ 
-1 142 73 _ 

-IBO 88.75 570 _ 
-4 710 65 2* 

-4 233 76 07 

-12 475 SI IB 
-11 480 248 1.5- 
-5 1442375 47 
-3 160 MO 2.1 
-3 158 97 27 

-4 96 BO 32 7* 
-« 705 345 17 
-ID 705 41 17 


..485 

_ 575 347 

-10 1*80 915 

-601*401,240 — — BB2 
+31 547 306 — — J® 8 

-30 2.150 685 — 

-13 670 608 0* — 
-301*10 848 __ — E**™ 
-30 1*101*80 78* I ff , * *,, 

-00 1*20 812 DB _ *S”“ 
+10 4.7002.050 OB _ 

-6 730 457 1* _ HS?" 
-6 679 398 — — 5E£, 
-10 i.oool.loo _ __ ™™5P 

"I? 1790 1 993 Z Z 3E35 
-90 4^40 2350 _ .. ET 
—4 75® 4m ob — K3R 
-a0 2BB01*56 — — S£T 

-20 H SB Sm 

-80 2*00 2.170 
-31 7B9 555 1.1 — 

-7 422 238 — — 

-18 635 3S — . _ 

-21 1*50 475 ._ _ 

-20 1770 760 

—10 2.4901.830 _ 

-201.110 502 _ 

-6 762 370 

-91,160 B2» _ _ 

+101*40 B80 

+16 740 394 1.0 _ 
-101*00 681 — ... 

—3 739 380 

—IB 753 581 1.1 _ 

-7 738 497 _ _ 

-3 605 382 ._ _ 

-18 670 622 
-41*50 795 
-11 612 399 1* _ 

-24 IBM 60S _ 

+7 916 570 _ _ 

—30 B_Z703j680 __ _ 

_ 7B0 5TO _ _ 

-13 981 670 _ _ 

-24 676 648 _ _ 

I3HK8 z z 

-8027601*™ — — 

+13 1.170 72B-__ 

+9 729 309 _ _ 

-1 648 441 _ _ 

-60 3*402,140 — — 

-4 735 419 — — 

-12 919 >70 — — 

-40 3.150a_;~ 

—40 1,73014 


2 * 101*00 
_ 4*402.160 
-40 1*90 GOT 
-901730 890 
+10 1750 835 
-6 646 375 
-1 360 218 
-ID B92 500 
+16 712 486 
+4 640 443 
-11 531 290 
-2 1.1 BO 640 
-29172® 570 OB 


_ HpStmp 



-30 1*80 850 
-4010*006*00 
_ 6B4D47J0 
-13 560 289 
-20 1.9001.400 
-50 1*80 971 
-40 1,160 701 
-2 81 B 540 
-21 670 420 

-50 2*401*00 0* 
+3 033 540 _ 
-33 806 464 _. 
-10 17601X63 OB 
+4 898 579 — 
— 11 709 459 ._ 

-30 678 450 — 
+101*50 SBO QB 
-. G43 378 
-101*00 990 0.7 
-1 656 412 _ 

-2D 1.120 600 __ 
+101*301760 ... 

Tara z 

-8 420 278 _ 

-3 549 325 _ 

-800WB0012SS) 0.4 

’*00-32*Kl«nMBSa«l 


_ Ttotfe 1700 -50 1*40 n.w _ 

_ TktiCB 375 -6 556 285 — — 

1 Okies 463 -10 5BB 348 _ _ 

TohkM 1780 -70 1*301*50 OB _ 

_ TkSodo 4®} -7 SZ3B 385 — — 

1B60 -501*901.170 _ _ 

1*00 +102*20 928 — — 

1*00 -130 2*701720 _ 

3.430 -BO 4.4502*40 _ _ 

-70 3.4601*00 _ .. . ... 

-16 816 396 ... _ WWgOn 

_ 070 484 _ 

-70 2*201*20 _ 

-40 2*701790 0.7 

795 385 

-191*40 550 
+2 768 350 

-30 1*801700 
-50 t .4:01.000 
-7 723 555 

-15 790 5S5 

-401,430 834 
♦6 777 386 

-131.030 750 
-fl 432 271 

-20 27501 B80 
-13 684 402 

-10 1*801*10 — 46.7 
-2 652 410 _ ... 

-10 902 520 _ 

3*20 -IS 3.500 7600 .. ... 

2*20 -30 2*501710 _ _ 

-2 560 297 — _ 

-10 1*70 745 ... — 

-15 438 295 — 

+ 1 b/K 400 ._ _ 

+20 601 SI ., 

-17 475 284 __ 

-10 436 223 _ _ 

+ 101740 700 ._ _ 

-30 1*60 650 1.1 ... 

-30 1*20 891 _ _ 

... 975 715 _ — 

-21 031 487 AO — 

-40 2*801*50 _ _ 

__ . -20 1,7401.100 _ _ 

— _ YamKog 1*80 +IOIB10 7B5 _ _ 

_ _ YmTran 1780 +20 1*10 B65 _ _ 

„ YnuSoh 2*80 -70 2*801*70 OB .. 

+20 17201*50 _ _ 

_ TBSkQ 438 _ 563 335 1* .. 

_ _ VatRr 778 -7 910 8GB 0B5Z4 

__ _ TosTrB B55 -1 1.050 6*0 _ 

1* _ Vfcgiie 941 -191*20 BS4 ... _ 

._ _ YiJmBk 870 -41 1720 870 __ _ 

_. YMunm 599 -12 701 501 _ _ 

_. YcraLnd 1*00 -101*90 820 _ — 

„. YcmnRi 1*90 _ 1770 720 _ _ 

Yuan 663 -17 787 395 „ _ 

brt 042 +22 73! 425 — — 


_ _ Trash 

_ Tom 
_ TuyoCn 
._ _ T®Al4 

Toyrtn 

„ _. loyoKn 

_ TOynSk 

._ fomM 
1.1 _ ToyoTH 

_ ToyoTH 

Toyobo 

_ TaOMn 


03 lamnU 

-3 968 444 _ _ UBE 
+10 2 * 001*00 _ IWHk 
-201.7401.130 _ _. 1MB 

-8 903 6*5 _ Y*3C0rt 
—15 950 805 _ _. YOHMC 
-1 557 354 a7 ... " 

+5 900 579 

-g 505 377 _. _ . 

-80 1.420 003 0* ... YtaSHon 


538 

835 

2B30 

1*90 

543 

776 

685 

1*70 

UPM 

SOI 

TBS 

1710 

549 

B22 

348 

1*00 

617 

1.600 

603 

700 


1.120 

415 

516 

495 

384 

315 

1709 

1740 

1*80 

BBO 

681 

2.040 

1,720 

1*80 

1780 

2*80 

1*00 

438 

778 

055 

941 

870 

589 

1.000 

1*00 

863 

042 


1130 

33 

12.10 
43 
41 BO 
GO 
975 
21*0 
1700 
12 
5.75 
34 75 
103 
15X0 
57 

11*0 

BBS 

49.50 

18*0 

12*0 

46 

24.60 
24*0 

23.60 
1470 

7*5 

3326 

25X0 

950 

84*0 

3075 

1500 

11 

3175 

3530 

87 

1230 

e 

1270 

420 

406 

53BO 

SBO 

2900 

9050 

1830 

1230 

1Z70 


-.40 15.60 6.15 
-175 50 2223 

-.10 15-70 8L50 
-.75 521060 

-175 5728.75 

-BO 71 31 

-75 14 3*0 

-BO 2770 1110 
- 10 laiDISJS 
-40 1620 10 

-X5 8*S 2B2 
-1 45 14 70 

-4 131 MM 

-X0 2130 SBO 
-4BOGOBO <0 
-30 13 30 60S 
-J6 930 3*5 
-75 60501420 
—.60 29*0 13.40 
-BO 1530 5X5 
— 54 ZO 

-B0 3SBD 15 
-BO 31.75 11 70 
-403075 955 
-J5D IB 9 
-.10*0 475 
-ITS *3001*00 

-BO 332512.10 
-15 13*0 B 30 
-1 50 04 *04175 
-.75 38*01850 
-30 25 B75 

-70 12*0 875 
-.75 «3 16 

-ITS 391600 
-BO 772475 
-00 16.50 885 
+.10 7X0 167 
-20 15.40 7.95 
— *0 556 387 
-75 7.G0 2*8 
_ 71 SSJ(I 

-JO 11*0 4*0 
-70 367511.40 
—75 41 15 

-*0 2350 BBO 
+20 1660 7.60 
-70 17 4010.10 


31 9.8 
27 22.6 
3B _ 
ZO - 
2B3S8 
37 577 

IB r 
6* 160 
DB . 
ii 

i* _ 

1 7 .. 
3.7 44 9 
14 210 
31 30 
3.6 

4B .. 
IB 27* 
IB 7.0 
2*22.0 
3.5 ... 
04 _ 
29 362 
3* _ 
40 _. 
17 _ 

10 

□ e _ 
o* _ 

ax — 

4 1 24.7 
OB _ 
2* - 
_ 65.7 
soar® 
24 440 
1*107 
11*38.1 
7.1 .. 

SI . 
1*102 
24 15B 
72 - 


1500 

12000 

1G700 

39920 

0200 

34250 

840730 

34945 

445080 

500 

37276 

13288 

10600 

166*7 

83318 

16500 

11105 

zoaoo 
81 
34800 
27734 
1 DC 790 
74600 
77? SO 
490873 
10120 
54579 
196807 
7S116 
16502 
14500 
35311 
1400 
27320 
8495 
14400 
0800 
218000 
9900 
6972 


CoraOo 

CmFdA 

Dnoag 

Coen 

Con«5tl 

Camaca 

Cartm# 

CanOcc 


Ctfll* 

CanliA 

QmUlA 

CortltB 

Ccaln 

CanKf 

ConTno 

CenCeni 

Gem ■ 

OUCH 

OnaOd 

Comnco 

CnalS 


- — MALAYSIA (Mar 2 / MYR) 


_ 

Bourtd 

4*8 

-07 

800 2.40 

10 

■Mi — 

Gmg 

28 

-1 

391iM 

08 

— 

HLCr« 

22 

-.10 

23 GJW 

04 

-- — — 

uaenk 

1570 

-80 1080 5.7D 

1.4 

ww w. 

Hanoi 

400 

-.13 

6*0 246 

1.6 

— — — 

HiPup 

555 

-25 

820 105 

0* 

— — —1 

PBB 

478 

-.12 

B*5 1.40 

1.7 

— — 

StmoO 

8*5 

+.10 

8.40 4 18 

3* 


(Mar 2/ S3 


bKhep 


ocac 

OUB 

SAUf 

SPwo 

SpioT 


11.70 

-*0 12.70 890 

1 4 


IM 

-70 I960 10 

07 


2*6 

-ID 

300 271 

70 


3X0 

-JJ4 

4 2*0 

3* 


5*& 

-.10 

7.15 5.40 

1* 


1000 

+ 10 12X0 6.40 

10 


14.10 

-70 18.70 945 

0.7 

mmmm 

870 

-.15 

9*5 408 

1* 


11 40 



14 10 8X5 

20 


14 40 


16 840 

21 


3.62 

-02 

5 306 



304 

-.02 

4*4 208 

£• 


^.{Ki 

-.oe 

5*0 2.45 

1 7 


10.80 

+.10 1210 5*5 

1.7 




CM 
Cmm 
D«njgM 
Derem 
Ortsca 
OonwiT 
Darmai 

PuPntA 

DrnJBA 
Eraora 

Echo B 
Emca 
Eurtm 
TO 

Rum* 
F3MA 
Tone 
. Ft Nov 
1830Q FtflW 
245247 
21 HO 
58300 
12990 
21 DO 
120250 
5900 
295055 
21700 
24334 
200 
3750 
B3560 
32821 
6000 
70839 
400 
0250 
206856 
78150 
107' BSD 
2357 
2000 
1D59S00 
73145 
2330 
8650 
10367 
4900 
800 umu 
45 Uarn 
400 Lnrtk 
£0243 LHB 
1852890 LrUn 
290 0 UKmA 
627S70 
36250 
308125 
508G29 IUU4 

i44o2o terns a 

34500 Mnacti 
RlmnH 


430 +5 430 4J0 
7 ‘a -4«S7H 7*. 
235 -10 245 235 
2Dh -H 52120*2 

& +i!S23SS 

34i. 33H 

27l t S2JS27I* 
S2 7 ! +4. 1731a 2P*j 
15 SIS 1b 
12*1 -> a Sl?>i 1214 
25Si -taSStiSS^ 
26 -14*?61| 26 

47Si -14W^ 47 
21V +VS21V20V 
200 +2 200 194 
34V, -4«SMV39>7 
63 V -14. S65U>; 

36 -2 30 38 
385 -20 400 380 

IBS SICS 10 
27V ♦Seri 36V 
1«J -5 1® 190 

37 5371,354. 

!U| +«.#»») 6 

25 -2 25 H 
51, -liUU 51* 
74 +■*174'* 23'* 

3 $7*. d7'r 

+ VS8J, 8 
WV -V 554 53 

10*4 -H>W|104i 

17** -S*ii"slb 5 i 
I64f -M 517 IBS 
Wa S0<2 0*i 
42 — *25*71:414. 
500 + . 500 4» 
21V -i|E1V2Hi 
si. 


5900 

1600 

30000 

21974 

4773 

55535 

37D0 

39370# 

2989 

70035 

11B579 

136538 

131® 

saw 

521610 
1201b 
40388 
125002 
1200 
16871*9 
SOI 
1039*5 
10531 U 
297510 
173687 
11838 
56650 
200 
>900 
32*04 
4138 
22000 
131501 
59476 
G400 


SMC 

Sonera 

Still 

&LH1A 

a 

trt g n ii 

EcuraC 

OwM 

SDbrC 

SHLSy 


Spc-Aa 

Sntco 

Trrtfl 

IBO* 

ItskB 

TWO 

TWO 

Taut 

Duran 

InOoqi 

Inert* 

Tmofl • 

Inmac 

ImsA 

IMPAi 

usurer 

lAflhan 
IHn 
Vlcaro 
WHS 9 

WKUC31 

WratnG 


in. ms ns 

'“is i "tn 

12^ 512* 12*3 

IDS — S Eli 10S 
13S -S513S13S 
BS -SBBS OS 

377, _S 538 ]7S 

7S +SS7S 7*a 
36 s +S**a38>a 
ns ms 11 

os . 5 bs as 

ID +S 318 17V 
16 -S5itS17S 

BS «>.a'i as 


- £ isasr 

16S -S517S1GS 
IDS -S519S10S 

17V -VSli'VIBT, 
» SSSJU- 
1B T , S19S IBS 

IBS -S515S15S 
IBS -VI16S16S 
65 -2 87 64 
25 +VuS25 25 
38 53037V 

27V -SB7S 37 
*r'a 38S BS 
10S +SB1DS IDS 
18V -SHIV ifi 
23S -S S2423S 
40 -SMS 40 


IBS 


318 164 


MONTREAL (liar 2/ Can S) 

4pmc*K0 


4Seaan 

taam« 

bins 

cufijr 

GaxC 

GnilaA 

Ban&w 

CMSti 

GUt C 

KaSU 

Hwasa 

Heaan 


mnori 

HmH 


HuoSay 


anpOl. 
meb • 
MMu 


MpvP 

MuEta 

amooc 

hocoA 


28*. -VC8S2BS 
sis -sms bov 
US -V 512 n S 
7J 87?, JS 
13S S13S13W 

iu ties 9 s 

330 -10 335 325 
21 V -1 J iE2b 21 V 
15S +VU5S14S 
17 +V 517016b 
56 -4 M 55 
20S +S520S 20 
455 *56 446 

10S RDS 10S 
25S CSS 25*; 
15S +* RS'jIJS 
12*7 -SR2S 12V 
l«S J1*S l*»7 

16V (IBS 16*7 
IBS -V51IS 18S 
31 S -SdV 31 
3BS -SS»S 39 
48S -4,5161,457, 
33S+1SSDS31S 

a st s 

4-J -S 59 4» 

327, _V*JJ«,32V 
13 -VSUS12V 

21S - 1 : 822 21s 

as -ssav tv 

2DS -SSSOS 20 
72S C2»J 22*7 
31V — ijSSIV 31 V 



+ /- IM Law 
20S ♦ Savins 
14’, -S814VMS 

zdv -v *21 ms 

7S 87 S 7U 

14 v -V814V 14V 

os so*.- a*. 
10V +SSIH4O8S 
US -S811S "S 
10s -SRDSioS 

20 — S 521) 20 
OS -S»7.d8V 
res — S 83029*. 


AFRICA 

SOUTH ARBCA (Mar 2/ Rantfl 




LoUOw 


8, +VS62 

BS +SM3 


23S 


NORTH AMERICA 


140117 

144474 

15710 

8504 

14729 

24194 

96725 

20000 

1235,4 

107 

366580 

57328 

2480 

121850 


MopnaA 

IWUM 

Marigf 


SX: 

mmmi 
N oma A 


TORONTO war 2 /Can 9 

4 pm dose 


AUSTRALIA (Ifer 2 / AustQ 


— AMojl 

— Amcor 

— AnswU 

— MM 

— AfitTtO) 

— ANZBK 

— AibGU 

— ANI 

— BMP 


462 -15 846 345 2- — B1R Hy 

a = = sar 


2X80 -40ZJGOZOTO OB 
1^60 ~ 1^1^ ~ 



4*5 

900 

400 

1002 

200 

5.13 

475 

2*5 

1700 

370 

4*2 

0*9 

1478 

OBB 

1.10 





a ' — .... 

+131,080 410 00 

'1.IB0 sn 


+2 '470^ _ Z 


JEOL B93 


+101780 

-40*760 

+2 470 _ 

Us! E E 

_ 713 370 _ _ Okuna 
-12 1030 716 17 _ Wunti 

3 NWI z z B IS 

-GO 20001770 — — OnnhC 


+2 

.... 602 
-50 1.110 
-22 523 

-14 1720 .._ 

-30 37102020 DL0 — 

-4O107B 300 _ 

-1 489 238 _ _ 

-401040 960 _ — 

-40 2.410 1X10 00 — 

—20 1,060 620 _ 

-30 052 BSB _. ... 

-17 773 475 _ — Fart 

-101.100 800 ... RiehC 

-15 680 216 _ — Fom 

-24 1,110 618 


970 -SOljlO 


-17 792 453 — 


“ z SS? 

+1 904 S4S 

1 as 

1 2,1101,13 


_ OnoPti 
_ Dnwttaa 
_. _ OHM 

“ zSSna 

= = w 


£7 Z 


— smrzHttJU® (Mar2/Ft3.) 


AdaBr 

«■*> 

AMLRB 

Hr 


z5®- 


BfBvHg 

CSBr 

ObaSr 

ObrtS) 

Bak&r 

Bn* 

FScna 

FrboBr 

HUM 



716 

827 
820 

2060 

1015 
101 
016 

828 
785 

3.710 

1,730 

1016 
2060 

■00 

416 

815 

160 

035 

1.400 

1030 

141 


-13 2925400 _ 
+12 688 386 20 
-10 BUT 377 20 
-4O3.O96105D 1.1 
-291.184 868 — 
+1 220 138 ._ 

+10 786 972 — 
-32 970 612 17 
-30 0C 581 10 
-11540602060 3.1 
-20 20401000 _ 
-301*30 819 3* 

— 20501075 £0 

-01.000 514 1.4 
-5 537 370 27 
-5 990 635 __ 
-1 175 100 _ 

-16 BOG 465 1* 
-145 1000 485 20 
-30 1.4371015 IB 
-61627B87J5 — 

— 1,7207,150 4 X 

-340 5.7052030 — 


e£ 


■3 -as 'ss 

-14 960 616 
*29 709 413 
-181*20 790 00 _ 

—40 20001*80 00 — 

-30011H07X40 _ Ryort 

-301B10 660 08 — Satan 

iWilB 

ijj ” e 

-24 ins 300 

Z Z s 3 Bu£ 

-7 445 2S1 _ — SHUT 

-6 3S9 273 _ _ SrtyoF 

z z Sffi. 

-201,110 760 00 __ SrttHn 
-3O2BW103B ox _ Sanaa 

-S SB W SvOov 

-40 lxaovno _ __ 

_ S74 240 _ — 

+1 1,030 540 _ _ 


8*40 

’a 

*« 

710 

^7? 

761 

4030 

1XM 

1.™ 


z :SR 

1.1 — GXUua 

SSS: 

— uinair 
— »W» 


-101*10 BBS 
-401010 064 

-26 694 450 ... 

-60 6.1504050 0* _ HtW 
_ 1*201033 10 _ MmstM 

-27 930 600 — _ KUUn 
-120 4*002.180 0.4 53.4 KUdn 


1.1 



-10 994 410 
-TO B23 540 
-903*401010 __ 
+2 583 350 1.1 
+6 090 403 10 

J«SJB z 

-101090 880 - 
-15 690 422 _ 
-301.7501.110 _ 

— 732 471 _. 

-40 3,0802*10 OX 

— 2070 012 _ 
-30 2.4601 — 

-17 1,120 . __ _ 

-8 499 342 _ 
-151.120 830 - 

-20 7*305*80 00 

7410 -130110007,010 _ 
4*50 —40 40502,100 _ 

1.780 -20 10001040 00 

1,180 +301,310 BOO _ 

1000 +30 10101050 — 

1,110 -10 1.130 675 _ 

S Ii 

-40 9*005054 _ 

-401.780 028 _ 
-7012202150 — 
-29 1030 715 — 


— UndU 

_ LtaiN 

— MM 

— MaynaN 

— MMMt 


4*2 

no 

1 .05 Hi 
0.40 
5*6 
106 
1*2 
302 
202 
1*4 
281 
116 

II? 

2X6 

1X0 

1.70 

10X0 

30M 

17X0 


-75 6 138 IB — 

-.14 11.12 7X8 12 38* 
-.14 880 1B5 12 — 
+.02 1292 BBO 29 38B 
-02 295 1*4 20 .... 
-.12 5.72 2SS 30 _. 
+03 400 200 10 mm 
—03 2J5S 1X5 30 70 
-*0 19.801256 2X27B 
-03 3B8 2X2 IX 60 
-.18 402 200 4* ... 
-01 IBB 0*6 _ _ 
-08 170,1100 4*350 
-02 000 0.4, 24 „ 

-02 1.10 0-67 8* — 
-.06 503 305 30 210 

- 5X8 302 4X 200 
-.42 19*212*6 30 

— 3.15 202 _ 

-06 3*5 108 27 
+.14 12*0 570 10 

- 5.70 4.42 89 

—03 6.75 3 1* 

—06 1070 505 40 

__ 1X6 0i75 24 
-03 0.72 0*3 50 .. . 
-07 ft«P 302 30 *4 

_ 101 1.10 — „ 
+02 1.40 0*8 ._ IB 
+03 3X5 IBS IB — 
-.14 298 255 — 

-02 100 Ml 40 
-02 295 208 7.7130 
-.10 350 203 4J7 
-02 1.78 003 2* 20 
-01 1.78 1X0 70 
-01 205 205 40 50 
-02 202 008 1* _ 
-08 202 0-70 — _ 

-0611X0 5*0 25400 

_. 300 1X2 60 _. 
-*819*01308 4X320 


91145 AUIM 
72280 AgnEag 
460268 AaCO, 
15060 fl®»E 
1500 M&NB 
644421 NcnN 
583788 AbiBmt 
3700 AEOO 
5100 BCSinA 
57485 BC Trt 
B27B70 BCE 
12589 BCE MO 
186700 Brtnn 
15D10 DO) A 
4140 Bramah 
744066 BfcMort 
545233 BkKw5 
225480 ErtxkB 
60427 BOWIM 
2X31930 Bnrtoo 
47500 BncnA 
32753 Bmcar 
69650 CAE 
sraan CmpM# 


*/- n* Law 

17 S17S18S 
1GS S15S15S 

»9s 

ITS S17S17V 
31 V +S 532 30V 

sc astss 

13S 14 13S 

13S -V S1413S 
9V +S»S 
2B>2 — S S2928S 
30*: -SKIDS 30 
20S CDS IBS 
12 -S *12 11V 
4ZS -1 43 41 S 

18 +V SIB ITS 
25>« ESS 25 

6 -SS6S 6 

80 +1 BO 75 


52007 NMUC 
132046 NDlTal 
asarai Non 
10450 Haw TO 
1000 NunocE 
17228 One* 

16 an oanawri 
215600 PWAQ3 
46000 PunW 
36570 PdooP 
45450 PagmA 
3000 PancnP 
70100 Pgosui 
54645 PctCws 
1368890 PMEn 
733G30 PtOome 
12361 PowrCD 
30 Powifn 
1D900 RawkT 
mm MMS 
4050 Fkunmn 
27300 RngtH 
715 Irtwfil 
188853 Mi in 
648650 irtpap 
13140 RHrtl 
621187 noAIg 
313058 RagCme 
530138 ftOy«C 
38883 RuyOMi 


52S _ . . 

us -sms us 

Si 

59a 23S 
II III IDS 

as »v ;v 

13V S1JS13S 

28 -srglj271: 
IBS +VI16V 10 

22 s -v *23 as 

GOV — VlfiAJj 551, 

12S —4,117, 12S 
2, S +', 52524S 
13V +VE13S I??, 
13V S19V 13 
BS +S5SV 7 S 

125 125 125 

IDS -SI10S10S 
75V -IS 177 V 75 
BS -SS6S BV 
13S lAITS 12k 
25V +SCLS 25 
us -S *15147, 
40S MOV 4b 
9V -S*B>3 0V 
19S -SE18S 18 
ov 58V as 

15S 515S 15 

224 -SC3SaS 
124 -1 128 120 
40 -4 44 40 
BS -V SBV 9 
330 330 915 

37S -SC7S37S 
25S -HC8V25S 
13S t13S <3S 
BS -SMS BS 
31V -1 W2 31 
22 *s fens 
33S S33+33S 

17S -SH7S 17 
21 *21 21 
B4 +1 584 84 

28 *28 28 
2bS -VC7VS6S 
5S -SS5V 5 
17V +SC7V17S 
21S +SSZ2S n 


ABSA 0 17 
MO 20 

Allied 94 
Amcert 175 
AngAm TOO 

AmflDU 380 
AngvW 111 
OwHmr 2875 
Bantrt 21.75 
BUNel 40 
CNAGflf 365 
OrBOn 108 50 
&7II 


Dnetn 

Erne 

UamG 

traon 

FTrtSh 

rmyt 

Ganrnr 

CfbA 

Hamvry 

Knbs) 


5125 

775 

74.75 

20 50 
87.5U 
G3 
BIO 
04 
2b 
23 50 


HMH IB 1001 
scon im 
anMei 61 a) 
JO 86.50 

Kara G75Q 
MMC 4675 
UDUd 83 5001 

Mataa* 18 

Mwfcv 26.50 
PHUDU 60 

PiamOp 71 

RwidOi 39.75 
31 

21M 

RmPl 04 

SotHen 101 

SranCO 1010 
SAWnw 0275 
GAMnAm 38 
50M 124 

TlgOrt 51 50 
liNltW 3275 
VftaetD 416- 

WVaa 3025 

WDmo 10 s 

4000 


RniMGff 

RmMCn 


*7— Hi law YU HK 


- 08 1050 7 Gfl 

20 5U 
140 95 

+ 1 12b TO 

•2 23008 75 
-1 420 139 

-3 11574 75 

+ SO 57752800 
-*5 34 50 « 75 
80 18 

- 32 75 375 

+1 50 1 1 5 57 50 

- 40 1 1 25 200 
-2 11, 502925 

-50 1*50 350 
-.75 3850 800 
. 533025 

... 0UB4M 
-3 60 22 

+ 2011*5 0 85 
+ 1 110 53 

-1 2750 5.75 
-1 2000 H 00 
+.10 20 8*5 

♦ .16 am 0 6? 

7233 75 
-75 80 46 

-00 012,75 

-12 os 2, 
+.75 R5S80O 
..20801275 
.. 20.501885 
-2 82 51 

♦ 50 71 47 

-755150 11 

- JS 3D 752320 
... 20 501850 

-00 8057 75 

+ 1 100 87 

+.10 17.501150 

- 7b 07 50 54 

38 17 

-S 1603400 
+ 1 53 37 

+ 10 3475 1775 
1300 4001359) 
-75 42 1.00 

-6 215Q0O 

- 80 24 


ftmaoptUOy liifen 


“ ■ TOKYO - MOST ACTIVE STOCKSe Wednesday. Mach 



NOILS - UanakniwapUwrt 
■rtMkri mortw m m rnfly rtn noM 
■te IMMjm n 19359,. «n Tovar 8 
MaM mm » Dert«, nmnkd Ufa 
BMdno a t» root How. Bbm a Ei a. 

FT FREE ANNUAL REPORTS SSMCE 
Mr tor coup m trim anrt hob H nwnaio 
1 mi on 4. am mi tw n77P o h an tw 
M& M n Jya ff art* Mi won IK. H 
•4, 770 0779 or flw II 770 WE. Ortfl FT 
Jwnt tv IkOHM wrt b, no ■ M rial will Oy 
I fia Mm i w w w OO w V FT J— aid M, 00 


Kawasaki Sleet 
Hitachi. 


Nippon Steel _ 
Mrtsufabhi Hvy . 
NHsuko 


Stocks 

Ckwkig 

Change 


Stocks 

Closing 

Change 

Traded 

Prices 

on (toy 


Traded 

Prices 

on day 

6.4m 

360 

-5 

Sanyo Sec 

3.9m 

480 

-8 

5.4m 

944 

-13 

Matsushita B bid — 

3.8m 

1,740 

-30 

S.4m 

346 

-6 

Toshiba 

3.8m 

705 

-15 

4.7m 

701 

-14 

Itochu 

3.7m 

698 


4.1m 

1,440 

-40 

Isutu Motors _. ™~.. 

3.6m 

425 

-13 


- NawsCp 

— BNtwk 


NSHPuk 
... FKOun 


= = & 


— Pbtnc 

— PtaGM 

— QBE rt 

— QCTFfc 

— RnonGd 
_. Mterai 


INDICES 


US INDICES 


Ka 

2 


Fab 

ZB 


MW 


-19BEU4- 


Har 

2 


Mar 

1 


Fab 


- 1993/4- 


Door Jtaaa 


Htfl 


Low 


FfiO 

28 


— SnrtWtw 

— SonOra 

— sms 

Staid 

_ TOT 

— T BtCfH 


Fab 

25 



-.10 





-.12 

1» 

1*1 

17710 

8*0 


815 

3X282 

3*2 

-.05 

4*1 

1*5 

30 





7*5 

40 127 

6*6 

—23 

700 

5*0 

21 

_ 

0.90 

-.10 

12 

8/5 

00 

90 

6.15 

-.13 


283 

23 


215 

-.07 

270 

1.18 

28 


3X9 

-.03 

4.1b 

208 

17Z3X 



5*2 

475 

4* 


1.75 


215 

0*5 



2JK? 

-.1.1 

7X3 

006 



216 

-*6 

872 

218 




3*0 



— 

8.05 

-.18 

9*5 

205 




3*5 

— *5 

5.10 

1X7 

3.0 


5*0 

-m 

b*U 

3.75 

2/ 


1.31 

+*i 

1*1 

l.Ub 

7* 


4*0 

-75 

875 

2*5 

00 


87D 

-lOb 

770 

5.15 

57 

7* 

4 






875 

-JJ4 

7.10 


4.1 


0.10 

-20 

R74 

4.15 

50 

- 

305 


3*0 

294 


- 

1*/ 

-*3 

3.10 

283 

7.1 24.1 

214 

— *5 

252 

0.8B 









— 

9*0 

+.IU 

RTS 

5*0 

3LX) 

— 


1983/4 SkcecomiMon 

Iff la V Low 


Geneirt (23/12/77) 

M 

Auetreto 

M OntotoBtVUSQ 

2154* 

M MongTlA/Bq 

994* 

Arabia 

Dart Awwpnnzfflfl 

<37*6 

Tradsd hdwC/lfft) 

1131.48 

Buolvun) 

1473*0 

Bred 

BnwBpa (29^2®) 

M 

Ornda 

nee* IM4{187S) 

M 

CbovasSef (T979 

M 

Pertctto§§ (VMffl 

M 

Call 

FGA fin L31/1MC9 

M 


358495 3661*3 383403 1/2/St 


Bganfiy3n/B3) 302*1 <0073 402-72 <*S7B SOBS 
ln&pSM&i 18402 1B50B 1970* WZJI0 «»« 


U(3T/T2S(| 

1(31/12/37) 

V 

lan(31/12/58| 

tmwnva 
an asm 

ssn/tam 

ttO0 

engpl/7/W 

raflBTO 


145008 M85*Bt 1510BB 15B520 2/2/94 


778*3 79900 901*6 


4/W 


ZrtVm 51047 M6.41 5«23 «2»Sn« 2R*I 


1(4 nm 


B{1/1(VB2) 



9feaba 






bikdrt 

3809123 

383202 3838.78 3B7R3B 3241*5 

397136 

41*2 

12)6708 80/93 

PC (Nor 1978) 

M 

25K15 

2505X4 

2981.17 8084 

1504.15 25/2® 




pi/104) (20/103) 

(31/104) 

p/7/32) 


HMbWlrtl 






Hone Bands 

103.40 

103*3 103*8 10R77 10140 

10177 

54*9 

1495*0 13/163 

CBS URnEen^nd 831 

4224 

434.1 

437* 

454*0 3V1/B4 

29570 4/1 133 




(16/1003 (1/304) 

(18/1003) 

(1/IIVBI) 

5BUD 13/103 

CBSMSrpdKt 

Z763 

2810 

283.7 

294*9 31/1® 

199*0 13/1® 

Transport 

1748*3 

178231 176209 118229 1453*4 

1802*9 

12*2 


M9 Zbrtnd 









(2/204) (4/1(93) 

(2000 

(8/7/32) 

aaaia ivi/aa 

Cp. 40 (1/7/86) 

£227*8 

‘jj’wyn 

22U3S 

2439*4 3094 

22*0 22004 

Ha 

208.40 

210.45 20141 2SEXS 207*9 

258X0 

1051 

712*8 15/103 

Norm 









131003) (M/204 

(310031 

(BW32) 


0rtSE|H3Qn®l 

1179.13 

12M.DB 

1211.10 

1211.16 28/2/M 

689*3 27/103 

DJ hid. Day's Mnh 384874 (38740Z ) Lew 377293 r381T.ee ) (TheorrtlcrtA) 









Own Mah 3835*8 (385Z78 ) Low 3786.43 CB32Q2 ) (AelueM 



112MB WB3 

PWppton 

Mads CMy (2/TA5) 

2609.75 

2755.65 

2861*1 

330BJ7 4/1/M 

127RE8 4/1® 

Standard and Peas* 
Carafe t 46444 

467.14 46608 482*8 429*5 

492*0 

4X0 

TUB 4/1A3 

Pertagrt 









(2/204) (871/93) 

(2/204) 

(1003 


BIA (1*77) 

30523 

31407 

3112* 

3229*9 18/204 

160R2D 14/1® 

InrtmliliMp 

543*3 

54109 545*6 56A5B 49148 

HUB 

3*2 

ZMU1 21/103 

Sb«pm 









(2/204) (25/403) 

(2004) 

(71/502) 

32JS» 21/1/33 

SSM-ffosnCW/TS) 

995.11 

SERBS 

603*3 

641*1 VUM 

394.10 13/1® 

Rmreto 

4143 

43*1 43*2 48X9 39*9 

41X8 

914 

1720*7 Z1/1/B3 

Bwgh Mdca 









(26003) p/1 03) 

(28003) 

(1/10/74) 


JS£ Odd (£8/3/781 

1923*V 

1906* 

1995* 

233L0D 4/U94 

775*0 5/l« 

NYSE DoniL 

257*1 

25023 25157 287.71 23121 

287.71 

4.46 

2B1258 KKffl3 

JSEkxL [9/9/789 

5B3Ulff 

8614* 

5809* 

5822*0 4094 

439300 19M® 




(2/204) (6/1/93) 

(2000 

G5/4/42) 


Sort Korea 






Hub IK W 

«9*G 

<71*4 4S7.45 417*9 395*4 

487*8 

2L31 

281 JO «183 

XoraaCmii644n®r 

906*6 

H 

918*8 

BM25 2/204 

605® 6/303 




(2/200 0/103) 

(2004) 

(9/12/72) 


Spata 






NASDAQ Cap 

78UU 

79200 79178 890X7 645*7 

108X7 

54*7 

M3.16 221 S3 

rttMdSE PW12JB5) 

32216 

■wan 

339X6 

36831 31/104 

215*0 4/1® 




(31/100 (20/403) 

pi/100 pintwg 

111439 28/UB3 

^^d£en(UM7) 

1432X0 

1522*0 

1539*0 

1893*0 31/104 

B7R10 £8/1® 

■ RATIOS 






177221 2a/IA3 

SAmMd 








Feb 25 

Feb 18 Feb 11 Yeer ago 


Swfsa Bk Ind pinattQ 

1280*4 

1312.79 

1326*0 

1423*4 31/1 04 

90480 11/1® 

Dow Jones IncL Dfv. Yield 2.62 

2L5B Z58 3*2 

SBBJB 14/1® 

SBC Genort (1/4/B7) 

973*5 

907*3 

1007*1 

109329 31/104 

S78J0 11/103 



F6b 23 

Feb IB Feb 9 Year ego 

169930 14/1® 

Xdrtrti 






S 8 P bid. Dh/. yield 

2*6 

2*4 2*5 2*5 

181650 13/1® 

WBg*dY430B6Br 

542237 

S4S2.44 

541404 

689152 5/104 

308543 Ofl® 

SAP hid. P/E redo 

28.09 

26.18 28L07 28*1 


iMto 






■ STANDARD AID POORS SCO DtDEX FUTURES $500 Umes Index 

68772 5/1® 

Bangkrtt SET (3W4/75) 

1339.12 

137597 

1372*3 

775373 4/104 

818*4 10® 

Open Latest Change 

Ugh Low 

Est wot Open inL 


hafeay 






Mar 463*0 459*0 -4*5 

464*0 45205 

96,600 

167*80 

5437*0 4/1® 

BUrtail CBvVIan 1888) 

156408 

146012 

150030 B9B308 U/US4 

3955*3 1/1® 

Jun 

- 

- 


9X70 

31.723 


mu 






Sep 

- 


- 

- 

- 

218857 23/4® 

us capurt it (l/l/HB 

6191* 

B4.1 

627* 

841 JB 1/204 

4850 13/103 

Open rtwoK figuw ora lor preuteui day- 





OtEHOBDB 












273*1 S/I® 

Etntok looptnon) 

1333*0 

1431.18 

1458X3 

15tt» 31/104 

ISSUE 13/1® 

■ MEW YORK ACTIVE STOCKS 

■ TRAUMA ACTIVITY 



Em Ttap-100 COMO) 

1202X9 

122420 

124267 

1311 *1 2/204 

862-73 13/1® 







1191.10 11/1® 

JC30eDnrtPVIZffl« 

M 

33254 

TMIIft 

SZUfl 5/104 

199(82 4/1® 

Tuesfey 

Starts Ctase QaigB 

• Volume {must 




Bntogs Emagf77l®) 

M 

1BLB9 

187*9 

18272 14/2/M 

89*1 4/2® 


traded price on day 

ME 1 FED 28 

Feb 25 

448*3 E/1® 







TeWonot 

5.171*00 

6Bh -A 

New Ytaft SE 300028 208.137 

273*16 

Diub wnm 

■ CAC-40 STOCK WDEX RHURES WATlfl 


Society Coni 

4,5*7*00 

31H -1 

After 1/JBW 18X49 Z71Z1B 


Open Sett Plica Change High Lew EsL vot Open InL 

PMff Hunts 
NgM Fqcff 

4232JQD 

3*40*00 

SJ» -H 

31M +24 

nnpuHi 

NYSE 

m 


1867271 2981® 

Mar 21SaO 

2155.0 

-30.0 

2174* 2094* 20588 60205 

Muck 

2*£9*00 

32 -44 

rtaies Traded 

M 2.752 

2.748 

3WU4 29/11/93 

Apr M76.0 


-31-0 

21800 21205 44*76 1*46 

Keyaxp Inc 

4*57*00 

37 -1 

Rtes 

W 1/449 

1.163 

1250*0 25/1® 

Jui 2163.0 

2152.0 

-30* 

2163* 2118.0 

106 3>*1 

RR MU8C0 

2*80,300 

6ft 

Fafe 

M 731 

904 

1881 72 2Bn® 

Opm ireerert figuran tar pnwtaoi dm. 




Tratam Com 

2*73*00 

14H -44 

Unctnoged 

M 572 

651 








Ben Maura 

2*88*00 

504 -54 

Mm Wtt 

W 87 

48 

SVL2& 13/1® 







BM 

2*30*00 

5314 +41 

Nm Lmc 

(Ml 49 

75 



Cakkrtad rt 15*0 OUT. • 
hdot wamBcrt doyS NgM 

the actual days Mgyw rtrt k _ _ . . 

dump aw trtg. fn» Igun n bndanm m previous days). V 8rtnaa u affirtrt racrtcurtHoa 


Eretadng bends, t Induiairt. dm uatw. Rnanrtrt art Thmportntion. 
and tm bp u» auaragos at ttw lUdna aid lowas pAcos iead»d tamg ihe dm by eodi 

by Tctehunt wnwu ma lughan and kwwrt vrtuee met Dm Indwi ho, ranched 


Read tomorrow's newspaper today. Check your Pulse 


• ~ — ft 

The City news stories that will make tomorrow's front ^ PULSE K Telecom 
page are already on Pulse financial pager. — ▼ l:-::-:-. 

CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1157 f'WWW.i WWSW DotrJonc-^i^H 


Poir Jonc^-iclcrat e 


Is this your own 
copy of the 
Financial Times? 


Or do you rely on seeing someone else’s? Every 
day the FT reports on the topics that matter to people 
doing business eveiy day. in and from Europe. 

We cover the latest European. U.S. and inter- 
national news, and analyse the implications from a 
European perspective. In fact you’ll find far more than 
finance in the FT. 

No surprise then, that the Financial Times is 
read by more top business executives in Europe than any 
other publication* 

Make sure you're one of them by gelling your 
own copy of the newspaper delivered daily to your office. 


•Souiir EBRS HQJ 


FT 


T« Gillian Hart. Financial Times lEuOTpelGmbH. Nihdunpcnpbi7 .i.rtUIR FnmUun/Mjm. Germany. 

TeL + 49 69 J.Sfc JL5P, Tlv. J16IQ3. FlK^WS^ 44SX 

^s--- 

SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

To: Gillian Han. Financial Times (Europe) GmbH, Nihclnngcnplalz 3. 601 IS Frank fnn/Main, Germany. 
Tel. +49 W IS6 8Sn.TH.4lhW. Fav + 40 60 MJ644K.I. 

ITS. I would like lo nhsoibe to the Financial Times and etijpy my fir, 12 rtsura free. I will allow up in 21 itiys 
before delivery of my Tmi copy. Fteane enter my Hihwnpuon fcf 12 months rt ihe foltnump rate*. 


Austria 

OES 5*00 

Ftaoce 

FFR iWO 

! Netherlands DFL S75 1 

Bdfgum 

BFR 11500 

Germany 

DM750 

Norway 

NOK 3*20 

Denmark 

DKK.V200 

Italy 

LIT uno/oo 

Pnniipal 

ESC 607 WJ 

Finland 

FMK2JOO 

1 Luxembourg LFR \XS00 1 

Spain 

FTS 11000 


Sweden 

Swiueiland 


SEK .1*31 
SFR710 


For m b« c ri[ 4x wM in Turkey. Cyprus. Grerce. Malta, plense coman +12 2 SI 3 2X 16. 
p~j Bill j~~| Charge my American Expic^Kwn CTnh/ 


Eurocanl/Visa Accoum. 


Expiry Date . 


’Cwrrnrv ram art iWr m ISI fir At country m which they arc quoted Subscription Prices are cunendt tune i»f 
,«dJii(j » press. Prices art miusive ii f VAT in all EC countries except Germany and Fra m f FT VAT No. 
DEI 14220192. 

To subscribe lo the FT in North America ewuaa New Yarik Td 7524590, F»y 30S23V7, Far East conhict Trfsjo 
Td 3295171 1, Fax 329517 II 


□ 


PldHTlta tee tarmac utarnmn atww 6 mat 24 mum* Mhcrif>i«i raurv or rsn Inr 
tconryau had ap p a l 
irkaw spnifrl 


Company 

Addrew n «4 k1i I wudd like b» Ftuonl Tone, deiiicred: 


Tilfc. 


Sign 


No erdir wi rptnl wuhnit a ncramre 


Financial Times. Europe’s Business Newspaper. 




4 pm dose Matt 2 


nt w to 

Mr K E M* 

0.46 10333 070 


KftlftMR 0.48 10333 070 18 15% IS 

29$ 12% A LIMB A ais 11 3* 721 15% 14% 14% 


87% 54% MP 1.66 £9 72 3002 
72%X%AW SO 5474 

3 1% MX IB 530 

58% 29$ AS* ZOO 44 90 822 
30%22%AUhL 0.76 16 1012361 

13% B%MWPT OX *0 I 51 

15% 6% Asphalt 21 82 

96 23% ACCLU 040 1.5 4 650 25$ 
12% I0%ACUMhx 1,09 03 BID 11% 
10% S%JtCMMpxaa> a7 IBB B% 
10% 6%AOIB*Spx 098102 30 

12% 10%«aiMSgi 1313100 477 

12% 8% PCM Mm x 1.08 91 260 

9% B% ACtelteragdl 072 8.1 348 

12% 7%AcnaCki 044 *6 11 81 

11% 8% Aona EtecT 33 183 

27% 10% Acetate 080 12 13 49 
6% 6% tmm 038 41 17 1S8 
IB 10% Xenon 82 129 

21% 17%M»Eqv 038 £0 0 177 

68% 45% M Manx 100 08 72 

32V 16% Adriric 100 131 8 8842 


1.68 £6 22 3002 64% 63% 84 

SO 5474 62 61 61% 

IB 638 4% 4% 4% 
ZOO 44 30 822 45% 44% 45% 
078 22 1812861 27% 28% 27% 
050 40 8 51 12% 12% 12% 

21 82 11% 11% 11% 


7% 27% 27% 

8% ft 8% 

12 11% 12 


Enr 038 21 0 177 17% 017% 17% 
is x 100 08 72 50% 50% 50% 

142 21% 21% 21% 


100131 8 8842 


8% 6% Amt Op 0.16 25 10 51 

24% 14% Aha he 010 05128 21B 18 
58% 41% Aigon MR 113 24 11 98 51 


68% 43% Atari* 

34 24% Ate 
22% 18% Aim 
7% 1% Men he 
48% 37% ASPIC 
38% IBVMImfn 
28 SAAcBBhe 
18% 10%MMtt 


178 41 11 3861 m 
040 14 12 1562 29} 
016 10 11 1054 174 


8% B% -% 
18% 18 -$ 
50% 51 -1 

58% 89% -$ 
29 28% 

17% 17% -% 


082 21 253823 46% 
OX 01 22 1009 37% 


IBVMtmftt 0X 08 22 1009 37% 38 37% 

SAAqathC 30 624 71 X% E>% 

10% Atom 1.8411111 111 15% 15% 15% 

101AWM016 016 71 3 104 184 W4 

T2% AtariaAIr 020 11 61467 16% 19% 16% 
14% AMtykt DOS 1.7 34 1210 U20% 19% 20 

20% ADCte 028 11 15 82 22% 22% 22% 


18% 14% AMOf kt 
28% 20%«4» 

25% 17NQJhrA 018 11 15 32. 20 18% 

28% 23% AHSI 018 11 23 5091 * 29 25% 

25 1B%AcnN OX 11 43 7280 23% 22% 

58% 35% MooSt IX 111400 1325 H$ 85% 

30% 18% Ataflmm 0.00 21 4 B11 27% 70% 

28% 17%«nM IX 5.0 38 317 20% 19% 

24% 17 Ltd 045 21 19 1781 20% 19% 

28% 23% AleeP 114 U 12 3213 24% 23% 

29% ISAM fait 016 11 13 1060 15% 14% 

28% 20% AAVSW 040 11 142862 23 22% 

4% 2% Arton 11 292 3 2% 

27% 16% ARmfap 114 71 24 TOO 23% 23% 

10% 5% AfeCtS 018 11 82 8% 9% 

27% 16% AM Ml OX 37 14 34 23% 23% 

81% 67%AkSM 1.1B 11 1611101 75% 74% 


26% 20% Mtagati 
4% 2% Allon 


10% 5% Aim 61 
27% 16% Ah 41* 
51% 57%AUSg 


32% 23AM Qpx OX £3 101485 


7% 3$«writ 18 484 6 4% 4% 

27% 17% Atom B2B4I 26% 26% 26% -% 

82 59 Alcoa IX 2.1 SB 6703 76% 73% 76% +2 

47% 18% Atm Cp A 41 2833 22% 21% 22% -% 

IS 1 * 10% Av&nhcx DX 81 IX 10% OTB% 10% -$ 
6% 5%AoProch 0X31X4X06% 8 8%-% 

10% BAnxdU DXIlBZreB 8% 8% 5% +% 

23% 15%Amattadx 048 21 16 112 24% 24% 24% -% 

Sft42%An*hHi OX 11141883 48 46% 48 4% 

10% 9%AmASBx 045 41 118 0% B% B% +% 

31 14% An BMW OX 03 3210410 24% 24% 24% -1 

40% 28%Aa&nf 117 01 9 2450 32% 32% 32% -% 

21% 14% Ah MUM OX 21 12 134 17% 17% 17% -% 

31 21% AH Bui Pill OX 31 14 15 23% 22% 23 -% 


26% -% 
75% +2 


1*2 10% -% 


31 14% An BsntcK OX 03 32KW0 24% 24% 24% -1 

40% 23% Atrifcnd 117 01 9 2450 32% 32% 32% -% 

21% 14% An BaBl II OX 21 12 134 17% 17% 17% -% 

31 21% An Bui Plfl OX 31 14 15 23% 22% 23 -% 

6% 7% An Cap he OX 09 384 7% 07% 7% -% 

21% 18% Am fapBd 1.54 Ol 33 74 16% 18% 19% +% 

24 20% AnCtpCV IX 51 0 7 21% 21% 21% -% 

59% 43% AnCyan x 1. 75 £8 » 4251 45% 44% 45% -% 

40% 32AoEP» £40 71 17 4133 33% 32% 33% 4% 

38% 22%Amfapr IX 31 1229575 28% 28% 28% -% 

36%25%ADGM 1.16 44 22 2415 25% 25% 25% -% 

8% 8% Am Gout hx 077 00 284 8% *% 5% 

29 18% An Ml Pr 228 09 9 167 25% 26% 25% -% 

25% 17%AbH«8ob OX £3 11 IB IB IB 18 -% 

69 55% Aattoma 2X 41 12 3458 59% 59 58% -% 

S 2 Am Uriah 073 27 J B 2 2% 2% 2% -% 

73%Aodafl 048 01 14 5883 86% 84% 88% -% 

12% 10% An Opp tax IX 05 253 10% tS$ 10% -% 

32% 18% Ah PlBX 040 11 12 18541132% 31% 31% -1% 
9% 8$ An Rata Et 044 51 5 148 8 7% 7% -% 

40% 36% AnStar OX 11 14 3393 u«9% 48% 48% +1 

B3 50% AT&T IX £6 1731882 52% 51% 51% -% 

S 23 18% Am Mr 5% 115 61 7 21% 21 21 

32% 24% Am WUT IX 31 13 116 90% 30% 30% -% 

45% 3SAnrtdi IX 4J 14 5831 41% 39% 41% +% 

43%3&%AnmakK mi 5 X 41% 40% 41% 

10% AmWc 014 £0 71 14X 12% 12 12% +$ 

48% Amoco £20 41 14 4795 53 S3 B2% *% 

10% 8% AiqmPBt 010 11 6 X 8% 8% 8% -% 

7% 2% Am he 012 £2 17 10 3% 3% 3% 

35% 27% AmaaBi 1X 41 0 623 30% 30 30% -% 

4% 2%Aaaceam 14 316 3% 3% 3% 

51% 25%AmMo 030 07 X 1172 44% 43% 44% +% 

S 15% Atmos 27 2172 28% 26% 2B% 4% 

22%And*ca 094 31 22 IX 25% 21% 24% -% 

E0% 43$ Adtech 1X 21 X 4328 X 48% X+% 


31% -1^ 

7% -% 

49% +1 

S1% -% 


S io% AnoWc 
48% Amoco 


10% 6%Ai0aPK 
7% 2% Am he 


51% 25%AnmMo 
28% 15% AtalOB 


!aa? 


•3* « 
30% X 
3? 3% 

sa 


Z7% 25%/WlPpcPI £67101 


49% 26 Anthem 


21 805 31% 30% 31% 


18% U%AOnvli 044 £7 16 25 18% 


56% 45MnCp IX 16 11 2X 46% 49% 49% -% 

33% 17% Apache Op 018 1.1 361838 25% 24 25% +% 

11 9%ApuMunF 074 71 161 10% 10% 10% 

18 5% APH 27 684 15% 15% 15% ■% 

105 lOOAppriPiri* 012 00 2 101% 101% 101% 

14% 4%AppMI8ia 21831 6% 5% 6% +% 

19% 14%APP>PhA 012 07 X 33 18% 17% 17% ■% 

27% 2D Anton 0.10 04 18102IH 25% 24% 25% -% 

50% 30% Am Chart £50 £3 21 63 48% 47% 47% -% 

10% 7% AM 02831X1002 7% 7% 7% +% 

43% 38% Art* PI 3X 71 36 38% 38% 38% -% 

51% 42%AHC041Px *50 OO 4 ft IB SI 

8% 4$ Am® 2 2899 6% 5% 5% -% 

29 21 AnDC0£1P £18 71 X 27 27 27 -% 

57%28%AmW 1X 22 X1862 54 52% 53% -% 

«%26%AnwrBao 171003 43% 42% 43% -% 

8% SAmGqi 0 45 6% 6 6 -% 

37% 25% Alta bB 076 £5 17 253 31% 30% 31 -% 

28% 16% Aura 040 11 14 878 S 24% 24% -% 

31% SAdhUCOhx 0« 1.4 11 24 X 27% 38 +H 

42% 24% AridMx IX £4 15 1855 41% 40% 41 ft 

25% 12% Am Pee F 027 11 1820 20% 18% 19% -% 

7% IVAmltair OX 04 1 X 2% 2% 2% ft 

fl25%AaNtGM 012 04 21 X 32 31% 31% -% 

30% lZ$AMot* IH US IX 18% 18% 18% 

H2% 20% AUM 2 £M 11 3 243 02C 243 -2 


a $ 


25% 12% Alta F 
7% 1% Atari 


20% 12% AHano 
30% 20% Aina 2 
«% 34AXXJGM 
10% 5% AtUxSOE 

she* 


Amltair OX 04 1 
AmUOGn 012 04 21 


£08 50 15 278 35* 
OX 31 9 4 89 

IX 7111 Ml 201 
5X 55 X 76121011 


8% 2% AM 1 1877 UB% 

31% 22%A«a0eEJVrx IX *5 13 18 29% 


12% 7% AOndxADR OX £9 18 601 12% 


23 11% Aflat 
12% 8% AlBtSW 
»%4B%Attta 
2SJj 14% Anexo 
19 14AM 
X 2BAw*t 


84%47%AWMPr 
18% 11% AgMCoqi 
9% 6 Attar 


0.X 1.8 X 1M 22% 22 22% -% 

0.10 01 290 1#* 9% 10% -% 

052 11 23 aax 52% 60% 52% +1% 

044 £8 11 25 15% 15% 15% +% 

2 351 17% 16% 17% -% 

OX 1.4 73 546 42% 40% 42% +% 

IX 31 18 2142 57 58% 57 +% 


12 362 13% 12% 12% 
X 1181 6% 8% 6% 


37% 32 BCE 

9% 5% BET APR 
8% 3% Befcnee * 
19% 18% Qatar Fm 


29% n%Batarti 
27% 19% BaMnrBc 
37% 2SBlKpx 
11% 6BM 
27% 22%BatGE 
17% fi% BmtBnkcp 
44% 31% BncOne 
27 11%BuA« 
27% 20% Bancoai V 
15% 10% BencoCwtt 
53% XBdjnata 
2% 1% BwTexu 
83% 44% Bantag 
55% 40%BnkAn 
94% 71 Bata DM 

29% 20% Man 
«9% «% Bi Boetn P 
62% 50% BMW 
»% a 1 * BenkAai A 
«3 TSBataAmB 
B4% 65% MW 
X 22% Bdqa 
35% JCj BrtHUfS 
3*% 29%8Ktaa&px 


37% 43 Baum 
32% aOBumr 
32 2«% B^aOn 
X Z1UTT1838 
26 ISBbvSUib 
50% 45% BaaSIPIA 


33% 20% Bejihg* 
28% 1B% Bedunaoh 
40% 32%BoctnO 


£68 71239 

015 11 a 

ox 5.7 5 
£44 144 
a« £4 44 

ox 11 a 

OX £3 X 
21 

1.x 04 12 
ax 11 3 
114 £8 11 
B 

IX 41 I 
an 7i 4 
IX 31 10 
X 

D. 70 11 19 
IX 3.7 8 
544 5.7 
OX 31 9 
£98 00 
IX 34 0 
£25 05 
8 DO 6.4 
3X *8 6 
007 30 93 
018 £0 23 
140 48 X 
1.44 £4 ID 
OX 04112 
OX 11 16 
ix *4 a 
1.42 51 16 
1.72 &0 
aw 21 5 
£75 51 
064 £0 2 
OX 11 21 
074 1.0 13 


5722 35% 35% 

111 n n 

104 3% ID% 
290 17 IBS 

8835 IB 618% 
98 29% X 
583 X% Wb 

4BS 23% 2Z% 
900 16% 10% 
9430 34% 33 

S 26% 56% 
£74 23% 22% 
433 10% 88% 
302 X 45% 
184 1% 1% 
2* 57% 57 

9244 X X 
44a95% X 
2482 ffl 22% 
X 49 48% 

3709 63% S2% 
X 60 48% 
35094% 83 

8952 79 78% 

« 32% 31% 
859 28% 27% 
10 30% 30% 
2557 42% 41% 
2572 11% 11 

1738 50% X% 
3818 22% 72 

50 27% 2B% 
17 21% 21% 
3839 21% 20% 
70 SO 49% 
1X033% 32% 
878 28% 26% 
1315 38% 38% 


18% -% 
34 


28% 

»* *% 


“13 

m 

a 

30% 

S 4 
S4 

27% 

US 

it 


FINANCIAL TIMES 


thurspav 


MARCH 3 1994 



NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


m. n 

m % e 


When you stm with us in 

ANTWERP 

may in touch - with 
your complimentary copy 
of the 


53 38% Beta A 

27% 18% Bum 


OX 4.1 3 a 8 
£88 51 155183 53 
010 £3 10 210 15 
£7B *3 28 3069 
DX 11 X 172 81 
054 £5 24 483 22 


X 54Bmt4lPx 410 08 X100 

40% 31% Bata* 112 41 12 988 
32% 1B%BaoalonA 042 I1 18 833 


11 % 11 % 

8% ^8 +% 

■a’a 

«4 8% 4% 


14% B%Bairym 
82%21%BatB« 
29% ZS%Bam9l£ 

24% 12% BeMt 
6Z% XBatzL 
15% 8%B0)Ent 
37% 14%Bhcnft 
31 2D%Bhatagai! 


1IP2 9% BfchmkTg 
55 31% Stack 
34% 15% Btadb 
8% 7% Btoe CUP 
28% B% BMC tad 
^33%Boakfl 
27% 19% fttaaC 
17% 4% BoBB & N 


Baoatan A 042 tA 18 833 30 

BafloetB 004 41 12 278 1 

Bony Mr OX 41 X 19 8% 
Bax Buy 34 2BB9 84% 

Mb St 2. £60 M 30 27% 

BeUaePf 5JJ0 02 18 54% 

axet ox zo aaias ai% 
ami. ix 21 24 an 50% 

BBaEM 322584 14% 

Btasalt OIO 06 Z7 231 17% 
BhotagaiS DAO M 65 3339 29% 

noack ax 21 10 2110 20% 

BtackHPL IX 00 13 SB 22% 
BkjaOtAdv 073 71 IX 0% 
BMRMK OX 07 745 7% 

SfctackTP OX 71 *7 9% 

Stack 1.12 3A 27 3717 48% 
Btadb OIO 04 a 6389 X 
9 m CMp 0X100 68 8 

BMC tad 14 142 X 

Borneo IX £1 12 7731 47% 
BttaaC an £8 8 1085 26 

BaOB&N OX 04 X 778 16% 


8% 8% 

SS 

55% X 
51% 51% 

21% a 

83% 83% 
87 37% 


1 1 
«i ?% 
51% 54% 


^ 25% 
7% a 


17% 8%BontaCM 072 01283 583 11* 


28% 14% Bontal 030 £0 SB 34X 14% 
21% 18% BomnCrt IX 81 6 6 19% 

34% 18 Bowk DX £7 12 814 22% 

31% 13% MM 027 11 3543 28% 

3&%32%BflEPltp £40 71 7 107 *53% 
89% X% BrigS x IX W 14 442 85% 
46%Z7XBAntarM X 1161 45% 

87% 50%9MySq £32 51 14 8408 H% 

74% XtaAk 1.18 11 IS 518 65% 

64% 4S%B4BU £44 5.1 11 896 48% 

66 42% BP X 114 £9 a 5475 B4% 

32 23%BPPIudboo IX OB 8 183 24% 
21% 8%BStaol 019 09 X 779 X% 

74% 57% BT £01 41 17 B57 68% 

28%21%Odyau IX 6.1 16 252 28% 
X 2B% BnenGp IX 41 18 6X 35 

9% 6% BrwsSn 032 *3 18 a 7% 

89% 73 BntftaB £84 31 14 88 84% 

30% X% Sifter 088 £3 24 7X0 29% 

4% 3% BIT 9 10 4 

21% 12%Bmwkx 044 21 37 8014(21% 
17% 11 Bntai«M OX 11 37 481 15 

41% 26% Buckeye Pt £80 71 II X 39% 

1B% T4%Bu*orW IX 71 0 « 15% 

17% 13% BteperKI 1.X 02 18 9 16% 

X 13 BoP Coat X 3168 27% 

65% 42 Butt 1X 21 X3790 81% 


SUSBtt. 

s:”Sir 

n Gas 

iSSUm 

21% BVBStaol 


26% X +% 
16% 18% ♦% 
11 % 11 % -% 
14% 14% 4% 
19% 19% 

22 % 22 % -% 
x m -i% 
a 33% 

«% ?ga -% 
44% 46% 

54 56% +% 
84% 66% +% 




4% 3%BRT 
21% 12%Bmwka 


U%Bu*erM 
13% Super K I 


a 13 Bui Coat 
85% 42 Butt 


54 36% Buln Ro«C 015 11 X2683 43% 
1% 15%Bumhmfta 140 7.8 24 719 16% 


ill 

7% 7% 

B4 84% -% 
27% 29% 4% 
4 4 -% 

20% 21% +% 

14% 18 4% 

38% 38% -1% 
18% 15% -% 
16 18 
X 27% 4% 
61% 61% -% 
43 43% 4% 
18% 18% -% 


K 21% CH 048 11 X 139 33% 32% 32% -% 

37B'2l08%C8S £00 07 14 331308% 300 30*% -7% 

1 iff& 018 4£7 S S A H 

27% 18% CMS En 072 £1 12 2388 a 22% a 

10167%CUfti 18 5504 70% d67% 70 41 

51% 38% CPC IX £7 18 3238 48% 48 48% •% 

20% 13% CH Oorp 058 £1 IS 116 1$>2 15 15% 4% 

92% 66% CSXx 1.78 £0 X 1815 87% 88% 86% -% 

23% 17 CTSCorp 040 1.7 18 4ll3% 23% 23% 4% 

25% ISCUMMm OX 14 19 1166 21% 20% 21% 4% 

128% 74%C8Mran 33 2988 0130 123129% *3% 

58% 37% CmmtC X 114 £0 X 335 32 51% 51% -% 

2J 15% Cabot 086 016 07220 410 X 21% 22 +% 

24% 8% CadncaOkP 8X1074 12% 12% 12% -% 

39 37% CasaonWI 141178 58% 55 55 -1% 

3 2 cm ME 013151 1 15 2% d2 2% -r% 

lift 8% OdgonCOn 015 12 01502 13% 13 13% -% 


!% a 

It 70 +1 

48 46% •% 


iCMgonCOn 016 12 23 1502 


!? 12? % 
55 55 -1% 

d2 2% 4% 
13 13% -% 


25% 16% cam CO 040 1.7 66 2a a 
48% 35% CnflMS 1.12 £7 17 1842 41 


117037 11% 10% 11 

B 2a 23% 23% a% 


1% ACM* 
18>2 12%(M>K 
8X477% CfllCS 
63% 31%Gflm 


X 4057 % 

032 11342 3057 17% 16 
020 10 23 388 678% 684 
OX 24 10 8455 34% V 


1% 31%GflMI OH 24 10 6455 34% 3 
1513%QMd1X IX 02 295 13% 1 


. aCflHUIl IX 4.7 3 33% 33% 

_ . SS% Capted Moo 314102 10 503 37% 38% 
22% 11% Carenuik 19 1768 28% aj% 

35% a CteOo 072 21 17 41 32% 32% 
20% 12% CentaaO ii tX i7 16% 

1% % Cornice Pc 0 221 A d% 

16 8%<tanlnaflr OX 11 15 208 io% 10% 

X% CBP8L 1.70 81 13 787 27% X% 

<7%CpnT 240 U 15 68 63% 62 

20% CartoVW OX 11 X 487 20% d20% 

15% Casctle h 6 OX 06 IS 31 17 16% 

6% QUO Amur 005 01 17 405 8% 8% 


I 17 
1086% -17% 
I |4 -% 
1 13% 


26% CBPBL 
1 <7%CptBT 


36% 20%CtetteUW 
19% i^CncdtHI 
II 8% Can Am 
112% 53% atptr 

14% 6% CnCcrp 
36% 27 cedar Fa* 

Xll%Cenfii 
45% 26% Cam 


i»S io% -% 

26% 27% +% 
02 63% J* 

d20% 20% 4% 


0X00 165781 112 107 112 +3 


X 154 lift 12% 
ZX 6.1 11 178 32% 32% 
OX 8.7 1 2628 12 11% 

OX 01 145346 37% 35% 
£06 71 10 83 28% X 


35% 27% CBterWfcn £06 71 10 63 

27% 21%Certrlnd 1.42 02 12 227 

24% ISCentrlltaT OX BJ 7 660 13 012% 13 

X 20% Certr Mwp . 048 1.7 X 3 27% 27% 27% 

25% 18% CwrVtmt 1.42 71 11 IS 19% 19 19% 

34% 25% CandAI 1.70 81 17 1259 0% 28% Z7% 

33% 23% Caskey Tlx OX 11 19 290 X 25% X 

23% 13 Cokh 42 1537 21% 21% 21% 

XSTkQnflta OX 06 21 1297 31% 30% 31% 

12 7% Oliparzm OX 11 96 30 10% 10% lift 

14 5%ChmtHaa X X 13% 12% 12% 

5! «7% QteaaUPF 100 SO 65 50% 50 50 

X 27%ChuaH IX *1 1811654 31% 3D% 31% 

7% 1%QmusaB I 490 1% 1% 1% 

12%10%CBmlkC OX 04 021883012% 12 12% 

32% 25% Owned £04 04 18 49 32% 31% 32% 

46% XQuaBk IX 4.1 6 8231 37% 36% X 


25% IBVCenkVhnt 1.42 7111 123 1 
34% 25% CertSW 1.70 81 17 1258 2 


48% 350ma6k IX 4.1 8 8231 37% 
21% 7ChaHWtaB DX £1 61949 9% 


27% 17%QiaaflMk 
IDft 87% Chaim 
58% aamiM 
17% lOCtdtfr 
10% B% QtackM 
43% 30% CUM 
38 22% CtetaOteB 
63%x%auy* 
90% 73CMII 
70% Btfa Qpaa 


072 £9 55 75 24% 24% 24% 

£70 41 a 5856 87% 84% 67% 
145 11 1468 48% 43% 47% 

OX 1.1 6 3888 17% 16% 17% 
81 107 7% 7% 7% 
6 383 37% 38% 36% 
X 10 a% 23% 25% 


87% +2% 

7% +% 
38% -1 

2% -% 


OK 14 83083S 57% K% 57% +1% 
1.72 £4 18 2509 73% d73 73% -% 
304 A3 20 1152 65% 64% 85% +% 


S is% cm Bel 
23 %OeQb 
16%ChM 
3% 1%OaaolnO 

33% 28 QpKO 


33% 16%CktoftCt 
49%27%CtawOr 


44% 20% Wop 
27% 25%CMcpOl2 2X 07 
92% 72% CtapPQM 8X 61 
100% 84QQPH3AI 7JX 71 
1P% 13% C&alHA 
19% 13CtmMB IX 05 
11% 6%CbyHaod 014 71 
21 izotaaast 012 08 
51% 19%Cta*Eq 
20% 18% Ctarton H« 

11% 7% dement* a 067 54 
97% B30M7X 7 JSB 81 
45%28%ClViC» IX 21 
95% 81% OevUB 7.40 09 
56% 44{taRH IX £4 
29% 21% CMl MM (LX 11 


OomHIx 080103 222 8% 8% 

Ucupta 246 71 13 IS 34% 33% 

cm Bel on 51 171409 16% 15% 

CtaeQa 112 71 581132 24% 24 

ChM 036 1.516 1ST M 23% 
anode* 0 287 504 3 2% 

apRO IX OS 11 358 2tf|jt dZS 
CktoOCt OX 04 14 4048 18% 18% 

CkmaCk X 2854 36% 35 

atop IX £5 10X350 40 X 

CHcpOlZ 2X 07 48 26% 

CfepPQM OX 05 48 92% 

QepPQAd 7JX 71 Z1X 89% 

CBaiHA X 472 18% 

CtStUflB IX 05 7 354 18% 

OyHaod 014 71 13 112 8% 

QtaaaSt 012 01 18 1251 u21 

CtafcEq » 14X 80% 

danuiHM 21 7X 23% 


S3 

. M -% 


10% CJerton H* 21 7n 23% 

7% CJentenma 057 54 75 10% 


1311%QIAtaMM 1-16 91 


7X 81 zin 87% 
IX 21 9 705 41 

7.40 u x 83% 
IX £4 18 333 53% 
OX 11 12 > 25% 


87% +% 
41 +1 


82% -% 
53% >% 


S 11% Caadmun OX n 
9% Cant Star 040 21 

33%a%CoaaUx 0.40 il 
45 37% Coca C 078 11 

18% 11% Dcafii 005 03 

24% g%CMr0mn 015 08 
30% 25% catonsn 
87% 40%CUBPa 1.44 21 

12% 10% Com hr 070 81 

9% 8%CatanWHa 013 71 
7% 8% 0*1*1 1 x 070101 


014 11 B a 15% 
040 £8 15 233 14% 
0.40 11 » 2628 31% 
078 11 241SS8 42% 
005 a31B1 235 17% 

015 08 24 348 19% 

X 55 26% 
1.44 21 19 5115 64% 
070 81 X 11 
013 71 207 8% 

OTD 101 IX 6% 


12% 11% 11% -% 
1A 15% 15% 4, 

14 Jl UJ» Mji -% 

31% 30% 31% -% 
42% 41% 42% -% 
17% 17% 17% 

19% 18% 18% 

SSS 4 


8% 7%QtotoMx OX 71 290 8% 8% 8% 

29% 18% CUGn £32 84 9 1207 28% 27% 27% 

44 38% OaKA 012 03 511B479 42%. «1% 42% 

24% 13% Comtfcco OX 1.7 10 327 72 21% 21% 

35% 25% Conwtct 1.12 41 9 2645 25% 26% »% 

23% laCuctarox 068 21 17 51 23% S% X% 

30 19% Camrte Met 048 11 17 9 27% 27% 27% 

7% 2% Gunman 0 325 3% 3 3% 

31% X%QmnEd142 1.43 5.4 3 26% 25% 35% . 

28% 22%CanMd11 IX 71 IB 24% 24% 24% ■*% 

V a%CaaaCd2X £00 71 3 H 25% 25% 25% . 

31% zacurafid 1.n 51100 3851 27% 20% 27% 

18 0% COmmui W 035 £0 X 2892 18 15% 17% 

101% 41%CmpM 1712912 95% 93% 84% 

1% %CuiflralHM I 700 » j| n 

44% 20% QnpAM 014 04 18 7731 36% 35% 36% 

40 a% CnatSd 23 2255 X 38% X 

9 0 CoetpirTGp OIO 11 3 163 A 0 8% 

35% 24% COB am 074 IB 141432 26% 25% X% 

33% 22% CDAgm 012 £8 16 4180 Z7% 27 27% 

3ffi%23%Qtaiagt« 148 51 1« 49 X 25% 25% 

20% XCmaaBt IX 84 M 113 20% dX X 

25% gccnotePier 218370 19% 17% 19 

78 62% QndSIX 4X 08 10 69% U BB 

37% X% CteMEd £00 8.7 11 3871 X 29% 29% 

79% 67% GBnaEflPf 50) U 3 73 73 73 

X% 13% Cieftt X 1868 25% 23% 

55% 42% Cnmafi 114 44 21 741 *4 43% 43% 

60% 40 COM IX £1 X XU 61 59% 81 

22% 14% Cana Stan 21 2045 lA 19 19 

75% 44% Cameo OX 00 5 1435 55% 53% 54% 

61 50%CPur4.18 4.18 71 2 58 58 58 

101% 88 CP* 745 745 71 1 97% 96% 97% 

102% 87 Con P758 > 7X 71 2 38% 98% 90lj 


28% 13% Wit 
55% 42% Cntetfi IX 44 
69% 40 CUM IX £1 

22% 14% Cana Stan 
75% 44% Canaan OX 09 
61 50% CP«t 4.16 4.18 71 
Uh% 8809*745 745 71 

IB% 87 Con P788 > 7X 71 


18% 7% Cent Made 
50% 44% CQMBkPI 


aQMOdHA £25 £1 


a 2791 11} 
175 74 14 504 


35% 18%ConlBk 
34% 24%CDUCp 
11% 9% Com WO* 
13 10% Gear HPT 
8% 3%conmiQn 
1% ACDapwCN 
54% xcooptax 


080 18 B 8579 33% 
LOO 41 10 75G 25% 
004 04 3X 10% 
1X111 181 11% 

2 273 6% 

0 mo % 

IX 3.4 13 1807 38% 


50% 


XCBapvTMx 022 01 X 1748 2 
7% cm ha ox 1.7 i* 30i 1 
KCuW IX 41 91471 2 
aCntigx OX £23385001 3 


X 24 faring * 


15% l3%C«mrTm OU 08 X i: 
»a% Camay Cr 044 i.B 8 2772 2 


11% S%Cauayl» 048 47 64 1239 I' 

18% 14%Qautamk 088 5.1 37 108 1 
13% T%Qrio 7 105 1 . 

30% 22% Qm 07S £7 17 667 28% Z7% 


7S6 25% K 25% 

32D 10% 10% 10% •% 
181 11% 11% 11% 

55 5 J ^ 

807 38%d37% 38% +1A 
748 27% 25% 27 4% 

301 14% 14% 14% Jj 
471 25% tE5 25% 

E01 30% 29% 30% +% 
X 13%dt3% 13% -% 
772 2*% 34 M -It 

239 10% 10 10% ■% 


24% ISQwfad 


DX 5.1 37 108 17% 1«% 17% *% 
7 IBS 12% 12 12% «% 

07S £7 17 B67 28% Z7% 2B -% 


X%a%CrijRi 
12% 10% QW 


OX 31 IS 8 16} 

K en w 

LIE 100 14 IX 11} 


10*2 7% CHlURa £14 231 9 336 6 
27% 17% QunptanSiC OX 11 X IK 22 
41% a% CthrCS 17 13a 317 

13% 7%CRS&r 012 1.1 31 82 11 

4% %QytolBr 008111 0 305 
39% 16% CUC Ml 41 2480 28 


WM m » to CM* rrn. 

1 iMtataek Bh % E n Km !*■ Deem Orn 

;13%Clfln OX 8.1173 7 15% 15% 15% ■% 

i sacmeai ax 52 u n er% 57% 

1 37jbCmatfDX OX 1.1 8MH> 40% 48 47% -1% 

11%Qnattar OX B.1 13 50 11$dl1% 11% -% 
31% tariff IX £8 52 3 38% 3B% 38% •% 

7% CV Raft IX 08 8 14 11 19% 11 

g famtaSys 6 244 8% 8 0% *% 

faaSm 02237 18% 17% 16% *% 


|21%C)(ttK OX £7 18 3EB1 29% 28% 2S 
I 13 CyUC 1317 15% 14% 15 


SR 5 

48% 00% +% 
14% 14% -% 

A 

19% 19% -% 
21 % 22 +% 

ss a 

& *s ^ 


21% 10% DFLHom 
19 IZOritaaSaa 
60% 440nx 

v v |24%DnOarCB 
15% lOVOatollndx 
Z% % DatalMg 


5%0aataWI 

ez%Dqndl 
09 DJWL7J 
6% Da Sou 
23% Dm FOoda 
StftDaanM) 


42% Dam 
% MVW Ri 
20%DaknPL 
45% DBaAk 
g%DUtaMtad 
1% Daton 
31% Data* 
aaDhbBMS 
95% DabEd7X 
27% DebGri 
20% DnttrCrp 
17% Dtag Prana 
35%DMM 
9%DUM 
17 Dtamand Sh 
SXDtamCap 
29 nuu 


1.18 31 14 2908 20 19% X 

18 210 18 17% 18 

IX £9 19 3387 55% 54% R 
0.12 03 19 S 37 38% 98% 
0.18 11 29 63 11% 11% 11% 

2 190 1% 1 1% 

3 821 9% 8 8 

5 208 7 5% 0% 

OX 21 72 40 7% 7% 7% 
IX £3 IS 4447 73% 70% 72 

718 71 MOO 88% 89% 90% 
014 £1 27 51 7 d6% 0% 

014 £0 19 375 31% 31% 31% 
OX L4 94887 35% 34% 35% 
072 82 1704 6% dB% 8% 

£00 £3 2D 5833 a86% 82% 86% 
0 X 1% 1% 1% 
114 7 A 11 317 20% <SD% 20% 


12% DtriOC 
Z7% OWE 


49% 27% DUE 
32% 33% DM 
8% 4% Mu Sr NT 

SB KUrny 
37% 25% DotaRJx 
49% 38% DmUhx 
6% 3% Dmtarbm 
47% 33% Donridnax 
32% 26% Dandy 

03% 45 Daw 

08% 49Doua 
40% 2S%DtwJai 
27% 14% Datoey SSL 
IX 88DPL717S 


OX 04 72506 48% 48% 

040 8.7 15 732 10% 10% 

1 10 1% 1% 

114 41 19 538 34 33% 

7.46 71 2 96 98 

7X 71 8 101 100% 

£08 71 811897 28% 27% 
OX 3L5 18 328 26% 24% 
OX £1 18 1» 18% 18% 
L12 £5 17 2218 44% 43% 
OX 81 X 06 Irfii 10% 
012 11 27 1441 29% 28% 
22 351 12% 12% 
OX £4 22 737 37% 58 

2 202 18% 18% 
4710229 31% 30% 
OX 02 18 3484 35% 84% 

57 1305 5 7% 

030 01 33 8319 47% 48% 

040 1J2 X 2439 34% 33% 

£54 81 13 2568 41 40% 

OX *1 9 67 6% 5% 

056 12 X X 48% 46% 

OX 11 X 2347 30% 30% 

092 11 21 1171 51% 60% 

£X *1 X 4401 83% 82% 


£1% +% 
36 ■% 


OH £1 26 1154 40 35% 3 

018 £7 10 191 18 17% 1 


37 30% DOE It 
X 14%DlPap7 


X 14% DlPepTUp 
3% 8%Dran 
0% 17% Drear 
8% 35%0rayta 
ii 8% DttaeTdS 


12% lODriooStG 
11% 10% DrfiaStM 


n 63% DoPori41 
44% 35%Ddfl#W 
in%im%DutaP7i 
26% 15% Many 
68% 55% DunBiri 
58% 44% DoPcnt 
38% 25%DoqL*1 
38% aDu|L£1D 
X 23% DuqanaSJS 
30% 25% Duq*a*ao 
31% 28% Dad- *2 
3ffi% 25% DnqslM.15 
IK 82% Duty. 7£ 
44% 27%DuacMx 
12% 4%mnnsv 
17% 12% Dynatrica 


048 £7 10 191 18 17% 17% -% 

718 74 *30 B9 98 99 

IX 54 11 323 31% tOD% 31% +% 

18 969 24% 23 24% 

OX 41 5 a 12% 12% 12% -% 

OX £0 12 7885 23% 22% 23% +% 

are 11 17 1492 46% 45% 46% -% 

OX 81 311 9% n% 8% -% 

090 81 M 18% 10% 10% -% 

073 7.1 518 10% W% tO% -% 

*50 82 MX 72% 72% 72% -% 

IX *9 13 1444 38% X 38% +% 

7X 71 210103% 103% 1(0% 

IX 71 241239 23% 22% 22% -% 
£44*0X1324 81 B0% 60% -% 

1.76 04 C15129 52 50% S -% 

2X 7.1 2 29 28% 29 

£10 04 MOO X «5 X 

IX 7.1 2 26% 28% 26% 

£00 71 5 3 X% 2B% -% 

£10 74 2 28% 028% 20% 

£86 7 2 6 X 28% X +1% 

7.20 74 21X 96% 96% 96% -% 

088 £1 36 3873 41 39% 41 

3 78 10 9% 10 +% 

OX 1J X MOD 15 15 15 -% 


S zezM 
is% au 
ft 38% ESjntm 
ft 2EagMt 
ft 23% East Ufa 
~M X% EBlfl 


OX 1X07 854 11% 10% 11% 
OX 3.1 121221 18% 17% 18% 
IX £7 12 1050 44% 44 44% 

0 108 2% 2% 2% 
144 5.7 10 4X 25% 24% 25% 
1.40 51 17' 494 25% 24% X 


S 41% EkaQl 
41 EKadrit 


84% 41 Kodak x 

61% 38% BUn 
35%22%EcHta 
23% 18% Ecotas be . 
49% XBtonBRix 
25% IBEdwnta 
12% 8%8acoEraqi 

35% 17 But fap 

3% 1 Beet An 

0% 3%B|ar 

. « 'Ml UKUI 

215 SABKCorp 
9% 8%EuHBGmny 
66% 52%Eawfl 
5% 6%BmO*75 
24% 18%Bqi&aaix 

13% 7% Employ Baa 

fift 32 Baton ADR 
28% 15%BmnnCb 
niB%B#id 
17% 12BUMB0M 
5D0t300% Brat 101 
37 22%Bnna 
54 25% Bra an 
52 47% BtedAlE 
102 BBEnteMkK 
22% 14%Bnril 
12% 7%Eoa«tiBi 
37% 32%BBgy 
X 17 Mam CD 
12% 8%BXGntei 
3% 2% HX Rarity 
27% 17%Bpflax 
2% 1% EqritRE 
44% SSBytoMa 
13 7% Eatariha 
30% 18%Oiyl 

14% 9%BnpaN 
16% iHBflHta 
18 18% Beriricr 
69 57% Boon 


6118 41% 041% 41% 
IX 31 3024581 44% 43% 44% 
M SB 58 


IX £1 X 1909 58 SB 56 

070 £4 17 1218 29% 28% a 
044 £0 19 533 22% 22% 22% 
124 *1 13 1001 30% 23% 30% 
058 £5 8 555 22% 21% 22% 
64 57 7% 7% 7% 
022 11 12 195 23% 22% 22% 
1 57 3% 3% 3% 
139 214 8% 5% 8% 
121248 3% d3% 3% 
012 £9 X13748 19% 17% 18% 
012 11 539 5% 7% 8 

IX £5 153873 63% 62 6Z% 

0L47 71 2 7% 6% 6% 

IX 61 16 17 19% 19% 19% 
n 381 8% 8% 9% 


004 11 17 782 82% 50% 52% 
IX 5.1 12 BB 21% 21% 21% 


044 1X682532 27% 28% X 
OX IBIS 538 15% 15% 15% 
10X £3 MX 45D 400 4X 
are £3 244042 32% 31% 32% 


024 01 24 383 42% 42% 42% 
£73 71 Z1 00 50% 50% 50% 

7K 61 MO0 100% 100% 101% 

OX 11 95 976 15% 14% 15%- 
030 *1181 3 7% U7% 7% 

IX 05 12 5584 33% d32% 32% 
X 48 19% 18% 19% 
1.10101 74 X 10% 10% 10% 
1.104*0 3 4 2% 2% 2% 

OX 21 27 1674 23% 22% X 
0X2Z2 3 X 2% 2% 2% 
1.14 £215 347 38% 38% 35% 
2 96 8$ B% 8% 
ax 32 24 1784 18% 18% 18% 
075 51 487 13% 12 13 

M 114 13% 13% 13% 

ix 72 ii iG%tne% 10% 

£88 *4 1513043 88 64% 65% 


^ 35% 35 

3% 12 

3% 13% 13 

6%tne% ie 

n 84% X 


4% l%FWktu 
18% 14% FT Damn 
19% 12% FHMCant 
38%29%FWlid3. 


OX 81 32 10 4% 4% 4% 

1.12 71 a 15% 15 15 

012 07 30 7B 16% 18% 16% 

3X 91 2 38 X a 


28%FrdU£ ax 91 2 X 

6% Rmtori 040 52 X 14 7% 
fftFUahtae 866 733 17% 1 

6%FflSQU0 OX £9 14 87 7 i 

45% Fad Ho Ln 0X 11 135138 KB 
47FaU>9£Brex £88 51 8 51 


7% +% 
17% 4% 


7 

55% +% 


. Z3 Fed Fto 
4%Faddn 
44%F4dEfll 
iBFteHgix 
. 73Fauai 
18% Fum 


IX 91 47 335 27% 27% 27% 
048 61 46 2K 7% 7 7 

3 2400 72% 71% 72% 
046 11 X 3602 33% 32 33% 

£40 £9 1113370 82% 81% 8Z 
IX 3.7 78 781 27 28% aft 


73 17% FadtapR 18B8K 24 X% 24 

s% 28% Ferro Corp OX 11 18 385 34% 33% 34% 

9% 18% tofal X 1609 28% 27% 2B% 

9% RDtetak OX 21 31 17 9% 9% 9% 

12% FtagHhnl ai8 01 18 470 X 27% 27% 

35% ft* Ami IX *3 10 842 37 38% 37 

23%FstSCSl 1.16 31 la 1856 32% 32,% 32% 

7% ftatBsat 072 ao 147 8% d7% 5 

9%FriBoaSx OX 81 IX 9% tfi% 9% 

27%ftst0md 032 09 14 877 35% 35% 35% 


FWteriSl 042 £1 17 333 20% 19% 1 


lift 9% FBertok 
30% i2%Hflartnt 
43% 35%ftatAoiB 
34% FaStes 
9% 7% FbatSoat 


X +% 
«% ■% 


. 74%PriCMO’B 500 82 78 98 84% X *% 

51%47%FriOMCFCxaX 09 6 50% 50 50% -% 

100% aftPMQtapC OX 61 2U100% 100% 100% 

50%35%FMCMgx IX 14 5 4410 47% 48% 47-1% 

52% 40% Fafld IX 18 92068 4^a 42% 43% -% 

40% B Fit Fd 11 a £15 OO 31 Kft 35% -% 

19% 11% HMFri 005 04 271 12d11% 11% -% 

00% 38 First Fa M aio 02 27 3035 69% 57% 58% -% 

71%44%ftm 2X £1 8 3794 85% B3% 54% 
Sft«1%fMM8 £00 91 MOD 48% 49% 49% 

18$ 8%FHNta OX £1 54 IK 14% 13% 14% -% 

24% lOfttPMF 314107 BBS 15% 17% 15% -% 

53% 37% RalMan IX *0 83999 40% 40% -% 

53% 51% FtotUPT 303 0.7 14 X% 53% 53% +% 

12% 8 MAR 072 71 11 163 9% 8% 9% •% 

41 SlVftatVifl 114 31 ID 275 37% 37% 37% -% 
37% 29% ftitarCo 114 31 a 2K 31% 31 31% -% 

37% 28% Ftoeff* IX £8 12 4479 33% 31% 33 +% 

2716%FMen OS0 3J> IB 1528 21% 21% 21% ft 

3^s2ABaaOtX IX *8 24 4S3 25% 24% 25% +% 

44% 31%F9BifaAy 040 11 X 148 42 41 41% ft 


1 44% RAM 
*1%FWM8 


16$ 8% Fato* 
24% lOFttPNF 
53% 37% RnlMon 
55% sftnatupr 
12% anauut 
41 31% ftmVfey 
37% 29% mar Go 
37% 28% Ftoetf* 
27 IlftftHdEB 
34% 23% FltCCkX 
44%31%FBgtoto 
30% 29% RaPIpI 
X% 10% Route* 
47 39 Aior 

54 41% RIB Cp 
7% 4 FMCBd 


21% ft 

25% *3 


IX 81 U 1189 38% d29% 

078 *2 17 284 18% 18 18 

012 11 22 1732 46 43% 44 

43 442 46% 48% 48 
OK 09 8 BI 8 5% 5 




7Q 43 Font IX 21 

11$ 10 Fatal x OX 81 

<2% 25%Fd(tm OX 11 
14% a riui Bay OX 21 
41 32% FPLx £48 71 
14% 9% Ran 8m 014 0* 
8 7%FiMdFrx OX 71 
51$ 32 Farid Rt 012 07 

39% 2ft ftsdMayer 
8% 5%FrftadA OK 01 
8 4%RH*B OX 11 


15% 15 15% 4% 
64% 61 04% +1% 
10% 10% 10% 

41% 39% 41 4% 


13% 13% 
33% 34% 

«i» m 


M 28% FOOMC&B 1X 21 20 14 48% 46 40 

17% 7% Food* B OX 11 14 263 15% 15 15% 

re 43 FM IX 21 4820953 64% 51 64% 

11$ lOFfltai* OX 81 X 10% 10% 10% 

42% 23%. FOatMl OX 11 X1723 41% 39% 41 

14% 9 Tuti aa y * OX 21 17 SOS 135 13% 13% 

41 32% FPLx £48 71 14 3230 34% 33% 34% 

14% 9% Ran 8m 014 0* 542 11% 11% 11% 

6 7% Fflrtd ftx OX 71 372 8% 8% 8% 

51$ 32 Farid Ra 032 07 181424 44% 43% 44% 

38$ 27$ftte0tayar 16 173 38% 38% 38% 

8% 5%FrftadA OK 01 POO 5% 5% 5% 

8 4%RHMB OX 11 10 2 5% 8% 5% 

40% 30% FfaepMcMW IX *1 Z1X 45% 45% 45% 

22% 15%FM4dl IX OB S SIS 10% 18% 19 

32% 21% Man 11 TUB 30% 29% 29% 

®%70%Fdto& ax 09 S 73 72% 71% 71$ 

18% 11% FUBaaRmy OX £0 573 13% 13% 13% 


56% 48% BOX 3175 
44%31%QUXx 
G7% 47%68C0x 
9% 5%6RCkd 
38$ 31% OIF 
35$ 31% GTE £475 
19% 17H1EF12 

12% £70 Midi Eg 


37%S%BriWh 
17 8 %Mm*L 


17 BVaricoklw 
5% 3% Erie HUB 
59 48% Gam 
46% 2S%eapncx 
38l2S3%8CCca 
1311%GamMII 
2D%14%enMI 
17% 11%9 bb»p 
X ?r Onto* 
U0 6AGtta)ya. 
»% SOSBteflmix 
10% IftStelHGO 
21% 12% Gen Howe 


33%6*m«r 


I 32 55 54% 

i 14 3K 41% 41% 
I 13 112 53$ S3% 
14 194 8% 8% 

r 32 8361 33% 2% 
9 32% X 
I Z 18 18 

i 1387 12% 11$ 

I 15 X 30% 29% 

I IB X 4% 4% 
1181648 84% 53% 
I X 8022 46 44 

*9 107 35% 34% 

i 339 11% 11% 
18 94 16% 18% 
10 717 14% 14% 
i 136 22% 31$ 
! 10 264 92% 91% 
' £111612106% 103% 
I 10 25* 6% 6% 
I 14 44 W 13% 

I 17*123 55%<Sft 
2S43SB& 60% 57% 


B% 

33% ft 


aft +% 
ft 


ill 


1M. ft to 

% I an 


Matt 


11 216380 
£3 21 1302 
51 10 2X7 


51 102X7 29 28% 29 ft 

11 122325 10MHn%103% 

£8 X11X X 33% X ft 


X 1015 48% 47% 48% 
145 234 4% 4% 4% 

31 BK 17% 16% 1? 

2 203 0 5$ S 

11 17 87* 37% 38% 37 

£72901 X 27 27% 
£3334 6*33 70% X 70% 

02 3 25% 25% 2S4 

02 2 26% 25% 25% 

71 M0101%10t%-m% 

71 2100101% 101% W1§ 

311S32M 28% 27$ 28% 
11 a 96*15% 14% 45% 
*9 302 11% 11% 11% 

04 19 X 14% M% 14% 

27 IK 14% 13% 14 


39% 32% torn 1.13 
aft 16% Max 
77% Sft*d> IX 

27 24% BghPPI IX 
aXVQtoPa* LX 
U3%97%a«ri>71 7X 
IK X60X7J2 732 

m M%6art#Y OX 
15% 10% Garber Sd 024 
13% 1D% tommy Rl ox 

10$ lOBaagrftk OH 
lft 7%tottBp 


3S% ft 

5% -ft 


85% +1% 




assrr, 

9tft37%6toni 


10% igft 

33% M ft 


aeuii 2x 
47% 5oakca5p on 


sass 1 * 

m 

66%51%&agW 072 

SS 22% GMPT an 

17% 0% Goat G fa OH 
M 84% OtLrimaC OX 

§ 36% Gl tanks 300 
15% GKftl 092 
27% GauiMtP £12 

19% 12%entaafiigx OX 
18$ 12% Qua OX 
12% 7%OteaUt%H 015 
43 24% Simian ix 
40% 15% OTOMDR 
16% 1ft CDmitaiMI 032 
a 18$ MtanlM OX 


20% is$ HUttan 

67$ 36 note ADR 

16% ii%HFEPrapt 
I B 015HtetaH 
44 25% dtefatn 
6% 4Mwod 
14% SHtockFHl 
18% lS%Htockkc 
25% ZlViftecUrim 
10 9$HMtanmn 
17% ll%Kandyltam 
37% 25% Hna 
25 2DHanatard 


4% 1% Italian Wt 
22% 10$ toman ADR 


l 31% totoyD* 

1 14% toman tat 


59% 33% tout* 
46% 35Kmca 
59$ 40% totMSan 
6% 5%totaK 
19% 17%Hattom 
38$ 31 Itonaam 

33% XtottCa 
10% 8% HaatoEfli 


10% 4% Mtatefa 

I 16% 11% thrill no 
1 30% 12%IWMI 
83% 25 Wmokb 
15% 7%Hat«M 
39 17% HariUllay 
45% &% Ratal 
47% 24$ IWaaafa 
37% 22% HatasP 
110 83% Htadaax 
Sft 43%tohayz 


11% 2% taErifa) 
8% 3%HSimar 
B 5$lfaxriaA 
6% ftMQhta: 

7 5$HWitacl 
9% 7% M Wtac 
9% 7$ MIMFMk 
16$ 1l%Wbng8H 
46% 36% Htofam 
74 RMM 
92%5ftHbdd 
7% 2$ Httaautac 


OX S3 48 
IX £3 18 2457 
LX 71 15 7 

1 2900 
IX 31 21 3091 
M 14 
OX £9 X 116 
IX 01 9 IK 
1.72 77 a n 
0.44 31 11 *22 
020 11 X 40 
0J5 £1 X 4BB 
OX 11 17 184 
4212 

012 45 191X53 
an 11 « 1914 
OX *0 15 1027 

014 0598 963 

a 282 

040 11 X £11 
1.12 21 15 714 
1.40 £1 13 175 
£12 43 » 235 
OX 04 31 190 
114 OO 32 
£32 71 13 IX 
IX 63 18 355 
0X103 15 2BB 
OX 11 14 182 
IX 85 13 1024 

23 1445 
51 544 
OH 04 S 1520 
020 OS 31 1348 
IX *1 14 2737 
024 OS 16 231 
OX LB 35 182 
£24 £0 23 12D6 
L2D 24 152111 
IX 1.1 1713341 
04411.7 0 X 
12 S3 

015 £0 13 3543 


2$ 2% 

aft ai 

34% 31 
24% 23% 

si 

Si ^ 

45$ 45% 
49 45% 

B% «% 


I IB IB ft 

j aft ^ 

1 15% 15% S 

1 39% ra% ^ 
I « 12% ft 
1 32% 33% ft 
l«% »% +% 
> 25 25% +% 


113 111% T1S 
51% 49$ X 


51 SSttamOm 
15% 4%Hm9op 
24$ SVtoriUI 
2% ntoiflCtMto 
34 19$ Hendari ADR 


39$ STHoywIx 
X% 22%HrcMan£d 

S I ft 9$ Hons HU 
25% 2D%HCRMl 
8%toriam 
6%HaMr 
3% 1 tori Ml 

53 36% tontam II 
14% 5$UMEFWl 
40% 27HMI 
2B% 28% Hri«) I Dp 
14$ 10% ttoml 
15$ 10% tokaaRt 
20$ 14%H«yCup 
27% 13%ltariwifap 
21% 0%tonana 
10% UtokMflC 
19 QUtoAfldn 

12 B$mpritanx 


OX 94 577 

ax 91 308 

ax ioi ire 

057 91 45 

048 *218 82 
057 14 22 IX 
L2D 1.7 321675 
IX 1147 153 
381 67 

012 03 400306 
722927 
0.10 05 53103*7 
OX *4 0 37 
OX 0173 27 
OX OB 13 2880 
029 11 8 £44 
25 3564 
OX £4 15 164 
OX 04 321094 
OX 14 159096 
1 70 
OK 11 a 127 
048 61 3 a 
IX £5 13 IBM 
£X 07 5 

016 L3 27 61 
012 09 12 181 
034 11 02 117 
OX 0122 164 
MX 77.1 33 8915 

ax £1 18 X 
OX 51 11 227 
IX £7 244 


3 Se 

90$ 89 

13 12$ 
21 20% 
1 $ 1 $ 


33 33% ft 
t% 33%- ft 


2 % - 1 % 

3 i 


11% 10% 11% ft 

2 1$ * 

47% 47% 47% - ft 

M$ ^ +1% 

27% 27% Z7% 

12% 12$ 12% ft 

14 


S3 


06% 8% 

Rft 10% 


1ft BP tacit 
5$ ENPbmra 
3D%P1*n 


15% 10$FTPnafli 
W<% 69% ITT 


33 26$ UrinP* 

39% 21% ttstfap 

32 28%ttta*42 
54 5D% ■’MOM 

100% 44%H>U7X 
31 25%IPl4X 

33 28%1 Prtl 
X47%BFI8X 

38% 23% ■aoteOi 
47% 38% MWWA 
X 47 RPnARFB 
25$ 19$ IMP 
48% 380 

49% 24$MCIM 
38% 23lBC«l 
9% 4% km Dei 
18$ 17 KAhMUl 

38% 17$ hcox 
27% 2S% MME.15 
98% 09tadMP7X 


020 00 14 1I0B 23$ 
2 1569 10% 
£88 81 4 164 29% 
OH 71 14 327 11 
101I1L4 12 3150 88% 
IX 61 13 125 X 
18 X 37% 


221 71 6 3Bf 

447 08 4 El 

3J8 71 4 

£04 71 3 

£10 72 * 271 

*12 *1 25 6 

084 £4 IB 1011 351 

100 U 12 46? 

3X 61 5 501 

0L84 £9» 671 21} 


22$ 28% ft 
9$ lift 
28$ 29% 

aft 80% -ft 

IS*?* 5 

28% 20% 

53% 52% 

48% 48% ft 


114 31 1120846 44% 
IX 21 5 1848 42% 


30% Uftkribtafa 
Z*%16 $WBmw 
33% 8% bdut Rod 


l2B%kflRad 
i 20 hldSt 


18% HSttph* 


40%tataaafti 
15$ SkkU 


4% % hukfllc 

34 17$ htor Rm} 

£2 18% Mara 

25 13% kaftaB 
38$ 33WPF 
27% IBVMMjR 


sass. 

12% 7$UnUhn 
34% 28$taWPir 
ii% 4%umi 
: Aft 23% MGtataT 
17% 9% htBacfl 

7% aVtarura 

67$ 38% Dries 

26% I9JOMI6SE 


IX £3 5 1940 42% 
OX 1.4 28 2391 3ft 
OX 03 3 23 7$ 

IX 7.7 X 17% 
040 1X11 3988 2ft 
£15 03 3 25% 

7X 71 MO 95% 
IX OO 391 28% 
IX *5 16 190 22% 
OX 03 415 1ft 

13 708 13% 
070 1124 2388 38% 
OX 11 10 2485 32 

025 21 31 ft 

020 09 17 112 22% 
UO 31 9 331 48 

2 20 7% 

11 47 3% 

032 11 5 211 30$ 
IX 61 52 19% 

2 291 3 

IX 11 324061 53% 
25 1615 18%. 
IX £9 22 2114 37 

OX *0 7 216 17% 
IX £4 30 8035 71% 
ax 11 18 1013 32$ 
6 46 10% 
£08 71 18 X Z7 1 

o are 6$ 

0.12 04 3011770 28 

57 902 17% 
112 «Z 3$ 


80% 51 

«% 35% 
4ft 4ft 
50% 51% 
21% Zl% 
44 44% 
41% 42% 


as 


ag 

?ii 71$ 


■n?BBar 

33% 20% Rat Cup 


ire 71 12 565 2Z$ 

£12 04 16 241 33% 

007 07 273 10% 

OX 07 111 10% 

3J6 5L0 MOO 08 

53 200 27% 


32% 33% 
9% TO 
10 10 % 
87% n 
28% 28% 


48%40%jn«rFF 


12 *dam a 


sssjjr 

105 98% JayP7X 


61% 43 JmdCdx 


8% Johnakn 

iB%Jori*aln 


OX 71 6 4ft 

3X 71 ZS 45$ 
0 BOO ft 

032 21 20 IBS 12$ 

21 IX 94% 
OX 06 363 10% 

0 385 H 
019 14 430 13% 

1.7Z £6 11 9H 
7JS8 7J 2101% 
144 £4 IB 388 58$ 
IX £6 14 7457 40$ 

033 21 15 n 12 
OX *9 80 5BI 17$ 


a St 

m 1% 
12 % 12 % 
24% 24% 
8% 10% 


4ft 47% 
101 % 101 % 


gift 

T7% 17$ 


Z7% 13% lawn Utah 052 
MiftWEnum ax 


xifttoEmny 

i%=l 


16% 13%ftnCJS4% 
B2h K% tomnStaP i 
10% 7HMkr 


MBr OX 
. _ (to* M2 

67$ 47%KritaflB IX 

40% 23%Ktonri OX 

11% lOVKsoplUm OX 
43% 26% Kemper 012 

10% gfamarM OX 
9%' 8% Knap* H* OX 


9% 8%Keaearl9» ore 

SJESTi 7 !iS 


£0 X 683 
£0 15 19 
7.i tm 

01 12 IX 

05 2 

8 311 
61 131103 

02 2 
07 20 388 
14 18 1367 
UK 8 
14 222616 
71 an 
£7 18 5532 
£4 15 152 
00 SS2 
21 15 3105 

91 - 70S 
05 X 
71 213 

84 7 

£2577 1867 
64 5 


Zft 25$ 

aft aft 


27 27% 

9% ft 

a§ 2i| 
15 16 

4 & 4 3 


ass 

ft ft ft 


49% 49 49% 

ass 

«% aft 40% 

p3_ jjxL *JL. 

t2%di2$ ia% 
12 % 12 % 12 % 
E % 51% 52 

X% 20% 20% 


X 41%Kurifcz 
46K%BVQIX 

12% 7%KajrinCm 
2ft auntahi 
BftHrifli 

ft 2Hariria»En 

48%31%ttflW 


w. *r to 

Hr 6 I to to U* 

IX £4 a 1025 « 4ft 
15* *2 948738 9ft 96% 
83 M 11% 11$ 
0J2 £6 24 65* 27% 27% 


0J2 £6 M 65* 27% 27% £% 
IX £2 17 2229 5ft 5*% Sft 
003 1.1 12 X 2% ft ft 


25% 18% Mart 
68 90% MM 


65 90% MM 
13% 8x0090 fap 

ft Ofaqiftop 
8 ft KoMoagteu 

20% 12% Mien - 
ZtolftPOOBT 
32% ZE%KUCeugf 


IftlftKMPBlQl 
t34% 6*%DiririaCP 
21% 14% faaukria 


13 2*09 36% 35% 38 

OX 02 1121981 19dU% 18% 

IX £4 21 1811 58% 97% Sft 

OIO 11 15 42 1ft 1ft 10% 
txwu 0 tin a® ax 4 
an ai ra 82 s% ft ft 

002 0.1 558 1523 22% S% Zft 
15 3544 24% 23$ 2ft 
1M 61 1£ 1M 20% 426% 2ft 
OX £4 01 71 T7% 17% 17% 
OK MX 17 127% 125% 126% 
045 £9 10 152 17% 17%. 17% 


UBMM _ . 

Oak UteW* 

2 HN0rtflri& 

S-’SSISSp* 

a2C%Non«* 

7$ 6% to* DIP 
23? iftWg 
HD% retahanm 
1ft 15% to fa w 

St 3BHDGDrOteP 

39% 23% Ml CUP 

i7l, 9% Nutnmfl 


m to m»n£ 

II mm UrifatoOm 


’9 W 9^ 3^ •% 

« » VSi. Si* j. 

10 7047 23% ^ * A 

18 275 7ft ft •% 
rt 3067 1ft 1ft 1 >Jl . ■% 

.-■’S.’SS’g’K'? 

75 17% 17% 171, ^ 

, 41 IBM 58% OH 




1ft. W% 1ft mT 73$ ml Ce*" 

22% a% Zft -1% ]^StoMCI 

sSSbi 


31 7 184 10% 10 10 $ 

L4 3Z 9896 52% 59% 82 +1% 

0 1205 2 1$ 2 

*4 1*11427 20% 29% 30% 

£9 24 9 13% 13% 13% 4$ 

71 919 5% dft 5% 

81 IBS 9% 9% 9% -% 

22 2S15 3$ 3% 3$ -% 

71 17K 7% d/% 7% *48 

08 9 775 48% 88% 4fl -% 

051*3 6H 4ft 40 40% -V 

7.1 B 49$ 49% 49% -% 

11 13 B2n 44% 48% 44% +% 

B 26 8% 8% 8% 

12 29 1330 *3% 42$ 43% -% 

11 21 631 81$ 80% 60% -1% 

31 n 581 2B% 2ft 28% -% 

11 « 15% W$ 15% -% 

05 20 938 78 7ft 77% -% 

71 9 25 X 37$ 39+1% 

SAUIZra 17% 17 17 -% 

74 13 41 28% 28% 28% -% 

01 12 979 48% 44% 45% -% 

11 18 54 15% 15 18 -% 

11 21 597 18% 18% 18% 

14 788 10% 10% 10% -% 

02 19 823 37% 36% 37% -% 

8028 33$ 31% 33% -1% 

23 S3 IS 1ft 13$ 13% +% 

£7 15 101 21$ 21% 21$ 


1ft 7 LA tor 

4ft 33 % LEBEEb 
19$ 10%Ulfl 
40% 13% Ln CM* 
13% 7$UCWaMt 
40 25%U0Rfl 
10% 4% UcMk* 
50% 40 Lactate 0a 

27% 14% usage 
7% 4% Uriah AS 


16% n% LaMar tat 
17% 14% Laannrix 
38% 27LaaEnfapr 

2S% 19% Lags toast 
BO 32% Uufl x 
37% Z7LaBHrQp 

12% 2%Utoyfar 

2% %Uartta 

^lS:K?g 

StSSSk. 

48% 34% merit 
21% 16%UnonNH 
7* XLOTDLPCB 
71$ 42% UtaB 
42$ ISUzCta 
5% ft UlEKyx 
72$ 8*%lacHri 
45% 34% men cd 
09% 86%loaat 


17$ 17$ 1ft J* 
55% 5ft 55% 

15 U$ 15 +% 
018 d015 A 
31 39 38% *$ 

4% 4% 4% Jj 
5% 8% 8% -% 
15% 015% 15% -% 
22% 22 22% la 

a s a a 

g 35% 3ft ^ 

a? ft S 

aft ai 2o% -% 


S 3ft l7%UUeaix 

10$ 6%Lomaritacp 
3% 1%Uma6t 
22%LgtaU 
31%bflri)rx 
15% LOflriaaF 
<2 22% Latex 
34 27%UaMt21 
49 31 Loriri-X 
48 2S%lafaP 
BB% 24% ton* 

15% ID LTV 
5% ftUVMa 
37% 25% U tod 

3i%ttowm 

34% 18% Lumthci 
25 18%l|driflK 
29% 15%UnxWP 


4T127 7% dT 
£K 47 14 143 38$ 36% 
IB 77981120% 19$ 
OIO 03 42 410 39% 39% 
IX 71 CB B 12$ 12$ 
OX 11 18 187 35% 35% 
012 11 19 2732 8% 8% 
112 21 16 75 4ft 48$ 
OK 11233 9*8 23% 23 

15 X ft ft 
020 0* 23 902 49$ 48$ 
0 l40 31887 837 11$ 11% 
OE 05 M 47 15% 15 

OM £3 19 38 37 3ft 

040 17 7 408 93% 23% 
OX 14 21 483 44% 43% 
012 04 14 930 34% 33 

. 1 330 4% 3$ 

1 48 2% 2% 
IX 08 543 10% dfjft 

on 24 12 129 2ft 2ft 
ZX 44 35 5713 5ft 56% 
036 11 18 Sin 19% 19% 
IX 41 10 1044 41% 4ft 
OX 41 47 20% 19$ 

£00 71 MK X X 
17 841 X 88% 
046 £0 14 4418 22% 21% 
046 08 30 34 4% 4% 
£12 3L2 9 633 6ft 65% 
OX T! 21 362 41$ 4ft 
IX 11 10 696 K 95 


a I 

ai 

si 


020 1.1 9 292 25% 25$ 


1 819 7$ 7% 
0 1146 2% 2% 


ire 7i io asm 23% 22$ 

1.12 £9 16 142 39 36% 


1.12 £9 16 142 39 36% 

052 £6 27 344 19% 19% 
OX 11 122939 30 37 

£16105 17 3S% 30 

IX £7 87 1390 37% 3B$ 
044 11 16 2302 42$ «l% 
032 05 36X17 6ft 6ft 
31 6675 16% 15% 
IBS 4% 4% 

OX £3 30 13X 37% 36% 
on £6 17 n 23% 23$ 
IX £7 45 636 37 38% 

040 11 M 335 32% 31$ 
21 IK 24% 24% 
OX *0377 4X 22% 22% 


1ft 4%kM0an 
81% 85% IBM IK 
3ft 29 HOI 
7$ 3% HOC toga 
33 25$ MOURri 


10% ftmoarta ore 74 

7% ftMFSflHH- 047 71 101637 
16% 11% MS Prip 084 54 » 317 
48% 19 MM toad 

11% ftlHQUfl 

2D% ift Macro 
ift 8$ Man* far 
25% 12% IftMMlrit 
29$ 13% MateytoF 012 01 
ra 17% MhoC OX 03 
1ft 1ft Haopamar 
6 3$ MteamUk 040 81 
10% ftkknH 1X200 
2ft 20%MritoPr IX 71 
63% 48%NkpcOX IX 11 
20 iB%totatar IX Ol 
ft 3% Mffma 1.15210 
25$ iftMoklV OIO 05 
30$ 22%MMRt OX 11 
97% TTUmKL 270 £2 
28 17Manhrii 
47% 35%Mkfitar OX £0 
SftZftMnotC 0X11 


7 317 8$ ft ft 

IX 1J 101118 81% Bft 

1J2 41 13 396 38% 37$ 37% 

18 207 8% 8 8% 

IX 5215 X 30% 30% 30% 


dft 9% 

«$ ft 


084 54 X 317 15% 15$ 15% 

12 3M 31$ 30% 81 

9 a ft b% ft 

13 974 1ft 1ft 1ft 

X 4801 1ft 14$ 15% 

13 77 1ft 1ft 15% 

012 01 409 22 21% 21% 

OX 03 21 431 29% 2ft 2ft 

asms 18% 18% 1ft 

040 Siam 5% 4$ 8 

1X200 27 61 ft -ft ft 

ix 7i a 2ft a 2ft 

IX 11 14 330 61% ot 61$ 
IX Ol 12 11M 1ft tflft 18% 
1.15210 S 334 5 4% 5 

OIO 06 15 373 18% 1ft t8 
028 \H Z22246 28$ a 28% 
270 31 16 757 83% 82% 83% 
8 178 27 26% 25$ 

OX £0 10 1046 45$ 44% 44$ 
OX 11 MX87 35 a 34$ 


itoriOTte* OK 01 M 1640 23% 


8% 7%MaaamitPt OX 05 IX ft 
31% 25% Maori £80 00 8 a 31 


i% Huai* 2X 00 a n 31 
87MtotHta 1.18 07102 78157% 
1% MaHll 024 09 33 3284 25$ 


40 Mams P« 4 4X 06 


10% 4%MnaaE 
4ft 33% MflWIir 
1ft I3toW 


040 84 7 2586 4% 
092 £1 164671 4ft 
OX £6 37 2872 17$ 


1ft ISRtotaB OX £8 37 2872 
25%14%N8MCHp 07Z £5 154532 
2ft iftMeOakdv 032 1121 X 
36$ 29% MeOeffffZl 2 X 7.1 7 


ZftMcOanEl 2X 03 MOO 31$ 31% 31% 


62% 4ft McOrtdX 
122% 4ftMd)nDox 


MdMkn 030 11 6 13 1ft 1ft 
McOrida 043 07 21 5782 01% 60% 


043 07 21 5782 61% 61* 

1.40 11 12 T3K TIB 116% 1173 


75% 5ft McfinkHx £32 03X3 1110 89% 


:38%HCMM 


IX £8 18 549 64% 62% 84% +1% 

IX £3 21 1157 44 43% 44 -% 

044 £3 41 149 1ft 19% 19% -% 

8 1541 24% 24$ 24$ ft 

2X 71 18 284 3ft 33% 33% ft 

ax oi a 14a n 70 % 7b% -i% 


: 12% MafaaaQp OX 11 27 454 31% 30% 3fi% 


27%MtonBUJ 2X 03 


B7$'51% MrikBk £24 *1 11 1059 54% 
54% 37%MriMa IE 31 12 89 38$ 

11% lOMnkta OX 01 184 10% 

4ft 29$ MteCSX IX 27 15 257 37% 
44% 20% Hteckx 1.12 31 1721X2 32 

iftMtecnyfa an ii 292223 15% 

25% MPtok 072 17 E 754 4ft 
a tortjri on £0 61689} 49% 
1% MmyGeRd OJB 11 7 4784 ft 

ftMH> - 2 1844 7 

1% Murid Tri 040121 16 267 3% 

ftUrihfckn 16 ID 0$ 


S R R 4 

32 31% 32+1% 


X 48 MatrOX 190 71 zin 
18% IftMakflri OX U 71664 


4ft IBMriieaFd 018 11 9 4663 34$ 31% 34% 
3% 2% Uckafirarr OX 11162 X 3% 3% 3% 


4 a 

53 a 
1ft 15$ 
81% 34% 


14% fttoMarifari 
47% 25$ kBfar 
132$ 97%MHlr 
27 IStoagiRH 
2ft 1BUXB* 
27$ 14% MkdKnB 

« 1% MM top 


29% 17%IMl<lBk 
64% 09% MaU 


1 012 02 57 161 6% 9 

OX 11 40 936 45 4ft 

312 14 17 4516 104102% 
42 3263 24% 24% 
053 21 a 35 13 18$ 

053 21 M 19% 19% 
a 1358 5% S$ 
OK 03170 48 Zft 27% 
310 *2 15 7491 n 78 
14 132 1ft 17$ 
OX L7 44 11 11% 11% 
016 11 11 92 15% 15% 

232 30 15 4965 76% 73% 
07S1L7 1 721 8% 6% 




103% -ft 

si i 
’a 3 

27% ft 

n+i% 

18% ft 
11% +% 


_ . 23%HkramPh Ln 51 11 1298 Z3%dZ3% 23% 
22% 1B%MeriBMiSt 114 71 9 X U ift 18 
21%. 18 Moon fag 094 *9 M 680 1ft ift 
79$ 5ftMi«UP £72 *1 7 9863 66% 65% B 

12% 10% KrgitoH 1.16 101 97 10$ 10% 1 

88% 71$H%teiJPPr 5X 51 K 65% 88 8 

16 10% Hagai KX OX £2 5 082 12% 12% T 


, a*s 


ftMngteiPT 

54MrgnBt> 

iftMonflt 


a Aasr 


B% 7%MrtM)p 
11% 18% MePirir 

f 9%Mudct*f 
ti$Mmartri0 
a%WM 

iftUutariOt 

AkmiE 


70 154 7% 7% 

IX 11 0 5123 66% 63% 
OX £1 a 1447 25$ 25% 
1.12 1.1 K 2734105% 1041i 

ax ai airesT iob% 101$ 11 
063 71 ° IE bK ft 


are 7i in 10% 
DX 61 TM 9% 
063 7.1 .846 11$ 

IX 12 X 7» 40% 
1.12 71 1 51 15% 
022 £0 16 17 11% 


12% 12% 12% ft 

a^iS 4 

rm 


182 10% «10 10 
TM ft 8% 9% 
646 11$ 11% 11% 
7» 40% 39$ .#% 
31 15% IS 15% 


1 Mytai UtB 018 07 a 9a 


11 11 
a 23% -% 


41% 25%nB6mqi 


, 73E%W»CtePX 
H7%101%NYEE81 
X% 42Hatxo* 


IX 31 Tt a 37 36$ 30% - 
IX 1.7 14 112 81% 57$ 57$ 
ax 06 1 IE 102 102 


ft- 12NLMB10 

R44%MMkX 
ft 3i$rrMdaMh 
ft 23%NriAM0* 
aa%Ndy 

a ftkHEdum 
ail Kri Briar 
26% IM PM 
12% MHO 


OK 12 42 82 00 55% 55% 

OX 25 17 1161 35% 34$ 35% 

ore zi id a a 2ft 2s 

032 21 10 1263 13% 13% 13% 

114 £5 1011942 48% 47% #$ 
2X 6117 413 40% a$ 40% 
122 *1 14 109 41$ 41% 41$ 

1.18 *5 10 6827 25% 25% 25% 

19 847 6$ 8 6% 

5 2 021 021 021 

TJ4 01 13 IB 30% 38R? 33$ 

114 110 16% 15$ 18 


00% 44%KatFlM» 
73% 47% MB Son PI 
3% IftMfaM 
2ft 23%WSanr 
10 2%MStokl 
33% 19% (Mr 
00% 34% Nutria- B 
3ft 2ft WD Bn 


046 £1139 5750 15% 14 

IX 41 17 42 44%d44% 44% 

AX U T31 73 7D 73 

1617667022% 20$ 22% 
IX 09 16 an 27% 27% 27% 
4 36 8% 6% ft 


5$ NatMMcEq 

a%HNridiPm 
4 Nam Am fl 
sftieflB 
tfiitahmr 
24 Nm Jay lb 
2T%NawPkMfi 
a%mstE5 


• z ra 

6X 111 41 

IX 31 11 37£0 
OX 12 29 88 

7 138 
IX 71 12 471 
054103 636 


214 Ol 12 749 3ft 


0.13 11 

IX £7 15 


X 37NMUMX 
63% XtowaCup 
95% SINawGaifr 
53 43MMB1 
25% IfttoflM 
99 43% Mri8 
34$ 2G%Bpa»tad 
9% 3%NLtad 
31 15%NoriaM 
7 4NMRH 


74$5ftllartaS 

35$2i%torikKydr 

1ft 4%totttad 


14$ 7% pm rtek 
7% 3%Mfipd 
a$2%MEKx 
47$ 40% NSOta 


132 07 25 289 2ft 
£20 02 12 1243 26$ 
ore 11 18 8K 40% 
010 £7 42 SS 14% 
OK Ol 41 323 4ft 
OX 1.1 48 33K 53% 
0.18 01 17 2846 8ft 
ax 31 MOO 02% 

160 73 ZX 47 
IX 02 11 41K 19% 
OX 11 11 3212 51$ 
11* *7 131498 3ft 
OX £4 5 244 ft 
015 05101 540 2ft 
S S5B RI4 
IX £1 17 W12 65$ 
042 11X2835 X 
010 1.1 6 480 9% 
B46 14 15 474 13$ 
0 42 5% 
IX 71 14 2611 23% 


62 2ft 2ft a% 


14% 14$ 


14 i2% to— g ML 

"MS! EE* 3 

12% ifttthmnRM 1 
15% iftlkwamJJF 
tJ 14%Wri«lPf 
i8% iftikwrafl 
32 2ft NyhteOta 

46% 36% Him* 


I *1 IOHH ■ — -w 

17 43 » 

! i« 


7% 

96% +% 

18 J , 

38% +% 


858 15% 9t5% __ 

| 37 11% T'S 

!--5ittR* 

1 a 6871 37% 85$ » ^ 


R-i 


17% 70HM OP 

art iSStoSSdHriMB 

gei?isSto. Z 


48% -% 
'« -% 

§ 3 

33% -1% 

2% 4 

0ft ft 


Z7Zl%0Bd«i 1-» 

ix 

*« 

66% HObtaHM 4X 
iS 080 HOPH 714 
W% 89% ««*■** 
in lOlOWoBLM 184 
107192% «***£ OU 
38%E$M*XE £M 
51% 36$ 0*lfa ““ 

33i3% ftri*» « j-j; 
48$ 370nrion 124 
15% nOnaktaUi 0-« 
2B% 17% am* }•!? 

30 22% Opp»* ao ZX 


20% +% 

K 


n +1 
22% +% 


JU UUDri ' 'te l — 

11% 10$ Opptrti M 5 1.00 
6% 7% Osparii Ml * 082 


8% 7%DppariiMi 
ft 4$0r*flaC0 
47% 35% OWfll Wt 2X 


27% 17% OriDtR X OX 
2% 1% OfteriBg 
Sfl z 27% Orton Cap 072 
a%i6%DnP&> J* 
25$ 15% OdtatM 0.40 

20% l5%QftSh on 

ZB%l2%0nm&M 021 


A 


48% 34%0WtaC 
31% 15 Qrited tad 072 


46 275 

12 10M 

03 18 143 

8,7148 9523 

X 2333 
55 13 15a 

19 IX 

71X7 2929 
74 no 

7.6 1 
71 

7.7 2 

04 Z100 

17 UK 

71 11 BK 
*5 10 2*3 

18 33 138 

£5 16 961 
31 16 178 
6.1 12 IS* 
7.3 12 82 

Ol 237 

72 X 
15 61 

61 12 119 
£2 34 434 
2 3 

£2 8 171 
£2 171450 
11 3 389 
£5 40 3494 

01 a TB 

18 7468 
£4 15 270 


% % a 3 

m% aft Jfe - ■? 

W T7% UV -% 
37% 38% 37% ft 
23% »% 3ft ■% 
15% 1ft W* -ft 


92 II Q* 

its « ni 

’Si’SSIS ** 

» ah a a 

a a si 3 

II lA N ^ 

R "S A ^ 

'i R ri 'V 

als f 


26% a 2ft +V 

1 % 1 % 1 % 

32% E% 3ft 

ift ^ reft; 

^ zft S ^ 

S aft S -J - 


- P - Q - 


66 % -% 

18 


36$ 27RCPD 
80$ 6B%PP5li 
16 9PS6mqg 


48$ 37% PW IX 3.1 10 1» 39% 3ft »$ ft 

36$ 27 PNC Fa IX 41 6 6X1 Z7d2ft 2ft -%- 

80$ 09$PP6ta Z16 £9 27 1479 75% 74$ 5ft vj^ 

15 bps Grom an *9 1 a 12% £% 2% -% 

27 19% PS( in 52 13 10M 23% 2ft 2ft -% 

16$ 14% PkC An hex IX 02 10* 14$«J% 14$ -% 

X 12% Pac SChn 012 05 18 430025% 24% B% ft 
mh 16$ Pctfcp IX 51 13 2921 18% ift ft 

27$ ift Ptefi* IX 51 10 21B 21$ 21$ ft 

36% XPICGE IX 02 13 7242 31% 30% 31% ft 

5ft43%PTrin £18 *1118 77a 54 S3 10% ft 

3ft 22% PataWI .375 IX 81 30 25$ 25% , 

34% 21% PkfcrtN 048 1.8 5 2088 20% » ^a ft 

21% 15% M 037 £1 »28» 17% 16% Vh ft 

27%i6%MriE OH £7 17 5176 a 21% 22$ +1% 


29% 16$ Fettp 
27$ l8%Prififi 
36% XPkeGE 
5ft 43%PTatai 


0254* 3ft DJI 
31% Sffi% 31% 


aft a% Ptounres ix si 30 a 

34% 21% Pkhriri 046 11 5 3866 26 


n%mcBitt ax iz a x 27% 




39% aPMdta 
I 3% 1% Patrick F 


28% ft 

18% ft 


8% 1% Patrick Pt 
11% 9 Patriot Pr OX 81 

5 2%PMknCip 
39% 23% ParilC OX 31 

81 55%P«tfL41 4X 09 

104% lOOPanUU 8X BI 
98% 35% Rangy i.*4 £8 

a 23%PtetePL IX 71 

7ft 49%nnHt 3X 51 

35 27%Pw«Ea IX Ol 


41 614 5 

IX 21 » 1726 35$ 
1 124 2 

OX 81 M 9% 


OX 81 94 9% 09 

15 184 3% 3% 
OX 31 5 az 26% zft 
4X 00 MX X 65 
OM 81 MM 100% U»$ 
1.44 £8 IS 4078 X% 5ft 
IX 71 11 6202 8* 23% 

3X 51 14 43 53% 5ft 

IX 01 12 in sa 2B% 


» -V 
•tn% -. v 


iPipBoyrif 01S 05 27 677 77% 


34%Ptptko OH 11191188* 

28% Pkrfltex on union 

17% Mini Ra IX 03 10 12 
3% MUtelthxOX 51 11 *0 
5%PnyOUB 3 793 

14% Fit he 032 11 17409T 


36% X 
36% 3ft 

It 

65% 5% 
18 19 


K 8% 7% 6 

n si aft n 
7615ft in 185% -2% 
M 2ft 25% 25$ ft 
(4 42 41% 41$ ft. 

K 4% 4% 4% 
n 43% 42% 43% 

7 17$ 17% 17$ ft 
B 20$ 19$ 20% 

B 23$ 23% 23$ ft 
7 31% 31 31 


75% E%P8MT 
57% aftPhttaO 
X 54FMEU 
67 XPME41 
102*2 97PME7re 
20% iftMAttn 
3ft 25% PUB 
77% CPMtor 
37% 24%PMR 
37% 25$ RriVNx 


ox £3 *2 in 29% a$ aft 
nx 07 51 333 27% 75% 27% 


J9 ft 

2ft ft 

27% ft 


IX £3 775245 57% X% 56$ 


IX 00 a 5521 86$ 84% 6ft -7 
*30 -71 mo 58% 59% 58% +1% 
*40 71 2 U 3ft 9ft -I 

7J3 71 2 99 99 99 

IX 07 M 740 19% W% » - . 

ix si n wra zft a a% 

are 80 1315772 5ft 54% 55% ft 
1.12 *1 2711X5 27% 27% Z7% 

015 04 M 418 35% SS$ 35% ft 


2B$ IftPtadmnME 1H *5 16 210 a 22% a ft 
1ft 5%Ptarl lap 0.10 L2 15 1182 8% X% 8$ +% 
I4 10%R(italW ■“ ■ 


14 18% PWtn « 
ft ftptotamp 
25% IftPMRp 


0.10 L2 15 1192 8% X% 8$ 
1X120 148 Iftdltft -10% 

OX 07 a 110 8% 8% ft 
an 31 101X6 21% 20% 21 


27$ 18% Ran £ia £12 8.1 4 28$ 81$ 26$ ^ 

14$ 4% RontteFn £13181 8 641 13% 12% 13% ft 

an 324Ftoq£.12 £12 01 MOO U359 3H 355 - . 

45$ aftPlkwjB 1H £4 IB TOO 43$ 42% 43% • 

31% 13%PHriD OX 07 2168a S% 27$ 27$ ft 

26% 11%ftacw Dm OX 1.1 51 9842 2ft 23 23%. ft 

30$ IftPtatatFta OX 1XS 133 25% 34$ -8 ft 
13 7PI«IWB a IX ft ft ft ft 

32% 14% PktnCnaK IX 41 18 TO 3ft X 31% ft 
21% 5%nioaPnd 24 873 18% 17% «% 

38$ 25% Pufedx OX 11»15» X 31$X% 


21% 9%naaPrad 

38$ 25% Md x 


87%21$Pk)Ho 

42%23%R%tou 


'X' 417 

017 faM ■« 


18 Ptpt&IM 07»*M^3.951 


13% Btataetae 
18$ 7% Rvtagri F 
2ft IftPOrihSu 
51$ 38% Patch 


. .-.'11 11 13$ 
OX r Oy*rj h9 14% 

are limn* 2ft 
IX 3L«» w 4ft 
iX.ZZtl 3085 23$ 


19% U% Pasta x OX VS# 205 19 
34% 17$PntHaax 024 TOX 4M 34 
88% 38%Pmwk LT2-=M^5t»7 78 


30% 24%Pnmi 


lift IftPrinrX 


PrkmitaLP 2XXa ,10 


60 45% PrpCtB 1H:»76 68B7 


4ft27%pivawaa ox'.ob aisx 
lift ftpirirtat oa 2121 a 

1 55% 17%Roiut 


18 18% ft 
33% -ft 

5ft 57$ +$ 


O20Z1 21 a 13% 1 


55% 17% Proms E 8293 47% 4ft 47% 

21% 14 Prop Tr Am 1X '*a 30 798 20% 20 23%, 


3 5%PtwpSt 048111 
25%taUB 114 31 8 

OIIPMRkyC 0161BA 0 

E%PB6hri4Xx*K 71 
ID* 83% PWWV7Aa X 7*1 71 
in XPhStnCU 7.15 71 
104 B7Pt6tedUx XX 71 
3ft 2B%FkftCB . Z16 71 12 4804- 2 

13$ 9%raOMH« 5 AIK T 

1$ . 1 PifaUur 18 


040111 830 4% ft 

114 31 8 109 Zft 27% 

aisnzA o n A A 


* 


2 X X X -T% 

2 M * 90 

2 X 95 -* - 

2101% 101 101+1% 
14-29$ 109 ®% ft 
S 13$ 13 1ft -% 


10 X 1% 1% 1} 
Tl SI 22% 22% 22 J; 


12$ lO%Pukn0Mt OX 02 

ift Tonmutoir are 71 

9$ 7% Pttatahto 067 71 
IDlftFdtartmEr 096 71 
11% iftnaamMa ore 71 
ft 7$ EUmMUkl OH 81 


1H 81TI 571 22% 22$ 22% 

OX 11 18 4 35% X 35% 

024 07 11 787 33$ 33 33% 

OX 02 74 11 10$ . 11 

ore 71 a* ift ift io% 

067 71 1238 7$ d7% 7% 

098 71 142 18% 13% 13$ 


77 60$0urit0 
• IBlfteutora 
21% 1*Q*W 

2ft zzttauriteD 
13% 12% OoiritadP 
44 2S%Omrita 
37% 22%tt**R1y 


067 71 12M 7$ 57% 7% 

098 71 142 18% 13% 13$ -% 

ore 71 an i9$dio$ 10% -% 

OX 01 578 8 d7$ 8ft 

are 07 452 8% 48% 8% 

are os B4S ft 0 8%+$ 

£12 £4 14 14X 64% 6ft 63% ft 

040 £9 Z7 200 13$ 13% 13$ +% 

OX £8109 1606 15$ 19% 19% ft 

1.12 41 841 23% 23% a% ft 

11U 324 13 12$ 12$ 

1.10 31 15 10X 32 31$ 31%- 

048 11 7 559 £7% 27% 27% ft 


ft 4%RAMl 
2ft29%HJfap - 
ft l%MTkna 
15 7$ HOCWwn 
ft 3% RPEIteriqr 
46%3ftHMri> 

46$ 34% Rqabn 
20% IfetalwF 


18$ IftRatEsTr 
17% 11%ltacogniEq 
3ft aRubric 
A- 0.11 IteeriU 

34$ 22% Repeal ADR 
53% 44$ Rajxdra Y 
24 15$ Rata 
4% 2% Rtesna Cp 
48% 24% RayritA 


58% 41$ RayidWx 
90% 4ft Rhone? MR 
27 URnoaPADS 
5* 32 $AhmPRu 
21% 15% RtaAld 
32% 12$ Rebut Hri 


rty w 


SD3ftRediTri 
10$ 5%RtekMiaP 
44$ Z7$RdaM 

5RodtaSfltem 
02 47% RobaH 
13$ 6%Rghr 
« 4$ tUNuenr 
3ft 21%Ratoi 
21% 14RrifatTlL 
10% ft torn 
a%«k«Sca 
110% 78% ftoukdi 
14% renqnUtf 

37$ aftUngd 
23$ ifttodddE 
«% iftfa rittinta ir 
36$ HRnCtl 
2ft ISAM 
5% 24% Ryders x 
25$ IftRytandOg 


30017020 7 

OX £2 ID 118 25% 
OIO 51 2. 213 1$ 
015 11 1082 10$ 

012 OO 14 IE 4 
IX 21 13 2340 43% 
032 01176 583 37$ 
032 11 0 332 16% 
IX 13 12 1940 61$ 
1.40 £3 It 9960 42$ 
122 274 8% 
IX 71 15 34 17 

* 438 12$ 
OX 09 12 2083 32$ 
13 87 £ 

IX 07 .15 270 422$ 
032 04 6 4053 6 

are £2 18 733 32% 
IX 21 9 382 50$ 
X 101 £1% 
1 IK 3% 
OH 07 18 378l>*8% 

ix n 9 sire 32% 

£03100 A 20% 
1.12 31 11 1318 34% 
on 12 13 26a 18$ 
31 208 $8 

ire 71 12 677 24% 
IX 3J 17 163 43% 
1X100 5 974 6% 
IX £4 IS 2918 41% 
10 43 7$ 
MO iJS il 740 56$ 
12 W2 10% 
OIO £1 48 887 5 

OX 1.7 a 366 2ft 
OX 1.1 17 177 1ft 
« m 7% 
in si a 27$ 
4-11 £9 16 HIS 106$ 
1.15 OO 1U 13 
045 11 a 3521 3ft 
OX 11 17 45 21$ 
OX *2 23 72 14% 

040 L4 a 1S4B 29$ 
X Bt 2ft 
OX £2 1811227 27 

UO MS 4W»$ 


25% S 

^ i 

4 


S 6$ ft 

17 - 

12 12% +% 
31$ 32$ ft 
015 - A 

%% $ 

31$ 32% 

*ft 50$ . ft 

»% 21 ft 

3% 3% ft 
47% 47$ ft 
50% S% +1% 

. 

34% 34% -1% 

1ft 16% ft 
SS 29% -$ 
23% 24% ft 
43$ *3% +$ 

40$ 41 ft 

1 7$ _ 


18 5 J* 

7$ ft ^k- 
2ft - 2ft ft 
IK 106$ +% 
12$ 12$ 


20$ 21 
14$ 1ft 
28% a$ 
16% 20$ 


ft ft - + 

1$ X 68$ 
35 3ft * 
t$ 9 9% 
ft 12$ 13$ 


IX. 77 12 167 1ft 1ft Ift+lX 
032 £0-7 n 10% 610% 10% ft 
1X£4B X 23% 23$ 23% +$ 
097 61 9 143 14$ 1* 14 ft 


Ift" 1ft 17%+lX 


£X 03 13 3» 41$ 40% *1% 


U 15 475 17% 18% 17$ +%- 
ii a 25% a aft 


Continued oa next pngs 




• IS 

r *p [ - 

!<■ 

'•S 


*Six 


A 


j[h 

,N si 







FINANCIAL TIMES THURSDAY MARCH 3 1994 


35 


4 pm dose Monfi 2 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


*pmd9&Mara>2 


™ _ , a™ hS. 

■•HE >0ta Hgfc la* tad But 


Z4% 13% 

«* 10$SetaMy 
5% 2 G*«htW96 

WhSUnPaear 
37% SBSUnUP 
98 75Sf*d 
n% 6% Satan Op 

754 33% SMB MB T 

144 i?% Satouwar 
51% 34 Sam 
Z7% 2Z4SnDs6E 
11% 8% SunefeEJtB 
«% 45% SaortFeFK 
26% 124 SflfftP 
31% 2i SareLwx 
524 40% ficana Gorp 
264 174 Scecrp > 
WjZa^SdmiflP 
71 51 4 StlfPI 
00% 54% Sdiinb 
38% 16% tomb® 
9% 5% SctMflzar 

" Scrim 


038 24 81187 1 
24 2492 rB 



CLZD 04277 25 53% 594 

1JB B* 14 60 29% 29 

100 27 8 1037 82% B1% 
8 261 7% 7% 

1.40 21 9 1168 <5 44% 

0J» £5 BBS 13% 13% 
11* U 8 B37S 49 47% 
1*2 06 12 542 23% 22% 

ai8 1.8 9 1166 9% B 

2*0 7* 18 43 30% 39% 
010 04 12 8856 22% 21% 
004 23 14 8775 22% 215 
232 61 12 520 46 

1.42 7.7 12 6858 18 
29 602 
1*0 3.1 13 6717 
121 2.1 23 4732 574 
0*8 10 12 2035 273. 

26 98 9% 

0.12 03 51 1603 28% 

aio a.7 13 is 14% 



0*0 14 11 4927 <5% 44% 


1“ 31 

J& F 7 ’■* * 22 

«% 7%SaxttKBiF OlG 1.4 599 11% 11 

31% 16% KaCrt 070 4.1 8 nOO 17% 17 

17 15SsaC1^62S 1.48 94 3 15% 

31 24% Sogna 066 20 35 2374 28 

32% 15 Seagal En 31 1716 24% 

32 21 Seated!* 22 _ 

00% 42%SsanAi 1*0 14 717732 <7 

084 &4 156 13% 

0-ZZ 06 J7 3183 1137% 

Off) l.B 7 10 36% 38% 

050 1j4 19 7 36% 35% 

442 15 21 1040 28% 26% 

092 36 13 287 26% 25% 

-£■ — 022 U 22 8429 18% 18 

28% 17% Stewnul N> 080 19 19 4900 21 20% 

14% 10% Shelly W1 029 2.1 28 4 13% 13% 


13% 12% 

37% 20 

39% 18 
40% 17%__^_ 
SB 17% SenCp 
31 17% Svttanr 
25% 14% San ITS 


Sal 



2*7 17 2010638 83% 62 
0JS6 1.7 18 2014 34 33% 

15 764 23 22% 

010 04 IB SO 17% 17% 
1.12 5* 11 £82 19% 1B% 
1 16 5% 5% 

150 28 11 359 35% 36% 
308026 23% 23 

108 8.0 36 109 13% 13% 
018 1JI 59 30 9% 8% 

048 13 19 202 20% 19% 
009 1 6 13 ISO 3% 3% 
030 3J 75 ITS 6% 6 

79 779 10% 10 

132 41 14 40 29% 29% 
132 4i 4308 27% 20% 
052 23 14 1766 22% 22 

046 15 20 106 25% 24% 
UlO 2.4 21 886 44% 43% 
024 1.3 23 299 19% 19% 

31 71 2S 30% 29% 
1 08 16 B 1514 30 29% 

047 08134 1932 59% SB% 
024 U BT 2505 16% 15% 

... , 380 83 22 44 43% 

51% 35% SouMfcim 230 84 Z100 38% 38% 

27% 21% sweatee 1.44 68 13 53 22% 21% 


37% 26% StaWx 
25% 19% Stamp 
24% 15% Scubas 
22% IB 1 : Stain Pm 
14% S%9gnriA«> 
38% 21%SMteEhk 
29 11% SXkamBr 
15% 10% Stater 
7 Seta 
23 16% SqOne 
4% 3 sums 

7% 3% SnWhCara 
11% 7% 5mm 
38% 27% SKBcM 
34% 25% GMBE4J 
37% l9SafltaFd 
32% 3)% Smock* J 
44% 38% SapOnT 
23 ia Snyder oi 
34 i S% Solectron 
36% 21% Santa x 
61% 3S5onr 
17% 10%SaMns4 
49% 42% Sauce (tap 


30 9% sextan 
24% 17% scan 

23% 18% SDBtsCp 
23% 19% SVnCB 
35% 2&%SnrixtfG£ 
38% 30% sen 
39 ia%St«W 


050 18 90 900 27% »% 
1*0 04 ID 198 19% 17% 
088 14 8 Z7B 2D 19% 
1.18 5.7 8 7857 20% 20% 
18S 58 12 45 29% 29 

1.7B 58 47 395 32 31% 

004 01 32 4368 34% 33% 


19% 13% SutaMGs 078 45 20 163 TT^ 17% 


.. . i2Scuwreanr o*4 1.4 is 439 17% ib 1 : 

33% 27% SaUtMTOPSe £20 7.7 11 1088 28% 28% 

12% 7% State Fax) 046 4.7 904 10% 9% 

12 15 8% 6% 

012 OB 16 15% 815% 

1*0 11 14 147 38% 38% 

180 2.7 26 67S6 36% 35% 

040 28 20 278 16 15% 

080 28 7 188 14% 14 

032 18 15 143 21% 21% 

012 1.1181 1516 II 9% 

064 18 17 4S3 39% SB 

- . 052 18 17 14 29% 28% 28% 

38% 25$ Staton* 100 1821 B4 35% 35% 35% -% 

47% 37% SHWk 1*6 12 20 1B4 42% «2 42% 4% 

0682822 6 24% 24% 24% -% 

088 04 80 10% 10% 10% -% 

050 2* 7 188 27% 27% 27% -% 

020 28 7 9 7% 7% 7% •% 

008 1,4 38 854 5% 5% 5% 

22 986 33% 32% 33% -% 

0.12 1* 4 58 9% 9 9 -% 

S »>2 A 

15% 

22 1819 25% 24% 25% 

084 55 16 1046 15% 14% 15% 4% 

1314730 39% 36 38% 41% 

38 96B 27% 27 27% -% 

.. ... 038 2.1 15 3725 17% 17% 17% 

32 19% Skra fter x 1*0 4* 14 169 2B% 2B% 2B% 

555 3% Sum Shoe 030 89 1 Z100 3% 83% 3% 

" 9% Sul DIs A 1.10106 7 16 10% 10% 10% 

011 £4 4 31 4% 4% 4% . 

082 50 42 28 6% 6% 8% 4% 

040 1* 11 3546 35% 33% 34% -% 

1*0 2.7 17 345 44% 44!| 44% 

1.19110 561 9% 9 9%-% 

ofjrj oJrt 5 L. 

1*9 £9 12 1029 44% 44% 44% 4% 

036 28 14 07 12% 12 12% 4% 

012 03 27 1144 40% 394, 40 -% 

088 2.4 14 4706 36% 35% 38 -1 

016 00 20 800 17% 16% 17 -% 

008 04 B99 2D% 19% 19% •% 

341910 17% 17 17% -% 

11% 8%SywCMp 12 S 9% 9% 9% 

20% 15SyrovuxR> 045 £8 15 110 17% 17% 17% -% 

104 98 84877 15% 14% 15% +% 

036 1* 23 2213 Z7% »% 27% +*4 

-T - 

9% 5%TC8YEnta 0*0 13 24 IB 6 5% 6 

40 27% TCF Ffemc 180 3* 10 114 31% 31 31 -% 

10% B%TCWCuwS 084 8.7 405 9% 9% 9% 4% 

44 75% TDK Cup A 0.47 1.1 43 148 43 42 42% -1% 

3% 1%riSW0B 020100 0 40 2 1% 2 

34% 24% TJX 050 1.8 17 6157 27% 20% 27% +% 


7% 5Gpara»Cp 
21% l5%Sptaita 
49 33% String 
40% 25%SwW 
18% 15 S>X 

37% 13 Sid Doan 

26% 13% Sid Motor 

12% 6%SttnPKUi 
38% 2S%SMPW 
29% iB%Staxtax 
1 Statome 
47% 37% SHWk 
26% 22% Stand 
12% 10% Stale IluB 
32% 18% 5KLFa<LBk 
9% 6% Skdrikip 
8% 3%5tartgOitan 
35% i7%StaigSuR 
10% eHSWFh 
91% 21% StXMHtaB 080 2.0 IM 38 
1B% 6% Stow Cent 071 4.6 3 9230 1 
28% 16% Stop Shop 

15% 8% SbEqu 
43 IBSbTra 
41% 20% Status 
23% 12% 


H% . 

4% 3 Sun Dll B 

9 % B&nEnenv 

46% 77% Sow 
46% 35 Soar 

9% 1% SunsMoflPI 
3% ft SuntaM 
«9% 41% Suita x 
14 9% Sum Food 

»% 18% SUKMW 

40% 29% Snap 
28% MSugCera 
23% 13% Suites Hah 
19% 11% Symbol Tec 
11% 11% Sync Cup 
20% 15Sjro*usft> 
23% 13% Syntax 
31 23% Spco 


mn a 

Bgb Lear Oort Mr 1 E M Up 

13% 14%11PEntapx 153 85 19 236 17% 
77% 52% UW 
25% S%T2Kdd 
3B% 17% Tahoa fit 
9 3%TritayM 
14% B% Tbbsy H 
85 39%Tobntax 



- ^ 

188 25 21 1476 72 71% 

010 12 7 3848 8% 7% 

2212 25 22% 

042 7.1 7 2SG 6 5% 

t*Q 03 4 10% 10% 

188 35 221173 42% 42% 42% 

310019 14% 13% 14% 
080 15 16 1B7D 41% 41% 41% 

13% 16% Tame Hun 072 06 74 11 II 11 

25% 19% Taco Enag 096 45 151458 20%l119% 20% 
2 20% non 080 2* IS 350 27% 26 Z7% 

5 1% Tela 20 21 3% 

27% 18% TeUp 0 BO 19 15 864 29% 

46% 29%Te*&pSA 155 £5 7 5331 40% 

78 44% Tutor* 056 14 1437513 67% 

54% 37% TraHx 1 00 20 42 1129 51% 

30% 14% TtnptEmUh 0.17 0 7 
THnpDQttx 050 01 




- - r«npww 
68% 39%Tim» 

30 21% TeapcoPB 
31% 13Te3KlfM 
11% 6% Tws» 

8% 3% Tun mas 

11% 3 Tain 

66% 57%TMM 
53% 50%Te*acec 

38% 21% Tens M 
84% 45% M 
21% 16%TBtasPta 
49% 36% max 
9 3% Tad MS 
50% 40% Texan 
4% 3%nw*ta* 

24% 10% Thai Cap 

37% ib% TbtaFund 
44 % 3t% ItanaaQac 
29 l5%naeWx 
72 57 TtfiaOx 

TBorasMx 0.40 
HUMOIM 200 


1214 25% 24% 24% 
233 7% d7% 7% 


80 1953 7% 87% 7% ■% 

150 £9 21 5689 55% 53% 54% -% 
£28 70 11 127 29% 29 29% ♦% 

261222 29 27% 28% 

8% 


7% 8% 
9 % 10 % 
63% 66% 


006 07 1 GO 

DOB 10 24 1000 

181542 

3*0 45 147519 _ _ 

IDO 50 2 51% 51% 51% -% 

0*0 08 44 70 35% 35% 35% A 

072 00 16 9134 83 79% 83+1% 

040 £0 IS £1 20% 2030%+% 

388 a* 22 4294 37% 36% 37% +£71 

1.10318 2 113 3% 3% 3% -% 
1.40 £5 13 1150 57% 56% 56% -% 

66 2 4 4 4 

0*5 20 313 17% 16% 17% ■% 

D*a ID 550 27% 26% 27% A 

012 Q* 23 2621 40% 38% 38% A 

088 28 B 374 28 27% 27% +% 

£24 38 21 SB 84% 


27 16% IKMf 
38 24% TBtav 
46% 29% TmWmx 
37% 28% Tim* 
37% 25% Txntai 

5% 2TBaoOp 
13% ID 1 ; Item PI 
6 4T0CHSnp 


19% 8%To*Bw 
83% 64% TaXBteN 
64% 41% Tdmrt 
30% 15% Taro Cup 
35 18% Toko 
33 14% TMta&tta 
32% 1>sflUa 



'% '% I 


040 

0*8 08 24 3S4 30% 

032 00 49 9539 37 1 

188 11 27 
1.00 £9 61 IBS 35 
5 1978 
1.00 88 Z 

6 25 

15% 6% ToMnUi Co 088 4* 12 135 13% 12% 13% 

28 2% ItM4E£81 £81 104 3 27% 27% Z7% 

15 1331 15% 14% 15% 

OJB 09 31 a 73% 72% 73 

1.12 £6 12 2134 43 42% 42% 

048 1.7 20 230 28% 27% 2B% 

060 1* 13 450 32% 32% 32% 

014 05 41 TO 26% 26% 26% 

23 6709 36% 35% 35% 

1*2 7* 11 51 25% 25% 25% 

£00 19 9 BIT 51% 50% 50% 

0*6 0* 11 573 46 645% 48 

060 3* 10 596 15% 15% 15% 

3 2 14% 14% 14% 

024 1* 12 77 14% 14% 14% 

050 1.4 914S46 35%«B4% 35% 
024 1* 15 49 15% 14% 15 

£SQ 6.7 2107% 37% 37% 

B 286 21% 20% 21% 

104 l.B 22 1 619 58% 57% 58% 

068 18 452 23% <03% 23% 

068 1* 25 1308 44 43% 44 


. 24% Tl 

62% 45% Trosm 
61% «5% Tmuafim 
18 13 Tram 
17% 6%TnoaertR 
15% 8% Tran&Kft 
43 35%TrM 
18 12% TMegta 
37% 34% TMOnCJS 
26% 16% lilac 
61% 48Titxnex 
26% 23% TrtCon 
47% 24% Trtnay 
as 21 Tima 


-% 


43% 26% Tnon 

OlO 

0* 21 482 20% 

29 

29% 

-h 

4% 1% Imago B 


27 3039 3% 

3% 

3% 


10% 5% Tirtsi Crpx 

0*0 

17 33 367 5> 2 

1.1 659 10% 

5% 


■% 

14% 5% TixMsh h 

012 

ID 

a 

-% 

34 24 Auto Cart 

064 

£5 12 2597 26% 

25% 

-% 

21% 16%Ttaatnsc 

070 

3.4 19 3 20% 

2D% 20% 


55 37% Tyco L 

040 

09 a 1038 53% 

51% 

53 

+% 

14 7% TyCOT 

OlO 

1.1 4 682 8% 

80 64 5% 

8% 

B% 


6 1 : 4% Tyler 


5% 

5% 




- u - 




155*2110% UAL 


4810658 133% 

ta 

129 -3% 

33% 21% UJBFte 

0*4 

U 18 2211 26 

3 26% 

-% 

10% 4% URS 


38 54 7 

6% 

7 



52% 45% USF&S 4.1 
36 9% USC 
32% 24%UST 
52% 36% USX CunPI 1 
10% 4% UDCHbh 
25% 21% UH C«p* 
11% 5% UNChC 
39% 20UnMtec 
34% 15!2Uhia« 

74% SBUnbr 
126% 95% UMMV 
50% 39% UnCanpx 
2B IBUnCaiti 
16 9% listen Cup 
56% 48 U£1 150 
72 CQ% Una 4*0 
44% 35% ItaOK 
67% 56% line 

UrtonPtant 
..^.lilXXlTBBl 

16% r%iwdni 
15 % 9%U*»b 

4% 1%UtaCup 
47% 2&%UBMao( 

16% 12Uta0uiMy 

21% BUhOutand 
87% 40IHMDXM 
45% 35% Udfeuzn 
4 UBfeXltat 
13% 8% WKUBFnd 
fi %MrnMM 
24% 11% US* 

19% 11% USFSfi 
28% m% us rater 
29% 19% USttxno 
45% 35% USUCp 
15% 8%USStaB 

S 15% UKSufl 
37%tEHtat 
72 43% UBIac 
15% 13%UMWV 
15% 9% UAnda 
37% 30% IW» Rxxh 
16% V4% unt» nil 
1% UUnMMdL 
14% 9%UdwCn> 
33% 18%linhriCip 
32% 23%Unocta 
80% 47% 196H 0>p 


50% +% 
29% A 

25% A 
50 

^ ± 
a ^ 

23 -% 
16% A 



4.10 5.1 17 50% 

B 1586 29% Z7 1 : 

1.12 4* 15 4495 2B% 26% 

1 ITS 7* 13 50 49% 

1*8 21.7 5 762 8 7% 

1*4 5* 24 365 22% 22% 

18 314 10% 10% 

OJB 24 14 993 £3 22% 

010 06 18 19 16% IBl* 

090 1* 9 62 68% 66 C&% +% 

1*S 14 16 884 111% 109% 111 A 

1*6 1* 68 1292 48 47% ~ 

075 11 24 5785 24% 23% 

18 14 11% 11% 

150 6* 2100 52 52 

4*0 7.1 6 95 93 

2*8 04 13 3455 
1*0 £7 17 4534 

QJM 3* 9 252 

0*0 1* 54 1981 19% 

0 68 2 

£7719* 910155 14% TL . 

24 177 3% 3% 

0*8 £3 20 46Z 38% 37% 

070 00 70 295 14 13% 

0*0 1* 18 IB 20% 20 

003 00 32 38GB 82% 90% 

£7B 7* 11 178 36% 36% 

028 4* 5 117 6 5% 

015 L2 318 12 1I*T 

15 

012 1.1 1 BZOI 
0*0 14 151147 14% 14 

38 148 20% 20 

4 117 26% 26% 

1*4 3* 0 621 

032 £3 27 1021 
009 0* 2B 4765 
£14 5J 38 6531 
1*0 £7 19 4716 _ 

0*2 8* 13 71 14% 

24 95 “ 

0*2 £7 15 387 
1*8 08 11 82 
0 7 

030 £7 34 47 
OJB 50 11 286 
060 2* 21 5277 
080 1* 13 1198 


318 12 11% 

an n^dio% 



S3 52% 


tassro, 

■*a Low Stack 

35 25% Uppn 
20 15USUC0 
11% lOUSUFEhC 
20% 16% USX U 
46 27% USX US 
24% 16USX1MM 
32% 26% Utpl.775 
34 27%U0fcup 


CVge 

in n ax date Pm. 

Bb % E ntaa Ogb lorn Mb Gton 

l.«8 51 13 4547 29 2B% 28% -% 

0*4 1.4 6 99 1 7% 17% 17% 

0*4 B* 0 143 10% 10% ID 1 * A 

0.66 4.0428 5191 17% 17 17% 

1.00 £5 13 3760 40% 40% 40% A 

0*0 li « Gb 16% 16 16 A 

1*8 03 4 28% 28% 29% 

1*8 57 IS 577 29% 29% 29% 


- V - 


SB%39%WCpx 1*8 
29 »%Vtan£ 053 

12 7% WtaiflGai 050 
7 3%Mdtc 0*0 

a 7% toesump HI 09S 
9lta«xupltar 1*0 
12% 10%V8tatSnt«HOB4 
8% 4%itanu 
71% 3S Vartan pa 

47% zsvMr 
15% 14% VtaBDX 1*8 

BO 1 ; 74%VkE&PS00x 500 
37% 25%VlmyH 
27% 15% WsttftaB 
26% i4%vhratee 
94% 54% VHtafm 1*3 

14 E%UskxdHT 
26% 15% Vor CDB 
«%31%WnadO £00 

59% 40% VUaPI X 1*2 



49% 48 49% 

21 % 21 21 % 
11 % 11 % 11 % 
5% 5% 5% 
UB% 0% B% 
10% 10% 1®3a 
11 % 11 % 11 % 
6% 5% 9% 

B0% B8% 69 

44% 43% 44% 
14% 14% 14% 
74% 874% 74% 
35% 35 35% 

21 % 21 % 21 % 
23% 22% 23% 
89% 88% 88% 
13% 13% 13% 
17% 17% 17% 
36% 35% 38 

48% 47% 47% 


- w - 


33% 17%WMSM 
36% 27% WlHoUn 
10% 11 % Kzxantac 
40% 30%Hdim 
1 B% 11 % WackenlHt 
5% 3% Wamoco 
44% 30%1M|pil 

35% 23(MK6C3i 

34 Z3WSM1 
11 % 4 namer a« 

79% 59% Wnrtun 
26% 17% 

45% 38% 

28 21% 

284 2T2W8tWB 

ii 

a a' 

10% 3%Wtarm9 
20% 24 WttsMk 

15*a 6% WHcm 
24% 16 1 4 USeHnun 
148% 74% HMlF 

1B% 12%nendnx 

25% <9% Wen Co 
57% 48% taeatPC 
18% 12% HtataodE 
19% 5% WsdMni 
15% 3%Hbtng 
45% 24MntrCtt 
23% 10%WfestaHiB 
37% 30% USB tex x 
17% 12% MdpB 
11% 4% WstxaCoal 
22% 6% UtantoMB 
20% AHWpac 
38 30% Dhtacox 
51% 36%wyitsr 
23% 14% WtMdtaxtr 
Tfil 43% HOtatal 
18 12% 

17 12% 

17% 11% 

32% 25% WIcarkK 
8% 4% WlomBG 
32 17]2 iMmax 
lU S.33WU*e 
9% 5% MnamsB 
79% 48% WfenOi 
13% 5%Dhnetego 
29% 24 WfecEn 

&Z 28MKPU0SVX 
34% 24HtooCup 
40% 23% HURT 
*e 13% Mhertna 
32% 20%m»Mn 
18% 11% WortdlMde 
7 2% Wcrldcup 
48% 29 1 : Uftlgley 

21 14W||eLatar 

23% 16% Wynox K 


22 522 25% 25% 

1*2 6* 14 151 23% Z8% 

14 9410 18% 10% 
1*0 19 tl 2432 31% iO0% 

036 £6458 16 13% 13% 

52 356 A 5 
OlSB 1.7 19 15Z7 40% 30% 
0*4 1* 17 759 34% 34 

D.T3 OS 272140* 28 27% 

004 0* 10 48 4% 4% 
£44 30 30 3136 64 62% 

1.00 5 8 28 415 17% d17% 
£18 5* M 247 40 39% 

1JH 4* 9 115 24% 23% 
4*0 1.7 IB 90 243 348 
048 £1 16 187 23% 22% 

009 *0 I 33 2% 2% 

0*0 1.4 15 489 14% 14% 
22B 5* 2B 358 39 38% 

064 6* 5 90 9% 9% 

072 2* 15 56 26 25% 

048 47 13 1215 9% 9h 
020 09 17 822 21% 20% 
4*0 £9 17 3741 139% 134% 1 
024 1 4 23 4408 17% 17% 
044 IB 17 114 25% 25 

6 5 46% 46 

098 5* 12 387 17% 17>2 

15 453 13% 13% 
2129554 HITS IS 

020 07 23 855 28% 28% 
0*7 1*123 183 19% 19% 
1*8 65 11 862 30% <B9% 
0*0 14 22 5399 14% 14 

0*2 6* 0 152 5% 5% 

23 88 15 15% 

0*9 £3 5 336 17% 16% 
1.10 32 43 680 34% 34 

1*0 2* 18 3935 47% 46% 
006 03 32 8081 19% 18% 
1*2 1* 21 1749 67% 66% 

23 8 13 13 

0*0 1.9 16 873 16% 18 

20 32 16% 16% 

1*6 50 17 42 31% 30% 

010 1* 17 9(3 8% 7% 

084 14 11 3823 24% 24 

0*5 OB 14 noo s% e% 

13 269 8% 8 

1.44 £7 17 1526 54% 51% i 
26 BOO 12% 12% 
1*5 55 13 1BS9 24% 24% : 
1.78 BL1 11 145 29 28% 

1*0 3.0 73 B17 33% 33% 
050 £4 2618812 24% 24% ! 
019 05 20 333 34% 33% : 
1.16 54 10 7296 22 *1% i 

1*0 7* 49 16% 16% ' 

3 149 E 5% 
040 08 SI 888 47% 46% ‘ 
0*8 1.4 22 207 20% 20% ! 
044 £0 13 71 22 21% i 


5 


-X- Y-Z- 

1ID% 69% Xanax x 3*0 12 38 2654 
55% 51% XtaDi4.125 x 4.12 7* 2 

53 31% XkB Cup 056 1* 19 963 
29% 19% VWwEofXI.16 4.7 14 31 

1% £ aw* 

13% 5%2MHS 
29% 19%ZanHiM 
8 B%Zanft tec 
16% 12% Zero 
40% 25% am kid 


13% l2%2taalBRBd 
10% 9%MDT0l 




Mu dm anted* Mm 





ital ta dhUmd pta 


MM ddmm Im. amtknd mtarod « am 

12 BDtahx a drtdexa Id Omilti total. ««tact ta 1» 
tax. hMdm aednd tato epOm a oak dtatand H** 



AMEX COMPOSITE PRICES 4 pm doss Msrtfi 2 


W Sts 
Hi. E 100 b 




Mp umdanaag 

12% 12% 12% , 

333 ^ 

f? ?! 

10 3 1D $ 1D J 
3*4 3% 3% +% 


CtaEngi 

ranro 

Cantow 

Can Marc 

Ombrak 

Ctamben 

Ctamptan 

Cttaea 


171344 
0 10 
03J 14 29 

0*8 20 50 
001 8 617 
8 4 

34 339 
262 138 


17% 17% 17% 

M2&2& 
11^ 11 11 

&dd 

5% 5% 5% 


-% 

A 

A 


IV Sto 

Stock n*. e lent MBh 
CW% 004 34 826 13 

CM Fttft am 318 5% 
Camtaco 030 13 20 14% 
Compotox: 5 348 1% 

CBncdRik 6 31 9% 
CrossATA 004 519 175 15% 
Crown C A 040 46 IIDaSO 1 : 
Omni C B 0.40 18 237 ulB 
Qride 0*3 89 3 20% 

Cusbnuto 13 B 2% 


IfleOrn Ctng 

12% 13 A 
5% 5% A 




Dl Inds 10 50 % 

ObariL 29 282 17% 

DucoBanun 7 35 3% 

Duplex 048 57 50 11% 


M t 

3% 3% ' 
11 11 




ExsbiCOx 048 16 SliriA 16% 1IA +% 
Eastoaip 1*21987 111 19% IB 1 : 19% 

Echo Bar 007408 6282 12% 12 12% A 
EcdEnA OZ8 12 53 15 14% A 

39 

.31 


EdstaRs 

Ban 

Ennsuv 

Eptope 


7 158 9% 9% 
171B38 39% 38% 
463540 3ji 3a 
9 1676 15%tf14% 


I 


Ml bids 064 12 131 

FbtaA 3*0 15 10 

EncayBnc 0*0 14 3 

FUu(J) 0*2 65 119 

Forest La 30 720 
Frequanqr 3z100 


35% 34% 35% -% 
69% 69 69 -1% 

11% 11% 11% 

26% 25% 26% -% 
51% SO 50% +% 
4% 4% 4% A 


Qtatai 080 9 7 28% 28% 29% . 

Start FdA 070 16 292 25% »% 25% A 

QdSr 070 36 141 16% 16% 16% 

GoUBtad 10 91 A d% 6 A 

Sraannan 34 10 6% 6% 8% -% 

GoUCDB 0*4 11 30 3% 3% 3% A 



W 5b 



Stock 

Of*. E 100* 

to LawCtaaCbng 

Hart* 

U 472 

6% 8% 0% 
3S 34% 34% 

-% 

Hasten 

0*9 151488 

■% 

HetaBiQi 

6 12 

4% 4 4% 


HetaOnta 

3 313 

]A 3% 3% 


Helen 

0.15 51 19 

11% 11% 11% 

-% 

MBBVB1 

12 B7B 

3fi 3% 3]S 


HvnanlenA 

17- 2a 

13 12% 12% 

+% 

jCHCorp 

tetaranCp 

11309 
012 27 K 

6% 8% 8% 
11% 10% 11 


jntConto 

3 990 

5% 4% 5 

16 15% 16 

*Jg 

i Annaoi 

ao an 

+% 

tax 

004 34 3344 

34% 33% 34% 

-% 

JhnBtai 

Keteme 

22 496 

a a 

o%ob% 

13% 13% 13% 
4% 4% 4% 


XheriiCg 

20 16 


KbtqrExp 

a i44 

21% 21% 21% 


marge 

11 40 

IH Tj 1% 


Laser tod 

17 305 


-% 

Leansam 

9 82 

IjJ 1A lA 


Lnmaxtoc 

14 152 

11*8 I2^t 


lynch Cp 

7 8 

24% 24% 24% 

Unxam 
Hertz Ax 

2 85 
044 a 47 



Item Cn 
Maid 

0*0 3 Z1D0 

noo 



MoogA 

MEHExpl 

13 42 

2 a 

'S 1 1 

*% 

Met PM 

10 127 

4ft 4ft 4% 
25% 25 25 


New Line 

34 182 


MVTmA 

05B39Z19ZS 

27% 27% 27% 

-% 

MhCartH 

020 B 4 

B 8 8 

-% 

KuoneE 

NVR 

122 5 

13 133 

St 

-% 

OdaOcaA 

34 135 

9% 9% 9% 



PI Sk 

Stock Dh. E 100a Hgh LauCtenOno 


(State x 

024105 

037 

32 31% 31% 


p2ST g 

0401051850 

onso ir 

19% 18$ 19 

12 11% 12 

l 

Pet HOP 

1*8 33 

10 

24 23% 24 


PMLD 

0*3181455 

68 66% 67% 

■1j 

PBwayA 

on 18 

8 

34% 34 34 


Ply Ben 

ai2a 

775 

23$ 23 Z3% 


PMC 

on 17 

40 

15% 15% 15% 

■S 

PmtadM 

DIO 1 

289 

2 1% 1% 

-i 

RagaaBnd 

312100 

a a a 

-% 

mvrCp 

MedeEnv 

3 

3 

a 

40 

SIS 


SJWCap 

£10 10 

7 

39% 39 39 

-% 

SOidbdon 

31 

55 

34% 33% 34% 

-% 

Stol H 

UM 12 

as 

11% 19% 11% 


SUM 

0 

75 

7% 57% 7% 


Idled 

23 

44 

^ i 


Tab Prods x 0*0 50 

2 


TtaUMta 

084 57 

621 

45% 44% 45% 

-*4 

Thennoda 

571070 

12% 12% 12% 

-% 

TTwrootoa 

34 

41 

32% 32% 32% 

% 

TMPNA 

020 22 

488 

dib i4^ ie 

TmnCnby 

0 

347 

2% 2ft 2% 


Triton 

11 1184 

1% 1*2 1% 


TiTOoe Hex 

21 

261 

6 5% 5% 

■h 

UhFbM&A 

4 

a 

1% 1% 1% 

-A 

UbFonhS 

093 000 

1% 1$ 1% 


UnhPtatt 

18 

74 

6% B 

■% 

USCetel 

BT 

106 

27% 27% 

10% 10% 10% 


Wertherfd 

25 

303 

-Jo 

Westerner 

0*0 23 

46 

27% 27% 27% 

■J* 

IHETx 

1.12 a 

180 

14% 14 14 

-% 

Worthan 

0*0 10 

4 

22% 22% 22% 

-% 

xymxdi 

6 

1S9 

6% 8 8 



GET YOUR FT BY HAND DELIVERY 

IN STOCKHOLM. 

Jf you worii in the business centres of Malmo, Lund, Stockholm or Gothenburg we'll deliver your daily 
copy of the FT to your office at no extra cost. Call Bradley Johnson for details (08) 79 1 2345. 



N m 

BKk Dh. E into Hpk Uro lot Bug 

ABS tods 020 20 17HlS% 14% 14% % 

ACCOnp D.12 78 3» 19% 18% 18% A 

AccUmE 3213827 23 23% S 

Aung MIS 181118 22% 20% 21 -1% 

AcxtonCp 31 4 22% 21^ 22% A 

Mapa* 203813 21% 20% 21% A 
AOCTel* 31 2700 37% 35% 37% +% 

Addnstan I0B 450 18% 18 18% A 

Adta Sent x ai6 14 3 24% 24% 24% -1% 

AdODaSrs 020 23 9800 28% 27% 28% 
Advance C 101131 15% 14% 14% A 
AWtog* 5 245 4% 4 4% +A 

ArirPoiym 9 188 6% 6% 0% 

AddTcnua 33 503 18015% 15% A 

Attend 020 151240 30% 28% 30 -A 
Aflymax 12 233 17% 16% 17 -% 

Agency Be 23 824 14 13% 14 +% 

AonuEa 010127 1306 11% 11% 11% A 
Atop AM a7B 191374 53% 53% 53% -1% 
Aldus Cp 33 2778 23% 22% 23% 

AbfiU as 17 1239 26 24% 25% +% 
ABegtiUN 15 80 7% 7% 7% 

Altai Otq 052 12 2 32 30 32 +2 

AfanPh 5 1532 8% 8 8% A 

AIOCM* 1*0 12 93 14% 13% 14 -% 

Aid Cep 060 12 361 14% 13% 14% +% 

AtocfleC 032 50 24 4% 4% 4% 

Mb Gold 0*8 2 102 lj£ 1% 1% A 

AtnsaCD 34 8038 35% 32 34% 41% 

Am Banker tails B HO 22%d22% 22% -h 
AmCtySU 27 zlOO 29 29 29 

Arouinap 18 135 1B% 18% 19% +% 

Am Med a 24 36B?u17% 15% 17% +% 

AnSoOna 0322081122 0% 5% 8 A 

AroFrwya 331060 20% 16% 19% +% 

AnGrtAv 050 15 4548 27% 27% 27% -% 

AraWP 2 3865 1% Ul T| J * -A 

Arne, tote 0 182 % dA % 

AnMn x £20 B 91 53 51 % 53 +2 

AnfVnCom 511D732u27% 25% 27% +% 

Am Ten 10 1609 14% 13% 13% -% 

AroHmT 1 669 % A A 

Amgen tec 1512022 41% 39% 41 -% 

AratachCp 008 42 1326 30 29% 29% -1 

AowRn 4 1507 10 1 : 9% 10% -% 

Anataglc 18 201 16% 16% 16% +% 

ArodysB 048 13 76 15%d14% 15% 
AtongelAni 1*0 15 4 17% 17% T7% +% 

AnbewCp 28 1184 48 45 46 -% 

Andros An 9 672 18% 17% 17% -% 

Apogee En 0*0 29 38 14% 14% 14% -% 

AFFBU 9 471 5% 5% 5% +% 

AppUMat 3017924 47% 46% 45% -2% 

ApptaC 04810123499 36% 34% 35% -% 

Aectetsees QM 52 1472 21% 20% 20% -% 

Altar Of 0*4 43 114 19% 1B% 19% *% 

Aram 0*8 19 137 26 25% 25% -1 

AjuseuJ 1*0 8 26 30% 30% 30% -% 

AnnvAlz 064 20 2S1 21% 20% 7S. 1% -% 

Arnold ta 040 191405 21% 20% % 

ASX Bp 11 384 8% 8% 8% 

Asmara ti izss 34% 32% 31% ■% 

AsMcComn 600 726 24% 24 24 -% 

AST torth 1438133 2B 23% 23% -5% 
Atkinson 21 SO 9 8% 8% -% 

AO SEAU x 0*2 24 B16 33% 32% 33% -% 

Autlsk 048 231 0717 59% 56 59% +1% 

Autabda 12 403 4 3% 3% -% 

Aeaxtoe 092 II 216 7% 6% 7% -% 


- B - 

BEIfl 0*8 20 34 6% 8% B% -% 
BaHmges 11 732 13% 12% 13% +% 
BakvHNt 158 % d% % -i 

Baker J 0*6 12 477 20% 20% 20% 4% 
BbtanLB 0*0 3 82 14% 14% 14% 
Banter 17 679 23% 23 23% 

BOSOM 044 1015071117% 17 17% -% 

BantanCp 040 9 227 18 17% 17% 

Btadoxxlh OEO 11 23 19% 18% 19% -% 

BsMAxcs xQ20 28 45 33% 33% 33% 

Bonn Geo OS 18 473 37% 36% 37% +% 

Barnet F 080 16 295 29% 28% 29% +% 

BayVkav 060 11 781 20% 19% 20% -% 

Baytento 140 123150 55% 54% 54% -1 

BBlTFhx 1*8 B 503 29 1 : 29% 29% -% 

BE Acid 25 460 11% 11 11 ^4 

BeertCoe 0*B 24 49 11% 10% 10% -% 

BenUarry 191004 19% 18% 19% +% 
BerktayHR 040 13 209 37 35% 36% +% 

BHAGrp 012 17 2 11% 11% 11% +% 

BHAHp 38 Z100 19% 18% 13% 

BUnc 100 258 5% 4% 5 -% 

Big 8 012 16 291 11% 11% 11% -% 

Bbxley W 0*6 IS 399 13% 12% 13% -% 
Btogan 4411915 42 40% 41% -1% 

Btanrt 20 6853 11% 10% 11% 4% 

Block Dig x 1JM 12 102 34% 33% 34 -»2 

BhCStflw 21 3859 67% 65% 67% -% 

Boatmen S 1*4 9 1053 28% 2B 28 -% 
Bob Evans 0*7 19 1 317 22% 21% 21% -% 
Boote&B 12 B2 24% 23% 23>4 -% 
Btxtand 2S3855 13% 12% 13% +% 

Boston Bk x 0.76 8 88 37% 38 36 -2 

Boston Tc 583737 12% 11% 12% -% 
BradyWA 08817 29 44% 43% 44% -% 

Branco 0*019 9 8% 8% 8% -% 

tounoS 024 161555 7% 07% 7% -% 
BSBBncpx 076 7 218 23 22 S3 

BTSWpng 048 0 33 3% 3A 3,‘e -A 
Buffets 38 1829 25% 24% 25% +% 

BufldBOT 29 182 17 I6I2 18% -% 

BunupSS 7 722 7% 6% 7% -% 

Bur Bum 23 83 7% 6% 8% -% 

Butoenfl 63 652 33% 33 33% 

BuOerMB 8 6 25% 25% 25% 

Byte* 7 4 6% 6% 8% 


-C - 

CTre 93 90 28% 27% 27% -% 

cabal Med 7 342 7% 7% 7% 
CadSchnps 0*3 17 133 30% 29% 30% +% 
CtataxsCanO*D 17 85 14% 14% 14% -% 
Caere Cp 91 594 9% 8% 9% +% 
Ctagane £25 8 3216 13 12% 13 +% 

Cal Mem 22 723 24 23 23% -% 

CBnbrBto 3 711 2% 2% 2ft -% 
CandetaL 1 45 3 % 3 3i f -% 

Oodtea 0 155 2% a Z% +% 

Canon Inc 059110 214 79% 78% 79% -2 

Ctaanlg 1 17 4% 4 4% 

Cantata 012 25 144 48% 48% 46% 
CtatonCm 084 24 230 ZB% 28% 28% +% 
Cascade 0*0 18 47 19% 19% 19% -% 
Casey S 0*8 IB 592 12% 12 12% +% 

Ctagana 5 364 B% dB% B% -% 

CaMta 8 334 19% 18% 19% -% 

CEMCp 19 SO 12% 12% 12% 

CataexTta 169 1877 5 tM% 5 +% 

Ceneocor 22330 10% 10% 1D% 

CnblRd 1.12 ID 839 29% 28% 29 -% 

OttlSpr 28 35 13% 13% 13% -1 

Qantar 13 41D 7 6% 7 +% 

Chapter 1 048 62037 18% 17% 18% +% 
CtmSh 0*9 18 0845 13% 12% 13 -% 

Owodagn 31 77 B% 8% B% -i 

CheoCab 15 3 11 H 11 +% 

CtwnBx 1 200 % d% % 

Chenvonr 15 123 4% 4% 4% 
CMpsiTe 61291 5% 5% 5% -% 

Qriron CP 71 9631 74 71 73% +% 

CauFta 1*8 13 906 55% 53% 55 +% 

CktnCp 017 301318 31% W% 31% -% 

OnuaLgc 44T55B7 41% 38% 41% +1 

OS Tech 137 408 2% d2% 2% 
CbmSys 4130525 76% 72% 75% +1% 
CtzBncpxUB 16 68 29% 28% 29% -% 
CtataiMx 29 111 8% B B% 

COfla Or 40 92 12% 11% 11% -% 

CkfflNbn 13 390 7% 7% 7% +% 
CocaCabB x1*0 19 242 32% 31% 31% -1 

Coda Engy IDO 728 5 4% 5< 

CodaAitaB 26 85 10% 10% ID 1 : -% 
CoannCp 33 569 22 20% 21% -% 

Cognos 95 220 10% 10% 10% +% 
Cctarant IS BSS 12% 12 12% -% 

MUgai 96 1288 24% 22% 24 +% 

CDM603X 1*4 14 91 23% 22% 22% -1 

CcUGip 060 9 S3 28% 25% ZB -% 
Cunab 0*4 13 1430 23% 22% 23 

CronflA 132 25 4727 20% 19% 20 -% 

CmcdASp 0*9 2421279 19% 19 1B% -% 
CBmataataUO Tl 99 32 31% 31% -A 

CanmCi 0*0 93 109 18% 17% 17% -1 

Quprlrta 431130 13% 12% 13 -% 

CUnthara 47 105 11 10% 10% -% 

QMUtttM 521476 4% 4% *E +A 

ConPep 1*8 30 441 44% 43% 44% -1 

Contabm 13 210 8% 8% B% 

ConsM 1.44 171689 10% 9% 10% -% 
ContaCta 21 1H 18% 10 16% -% 
QBIOtaa 14 20 9% B% 9% ■+% 
CngA 050 23 687 IB 18% 18% -% 
CtWitaB 101 894 11% 10% 11% 
Confisfip 22 3040 50% 47% 50% +1% 
Cup Of A 383891 13% 12% 13% -% 
CreckarB 0*2 31 36$< 26% 25% 26% 

Coy Comp 1 1185 2% If1% 2 -% 
Cretan Res 8 444 8% 8% 6% 
Cytogoi 33265 5% «% 4% +% 


- D- 

OSCCa 3318155 52% 50% 51% <1% 

Dart Boo x 0.13107 7100 85 65 85 +3 

DHSrtti 15 14$ 2% 2% 2% -% 

DflBABX S in 7% 6% 7 +% 

Detaope ib 805 lfl% 15% 16% 


ti m 


Start 

■1 I Kb 

M* lew Lrot 

Bug 

DscgterDp 0*2 11 1089 

34% 23% 34% 


DebStasia 020 19 172 

0% 6% dz 


OeMbEn 

03221 238 

14% 14 14% 

+% 

Delate Sex 0*0 50 22 

34% 33% 33% 

-1% 

Dtadnrops 044 11 226 

22% 21% 23 

-% 

Del Carp 

veeaiK 

2&% Z£e 24% 


DeBaOSm 

018 18 TIB 

15% 14% 14% 

- 1 * 

DmQy 

1*0 7 358 

27% 27 27% 

+% 

Devcon 

UD 4 711 

7% 6% 7% 

-% 

DH lech 

13 64 

17% 17 17 

— l 4 

DdnflD 

072 10 360 

22d20% 21% 


Bgllnfl 

181131 

19% 18 IB 

-% 

dig Mon 

& £036 

T7 15*a 16% 

-% 

Dig Sand 

82781 

2% 1% 2 

■% 

&gSya 

4 23 

3% 83% 3% 


DuntxCp 

17 68 

35% 35 35% 


DbdeYTn 

oa S 359 

10% 9% 9% 

■% 

DMA nun 

4 2489 

5 4% 4% 

-% 

DOME* 

020 271677 

27% 26% 27% 

^2 

DorehHn 

0*8 16 105 

10% 16 15% 

-4 

Dructfogy 

7 18 

10 £% 10 

-% 


141857 

13 12 13 

+ 1 ? 

Dray CO 

0*1 21 921 

24% 23% 24% 

+% 

Drag Empa 0*8 57 TO 

5% 5% 5% 

+% 

US Bancor 

1*913 116 

24% 23% 24 

•% 

Outran 

Qfn 2D 1D65 

»% a 26% 

% 

OurFffl 

030 24 Bu33% 32% S% 


DynsayQ 

0 5 

% % % 


Dynaodi 

134857 19% 18% 19% 

A 


- E 




Eagle Fd 

10 3995 7 6 6*4 

■% 

EatoQ) 

3 751 4% 4% 4% 

+% 

EetaBwiM 

4 6 Hi 1ft lfi 

% 

EPTta 

018 31 2081 24% 24 34% 

■H 

FuAmart 

721582 9% 6% 6% 


SPBsoQ 

2 303 2% 2% 2Ji 


BaeaSd 

13 1024 14% 13% 13% 

-% 

Beam 

0*2 49 53 48% 47% 48% 


BaetArte 

2913445 25% 24% 25 


EmconAse 

25 520 8% T\ 8% 

-% 

EmutoxCp 

27 1442 6% 6 6% 


Engymn 

58 58 16% 15% 16% 


EmbSvs 

87 76 2ii 2% 2h 


Enzonbc 

3 798 4 % 4% 4% 

•% 

EnudyOl 

OlO ffl a 4% 4 4 

-% 

ErCsoo 

048123 6805 44 % 42% 44% 

*1% 

BB 

15 6% 8% 8% 


Evans Slh 

81 63 18 17% IS 

-% 

Exabyra 

24 3627 18% 17% 18% 

♦ % 


14 77 12 11% 11% 

■% 

FwMrflPe 

13 1519 16% 16 18% 

+2 

Expert! 1 

OlO 21 828 16% 17% 18% 

-% 

EampAnv 

a 247 15% 14% 15% 

-% 


- F - 


Pal Grp 

11 21 5% 5 5 

-% 

Fan Ca 

034 16 57 6% 8% 6% 

+% 

Fssterafx 

0*4 54 1254 34% 33% 34% 

-1* 

Hfkrt 

17 9SS 28% 27% 28 

-% 

Fkxortcs 

> 145 4 3% 3% 

% 

RnnTM 

1*8 14 4204 47 46% 47 

-% 

FfflyOd 

101092 5% 5% 5% 


Rgtae A 

024 23 483 8% dS 0% 


Fiend 

353138 25% 23% ffl 

+% 

FstAbama 

ia 101311 30% 30% 30% 

-% 

Fiat Am 

0*4 7 780 30% 29% 30% 

-% 

FtaBeOMs 

094 10 127 23% 22% 23 

-1 

FtaCoBk 

055 17 X 19% 19% 19% 


FdSacty 

UK 11 453 28% 28% 28% 

-% 


Fat Tam 1*8 9 250 38% 38% 38% +% 
RsxWedn 036 6 64 7% 7% 7% J% 
FsttaMe 052 10 6794 23% *1% 23% +1% 
Fbtatar 156 11 168 45% 44% 45% •% 


Fbtamta 

39 

37 6% 5% 6% 

-% 

Ftaenr 

24 

555 19% 19% 19% 


ROW tot 

18 

408 G% B% 6% 


FeodLA 

0*9 14 B2D3 5% 5% 5% 

-A 

Fan* 

0*8600 14GB 8 5% B 


Foramd 

1*8 11 

144 34% 33% 33% 

-% 

FDnrtnar 

M 

15 T5% 14% 14% 

-% 

FtawBanc 030 51 

430 30% 30% 39% 

-% 

Foster A 

X 

379 3% 3% 3ft 

-ft 

PrthHn 

UN 11 

5B5 28% 27% 27% 

■% 

FctEatan 

1.12517 

325 ffl 25% 25% 

-% 

FsJFM 

040 7 347 15% 14% 15 

-% 

M Haul x 1.18 10 

234 27 26% 27 


FderW 

056 23 

167 36*2 35% 38% 

+% 

FttanRi 

0*0 13 

IK »% 23% 24 

-% 

Fuan 

024 22 

108 17% 18% 17% 



-G- 

CBAfll B 150 4% 4% 4% +% 

GSKSenr 0*7 22 390 15% 14 15 +1 

(tartoa 0 790 4 3% 3% +% 

(tomtits 21 237 4% 4% 4% *% 

Seta Co 018143 10 5% 5% 5% -A 

Cento 251101 37%d34% 35% 

EodBM 04016 21 15% 15 IS 1 : -% 

Gortyta 14 82 4 3% 3% 

EmtataH 8 595 2t 20 20% ■+% 

GerdnxCp 400 415171 25 22% 24% -% 

Gamble 74G22 4% 4% 4% +% 
Befflime 181381 28% 27 28% +% 
GuagldyM 20 4 10% 10% 10% 

9tamGiaO40 141511 23% 22% 23% -% 
Gbhtagrtxai2 19 2842 25% 24% 25% +% 

Gtotrl A 080 20 13 18% 16% 18% 

GUBton 11 29 5 5 5 -% 

BMSiyJ 224009 17% 16% 17 -% 

GoitasPmp 0*0 23 1403 28% 25% 25% -% 
GradeoSys 43 97 2% 2% 2% +% 

Gnnfta 0*0 781702 23 22 23 

&een AP 0*4 12zi00 19% 10% 1012 -% 

ernwdiPD 11510 1% 1 Ij, 

Broaamam 1 730 4% 4% +,% 

Grad VAr 737 705 15 14% 14% -% 

GT1 Clip 15 447 20% 19% 20% +1 

GbNYSvg 4 479 7% 7% 7% -% 


- H - 

HanBngA 81 30 9 8% 9 -% 

Harinyta 064 9 117 25% 24% 24% -% 

Hapa6p 020 15 171 16% 1G 16% 

WO&Co 032 42 2581 n4S% 48% 49% +2% 
Hearten 22 7644 25 24 24% +% 

Hatancre 0*6 17 21B 10% 10% 10% +% 

Healtodyn 10 379 7 6% 6% -% 

Hotafrbd 10 109 6% 6% 6 1 4 -% 

Kosbbigar 016 21 4622 12% 12% 12% -% 

HeknTny 8 811 14% 14 14% 

HtaM 072 14 2581 21% 20% 20% ■% 
Hogan Sya 015 28 180 9% 0>: 9% -% 

Hotertc 30 407 6% 6% 8% +% 

Harm Bart 078 8 21 21%d20% 20% -% 
Horae Mi* 8 B40 B% 5% 5% +% 

(tome Otoe 072 25 HI u21 20 20% 

Hmsstysid 1 235 3,1 3A 3% 

Hem Ms x 044 21 250u30>2 29% 30% -% 
Nombadi 16 591 15% 14% 15 

HorataAn 044 21 11 5% 5% 5% -ft 
Hud JB 020 242946 25% 24 24% -% 
HuntorEm 2 636 % £ % 

Hurttertn 080 9 882 22% 22% 22% +% 

Hum CD 0*8 0 368 3% 2% 3 -% 

HtaCflTMl 481 2927 38% 34% 38% +2% 

HimrBto 18 S3 4% 4% 4% +% 


- I - 


FRSys 

51 

4 

8% 8% 8% 


DB Comma 

52 4211 

18% 18% 18 

*% 

Bbta 

10 1401 

18%d1G% 17% 

-1% 

taraueor 

a 

228 

7 8% 6% 

-% 

bnounogen 

G 

214 

7 6% 8% 

-% 

Impart Be 

040 a 

9 

14% 14% 14% 

+% 

tadSencp 

1.18 18 

519 

35% 35% 35% 

-% 

tod tea 

024 16 

3 

15% 15% 15% 

+% 

WRw 

318147 

25% a 25% 

-% 


bdtxndx 2813984 24 22% 23% +% 

hgtaslld 068 15 29B 11% 11% 11% -% 

ktoixltav 3310002027% 25% Z7% +% 

In^taSys 28 3 12 12 12 +-% 

hVdUU 3S 34 5% 5% 5% +% 

into 0*0 1238439 66% 65% 68% -% 
Htal 9 604 4 3% 4 4% 

Mgne 032 39 7095 23% 22% 22% -1% 

Merita 22 955 10% 9% 10% -% 

UerkoA 024 20 128 15>2 15% IS 1 : -% 

btagpti 34184 10 9% 10 +% 

(nertata 11 437 7% 7% 7% -% 

Intanhe 255 535 12% 12 12% -% 

Intantac 24 3905 13% 12% 13% +% 

IffionyOA 14 279 17% 17 17 -% 

tot Rea 008 21 96 3% 3% 3% 

tot Total 583 3206 12 10% 11% +1% 

haan 001 18 388 27% 27 27% 

DmegaCp 2 449 2ft d2% 2% -% 

taamadx 18 117 18 17% 17% -% 

taVtaodb 130 41 4 227 227 227 -4% 


- J - 

J&J Snack 21 B0'1B% 18% 18% -% 

mm Inc 0*8 22 I29ui4% u 14% ■+% 

*£M 010 25 113108%. 27 28% +1% 

JtanaanW 81 90 24% 23% 24% +% 

Jones HI 10 1947 14% 13% 13% -1% 

Jans Med £10 21 403 14% 12% 13% +% 

JotaynCpi 1*0 11 75 24% 23% 23% -1 

JSBFta 0G4 14 48 23 22% 22% -% 

JirtoL® 0*4 IS 281 18% 1B% 18% -% 

Jradn £18 10 457 14% 13 14 +% 


ft 5 te 

Book Dk. E mot sgt In M M 


- K - 

X Sues 0*8 11 U9 22% 21% 22% -% 

KammCp g.44 S 321 8% 0% 9% +% 

KxetcrC 008 37 TO 13% 12% 13 -% 

Aayflor. Cp 040 15 500 24 % 23% 24% ■% 

KeHejCW 7379911 E% 7% 7% -1% 
KaSrSe 064 22 84 2B% » 204 -% 

KenCnei 0.44 1 its? 3% 3% 3% 

tonacky on 12 us 7% 7% 7% 

UrasaC 094 17 93 30% 29% U -% 

Nrachna 15 58 7% 7% 7% ~% 

KLA ttar 52 282<U39% 38% 39% +% 
Xnutaaqe 61475 12% 11% 12% 

W1A 0 562 JJ % )3 +A 

Konjaglnc G122543u27-% 24% +2 

kidcka S 8 689 12% 12% 1?% -% 


- L - 


Laid Finn 

012 5G 638 

9% 9% 9% 

% 

Lantech 

<1 6459 

36% 34% 36% 

+% 

1 

060 19 2£ 

44% 44 44% 

■% 

Dose me 

0*6 21 174 

21% 20% 21 

-% 

LanckrtSpb 36 1411 

26% !7% 27% 

-1 

Lanapocs 

16 15 

12%U11% 12 

+% 

| ■yyy+ppfl 

68 381 

6 5% 6 


Lance s 

U£»9 

10 14% 16 

+% 

LroeronPr 

045 19 678 

27% a 26% 

-!% 

inns 

374 6729 

27% a 26% 

-1% 

UXCp 

016 9 42 

7% 6% 6% 


LcchtaR 

17 546 

14% 14 14% 

-% 

Legal Cp 

17 5033 

28 a a +1% 

LUyate 

078 14 568 

30 29 29% 

-7, 

Lta Teen 

oa 16 115 

17% 16% 17% 

+% 

LCetme 

£1 an 

4% 4 4% 

■% 

UBytldA 

040 23 224 1125*4 »% 25 



bn Bi 94 1234111% 110111% +% 

LmaSn T OS IB 1648 19% 18% 1B% -% 
LmdsavMI 14 13 32% 31% 32% 

Linear Tec 0*4 35 2106 44% <3% 43% -% 
Uqutaoi 040 19 4 37*2 37% 37% 

LuewenGp 006 30 154 25% 25 3% v% 
Lora Sat 11 553 8% 7% B% +% 


Innwn 

5617550072% 68% 73% 

+3 

LTXCo 

30 7000 

4% 3?s «% 

*% 

LVMH 

3*3 18 3S132%130%132% 

-% 


- N 

- 


MO Cm 

005 ™nngi 

26% 26 a % 

-% 

MS Car’s 

22 279 

25% 24% 25% 

•% 

uxun 

060 52 126 

17% 16% 16% 

-% 

HxtoaCE (1*6 14 41 

31% 31% 31% 


UjgaiaRn 14 1050 

31% 30% 31 

-% 

Magna Grp 

0^ 12 227 

19 18% 18% 

-% 

Mil Bor 

15 441 

9% d9% 9% 

-% 

Manama 

37 2£2 

13 12% 13 

*% 

Memo Of 

153666 

5% 5% 5% 

♦% 

Mattel Cp 

10 46 

43% 43 43% 

-% 

Marques! 

0 32 

2ft 1% 1% 


Mamma 

16 416 

7% 7% 7% 

-% 

UarchSn*AD44 11 2a 

11% 10% 10% 

-% 

ttastadx 

056 11 1536 

21% 20% 21% 


Maura H 

40 509 

52% 50% 52% 

•% 

MubxCp 

024008 

7% 6 7 

+% 

AteGraihR 

040 13 265 

ut7 15% 16% 

4% 

McCBnc 

0.48 17 5638 

21% 71 21% 

-% 

McCawC 

448758 

50*4 49*4 50 

4% 

Meninag 

0 2537 

% % % 


Medextec 

016 22 835 

18% 17% 17% 

-1% 

MertoneS 

048 13 322 

23% 22% 23 

-% 

Hetoaie 

024 5 153 

6 5% 5% 

-% 

Mentor Cp. 

016 53 MS 

1G 15% 16 


itamrG 

024 1BGZ74 

13% 12% 13 

-% 

itareanLB 

088 10 697 

18% 18% 18% 

-% 

McrnuyG 

070 8 221 

29 28% 28 


Hertrtan 

1*8 101488 

27% 27 27% 

+% 

Mensel 

a515B 

21% 20% 20% 

% 

Metrtodo a 

0*5 101141 

16% 16% 18% 

■% 

MOrtlF 

020 12 385 

10% 9% 10% 

-% 

UdilrtB 

2*0292 902 

64% 63 64% 

-% 

MtoteOte 

14 42 

8 5% 6 

4% 

Mereage 

201305 

27 25% 28% 


Merecom 

32077 

5% 4% 5% 

+% 

IBergotei 

IB 341 

9% 9% 9% 

-% 

Hcrpofls 

4 7026 

5% dd% 5% +% 

Utsfl 

2419857 

83 81 82% 

-% 

Mid AH M 

31 2712 

35% 34% 35% 

+% 

ureroc 

1*0 113383 

27% 27 £7% 


Mbtotoln 

0*0 2S BI 

30% 30 30% 


UerH 

0*2 23 1523 

32% 31% 32 -1% 

MBeom 

16 148 

25% 25% 25% 


Mladeeh 

15 184 

11% 10% 11% 

+% 

MoMbTbI 

42 4431 

17% 16*2 17 

-% 

Modem CO 

0*0 21 135 

9 8% 8% 

•% 

IkrtneMfxOAO 10 241 

27 20% 28% 

-% 

Htaex 

003 548 

33% 33% 33% 

-% 

Motor tec 

ow a 1151 

38 35 35 

-1 


Maaam 004 17 1841 u10% 9% 10*4 +% 
ModneaP 036 23 132 32 30 32+1% 
IkCMtoa 17 413 14% 13% 14 -% 
UTSSys OJB 12 30 31% 30% 31% -1% 
Utemd 134343 30%dZB% 30% -% 

MymgHi 3 251 10% 9% 10% -% 


- N - 

HACRa 018 12 941 29% 28% 29% -% 
natal Fnch 072 11 98 17%d16% 17% +% 
NaiPba 14 25 6% 8 6% -% 

MdCompt 036 14 361 13% 13 13% •% 

NbsSm 0*0 22 888 15 14% IS +% 

IMganr 10 347 20% 19 19% -% 

NEC 048 93 90 49% 49% 49% 
Nafcor IB 1913 rs>s 29 

MMwkGen 31 5958 u22% 20% 22% +1% 
HMtakS 119 719 9% 8% B% -% 
NauDgen 25 3 7% 7% 7% 

Nngna 0*7 20 332 19% 1^4 19% -% 
HME Bus 080 22 1058 20% 19% 19% -% 
Mrabnage 101399 12% 12% 12% 
nidgeM 4112402 57% 54% 55% -1% 
NewprtCp 0*4 SG 450 5»: 5% 5% J 4 
Noble Drl 24 988 7% 7% 7% -% 
Nonteon 4 058 25 78 58% 56 56 -1 

warm 034 238712 40% 36 40% +1% 

Honan l 12 2 18% 16% 16% -% 

NSDrlto 4 10 5% 5% 5% 

ItartOiTl QBB 1< 2884 <2% 41% 42% -% 
N0«6 27930254 25*4 3% 25% -% 

Howfeis 391178 43 41% 43 +% 

NSC Qxp 10 12 4% 4% 4% -hi 


- o - 

OCKUteyS 23 37 14% 14% 14% 

Octal Com 22 2898 2B% 27% 29% -% 

OStaxeLg 15 198 14% 14% 14% 

OgtabayN 0*0 BZIOO 25 1 4 25% 25% 
OhtaCs x £92 12 219 83 G2% G2% -1% 

OH Ken 1.16 9 312 30% 30 30% ♦% 

QdHtaSx 092 16 64 36% 36*4 38% 

Onoarncorp 1*0 7 m 31(00% 30% -% 
One Meg 17 228 21% 20% 21% +% 

Optical n 19 196 20% » 20% -% 

Grades 492450 34% 32% 33% +% 

0rt> Suez 42 484 16% 18 16% -% 

Drtmtech CUB 29 £73 11 10% 10% -% 

OrdxStpp 10 187 14% 14 14 -% 

OregortUW 031 15 231 6% 5% 5% -% 

Osftep 8 37 4% 4% 4% 

OsHOA 041 48 545 15% 15 15% +% 

Oshkosh T 050 11 174 11 10% 11 +% 

OOuTaJ 1*2 14 44 31% K% 31% 


- P - Q - 

Paccar 1*0 IS 826 5B% 56% 56*4 +% 

PacDudop 057 14 232 15% 14% 16% +% 

PTtacn 1*2 17 23 a 26% a +% 

PBdRCre 21 114 51 50 50% -% 

Paramta; 38 5233 33% 32% 33% ■% 

Psycho 0*4 47 1996 38% 37% 37% -1% 

Pzyca Am 25 78 10% 10% 10% 

Peafess 050 44 15 10% 10% 10% 

Pan Toy 8 n T3% 13% 13% 

Fean Agx 1*0 25 9 35 34% 35-1% 

FBmq1v.x 2*0 18 30 3i% 31% 31% -% 

Pudtar 0*2 15 83 38% 35% 36 -% 

PertEdil 161749 5% 6 fl% 

PenwetoL 0*0 24 347 22% 21% ?1% -% 

POO Banc 136 1 5 206 49 48% 49 •% 

People We OfO 97 174 40% 40% 40% 

Peoples H 10 463 10% 19% 10% -% 

PHitAe 1.12 17 21 32% 32 32 -2 

Hnnrocy 19 115 8% 6% 6% 

fTtoauTch a 660 5% 5 5%+% 

PteseB 048 5 SO 14% 14% 14% 

Ptounaa 30 3033 15 14% 14^: 

Man 53 399 21% 20% 21 -% 

PtonnoQaxfWfl 22 3437 32% 31% 32 

Ptoneerti 056 241GZ1 35% 33% 35 -% 

PaneaSl OM 14 2a 26% 26% 26% -% 

Ponca Fdd 5 32 8% 8 8 -% 

FDnl 19 190 7 8% 7 -% 

Pus Ufa 009 4 093 7% 7 7% 

fas** 112 IE 30% 29% 30% -% 

Pr/Coo 3012811 » 19% 19% +% 

Rifle Pet 43 BT 5% 5% 5% J 4 

PrinmxX 14 U 8% B 8 -% 


n sb 

bM to. £ Wh ragb lew IH (tog 

Prod Ops 0*4 S 43 27% 27 27% 

Protean im 14 401 50% 49% 50% 

PwtanS 012 IS 725 20% IB 19 1 : -% 

Pyramid a 1290 Id 13% 13% -% 

OooikaLag 9 a 5% 5% 5% ■% 

OrakerOnra 0*2 92 lit 17% 1B% 17% +>4 

dual Food 0*0 17 245 23% 22% 23% +% 

OHrtUn 95457941110% 17% 1B% +% 
Oukktah 19 338 13% 13% 13% -h 

OVCNeWk M 5736 44% 43 43% -1% 


- R - 

RaWwir 18 693 20% 10% a % 

Rato 14 800 10% 9% 9% -% 

Hasten** 3 481 7% 7% 7% +% 

faymoM a 4 17% 17 17% 

Rmexi 27 3390 29% 25% 29 

HdLBe A 17 88 19 18% 18% ■% 

Reubgan 4 393 6% S 6% % 

ftepwaae 4 134 3% 3% 3% -% 

ResrcMna 17 1042 11% ID 10% -1% 

touted 2.17 31 5967 89% 88% 89% +1 

Rem be l 889 6% 5% 6% *% 

RherFa 056 11 6 37% 36% 37% 

RndtaS 1.40 23 912 71 7D 79>4 -% 

noNpX 012 14 87 7% 87 7 -% 

RocftSvflk DISC 3 538 15% 15% 15% -% 

Roosnen 1*0 81255 45% 44% 44% -% 
AkssSb 0*0 12 1873 15% 14% 15% +% 

RetccniM 25 tin 21% 19% a -l 
Ran 0*8 67 42G 15% IS 18% 

8PM toe. as? 21 533 18% 18 18% -% 

RSFto 048 11 90 19% 19% 19% -% 

tyanfitay 14 2948 7% 7% 7% 


- s - 

Staeco 1J0 8 805 567 g 58% -% 

Sanderson 030 11 346 15% 14% 15% +% 

ScnunboiA 036 3 578 35 34 34% ■% 

GoMML 9 2668 37% 34 38%«1% 

SO toon 15 3290 19% 18 19% -% 

SctoE 8 387 8% 8% 6% ♦% 

Sena Cp 052 12 2776 26% 25% 28% +% 

Score Brd IS 1587 14% 13% 14 -% 

SeaMd 120 45 67 37% 37 37% -% 

S'prtr 1 341066 u29% 25% 28% *1% 

SO Cp 012 31 58 25% 24% 74% ■% 

SetoebB 036 0 908 1% 1% 1% +% 
Staecttos 1 1? 17 298 29% a% 28% -% 

Seoueia 55 1195 14% 14% 14% 

Sequoia 401421 6 5% 6 

Sen Teen 15 671 10 1 : 9% 10% .% 

Scnfrad 17 BB 3% 3% 3% +% 

Shewn 15 :1D0 16% 16% H% 

ShrMed 084 19 98C 28% 26% a% 

SHLSyflm 99 574 7% 6% 7% +% 

Shoremod a 94 16% 18% 16% ■% 

SMwbbP 13 2545 14% 13% 14 +1} 

Siena On a 5955 28% 77% a -% 

Stovaine 3 1DB 4 3% 3iJ +1 1 , 

SrgmAI 1 0*3 25 5916 54% 51% 54% *2% 

SUpmOra 2 2213 14 13% 13% -% 

ascnVSc 0*8 48 633 9% 6% 9% ♦% 

SHcnVCg 31 4328 11 10% 10% -% 

Simoon 058 a 503 21% 21 21 ■% 

SUttad a 525 21% 20>2 21% 

SoEnileBv 7221077 27% 24% 77% +% 

SoftwnreP 21061 6% 6% 6% +% 

Sathvaral 504977 9% 9 9% -% 

Sams 054 171010 24% 23% 23% -1 

SouMstv OJB 9 962 19 18% 18% -% 

Sgtagta A Da 42 2950 20% 19% a -% 
SJuMU 040 12 2279 26% 27% 27% •% 

SJ Pause 030 8 339 18% 17% 18% J*: 

Staplss 457134 »29%a% -% 

Str B nr 1.18 10 104 35% 35 35 -% 

Start Sir 056 15 44a 36% 35% 36% -% 

9UUera 13 615 19 16% 19 -% 

to Ragle (TO 14 GB 22 21% 2 •% 

Steel Tec 0*6 2 834 19% 19% 19% 

StadyUSA 0*0 * 315 7% 7% 7% -% 
SUM 151 492 22% 21% 21% -1% 

ShMrtfl 1.1014 ffl 22% 22 22 
SbucGDy a 123 14% 14% 14% -% 

Stryker D2B 25 2383 32% 31 32% -% 

SuMvanO 27 274 19 18% 18% -% 

SurttomoB 0*0 G9 21 19%d1fl% 19% -1% 

SunnbBc 084 13 2B3 20% 19% 20% +% 

SuumBTs 108 1589 33% 31% 33% +% 
SUI Sport 16 233 7% 6% 6% -% 

SUMc 157503 27% 26% 27% -% 

SwttTka Z7 742 uH7 23 26% +2% 
Sybase Inc 52 51G5 45 43% 44% +% 

Symantec 277340 15 14% 14% 

Syoeloy 036 17 13S 17% 17 17% 

toman 60 21 3 3 3 +% 

Synergen 31340 11% 1111% +% 
Syneue 44 S9 10% 10% 10% 

toancs 23 7405 25% H 25% •% 

SyctroSofl 012 182881 16% 15% 18% -% 
GyetamSco 31 835 IS 1 : 16% 19% -% 

Systemed 17 366 5 4% 5 +% 


- T- 

T-CeUSc 8 749 4% d4% 4% -% 
TrewePr 052 19 857 31 29% 31 +% 

TBCCp 18 610 13% 13 13% 

TCACabte 044 29 1178 25 24% 24% -% 

TechOtaa 251925u3B% 37% 39% +% 

Teconsth 080 14 452 57% 55 55% -1 

Tekatac 1 24 7% 8% 8% -1 

TetooSys 5 B82 9% 9 9%+% 

TdeCOnmA 2853536 23 22% 22% -% 

TakbR 13 2684 11 10% 11 +% 

Tdtafac 38 3126 53% 50% 52% +% 

Teton Cp 0*1 14 621 13% 13% 13% -% 

Tetraiee 60 3E3 7% 7% 7% -% 

TurfhADfl 0*7 335277 33% 32% 32% -% 
Three Cm* 2722773 81% 5B% 80% +% 
TJIrt 022 40 671 20% 25% 26% -% 
TtaueMed 2 459 3% 3% 3% +% 

Tokyo Mer 037 37 9 62 G2 62 -2% 

TomBroiui 61 3£3 11% 11% 11% -% 

Tapps Co 028359 456 7% 7% 7% -% 

TH Enter 4 3B4 8% 7% 8% -% 

Trtmrtd 12 13 13% 12% 13% 

Tram** 0*8 9 262 34%d33% 33% -% 
Time 23 91 3 2% 2% 

Titotrt 52 96 10 9% 10 -% 

TnBSCDBkCxlJM 11 16 21% 21% 21% -% 

Tseng Leh an 17 1975 10 09% 9% 

TyrfdA 006 176940 22% 21% 21% ■% 


- u - 

US Mkt x on 2215175 64% 61% 63+56 


Unfab 


2 

315 

G 

5% 

5% 


UCttet&x 

1*0 

14 

148 

17% 

18% 

17% 


US 1st 

2*0 

11 

106 

50% 

49% 

50 

-% 

united St 

040 

11 

716 

13 

12 % 

12 % 

-% 

UMog 

0*0 

19 

16 

24% 

24% 

M% 

-1 

umbra 

1*0 

22 

B9 

41 

40% 

40% 

-% 

US Steep 

on 

ID 2915 

26% 

2S% 

25% 

-% 

US Energy 


29 

115 

4% 

3% 

4% 

+% 

LET Core 

1.12 

6 

592 

12 % 

11 % 

12 


Utah Mad 


12 

284 

7% 

7% 

7% 

-% 

Wd Tatar 


9 

moo 

40% 

40% 

40% 

-1% 

UUh 


19 

223 

6 % 

6*4 

6*4 



- V - 

Vtanort 0*0 38 a 18 17% 17% -% 

VngrdCtal 50 307 30% 30 a -1% 

Vertone a Ml 18% 17% 18 -% 

Meor 43 1752 a% 27 27% -% 

Vtaxpfia 12 884 19% 1B% 19% - 1 : 

Vhmtoglc 361605 20% 27% a% + 1 : 

VLSI Tear 284896 12% 12 12% +% 

VbhoB 1*4 15 2G2 80% 79% 80% Hh% 


-w- 

waner En 012 2S 225 29% 29% 29 +% 

Wamdocb 85 693 5% 4)2 5% -% 

WasMUSB 0*4 B 3805 22% 22 22% 

msnFBBSLon 9 ws 22 21% 22 

WattatedA 044 22 152 57 55% 58 -1% 

Wausau PM 0*d is 439 3^2 29% a 

IB-40 2*0 16 377 43% 043 43% -% 

U Mb* 45 306 8% 7% 8% 

West One 072 10 303 27 26% 2B% 

WflPub 11 2414 17% 15% 17 +% 

WetSedA 44 Z74 4% 4 4 

iwnmex 0*6 27 3532 56% 55% 56-1% 

IMnsSdWB 77 6722034% 28% 34% +4% 
mohrnLx&a 14 80 18% 15% 18% -% 
Whngi 038 S 947 19% 19% 19% -% 
WPP Crow 003 232784 3% 3% 3% +ft 
Wynen-fidnOdO 8 477 8% 6% 6% +ft 


-X- Y-Z- 

»X 352204u55% 53% 55% +% 

tarns Cop 32791 4% 04% 4% 
Vtakw DS4 421714 28% 28% -% 

York Ratal 50 502 4ft H4, 1 * 4ft -ft 

BoraUtah 1.12 9 101 a 37% 39 




WORLD STOCK MARKETS 


FINANCI AL TIMES 


Thursday March 3 1994 


AMERICA EUROPE ^ 

Dow picks up Continent begins to recover from sharp declines 

^ «1wt The rise In German January "We would accept that the — 5??* 


after early 
morning fall 


Wall Street 

After pl umm eting more than 
50 points in early trading in 
the wake of heavy selling in 
overseas markets and fresh 
declines in US bonds, share 
prices staged an impressive 
rally yesterday morning, writes 
Patrick Harverson in New 
York. 

By 1 pm the Dow Jones 
Industrial Average was down 
only 10.41 at 3,798-82, a long 
way off its low for the session 
of 3.755.76. The more broadly 
based Standard & Poor's 500 
moved in a s imil ar fashion, 
and was down 2.33 at 462.11, 
while the American Stock 
Exchange composite was off 
5.85 at 464.il and the Nasdaq 
composite 9.19 lower at 779.49. 
Trading volume on the New 
York SE was heavy at 224m 
shares by 1pm. Declines out- 
numbered rises by a huge mar- 
gin of 1333 to 341. 

Heavy overnight selling on 
foreign equity and bond mar- 
kets. and early declines in US 
bond prices in New York, set 
the stage for a sharply down- 
beat opening to trading in 
stocks. 

Within minutes the Dow was 
showing a double-digit loss, 
and it was not long before the 
average had posted a 56-point 
decline, which triggered the 
NYSE's “circuit breakers”, 
which limi t program t rading . 

The circuit breakers, how- 
ever, and a rebound in US 
bond prices and some overseas 
markets, stemmed the initial 
tide of selling, and by mid- 
morning stocks were rallying. 

The news that the US gov- 
ernment will not move immedi- 
ately to take punitive action 
against the Japanese for failing 
to open up their markets to US 
goods and services also helped 
shares recover. 

One of the factors undermin- 
ing market sentiment recently 
has been Tear of a US-Japan 
trade war. 

Although share prices 
bounced back from their lows, 
the mood of the market 
remained sombre. Bond and 
stock prices in the US and 
Europe have been falling 
because of fears that signs at 
resurgent inflation in the US 
will prompt the Federal 
Reserve to put up interest 
rates again. Yesterday's report 
from the commerce depart- 
ment that wages and salaries 

India may get a 
lift from the 
budget package 

Indian eqaities remained 
static yesterday, as they have 
since the release of the budget 
earlier this week, while inves- 
tors review the situation. How- 
ever. a bullish assessment of 
the package has already come 
from Mr Nigel Spence of Leh- 
man Brothers in London, 
writes John Pitt 

His reading of the proposals 
arc that it is a boost for indus- 
try. A cut In interest rates by l 
percentage point to 14 per cent 
will assist the many highly 
indebted companies, while the 
reduction in corporation tax 
from 52 per cent to 46 per cent 
will be good for the blue chip 
companies and multinationals, 
says Mr Spence. He does not 
see the increase in the budget 
deficit being a problem, and is 
not worried about the poten- 
tial risk of rising inflation. He 
forecasts a move substantially 
higher In the short term. 


rose by 1 per cent In January - 
double the growth in the previ- 
ous month - only fuelled 
investors’ fears about inflation. 

Among individual sectors, 
financial stocks again took a 
beating because of concern 
about rising interest rates. 
Bankers Trust was hardest hit, 

failing $3'/« to $77% after the 
New York bank was forced to 
issue a statement denying 
rumours that it had incurred 
huge losses on its derivatives 
trading. JP Morgan, down $2 at 
$65%, was another to suffer 
from speculation about trading 
losses. 

Elsewhere in the sector, Citi- 
corp gave up $7» at $39%, 
Nations bank slipped $1% to 
$47%, Banc One feU $% to $33%, 
and BankAmerica dropped $% 
to $42%. Among securities 
houses, Salomon fell $1 to 
$48%, Morgan Stanley $% to 
$64%, and Bear Stearns $% to 
$ 20 %. 

Car stocks led the market’s 
late-morning recovery, with 
Ford rising $'/< to $62%, Gen- 
eral Motors $% to $58%, and 
Chrysler $% to $56%. 

Canada 

Toronto rebounded slightly 
from sharp morning losses, but 
investors remained nervous. 

The TSE-300 composite index 
lost more than 56 points before 
retracing slightly to stand 43.4. 
or nearly I per cent down at 
4347.0 by mldsession. 

The Canadian dollar steadied 
at midday after plunging to 
seven-year lows earlier. It 
traded around C$1.3530 Grom 
earlier seven-year lows of 
C$13575. Turnover was a brisk 
37.48m shares valued at 
C$484. 18m. Declining issues 
routed advances by 521 to 133, 
with 298 steady. 


SOUTH AFRICA 

Johannesburg finished off ear- 
lier hopeful highs as the mar- 
ket reacted to gold’s continued 
weakness and an easing in ini- 
tial euphoria about political 
developments, on the view 
that the market needed more 
concrete steps towards 
Inkatha’s participation In elec- 
tions before running higher. 

Hie overall index added 1 at 
4381 and industrials advanced 
19 to 5,633, but golds retreated 
63 to 1,923. Anglos moved 
ahead R2 to R204 and De Beers 
K130 to R10630. 


The rise In German January 
M3 data took the markets by 
surprise, although a figure of 
around 13 per cent had been 
estimated by some economists. 
writes Our Markets Staff. 

The opinion among strate- 
gists yesterday regarding the 
fallout in equity prices was 
that traders had made an 
instinctive and uninformed 
reaction to the M3 figures 
based on the view that they 
suggested, at first glance, that 
inflation was on the rise again 
in Europe. 

However, Mr Richard Taylor 
of NatWest Securities said that 
the fundamental picture 
remained unaltered: inflation 
was not a worry in Europe and 
interest rates would continue 
to decline. 

This view was repeated by 
Mr Sushil Wadhwani of Gold- 
man Sadis who said that while 
short term volatility might 
well continue, on a 12 to 18- 
month view equities would 
continue to perform welL 

Mr Anthony Thomas at 
Kleinwort Benson responded to 
present turmoil by reducing 
exposure to France and Bel- 
gium, two interest rate-sensi- 
tive markets, and increasing 
weightings in the more defen- 
sive and dollar sensitive Swit- 
zerland «nri the Netherlands. 


ASIA PACIFIC 


“We would accept that the 
domestic fundamentals remain 
positive, but would not be in a 
hurry to buy as the upheavals 
in the US have some way to 
go,” he said. 

Mr Thomas remained very 
positive on Italy, as a political 
reform play, and on Sweden 
and Finland, for their cyclical 
companies which are on attrac- 
tive ratings with good earnings 
viability. 

FRANKFURT was buffeted 
from the start as the market 
reacted nervously to the M3 
data and to overhanging wor- 
ries that metal workers would 
vote to take strike action 
today. The Dax inttor finished 
the official session down 46.72 
at 2,020.33, but off a low of 
1392.70, while the March Dax 
futures plummeted 58.5 to 
2.0043. 

With Wall Street’s opening, 
post-bourse activity was also 
frenetic, with a further decline 
to the 2,000 level seen before a 
push upwards occurred in the 
last hour on some encouraging 
US data, leaving a 2,018.68 
close. Turnover was DMK2bn. 

There were suggestions late 
yesterday that the Bundesbank 
could well make a cut in inter- 
est rates at its regular council 
meeting today. 

Among the day’s falters. 


The day's falls 

9ft fd 

Zurich 2.7 

Frankfurt 23 

Amsterdam 2.1 

Paris 13 


Hoechst lost DM10.70 to 
DM29250, Dataller DM1630 to 
DM778.50, Deutsche Bank 
DM20.50 to DM781.00 and 
Dresdner Bank DM15.70 to 
DU4OL00. 

Thyssen managed to resist 
the steep declines felt else- 
where, losing DM1 to DM252, 
helped by news that the gov- 
ernment had given the go 
ahead for the Transrapid 
high-speed rail link between 
Hamb urg and Berlin. 

ZURICH saw further foreign 
selling which left the SMI 
index 803 lower at 2,7663, for a 
cumulative fall of 5.6 per cent 
this week and 15.3 per cent 
since the market peaked on 
January 3L. 

Mr Hans Kaufmann at Rank 
Julius Baer in Zurich noted 
that foreigner sellers were 
picking up currency gains 


FT-SE Actuaries 'Share” Indices 


Mar 2 THE EUROPEAN SERES 

HagrdMngM ppm nut) nm ixoo inn iaoo mo <*»_ 

FT-SE EOTftS* 100 140070 1SSUB 1W.lt 138039 15»1B 1SBM9 138094 1»«J 

FT-SE Srtack 200 146531 146658 14SS.18 148133 148334 146072 14S8J4 H6MB 

Marl Fflt 28 Ml 25 fab 24 3 

FT-SE Eumrack 100 1431.16 145643 144881 143674 140.10 

FT-SE Smack 200 MULCT 161274 148835 150051 153755 

Bob nm ton panm. o*mt. in - mbi.h no - hkjb mof in - wan no - i«ur- 


along with accumulated profits 
on shares tivrt they sold. He 
added that domestic institu- 
tions were beginning to return 
as selective buyers as prices 
dipped. 

Banks remained under pres- 
sure with UBS bearers down 
SFr38 to SFrl362, taking the 
cumulative loss since last Fri- 
day's results to SFrl26 per 
cent CS Holding dipped SFrl9 
to SFr6l6 as investors awaited 
tomorrow’s figures from Credit 
Suisse and Swiss Volksbank. 

Investors marked Roche cer- 
tificates SFT250 to SFr6,650, 
registering disappointment 
that the shares had not man- 
aged to hold above the SFr7,Q00 
level on Tuesday. Among spec- 
ulative issues. Motor Colombus 
shed SFrl45 or 93 per cent to 
SFrl.400. 

PARIS recovered some of its 
early falls as domestic institu- 
tions were seen re-entering the 


market- The CAC-40 index, 
having been off some 4 per 
cent during the session, picked 
up to close the day down 38.46 
at 2,144.66. Turnover was 
FFrSton. 

Investors were watching 
UAP, soon to be privatised, the 
shares slipping FFr5.80 to 
FFr186. 70. The government 
said that privatisation would 
not be affected by the recent 
volatility in the markets. 

Among other newly priva- 
tised companies, Rhdne-Poul- 
enc lost FFr430 to FFr13330, 
after a low of FFr12830, Elf 
Aquitaine FFr530 to FFr400.60 
and BNP 80 centimes to 
FFr26330. 

AMSTERDAM'S losses accel- 
erated during the day, the AEX 
index closing down 8.67 at 
40737. 

Philips fell FI 1.50 or more 
than 3 per cent to FI 46.00 
ahead of today’s results, while 


DSM dropped FI 3.10 to 
FL 107.60, also with results 
pending today. Akzo Nobel 
slipped FI 730 to FI 203.60. 

BolsWessanen shed FI 1.10 to 
FI 4230 after reporting a 26 per 
cent decline in 1993 profits. 

MILAN picked up from Its 
lowest levels leaving the Comit 
i nflgy to finish 939 lower at 
63935. 

BCI held its loss to just L9 at 
L6.017 in response to news last 
on Tuesday that its sell-out pri- 
vatisation had closed three 
days early. But Ambrovento 
fell L206 or 43 per cent to 
L4.713 in a correction after 
recent strong gains which fol- 
lowed its 1993 figures. 

Domestic selling of same of 
the traditionally foreign 
favourites left Olivetti L43 at 
L2390 and Sip L90 down at 
13,957. Fiat dipped L59 to 
L4,633, helped by rumours that 
sales figures for its new Pun to 
model were positive. 

MAnam picked up from 
intraday lows which left the 
general index down 7.52 at 
325.16. Tfilfefonica lost Pta55 or 
2.9 per cent to Ptal,835 as 
investors continued to look 
unvarourably on its $2bn for- 
eign venture in Peru. 

Written and edited by John Pitt 
and Nfichaal Morgan 


Interest rate worries leave Nikkei 2.3 per cent down 


Tokyo 

Investors were discouraged by 
Tuesday's fall on Wall Street 
and the rise in long-term inter- 
est rates following a plunge on 
the gover n ment bond market, 
and the Nikkei 225 average lost 
23 per cent on arbitrage sell- 
ing, declining for the first time 
in five days, unites Emiko 
Terazono m Tokyo. 

The 225 average dropped 
471.85 to 19,744.77 on index- 
linked selling and profit-taking 
by securities dealers. It opened 
at the day’s high of 20459.02 
and hit its low of 19,72437 just 
before the close. 

Expectations of a bottoming 
out of the economy prompted a 
sell-off in the bond market The 
yield on the No 167 10-year 
benchmark gained 19 basis 
points at 334 per cent after 
briefly moving above the 4 per 
cent level in the morning ses- 
sion for the first time since 
August 30 last year. 

Some Japanese traders said 
that altar their recant rise, 
share prices “needed a 
breather”. Meanwhile, foreign 
investor buying orders failed to 


counter arbitrage wiling and 
profit-taking by institutional 
and corporate investors. 

Volume totalled 400m shares, 
down from Tuesday's 518m. 
Declines led rises by 823 to 234, 
with 131 issues unchanged. 
The TOpbc index of all first sec- 
tion stocks fell 29.54, or L8 per 
cent, to 1,61534, while the Nik- 
kei 300 receded 6.18 to 29837. 
In London the ISE/Nlkkei 50 
index shed 1532 to 1318.73. 

Retailers lost ground on prof- 
it-taking by dealers, who had 
bear actively buying the sector 
recently an hopes of a recovery 
in consumption. Mitsukoshi, 
the department store, shed Y30 
to Y930 and Daiei, the coun- 
try’s largest supermarket 
chain, slipped Y50 to YL850. 

Arbitrage selling depressed 
hwnir stocks. Industrial Rank of 
Japan fell ¥40 to Y3JB0 and 
Bank of Tokyo Y50 to Yl.590. 

High-technology issues, 
which have climbed recently 
on the multimedia theme, 
declined. Hitachi dipped Y13 to 
Y944 and Nippon Telegraph 
and Telephone plunged Y32300 
to Y947.000. 

Alps Electric rose Y50 to 
Y1.490 on reports of a smaller 


EMERGING MARKETS: IFC WEEKLY INVESTABLE PRICE INDICES 

DoBar tell ns Local cwvncy terms 

No. of Feb 25 % Change % Change Fab 25 % Change % Change 

Martlet stocks 1994 over week on Dec *93 1994 over week on Dec *93 

Latin America 
Argentina 

(25) 

96231 

-123 

-33 

590,497.75 

-123 

-33 

Brazil 

(57) 

31134 

-3.4 

+33.7 

265,659,174.1 

+33 

+161.4 

Chile 

(25) 

633.71 

-43 

+143 

1,088.17 

-43 

+143 

Cotombia 1 

(11) 

87336 

-6.0 

+353 

137039 

-53 

+373 

Mexico 

(69) 

984.08 

-73 

-1.7 

1363.03 

-43 

+1.6 

Peru 1 

OD 

14430 

-83 

+193 

193.16 

-83 

+213 

Venezuela* 

(12) 

770.63 

-a.7 

+303 

1366.09 

-7.0 

+383 

East Asia 

China* 

(18) 

119.BS 

-7.6 

-193 

13134 

-73 

-193 

South Korea* 

(156) 

127.55 

+0.1 

+7.0 

135.48 

-0.1 

+7.9 

Philippines 

(18) 

291.64 

-3.7 

-14.4 

384.62 

-3.4 

-13.4 

Taiwan, China* 

(SO) 

12533 

-33 

-63 

125.14 

-3-1 

-63 

South Asia 

Intfa' 

(77) 

142.13 

+63 

+22.0 

157.17 

+63 

+223 

Indonesia* 

(37) 

113.83 

-3.1 

-8.7 

132.68 

-1.7 

-63 

Malaysia 

(105) 

29737 

+73 

-123 

298.85 

+5.1 

-113 

Pakistan* 

(15) 

42239 

+2.8 

+83 

58132 

+3.4 

+10.0 

Sri Lanka" 

(5) 

240-38 

-0.6 

+35.6 

2S732 

-03 

+34.7 

Thailand 

(55) 

39439 

-23 

-17.4 

397.03 

-33 

-173 

Euro/MU East 
Greece 

(25) 

286.82 

+0.6 

+173 

44735 

+03 

+163 

Hungary" 

(S) 

23139 

-6.1 

+383 

28631 

-6.0 

+41.9 

Jordan 

(13) 

17333 

+13 

+5.1 

25031 

+0.5 

+43 

Poland" 

(12) 

135534 

+2.7 

+533 

1,74533 

+3.1 

+58.1 

Portugal 

(25) 

13034 

-43 

+14.7 

156.07 

-43 

+133 

Turkey" 

(40) 

141.94 

-15.6 

-333 

1318.45 

-1SL4 

-163 

Zimbabwe- 

(5) 

272.06 

+163 

+34.6 

325.95 

+16.7 

+52.6 


Mesa am atcutma m Wi w H and mm My cftmpai « pnaags mow m ant Awn A. prsnte m RMv Ban date One 190.100 ampt Own noted 
wtteh am. <U=M> i I99f; CJDac 31 f«K OUtet 5 1990; fflDac 31 >992 RXJan 3 I99£ egjm i 4 1991; (TJNQv 0 >98S MSra 25 TOStt flAter > 1901: (MB 
Dm 31 IBKS fMjOse 37 799C OQOk 31 199a |*13Mup 4 1989; ITAM’ 3 7993 


^^rtJARIESAflfbRLD INDICES 


Jotmly compikM by The Financial Times Utt, 
NATIONAL AND 

REGIONAL MARKETS 

Bgim at poronOwnoa US Day's 
snow number at Ones Dollar Change 


Australia |09| ... 

Ausjnulin 

Betijwm - 

Canada (1071 

Domvsrv PO 

FrtandC?! . 

France (991 ...... 

Germany 1 5*1 

Hor*) hoog (561 

Ireland (14| 

«3* |G8) . 

Japan |499» 

Malays* (89) 

Mwcco (iffl 

MctherUnd (26) ......... 

New Zealand «14i 

Norway 123) 

Singapore ft»S) — 

South me* (60) 

Soar* (40 

Swden (36) 

Switrortand W9) 

United Kingdom (215) ... 
USA&1SI 


Goldman. Sachs A Co. and NatWest Securities Ltd. in conjtxidlon with the Institute of Actuaries and the Faculty of Actuaries 


TUESDAY MARCH 1 1094 


US 

Dollar 

Inden 

Day’s 

Change 

% 

Pound 

Staring 

Index 

Yen 

Index 

DM 

Index 

Local 

Curancy 

Index 

Local 
% chg 

Grass 

Div. 

YMd 

175.90 

03 

175.49 

116.32 

15838 

163.82 

0.0 

338 

..... -.187.75 

-0.1 

18731 

134.15 

16630 

16699 

-03 

096 

168.Z2 

0.1 

167.83 

11134 

149.45 

14694 

03 

334 

134.45 

-03 

134.14 

8831 

119.45 

131.70 

-o.a 

238 

266.47 

-1.1 

265.88 

17832 

23675 

242.76 

-06 

095 

.....145.13 

-1.5 

144.80 

85.97 

12834 

16686 

-13 

0.66 

.175.12 

-23 

T74.72 

11630 

155.59 

169.74 

-2.0 

231 

13101 

-1.1 

13071 

6683 

11639 

11039 

-1.0 

132 

4IO.es 

-1.9 

410.01 

271.76 

36612 

407.73 

-13 

2.80 

187.68 

-1.5 

187.45 

12434 

18693 

16663 

-13 

316 

72.84 

-13 

7237 

48.17 

64.72 

9001 

-13 

133 

..— 157.95 

0.4 

15738 

104.45 

14033 

104.45 

03 

078 

.52939 

-1.0 

528.48 

350-28 

47062 

555.60 

-1.1 

132 

2315.78 

0.1 

2310.45 

1531.39 

2057.48 

604655 

-04 

063 

199434 

-13 

199,19 

13232 

17738 

17430 

-03 

335 

7SL23 

1.4 

7236 

47.78 

64.17 

6668 

13 

348 

204.42 

-1.0 

203.95 

135.18 

181.62 

20692 

-07 

131 

. — 34032 

-1.2 

33044 

224.38 

30028 

248.11 

-13 

132 

242.07 

1.1 

24031 

160.81 

21678 

24037 

08 

993 

143 85 

-23 

14332 

95.13 

127.81 

15230 

-2.4 

364 

316.75 

-13 

21028 

14334 

19236 

257.47 

-09 

135 

16142 

-13 

161.05 

106.74 

143.42 

14331 

-OS 

134 

199.58 

-1.6 

109.12 

131.08 

17732 

199.12 

-13 

338 

...... 189.0? 

-0.5 

198.59 

125.00 

18734 

189.02 

-08 

278 

.168.13 

-13 

167.74 

111.18 

14937 

181.42 

-1.4 

233 

21024 

-13 

209.76 

133.03 

18679 

21738 

-0 9 

133 

167.77 

02 

167.38 

11094 

149.06 

11661 

03 

1.04 

167.76 

-05 

167.37 

11094 

149.05 

133.72 

-03 

1.79 

185.33 

-08 

18021 

122.78 

164.93 

18607 

-08 

2.78 

14733 

-1.5 

14739 

9733 

131.43 

139.16 

-13 

331 

263.45 

-09 

262.85 

17432 

23437 

24134 

-1.1 

251 

16899 

-05 

18830 

111.75 

15014 

13635 

-03 

130 

17222 

-0.4 

171.82 

11338 

153.01 

148.77 

-02 

139 

,174.2$ 

-05 

17335 

11623 

154.81 

152.44 

-04 

2.13 

.......165.52 

-09 

18533 

12238 

18432 

18136 

-03 

274 

174.82 

-05 

17432 

11648 

156.15 

15332 

-04 

215 


MOMMY FEBRUARY 28 1994 -—-DOLLAR INDEX 

US Round Local Year 

Dotar Staring Yen DM Currency 1993/84 1993/04 ago 

Index Index Index Index Index FBgh Low (approx) 


EUROPE (745) 

NorOc (113) ... 

Pacific Basin (722) 

Euro-Paafe (1467) ..... 
North America (629 .... 
Europe Ex. IK (530) _ . 
Pacific Ex. Japan (253) . 
world El. US U652) ... 
World Ex. UK 11955) . ._ 
World Ex. Sd Af. (2110) 
World Ex. Japan (1701) . 


Cnvrsht. T*w FkmM Timo# United. Oridmv, Sarin m On. and NaMfe* SkutHm Urtttd. 1807 
Lotml (ran m unouSriM for DH mt m 


201.72 

20134 

13230 

17930 

17682 

207.43 

10028 

16034 

7130 

71.03 

4667 

63.18 

6539 

7739 

4532 

45.60 

20642 

20533 

13539 

183.17 

20736 

20642 

13023 

13830 

34433 

34371 

22682 

30673 

251.01 

37832 

21337 

221.91 

24023 

239 68 

15615 

213.17 

247.44 

28025 

18078 

16673 

14606 

147.73 

97.48 

131 j40 

15606 

155.79 

11633 

127.12 

219.69 

219.17 

14433 

19435 

25072 

23002 

164.79 

182.71 

18337 

16338 

10735 

14660 

14618 

17G36 

111.01 

111.48 

202.71 

202.23 

133.46 

17689 


21438 

18738 

18736 

19006 

189.60 

125.12 

15665 

18005 

19604 

17831 

180.81 

17072 

17032 

11239 

15138 

183.84 

17838 

13838 

13044 

21235 

212.44 

140.10 

18836 

218.07 

22060 

14G.BG 

14065 

187.48 

167.06 

11025 

14930 

11436 

16830 

11336 

11695 

16838 

16836 

11134 

14938 

134.08 

170.78 

12438 

12438 

18068 

16624 

12230 

18530 

16611 

192.73 

17670 

17081 

150.19 

14934 

9638 

13628 

14030 

15673 

12002 

12136 

28639 

26538 

17612 

23604 

244.11 

29621 

16434 

17644 

1893S 

169.45 

11132 

15072 

13730 

17231 

12535 

12535 

17233 

17232 

11334 

153.45 

149,12 

17538 

14070 

14070 

175.19 

17477 

11533 

10048 

1S3JJ1 

17836 

14238 

142.90 

18731 

16677 

12025 

18613 

18613 

19620 

16237 

16237 

17554 

175.12 

11667 

1S677 

15678 

17837 

14602 

14602 


than expected loss. Hopes of an 
economic recovery supported 
machine tool shares, usually 
beneficiaries of an in<rpg«» in 
capital spending by corpora- 
tions. Tsugami gained Y20 at 
Y495 and Ikegai Y23 at Y415. 

In Osaka, the OSE average 
r elinquished 279.47 at 22,044.49 
in volume of 103.4m shares. 
The index declined for the first 
Hmp in nhw trading days, but 
profit-taking ahead of the year- 
end book closing boosted trad- 
ing volume. 

Roundup 

Interest rate worries preoccu- 
pied many of the Pacific Rim’s 
markets. 

HONG KONG made little 
Immediate response to what 
was widely seen as a favoura- 
ble budget instead it fell 2.7 


per cent amir! fears that local 
interest rates will rise soon. 
The Hang Seng index was 
down 27033 at 9377.43, after a 
day's low of 9319.76. 

Bank and property counters 
were big losers, extending their 
slide to a second day. 

Sino i-anri tumbled 50 cents 
to HK$830 after it paid record 
prices at Tuesday’s govern- 
ment land auction. Cheung 
Kong receded 76 cents to 
HK$43 and Henderson Land 50 
cents to HK$4635. 

SINGAPORE was unnerved 
by the outlook for US 
long-term interest rates and 
the Straits Times Industrial 
index feU 29.19 to 2384.49. 

Weakness in Sembawang 
Shipyard. 60 cents lower at 
S$lil0 ahead of its corporate 
results released after the mar- 
ket had closed, also dragged 


the index down. 

AUSTRALIA took its lead 
from the bond market and the 
AH Ordinaries index finished 
27.7 lower at 2,154.0. 

NEW ZEALAND closed 
sharply weaker, the NZSE-40 
index felling 423, or 13 per 
cent, to 2327.66 in moderate 
turnover of N2$41.0m. 

TAIWAN gave up early gains 
to end moderately lower after 
dull, gloomy trade. The 
weighted index lost 23.07 at 
5,42937, after an initial rise to 
5,497. Turnover was modest at 
T$4831bn, after T$5236bn. 

China Development, the 
most active stock, finished 
T$330 stronger at T$120 after 
proposing a big T$3-15 stock 
dividend for 1993. This sparked 
an early surge in the overall 
financial sector but it soon 
ran out of steam. 


MANILA eased but finished 
off the day's lows, amid a 
return of selective bargain 
h unting . The composite index 
Slipped 55.90 to 2,899.75. 

SEOUL ended lower in weak 
trading as investors, including 
institutions, stayed on the side- 
lines. The composite index 
shed 1232 to 906.66. 

BOMBAY declined in dull 
trade as most buyers (Referred 
to await for dearer trends to 
emerge from the national bud- 
get presented earlier in the 
week. The BSE 30-share index 
closed 8130 off at 4JK830. 

KARACHI finished at a 
record hi g h , continuing Tues- 
day's rally which was led by 
institutions and funds encour- 
aged by cuts in key interest 
' rates. The KSK 100-share index 
rose 29.43 to 233437. Gains led 
fells by 167 to 130. 




Climbing 

together 


Throughout the world, the amount of 
commercial business denominated in ECUs 
climbs every year. 

And because LIFFE’s Three Month ECU futures contract 
is the ideal way to hedge exposure to ECU money market 
rates, the number of contracts traded is climbing too. 

During 1993 traded volume grew 128% and open 
interest 206%. 

The Three Month ECU has the support of LIFFE’s 
international membership and six major institutions act 
as designated market makers. 

The designated market makers have recently strength- 
ened their commitment to the contract by providing 
two-way prices on even more favourable terms. 

For further information, please contact LIFFE’s Business 
Development Department. 


The following will continue to ensure liquidity as designated 
market makers for the Three Month ECU. 

First Chicago Futures Inc 

(acting on behalf of First National Bank of Chicago) 

fstitulo Bancario San Paolo di Torino S.pA. 

Kredietbank N. V. 

Midland Global Futures/Div Midland Bank Pic 
(acting on behalf of Midland Global Markets/ 

Div Midland Bank Pic) 

NatWest Futures Limited 

(acting on behalf of National Westminster Bank Pic) 

UBS Futures <£ Options Limited 
(acting on behalf of Union Bonk of Switzerland) 


Cannon Bridge, 
London EC4R3XX 
Tel: +44 71 623 0444 
Fax: +44 71 248 5864 


LIFK 


The London International Financial 

Futures arxl Options Exchange 



t i 




1 


Ti:>- < . 


T-*